# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001752724-23-012713
**Filing Date:** 2023-1
**Character Count:** 148234
**Document Hash:** 9bb81b2bd8ef536519f32c8dcca2038b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-012713.hdr.sgml**: 20230125

**ACCESSION NUMBER**: 0001752724-23-012713

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230125

**DATE AS OF CHANGE**: 20230125

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust
- **CENTRAL INDEX KEY:** 0001479026
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 23552162

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198
- **BUSINESS PHONE:** (312) 655-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198

## Series and Classes Contracts Data

### Goldman Sachs Hedge Industry VIP ETF (Series ID: S000053625)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000168500 | Goldman Sachs Hedge Industry VIP ETF | GVIP            |

## Nport-Ex

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.7%** | **Common Stocks – 99.7%** | **Common Stocks – 99.7%** |
| **Belgium – 1.1%** | **Belgium – 1.1%** | **Belgium – 1.1%** |
| 161 | Elia Group SA/NV (Utilities) | $22545 |
| 1825 | Umicore SA (Materials) | 64266 |
|  |  | 86811 |
| **Brazil – 0.6%** | **Brazil – 0.6%** | **Brazil – 0.6%** |
| 2650 | Alupar Investimento SA (Utilities) | 13969 |
| 3409 | Centrais Eletricas Brasileiras SA (Utilities) | 30792 |
| 680 | Cosan SA (Energy) | 2331 |
| 207 | Energisa SA (Utilities) | 1705 |
|  |  | 48797 |
| **Canada – 3.9%** | **Canada – 3.9%** | **Canada – 3.9%** |
| 3252 | Algonquin Power & Utilities Corp. (Utilities) | 24371 |
| 485 | Atco Ltd., Class I (Utilities) | 15408 |
| 2143 | Ballard Power Systems, Inc. (Industrials)\* | 12978 |
| 920 | Boralex, Inc., Class A (Utilities) | 25659 |
| 66 | Capital Power Corp. (Utilities) | 2251 |
| 2288 | Fortis, Inc. (Utilities) | 91372 |
| 1512 | Hydro One Ltd. (Utilities)<sup>(a)</sup> | 41957 |
| 1390 | Innergex Renewable Energy, Inc. (Utilities) | 17266 |
| 2096 | Northland Power, Inc. (Utilities) | 58905 |
| 100 | SNC-Lavalin Group, Inc. (Industrials) | 1790 |
| 67 | WSP Global, Inc. (Industrials) | 7974 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;299931 |
| **China – 18.6%** | **China – 18.6%** | **China – 18.6%** |
| 1300 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 11246 |
| 6100 | Beijing Jingyuntong Technology Co. Ltd., Class A (Information Technology) | 6088 |
| 2400 | BYD Co. Ltd., Class A (Consumer Discretionary) | 87929 |
| 7600 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 8025 |
| 12700 | CECEP Wind-Power Corp., Class A (Utilities) | 7261 |
| 6500 | China Baoan Group Co. Ltd., Class A (Industrials) | 12021 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 30200 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | $36833 |
| 47600 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 41931 |
| 72300 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 59199 |
| 5400 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 293497 |
| 337 | Daqo New Energy Corp. ADR (Information Technology)\* | 19179 |
| 4800 | Eve Energy Co. Ltd., Class A (Industrials) | 56209 |
| 14800 | GCL System Integration Technology Co. Ltd., Class A (Information Technology)\* | 6749 |
| 12100 | GEM Co. Ltd., Class A (Materials) | 13922 |
| 950 | Ginlong Technologies Co. Ltd., Class A (Industrials)\* | 26517 |
| 312 | GoodWe Technologies Co. Ltd., Class A (Industrials) | 15144 |
| 4200 | Gotion High-tech Co. Ltd., Class A (Industrials) | 18974 |
| 4900 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 31101 |
| 3380 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 28673 |
| 2200 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 6069 |
| 5960 | JA Solar Technology Co. Ltd., Class A (Information Technology) | 48969 |
| 3800 | Jilin Electric Power Co. Ltd., Class A (Utilities)\* | 3390 |
| 221 | JinkoSolar Holding Co. Ltd. ADR (Information Technology)\* | 11333 |
| 19160 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;123828 |
| 820 | Luoyang Xinqianglian Slewing Bearing Co. Ltd., Class A (Industrials) | 7559 |
| 5700 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 21541 |
| 1200 | Ningbo Ronbay New Energy Technology Co. Ltd., Class A (Industrials) | 13082 |

---

------

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 149 | NXP Semiconductors NV (Information Technology) | $26200 |
| 2300 | Risen Energy Co. Ltd., Class A (Information Technology)\* | 8377 |
| 200 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 1567 |
| 1000 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 5612 |
| 400 | Shenzhen Dynanonic Co. Ltd., Class A (Materials) | 12773 |
| 500 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 9070 |
| 2896 | Shenzhen Senior Technology Material Co. Ltd., Class A (Materials) | 9350 |
| 3800 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 61692 |
| 380 | Suzhou Maxwell Technologies Co. Ltd., Class A (Industrials) | 23067 |
| 5100 | TBEA Co. Ltd., Class A (Industrials) | 15480 |
| 8200 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;48122 |
| 4600 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 9195 |
| 11400 | Tongwei Co. Ltd., Class A (Consumer Staples) | 69718 |
| 380 | Wuhan DR Laser Technology Corp. Ltd., Class A (Information Technology) | 7083 |
| 1020 | Wuxi Shangji Automation Co. Ltd., Class A (Industrials) | 16761 |
| 1900 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 5770 |
| 8700 | Xinjiang Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 14137 |
| 1610 | Xinte Energy Co. Ltd., Class H (Industrials) | 3758 |
| 20198 | Xinyi Solar Holdings Ltd. (Information Technology) | 23315 |
| 2900 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 11774 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **China – (continued)** | **China – (continued)** | **China – (continued)** |
| 3200 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | $29138 |
|  |  | 1428228 |
| **Czech Republic – 0.3%** | **Czech Republic – 0.3%** |  |
| 772 | CEZ AS (Utilities) | 26248 |
| **Denmark – 4.7%** | **Denmark – 4.7%** |  |
| 1615 | Orsted AS (Utilities)<sup>(a)</sup> | 138725 |
| 8857 | Vestas Wind Systems A/S (Industrials) | 220036 |
|  |  | 358761 |
| **Finland – 1.6%** | **Finland – 1.6%** |  |
| 241 | Fortum OYJ (Utilities) | 3775 |
| 2284 | Neste OYJ (Energy) | 116034 |
|  |  | 119809 |
| **France – 1.7%** | **France – 1.7%** |  |
| 6625 | Electricite de France SA (Utilities) | 81857 |
| 986 | Engie SA (Utilities) | 14741 |
| 325 | Vinci SA (Industrials) | 32333 |
|  |  | 128931 |
| **Germany – 3.4%** | **Germany – 3.4%** |  |
| 523 | BASF SE (Materials) | 26126 |
| 982 | Encavis AG (Utilities) | 19990 |
| 10284 | E.ON SE (Utilities) | 96613 |
| 684 | Infineon Technologies AG (Information Technology) | 22199 |
| 1449 | Nordex SE (Industrials)\* | 17933 |
| 356 | RWE AG (Utilities) | 15395 |
| 2102 | Siemens Energy AG (Industrials) | 34218 |
| 94 | SMA Solar Technology AG (Information Technology)\* | 6103 |
| 181 | VERBIO Vereinigte BioEnergie AG (Energy) | 13996 |
| 70 | Wacker Chemie AG (Materials) | 8732 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;261305 |

---

------

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **India – 1.5%** | **India – 1.5%** |  |
| 4237 | Adani Green Energy Ltd. (Utilities)\* | $110118 |
| 56746 | Suzlon Energy Ltd. (Industrials)\* | 6445 |
| 828 | Tata Power Co. Ltd. (The) (Utilities) | 2286 |
|  |  | 118849 |
| **Israel – 0.2%** | **Israel – 0.2%** |  |
| 8500 | Enlight Renewable Energy Ltd. (Utilities)\* | 18817 |
| **Italy – 3.5%** | **Italy – 3.5%** |  |
| 37483 | Enel SpA (Utilities) | 198144 |
| 1391 | Eni SpA (Energy) | 20515 |
| 6788 | Terna - Rete Elettrica Nazionale (Utilities) | 51092 |
|  |  | 269751 |
| **Japan – 2.1%** | **Japan – 2.1%** |  |
| 244 | Denso Corp. (Consumer Discretionary) | 13139 |
| 534 | Hitachi Ltd. (Industrials) | 27932 |
| 184 | Kyocera Corp. (Information Technology) | 9205 |
| 948 | Marubeni Corp. (Industrials) | 10517 |
| 281 | Nidec Corp. (Industrials) | 17185 |
| 1293 | Panasonic Holdings Corp. (Consumer Discretionary) | 11805 |
| 649 | Renesas Electronics Corp. (Information Technology)\* | 6121 |
| 334 | RENOVA, Inc. (Utilities)\* | 6537 |
| 49 | Rohm Co. Ltd. (Information Technology) | 3810 |
| 3074 | SUMCO Corp. (Information Technology) | 44566 |
| 206 | West Holdings Corp. (Utilities) | 6488 |
| 454 | W-Scope Corp. (Materials)\* | 6078 |
|  |  | 163383 |
| **Norway – 0.2%** | **Norway – 0.2%** |  |
| 8568 | NEL ASA (Industrials)\*<sup>(b)</sup> | 12889 |
| **Portugal – 0.1%** | **Portugal – 0.1%** |  |
| 1578 | EDP – Energias de Portugal SA (Utilities) | 7342 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Singapore – 0.2%** | **Singapore – 0.2%** |  |
| 373 | STMicroelectronics NV (Information Technology) | $13847 |
| **South Korea – 5.7%** | **South Korea – 5.7%** |  |
| 178 | CS Wind Corp. (Industrials) | 10325 |
| 162 | Ecopro Co. Ltd. (Materials) | 17197 |
| 482 | Hanwha Solutions Corp. (Materials)\* | 18749 |
| 207 | L&F Co. Ltd. (Information Technology)\* | 34546 |
| 202 | LG Chem Ltd. (Materials) | 113341 |
| 153 | OCI Co. Ltd. (Materials) | 11032 |
| 419 | Samsung SDI Co. Ltd. (Information Technology) | 231604 |
|  |  | 436794 |
| **Spain – 3.7%** | **Spain – 3.7%** |  |
| 115 | Acciona SA (Utilities) | 22072 |
| 18883 | Iberdrola SA (Utilities) | 209594 |
| 2032 | Siemens Gamesa Renewable Energy SA (Industrials)\* | 37723 |
| 678 | Solaria Energia y Medio Ambiente SA (Utilities)\* | 11924 |
|  |  | 281313 |
| **Switzerland – 0.5%** | **Switzerland – 0.5%** |  |
| 908 | ABB Ltd. (Industrials) | 27981 |
| 45 | Accelleron Industries AG (Industrials)\* | 908 |
| 23982 | Meyer Burger Technology AG (Information Technology)\* | 12636 |
|  |  | 41525 |
| **Taiwan – 0.6%** | **Taiwan – 0.6%** |  |
| 1053 | Delta Electronics, Inc. (Information Technology) | 10290 |
| 4568 | Sino-American Silicon Products, Inc. (Information Technology) | 23501 |
| 12223 | United Renewable Energy Co. Ltd. (Information Technology)\* | 8424 |
|  |  | 42215 |

---

------

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Thailand – 0.5%** | **Thailand – 0.5%** |  |
| 14241 | Energy Absolute PCL NVDR (Utilities) | $39070 |
| **United Kingdom – 4.2%** | **United Kingdom – 4.2%** |  |
| 3613 | Drax Group PLC (Utilities) | 26139 |
| 4377 | ITM Power PLC (Industrials)\*<sup>(b)</sup> | 5377 |
| 15187 | National Grid PLC (Utilities) | 183485 |
| 5149 | SSE PLC (Utilities) | 104764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;319765 |
| **United States – 40.8%** | **United States – 40.8%** |  |
| 3157 | AES Corp. (The) (Utilities) | 91300 |
| 142 | Alliant Energy Corp. (Utilities) | 7995 |
| 273 | Ameresco, Inc., Class A (Industrials)\* | 17887 |
| 292 | American Electric Power Co., Inc. (Utilities) | 28266 |
| 317 | Archer-Daniels-Midland Co. (Consumer Staples) | 30908 |
| 1261 | Array Technologies, Inc. (Industrials)\* | 26405 |
| 341 | Avangrid, Inc. (Utilities) | 14585 |
| 1430 | Bloom Energy Corp., Class A (Industrials)\* | 30445 |
| 1152 | Brookfield Renewable Corp., Class A (Utilities) | 37236 |
| 85 | Bunge Ltd. (Consumer Staples) | 8911 |
| 391 | Clearway Energy, Inc., Class C (Utilities) | 13857 |
| 201 | Consolidated Edison, Inc. (Utilities) | 19706 |
| 460 | Dominion Energy, Inc. (Utilities) | 28111 |
| 96 | DTE Energy Co. (Utilities) | 11137 |
| 438 | Duke Energy Corp. (Utilities) | 43769 |
| 16 | Dycom Industries, Inc. (Industrials)\* | 1458 |
| 3444 | Edison International (Utilities) | 229577 |
| 29 | EMCOR Group, Inc. (Industrials) | 4492 |
| 335 | Emerson Electric Co. (Industrials) | 32083 |
| 1198 | Enphase Energy, Inc. (Information Technology)\* | 384067 |
| 279 | Enviva, Inc. (Energy) | 15833 |
| 552 | Exelon Corp. (Utilities) | 22836 |
| 860 | First Solar, Inc. (Information Technology)\* | 148376 |
| 330 | Fluence Energy, Inc. (Industrials)\* | 5669 |
| 3376 | FuelCell Energy, Inc. (Industrials)\* | 11681 |
| 303 | Generac Holdings, Inc. (Industrials)\* | 31973 |
| 2683 | General Electric Co. (Industrials) | 230658 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **United States – (continued)** | **United States – (continued)** |  |
| 2067 | Gevo, Inc. (Energy)\* | $4506 |
| 467 | Green Plains, Inc. (Energy)\* | 16140 |
| 771 | Hannon Armstrong Sustainable Infrastructure Capital, Inc. REIT (Financials) | 25011 |
| 403 | Itron, Inc. (Information Technology)\* | 21432 |
| 33 | MasTec, Inc. (Industrials)\* | 2997 |
| 4642 | NextEra Energy, Inc. (Utilities) | 393177 |
| 245 | ON Semiconductor Corp. (Information Technology)\* | 18424 |
| 407 | Ormat Technologies, Inc. (Utilities) | 36805 |
| 5174 | Plug Power, Inc. (Industrials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82577 |
| 284 | Public Service Enterprise Group, Inc. (Utilities) | 17196 |
| 81 | Quanta Services, Inc. (Industrials) | 12140 |
| 1919 | QuantumScape Corp. (Consumer Discretionary)\*<sup>(b)</sup> | 14373 |
| 3060 | REC Silicon ASA (Information Technology)\* | 5246 |
| 1593 | Schneider Electric SE (Industrials) | 227861 |
| 1222 | Sempra Energy (Utilities) | 203084 |
| 496 | SolarEdge Technologies, Inc. (Information Technology)\* | 148235 |
| 890 | Sunnova Energy International, Inc. (Utilities)\* | 20319 |
| 765 | SunPower Corp. (Industrials)\* | 18551 |
| 1840 | Sunrun, Inc. (Industrials)\* | 59947 |
| 277 | Tesla, Inc. (Consumer Discretionary)\* | 53932 |
| 478 | Texas Instruments, Inc. (Information Technology) | 86260 |
| 38 | Timken Co. (The) (Industrials) | 2887 |
| 12 | Valmont Industries, Inc. (Industrials) | 4064 |
| 1110 | Wolfspeed, Inc. (Information Technology)\* | 100921 |
| 309 | Xcel Energy, Inc. (Utilities) | 21698 |
|  |  | 3127004 |
| **TOTAL COMMON STOCKS**<br> **(Cost $7,899,200)** | **TOTAL COMMON STOCKS**<br> **(Cost $7,899,200)** | $7651385 |

---

------

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** | **Preferred Stock – 0.2%** |
|  **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** | **Brazil – 0.2%** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1173 | Centrais Eletricas Brasileiras SA,<br>Class B (Utilities) |  |  |
| (Cost $9,975) |  | 3.36% | $10947 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br>**(Cost $7,909,175)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br>**(Cost $7,909,175)** |  | $7662332 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** | **Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30902 | 3.727% | $30902 |
| **(Cost $30,902)** | **(Cost $30,902)** |  |
| **TOTAL INVESTMENTS – 100.3%** | **TOTAL INVESTMENTS – 100.3%** | **TOTAL INVESTMENTS – 100.3%** |
| **(Cost $7,940,077)** | **(Cost $7,940,077)** | $7693234 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.3)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.3)%** | (20085) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $7673149 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| NVDR | — Non-Voting Depository Receipt |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS BLOOMBERG CLEAN ENERGY EQUITY ETF

*November 30, 2022 (Unaudited)* 

------

**ADDITIONAL INVESTMENT INFORMATION** 

------

---

| | |
|:---|:---|
| **Sector Name** | **% of Market<br>Value** |
| Utilities | 40.9% |
| Industrials | 25.0 |
| Information Technology | 22.6 |
| Materials | 4.5 |
| Energy | 2.5 |
| Consumer Discretionary | 2.4 |
| Consumer Staples | 1.4 |
| Financials | 0.3 |
| Securities Lending Reinvestment Vehicle | 0.4 |
| **TOTAL INVESTMENTS** | 100.0% |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.7%** | **Common Stocks – 99.7%** |  |
| **Communication Services – 4.5%** | **Communication Services – 4.5%** | **Communication Services – 4.5%** |
| 15466 | Activision Blizzard, Inc. | $1143711 |
| 12738 | Alphabet, Inc., Class A\* | 1286411 |
| 61035 | AT&T, Inc. | 1176755 |
| 3229 | Charter Communications, Inc., Class A\* | 1263476 |
| 36149 | Comcast Corp., Class A | 1324499 |
| 8658 | Electronic Arts, Inc. | 1132293 |
| 13791 | Liberty Broadband Corp., Class C\* | 1253050 |
| 14502 | Live Nation Entertainment, Inc.\* | 1055166 |
| 24668 | Match Group, Inc.\* | 1247214 |
| 12234 | Meta Platforms, Inc., Class A\* | 1444835 |
| 4055 | Netflix, Inc.\* | 1238924 |
| 15579 | Omnicom Group, Inc. | 1242581 |
| 67020 | Paramount Global, Class B | 1345762 |
| 47396 | Pinterest, Inc., Class A\* | 1204806 |
| 25501 | ROBLOX Corp., Class A\* | 810167 |
| 113574 | Snap, Inc., Class A\* | 1170948 |
| 9775 | Take-Two Interactive Software, Inc.\* | 1033120 |
| 7472 | T-Mobile US, Inc.\* | 1131709 |
| 22301 | Trade Desk, Inc. (The), Class A\* | 1162774 |
| 29948 | Verizon Communications, Inc. | 1167373 |
| 10936 | Walt Disney Co. (The)\* | 1070306 |
| 87637 | Warner Bros Discovery, Inc.\* | 999062 |
| 33849 | ZoomInfo Technologies, Inc.\* | 968081 |
|  |  | 26873023 |
| **Consumer Discretionary – 9.3%** | **Consumer Discretionary – 9.3%** | **Consumer Discretionary – 9.3%** |
| 5863 | Advance Auto Parts, Inc. | 885254 |
| 11604 | Airbnb, Inc., Class A\* | 1185232 |
| 11981 | Amazon.com, Inc.\* | 1156646 |
| 453 | AutoZone, Inc.\* | 1168287 |
| 16660 | Best Buy Co., Inc. | 1421098 |
| 617 | Booking Holdings, Inc.\* | 1283021 |
| 784 | Chipotle Mexican Grill, Inc.\* | 1275537 |
| 7945 | Darden Restaurants, Inc. | 1167835 |
| 4483 | Dollar General Corp. | 1146213 |
| 7325 | Dollar Tree, Inc.\* | 1100874 |
| 3316 | Domino's Pizza, Inc. | 1289029 |
| 24589 | DoorDash, Inc., Class A\* | 1432309 |
| 14619 | D.R. Horton, Inc. | 1257234 |
| 29015 | eBay, Inc. | 1318442 |
| 12566 | Etsy, Inc.\* | 1659843 |
| 12460 | Expedia Group, Inc.\* | 1331226 |
| 83891 | Ford Motor Co. | 1166085 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** |
| 13137 | Garmin Ltd. | $1221610 |
| 28696 | General Motors Co. | 1163910 |
| 6372 | Genuine Parts Co. | 1168179 |
| 8516 | Hilton Worldwide Holdings, Inc. | 1214552 |
| 3823 | Home Depot, Inc. (The) | 1238614 |
| 28765 | Las Vegas Sands Corp.\* | 1347353 |
| 13855 | Lennar Corp., Class A | 1216885 |
| 21296 | LKQ Corp. | 1157012 |
| 5909 | Lowe's Cos., Inc. | 1255958 |
| 7232 | Marriott International, Inc., Class A | 1195811 |
| 4151 | McDonald's Corp. | 1132351 |
| 31126 | MGM Resorts International | 1147304 |
| 12130 | NIKE, Inc., Class B | 1330540 |
| 273 | NVR, Inc.\* | 1266450 |
| 1352 | O'Reilly Automotive, Inc.\* | 1168858 |
| 3705 | Pool Corp. | 1220464 |
| 34564 | Rivian Automotive, Inc., Class A\* | 1107431 |
| 11989 | Ross Stores, Inc. | 1410746 |
| 21983 | Royal Caribbean Cruises Ltd.\* | 1317441 |
| 12977 | Starbucks Corp. | 1326249 |
| 83641 | Stellantis NV | 1306472 |
| 6953 | Target Corp. | 1161638 |
| 5066 | Tesla, Inc.\* | 986350 |
| 15809 | TJX Cos., Inc. (The) | 1265510 |
| 5212 | Tractor Supply Co. | 1179528 |
| 2697 | Ulta Beauty, Inc.\* | 1253673 |
| 40004 | VF Corp. | 1312931 |
| 9556 | Yum! Brands, Inc. | 1229475 |
|  |  | 55547460 |
| **Consumer Staples – 6.6%** | **Consumer Staples – 6.6%** | **Consumer Staples – 6.6%** |
| 25001 | Altria Group, Inc. | 1164547 |
| 11735 | Archer-Daniels-Midland Co. | 1144162 |
| 16868 | Brown-Forman Corp., Class B | 1231701 |
| 11364 | Bunge Ltd. | 1191402 |
| 15620 | Church & Dwight Co., Inc. | 1278809 |
| 8121 | Clorox Co. (The) | 1207187 |
| 19119 | Coca-Cola Co. (The) | 1216160 |
| 15539 | Colgate-Palmolive Co. | 1203962 |
| 31084 | Conagra Brands, Inc. | 1180570 |
| 4654 | Constellation Brands, Inc., Class A | 1197707 |
| 2303 | Costco Wholesale Corp. | 1241893 |
| 14383 | Darling Ingredients, Inc.\* | 1033131 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Consumer Staples – (continued)** | **Consumer Staples – (continued)** | **Consumer Staples – (continued)** |
| 5958 | Estee Lauder Cos., Inc. (The), Class A | $1404837 |
| 14295 | General Mills, Inc. | 1219363 |
| 4791 | Hershey Co. (The) | 1126699 |
| 24443 | Hormel Foods Corp. | 1148821 |
| 7577 | J M Smucker Co. (The) | 1166934 |
| 14947 | Kellogg Co. | 1090384 |
| 30029 | Keurig Dr Pepper, Inc. | 1161221 |
| 9213 | Kimberly-Clark Corp. | 1249559 |
| 29470 | Kraft Heinz Co. (The) | 1159644 |
| 24001 | Kroger Co. (The) | 1180609 |
| 13093 | Lamb Weston Holdings, Inc. | 1137782 |
| 14469 | McCormick & Co., Inc. | 1232469 |
| 18119 | Mondelez International, Inc., Class A | 1225026 |
| 12057 | Monster Beverage Corp.\* | 1240183 |
| 6305 | PepsiCo, Inc. | 1169641 |
| 12551 | Philip Morris International, Inc. | 1250958 |
| 8467 | Procter & Gamble Co. (The) | 1262938 |
| 13755 | Sysco Corp. | 1189945 |
| 16728 | Tyson Foods, Inc., Class A | 1108732 |
| 31174 | Walgreens Boots Alliance, Inc. | 1293721 |
| 8035 | Walmart, Inc. | 1224695 |
|  |  | 39535392 |
| **Energy – 5.2%** | **Energy – 5.2%** | **Energy – 5.2%** |
| 25010 | APA Corp. | 1171719 |
| 39675 | Baker Hughes Co. | 1151369 |
| 6289 | Cheniere Energy, Inc. | 1102839 |
| 10752 | Chesapeake Energy Corp. | 1112832 |
| 6262 | Chevron Corp. | 1147887 |
| 8826 | ConocoPhillips | 1090099 |
| 36224 | Coterra Energy, Inc. | 1011012 |
| 15672 | Devon Energy Corp. | 1073845 |
| 7254 | Diamondback Energy, Inc. | 1073737 |
| 8252 | EOG Resources, Inc. | 1171206 |
| 27581 | EQT Corp. | 1169710 |
| 10188 | Exxon Mobil Corp. | 1134332 |
| 31032 | Halliburton Co. | 1175802 |
| 7954 | Hess Corp. | 1144660 |
| 62277 | Kinder Morgan, Inc. | 1190736 |
| 37003 | Marathon Oil Corp. | 1133402 |
| 9690 | Marathon Petroleum Corp. | 1180339 |
| 15615 | Occidental Petroleum Corp. | 1085086 |
| 18723 | ONEOK, Inc. | 1252943 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Energy – (continued)** | **Energy – (continued)** | **Energy – (continued)** |
| 22151 | Ovintiv, Inc. | $1235140 |
| 10767 | Phillips 66 | 1167573 |
| 4439 | Pioneer Natural Resources Co. | 1047560 |
| 22001 | Schlumberger Ltd. | 1134152 |
| 16672 | Targa Resources Corp. | 1240230 |
| 481 | Texas Pacific Land Corp. | 1247012 |
| 8866 | Valero Energy Corp. | 1184675 |
| 33911 | Williams Cos., Inc. (The) | 1176712 |
|  |  | 31006609 |
| **Financials – 12.5%** | **Financials – 12.5%** | **Financials – 12.5%** |
| 16915 | Aflac, Inc. | 1216696 |
| 9025 | Allstate Corp. (The) | 1208447 |
| 7738 | American Express Co. | 1219431 |
| 19615 | American International Group, Inc. | 1237903 |
| 3607 | Ameriprise Financial, Inc. | 1197344 |
| 4027 | Aon PLC, Class A | 1241444 |
| 18917 | Apollo Global Management, Inc. | 1312651 |
| 20056 | Arch Capital Group Ltd.\* | 1201555 |
| 6141 | Arthur J Gallagher & Co. | 1222735 |
| 31138 | Bank of America Corp. | 1178573 |
| 26615 | Bank of New York Mellon Corp. (The) | 1221628 |
| 3860 | Berkshire Hathaway, Inc., Class B\* | 1229796 |
| 1729 | BlackRock, Inc. | 1237964 |
| 12293 | Blackstone, Inc. | 1125178 |
| 19524 | Brown & Brown, Inc. | 1163435 |
| 10741 | Capital One Financial Corp. | 1108901 |
| 8959 | Cboe Global Markets, Inc. | 1136360 |
| 14243 | Charles Schwab Corp. (The) | 1175617 |
| 5314 | Chubb Ltd. | 1166901 |
| 11311 | Cincinnati Financial Corp. | 1255069 |
| 24566 | Citigroup, Inc. | 1189240 |
| 28031 | Citizens Financial Group, Inc. | 1187954 |
| 6573 | CME Group, Inc. | 1160134 |
| 11039 | Discover Financial Services | 1196186 |
| 2684 | FactSet Research Systems, Inc. | 1238102 |
| 31890 | Fifth Third Bancorp | 1159520 |
| 46688 | First Horizon Corp. | 1160197 |
| 9469 | First Republic Bank | 1208339 |
| 3250 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> | 1254988 |
| 15561 | Hartford Financial Services Group, Inc. (The) | 1188394 |
| 74586 | Huntington Bancshares, Inc. | 1154591 |
| 12254 | Intercontinental Exchange, Inc. | 1327231 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Financials – (continued)** | **Financials – (continued)** | **Financials – (continued)** |
| 8850 | JPMorgan Chase & Co. | $1222893 |
| 62411 | KeyCorp | 1173951 |
| 22679 | KKR & Co., Inc. | 1177494 |
| 4361 | LPL Financial Holdings, Inc. | 1032292 |
| 6820 | M&T Bank Corp. | 1159536 |
| 935 | Markel Corp.\* | 1238725 |
| 7038 | Marsh & McLennan Cos., Inc. | 1218841 |
| 15251 | MetLife, Inc. | 1169752 |
| 4370 | Moody's Corp. | 1303440 |
| 13475 | Morgan Stanley | 1254118 |
| 2436 | MSCI, Inc. | 1237074 |
| 18429 | Nasdaq, Inc. | 1261649 |
| 13251 | Northern Trust Corp. | 1233801 |
| 7055 | PNC Financial Services Group, Inc. (The) | 1187074 |
| 12901 | Principal Financial Group, Inc. | 1156962 |
| 8810 | Progressive Corp. (The) | 1164241 |
| 10486 | Prudential Financial, Inc. | 1132803 |
| 9605 | Raymond James Financial, Inc. | 1122825 |
| 51009 | Regions Financial Corp. | 1183919 |
| 3613 | S&P Global, Inc. | 1274666 |
| 15090 | State Street Corp. | 1202220 |
| 5097 | SVB Financial Group\* | 1181383 |
| 31582 | Synchrony Financial | 1186852 |
| 10762 | T. Rowe Price Group, Inc. | 1344281 |
| 6188 | Travelers Cos., Inc. (The) | 1174544 |
| 25748 | Truist Financial Corp. | 1205264 |
| 26609 | US Bancorp | 1207783 |
| 15220 | W R Berkley Corp. | 1160982 |
| 24212 | Wells Fargo & Co. | 1160965 |
| 5143 | Willis Towers Watson PLC | 1266001 |
|  |  | 74478835 |
| **Health Care – 13.1%** | **Health Care – 13.1%** | **Health Care – 13.1%** |
| 11436 | Abbott Laboratories | 1230285 |
| 7755 | AbbVie, Inc. | 1249951 |
| 3017 | ABIOMED, Inc.\* | 1139792 |
| 8166 | Agilent Technologies, Inc. | 1265567 |
| 5951 | Align Technology, Inc.\* | 1170324 |
| 5337 | Alnylam Pharmaceuticals, Inc.\* | 1177289 |
| 7264 | AmerisourceBergen Corp. | 1239892 |
| 4175 | Amgen, Inc. | 1195720 |
| 57492 | Avantor, Inc.\* | 1280922 |
| 21242 | Baxter International, Inc. | 1200810 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 4902 | Becton Dickinson and Co. | $1222265 |
| 4005 | Biogen, Inc.\* | 1222206 |
| 13284 | BioMarin Pharmaceutical, Inc.\* | 1341418 |
| 14860 | Bio-Techne Corp. | 1262951 |
| 26710 | Boston Scientific Corp.\* | 1209162 |
| 14559 | Bristol-Myers Squibb Co. | 1168796 |
| 14933 | Cardinal Health, Inc. | 1197179 |
| 23566 | Catalent, Inc.\* | 1181364 |
| 13203 | Centene Corp.\* | 1149321 |
| 5073 | Charles River Laboratories International, Inc.\* | 1159536 |
| 3463 | Cigna Corp. | 1138946 |
| 4114 | Cooper Cos., Inc. (The) | 1301464 |
| 11517 | CVS Health Corp. | 1173352 |
| 4543 | Danaher Corp. | 1242102 |
| 9548 | Dexcom, Inc.\* | 1110241 |
| 15629 | Edwards Lifesciences Corp.\* | 1207340 |
| 2092 | Elevance Health, Inc. | 1114869 |
| 3167 | Eli Lilly & Co. | 1175210 |
| 14353 | Gilead Sciences, Inc. | 1260624 |
| 5174 | HCA Healthcare, Inc. | 1242898 |
| 15346 | Hologic, Inc.\* | 1168751 |
| 16405 | Horizon Therapeutics PLC\* | 1645257 |
| 2021 | Humana, Inc. | 1111348 |
| 2951 | IDEXX Laboratories, Inc.\* | 1256742 |
| 5194 | Illumina, Inc.\* | 1132707 |
| 14492 | Incyte Corp.\* | 1154578 |
| 4300 | Insulet Corp.\* | 1287291 |
| 4688 | Intuitive Surgical, Inc.\* | 1267588 |
| 5444 | IQVIA Holdings, Inc.\* | 1186901 |
| 6629 | Johnson & Johnson | 1179962 |
| 5039 | Laboratory Corp. of America Holdings | 1212887 |
| 2891 | McKesson Corp. | 1103437 |
| 12957 | Medtronic PLC | 1024121 |
| 11382 | Merck & Co., Inc. | 1253386 |
| 889 | Mettler-Toledo International, Inc.\* | 1306439 |
| 7365 | Moderna, Inc.\* | 1295577 |
| 3197 | Molina Healthcare, Inc.\* | 1076654 |
| 8446 | PerkinElmer, Inc. | 1180160 |
| 24012 | Pfizer, Inc. | 1203722 |
| 7939 | Quest Diagnostics, Inc. | 1205378 |
| 1518 | Regeneron Pharmaceuticals, Inc.\* | 1141081 |
| 5134 | ResMed, Inc. | 1181847 |
| 26820 | Royalty Pharma PLC, Class A | 1179275 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 8762 | Seagen, Inc.\* | $1063619 |
| 6675 | STERIS PLC | 1239814 |
| 5195 | Stryker Corp. | 1215059 |
| 2249 | Thermo Fisher Scientific, Inc. | 1259935 |
| 2068 | UnitedHealth Group, Inc. | 1132768 |
| 7004 | Veeva Systems, Inc., Class A\* | 1333281 |
| 3645 | Vertex Pharmaceuticals, Inc.\* | 1153278 |
| 111019 | Viatris, Inc. | 1224540 |
| 3740 | Waters Corp.\* | 1296284 |
| 5152 | West Pharmaceutical Services, Inc. | 1208968 |
| 10154 | Zimmer Biomet Holdings, Inc. | 1219495 |
| 7583 | Zoetis, Inc. | 1168844 |
|  |  | 78502770 |
| **Industrials – 13.3%** | **Industrials – 13.3%** | **Industrials – 13.3%** |
| 9057 | 3M Co. | 1140910 |
| 8561 | AMETEK, Inc. | 1219258 |
| 7568 | Boeing Co. (The)\* | 1353764 |
| 10424 | Booz Allen Hamilton Holding Corp. | 1109114 |
| 4702 | Carlisle Cos., Inc. | 1237143 |
| 28228 | Carrier Global Corp. | 1251065 |
| 5203 | Caterpillar, Inc. | 1230041 |
| 12291 | C.H. Robinson Worldwide, Inc. | 1231804 |
| 2660 | Cintas Corp. | 1228335 |
| 19858 | Copart, Inc.\* | 1321749 |
| 14104 | CoStar Group, Inc.\* | 1142988 |
| 38915 | CSX Corp. | 1272131 |
| 4599 | Cummins, Inc. | 1155085 |
| 2898 | Deere & Co. | 1278018 |
| 34587 | Delta Air Lines, Inc.\* | 1223342 |
| 8592 | Dover Corp. | 1219634 |
| 7365 | Eaton Corp. PLC | 1203809 |
| 13109 | Emerson Electric Co. | 1255449 |
| 6862 | Equifax, Inc. | 1354353 |
| 11747 | Expeditors International of Washington, Inc. | 1363357 |
| 22988 | Fastenal Co. | 1184112 |
| 7195 | FedEx Corp. | 1311073 |
| 17788 | Fortive Corp. | 1201579 |
| 4557 | General Dynamics Corp. | 1150141 |
| 14542 | General Electric Co. | 1250176 |
| 5592 | Honeywell International, Inc. | 1227724 |
| 31122 | Howmet Aerospace, Inc. | 1172366 |
| 4736 | Hubbell, Inc. | 1203228 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Industrials – (continued)** | **Industrials – (continued)** | **Industrials – (continued)** |
| 5098 | IDEX Corp. | $1210724 |
| 5317 | Illinois Tool Works, Inc. | 1209458 |
| 22662 | Ingersoll Rand, Inc. | 1223068 |
| 9922 | Jacobs Solutions, Inc. | 1255530 |
| 6621 | J.B. Hunt Transport Services, Inc. | 1217536 |
| 19339 | Johnson Controls International PLC | 1284883 |
| 4702 | L3Harris Technologies, Inc. | 1067730 |
| 10705 | Leidos Holdings, Inc. | 1170378 |
| 2336 | Lockheed Martin Corp. | 1133404 |
| 25080 | Masco Corp. | 1273562 |
| 4948 | Norfolk Southern Corp. | 1269162 |
| 2119 | Northrop Grumman Corp. | 1130042 |
| 4225 | Old Dominion Freight Line, Inc. | 1278527 |
| 15871 | Otis Worldwide Corp. | 1239366 |
| 11647 | PACCAR, Inc. | 1233534 |
| 3911 | Parker-Hannifin Corp. | 1169154 |
| 74876 | Plug Power, Inc.\* | 1195021 |
| 8073 | Quanta Services, Inc. | 1209981 |
| 11884 | Raytheon Technologies Corp. | 1173188 |
| 8624 | Republic Services, Inc. | 1201237 |
| 4679 | Rockwell Automation, Inc. | 1236285 |
| 30553 | Southwest Airlines Co.\* | 1219370 |
| 14867 | Stanley Black & Decker, Inc. | 1214931 |
| 16505 | Textron, Inc. | 1178127 |
| 6874 | Trane Technologies PLC | 1226459 |
| 1996 | TransDigm Group, Inc. | 1254486 |
| 20470 | TransUnion | 1291248 |
| 39102 | Uber Technologies, Inc.\* | 1139432 |
| 5745 | Union Pacific Corp. | 1249135 |
| 26933 | United Airlines Holdings, Inc.\* | 1189631 |
| 6774 | United Parcel Service, Inc., Class B | 1285231 |
| 3566 | United Rentals, Inc.\* | 1258905 |
| 6601 | Verisk Analytics, Inc. | 1212670 |
| 7214 | Waste Management, Inc. | 1209932 |
| 12362 | Westinghouse Air Brake Technologies Corp. | 1249675 |
| 1903 | W.W. Grainger, Inc. | 1147623 |
| 10585 | Xylem, Inc. | 1189225 |
|  |  | 79389598 |
| **Information Technology – 18.1%** | **Information Technology – 18.1%** | **Information Technology – 18.1%** |
| 4081 | Accenture PLC, Class A | 1228095 |
| 3647 | Adobe, Inc.\* | 1257960 |
| 18504 | Advanced Micro Devices, Inc.\* | 1436465 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 12973 | Akamai Technologies, Inc.\* | $1230619 |
| 15027 | Amphenol Corp., Class A | 1208622 |
| 7780 | Analog Devices, Inc. | 1337460 |
| 5257 | ANSYS, Inc.\* | 1336855 |
| 7631 | Apple, Inc. | 1129617 |
| 12402 | Applied Materials, Inc. | 1359259 |
| 8851 | Arista Networks, Inc.\* | 1232944 |
| 6450 | Atlassian Corp., Class A\* | 848497 |
| 5398 | Autodesk, Inc.\* | 1090126 |
| 4635 | Automatic Data Processing, Inc. | 1224289 |
| 9470 | Bill.com Holdings, Inc.\* | 1140377 |
| 19691 | Block, Inc.\* | 1334459 |
| 2421 | Broadcom, Inc. | 1334044 |
| 8083 | Broadridge Financial Solutions, Inc. | 1205256 |
| 7574 | Cadence Design Systems, Inc.\* | 1303031 |
| 6527 | CDW Corp. | 1231253 |
| 24949 | Cisco Systems, Inc. | 1240464 |
| 22010 | Cloudflare, Inc., Class A\* | 1081571 |
| 18372 | Cognizant Technology Solutions Corp., Class A | 1142922 |
| 34834 | Corning, Inc. | 1188884 |
| 7449 | Crowdstrike Holdings, Inc., Class A\* | 876375 |
| 14981 | Datadog, Inc., Class A\* | 1135260 |
| 3777 | Enphase Energy, Inc.\* | 1210868 |
| 16359 | Entegris, Inc. | 1264387 |
| 3477 | EPAM Systems, Inc.\* | 1281553 |
| 13925 | Fidelity National Information Services, Inc. | 1010676 |
| 7599 | First Solar, Inc.\* | 1311055 |
| 10878 | Fiserv, Inc.\* | 1135228 |
| 6163 | FleetCor Technologies, Inc.\* | 1209181 |
| 20785 | Fortinet, Inc.\* | 1104931 |
| 3483 | Gartner, Inc.\* | 1220339 |
| 49846 | Gen Digital, Inc. | 1144464 |
| 10170 | Global Payments, Inc. | 1055443 |
| 14839 | GoDaddy, Inc., Class A\* | 1174210 |
| 79318 | Hewlett Packard Enterprise Co. | 1330956 |
| 40908 | HP, Inc. | 1228876 |
| 4141 | HubSpot, Inc.\* | 1254847 |
| 40157 | Intel Corp. | 1207521 |
| 8222 | International Business Machines Corp. | 1224256 |
| 2864 | Intuit, Inc. | 1167338 |
| 5837 | Jack Henry & Associates, Inc. | 1105236 |
| 6625 | Keysight Technologies, Inc.\* | 1198396 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 3525 | KLA Corp. | $1385854 |
| 2743 | Lam Research Corp. | 1295738 |
| 27751 | Marvell Technology, Inc. | 1290977 |
| 3462 | Mastercard, Inc., Class A | 1233857 |
| 18040 | Microchip Technology, Inc. | 1428588 |
| 20466 | Micron Technology, Inc. | 1179865 |
| 5050 | Microsoft Corp. | 1288457 |
| 6710 | MongoDB, Inc.\* | 1024550 |
| 3254 | Monolithic Power Systems, Inc. | 1242898 |
| 4669 | Motorola Solutions, Inc. | 1270902 |
| 16161 | NetApp, Inc. | 1092645 |
| 8193 | NVIDIA Corp. | 1386501 |
| 18189 | ON Semiconductor Corp.\* | 1367813 |
| 14867 | Oracle Corp. | 1234407 |
| 132813 | Palantir Technologies, Inc., Class A\* | 996097 |
| 6904 | Palo Alto Networks, Inc.\* | 1172990 |
| 9640 | Paychex, Inc. | 1195649 |
| 3429 | Paycom Software, Inc.\* | 1162774 |
| 13870 | PayPal Holdings, Inc.\* | 1087547 |
| 9810 | PTC, Inc.\* | 1247930 |
| 9689 | QUALCOMM, Inc. | 1225562 |
| 2759 | Roper Technologies, Inc. | 1210897 |
| 7372 | Salesforce, Inc.\* | 1181363 |
| 22521 | Seagate Technology Holdings PLC | 1192937 |
| 2812 | ServiceNow, Inc.\* | 1170636 |
| 13001 | Skyworks Solutions, Inc. | 1243156 |
| 7502 | Snowflake, Inc., Class A\* | 1072036 |
| 14091 | Splunk, Inc.\* | 1094589 |
| 22514 | SS&C Technologies Holdings, Inc. | 1210353 |
| 3916 | Synopsys, Inc.\* | 1329639 |
| 2861 | Teledyne Technologies, Inc.\* | 1201906 |
| 13879 | Teradyne, Inc. | 1296993 |
| 6904 | Texas Instruments, Inc. | 1245896 |
| 20312 | Trimble, Inc.\* | 1213642 |
| 16100 | Twilio, Inc., Class A\* | 789222 |
| 3683 | Tyler Technologies, Inc.\* | 1262311 |
| 5880 | VeriSign, Inc.\* | 1174883 |
| 5558 | Visa, Inc., Class A | 1206086 |
| 10069 | VMware, Inc., Class A\* | 1223283 |
| 31680 | Western Digital Corp.\* | 1164240 |
| 15122 | Wolfspeed, Inc.\* | 1374892 |
| 7712 | Workday, Inc., Class A\* | 1294845 |
| 4853 | Zebra Technologies Corp., Class A\* | 1311669 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 13812 | Zoom Video Communications, Inc., Class A\* | $1041839 |
| 7846 | Zscaler, Inc.\* | 1047049 |
|  |  | 108340428 |
| **Materials – 5.5%** | **Materials – 5.5%** | **Materials – 5.5%** |
| 4513 | Air Products and Chemicals, Inc. | 1399752 |
| 4174 | Albemarle Corp. | 1160330 |
| 6736 | Avery Dennison Corp. | 1302271 |
| 23231 | Ball Corp. | 1302794 |
| 10808 | CF Industries Holdings, Inc. | 1169318 |
| 16745 | Corteva, Inc. | 1124594 |
| 16839 | Crown Holdings, Inc. | 1384334 |
| 24066 | Dow, Inc. | 1226644 |
| 18324 | DuPont de Nemours, Inc. | 1292025 |
| 7994 | Ecolab, Inc. | 1197741 |
| 9407 | FMC Corp. | 1228930 |
| 34981 | Freeport-McMoRan, Inc. | 1392244 |
| 11788 | International Flavors & Fragrances, Inc. | 1247406 |
| 34047 | International Paper Co. | 1263825 |
| 3794 | Linde PLC (United Kingdom) | 1276605 |
| 14542 | LyondellBasell Industries NV, Class A | 1236215 |
| 3423 | Martin Marietta Materials, Inc. | 1254461 |
| 21106 | Mosaic Co. (The) | 1082738 |
| 27855 | Newmont Corp. | 1322277 |
| 8627 | Nucor Corp. | 1293619 |
| 9441 | Packaging Corp. of America | 1282937 |
| 9991 | PPG Industries, Inc. | 1350983 |
| 11975 | RPM International, Inc. | 1240850 |
| 5081 | Sherwin-Williams Co. (The) | 1266084 |
| 11995 | Steel Dynamics, Inc. | 1246640 |
| 6763 | Vulcan Materials Co. | 1239861 |
|  |  | 32785478 |
| **Real Estate – 6.1%** | **Real Estate – 6.1%** | **Real Estate – 6.1%** |
| 7802 | Alexandria Real Estate Equities, Inc. REIT | 1214069 |
| 5479 | American Tower Corp. REIT | 1212229 |
| 6497 | AvalonBay Communities, Inc. REIT | 1136325 |
| 15723 | Boston Properties, Inc. REIT | 1133314 |
| 9950 | Camden Property Trust REIT | 1197283 |
| 15672 | CBRE Group, Inc., Class A\* | 1247491 |
| 8665 | Crown Castle, Inc. REIT | 1225491 |
| 11704 | Digital Realty Trust, Inc. REIT | 1316232 |
| 2047 | Equinix, Inc. REIT | 1413761 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Real Estate – (continued)** | **Real Estate – (continued)** | **Real Estate – (continued)** |
| 17977 | Equity Residential REIT | $1165988 |
| 5129 | Essex Property Trust, Inc. REIT | 1130329 |
| 7096 | Extra Space Storage, Inc. REIT | 1140256 |
| 46518 | Healthpeak Properties, Inc. REIT | 1221563 |
| 61738 | Host Hotels & Resorts, Inc. REIT | 1169318 |
| 35883 | Invitation Homes, Inc. REIT | 1170862 |
| 22909 | Iron Mountain, Inc. REIT | 1244646 |
| 53279 | Kimco Realty Corp. REIT | 1221155 |
| 7268 | Mid-America Apartment Communities, Inc. REIT | 1198348 |
| 10402 | Prologis, Inc. REIT | 1225252 |
| 3957 | Public Storage REIT | 1179028 |
| 18478 | Realty Income Corp. REIT | 1165407 |
| 4174 | SBA Communications Corp. REIT | 1249278 |
| 9907 | Simon Property Group, Inc. REIT | 1183292 |
| 8644 | Sun Communities, Inc. REIT | 1269804 |
| 28547 | UDR, Inc. REIT | 1183844 |
| 29744 | Ventas, Inc. REIT | 1383988 |
| 34732 | VICI Properties, Inc. REIT | 1187834 |
| 18943 | Welltower, Inc. REIT | 1345521 |
| 37405 | Weyerhaeuser Co. REIT | 1223518 |
| 14975 | W.P. Carey, Inc. REIT | 1180030 |
|  |  | 36535456 |
| **Utilities – 5.5%** | **Utilities – 5.5%** | **Utilities – 5.5%** |
| 43625 | AES Corp. (The) | 1261635 |
| 21556 | Alliant Energy Corp. | 1213603 |
| 13784 | Ameren Corp. | 1231187 |
| 12756 | American Electric Power Co., Inc. | 1234781 |
| 8042 | American Water Works Co., Inc. | 1220454 |
| 10664 | Atmos Energy Corp. | 1281813 |
| 40060 | CenterPoint Energy, Inc. | 1246267 |
| 19734 | CMS Energy Corp. | 1205155 |
| 12790 | Consolidated Edison, Inc. | 1253932 |
| 11971 | Constellation Energy Corp. | 1150653 |
| 16276 | Dominion Energy, Inc. | 994626 |
| 10145 | DTE Energy Co. | 1176922 |
| 12099 | Duke Energy Corp. | 1209053 |
| 19234 | Edison International | 1282138 |
| 10316 | Entergy Corp. | 1199441 |
| 18399 | Evergy, Inc. | 1089405 |
| 14677 | Eversource Energy | 1216136 |
| 29336 | Exelon Corp. | 1213630 |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Utilities – (continued)** | **Utilities – (continued)** | **Utilities – (continued)** |
| 29421 | FirstEnergy Corp. | $1213322 |
| 14576 | NextEra Energy, Inc. | 1234587 |
| 74288 | PG&E Corp.\* | 1166322 |
| 42969 | PPL Corp. | 1268445 |
| 20096 | Public Service Enterprise Group, Inc. | 1216813 |
| 7506 | Sempra Energy | 1247422 |
| 17277 | Southern Co. (The) | 1168616 |
| 12402 | WEC Energy Group, Inc. | 1229534 |
| 17129 | Xcel Energy, Inc. | 1202798 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;32628690 |
| **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $577,231,174)** | **TOTAL INVESTMENTS – 99.7%**<br> **(Cost $577,231,174)** | $595623739 |
| **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.3%** | **OTHER ASSETS IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**LIABILITIES – 0.3%** | 1668614 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $597292353 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Represents an affiliated issuer. |

---

---

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

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 100.1%** | **Common Stocks – 100.1%** | **Common Stocks – 100.1%** |
| **Communication Services – 15.8%** | **Communication Services – 15.8%** | **Communication Services – 15.8%** |
| 37357 | Activision Blizzard, Inc. | $2762550 |
| 28871 | Alphabet, Inc., Class A\* | 2915682 |
| 110606 | Frontier Communications Parent, Inc.\* | 2850317 |
| 30912 | Liberty Broadband Corp., Class C\* | 2808665 |
| 62510 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 2739813 |
| 24190 | Meta Platforms, Inc., Class A\* | 2856839 |
| 9232 | Netflix, Inc.\* | 2820653 |
| 18994 | T-Mobile US, Inc.\* | 2876831 |
|  |  | 22631350 |
| **Consumer Discretionary – 12.1%** | **Consumer Discretionary – 12.1%** | **Consumer Discretionary – 12.1%** |
| 38734 | Alibaba Group Holding Ltd. ADR (China) \* | 3391549 |
| 28053 | Amazon.com, Inc.\* | 2708237 |
| 1396 | Booking Holdings, Inc.\* | 2902912 |
| 2879 | MercadoLibre, Inc. (Brazil) \* | 2680306 |
| 9687 | RH\* | 2778522 |
| 14469 | Tesla, Inc.\* | 2817114 |
|  |  | 17278640 |
| **Energy – 8.0%** | **Energy – 8.0%** | **Energy – 8.0%** |
| 76493 | Antero Resources Corp.\* | 2795819 |
| 16796 | Cheniere Energy, Inc. | 2945347 |
| 27855 | Chesapeake Energy Corp. | 2882992 |
| 229670 | Energy Transfer LP | 2880062 |
|  |  | 11504220 |
| **Financials – 12.2%** | **Financials – 12.2%** | **Financials – 12.2%** |
| 44157 | Apollo Global Management, Inc. | 3064054 |
| 8944 | Berkshire Hathaway, Inc., Class B\* | 2849558 |
| 36131 | Charles Schwab Corp. (The) | 2982253 |
| 22466 | Progressive Corp. (The) | 2968882 |
| 7947 | S&P Global, Inc. | 2803702 |
| 58949 | Wells Fargo & Co. | 2826604 |
|  |  | 17495053 |
| **Health Care – 12.2%** | **Health Care – 12.2%** | **Health Care – 12.2%** |
| 10359 | Danaher Corp. | 2832254 |
| 7760 | Eli Lilly & Co. | 2879581 |
| 5213 | Humana, Inc. | 2866629 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 5167 | Thermo Fisher Scientific, Inc. | $2894657 |
| 10850 | United Therapeutics Corp.\* | 3036806 |
| 5378 | UnitedHealth Group, Inc. | 2945853 |
|  |  | 17455780 |
| **Industrials – 9.8%** | **Industrials – 9.8%** | **Industrials – 9.8%** |
| 144128 | API Group Corp.\* | 2770140 |
| 43877 | Builders FirstSource, Inc.\* | 2805057 |
| 4484 | TransDigm Group, Inc. | 2818194 |
| 95044 | Uber Technologies, Inc.\* | 2769582 |
| 59636 | WillScot Mobile Mini Holdings Corp.\* | 2875052 |
|  |  | 14038025 |
| **Information Technology – 28.0%** | **Information Technology – 28.0%** | **Information Technology – 28.0%** |
| 18633 | Apple, Inc. | 2758243 |
| 27626 | Fiserv, Inc.\* | 2883049 |
| 141543 | Flex Ltd.\* | 3111115 |
| 37392 | GoDaddy, Inc., Class A\* | 2958829 |
| 8141 | Mastercard, Inc., Class A | 2901452 |
| 11438 | Microsoft Corp. | 2918291 |
| 16956 | NVIDIA Corp. | 2869464 |
| 17084 | Palo Alto Networks, Inc.\* | 2902572 |
| 30867 | PayPal Holdings, Inc.\* | 2420282 |
| 17414 | Salesforce, Inc.\* | 2790594 |
| 6900 | ServiceNow, Inc.\* | 2872470 |
| 13356 | Visa, Inc., Class A | 2898252 |
| 23907 | VMware, Inc., Class A\* | 2904461 |
| 18014 | Workday, Inc., Class A\* | 3024551 |
|  |  | 40213625 |

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Utilities – 2.0%** | **Utilities – 2.0%** | **Utilities – 2.0%** |
| 29418 | Constellation Energy Corp. | $2827658 |
| **TOTAL INVESTMENTS – 100.1%<br>(Cost $141,398,442)** | **TOTAL INVESTMENTS – 100.1%<br>(Cost $141,398,442)** | $143444351 |
| **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**OTHER ASSETS – (0.1)%** | (76065) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $143368286 |

---

---

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

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| LP | — Limited Partnership |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.6%** | **Common Stocks – 99.6%** | **Common Stocks – 99.6%** |
| **Communication Services – 13.5%** | **Communication Services – 13.5%** | **Communication Services – 13.5%** |
| 13545 | Activision Blizzard, Inc. | $1001653 |
| 4463 | AfreecaTV Co. Ltd. (South Korea) | 291025 |
| 71542 | Alphabet, Inc., Class A\* | 7225027 |
| 77006 | AMC Entertainment Holdings, Inc.,<br>Class A\*<sup>(a)</sup> | 556753 |
| 19773 | Baidu, Inc. ADR (China)\* | 2147348 |
| 15924 | Bumble, Inc., Class A\* | 387909 |
| 46820 | Comcast Corp., Class A | 1715485 |
| 6465 | CTS Eventim AG & Co. KGaA (Germany)\* | 395407 |
| 7732 | Electronic Arts, Inc. | 1011191 |
| 53616 | Gree, Inc. (Japan) | 295092 |
| 32559 | Hello Group, Inc. ADR (China) | 186889 |
| 8251 | IDT Corp., Class B\* | 230615 |
| 8149 | Infocom Corp. (Japan) | 119484 |
| 81935 | iQIYI, Inc. ADR (China)\* | 243347 |
| 11867 | JOYY, Inc. ADR (China) | 361469 |
| 28863 | Kanzhun Ltd. ADR (China)\* | 543202 |
| 146473 | Kuaishou Technology (China)\*<sup>(b)</sup> | 1061181 |
| 9588 | Liberty Media Corp.-Liberty Braves, Class C\* | 312377 |
| 13554 | Liberty Media Corp.-Liberty Formula One, Class A\* | 745063 |
| 15077 | Liberty Media Corp.-Liberty SiriusXM, Class A\* | 660674 |
| 9238 | Live Nation Entertainment, Inc.\* | 672157 |
| 5936 | Madison Square Garden Entertainment Corp.\* | 285640 |
| 1868 | Madison Square Garden Sports Corp. | 304185 |
| 14765 | Match Group, Inc.\* | 746518 |
| 68226 | Meta Platforms, Inc., Class A\* | 8057491 |
| 12025 | MIXI, Inc. (Japan) | 212338 |
| 17620 | NetEase, Inc. ADR (China) | 1253134 |
| 5798 | Netflix, Inc.\* | 1771463 |
| 31396 | Pinterest, Inc., Class A\* | 798086 |
| 43558 | Playtika Holding Corp.\* | 411623 |
| 70654 | Rightmove PLC (United Kingdom) | 465641 |
| 21566 | ROBLOX Corp., Class A\* | 685152 |
| 6275 | Scout24 SE (Germany) <sup>(b)</sup> | 335716 |
| 32938 | Sea Ltd. ADR (Singapore)\* | 1922591 |
| 57367 | Snap, Inc., Class A\* | 591454 |
| 5424 | Sohu.com Ltd. ADR (China)\* | 80167 |
| 7517 | Spotify Technology SA\* | 597000 |
| 6465 | Take-Two Interactive Software, Inc.\* | 683286 |
| 31042 | TELUS Corp. (Canada) | 655781 |
| 59749 | Tencent Holdings Ltd. (China) | 2198439 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Communication Services – (continued)** | **Communication Services – (continued)** | **Communication Services – (continued)** |
| 10591 | TripAdvisor, Inc.\* | $215951 |
| 10910 | Ubisoft Entertainment SA (France)\* | 298586 |
| 56763 | VK Co. Ltd. GDR (Russia)\*<sup>(c)</sup> | 0 |
| 17535 | Walt Disney Co. (The)\* | 1716150 |
| 9856 | Warner Music Group Corp., Class A | 337765 |
| 25966 | Weibo Corp. ADR (China)\* | 413898 |
| 5752 | World Wrestling Entertainment, Inc., Class A | 459470 |
| 4348 | Ziff Davis, Inc.\* | 401146 |
|  |  | 46062019 |
| **Consumer Discretionary – 15.6%** | **Consumer Discretionary – 15.6%** | **Consumer Discretionary – 15.6%** |
| 8174 | Academy Sports & Outdoors, Inc. | 412624 |
| 4254 | adidas AG (Germany) | 535515 |
| 8463 | Airbnb, Inc., Class A\* | 864411 |
| 47575 | Alibaba Group Holding Ltd. ADR (China) \* | 4165667 |
| 913642 | Alibaba Health Information Technology Ltd. (China) \* | 747956 |
| 68083 | Amazon.com, Inc.\* | 6572733 |
| 64968 | ANTA Sports Products Ltd. (China) | 756594 |
| 9364 | Aptiv PLC\* | 998858 |
| 9890 | Bandai Namco Holdings, Inc. (Japan) | 641071 |
| 14173 | Chegg, Inc.\* | 422922 |
| 10636 | Chewy, Inc., Class A\*<sup>(a)</sup> | 458731 |
| 4415 | Columbia Sportswear Co. | 395540 |
| 9517 | Continental AG (Germany) | 561297 |
| 18242 | Coursera, Inc.\* | 254293 |
| 4414 | Dick's Sporting Goods, Inc. | 527826 |
| 4896 | Duolingo, Inc.\* | 341104 |
| 15312 | eBay, Inc. | 695777 |
| 5131 | Etsy, Inc.\* | 677754 |
| 14428 | Everi Holdings, Inc.\* | 241236 |
| 25867 | EVgo, Inc.\*<sup>(a)</sup> | 165549 |
| 27725 | Farfetch Ltd., Class A (United Kingdom) \* | 235663 |
| 92831 | Ford Motor Co. | 1290351 |
| 44022 | GameStop Corp., Class A\*<sup>(a)</sup> | 1153817 |
| 30333 | General Motors Co. | 1230306 |
| 580 | Graham Holdings Co., Class B | 373334 |
| 7371 | Hyundai Motor Co. (South Korea) | 944534 |
| 5499 | iRobot Corp.\* | 286443 |
| 343929 | JD Sports Fashion PLC (United Kingdom) | 516282 |
| 15639 | JD.com, Inc. ADR (China) | 894238 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** |
| 17333 | Just Eat Takeaway.com NV (United Kingdom)\*<sup>(b)</sup> | $385315 |
| 13136 | Kia Corp. (South Korea) | 683269 |
| 91556 | Koolearn Technology Holding Ltd. (China)\*<sup>(a)(b)</sup> | 480917 |
| 13283 | Las Vegas Sands Corp.\* | 622176 |
| 83612 | Li Ning Co. Ltd. (China) | 656106 |
| 59132 | Lucid Group, Inc.\*<sup>(a)</sup> | 599598 |
| 2561 | Lululemon Athletica, Inc.\* | 973974 |
| 16070 | Macy's, Inc. | 377645 |
| 2135 | MercadoLibre, Inc. (Brazil)\* | 1987653 |
| 19151 | MGM Resorts International | 705906 |
| 15807 | New Oriental Education & Technology Group, Inc. ADR (China) \* | 454293 |
| 304948 | Nexteer Automotive Group Ltd. (China) | 199639 |
| 12355 | NIKE, Inc., Class B | 1355220 |
| 66810 | NIO, Inc. ADR (China)\* | 853832 |
| 19918 | Overstock.com, Inc.\* | 530217 |
| 39061 | Peloton Interactive, Inc., Class A\* | 444514 |
| 5291 | Planet Fitness, Inc., Class A\* | 414603 |
| 38227 | Playtech PLC (United Kingdom)\* | 250613 |
| 10949 | Poshmark, Inc., Class A\* | 195221 |
| 28649 | Rivian Automotive, Inc., Class A\* | 917914 |
| 47209 | Sharp Corp. (Japan) | 329184 |
| 7869 | Skechers USA, Inc., Class A\* | 331836 |
| 16082 | Sony Group Corp. (Japan) | 1297140 |
| 7503 | Stride, Inc.\* | 265681 |
| 45925 | TAL Education Group ADR (China)\* | 274172 |
| 27535 | Tesla, Inc.\* | 5361065 |
| 99705 | Toyota Motor Corp. (Japan) | 1436555 |
| 20825 | Udemy, Inc.\* | 295507 |
| 52495 | Under Armour, Inc., Class A\* | 524950 |
| 21389 | Vivid Seats, Inc., Class A\* | 166834 |
| 8243 | Wayfair, Inc., Class A\* | 302024 |
| 6797 | Xometry, Inc., Class A\* | 287037 |
| 62905 | XPeng, Inc. ADR (China)\*<sup>(a)</sup> | 680003 |
| 21956 | Yamaha Motor Co. Ltd. (Japan) | 537335 |
| 14090 | Zalando SE (Germany)\*<sup>(b)</sup> | 431461 |
|  |  | 52971835 |
| **Consumer Staples – 0.6%** | **Consumer Staples – 0.6%** | **Consumer Staples – 0.6%** |
| 17214 | Beyond Meat, Inc.\*<sup>(a)</sup> | 251152 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Consumer Staples – (continued)** | **Consumer Staples – (continued)** | **Consumer Staples – (continued)** |
| 12167 | Walmart, Inc. | $1854494 |
|  |  | 2105646 |
| **Energy – 0.7%** | **Energy – 0.7%** | **Energy – 0.7%** |
| 882308 | China Suntien Green Energy Corp. Ltd., Class H (China) | 365109 |
| 7013 | HD Hyundai Co. Ltd. (South Korea) | 342979 |
| 26321 | Oceaneering International, Inc.\* | 399816 |
| 23290 | TotalEnergies SE (France) <sup>(a)</sup> | 1446267 |
|  |  | 2554171 |
| **Financials – 8.1%** | **Financials – 8.1%** | **Financials – 8.1%** |
| 41270 | 3i Group PLC (United Kingdom) | 662767 |
| 2386 | Ameriprise Financial, Inc. | 792033 |
| 7441 | Amundi SA (France)<sup>(b)</sup> | 409897 |
| 14140 | Apollo Global Management, Inc. | 981175 |
| 9172 | B. Riley Financial, Inc. | 402834 |
| 1957 | BlackRock, Inc. | 1401212 |
| 12025 | Blackstone, Inc. | 1100648 |
| 16806 | Carlyle Group, Inc. (The) | 523843 |
| 14559 | Charles Schwab Corp. (The) | 1201700 |
| 30088 | CI Financial Corp. (Canada) | 315816 |
| 3726 | CME Group, Inc. | 657639 |
| 9982 | CNA Financial Corp. | 425034 |
| 11827 | Coinbase Global, Inc., Class A\*<sup>(a)</sup> | 540849 |
| 5744 | Discover Financial Services | 622420 |
| 4857 | DWS Group GmbH & Co. KGaA<br>(Germany)<sup>(b)</sup> | 152331 |
| 5204 | Eurazeo SE (France) | 320694 |
| 3039 | Evercore, Inc., Class A | 350032 |
| 22073 | flatexDEGIRO AG (Germany)\* | 230457 |
| 6423 | Futu Holdings Ltd. ADR (China)\* | 394950 |
| 3558 | Goldman Sachs Group, Inc. (The)<sup>(d)</sup> | 1373922 |
| 9928 | Green Dot Corp., Class A\* | 202333 |
| 31736 | Hargreaves Lansdown PLC (United Kingdom) | 318834 |
| 7587 | Interactive Brokers Group, Inc., Class A | 609236 |
| 19280 | KKR & Co., Inc. | 1001018 |
| 160417 | Legal & General Group PLC (United Kingdom) | 480658 |
| 7928 | London Stock Exchange Group PLC (United Kingdom) | 778731 |
| 7657 | Macquarie Group Ltd. (Australia) | 916406 |
| 10245 | Morgan Stanley | 953502 |
| 1909 | Morningstar, Inc. | 467953 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Financials – (continued)** | **Financials – (continued)** | **Financials – (continued)** |
| 1891 | MSCI, Inc. | $960307 |
| 7019 | Northern Trust Corp. | 653539 |
| 35797 | Owl Rock Capital Corp.<sup>(a)</sup> | 462139 |
| 15434 | Plus500 Ltd. (Israel) | 350513 |
| 52853 | Robinhood Markets, Inc., Class A\* | 506860 |
| 3763 | S&P Global, Inc. | 1327586 |
| 93157 | SoFi Technologies, Inc.\* | 449948 |
| 8552 | State Street Corp. | 681338 |
| 5499 | Stifel Financial Corp. | 353311 |
| 2170 | StoneX Group, Inc.\* | 220190 |
| 130941 | TP ICAP Group PLC (United Kingdom) | 272891 |
| 8372 | TPG, Inc. | 278788 |
| 8298 | Tradeweb Markets, Inc., Class A | 509995 |
| 55922 | UBS Group AG (Switzerland) | 1011027 |
| 26892 | Upstart Holdings, Inc.\*<sup>(a)</sup> | 525739 |
| 1108 | Virtus Investment Partners, Inc. | 214885 |
| 51642 | WisdomTree, Inc. | 287646 |
|  |  | 27655626 |
| **Health Care – 20.5%** | **Health Care – 20.5%** | **Health Care – 20.5%** |
| 10508 | 10X Genomics, Inc., Class A\* | 406239 |
| 502051 | 3SBio, Inc. (China)<sup>(b)</sup> | 530641 |
| 20029 | Abbott Laboratories | 2154720 |
| 13571 | AbbVie, Inc. | 2187374 |
| 1275 | ABIOMED, Inc.\* | 481682 |
| 19828 | AdaptHealth Corp.\* | 442363 |
| 34681 | Adaptive Biotechnologies Corp.\* | 304499 |
| 79262 | Agenus, Inc.\* | 214007 |
| 6754 | Agilent Technologies, Inc. | 1046735 |
| 13995 | Allscripts Healthcare Solutions, Inc.\* | 265065 |
| 5434 | Amgen, Inc. | 1556298 |
| 12933 | AstraZeneca PLC (United Kingdom) | 1719777 |
| 13589 | Baxter International, Inc. | 768186 |
| 2626 | Biogen, Inc.\* | 801376 |
| 121898 | Bionano Genomics, Inc.\*<sup>(a)</sup> | 245015 |
| 6569 | BioNTech SE ADR (Germany) | 1097154 |
| 7308 | Bio-Techne Corp. | 621107 |
| 35866 | Bluebird Bio, Inc.\* | 279396 |
| 18328 | Boston Scientific Corp.\* | 829709 |
| 22339 | Bristol-Myers Squibb Co. | 1793375 |
| 22165 | Caribou Biosciences, Inc.\* | 206356 |
| 6859 | Castle Biosciences, Inc.\* | 161804 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 25006 | Coherus Biosciences, Inc.\* | $171541 |
| 7315 | CompuGroup Medical SE & Co KgaA (Germany) | 270094 |
| 10927 | CRISPR Therapeutics AG (Switzerland)\* | 598690 |
| 22358 | Cue Health, Inc.\* | 71546 |
| 10019 | Cullinan Oncology, Inc.\* | 124536 |
| 9893 | Dexcom, Inc.\* | 1150358 |
| 30723 | DocGo, Inc.\* | 225814 |
| 22594 | Editas Medicine, Inc.\* | 239496 |
| 12158 | Edwards Lifesciences Corp.\* | 939206 |
| 6342 | Eli Lilly & Co. | 2353389 |
| 32500 | Erasca, Inc.\* | 245375 |
| 17007 | Exact Sciences Corp.\* | 764465 |
| 25910 | Exelixis, Inc.\* | 442543 |
| 12140 | Exscientia PLC ADR (United Kingdom)\* | 69198 |
| 9662 | Fulgent Genetics, Inc.\* | 350441 |
| 6830 | Galapagos NV (Belgium)\* | 268009 |
| 19130 | Gilead Sciences, Inc. | 1680188 |
| 5898 | Globus Medical, Inc., Class A\* | 435803 |
| 12410 | Guardant Health, Inc.\* | 649539 |
| 12510 | Ideaya Biosciences, Inc.\* | 223679 |
| 4483 | Illumina, Inc.\* | 977653 |
| 1059772 | Imugene Ltd. (Australia)\* | 131300 |
| 2636 | Insulet Corp.\* | 789139 |
| 9100 | Intellia Therapeutics, Inc.\* | 468286 |
| 5920 | Intuitive Surgical, Inc.\* | 1600709 |
| 116814 | Invitae Corp.\*<sup>(a)</sup> | 346938 |
| 3206 | iRhythm Technologies, Inc.\* | 349614 |
| 15393 | Johnson & Johnson | 2739954 |
| 43540 | Keymed Biosciences, Inc. (China)\*<sup>(b)</sup> | 281974 |
| 58268 | Koninklijke Philips NV (Netherlands) | 851458 |
| 25657 | Maravai LifeSciences Holdings, Inc., Class A\* | 381776 |
| 4973 | Masimo Corp.\* | 720787 |
| 20495 | Medtronic PLC | 1619925 |
| 20086 | Merck & Co., Inc. | 2211870 |
| 8520 | Moderna, Inc.\* | 1498753 |
| 11959 | MorphoSys AG (Germany)\* | 191661 |
| 12894 | Myriad Genetics, Inc.\* | 261232 |
| 10664 | NextGen Healthcare, Inc.\* | 221811 |
| 23830 | Novartis AG (Switzerland) | 2092238 |
| 10732 | Novo Nordisk A/S ADR (Denmark) | 1337207 |
| 28258 | Pacific Biosciences of California, Inc.\* | 303774 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 49139 | Pfizer, Inc. | $2463338 |
| 14336 | PHC Holdings Corp. (Japan) | 163866 |
| 17627 | PMV Pharmaceuticals, Inc.\* | 175917 |
| 9092 | PROCEPT BioRobotics Corp.\* | 390047 |
| 9938 | QIAGEN NV\* | 492329 |
| 1705 | Regeneron Pharmaceuticals, Inc.\* | 1281649 |
| 16988 | Relay Therapeutics, Inc.\* | 315637 |
| 6560 | Repare Therapeutics, Inc. (Canada)\* | 105157 |
| 27379 | ResMed, Inc. CDI | 613330 |
| 7050 | Roche Holding AG | 2277607 |
| 43317 | Sana Biotechnology, Inc.\* | 216152 |
| 60982 | Sangamo Therapeutics, Inc.\* | 223194 |
| 16396 | Sanofi (France) | 1459968 |
| 4078 | Sarepta Therapeutics, Inc.\* | 500819 |
| 6089 | Seagen, Inc.\* | 739144 |
| 182112 | Senseonics Holdings, Inc.\*<sup>(a)</sup> | 202144 |
| 135532 | Shanghai MicroPort MedBot Group Co. Ltd. (China)\*<sup>(a)</sup> | 519173 |
| 92051 | Sharecare, Inc.\* | 175817 |
| 27523 | Siemens Healthineers AG (Germany)<sup>(b)</sup> | 1435657 |
| 46664 | Smith & Nephew PLC (United Kingdom) | 603236 |
| 175485 | Sorrento Therapeutics, Inc.\* | 228131 |
| 5843 | Stryker Corp. | 1366619 |
| 18239 | Takara Bio, Inc. (Japan) | 235405 |
| 11117 | Tandem Diabetes Care, Inc.\* | 467470 |
| 13060 | Teladoc Health, Inc.\* | 372341 |
| 17639 | Theravance Biopharma, Inc.\* | 189796 |
| 2603 | Thermo Fisher Scientific, Inc. | 1458253 |
| 1741 | UFP Technologies, Inc.\* | 209007 |
| 16682 | Veracyte, Inc.\* | 462759 |
| 4975 | Vertex Pharmaceuticals, Inc.\* | 1574090 |
|  |  | 69682899 |
| **Industrials – 6.1%** | **Industrials – 6.1%** | **Industrials – 6.1%** |
| 36571 | 3D Systems Corp.\* | 370830 |
| 45422 | ABB Ltd. (Switzerland) | 1399727 |
| 5120 | AeroVironment, Inc.\* | 470989 |
| 2445 | Alfen Beheer BV (Netherlands)\*<sup>(b)</sup> | 231005 |
| 4176 | ASGN, Inc.\* | 378346 |
| 120250 | Aurora Innovation, Inc.\* | 151515 |
| 16953 | Blink Charging Co.\*<sup>(a)</sup> | 235308 |
| 1180 | CACI International, Inc., Class A\* | 368514 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Industrials – (continued)** | **Industrials – (continued)** | **Industrials – (continued)** |
| 28304 | ChargePoint Holdings, Inc.\*<sup>(a)</sup> | $351536 |
| 7080 | Daihen Corp. (Japan) | 207012 |
| 124105 | Desktop Metal, Inc., Class A\*<sup>(a)</sup> | 254415 |
| 974 | Energiekontor AG (Germany) | 87451 |
| 6936 | FANUC Corp. (Japan) | 1012266 |
| 67201 | Full Truck Alliance Co. Ltd. ADR (China) \* | 573225 |
| 18124 | General Electric Co. | 1558120 |
| 10996 | Kaman Corp. | 223988 |
| 19789 | Kawasaki Heavy Industries Ltd. (Japan) | 414954 |
| 18176 | Kratos Defense & Security Solutions, Inc.\* | 173035 |
| 3909 | Leidos Holdings, Inc. | 427371 |
| 14491 | Leonardo DRS, Inc.\* | 146504 |
| 5199 | LIG Nex1 Co. Ltd. (South Korea) | 364642 |
| 3286 | Lockheed Martin Corp. | 1594334 |
| 24632 | Lyft, Inc., Class A\* | 276371 |
| 63750 | Mitsubishi Electric Corp. (Japan) | 629322 |
| 5388 | Moog, Inc., Class A | 468918 |
| 13082 | Nabtesco Corp. (Japan) | 319691 |
| 17404 | Nidec Corp. (Japan) | 1064395 |
| 100474 | Nikola Corp.\*<sup>(a)</sup> | 263242 |
| 37381 | Nordex SE (Germany)\* | 462642 |
| 8013 | Parsons Corp.\* | 396643 |
| 7336 | PNE AG (Germany) | 165800 |
| 10768 | Proto Labs, Inc.\* | 285567 |
| 7564 | Shibaura Machine Co. Ltd. (Japan) | 148635 |
| 46547 | Siemens Energy AG (Germany) | 757728 |
| 18716 | SunPower Corp.\* | 453863 |
| 14080 | Sunrun, Inc.\* | 458726 |
| 6894 | Textron, Inc. | 492094 |
| 4261 | Thales SA (France) | 535914 |
| 85648 | TuSimple Holdings, Inc., Class A\* | 192708 |
| 57132 | Velo3D, Inc.\* | 115978 |
| 4091 | Verisk Analytics, Inc. | 751558 |
| 36860 | Virgin Galactic Holdings, Inc.\*<sup>(a)</sup> | 187617 |
| 14442 | Wallbox NV (Spain)\*<sup>(a)</sup> | 81164 |
| 387663 | Xinjiang Goldwind Science & Technology Co. Ltd., Class H (China)<sup>(a)</sup> | 416692 |
| 79775 | Xinte Energy Co. Ltd., Class H (China) | 186215 |
| 17909 | Yaskawa Electric Corp. (Japan) | 570485 |
|  |  | 20677055 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Information Technology – 32.3%** | **Information Technology – 32.3%** | **Information Technology – 32.3%** |
| 16756 | ACI Worldwide, Inc.\* | $350200 |
| 4519 | Adobe, Inc.\* | 1558739 |
| 20286 | Advanced Micro Devices, Inc.\* | 1574802 |
| 617 | Adyen NV (Netherlands)\*<sup>(b)</sup> | 929944 |
| 24537 | Affirm Holdings, Inc.\* | 341555 |
| 5293 | Akamai Technologies, Inc.\* | 502094 |
| 20015 | Alkami Technology, Inc.\* | 251589 |
| 4754 | Altair Engineering, Inc., Class A\* | 233279 |
| 6555 | Alteryx, Inc., Class A\* | 293992 |
| 14231 | Ambarella, Inc.\* | 1055940 |
| 7290 | Amphenol Corp., Class A | 586335 |
| 44764 | Apple, Inc. | 6626415 |
| 5354 | Arista Networks, Inc.\* | 745812 |
| 27978 | Atos SE (France)\*<sup>(a)</sup> | 288652 |
| 3582 | Autodesk, Inc.\* | 723385 |
| 29341 | AvidXchange Holdings, Inc.\* | 252919 |
| 4191 | Belden, Inc. | 337124 |
| 28973 | BigCommerce Holdings, Inc.Series Series 1\* | 250327 |
| 89633 | BlackBerry Ltd. (Canada)\* | 436513 |
| 28034 | Block, Inc.\* | 1899864 |
| 494475 | BrainChip Holdings Ltd. (Australia)\* | 241739 |
| 3054 | Broadcom, Inc. | 1682846 |
| 21554 | C3.ai, Inc., Class A\* | 280418 |
| 6732 | Canadian Solar, Inc. (Canada)\* | 241342 |
| 6681 | CEVA, Inc.\* | 181523 |
| 7251 | Ciena Corp.\* | 326005 |
| 36790 | Cisco Systems, Inc. | 1829199 |
| 12358 | Cloudflare, Inc., Class A\* | 607272 |
| 9735 | Cognex Corp. | 484608 |
| 3542 | Consensus Cloud Solutions, Inc.\* | 201150 |
| 46235 | Converge Technology Solutions Corp. (Canada)\* | 168133 |
| 14676 | Corning, Inc. | 500892 |
| 6710 | Crowdstrike Holdings, Inc., Class A\* | 789431 |
| 3136 | CyberArk Software Ltd.\* | 467483 |
| 24536 | Dassault Systemes (France) | 886370 |
| 7861 | Digi International, Inc.\* | 333857 |
| 7225 | Digital Garage, Inc. (Japan) | 207368 |
| 20958 | Dlocal Ltd. (Uruguay)\*<sup>(a)</sup> | 305987 |
| 10282 | DocuSign, Inc.\* | 483974 |
| 21499 | EngageSmart, Inc.\* | 364838 |
| 4440 | Euronet Worldwide, Inc.\* | 412698 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** | **Common Stocks – (continued)** |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 1966 | ExlService Holdings, Inc.\* | $368035 |
| 12849 | Extreme Networks, Inc.\* | 269444 |
| 1031 | Fair Isaac Corp.\* | 638931 |
| 5178 | FARO Technologies, Inc.\* | 154926 |
| 15414 | Fidelity National Information Services, Inc. | 1118748 |
| 3857 | First Solar, Inc.\* | 665448 |
| 3006 | FleetCor Technologies, Inc.\* | 589777 |
| 15796 | Flywire Corp.\* | 342615 |
| 10567 | ForgeRock, Inc., Class A\* | 229832 |
| 19129 | Fortinet, Inc.\* | 1016898 |
| 21530 | Gen Digital, Inc. | 494329 |
| 5767 | Global Payments, Inc. | 598499 |
| 1925 | Globant SA\* | 360706 |
| 9591 | GoDaddy, Inc., Class A\* | 758936 |
| 51675 | Hewlett Packard Enterprise Co. | 867106 |
| 19490 | HP, Inc. | 585480 |
| 30255 | indie Semiconductor, Inc., Class A (China)\*<sup>(a)</sup> | 248394 |
| 41814 | Infineon Technologies AG (Germany) | 1357056 |
| 32678 | Infinera Corp.\* | 220576 |
| 59627 | Innoviz Technologies Ltd. (Israel) \* | 320197 |
| 13723 | Instructure Holdings, Inc.\* | 344585 |
| 88252 | Intel Corp. | 2653738 |
| 6373 | InterDigital, Inc. | 319733 |
| 10391 | International Business Machines Corp. | 1547220 |
| 2966 | IPG Photonics Corp.\* | 269995 |
| 3279 | Jack Henry & Associates, Inc. | 620879 |
| 13037 | Juniper Networks, Inc. | 433350 |
| 6663 | Kainos Group PLC (United Kingdom) | 126563 |
| 2485 | Keyence Corp. (Japan) | 1017578 |
| 5284 | Keysight Technologies, Inc.\* | 955823 |
| 12636 | KnowBe4, Inc., Class A\* | 311983 |
| 5942 | Kontron AG (Austria) | 94220 |
| 85156 | Learning Technologies Group PLC (United Kingdom) | 133053 |
| 26322 | Marathon Digital Holdings, Inc.\*<sup>(a)</sup> | 166355 |
| 62365 | Marqeta, Inc., Class A\* | 417222 |
| 21004 | Marvell Technology, Inc. | 977106 |
| 6393 | Mastercard, Inc., Class A | 2278465 |
| 11611 | Materialise NV ADR (Belgium)\* | 112046 |
| 12982 | Maxeon Solar Technologies Ltd.\* | 298846 |
| 7054 | MaxLinear, Inc.\* | 258176 |
| 11795 | Micron Technology, Inc. | 679982 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 27977 | Microsoft Corp. | $7138052 |
| 1282 | MicroStrategy, Inc., Class A\*<sup>(a)</sup> | 253951 |
| 10758 | nCino, Inc.\* | 280999 |
| 15443 | NCR Corp.\* | 368624 |
| 7182 | Nemetschek SE (Germany) | 344605 |
| 10829 | NETGEAR, Inc.\* | 213656 |
| 9264 | NetScout Systems, Inc.\* | 345362 |
| 42298 | NEXTDC Ltd. (Australia)\* | 279587 |
| 2429 | Nice Ltd. ADR (Israel)\* | 471639 |
| 146170 | Nokia OYJ ADR (Finland) | 720618 |
| 2194 | Novanta, Inc.\* | 346103 |
| 12381 | Nuvei Corp. (Canada)\*<sup>(b)</sup> | 378636 |
| 43755 | NVIDIA Corp. | 7404659 |
| 4509 | NXP Semiconductors NV (China) | 792863 |
| 10796 | Okta, Inc.\* | 575643 |
| 12903 | Open Text Corp. (Canada) | 379090 |
| 12805 | Oracle Corp. | 1063199 |
| 2445 | OSI Systems, Inc.\* | 216334 |
| 25342 | Pagseguro Digital Ltd., Class A (Brazil)\* | 266851 |
| 6177 | Palo Alto Networks, Inc.\* | 1049472 |
| 41283 | Payoneer Global, Inc.\* | 222928 |
| 18523 | PayPal Holdings, Inc.\* | 1452388 |
| 362752 | Paysafe Ltd.\* | 515108 |
| 4884 | PTC, Inc.\* | 621294 |
| 11489 | Q2 Holdings, Inc.\* | 312501 |
| 3672 | Qorvo, Inc.\* | 364446 |
| 13464 | QUALCOMM, Inc. | 1703061 |
| 3554 | Renren, Inc. ADR (China)\* | 115434 |
| 46717 | Riot Blockchain, Inc.\*<sup>(a)</sup> | 217234 |
| 45359 | Sabre Corp.\* | 277143 |
| 20716 | Salesforce, Inc.\* | 3319739 |
| 8400 | SAP SE (Germany) | 903481 |
| 27719 | Seiko Epson Corp. (Japan) | 427485 |
| 12024 | Semtech Corp.\* | 369618 |
| 25000 | SentinelOne, Inc., Class A\* | 362500 |
| 9222 | Shift4 Payments, Inc., Class A\* | 427347 |
| 47368 | Shopify, Inc., Class A (Canada)\* | 1936404 |
| 5452 | Sierra Wireless, Inc. (Canada) \* | 159907 |
| 3154 | Silicon Laboratories, Inc.\* | 458718 |
| 7632 | Skyworks Solutions, Inc. | 729772 |
| 7440 | Snowflake, Inc., Class A\* | 1063176 |
| 7014 | Software AG (Germany) | 176072 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 50225 | Spirent Communications PLC (United Kingdom) | $168074 |
| 7200 | Splunk, Inc.\* | 559296 |
| 4800 | Sprout Social, Inc., Class A\* | 284640 |
| 13132 | SS&C Technologies Holdings, Inc. | 705976 |
| 25749 | STMicroelectronics NV (Singapore) | 955907 |
| 29211 | StoneCo Ltd., Class A (Brazil)\* | 341184 |
| 22260 | Stratasys Ltd.\* | 312308 |
| 3751 | Synaptics, Inc.\* | 397493 |
| 29010 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 2407250 |
| 4323 | TD SYNNEX Corp. | 442243 |
| 18922 | Telos Corp.\* | 77580 |
| 46978 | TELUS International CDA, Inc.<br>(Philippines)\*<sup>(a)</sup> | 989357 |
| 9344 | Tenable Holdings, Inc.\* | 356754 |
| 12619 | Teradyne, Inc. | 1179246 |
| 20103 | Toast, Inc., Class A\* | 369091 |
| 28066 | TomTom NV (Netherlands) \* | 222082 |
| 6002 | TTEC Holdings, Inc. | 287796 |
| 196677 | Tyro Payments Ltd. (Australia)\* | 231159 |
| 48481 | UiPath, Inc., Class A\* | 604558 |
| 10479 | Visa, Inc., Class A | 2273943 |
| 2256 | WEX, Inc.\* | 381580 |
| 2813 | Zebra Technologies Corp., Class A\* | 760298 |
| 33625 | Zeta Global Holdings Corp., Class A\* | 281777 |
| 5209 | Zscaler, Inc.\* | 695141 |
|  |  | 109769896 |
| **Real Estate – 0.9%** | **Real Estate – 0.9%** | **Real Estate – 0.9%** |
| 4350 | American Tower Corp. REIT | 962438 |
| 7243 | Digital Realty Trust, Inc. REIT | 814548 |
| 1414 | Equinix, Inc. REIT | 976579 |
| 11091 | Zillow Group, Inc., Class A\* | 414803 |
|  |  | 3168368 |
| **Utilities – 1.3%** | **Utilities – 1.3%** | **Utilities – 1.3%** |
| 9041 | Atlantica Sustainable Infrastructure PLC (Spain) | 252244 |
| 13203 | Avangrid, Inc. | 564692 |
| 15944 | Brookfield Renewable Corp., Class A | 519934 |
| 18885 | Brookfield Renewable Partners LP (Canada) | 528925 |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Utilities – (continued)** | **Utilities – (continued)** | **Utilities – (continued)** |
| 11790 | Dominion Energy, Inc. | $720487 |
| 30105 | Innergex Renewable Energy, Inc. (Canada) | 373953 |
| 16550 | NextEra Energy, Inc. | 1401785 |
|  |  | 4362020 |
| **TOTAL COMMON STOCKS<br>(Cost $379,879,426)** | **TOTAL COMMON STOCKS<br>(Cost $379,879,426)** | $339009535 |
| **Closed-End Fund – 0.1%** | **Closed-End Fund – 0.1%** |  |
| 176117 | Greencoat UK Wind PLC/Funds |  |
| **(Cost $315,247)** | **(Cost $315,247)** | $314187 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $380,194,673)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $380,194,673)** | $339323722 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 2.5%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 2.5%<sup>(d)</sup>** | **Securities Lending Reinvestment Vehicle – 2.5%<sup>(d)</sup>** |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |
| 8343001 | 3.727% | $8343001 |
| **(Cost $8,343,001)** | **(Cost $8,343,001)** |  |
| **TOTAL INVESTMENTS – 102.2%<br>(Cost $388,537,674)** | **TOTAL INVESTMENTS – 102.2%<br>(Cost $388,537,674)** | $347666723 |
| **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (2.2)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS – (2.2)%** | (7465209) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $340201514 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | — American Depositary Receipt |
| GDR | — Global Depositary Receipt |
| LP | — Limited Partnership |
| PLC | — Public Limited Company |
| REIT | — Real Estate Investment Trust |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

## Schedule of Investments
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – 99.5%** | **Common Stocks – 99.5%** |  |
| **Communication Services – 6.8%** | **Communication Services – 6.8%** | **Communication Services – 6.8%** |
| 50808 | Alphabet, Inc., Class A\* | $5131100 |
| 45627 | Alphabet, Inc., Class C\* | 4628859 |
| 71159 | AT&T, Inc. | 1371946 |
| 1099 | Charter Communications, Inc., Class A\* | 430028 |
| 2892 | Electronic Arts, Inc. | 378216 |
| 3140 | Fox Corp., Class A | 101893 |
| 1485 | Fox Corp., Class B | 45322 |
| 4101 | Interpublic Group of Cos., Inc. (The) | 140910 |
| 182 | Liberty Broadband Corp., Class A\* | 16416 |
| 1225 | Liberty Broadband Corp., Class C\* | 111304 |
| 220 | Liberty Media Corp.-Liberty Formula One, Class A\* | 12093 |
| 2093 | Liberty Media Corp.-Liberty Formula One, Class C\* | 127547 |
| 783 | Liberty Media Corp.-Liberty SiriusXM, Class A\* | 34311 |
| 1613 | Liberty Media Corp.-Liberty SiriusXM, Class C\* | 70698 |
| 10198 | Lumen Technologies, Inc. | 55783 |
| 4572 | Netflix, Inc.\* | 1396883 |
| 95 | Paramount Global, Class A<sup>(a)</sup> | 2174 |
| 6016 | Paramount Global, Class B | 120801 |
| 4914 | Pinterest, Inc., Class A\* | 124914 |
| 5923 | T-Mobile US, Inc.\* | 897098 |
| 41774 | Verizon Communications, Inc. | 1628351 |
| 19027 | Walt Disney Co. (The)\* | 1862172 |
|  |  | 18688819 |
| **Consumer Discretionary – 9.8%** | **Consumer Discretionary – 9.8%** | **Consumer Discretionary – 9.8%** |
| 638 | Advance Auto Parts, Inc. | 96332 |
| 92659 | Amazon.com, Inc.\* | 8945300 |
| 2821 | Aptiv PLC\* | 300916 |
| 2418 | Aramark | 100589 |
| 2097 | Best Buy Co., Inc. | 178874 |
| 415 | Booking Holdings, Inc.\* | 862972 |
| 2462 | BorgWarner, Inc. | 104660 |
| 722 | Brunswick Corp. | 53572 |
| 2141 | Caesars Entertainment, Inc.\* | 108784 |
| 1673 | CarMax, Inc.\* | 116039 |
| 9985 | Carnival Corp.\* | 99151 |
| 289 | Chipotle Mexican Grill, Inc.\* | 470191 |
| 1277 | Darden Restaurants, Inc. | 187706 |
| 276 | Deckers Outdoor Corp.\* | 110091 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** |
| 568 | Dick's Sporting Goods, Inc. | $67921 |
| 5734 | eBay, Inc. | 260553 |
| 1319 | Etsy, Inc.\* | 174227 |
| 1578 | Expedia Group, Inc.\* | 168593 |
| 41149 | Ford Motor Co. | 571971 |
| 2063 | Gap, Inc. (The) | 29996 |
| 1607 | Garmin Ltd. | 149435 |
| 15183 | General Motors Co. | 615822 |
| 328 | Grand Canyon Education, Inc.\* | 37087 |
| 1404 | Harley-Davidson, Inc. | 66171 |
| 1371 | Hasbro, Inc. | 86126 |
| 2819 | Hilton Worldwide Holdings, Inc. | 402046 |
| 10791 | Home Depot, Inc. (The) | 3496176 |
| 1335 | Kohl's Corp. | 42827 |
| 3451 | Las Vegas Sands Corp.\* | 161645 |
| 621 | Lear Corp. | 89573 |
| 6676 | Lowe's Cos., Inc. | 1418984 |
| 1166 | Lululemon Athletica, Inc.\* | 443441 |
| 400 | Marriott Vacations Worldwide Corp. | 59592 |
| 3662 | Mattel, Inc.\* | 66758 |
| 3425 | MGM Resorts International | 126245 |
| 12795 | NIKE, Inc., Class B | 1403484 |
| 1167 | Nordstrom, Inc. | 24472 |
| 4363 | Norwegian Cruise Line Holdings Ltd.\* | 71728 |
| 838 | Petco Health & Wellness Co., Inc.\* | 9252 |
| 2402 | PulteGroup, Inc. | 107562 |
| 700 | PVH Corp. | 47026 |
| 442 | Ralph Lauren Corp. | 49999 |
| 3602 | Ross Stores, Inc. | 423847 |
| 2298 | Royal Caribbean Cruises Ltd.\* | 137719 |
| 1609 | Service Corp. International | 114963 |
| 11974 | Starbucks Corp. | 1223743 |
| 2627 | Tapestry, Inc. | 99222 |
| 4835 | Target Corp. | 807783 |
| 1753 | Tempur Sealy International, Inc. | 55693 |
| 552 | Thor Industries, Inc. | 47549 |
| 12260 | TJX Cos., Inc. (The) | 981413 |
| 1167 | Tractor Supply Co. | 264104 |
| 857 | Travel + Leisure Co. | 33312 |
| 1966 | Under Armour, Inc., Class A\* | 19660 |
| 2085 | Under Armour, Inc., Class C\* | 18181 |
| 3647 | VF Corp. | 119695 |
| 556 | Whirlpool Corp. | 81471 |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

## Schedule of Investments (continued)
*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** | **Consumer Discretionary – (continued)** |
| 712 | Williams-Sonoma, Inc. | $83233 |
| 926 | Wyndham Hotels & Resorts, Inc. | 67894 |
| 1087 | Wynn Resorts Ltd.\* | 90938 |
| 2972 | Yum! Brands, Inc. | 382378 |
|  |  | 27036687 |
| **Consumer Staples – 6.7%** | **Consumer Staples – 6.7%** | **Consumer Staples – 6.7%** |
| 6421 | Archer-Daniels-Midland Co. | 626048 |
| 1604 | Bunge Ltd. | 168163 |
| 2221 | Campbell Soup Co. | 119201 |
| 1411 | Clorox Co. (The) | 209745 |
| 9492 | Colgate-Palmolive Co. | 735440 |
| 5393 | Conagra Brands, Inc. | 204826 |
| 4623 | Costco Wholesale Corp. | 2492953 |
| 6831 | General Mills, Inc. | 582684 |
| 1672 | Hershey Co. (The) | 393204 |
| 3286 | Hormel Foods Corp. | 154442 |
| 751 | Ingredion, Inc. | 73575 |
| 2893 | Kellogg Co. | 211044 |
| 9829 | Keurig Dr Pepper, Inc. | 380087 |
| 3857 | Kimberly-Clark Corp. | 523125 |
| 7514 | Kroger Co. (The) | 369614 |
| 2873 | McCormick & Co., Inc. | 244722 |
| 2005 | Molson Coors Beverage Co., Class B | 110496 |
| 15847 | Mondelez International, Inc., Class A | 1071416 |
| 15856 | PepsiCo, Inc. | 2941447 |
| 27411 | Procter & Gamble Co. (The) | 4088625 |
| 5822 | Sysco Corp. | 503661 |
| 2312 | US Foods Holding Corp.\* | 84573 |
| 15054 | Walmart, Inc. | 2294531 |
|  |  | 18583622 |
| **Energy – 5.3%** | **Energy – 5.3%** | **Energy – 5.3%** |
| 9384 | Baker Hughes Co. | 272324 |
| 2455 | Cheniere Energy, Inc. | 430509 |
| 19401 | Chevron Corp. | 3556397 |
| 12571 | ConocoPhillips | 1552644 |
| 6488 | Devon Energy Corp. | 444558 |
| 3635 | EQT Corp. | 154160 |
| 41171 | Exxon Mobil Corp. | 4583979 |
| 2785 | Hess Corp. | 400789 |
| 19604 | Kinder Morgan, Inc. | 374829 |
| 4914 | Marathon Petroleum Corp. | 598574 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Energy – (continued)** | **Energy – (continued)** | **Energy – (continued)** |
| 8075 | Occidental Petroleum Corp. | $561132 |
| 4385 | ONEOK, Inc. | 293444 |
| 4747 | Phillips 66 | 514765 |
| 3878 | Valero Energy Corp. | 518178 |
| 12015 | Williams Cos., Inc. (The) | 416921 |
|  |  | 14673203 |
| **Financials – 11.3%** | **Financials – 11.3%** | **Financials – 11.3%** |
| 387 | Affiliated Managers Group, Inc. | 62083 |
| 6387 | Aflac, Inc. | 459417 |
| 2745 | Allstate Corp. (The) | 367556 |
| 3140 | Ally Financial, Inc. | 84811 |
| 5873 | American Express Co. | 925526 |
| 1101 | Ameriprise Financial, Inc. | 365477 |
| 2146 | Aon PLC, Class A | 661569 |
| 3610 | Arch Capital Group Ltd.\* | 216275 |
| 542 | Assurant, Inc. | 69495 |
| 606 | Assured Guaranty Ltd. | 40341 |
| 793 | Axis Capital Holdings Ltd. | 45645 |
| 71648 | Bank of America Corp. | 2711877 |
| 7487 | Bank of New York Mellon Corp. (The) | 343653 |
| 1139 | Bank OZK | 52565 |
| 1531 | BlackRock, Inc. | 1096196 |
| 726 | Brighthouse Financial, Inc.\* | 40467 |
| 3711 | Capital One Financial Corp. | 383124 |
| 1078 | Cboe Global Markets, Inc. | 136734 |
| 15506 | Charles Schwab Corp. (The) | 1279865 |
| 19747 | Citigroup, Inc. | 955952 |
| 4977 | Citizens Financial Group, Inc. | 210925 |
| 1331 | Comerica, Inc. | 95486 |
| 1116 | Commerce Bancshares, Inc. | 83611 |
| 2781 | Discover Financial Services | 301349 |
| 3813 | Equitable Holdings, Inc. | 121025 |
| 387 | FactSet Research Systems, Inc. | 178519 |
| 6944 | Fifth Third Bancorp | 252484 |
| 1029 | First American Financial Corp. | 56235 |
| 1853 | First Republic Bank | 236461 |
| 3393 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 1310207 |
| 360 | Hanover Insurance Group, Inc. (The) | 53028 |
| 3288 | Hartford Financial Services Group, Inc. (The) | 251105 |
| 14785 | Huntington Bancshares, Inc. | 228872 |
| 5628 | Intercontinental Exchange, Inc. | 609569 |
| 3805 | Invesco Ltd. | 72714 |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Financials – (continued)** | **Financials – (continued)** | **Financials – (continued)** |
| 1386 | Janus Henderson Group PLC | $35052 |
| 2072 | Jefferies Financial Group, Inc. | 78715 |
| 29756 | JPMorgan Chase & Co. | 4111684 |
| 9470 | KeyCorp | 178131 |
| 910 | Lazard Ltd., Class A | 33315 |
| 1729 | Lincoln National Corp. | 67327 |
| 812 | LPL Financial Holdings, Inc. | 192209 |
| 5113 | Marsh & McLennan Cos., Inc. | 885469 |
| 6850 | MetLife, Inc. | 525395 |
| 3075 | MGIC Investment Corp. | 42220 |
| 1629 | Moody's Corp. | 485882 |
| 12775 | Morgan Stanley | 1188969 |
| 254 | Morningstar, Inc. | 62263 |
| 804 | MSCI, Inc. | 408295 |
| 3503 | Nasdaq, Inc. | 239815 |
| 1185 | PacWest Bancorp | 30952 |
| 4212 | PNC Financial Services Group, Inc. (The) | 708711 |
| 2514 | Principal Financial Group, Inc. | 225456 |
| 5955 | Progressive Corp. (The) | 786953 |
| 3826 | Prudential Financial, Inc. | 413323 |
| 9525 | Regions Financial Corp. | 221075 |
| 680 | Reinsurance Group of America, Inc. | 98192 |
| 3400 | S&P Global, Inc. | 1199520 |
| 599 | SVB Financial Group\* | 138836 |
| 4678 | Synchrony Financial | 175799 |
| 2281 | T. Rowe Price Group, Inc. | 284920 |
| 2415 | Travelers Cos., Inc. (The) | 458391 |
| 13560 | Truist Financial Corp. | 634744 |
| 2201 | Umpqua Holdings Corp. | 44614 |
| 2041 | Unum Group | 86089 |
| 13687 | US Bancorp | 621253 |
| 992 | Voya Financial, Inc. | 65452 |
| 1780 | Webster Financial Corp. | 96725 |
| 38688 | Wells Fargo & Co. | 1855090 |
| 1114 | Willis Towers Watson PLC | 274222 |
|  |  | 31315276 |
| **Health Care – 15.2%** | **Health Care – 15.2%** | **Health Care – 15.2%** |
| 754 | 10X Genomics, Inc., Class A\* | 29150 |
| 14063 | Abbott Laboratories | 1512898 |
| 14495 | AbbVie, Inc. | 2336304 |
| 2458 | Agilent Technologies, Inc. | 380941 |
| 644 | Align Technology, Inc.\* | 126649 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 990 | Alnylam Pharmaceuticals, Inc.\* | $218384 |
| 1692 | AmerisourceBergen Corp. | 288807 |
| 4380 | Amgen, Inc. | 1254432 |
| 4125 | Baxter International, Inc. | 233186 |
| 2329 | Becton Dickinson and Co. | 580713 |
| 1195 | Biogen, Inc.\* | 364678 |
| 1512 | BioMarin Pharmaceutical, Inc.\* | 152682 |
| 11702 | Boston Scientific Corp.\* | 529750 |
| 17467 | Bristol-Myers Squibb Co. | 1402251 |
| 2232 | Cardinal Health, Inc. | 178939 |
| 1399 | Catalent, Inc.\* | 70132 |
| 4659 | Centene Corp.\* | 405566 |
| 2455 | Cigna Corp. | 807425 |
| 15034 | CVS Health Corp. | 1531664 |
| 5310 | Danaher Corp. | 1451807 |
| 1756 | DENTSPLY SIRONA, Inc. | 53137 |
| 5065 | Edwards Lifesciences Corp.\* | 391271 |
| 1976 | Elevance Health, Inc. | 1053050 |
| 6910 | Eli Lilly & Co. | 2564163 |
| 2588 | Exelixis, Inc.\* | 44203 |
| 10295 | Gilead Sciences, Inc. | 904210 |
| 1795 | HCA Healthcare, Inc. | 431195 |
| 1107 | Henry Schein, Inc.\* | 89578 |
| 2015 | Hologic, Inc.\* | 153462 |
| 1839 | Horizon Therapeutics PLC\* | 184433 |
| 1036 | Humana, Inc. | 569696 |
| 683 | IDEXX Laboratories, Inc.\* | 290869 |
| 1288 | Illumina, Inc.\* | 280887 |
| 2934 | Intuitive Surgical, Inc.\* | 793324 |
| 1520 | IQVIA Holdings, Inc.\* | 331390 |
| 21585 | Johnson & Johnson | 3842130 |
| 740 | Laboratory Corp. of America Holdings | 178118 |
| 10963 | Medtronic PLC | 866516 |
| 20749 | Merck & Co., Inc. | 2284880 |
| 218 | Mettler-Toledo International, Inc.\* | 320364 |
| 2770 | Moderna, Inc.\* | 487271 |
| 46355 | Pfizer, Inc. | 2323776 |
| 959 | Quest Diagnostics, Inc. | 145605 |
| 849 | Regeneron Pharmaceuticals, Inc.\* | 638193 |
| 1185 | ResMed, Inc. | 272787 |
| 1114 | Seagen, Inc.\* | 135228 |
| 2882 | Stryker Corp. | 674071 |
| 1315 | Teladoc Health, Inc.\* | 37491 |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Health Care – (continued)** | **Health Care – (continued)** | **Health Care – (continued)** |
| 3209 | Thermo Fisher Scientific, Inc. | $1797746 |
| 7671 | UnitedHealth Group, Inc. | 4201867 |
| 1142 | Veeva Systems, Inc., Class A\* | 217391 |
| 2097 | Vertex Pharmaceuticals, Inc.\* | 663491 |
| 584 | Waters Corp.\* | 202414 |
| 607 | West Pharmaceutical Services, Inc. | 142439 |
| 1719 | Zimmer Biomet Holdings, Inc. | 206452 |
| 3861 | Zoetis, Inc. | 595135 |
|  |  | 42224591 |
| **Industrials – 8.6%** | **Industrials – 8.6%** | **Industrials – 8.6%** |
| 5536 | 3M Co. | 697370 |
| 1283 | AECOM | 109055 |
| 1290 | Alaska Air Group, Inc.\* | 61198 |
| 6737 | American Airlines Group, Inc.\* | 97215 |
| 5346 | Boeing Co. (The)\* | 956292 |
| 1279 | Booz Allen Hamilton Holding Corp. | 136086 |
| 8262 | Carrier Global Corp. | 366172 |
| 5150 | Caterpillar, Inc. | 1217511 |
| 1191 | C.H. Robinson Worldwide, Inc. | 119362 |
| 672 | Clean Harbors, Inc.\* | 80640 |
| 20863 | CSX Corp. | 682011 |
| 1374 | Cummins, Inc. | 345094 |
| 2733 | Deere & Co. | 1205253 |
| 6677 | Delta Air Lines, Inc.\* | 236165 |
| 1403 | Dover Corp. | 199156 |
| 3892 | Eaton Corp. PLC | 636147 |
| 5758 | Emerson Electric Co. | 551444 |
| 2342 | FedEx Corp. | 426759 |
| 1257 | Fortune Brands Home & Security, Inc. | 82132 |
| 328 | FTI Consulting, Inc.\* | 56685 |
| 2372 | General Dynamics Corp. | 598669 |
| 10681 | General Electric Co. | 918246 |
| 6574 | Honeywell International, Inc. | 1443322 |
| 384 | Huntington Ingalls Industries, Inc. | 89073 |
| 740 | IDEX Corp. | 175743 |
| 3022 | Illinois Tool Works, Inc. | 687414 |
| 3959 | Ingersoll Rand, Inc. | 213667 |
| 1245 | Jacobs Solutions, Inc. | 157542 |
| 6782 | Johnson Controls International PLC | 450596 |
| 1876 | L3Harris Technologies, Inc. | 426002 |
| 1150 | Leidos Holdings, Inc. | 125730 |
| 311 | Lennox International, Inc. | 80994 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Industrials – (continued)** | **Industrials – (continued)** | **Industrials – (continued)** |
| 546 | Lincoln Electric Holdings, Inc. | $80742 |
| 2316 | Lockheed Martin Corp. | 1123700 |
| 3237 | Lyft, Inc., Class A\* | 36319 |
| 1969 | MDU Resources Group, Inc. | 62004 |
| 1427 | Northrop Grumman Corp. | 761005 |
| 1608 | nVent Electric PLC | 64336 |
| 641 | Oshkosh Corp. | 59017 |
| 4124 | Otis Worldwide Corp. | 322043 |
| 944 | Owens Corning | 83865 |
| 1387 | Quanta Services, Inc. | 207884 |
| 14505 | Raytheon Technologies Corp. | 1431934 |
| 2724 | Republic Services, Inc. | 379426 |
| 1133 | Rockwell Automation, Inc. | 299361 |
| 526 | Schneider National, Inc., Class B | 13550 |
| 6178 | Southwest Airlines Co.\* | 246564 |
| 1438 | Stanley Black & Decker, Inc. | 117513 |
| 2059 | Textron, Inc. | 146971 |
| 632 | Timken Co. (The) | 48019 |
| 2274 | Trane Technologies PLC | 405727 |
| 1875 | TransUnion | 118275 |
| 19728 | Uber Technologies, Inc.\* | 574874 |
| 3403 | United Airlines Holdings, Inc.\* | 150311 |
| 7171 | United Parcel Service, Inc., Class B | 1360554 |
| 680 | United Rentals, Inc.\* | 240060 |
| 1514 | Verisk Analytics, Inc. | 278137 |
| 5484 | Waste Management, Inc. | 919776 |
| 1765 | Westinghouse Air Brake Technologies Corp. | 178424 |
| 445 | W.W. Grainger, Inc. | 268362 |
| 1746 | Xylem, Inc. | 196163 |
|  |  | 23803661 |
| **Information Technology – 27.4%** | **Information Technology – 27.4%** | **Information Technology – 27.4%** |
| 6180 | Accenture PLC, Class A | 1859747 |
| 3986 | Adobe, Inc.\* | 1374891 |
| 13642 | Advanced Micro Devices, Inc.\* | 1059028 |
| 1321 | Akamai Technologies, Inc.\* | 125310 |
| 4410 | Analog Devices, Inc. | 758123 |
| 734 | ANSYS, Inc.\* | 186656 |
| 128938 | Apple, Inc. | 19086692 |
| 7334 | Applied Materials, Inc. | 803806 |
| 1837 | Autodesk, Inc.\* | 370982 |
| 4072 | Automatic Data Processing, Inc. | 1075578 |
| 5150 | Block, Inc.\* | 349016 |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 3336 | Broadcom, Inc. | $1838236 |
| 1190 | Broadridge Financial Solutions, Inc. | 177441 |
| 2303 | Cadence Design Systems, Inc.\* | 396208 |
| 1141 | CDW Corp. | 215238 |
| 1478 | Ciena Corp.\* | 66451 |
| 41323 | Cisco Systems, Inc. | 2054580 |
| 4393 | Cognizant Technology Solutions Corp., Class A | 273289 |
| 6372 | Corning, Inc. | 217476 |
| 2185 | Dell Technologies, Inc., Class C | 97866 |
| 1667 | DocuSign, Inc.\* | 78466 |
| 514 | Dolby Laboratories, Inc., Class A | 38483 |
| 2310 | Dropbox, Inc., Class A\* | 54424 |
| 1941 | DXC Technology Co.\* | 57589 |
| 654 | Elastic NV\* | 40018 |
| 502 | F5, Inc.\* | 77614 |
| 5948 | Fidelity National Information Services, Inc. | 431706 |
| 5446 | Fortinet, Inc.\* | 289509 |
| 649 | Gartner, Inc.\* | 227390 |
| 4819 | Gen Digital, Inc. | 110644 |
| 1320 | GoDaddy, Inc., Class A\* | 104452 |
| 10960 | Hewlett Packard Enterprise Co. | 183909 |
| 8732 | HP, Inc. | 262309 |
| 384 | HubSpot, Inc.\* | 116364 |
| 34564 | Intel Corp. | 1039340 |
| 7602 | International Business Machines Corp. | 1131938 |
| 2328 | Intuit, Inc. | 948870 |
| 1133 | Jabil, Inc. | 81791 |
| 3172 | Juniper Networks, Inc. | 105437 |
| 1747 | Keysight Technologies, Inc.\* | 316015 |
| 1198 | KLA Corp. | 470994 |
| 1156 | Lam Research Corp. | 546071 |
| 7162 | Marvell Technology, Inc. | 333176 |
| 8396 | Mastercard, Inc., Class A | 2992334 |
| 9307 | Micron Technology, Inc. | 536549 |
| 63093 | Microsoft Corp. | 16097548 |
| 558 | MKS Instruments, Inc. | 46794 |
| 550 | MongoDB, Inc.\* | 83980 |
| 1634 | Motorola Solutions, Inc. | 444775 |
| 1103 | National Instruments Corp. | 45245 |
| 1853 | NetApp, Inc. | 125281 |
| 443 | New Relic, Inc.\* | 24928 |
| 1806 | Nutanix, Inc., Class A\* | 51038 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Information Technology – (continued)** | **Information Technology – (continued)** | **Information Technology – (continued)** |
| 20342 | NVIDIA Corp. | $3442477 |
| 1258 | Okta, Inc.\* | 67077 |
| 3662 | ON Semiconductor Corp.\* | 275382 |
| 12777 | Oracle Corp. | 1060874 |
| 2483 | Palo Alto Networks, Inc.\* | 421862 |
| 11292 | PayPal Holdings, Inc.\* | 885406 |
| 9465 | QUALCOMM, Inc. | 1197228 |
| 718 | RingCentral, Inc., Class A\* | 26609 |
| 8129 | Salesforce, Inc.\* | 1302672 |
| 1691 | ServiceNow, Inc.\* | 703963 |
| 1359 | Splunk, Inc.\* | 105567 |
| 1286 | Synopsys, Inc.\* | 436648 |
| 862 | Teradata Corp.\* | 29437 |
| 7789 | Texas Instruments, Inc. | 1405603 |
| 1447 | Twilio, Inc., Class A\* | 70932 |
| 366 | Universal Display Corp. | 41219 |
| 793 | VeriSign, Inc.\* | 158449 |
| 16059 | Visa, Inc., Class A | 3484803 |
| 1504 | VMware, Inc., Class A\* | 182721 |
| 2645 | Western Digital Corp.\* | 97204 |
| 3749 | Western Union Co. (The) | 54960 |
| 1666 | Workday, Inc., Class A\* | 279721 |
| 502 | Zebra Technologies Corp., Class A\* | 135681 |
| 2132 | Zoom Video Communications, Inc., Class A\* | 160817 |
|  |  | 75908907 |
| **Materials – 2.6%** | **Materials – 2.6%** | **Materials – 2.6%** |
| 2244 | Air Products and Chemicals, Inc. | 695999 |
| 1186 | Albemarle Corp. | 329696 |
| 1820 | Alcoa Corp. | 91237 |
| 639 | AptarGroup, Inc. | 67824 |
| 825 | Avery Dennison Corp. | 159497 |
| 3005 | Ball Corp. | 168520 |
| 1222 | Berry Global Group, Inc. | 71609 |
| 1096 | Celanese Corp. | 117601 |
| 2013 | CF Industries Holdings, Inc. | 217787 |
| 1564 | Chemours Co. (The) | 48562 |
| 8304 | Corteva, Inc. | 557697 |
| 7281 | Dow, Inc. | 371113 |
| 4887 | DuPont de Nemours, Inc. | 344582 |
| 1239 | Eastman Chemical Co. | 107322 |
| 2514 | Ecolab, Inc. | 376673 |
| 1275 | FMC Corp. | 166566 |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

*November 30, 2022 (Unaudited)* 

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Materials – (continued)** | **Materials – (continued)** | **Materials – (continued)** |
| 14447 | Freeport-McMoRan, Inc. | $574991 |
| 2979 | Graphic Packaging Holding Co. | 68457 |
| 3662 | International Paper Co. | 135933 |
| 2603 | LyondellBasell Industries NV, Class A | 221281 |
| 606 | Martin Marietta Materials, Inc. | 222087 |
| 8051 | Newmont Corp. | 382181 |
| 2651 | Nucor Corp. | 397517 |
| 900 | Packaging Corp. of America | 122301 |
| 409 | Scotts Miracle-Gro Co. (The) | 22875 |
| 1419 | Sealed Air Corp. | 75533 |
| 2333 | Sherwin-Williams Co. (The) | 581337 |
| 948 | Sonoco Products Co. | 58179 |
| 1290 | Vulcan Materials Co. | 236496 |
| 2470 | Westrock Co. | 93662 |
|  |  | 7085115 |
| **Real Estate – 3.1%** | **Real Estate – 3.1%** | **Real Estate – 3.1%** |
| 6490 | American Tower Corp. REIT | 1435912 |
| 3756 | Americold Realty Trust, Inc. REIT | 112117 |
| 1953 | AvalonBay Communities, Inc. REIT | 341580 |
| 2189 | Boston Properties, Inc. REIT | 157783 |
| 1448 | Camden Property Trust REIT | 174238 |
| 4478 | CBRE Group, Inc., Class A\* | 356449 |
| 6036 | Crown Castle, Inc. REIT | 853671 |
| 3970 | Digital Realty Trust, Inc. REIT | 446466 |
| 2361 | Douglas Emmett, Inc. REIT | 40893 |
| 1270 | Equinix, Inc. REIT | 877125 |
| 5175 | Equity Residential REIT | 335650 |
| 908 | Essex Property Trust, Inc. REIT | 200105 |
| 511 | Howard Hughes Corp. (The)\* | 38090 |
| 666 | Jones Lang LaSalle, Inc.\* | 112001 |
| 8440 | Kimco Realty Corp. REIT | 193445 |
| 12857 | Prologis, Inc. REIT | 1514426 |
| 1490 | SBA Communications Corp. REIT | 445957 |
| 4525 | UDR, Inc. REIT | 187652 |
| 5579 | Ventas, Inc. REIT | 259591 |
| 10405 | Weyerhaeuser Co. REIT | 340348 |
| 798 | Zillow Group, Inc., Class A\* | 29845 |
| 2239 | Zillow Group, Inc., Class C\* | 85037 |
|  |  | 8538381 |
| **Utilities – 2.7%** | **Utilities – 2.7%** | **Utilities – 2.7%** |
| 8809 | AES Corp. (The) | 254756 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **Common Stocks – (continued)** | **Common Stocks – (continued)** |  |
| **Utilities – (continued)** | **Utilities – (continued)** | **Utilities – (continued)** |
| 3309 | Alliant Energy Corp. | $186297 |
| 3399 | Ameren Corp. | 303599 |
| 6794 | American Electric Power Co., Inc. | 657659 |
| 936 | Avangrid, Inc. | 40033 |
| 4687 | Consolidated Edison, Inc. | 459513 |
| 4312 | Constellation Energy Corp. | 414469 |
| 10998 | Dominion Energy, Inc. | 672088 |
| 2564 | DTE Energy Co. | 297450 |
| 10177 | Duke Energy Corp. | 1016988 |
| 4966 | Edison International | 331033 |
| 2681 | Entergy Corp. | 311720 |
| 4552 | Eversource Energy | 377179 |
| 13119 | Exelon Corp. | 542733 |
| 663 | IDACORP, Inc. | 73281 |
| 3115 | NRG Energy, Inc. | 132232 |
| 9732 | PPL Corp. | 287289 |
| 6576 | Public Service Enterprise Group, Inc. | 398177 |
| 4157 | Sempra Energy | 690852 |
| 5426 | Vistra Corp. | 132014 |
|  |  | 7579362 |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $238,626,153)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE**<br> **(Cost $238,626,153)** | $275437624 |
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** | **Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup>** |
| Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares | Goldman Sachs Financial Square Government Fund – Institutional<br>Shares |
| 2116 | 3.727% | $2116 |
| **(Cost $2,116)** | **(Cost $2,116)** |  |
| **TOTAL INVESTMENTS – 99.5%<br>(Cost $238,628,269)** | **TOTAL INVESTMENTS – 99.5%<br>(Cost $238,628,269)** | $275439740 |
| **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.5%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.5%** | 1458408 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $276898148 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Represents an affiliated issuer. |

---

---

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

---

------

GOLDMAN SACHS EQUITY ETFS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

------

**Investment Valuation** — The Funds' valuation policy is to value investments at fair value.

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

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved Valuation Procedures that govern the valuation of the portfolio investments held by the Funds, including investments for which market quotations are not readily available. With respect to the Funds' investments that do not have readily available market quotations, the Trustees have designated the Adviser as the valuation designee to perform fair valuations pursuant to Rule 2a-5 under the Investment Company Act of 1940 (the "Valuation Designee"). GSAM has day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the Funds' investments. To assess the continuing appropriateness of pricing sources and methodologies, GSAM regularly performs price verification procedures and issues challenges as necessary to third party pricing vendors or brokers, and any differences are reviewed in accordance with the Valuation Procedures.

**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 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.

**Money Market Funds** — Investments in the Funds ("Underlying Money Market Fund") are valued at the NAV per share on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

**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 Valuation Procedures approved by the Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

------

GOLDMAN SACHS EQUITY ETFS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**C. Fair Value Hierarchy** — The following is a summary of the Funds' investments classified in the fair value hierarchy as of November 30, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **BLOOMBERG CLEAN ENERGY EQUITY ETF** | **BLOOMBERG CLEAN ENERGY EQUITY ETF** | **BLOOMBERG CLEAN ENERGY EQUITY ETF** | **BLOOMBERG CLEAN ENERGY 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 | $2222133 | $39070 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1914450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 3426935 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 48797 | 10947 |  |
|  Securities Lending Reinvestment Vehicle | 30902 |  |  |
| **Total** | $7643217 | $50017 | $— |
| **EQUAL WEIGHT U.S. LARGE CAP 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; Europe | $1276605 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 594347134 |  |  |
| **Total** | $595623739 | $— | $— |
| **HEDGE INDUSTRY VIP 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 | $3391549 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 137372496 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2680306 |  |  |
| **Total** | $143444351 | $— | $— |
| **INNOVATE EQUITY ETF** | **INNOVATE EQUITY ETF** | **INNOVATE EQUITY ETF** | **INNOVATE 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 | $44407725 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 33241095 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 256359706 | 613330 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 1800191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2901675 |  |  |
|  Securities Lending Reinvestment Vehicle | 8343001 |  |  |
| **Total** | $347053393 | $613330 | $— |
| **JUST U.S. LARGE CAP 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; North America | $275437624 | $— | $— |
|  Securities Lending Reinvestment Vehicle | 2116 |  |  |
| **Total** | $275439740 | $— | $— |

---

(a) Amounts are disclosed by continent to highlight the impact of time zone differences between local market close and the calculation of NAV. Security valuations are based on the principal exchange or system on which they
are traded, which may differ from country of domicile noted in table.

(b) The Fund utilizes fair value model prices provided by an independent third-party fair value service for certain international equity securities resulting in a Level 2 classification.

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

------

GOLDMAN SACHS EQUITY ETFS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**D. 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 November 30, 2022, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

The Funds' risks include, but are not limited to, the following:

**Foreign and Emerging Countries Risk** — Investing in foreign markets may involve special risks and considerations not typically associated with investing in the U.S. Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which a Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscation of assets and property, trade restrictions (including tariffs) and other government restrictions by the U.S. or other governments, or from problems in registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent a Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency exchange rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which a Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time. To the extent that a Fund also invests in securities of issuers located in, or economically tied to, emerging markets, these risks may be more pronounced.

**Foreign Custody Risk** — A Fund invests in foreign securities, and as such the Fund may hold such securities and cash with foreign banks, agents, and securities depositories appointed by the Fund's custodian (each a "Foreign Custodian"). Some foreign custodians may be recently organized or new to the foreign custody business. In some countries, Foreign Custodians may be subject to little or no regulatory oversight over, or independent evaluation of, their operations. Further, the laws of certain countries may place limitations on a Fund's ability to recover its assets if a Foreign Custodian enters bankruptcy. Investments in emerging markets may be subject to even greater custody risks than investments in more developed markets. Custody services in emerging market countries are very often undeveloped and may be considerably less well regulated than in more developed countries, and thus may not afford the same level of investor protection as would apply in developed countries.

------

GOLDMAN SACHS EQUITY ETFS

*November 30, 2022 (Unaudited)* 

------

**NOTES TO THE SCHEDULE OF INVESTMENTS (continued)** 

------

**Index Risk** — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the "Index Providers") construct the respective Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. The Index Providers rely on third party data they believe to be reliable in constructing each respective Index, but they do not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for the Goldman Sachs Equal Weight U.S. Large Cap Equity ETF and Goldman Sachs Innovate Equity ETF, and JUST Capital Foundation, Inc., the index provider for the Goldman Sachs JUST U.S. Large Cap Equity ETF, may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

**Investments in Other Investment Companies Risk** — As a shareholder of another investment company, including an ETF, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

**Market and Credit Risks** — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

**Sector Risk** — To the extent a Fund focuses its investments in securities of issuers in one or more sectors (such as the financial services or telecommunications sectors), the Fund may be subjected, to a greater extent than if its investments were diversified across different sectors, to the risks of volatile economic cycles and/or conditions and developments that may be particular to that sector, such as: adverse economic, business, political, environmental or other developments.

**Market Trading Risk** — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

**Tracking Error Risk** — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs ETF Trust

- **b. Investment Company Act file number:** 811-23013

- **c. CIK number of Registrant:** 0001479026

- **d. LEI of Registrant:** 549300VEZF7K2ES5WL82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 West Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Hedge Industry VIP ETF

- **b. EDGAR series identifier (if any):** S000053625

- **c. LEI of Series:** 5493006466IEUETZN237

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $143604046.18

**Total Liabilities:** $235760.25

**Net Assets:** $143368285.93

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000168500 | -8.90%               | 4.70%                | 3.60%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $184453.33               | $-12968996.44                              |
| Month 2  | $4473.21                 | $6177362.87                                |
| Month 3  | $-7174525.65             | $11971641.38                               |

### Schedule of Portfolio Investments

| Name                           | Title                               | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Activision Blizzard Inc        | Activision Blizzard Inc             | CUSIP: 00507V109<br>LEI: 549300TPQQDBP9GNOF40 | Long             | EC               | CORP              | US        |     37357 | NS      | $2762550.15   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Charles Schwab Corp/The        | Charles Schwab Corp/The             | CUSIP: 808513105<br>LEI: 549300VSGCJ7E698NM85 | Long             | EC               | CORP              | US        |     36131 | NS      | $2982252.74   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| MercadoLibre Inc               | MercadoLibre Inc                    | CUSIP: 58733R102<br>LEI: 549300DKPDN9M5S8GB14 | Long             | EC               | CORP              | UY        |      2879 | NS      | $2680305.82   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Berkshire Hathaway Inc         | Berkshire Hathaway Inc              | CUSIP: 084670702<br>LEI: 5493000C01ZX7D35SD85 | Long             | EC               | CORP              | US        |      8944 | NS      | $2849558.40   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| VMware Inc                     | VMware Inc                          | CUSIP: 928563402<br>LEI: 549300BUDHS3LRWBE814 | Long             | EC               | CORP              | US        |     23907 | NS      | $2904461.43   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                  | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |     24190 | NS      | $2856839.00   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                 | Eli Lilly & Co                      | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      7760 | NS      | $2879580.80   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                           | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     18633 | NS      | $2758242.99   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc              | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |     17084 | NS      | $2902571.60   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Wells Fargo & Co               | Wells Fargo & Co                    | CUSIP: 949746101<br>LEI: PBLD0EJDB5FWOLXP3B76 | Long             | EC               | CORP              | US        |     58949 | NS      | $2826604.55   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| RH                             | RH                                  | CUSIP: 74967X103<br>LEI: 5493008MTS3OGGMHGK69 | Long             | EC               | CORP              | US        |      9687 | NS      | $2778522.21   | 1.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Builders FirstSource Inc       | Builders FirstSource Inc            | CUSIP: 12008R107<br>LEI: 549300W0SKP6L3H7DP63 | Long             | EC               | CORP              | US        |     43877 | NS      | $2805056.61   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                      | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      8141 | NS      | $2901452.40   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellation Energy Corp      | Constellation Energy Corp           | CUSIP: 21037T109<br>LEI: 549300F8Y20RYGNGV346 | Long             | EC               | CORP              | US        |     29418 | NS      | $2827658.16   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| PayPal Holdings Inc            | PayPal Holdings Inc                 | CUSIP: 70450Y103<br>LEI: 5493005X2GO78EFZ3E94 | Long             | EC               | CORP              | US        |     30867 | NS      | $2420281.47   | 1.69%             |  |  |  | No            |                  1 | On Loan: No      |
| API Group Corp                 | API Group Corp                      | CUSIP: 00187Y100<br>LEI: 213800NZT1VX6PZ7BT53 | Long             | EC               | CORP              | US        |    144128 | NS      | $2770140.16   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Flex Ltd                       | Flex Ltd                            | CUSIP: 000000000<br>LEI: 549300EAQH74YHD07T53 | Long             | EC               | CORP              | US        |    141543 | NS      | $3111115.14   | 2.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Booking Holdings Inc           | Booking Holdings Inc                | CUSIP: 09857L108<br>LEI: FXM8FAOHMYDIPD38UZ17 | Long             | EC               | CORP              | US        |      1396 | NS      | $2902912.20   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Transfer LP             | Energy Transfer LP                  | CUSIP: 29273V100<br>LEI: MTLVN9N7JE8MIBIJ1H73 | Long             | EC               | CORP              | US        |    229670 | NS      | $2880061.80   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Frontier Communications Parent | Frontier Communications Parent Inc  | CUSIP: 35909D109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    110606 | NS      | $2850316.62   | 1.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Chesapeake Energy Corp         | Chesapeake Energy Corp              | CUSIP: 165167735<br>LEI: X2MT1W32SPAZ9WSKLE78 | Long             | EC               | CORP              | US        |     27855 | NS      | $2882992.50   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Broadband Corp         | Liberty Broadband Corp              | CUSIP: 530307305<br>LEI: 549300MIX43II8JLN536 | Long             | EC               | CORP              | US        |     30912 | NS      | $2808664.32   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Progressive Corp/The           | Progressive Corp/The                | CUSIP: 743315103<br>LEI: 529900TACNVLY9DCR586 | Long             | EC               | CORP              | US        |     22466 | NS      | $2968881.90   | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                      | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     28053 | NS      | $2708236.62   | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Salesforce Inc                 | Salesforce Inc                      | CUSIP: 79466L302<br>LEI: RCGZFPDMRW58VJ54VR07 | Long             | EC               | CORP              | US        |     17414 | NS      | $2790593.50   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Humana Inc                     | Humana Inc                          | CUSIP: 444859102<br>LEI: 529900YLDW34GJAO4J06 | Long             | EC               | CORP              | US        |      5213 | NS      | $2866628.70   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Fiserv Inc                     | Fiserv Inc                          | CUSIP: 337738108<br>LEI: GI7UBEJLXYLGR2C7GV83 | Long             | EC               | CORP              | US        |     27626 | NS      | $2883049.36   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc         | UnitedHealth Group Inc              | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      5378 | NS      | $2945853.28   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Workday Inc                    | Workday Inc                         | CUSIP: 98138H101<br>LEI: 549300J0DYC0N31V7G13 | Long             | EC               | CORP              | US        |     18014 | NS      | $3024550.60   | 2.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Apollo Global Management Inc   | Apollo Global Management Inc        | CUSIP: 03769M106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     44157 | NS      | $3064054.23   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                   | Danaher Corp                        | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |     10359 | NS      | $2832254.19   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd      | Alibaba Group Holding Ltd           | CUSIP: 01609W102<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     38734 | NS      | $3391549.04   | 2.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Tesla Inc                      | Tesla Inc                           | CUSIP: 88160R101<br>LEI: 54930043XZGB27CTOV49 | Long             | EC               | CORP              | US        |     14469 | NS      | $2817114.30   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Cheniere Energy Inc            | Cheniere Energy Inc                 | CUSIP: 16411R208<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | EC               | CORP              | US        |     16796 | NS      | $2945346.56   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| T-Mobile US Inc                | T-Mobile US Inc                     | CUSIP: 872590104<br>LEI: 549300QHIJYOHPACPG31 | Long             | EC               | CORP              | US        |     18994 | NS      | $2876831.24   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                      | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |     11438 | NS      | $2918291.32   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| WillScot Mobile Mini Holdings  | WillScot Mobile Mini Holdings Corp  | CUSIP: 971378104<br>LEI: 549300HJ4VIXF476Q166 | Long             | EC               | CORP              | US        |     59636 | NS      | $2875051.56   | 2.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermo Fisher Scientific Inc   | Thermo Fisher Scientific Inc        | CUSIP: 883556102<br>LEI: HCHV7422L5HDJZCRFL38 | Long             | EC               | CORP              | US        |      5167 | NS      | $2894656.74   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                         | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      9232 | NS      | $2820652.96   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Visa Inc                       | Visa Inc                            | CUSIP: 92826C839<br>LEI: 549300JZ4OKEHW3DPJ59 | Long             | EC               | CORP              | US        |     13356 | NS      | $2898252.00   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Liberty Media Corp-Liberty Sir | Liberty Media Corp-Liberty SiriusXM | CUSIP: 531229607<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     62510 | NS      | $2739813.30   | 1.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Antero Resources Corp          | Antero Resources Corp               | CUSIP: 03674X106<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | EC               | CORP              | US        |     76493 | NS      | $2795819.15   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                         | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     16956 | NS      | $2869463.88   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Uber Technologies Inc          | Uber Technologies Inc               | CUSIP: 90353T100<br>LEI: 549300B2FTG34FILDR98 | Long             | EC               | CORP              | US        |     95044 | NS      | $2769582.16   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| ServiceNow Inc                 | ServiceNow Inc                      | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      6900 | NS      | $2872470.00   | 2.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                        | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |     28871 | NS      | $2915682.29   | 2.03%             |  |  |  | No            |                  1 | On Loan: No      |
| TransDigm Group Inc            | TransDigm Group Inc                 | CUSIP: 893641100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      4484 | NS      | $2818194.00   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp       | United Therapeutics Corp            | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |     10850 | NS      | $3036806.50   | 2.12%             |  |  |  | No            |                  1 | On Loan: No      |
| S&P Global Inc                 | S&P Global Inc                      | CUSIP: 78409V104<br>LEI: Y6X4K52KMJMZE7I7MY94 | Long             | EC               | CORP              | US        |      7947 | NS      | $2803701.60   | 1.96%             |  |  |  | No            |                  1 | On Loan: No      |
| GoDaddy Inc                    | GoDaddy Inc                         | CUSIP: 380237107<br>LEI: 549300J8H1TB0I2CB447 | Long             | EC               | CORP              | US        |     37392 | NS      | $2958828.96   | 2.06%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-25

**Name of Applicant:** Goldman Sachs ETF Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer