GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

97.8%

Argentina

–

0.1%

954

Vista

Energy

SAB

de

CV

ADR

(Energy)*

$

47,252

Australia

–

0.0%

3,537

Yancoal

Australia

Ltd.

(Energy)

11,905

Brazil

–

3.2%

55,869

Ambev

SA

(Consumer

Staples)

136,747

66,098

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

160,862

18,716

Banco

Bradesco

SA

(Financials)

45,647

14,822

Banco

BTG

Pactual

SA

(Financials)

102,269

21,846

Banco

do

Brasil

SA

(Financials)

89,258

5,044

Banco

Santander

Brasil

SA

(Financials)

26,161

8,635

BB

Seguridade

Participacoes

SA

(Financials)

56,507

9,553

BRF

SA

(Consumer

Staples)

33,832

7,566

Caixa

Seguridade

Participacoes

SA

(Financials)

19,892

14,742

Centrais

Eletricas

Brasileiras

SA

(Utilities)

107,915

5,814

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

(Utilities)

119,058

9,944

Cia

Paranaense

de

Energia

(Utilities)

20,228

14,874

Cosan

SA

(Energy)

21,356

2,655

CPFL

Energia

SA

(Utilities)

18,754

5,964

CSN

Mineracao

SA

(Materials)

5,254

8,833

Embraer

SA

(Industrials)

100,919

3,651

Energisa

SA

(Utilities)

30,255

8,112

Eneva

SA

(Utilities)*

19,770

2,203

Engie

Brasil

Energia

SA

(Utilities)

15,781

14,834

Equatorial

Energia

SA

(Utilities)

94,847

60,288

Hapvida

Participacoes

e

Investimentos

SA

(Health

Care)*

(a)

30,081

6,367

Itau

Unibanco

Holding

SA

(Financials)

37,066

11,808

Klabin

SA

(Materials)

37,719

11,015

Localiza

Rent

a

Car

SA

(Industrials)

82,554

13,377

Lojas

Renner

SA

(Consumer

Discretionary)

42,380

13,484

Motiva

Infraestrutura

de

Mobilidade

SA

(Industrials)

31,710

10,747

Natura

&

Co.

Holding

SA

(Consumer

Staples)*

19,630

2,757

Neoenergia

SA

(Utilities)

12,049

42,573

NU

Holdings

Ltd.,

Class

A

(Financials)*

511,302

2,399

Pagseguro

Digital

Ltd.,

Class

A

(Financials)

21,375

46,903

Petroleo

Brasileiro

SA

-

Petrobras

(Energy)

269,289

2,302

Porto

Seguro

SA

(Financials)

20,911

10,333

PRIO

SA

(Energy)*

70,214

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

16,176

Raia

Drogasil

SA

(Consumer

Staples)

$

41,907

8,479

Rede

D’Or

Sao

Luiz

SA

(Health

Care)

(a)

55,885

15,666

Rumo

SA

(Industrials)*

51,436

2,832

StoneCo

Ltd.,

Class

A

(Financials)*

38,657

8,623

Suzano

SA

(Materials)

74,691

9,806

Telefonica

Brasil

SA

(Communication

Services)

49,030

10,631

TIM

SA

(Communication

Services)

36,147

6,604

TOTVS

SA

(Information

Technology)

48,631

9,302

Ultrapar

Participacoes

SA

(Energy)

26,435

45,460

Vale

SA

(Materials)

413,197

14,335

Vibra

Energia

SA

(Consumer

Discretionary)

50,467

18,803

WEG

SA

(Industrials)

138,922

4,819

XP,

Inc.,

Class

A

(Financials)

93,296

3,530,293

Cayman

Islands

–

0.0%

4,000

HealthyWay,

Inc.

(Health

Care)*

(b)

17,496

Chile

–

0.4%

541,808

Banco

de

Chile

(Financials)

79,787

1,189

Banco

de

Credito

e

Inversiones

SA

(Financials)

45,912

765,435

Banco

Santander

Chile

(Financials)

45,646

16,343

Cencosud

SA

(Consumer

Staples)

56,299

9,517

Cencosud

Shopping

SA

(Real

Estate)

19,482

204,090

Cia

Sud

Americana

de

Vapores

SA

(Industrials)

11,175

14,400

Empresas

CMPC

SA

(Materials)

23,003

5,303

Empresas

Copec

SA

(Consumer

Discretionary)

36,465

260,339

Enel

Americas

SA

(Utilities)

24,297

311,772

Enel

Chile

SA

(Utilities)

22,626

9,973

Falabella

SA

(Consumer

Discretionary)

47,629

2,805,392

Latam

Airlines

Group

SA

(Industrials)

53,421

5,899

Plaza

SA

(Real

Estate)

12,856

478,598

China

–

29.0%

5,735

360

Security

Technology,

Inc.,

Class

A

(Information

Technology)

7,964

1,143

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,328

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

23,000

3SBio,

Inc.

(Health

Care)*

(a)

$

55,201

9,527

AAC

Technologies

Holdings,

Inc.

(Information

Technology)

44,284

630

Accelink

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

3,604

180

ACM

Research

Shanghai,

Inc.,

Class

A

(Information

Technology)

2,532

523

Advanced

Micro-Fabrication

Equipment

Inc

China,

Class

A

(Information

Technology)*

12,710

654

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

(Industrials)

1,766

1,857

AECC

Aviation

Power

Co.

Ltd.,

Class

A

(Industrials)

9,144

61,953

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

47,572

390,124

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

250,744

7,662

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

13,203

405

AIMA

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,039

8,007

Air

China

Ltd.,

Class

A

(Industrials)*

8,917

23,984

Air

China

Ltd.,

Class

H

(Industrials)*

18,107

2,186

Airtac

International

Group

(Industrials)

68,056

1,170

Aisino

Corp.,

Class

A

(Information

Technology)

1,422

8,122

Akeso,

Inc.

(Health

Care)*

(a)

86,797

201,771

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)

2,930,762

624

All

Winner

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,239

11,504

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

10,447

46,316

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

26,993

320

Amlogic

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

2,970

1,713

An

Hui

Wenergy

Co.

Ltd.,

Class

A

(Utilities)*

1,755

360

Andon

Health

Co.

Ltd.,

Class

A

(Health

Care)

1,888

5,094

Angang

Steel

Co.

Ltd.,

Class

A

(Materials)*

1,662

19,665

Angang

Steel

Co.

Ltd.,

Class

H

(Materials)*

3,937

661

Angel

Yeast

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,497

3,311

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

(Materials)

10,680

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

14,767

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

(Materials)

$

38,511

5,151

Anhui

Expressway

Co.

Ltd.,

Class

H

(Industrials)

8,027

1,271

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

26,570

1,620

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

8,616

275

Anhui

Kouzi

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,380

507

Anhui

Yingjia

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,844

161

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,873

350

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,957

16,099

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

195,962

758

Apeloa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

1,474

630

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A

(Materials)*

2,537

310

ASR

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,241

159

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(Health

Care)

2,080

318

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(Health

Care)

(a)

2,977

799

Atour

Lifestyle

Holdings

Ltd.

ADR

(Consumer

Discretionary)

25,017

270

Autobio

Diagnostics

Co.

Ltd.,

Class

A

(Health

Care)

1,464

846

Autohome,

Inc.

ADR

(Communication

Services)

20,744

1,299

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Information

Technology)

5,099

367

AVIC

Chengdu

UAS

Co.

Ltd.,

Class

A

(Industrials)*

2,343

31,813

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

16,025

654

AVICOPTER

PLC,

Class

A

(Industrials)

3,343

3,965

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,981

27,304

Baidu,

Inc.,

Class

A

(Communication

Services)*

284,302

253

Baimtec

Material

Co.

Ltd.,

Class

A

(Industrials)

1,924

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,598

Baiyin

Nonferrous

Group

Co.

Ltd.,

Class

A

(Materials)

$

1,788

16,151

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

14,129

3,065

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

4,175

3,060

Bank

of

Chengdu

Co.

Ltd.,

Class

A

(Financials)

8,239

31,462

Bank

of

China

Ltd.,

Class

A

(Financials)

24,115

845,538

Bank

of

China

Ltd.,

Class

H

(Financials)

491,695

1,436

Bank

of

Chongqing

Co.

Ltd.,

Class

A

(Financials)

2,231

5,408

Bank

of

Chongqing

Co.

Ltd.,

Class

H

(Financials)

5,579

30,281

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

31,956

90,199

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

79,024

2,615

Bank

of

Guiyang

Co.

Ltd.,

Class

A

(Financials)

2,215

4,965

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

11,486

14,115

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

21,520

8,277

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

13,171

5,362

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(Financials)

19,887

12,124

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

17,811

2,615

Bank

of

Suzhou

Co.

Ltd.,

Class

A

(Financials)

3,166

6,071

Bank

of

Zhengzhou

Co.

Ltd.,

Class

A

(Financials)*

1,669

14,370

Bank

of

Zhengzhou

Co.

Ltd.,

Class

H

(Financials)*

(a)

1,778

16,805

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

15,728

7,052

BBMG

Corp.,

Class

A

(Materials)

1,508

28,738

BBMG

Corp.,

Class

H

(Materials)

2,492

5,498

Beijing

Capital

Eco-

Environment

Protection

Group

Co.

Ltd.,

Class

A

(Utilities)

2,435

390

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(Financials)*

3,150

3,564

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,004

161

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

848

630

Beijing

E-Hualu

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,888

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,119

Beijing

Enlight

Media

Co.

Ltd.,

Class

A

(Communication

Services)*

$

5,155

5,692

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

23,918

54,233

Beijing

Enterprises

Water

Group

Ltd.

(Utilities)

17,844

180

Beijing

Huafeng

Test

&

Control

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,387

4,415

Beijing

Jingneng

Power

Co.

Ltd.,

Class

A

(Utilities)

2,673

343

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Information

Technology)

13,421

911

Beijing

New

Building

Materials

PLC,

Class

A

(Industrials)

3,627

1,983

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

(Materials)

3,076

2,460

Beijing

Originwater

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,554

70

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,211

1,359

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,532

1,863

Beijing

Shougang

Co.

Ltd.,

Class

A

(Materials)

918

1,342

Beijing

Sinnet

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,426

1,405

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

(Health

Care)

3,732

1,014

Beijing

Tongrentang

Co.

Ltd.,

Class

A

(Health

Care)

5,350

1,436

Beijing

Ultrapower

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,108

516

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,631

530

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

5,100

1,983

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,880

32,623

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

26,545

6,220

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,401

9,682

BeOne

Medicines

Ltd.

(Health

Care)*

185,823

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

180

Bestechnic

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

$

9,789

228

Bethel

Automotive

Safety

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

1,733

161

Betta

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

1,274

389

BGI

Genomics

Co.

Ltd.,

Class

A

(Health

Care)

2,777

3,632

Bilibili,

Inc.,

Class

Z

(Communication

Services)*

68,133

333

Biwin

Storage

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

2,593

900

Bloks

Group

Ltd.

(Consumer

Discretionary)*

17,595

523

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Consumer

Staples)

3,663

1,983

Bluefocus

Intelligent

Communications

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,283

2,663

BOC

Aviation

Ltd.

(Industrials)

(a)

21,548

45,724

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

193,006

1,863

BOC

International

China

Co.

Ltd.,

Class

A

(Financials)

2,558

28,330

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

14,949

37,626

Brilliance

China

Automotive

Holdings

Ltd.

(Consumer

Discretionary)

14,875

900

BTG

Hotels

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,830

1,348

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

65,943

14,803

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

741,514

764

By-health

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,239

7,674

C&D

International

Investment

Group

Ltd.

(Real

Estate)

13,779

1,983

Caida

Securities

Co.

Ltd.,

Class

A

(Financials)

1,768

3,567

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

3,650

2,800

CALB

Group

Co.

Ltd.

(Consumer

Discretionary)*

(a)

5,749

322

Cambricon

Technologies

Corp.

Ltd.,

Class

A

(Information

Technology)*

26,991

640

Canmax

Technologies

Co.

Ltd.,

Class

A

(Materials)

1,527

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

990

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

$

2,580

642

Cathay

Biotech,

Inc.,

Class

A

(Materials)

4,208

14,780

CCOOP

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

5,049

3,065

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

1,847

4,592

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

1,868

507

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,132

12,244

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

6,240

130,785

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)

(a)

42,864

344

Changchun

High-Tech

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)*

4,994

4,586

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financials)

4,171

161

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,125

1,281

Chaozhou

Three-Circle

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,817

288

Chengdu

Hi-tech

Development

Co.

Ltd.,

Class

A

(Real

Estate)

1,763

2,345

Chengdu

Xingrong

Environment

Co.

Ltd.,

Class

A

(Utilities)

2,380

1,170

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)*

4,266

2,200

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

H

(Materials)*

7,785

630

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,599

2,119

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

2,360

119,421

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financials)

15,838

4,866

China

CITIC

Bank

Corp.

Ltd.,

Class

A

(Financials)

5,378

101,395

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

89,350

160,411

China

CITIC

Financial

Asset

Management

Co.,

Ltd.,

Class

H

(Financials)*

(a)

17,593

2,710

China

Coal

Energy

Co.

Ltd.,

Class

A

(Energy)

4,030

26,771

China

Coal

Energy

Co.

Ltd.,

Class

H

(Energy)

29,975

1,983

China

Coal

Xinji

Energy

Co.

Ltd.,

Class

A

(Energy)

1,845

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

31,774

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

$

18,315

7,918

China

Construction

Bank

Corp.,

Class

A

(Financials)

9,928

1,194,446

China

Construction

Bank

Corp.,

Class

H

(Financials)

1,072,352

3,306

China

CSSC

Holdings

Ltd.,

Class

A

(Industrials)

14,079

13,239

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(Industrials)*

7,408

27,736

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(Industrials)*

(b)

10,611

26,095

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

8,080

82,609

China

Energy

Engineering

Corp.

Ltd.,

Class

H

(Industrials)

10,640

35,282

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

19,450

93,726

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

43,388

44,909

China

Everbright

Environment

Group

Ltd.

(Industrials)

22,278

42,227

China

Feihe

Ltd.

(Consumer

Staples)

(a)

32,795

1,170

China

Film

Co.

Ltd.,

Class

A

(Communication

Services)

1,673

5,225

China

First

Heavy

Industries

Co.

Ltd.,

Class

A

(Industrials)*

1,959

4,960

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Financials)

10,889

44,015

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

42,547

1,863

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

2,075

2,467

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

4,988

3,335

China

Hainan

Rubber

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

2,112

30,375

China

Hongqiao

Group

Ltd.

(Materials)

54,308

1,805

China

International

Capital

Corp.

Ltd.,

Class

A

(Financials)

8,294

18,993

China

International

Capital

Corp.

Ltd.,

Class

H

(Financials)

(a)

35,460

2,139

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

(Industrials)

2,296

5,400

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

H

(Industrials)

3,753

3,302

China

Jushi

Co.

Ltd.,

Class

A

(Materials)

5,186

1,509

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

8,023

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

93,902

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

$

191,359

4,862

China

Literature

Ltd.

(Communication

Services)*

(a)

16,617

40,584

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

33,693

16,729

China

Medical

System

Holdings

Ltd.

(Health

Care)

22,870

15,691

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

94,626

47,771

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

297,901

6,711

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

(Energy)

5,638

4,028

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

(Industrials)

7,087

15,166

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

29,320

6,199

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

13,927

6,193

China

Merchants

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

9,477

6,696

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)

8,071

29,860

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

18,036

87,973

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

45,212

44,511

China

National

Building

Material

Co.

Ltd.,

Class

H

(Materials)

19,867

5,099

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

(Industrials)

5,466

630

China

National

Medicines

Corp.

Ltd.,

Class

A

(Health

Care)

2,625

14,008

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

18,634

415

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(Information

Technology)*

2,536

14,647

China

Nonferrous

Mining

Corp.

Ltd.

(Materials)

10,759

2,857

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

(Materials)

9,232

758

China

Oilfield

Services

Ltd.,

Class

A

(Energy)

1,417

21,661

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

17,596

47,293

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate)

79,610

17,239

China

Overseas

Property

Holdings

Ltd.

(Real

Estate)

11,498

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

5,472

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

$

26,161

32,133

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)

100,396

22,656

China

Petroleum

&

Chemical

Corp.,

Class

A

(Energy)

18,184

291,968

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

157,870

3,965

China

Petroleum

Engineering

Corp.,

Class

A

(Energy)

1,718

65,379

China

Power

International

Development

Ltd.

(Utilities)

26,680

3,708

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

(Industrials)

2,039

17,199

China

Railway

Group

Ltd.,

Class

A

(Industrials)

13,350

51,785

China

Railway

Group

Ltd.,

Class

H

(Industrials)

23,378

5,251

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

(Information

Technology)

3,660

22,827

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H

(Information

Technology)

(a)

9,257

758

China

Rare

Earth

Resources

And

Technology

Co.

Ltd.,

Class

A

(Materials)

3,566

85,614

China

Reinsurance

Group

Corp.,

Class

H

(Financials)

11,027

19,102

China

Resources

Beer

Holdings

Co.

Ltd.

(Consumer

Staples)

61,022

4,982

China

Resources

Beverage

Holdings

Co.

Ltd.

(Consumer

Staples)*

8,336

810

China

Resources

Double

Crane

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,194

11,005

China

Resources

Gas

Group

Ltd.

(Utilities)

29,332

36,650

China

Resources

Land

Ltd.

(Real

Estate)

119,650

766

China

Resources

Microelectronics

Ltd.,

Class

A

(Information

Technology)

5,066

7,571

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate)

(a)

36,061

21,966

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

14,426

25,813

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

67,153

985

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,874

102,788

China

Ruyi

Holdings

Ltd.

(Communication

Services)*

26,872

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

4,748

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

$

26,082

43,019

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

181,862

1,170

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,257

9,182

China

Southern

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

7,765

23,294

China

Southern

Airlines

Co.

Ltd.,

Class

H

(Industrials)*

11,585

1,983

China

Southern

Power

Grid

Energy

Efficiency

&

Clean

Energy

Co.

Ltd.,

Class

A

(Industrials)

1,366

900

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

(Utilities)

1,266

32,059

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

25,285

21,129

China

State

Construction

International

Holdings

Ltd.

(Industrials)

29,747

1,175

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

A

(Energy)

1,302

24,347

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(Energy)

13,165

17,916

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

27,554

24,074

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

14,341

1,534

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

12,906

1,196

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

7,596

59,182

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

87,850

26,624

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

19,816

8,166

China

Vanke

Co.

Ltd.,

Class

A

(Real

Estate)*

7,529

29,803

China

Vanke

Co.

Ltd.,

Class

H

(Real

Estate)*

19,497

3,965

China

XD

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,430

18,500

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

77,579

507

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,233

15,389

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)

6,881

44,843

China

Zheshang

Bank

Co.

Ltd.,

Class

H

(Financials)

16,412

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,080

Chinese

Universe

Publishing

and

Media

Group

Co.

Ltd.,

Class

A

(Communication

Services)

$

1,588

402

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,226

10,722

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

18,387

3,245

Chongqing

Qianli

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,731

7,905

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

7,958

28,991

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

(Financials)

23,920

270

Chongqing

Taiji

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)

796

1,732

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

4,603

862

Chongqing

Zongshen

Power

Machinery

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,679

1,054

Cinda

Securities

Co.

Ltd.,

Class

A

(Financials)

2,105

62,930

CITIC

Ltd.

(Industrials)

79,610

1,175

Citic

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

(Materials)

1,855

9,452

CITIC

Securities

Co.

Ltd.,

Class

A

(Financials)

33,494

22,675

CITIC

Securities

Co.

Ltd.,

Class

H

(Financials)

57,486

14,418

CMOC

Group

Ltd.,

Class

A

(Materials)

14,415

46,682

CMOC

Group

Ltd.,

Class

H

(Materials)

37,386

709

CNGR

Advanced

Material

Co.

Ltd.,

Class

A

(Industrials)

3,059

4,865

CNOOC

Energy

Technology

&

Services

Ltd.,

Class

A

(Energy)

2,790

5,069

CNPC

Capital

Co.

Ltd.,

Class

A

(Financials)

4,779

1,436

COFCO

Capital

Holdings

Co.

Ltd.,

Class

A

(Energy)

2,293

1,620

COFCO

Sugar

Holding

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,092

3,348

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

116,223

8,156

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

(Industrials)

2,854

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

45,961

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

H

(Industrials)

$

5,685

3,057

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Energy)

4,287

16,440

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

(Energy)

12,831

9,763

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

22,219

36,044

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

62,237

27,500

Country

Garden

Services

Holdings

Co.

Ltd.

(Real

Estate)

23,426

20,098

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

20,093

56,374

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

36,089

2,337

CSC

Financial

Co.

Ltd.,

Class

A

(Financials)

7,457

12,792

CSC

Financial

Co.

Ltd.,

Class

H

(Financials)

(a)(b)

14,780

2,135

CSI

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

2,647

755

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,442

900

CSSC

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,528

15,298

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

14,339

648

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,566

5,094

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Utilities)

2,256

39,475

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

(Utilities)

(b)

9,665

574

DBG

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,014

2,460

DHC

Software

Co.

Ltd.,

Class

A

(Information

Technology)

3,119

500

Digital

China

Group

Co.

Ltd.,

Class

A

(Information

Technology)

2,575

656

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

(Materials)*

1,048

413

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

(Health

Care)

3,143

1,986

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

4,401

4,771

Dongfang

Electric

Corp.

Ltd.,

Class

H

(Industrials)

7,301

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

26,577

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

$

14,743

2,490

Dongxing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,534

11,743

East

Money

Information

Co.

Ltd.,

Class

A

(Financials)

33,623

1,080

Eastern

Air

Logistics

Co.

Ltd.,

Class

A

(Industrials)

1,969

330

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

14,663

4,595

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,029

507

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,781

288

Electric

Connector

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,765

270

Empyrean

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,764

9,413

ENN

Energy

Holdings

Ltd.

(Utilities)

75,265

1,740

ENN

Natural

Gas

Co.

Ltd.,

Class

A

(Utilities)

4,581

805

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Information

Technology)

9,867

1,620

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

10,136

3,197

Everbright

Securities

Co.

Ltd.,

Class

A

(Financials)

7,223

3,785

Everbright

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

3,437

7,995

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

2,609

3,713

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

(Industrials)

2,382

27,488

Far

East

Horizon

Ltd.

(Financials)

21,243

850

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A

(Industrials)*

1,518

1,878

FAW

Jiefang

Group

Co.

Ltd.,

Class

A

(Industrials)

1,875

900

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,509

3,564

First

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

3,281

884

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

1,764

6,001

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

6,375

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,023

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Communication

Services)

$

12,471

3,327

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

20,521

6,580

Founder

Securities

Co.

Ltd.,

Class

A

(Financials)

6,953

8,284

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Information

Technology)

21,775

1,620

Fujian

Funeng

Co.

Ltd.,

Class

A

(Utilities)

2,207

380

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

(Materials)

1,015

779

Fujian

Sunner

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,629

9,305

Full

Truck

Alliance

Co.

Ltd.

ADR

(Industrials)

108,217

1,509

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

12,147

7,723

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

55,203

1,293

GalaxyCore,

Inc.,

Class

A

(Information

Technology)

2,831

270

Gan

&

Lee

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

2,043

1,012

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

4,241

5,456

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

13,359

90

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

(Communication

Services)

3,144

15,391

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

9,767

11,420

GDS

Holdings

Ltd.,

Class

A

(Information

Technology)*

(b)

34,443

3,815

GEM

Co.

Ltd.,

Class

A

(Industrials)

3,210

3,447

Gemdale

Corp.,

Class

A

(Real

Estate)

1,843

15,533

Genscript

Biotech

Corp.

(Health

Care)*

25,395

600

Geovis

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,748

5,092

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

11,518

13,703

GF

Securities

Co.

Ltd.,

Class

H

(Financials)

19,292

5,663

Giant

Biogene

Holding

Co.

Ltd.

(Consumer

Staples)

(a)

51,275

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,620

Giant

Network

Group

Co.

Ltd.,

Class

A

(Communication

Services)

$

3,248

403

GigaDevice

Semiconductor,

Inc.,

Class

A

(Information

Technology)*

6,284

292

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

2,072

900

Glarun

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,224

900

Glodon

Co.

Ltd.,

Class

A

(Information

Technology)

1,708

2,605

GoerTek,

Inc.,

Class

A

(Information

Technology)

7,564

2,489

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,197

10,905

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

8,455

454

Goneo

Group

Co.

Ltd.,

Class

A

(Industrials)

4,463

1,014

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)

3,448

1,760

Great

Wall

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

5,506

29,513

Great

Wall

Motor

Co.

Ltd.,

Class

H

(Consumer

Discretionary)*

45,841

4,210

Gree

Electric

Appliances,

Inc.

of

Zhuhai,

Class

A

(Consumer

Discretionary)

27,137

8,020

Greenland

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)*

1,860

14,035

Greentown

China

Holdings

Ltd.

(Real

Estate)

17,039

1,983

GRG

Banking

Equipment

Co.

Ltd.,

Class

A

(Information

Technology)

3,343

1,620

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

1,170

1,143

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

9,620

2,345

Guangdong

HEC

Technology

Holding

Co.

Ltd.,

Class

A

(Materials)

3,084

35,865

Guangdong

Investment

Ltd.

(Utilities)

29,180

5,607

Guanghui

Energy

Co.

Ltd.,

Class

A

(Energy)

4,617

4,325

Guangshen

Railway

Co.

Ltd.,

Class

A

(Industrials)

1,826

18,406

Guangshen

Railway

Co.

Ltd.,

Class

H

(Industrials)

4,225

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,532

Guangxi

Liugong

Machinery

Co.

Ltd.,

Class

A

(Industrials)

$

2,112

3,872

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,151

32,540

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

11,370

1,620

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

(Industrials)

2,148

1,006

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

3,776

3,077

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

(Health

Care)

6,843

1,620

Guangzhou

Haige

Communications

Group,

Inc.

Co.,

Class

A

(Information

Technology)

3,068

402

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,620

413

Guangzhou

Shiyuan

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,894

1,611

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

3,769

2,150

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

(Financials)*

1,920

316

Guobo

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,506

3,728

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

A

(Financials)

5,130

5,550

Guolian

Minsheng

Securities

Co.

Ltd.,

Class

H

(Financials)

2,576

3,842

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

5,991

1,246

Guosheng

Financial

Holding,

Inc.,

Class

A

(Financials)*

2,092

9,866

Guotai

Haitong

Securities

Co.

Ltd.,

Class

A

(Financials)

23,536

25,138

Guotai

Haitong

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

35,584

3,816

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

4,001

2,364

H

World

Group

Ltd.

ADR

(Consumer

Discretionary)

83,378

21,929

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

42,171

5,095

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

17,715

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

29,504

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

$

86,538

34,426

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A

(Industrials)*

6,453

9,193

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(Real

Estate)*

4,404

630

Haisco

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

4,006

7,630

Haitian

International

Holdings

Ltd.

(Industrials)

18,604

635

Han’s

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

(Industrials)

2,027

885

Hangcha

Group

Co.

Ltd.,

Class

A

(Industrials)

2,373

2,460

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

(Real

Estate)

3,201

507

Hangzhou

Chang

Chuan

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,898

2,102

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

3,538

900

Hangzhou

GreatStar

Industrial

Co.,

Ltd.,

Class

A

(Consumer

Discretionary)

2,947

2,600

Hangzhou

Iron

&

Steel

Co.,

Class

A

(Materials)

3,217

507

Hangzhou

Lion

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

1,667

758

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

(Materials)

2,002

641

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,761

758

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

2,528

519

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

(Health

Care)

3,570

1,740

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(Health

Care)

(a)

7,245

13,816

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Health

Care)

(a)

45,545

507

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

1,687

630

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,493

380

Hebei

Sinopack

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,526

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

900

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.,

Class

A

(Consumer

Staples)

$

3,056

630

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

(Industrials)

1,529

1,170

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,336

1,080

Henan

Pinggao

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,302

1,863

Henan

Shenhuo

Coal

Industry

&

Electricity

Power

Co.

Ltd.,

Class

A

(Materials)

4,271

2,460

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

8,318

7,752

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

21,007

1,175

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

2,105

5,099

Hengli

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

10,727

1,863

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

(Information

Technology)

3,880

3,562

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

2,973

8,289

Hesteel

Co.

Ltd.,

Class

A

(Materials)

2,521

720

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,790

4,449

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(b)

14,695

900

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,983

384

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

13,192

2,615

HLA

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

2,607

1,620

Hongta

Securities

Co.

Ltd.,

Class

A

(Financials)

1,829

67,822

Horizon

Robotics

(Information

Technology)*

61,581

507

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

(Materials)

3,448

180

Hoymiles

Power

Electronics,

Inc.,

Class

A

(Industrials)

2,490

9,780

Hua

Hong

Semiconductor

Ltd.

(Information

Technology)

(a)(b)

39,412

302

Hua

Hong

Semiconductor

Ltd.,

Class

A

(Information

Technology)

2,008

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,695

Huaan

Securities

Co.

Ltd.,

Class

A

(Financials)

$

2,812

5,493

Huadian

Power

International

Corp.

Ltd.,

Class

A

(Utilities)

4,462

24,752

Huadian

Power

International

Corp.

Ltd.,

Class

H

(Utilities)

14,362

1,281

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

7,951

3,941

Huafon

Chemical

Co.

Ltd.,

Class

A

(Materials)

3,688

630

Huagong

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

3,691

1,863

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

3,216

1,172

Hualan

Biological

Engineering,

Inc.,

Class

A

(Health

Care)

2,622

270

Huali

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,984

4,066

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

(Utilities)

5,685

6,095

Huaneng

Power

International,

Inc.,

Class

A

(Utilities)

6,119

53,960

Huaneng

Power

International,

Inc.,

Class

H

(Utilities)

34,131

384

Huaqin

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,536

5,555

Huatai

Securities

Co.

Ltd.,

Class

A

(Financials)

12,928

16,583

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

27,957

2,353

Huaxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,689

10,678

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

11,165

270

Huaxia

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

707

1,014

Huaxin

Cement

Co.

Ltd.,

Class

A

(Materials)

1,739

2,800

Huaxin

Cement

Co.

Ltd.,

Class

H

(Materials)

2,989

2,461

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

6,185

720

Hubei

Dinglong

Co.

Ltd.,

Class

A

(Materials)*

2,776

3,311

Hubei

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

2,138

270

Hubei

Feilihua

Quartz

Glass

Co.

Ltd.,

Class

A

(Materials)

1,679

630

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,364

758

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

(Materials)

2,200

507

Huizhou

Desay

Sv

Automotive

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

7,783

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,014

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

(Health

Care)

$

3,123

900

Hunan

Gold

Corp.

Ltd.,

Class

A

(Materials)

2,803

6,204

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

(Materials)

4,118

540

Hunan

Yuneng

New

Energy

Battery

Material

Co.

Ltd.,

Class

A

(Industrials)

2,064

1,489

Hundsun

Technologies,

Inc.,

Class

A

(Information

Technology)

5,440

268

Hwatsing

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,501

1,742

Hygon

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

32,928

1,342

Hytera

Communications

Corp.

Ltd.,

Class

A

(Information

Technology)*

2,098

1,014

IEIT

Systems

Co.

Ltd.,

Class

A

(Information

Technology)

6,892

1,861

Iflytek

Co.

Ltd.,

Class

A

(Information

Technology)

11,895

630

IKD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,352

228

Imeik

Technology

Development

Co.

Ltd.,

Class

A

(Health

Care)

5,382

48,084

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

47,205

860,277

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

626,430

15,871

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

49,894

5,591

Industrial

Securities

Co.

Ltd.,

Class

A

(Financials)

4,464

1,700

INESA

Intelligent

Tech,

Inc.,

Class

A

(Information

Technology)

4,735

161

Ingenic

Semiconductor

Co.

Ltd.,

Class

A

(Information

Technology)*

1,418

38,409

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Materials)*

9,280

3,057

Inner

Mongolia

Berun

Chemical

Co.

Ltd.,

Class

A

(Materials)*

2,135

1,620

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

4,452

1,130

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

A

(Materials)

1,461

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,940

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

$

5,127

5,225

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

(Utilities)

2,931

1,440

Inner

Mongolia

Xingye

Silver&Tin

Mining

Co.

Ltd.,

Class

A

(Materials)

2,645

5,217

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

21,950

2,558

Inner

Mongolia

Yitai

Coal

Co.

Ltd.,

Class

H

(Energy)*

(c)

—

2,900

InnoScience

Suzhou

Technology

Holding

Co.

Ltd.,

Class

H

(Information

Technology)*

13,166

15,668

Innovent

Biologics,

Inc.

(Health

Care)*

(a)

123,781

6,238

iQIYI,

Inc.

ADR

(Communication

Services)*

9,981

180

iRay

Group,

Class

A

(Health

Care)

3,281

2,795

IRICO

Display

Devices

Co.

Ltd.,

Class

A

(Information

Technology)*

2,383

693

Isoftstone

Information

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,023

2,615

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

3,319

519

Jafron

Biomedical

Co.

Ltd.,

Class

A

(Health

Care)

1,573

641

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,225

1,175

JCET

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,247

450

JCHX

Mining

Management

Co.

Ltd.,

Class

A

(Materials)

2,444

12,662

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

64,831

22,989

JD

Logistics,

Inc.

(Industrials)*

(a)

36,470

35,947

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

590,900

2,204

Jiangsu

Changshu

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)*

2,424

5,113

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

(Materials)

6,035

758

Jiangsu

Expressway

Co.

Ltd.,

Class

A

(Industrials)

1,722

15,393

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

19,610

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,481

Jiangsu

Financial

Leasing

Co.

Ltd.,

Class

A

(Financials)

$

2,886

1,008

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Industrials)

9,535

4,994

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

37,960

630

Jiangsu

Hoperun

Software

Co.

Ltd.,

Class

A

(Information

Technology)*

4,403

574

Jiangsu

Jiejie

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,301

779

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

(Consumer

Staples)

4,769

630

Jiangsu

Nhwa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,022

405

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

(Information

Technology)*

1,688

1,620

Jiangsu

Phoenix

Publishing

&

Media

Corp.

Ltd.,

Class

A

(Communication

Services)

2,648

270

Jiangsu

Xinquan

Automotive

Trim

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,771

1,148

Jiangsu

Yanghe

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

10,473

275

Jiangsu

Yangnong

Chemical

Co.

Ltd.,

Class

A

(Materials)

2,107

270

Jiangsu

Yoke

Technology

Co.

Ltd.,

Class

A

(Materials)

1,965

641

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

(Health

Care)

3,364

2,460

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

(Industrials)

4,547

1,490

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

4,397

13,119

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

23,221

300

Jiangxi

Lianchuang

Optoelectronic

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,539

6,898

Jiangxi

Zhengbang

Technology

Co.

Ltd.,

Class

A

(Consumer

Staples)*

2,701

1,983

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

A

(Materials)

2,905

5,116

Jinko

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

3,694

1,260

Jinneng

Holding

Shanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

2,126

161

JiuGui

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

939

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,345

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

(Energy)

$

2,182

900

JL

Mag

Rare-Earth

Co.

Ltd.,

Class

A

(Industrials)

2,483

1,724

JL

Mag

Rare-Earth

Co.

Ltd.,

Class

H

(Industrials)

3,131

1,170

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

(Health

Care)

1,811

4,433

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,201

507

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co.

Ltd.,

Class

A

(Consumer

Staples)*

1,314

1,611

Juneyao

Airlines

Co.

Ltd.,

Class

A

(Industrials)

3,114

7,570

J-Yuan

Trust

Co.

Ltd.,

Class

A

(Financials)*

2,817

10,346

Kangmei

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)*

2,830

3,673

Kanzhun

Ltd.

ADR

(Communication

Services)*

62,294

8,654

KE

Holdings,

Inc.

ADR

(Real

Estate)

159,753

270

Keboda

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,010

1,611

Keda

Industrial

Group

Co.

Ltd.,

Class

A

(Industrials)

2,304

36,855

Kingdee

International

Software

Group

Co.

Ltd.

(Information

Technology)*

57,810

1,983

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

(Materials)

2,825

1,620

Kingnet

Network

Co.

Ltd.,

Class

A

(Communication

Services)

3,583

24,000

Kingsoft

Cloud

Holdings

Ltd.

(Information

Technology)*

18,853

11,524

Kingsoft

Corp.

Ltd.

(Communication

Services)*

49,085

35,665

Kuaishou

Technology

(Communication

Services)*

(a)

242,419

1,752

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Industrials)

10,792

44,989

Kunlun

Energy

Co.

Ltd.

(Utilities)

45,037

900

Kunlun

Tech

Co.

Ltd.,

Class

A

(Communication

Services)

4,177

936

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

197,815

1,440

Lao

Feng

Xiang

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

10,284

354

Laopu

Gold

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(b)

39,591

1,878

LB

Group

Co.

Ltd.,

Class

A

(Materials)

4,311

97,758

Lenovo

Group

Ltd.

(Information

Technology)

112,699

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,963

Lens

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

$

11,154

5,078

Leo

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,553

1,611

Lepu

Medical

Technology

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

2,573

507

Levima

Advanced

Materials

Corp.,

Class

A

(Materials)

1,064

14,904

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

213,442

29,438

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

56,236

11,769

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

2,419

5,607

Lingyi

iTech

Guangdong

Co.,

Class

A

(Information

Technology)

6,275

275

Livzon

Pharmaceutical

Group,

Inc.,

Class

A

(Health

Care)

1,390

1,929

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

(Health

Care)

7,146

26,862

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

33,674

6,094

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

12,168

272

Loongson

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)*

4,890

2,329

Lufax

Holding

Ltd.

ADR

(Financials)

6,824

1,611

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

2,338

5,757

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

24,302

1,009

Luzhou

Laojiao

Co.

Ltd.,

Class

A

(Consumer

Staples)

16,381

4,502

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)*

2,138

17,242

Maanshan

Iron

&

Steel

Co.

Ltd.,

Class

H

(Materials)*

3,870

1,266

Mango

Excellent

Media

Co.

Ltd.,

Class

A

(Communication

Services)

3,931

1,400

Mao

Geping

Cosmetics

Co.

Ltd.

(Consumer

Staples)

19,710

390

Maxscend

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

3,816

2,345

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

(Materials)

3,412

3,311

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

2,382

68,659

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

1,208,300

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

15,747

Metallurgical

Corp.

of

China

Ltd.,

Class

A

(Industrials)

$

6,407

40,428

Metallurgical

Corp.

of

China

Ltd.,

Class

H

(Industrials)

7,888

321

MGI

Tech

Co.

Ltd.,

Class

A

(Health

Care)*

3,143

5,408

Midea

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

59,369

5,460

Midea

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)*

57,374

1,611

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

2,248

6,010

MINISO

Group

Holding

Ltd.

(Consumer

Discretionary)

25,982

3,335

Minmetals

Capital

Co.

Ltd.,

Class

A

(Financials)

2,450

9,447

Minth

Group

Ltd.

(Consumer

Discretionary)*

25,601

500

Mixue

Group

(Consumer

Discretionary)*

34,655

50,547

MMG

Ltd.

(Materials)*

18,758

766

Montage

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

8,118

4,081

Muyuan

Foods

Co.

Ltd.,

Class

A

(Consumer

Staples)

22,916

4,865

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

2,878

1,006

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

1,573

2,615

Nanjing

Securities

Co.

Ltd.,

Class

A

(Financials)

2,814

6,580

NARI

Technology

Co.

Ltd.,

Class

A

(Industrials)

20,275

1,943

National

Silicon

Industry

Group

Co.

Ltd.,

Class

A

(Information

Technology)

4,997

365

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

21,214

1,863

NavInfo

Co.

Ltd.,

Class

A

(Information

Technology)*

2,201

810

NetEase

Cloud

Music,

Inc.

(Communication

Services)*

(a)

21,816

22,368

NetEase,

Inc.

(Communication

Services)

543,971

1,460

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

10,197

11,698

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

47,812

3,815

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

5,075

17,649

New

Oriental

Education

&

Technology

Group,

Inc.

(Consumer

Discretionary)

83,726

800

Newland

Digital

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,451

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,369

Nexchip

Semiconductor

Corp.,

Class

A

(Information

Technology)*

$

3,872

1,030

Ninestar

Corp.,

Class

A

(Information

Technology)*

3,089

563

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

6,440

900

Ningbo

Joyson

Electronic

Corp.,

Class

A

(Consumer

Discretionary)

2,221

507

Ningbo

Orient

Wires

&

Cables

Co.

Ltd.,

Class

A

(Industrials)

3,359

900

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,749

1,611

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

1,709

1,279

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

8,756

4,586

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

(Industrials)

2,299

5,116

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

(Materials)

11,366

19,610

NIO,

Inc.

ADR

(Consumer

Discretionary)*

(b)

69,419

22,816

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

111,730

900

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A

(Industrials)

2,080

3,335

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

(Energy)

2,422

2,460

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

4,014

2,956

Onewo,

Inc.,

Class

H

(Real

Estate)

7,634

159

Oppein

Home

Group,

Inc.,

Class

A

(Consumer

Discretionary)

1,361

5,113

Orient

Securities

Co.

Ltd.,

Class

A

(Financials)

6,624

12,285

Orient

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

7,473

2,615

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,658

507

Ovctek

China,

Inc.,

Class

A

(Health

Care)

1,068

5,225

Pacific

Securities

Co.

Ltd.

(The),

Class

A

(Financials)*

2,605

540

Pacific

Shuanglin

Bio-

pharmacy

Co.

Ltd.,

Class

A

(Health

Care)

1,659

7,649

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A

(Materials)*

2,655

8,398

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

810,491

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

630

People.cn

Co.

Ltd.,

Class

A

(Communication

Services)

$

1,734

6,458

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

7,416

112,008

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

73,276

1,611

Perfect

World

Co.

Ltd.,

Class

A

(Communication

Services)

3,007

17,951

PetroChina

Co.

Ltd.,

Class

A

(Energy)

20,664

267,714

PetroChina

Co.

Ltd.,

Class

H

(Energy)

224,986

900

Pharmaron

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

2,979

3,808

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(Health

Care)

(a)

7,420

86,880

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

165,527

14,990

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

24,062

8,285

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

61,295

82,319

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

484,473

1,863

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

(Energy)*

2,173

266

Piotech,

Inc.,

Class

A

(Information

Technology)

5,445

9,948

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

(Real

Estate)

11,230

2,060

Poly

Property

Services

Co.

Ltd.,

Class

H

(Real

Estate)*

(b)

8,026

1,592

Pony

AI,

Inc.

ADR

(Information

Technology)*

(b)

30,662

8,052

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary)

(a)

226,315

20,702

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

15,322

113,482

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

73,807

12,855

Power

Construction

Corp.

of

China

Ltd.,

Class

A

(Industrials)

8,425

288

Proya

Cosmetics

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,550

642

Qi

An

Xin

Technology

Group,

Inc.,

Class

A

(Information

Technology)*

2,689

1,280

Qifu

Technology,

Inc.

ADR

(Financials)

52,608

3,695

Qilu

Bank

Co.

Ltd.,

Class

A

(Financials)

3,407

885

Qingdao

Sentury

Tire

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,284

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

810

Qingdao

TGOOD

Electric

Co.

Ltd.,

Class

A

(Industrials)

$

2,492

4,592

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(Materials)*

10,100

600

Qunabox

Group

Ltd.

(Communication

Services)*

6,504

6,580

Quzhou

Xin'an

Development

Co.

Ltd.,

Class

A

(Real

Estate)*

2,348

900

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,365

523

Raytron

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,415

96

RoboTechnik

Intelligent

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,787

257

Rockchip

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

5,150

7,054

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

8,414

6,206

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

13,969

2,345

Sailun

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,077

3,695

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

6,378

338

Sangfor

Technologies,

Inc.,

Class

A

(Information

Technology)

4,191

14,485

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

(Industrials)

11,693

6,948

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

(Industrials)

18,167

2,014

Satellite

Chemical

Co.

Ltd.,

Class

A

(Materials)*

4,679

4,865

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

4,709

5,498

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

11,955

3,965

Sealand

Securities

Co.

Ltd.,

Class

A

(Financials)

2,054

1,634

Seazen

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

2,859

317,015

SenseTime

Group,

Inc.,

Class

B

(Information

Technology)*

(a)(b)

56,599

7,088

Sensteed

Hi-tech

Group,

Class

A

(Consumer

Discretionary)*

2,096

1,170

Seres

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

22,098

3,579

SF

Holding

Co.

Ltd.,

Class

A

(Industrials)

22,935

2,108

SF

Holding

Co.

Ltd.,

Class

H

(Industrials)*

10,995

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

408

SG

Micro

Corp.,

Class

A

(Information

Technology)

$

5,225

7,064

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

20,471

1,620

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

(Utilities)

2,018

252

Shaanxi

Huaqin

Technology

Industry

Co.

Ltd.,

Class

A

(Materials)

1,906

2,842

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

(Energy)

2,612

3,057

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

12,735

10,634

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Materials)

(a)(b)

33,157

630

Shandong

Himile

Mechanical

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,366

1,620

Shandong

Hi-speed

Co.

Ltd.,

Class

A

(Industrials)

2,573

31,000

Shandong

Hi-Speed

Holdings

Group

Ltd.

(Utilities)*

(b)

49,100

1,623

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

(Materials)

4,692

1,014

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,029

10,455

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

(Materials)

5,444

540

Shandong

Pharmaceutical

Glass

Co.

Ltd.,

Class

A

(Health

Care)

1,610

630

Shandong

Sinocera

Functional

Material

Co.

Ltd.,

Class

A

(Materials)*

1,435

1,983

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

(Materials)

3,882

30,821

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

(Health

Care)

22,050

1,280

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)*

1,969

345

Shanghai

Allist

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

4,695

774

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,005

4,737

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

(Information

Technology)

16,497

574

Shanghai

Belling

Co.

Ltd.,

Class

A

(Information

Technology)

2,626

70

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

1,835

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,940

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

(Industrials)

$

2,294

9,580

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

9,897

34,246

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(Industrials)*

11,748

1,983

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

2,437

1,509

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

5,316

6,652

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

(Health

Care)

13,946

523

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,312

3,806

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

13,687

1,863

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(Industrials)

8,371

6,318

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

5,123

758

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,413

523

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A

(Health

Care)*

2,361

2,204

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

5,678

1,872

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)

2,342

1,465

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

(Real

Estate)

1,880

641

Shanghai

M&G

Stationery,

Inc.,

Class

A

(Industrials)

2,627

270

Shanghai

Moons'

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,080

1,760

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

(Health

Care)

4,502

9,350

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(Health

Care)

13,593

22,674

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

38,820

1,620

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)

3,523

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,949

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

(Health

Care)

$

3,734

7,905

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

9,835

4,300

Shanghai

Stonehill

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

3,374

2,435

Shanghai

Tunnel

Engineering

Co.

Ltd.,

Class

A

(Industrials)

2,049

635

Shanghai

United

Imaging

Healthcare

Co.

Ltd.,

Class

A

(Health

Care)

12,118

3,704

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,932

900

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate)

3,119

1,620

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

(Industrials)

2,276

2,119

Shanjin

International

Gold

Co.

Ltd.,

Class

A

(Materials)

5,794

1,620

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,189

3,311

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

2,768

2,460

Shanxi

Lu’an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

(Energy)

3,669

3,567

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

(Materials)*

2,075

2,615

Shanxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,023

4,723

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(Materials)*

2,335

902

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

23,083

268

Sharetronic

Data

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,929

270

Shede

Spirits

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,981

3,695

Shenergy

Co.

Ltd.,

Class

A

(Utilities)

4,607

435

Shengyi

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)*

1,801

1,863

Shengyi

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,778

659

Shennan

Circuits

Co.

Ltd.,

Class

A

(Information

Technology)

7,710

17,573

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

(Financials)

11,542

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

15,140

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

H

(Financials)

(a)

$

4,170

175

Shenyang

Xingqi

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

1,267

401

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

1,685

2,600

Shenzhen

Dobot

Corp.

Ltd.

(Industrials)*

19,629

3,057

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

2,759

746

Shenzhen

Envicool

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,514

1,000

Shenzhen

Everwin

Precision

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,798

7,664

Shenzhen

Expressway

Corp.

Ltd.,

Class

H

(Industrials)

6,509

1,170

Shenzhen

Fastprint

Circuit

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

1,868

192

Shenzhen

Fortune

Trend

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,562

270

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,586

507

Shenzhen

Hepalink

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)*

829

766

Shenzhen

Huaqiang

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

2,657

480

Shenzhen

Infogem

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)*

2,374

1,892

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

(Industrials)*

17,282

1,170

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,807

408

Shenzhen

Kangtai

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

810

161

Shenzhen

Kedali

Industry

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,467

670

Shenzhen

Kinwong

Electronic

Co.

Ltd.,

Class

A

(Information

Technology)

2,905

270

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,669

384

Shenzhen

Megmeet

Electrical

Co.

Ltd.,

Class

A

(Industrials)

2,293

892

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

27,976

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,335

Shenzhen

MTC

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

2,001

630

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

(Health

Care)

5,248

7,652

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(Real

Estate)*

2,518

900

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

5,679

161

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

1,155

900

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

(Industrials)

2,428

630

Shenzhen

Sunlord

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,419

799

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

(Information

Technology)

8,065

958

Shenzhen

Woer

Heat-Shrinkable

Material

Co.

Ltd.,

Class

A

(Industrials)*

2,594

630

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.,

Class

A

(Materials)

2,093

200

Shenzhen

Zhaowei

Machinery

&

Electronic

Co.

Ltd.,

Class

A

(Industrials)

2,862

9,757

Shenzhou

International

Group

Holdings

Ltd.

(Consumer

Discretionary)

71,110

1,260

Shijiazhuang

Changshan

BeiMing

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,860

1,175

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,377

1,150

Siasun

Robot

&

Automation

Co.

Ltd.,

Class

A

(Industrials)*

2,581

333

SICC

Co.

Ltd.,

Class

A

(Information

Technology)*

2,774

180

Sichuan

Biokin

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)*

7,528

3,335

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,580

3,718

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Utilities)

8,699

1,436

Sichuan

Development

Lomon

Co.

Ltd.,

Class

A

(Materials)*

2,235

6,940

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A

(Materials)

1,686

1,276

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

6,832

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

423

Sichuan

Kelun-Biotech

Biopharmaceutical

Co.

Ltd.

(Health

Care)*

$

17,219

5,115

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

(Industrials)

6,577

161

Sichuan

Swellfun

Co.

Ltd.,

Class

A

(Consumer

Staples)

993

630

Sieyuan

Electric

Co.

Ltd.,

Class

A

(Industrials)

6,301

4,505

Silergy

Corp.

(Information

Technology)

52,614

2,615

Sinolink

Securities

Co.

Ltd.,

Class

A

(Financials)

3,025

1,983

Sinoma

International

Engineering

Co.,

Class

A

(Industrials)

2,484

1,014

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

2,370

5,498

Sinomach

Heavy

Equipment

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,313

283

Sinomine

Resource

Group

Co.

Ltd.,

Class

A

(Materials)*

1,158

16,764

Sinopec

Engineering

Group

Co.

Ltd.,

Class

H

(Industrials)

11,908

5,369

Sinopec

Oilfield

Service

Corp.,

Class

A

(Energy)*

1,402

4,848

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

1,898

45,750

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(Materials)*

7,176

17,113

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

41,465

3,082

Sinotrans

Ltd.,

Class

A

(Industrials)

2,148

26,820

Sinotrans

Ltd.,

Class

H

(Industrials)

12,997

8,410

Sinotruk

Hong

Kong

Ltd.

(Industrials)

21,235

900

Sinotruk

Jinan

Truck

Co.

Ltd.,

Class

A

(Industrials)

2,294

396

Skshu

Paint

Co.

Ltd.,

Class

A

(Materials)

1,773

238

Skyverse

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,327

306

Smartsens

Technology

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

3,850

22,062

Smoore

International

Holdings

Ltd.

(Consumer

Staples)

(a)

54,356

2,119

Songcheng

Performance

Development

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,663

270

Sonoscape

Medical

Corp.,

Class

A

(Health

Care)

1,224

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,704

SooChow

Securities

Co.

Ltd.,

Class

A

(Financials)

$

4,099

5,225

Southwest

Securities

Co.

Ltd.,

Class

A

(Financials)

3,011

2,300

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)*

2,213

630

Spring

Airlines

Co.

Ltd.,

Class

A

(Industrials)

5,144

228

StarPower

Semiconductor

Ltd.,

Class

A

(Information

Technology)*

2,539

900

State

Grid

Information

&

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

2,256

3,065

State

Grid

Yingda

Co.

Ltd.,

Class

A

(Industrials)

2,090

1,440

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

12,075

8,331

Sunny

Optical

Technology

Group

Co.

Ltd.

(Information

Technology)*

64,170

405

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

2,540

22,078

Sunshine

Insurance

Group

Co.

Ltd.

(Financials)*

9,263

1,019

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)*

2,620

730

SUPCON

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,470

192

Suzhou

Centec

Communications

Co.

Ltd.,

Class

A

(Information

Technology)*

1,585

1,014

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

(Information

Technology)

3,965

207

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

1,961

380

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

4,311

201

Suzhou

Zelgen

Biopharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)*

3,036

5,288

TAL

Education

Group

ADR

(Consumer

Discretionary)*

51,981

900

Talkweb

Information

System

Co.

Ltd.,

Class

A

(Communication

Services)*

3,660

1,143

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(Materials)*

717

4,595

TangShan

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

2,622

900

Tasly

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,041

3,843

TBEA

Co.

Ltd.,

Class

A

(Industrials)

6,195

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

12,733

TCL

Technology

Group

Corp.,

Class

A

(Information

Technology)

$

7,567

3,206

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,374

75,372

Tencent

Holdings

Ltd.

(Communication

Services)

4,788,636

9,071

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)

152,756

161

Thunder

Software

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

1,234

3,065

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,528

6,580

Tianfeng

Securities

Co.

Ltd.,

Class

A

(Financials)*

3,563

450

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

A

(Health

Care)

2,123

1,760

Tianma

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

2,009

1,014

Tianqi

Lithium

Corp.,

Class

A

(Materials)

4,075

1,885

Tianqi

Lithium

Corp.,

Class

H

(Materials)

5,889

3,815

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

(Materials)

4,084

3,065

TianShan

Material

Co.

Ltd.,

Class

A

(Materials)*

1,962

2,345

Tianshui

Huatian

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,846

24,228

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

39,795

1,170

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)

1,075

15,350

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Discretionary)

43,359

900

TongFu

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,929

1,170

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)*

1,269

1,863

Tongkun

Group

Co.

Ltd.,

Class

A

(Materials)

2,802

9,441

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

(Materials)

4,156

3,571

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

8,078

194

Topchoice

Medical

Corp.,

Class

A

(Health

Care)

1,113

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

28,595

Topsports

International

Holdings

Ltd.

(Consumer

Discretionary)

(a)

$

10,247

12,980

TravelSky

Technology

Ltd.,

Class

H

(Consumer

Discretionary)

18,473

1,619

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

3,012

7,864

Trip.com

Group

Ltd.

(Consumer

Discretionary)

495,414

2,615

Tsinghua

Tongfang

Co.

Ltd.,

Class

A

(Information

Technology)*

2,611

413

Tsingtao

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,253

7,930

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Consumer

Staples)

55,064

2,125

UBTech

Robotics

Corp.

Ltd.

(Industrials)*

22,682

526

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

4,672

16,783

Uni-President

China

Holdings

Ltd.

(Consumer

Staples)

21,831

2,119

Unisplendour

Corp.

Ltd.,

Class

A

(Information

Technology)

7,071

5,247

United

Nova

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

3,512

758

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

1,423

630

Venustech

Group,

Inc.,

Class

A

(Information

Technology)

1,338

381

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

4,619

630

Victory

Giant

Technology

Huizhou

Co.

Ltd.,

Class

A

(Information

Technology)

7,565

3,990

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)

55,022

1,143

Walvax

Biotechnology

Co.

Ltd.,

Class

A

(Health

Care)

1,640

1,620

Wanda

Film

Holding

Co.

Ltd.,

Class

A

(Communication

Services)*

2,461

900

Wangfujing

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,750

1,893

Wangsu

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,739

2,400

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

18,043

53,104

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

34,199

963

Weibo

Corp.

ADR

(Communication

Services)

8,715

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

5,867

Weichai

Power

Co.

Ltd.,

Class

A

(Industrials)

$

12,253

23,897

Weichai

Power

Co.

Ltd.,

Class

H

(Industrials)

46,748

774

Weihai

Guangwei

Composites

Co.

Ltd.,

Class

A

(Materials)

3,292

5,600

Weilong

Delicious

Global

Holdings

Ltd.

(Consumer

Staples)

9,855

5,247

Wens

Foodstuff

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

12,131

1,863

Western

Mining

Co.

Ltd.,

Class

A

(Materials)*

4,087

3,591

Western

Securities

Co.

Ltd.,

Class

A

(Financials)

3,695

722

Western

Superconducting

Technologies

Co.

Ltd.,

Class

A

(Materials)

4,964

937

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Information

Technology)

16,212

779

Wingtech

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,673

395

Winner

Medical

Co.

Ltd.,

Class

A

(Health

Care)

2,654

1,620

Winning

Health

Technology

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,148

17,843

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

3,345

958

Wolong

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)

3,064

3,965

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,879

3,312

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

(Information

Technology)*

4,065

270

Wuhan

Jingce

Electronic

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

2,142

2,997

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Consumer

Staples)

52,619

1,611

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Information

Technology)

6,930

1,748

WuXi

AppTec

Co.

Ltd.,

Class

A

(Health

Care)

15,415

4,360

WuXi

AppTec

Co.

Ltd.,

Class

H

(Health

Care)

(a)

38,226

42,590

Wuxi

Biologics

Cayman,

Inc.

(Health

Care)*

(a)

135,512

1,175

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

(Industrials)

3,252

3,539

WuXi

XDC

Cayman,

Inc.

(Health

Care)*

18,030

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

8,158

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

(Industrials)

$

9,334

313

Xiamen

Amoytop

Biotech

Co.

Ltd.,

Class

A

(Health

Care)

3,357

2,119

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

2,919

161

Xiamen

Faratronic

Co.

Ltd.,

Class

A

(Information

Technology)

2,310

1,014

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

2,732

1,620

Xiangcai

Co.

Ltd.,

Class

A

(Financials)*

1,845

900

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A

(Industrials)*

1,371

218,120

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

1,417,222

1,170

Xinfengming

Group

Co.

Ltd.,

Class

A

(Materials)*

1,768

1,209

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

3,232

61,384

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

18,552

17,450

XPeng,

Inc.,

Class

A

(Consumer

Discretionary)*

169,904

22,838

XtalPi

Holdings

Ltd.

(Health

Care)*

13,397

810

Xuji

Electric

Co.

Ltd.,

Class

A

(Industrials)

2,392

13,923

Yadea

Group

Holdings

Ltd.

(Consumer

Discretionary)

(a)

21,306

507

Yangzhou

Yangjie

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,341

3,385

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

6,049

39,835

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Energy)

(b)

47,345

507

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

A

(Energy)

2,430

662

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

3,101

916

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,315

1,284

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(Consumer

Staples)

5,404

7,300

Yonghui

Superstores

Co.

Ltd.,

Class

A

(Consumer

Staples)*

5,048

275

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

1,170

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,482

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

$

4,498

3,695

Youngor

Fashion

Co.

Ltd.,

Class

A

(Real

Estate)

3,853

2,119

YTO

Express

Group

Co.

Ltd.,

Class

A

(Industrials)

3,878

22,010

Yuexiu

Property

Co.

Ltd.

(Real

Estate)

(b)

12,322

2,460

YUNDA

Holding

Group

Co.,

Ltd.,

Class

A

(Industrials)

2,381

2,460

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

4,987

1,408

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

(Health

Care)

11,042

161

Yunnan

Botanee

Bio-

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

988

3,965

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.,

Class

A

(Materials)

2,824

1,530

Yunnan

Copper

Co.

Ltd.,

Class

A

(Materials)

2,450

754

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

(Materials)

2,910

1,175

Yunnan

Tin

Co.

Ltd.,

Class

A

(Materials)

2,237

1,175

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

3,557

1,620

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

5,561

12,240

Zai

Lab

Ltd.

(Health

Care)*

(b)

37,540

1,014

Zangge

Mining

Co.

Ltd.,

Class

A

(Materials)

5,105

455

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

12,892

20,635

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Materials)

52,156

3,564

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

(Industrials)

1,608

96

Zhejiang

Cfmoto

Power

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,431

3,965

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

9,701

1,736

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

5,282

1,080

Zhejiang

Crystal-Optech

Co.

Ltd.,

Class

A

(Information

Technology)

2,726

2,124

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,495

434

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

A

(Industrials)

2,728

17,738

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

14,070

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,170

Zhejiang

Hailiang

Co.

Ltd.,

Class

A

(Materials)

$

1,629

1,014

Zhejiang

Huahai

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,434

1,027

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Industrials)

4,763

1,014

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

3,796

2,615

Zhejiang

Jinke

Tom

Culture

Industry

Co.

Ltd.,

Class

A

(Communication

Services)*

1,906

720

Zhejiang

JIULI

Hi-tech

Metals

Co.

Ltd.,

Class

A

(Materials)

2,463

2,119

Zhejiang

Juhua

Co.

Ltd.,

Class

A

(Materials)

7,780

7,506

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Consumer

Discretionary)*

(a)

53,029

2,345

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

3,194

2,135

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Materials)

6,501

2,714

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

(Industrials)

9,742

450

Zhejiang

Sanmei

Chemical

Industry

Co.

Ltd.,

Class

A

(Materials)

2,957

630

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,784

161

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,214

1,620

Zhejiang

Wanfeng

Auto

Wheel

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,644

1,006

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.,

Class

A

(Industrials)

2,724

1,175

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

(Industrials)

1,827

7,210

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

5,356

900

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

A

(Industrials)

2,068

3,215

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

(Industrials)

(b)

6,265

3,326

Zheshang

Securities

Co.

Ltd.,

Class

A

(Financials)

4,822

9,349

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(Financials)*

(a)

22,963

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

642

Zhongfu

Shenying

Carbon

Fiber

Co.

Ltd.,

Class

A

(Materials)*

$

1,805

891

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

11,574

3,695

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

7,157

8,467

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

12,784

4,848

Zhongtai

Securities

Co.

Ltd.,

Class

A

(Financials)

4,100

774

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

(Industrials)

1,453

1,620

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

(Real

Estate)

1,104

523

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,182

6,204

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

(Industrials)

26,346

2,119

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

(Industrials)

1,539

16,102

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

39,642

69,986

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

156,188

6,698

ZJLD

Group,

Inc.

(Consumer

Staples)

(a)

5,646

6,344

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Industrials)

6,281

18,468

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

(Industrials)

13,895

3,308

ZTE

Corp.,

Class

A

(Information

Technology)

14,281

9,733

ZTE

Corp.,

Class

H

(Information

Technology)

27,307

5,173

ZTO

Express

Cayman,

Inc.

(Industrials)

91,235

31,655,219

Colombia

–

0.1%

58,607

Ecopetrol

SA

(Energy)

24,496

2,951

Grupo

Cibest

SA

(Financials)

34,592

696

Grupo

de

Inversiones

Suramericana

SA

(Financials)

7,507

5,455

Interconexion

Electrica

SA

ESP

(Utilities)

25,316

91,911

Cyprus

–

0.0%

4,557

Bank

of

Cyprus

Holdings

PLC

(Financials)

31,454

Czech

Republic

–

0.2%

2,046

CEZ

AS

(Utilities)

112,416

945

Komercni

Banka

AS

(Financials)

43,669

156,085

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Egypt

–

0.1%

30,348

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

$

50,570

13,172

EFG

Holding

S.A.E.

(Financials)*

8,300

11,930

Talaat

Moustafa

Group

(Real

Estate)

13,197

72,067

Greece

–

0.6%

25,019

Alpha

Services

and

Holdings

SA

(Financials)

80,380

944

Athens

International

Airport

SA

(Industrials)

10,760

29,637

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)

91,280

2,384

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

45,982

1,442

JUMBO

SA

(Consumer

Discretionary)

46,852

1,336

Metlen

Energy

&

Metals

SA

(Industrials)

67,796

785

Motor

Oil

Hellas

Corinth

Refineries

SA

(Energy)

20,942

10,584

National

Bank

of

Greece

SA

(Financials)

126,163

2,491

OPAP

SA

(Consumer

Discretionary)

53,561

12,552

Piraeus

Financial

Holdings

SA

(Financials)

83,674

2,288

Public

Power

Corp.

SA

(Utilities)

34,884

662,274

Hong

Kong

–

0.1%

6,000

Guming

Holdings

Ltd.

(Consumer

Discretionary)*

20,162

77,124

J&T

Global

Express

Ltd.

(Industrials)*

67,175

1,784

Orient

Overseas

International

Ltd.

(Industrials)

30,736

118,073

Hungary

–

0.3%

4,686

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)*

40,504

2,773

OTP

Bank

Nyrt

(Financials)

210,233

1,786

Richter

Gedeon

Nyrt

(Health

Care)

51,944

302,681

India

–

19.0%

2,988

360

ONE

WAM

Ltd.

(Financials)

34,828

656

ABB

India

Ltd.

(Industrials)

45,772

922

ACC

Ltd.

(Materials)

20,286

4,110

Adani

Energy

Solutions

Ltd.

(Utilities)*

41,650

2,708

Adani

Enterprises

Ltd.

(Industrials)

79,742

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

3,604

Adani

Green

Energy

Ltd.

(Utilities)*

$

42,719

7,184

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Industrials)

120,283

9,954

Adani

Power

Ltd.

(Utilities)*

63,254

2,669

Adani

Total

Gas

Ltd.

(Utilities)

21,326

8,799

Aditya

Birla

Capital

Ltd.

(Financials)*

22,879

418

Alkem

Laboratories

Ltd.

(Health

Care)

24,904

7,792

Ambuja

Cements

Ltd.

(Materials)

50,399

2,060

APL

Apollo

Tubes

Ltd.

(Materials)

43,612

1,255

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

100,906

17,206

Ashok

Leyland

Ltd.

(Industrials)

47,457

4,292

Asian

Paints

Ltd.

(Materials)

113,305

1,526

Astral

Ltd.

(Industrials)

26,715

5,934

AU

Small

Finance

Bank

Ltd.

(Financials)

(a)

48,058

3,395

Aurobindo

Pharma

Ltd.

(Health

Care)*

45,536

1,796

Avenue

Supermarts

Ltd.

(Consumer

Staples)*

(a)

83,994

4,473

AWL

Agri

Business

Ltd.

(Consumer

Staples)*

14,374

29,048

Axis

Bank

Ltd.

(Financials)

404,686

830

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

83,480

3,448

Bajaj

Finance

Ltd.

(Financials)

369,902

4,859

Bajaj

Finserv

Ltd.

(Financials)

114,549

344

Bajaj

Holdings

&

Investment

Ltd.

(Financials)

53,922

910

Balkrishna

Industries

Ltd.

(Consumer

Discretionary)

26,289

10,269

Bandhan

Bank

Ltd.

(Financials)

(a)

20,423

13,752

Bank

of

Baroda

(Financials)

40,103

11,709

Bank

of

India

(Financials)

16,685

12,966

Bank

of

Maharashtra

(Financials)

8,179

2,464

Berger

Paints

India

Ltd.

(Materials)

16,363

1,181

Bharat

Dynamics

Ltd.

(Industrials)

27,815

45,288

Bharat

Electronics

Ltd.

(Industrials)

203,538

3,276

Bharat

Forge

Ltd.

(Consumer

Discretionary)

47,504

13,285

Bharat

Heavy

Electricals

Ltd.

(Industrials)

40,337

24,559

Bharat

Petroleum

Corp.

Ltd.

(Energy)

91,377

30,051

Bharti

Airtel

Ltd.

(Communication

Services)

651,834

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

957

Bharti

Hexacom

Ltd.

(Communication

Services)

$

20,473

4,861

Biocon

Ltd.

(Health

Care)

19,078

108

Bosch

Ltd.

(Consumer

Discretionary)

39,647

1,336

Britannia

Industries

Ltd.

(Consumer

Staples)

86,030

2,535

BSE

Ltd.

(Financials)

79,212

23,328

Canara

Bank

(Financials)

31,284

8,157

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

65,456

5,279

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

98,763

6,461

Cipla

Ltd.

(Health

Care)

110,662

18,811

Coal

India

Ltd.

(Energy)

87,334

1,045

Cochin

Shipyard

Ltd.

(Industrials)

(a)

23,777

799

Coforge

Ltd.

(Information

Technology)

79,835

1,711

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

49,104

2,786

Container

Corp.

Of

India

Ltd.

(Industrials)

25,537

1,541

Coromandel

International

Ltd.

(Materials)

41,227

1,748

Cummins

India

Ltd.

(Industrials)

66,756

6,457

Dabur

India

Ltd.

(Consumer

Staples)

36,441

898

Dalmia

Bharat

Ltd.

(Materials)

21,160

714

Deepak

Nitrite

Ltd.

(Materials)

16,915

4,967

Delhivery

Ltd.

(Industrials)*

20,779

1,400

Divi's

Laboratories

Ltd.

(Health

Care)

108,172

431

Dixon

Technologies

India

Ltd.

(Consumer

Discretionary)

73,997

7,669

DLF

Ltd.

(Real

Estate)

71,501

7,058

Dr

Reddy's

Laboratories

Ltd.

(Health

Care)

103,196

1,668

Eicher

Motors

Ltd.

(Consumer

Discretionary)

103,959

11,248

Embassy

Office

Parks

REIT

(Real

Estate)

50,131

87,530

Eternal

Ltd.

(Consumer

Discretionary)*

243,754

5,364

Exide

Industries

Ltd.

(Consumer

Discretionary)

24,248

22,476

Federal

Bank

Ltd.

(Financials)

53,070

801

Fertilisers

&

Chemicals

Travancore

Ltd.

(Materials)

8,265

5,945

Fortis

Healthcare

Ltd.

(Health

Care)

49,068

12,706

FSN

E-Commerce

Ventures

Ltd.

(Consumer

Discretionary)*

30,180

29,881

GAIL

India

Ltd.

(Utilities)

66,274

1,554

GE

Vernova

T&D

India

Ltd.

(Industrials)

40,703

1,728

General

Insurance

Corp.

of

India

(Financials)

(a)

8,311

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

828

Gland

Pharma

Ltd.

(Health

Care)

(a)

$

15,371

507

GlaxoSmithKline

Pharmaceuticals

Ltd.

(Health

Care)

19,543

1,756

Glenmark

Pharmaceuticals

Ltd.

(Health

Care)

29,900

31,889

GMR

Airports

Ltd.

(Industrials)*

31,332

4,659

Godrej

Consumer

Products

Ltd.

(Consumer

Staples)

67,042

1,863

Godrej

Properties

Ltd.

(Real

Estate)*

48,848

4,182

Grasim

Industries

Ltd.

(Materials)

124,412

440

Gujarat

Fluorochemicals

Ltd.

(Materials)

18,270

2,430

Gujarat

Gas

Ltd.

(Utilities)

13,064

2,588

Havells

India

Ltd.

(Industrials)

46,180

11,876

HCL

Technologies

Ltd.

(Information

Technology)

227,125

1,230

HDFC

Asset

Management

Co.

Ltd.

(Financials)

(a)

68,748

71,803

HDFC

Bank

Ltd.

(Financials)*

1,631,898

12,425

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

112,794

1,511

Hero

MotoCorp

Ltd.

(Consumer

Discretionary)

76,089

17,141

Hindalco

Industries

Ltd.

(Materials)

126,892

2,191

Hindustan

Aeronautics

Ltd.

(Industrials)

127,353

11,224

Hindustan

Petroleum

Corp.

Ltd.

(Energy)

53,913

9,687

Hindustan

Unilever

Ltd.

(Consumer

Staples)

265,825

2,695

Hindustan

Zinc

Ltd.

(Materials)

14,430

162

Hitachi

Energy

India

Ltd.

(Industrials)

36,533

27

Honeywell

Automation

India

Ltd.

(Information

Technology)

12,157

4,350

Housing

&

Urban

Development

Corp.

Ltd.

(Financials)

12,263

1,760

Hyundai

Motor

India

Ltd.

(Consumer

Discretionary)*

37,991

66,832

ICICI

Bank

Ltd.

(Financials)

1,129,135

3,033

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

66,469

4,925

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(Financials)

(a)

38,122

67,080

IDFC

First

Bank

Ltd.

(Financials)*

53,280

3,214

Indian

Bank

(Financials)

23,158

10,768

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

96,871

35,972

Indian

Oil

Corp.

Ltd.

(Energy)

59,678

2,794

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

(Industrials)

24,683

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

22,075

Indian

Railway

Finance

Corp.

Ltd.

(Financials)

(a)

$

35,844

7,344

Indian

Renewable

Energy

Development

Agency

Ltd.

(Financials)*

14,995

7,207

Indraprastha

Gas

Ltd.

(Utilities)

17,405

15,813

Indus

Towers

Ltd.

(Communication

Services)*

70,985

7,139

IndusInd

Bank

Ltd.

(Financials)

68,153

4,270

Info

Edge

India

Ltd.

(Communication

Services)

71,229

40,489

Infosys

Ltd.

(Information

Technology)

739,377

2,327

InterGlobe

Aviation

Ltd.

(Industrials)*

(a)

144,936

38,083

ITC

Ltd.

(Consumer

Staples)

186,043

4,452

Jindal

Stainless

Ltd.

(Materials)

33,543

4,895

Jindal

Steel

&

Power

Ltd.

(Materials)

54,278

37,085

Jio

Financial

Services

Ltd.

(Financials)*

124,223

4,914

JSW

Energy

Ltd.

(Utilities)*

28,020

3,241

JSW

Infrastructure

Ltd.

(Industrials)

11,015

10,206

JSW

Steel

Ltd.

(Materials)

118,489

4,906

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

37,583

4,736

Kalyan

Jewellers

India

Ltd.

(Consumer

Discretionary)

31,014

13,866

Kotak

Mahindra

Bank

Ltd.

(Financials)

336,171

1,918

KPIT

Technologies

Ltd.

(Information

Technology)

29,984

255

L&T

Technology

Services

Ltd.

(Industrials)

(a)

13,015

8,544

Larsen

&

Toubro

Ltd.

(Industrials)

366,930

2,849

Life

Insurance

Corp.

of

India

(Financials)

31,776

252

Linde

India

Ltd.

(Materials)

22,102

1,222

Lloyds

Metals

&

Energy

Ltd.

(Materials)

19,893

903

LTIMindtree

Ltd.

(Information

Technology)

(a)

53,488

2,983

Lupin

Ltd.

(Health

Care)

68,242

3,493

Macrotech

Developers

Ltd.

(Real

Estate)

(a)

58,186

6,355

Mahindra

&

Mahindra

Financial

Services

Ltd.

(Financials)

19,390

11,288

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

392,663

704

MakeMyTrip

Ltd.

(Consumer

Discretionary)*

71,548

1,393

Mankind

Pharma

Ltd.

(Health

Care)*

40,170

5,962

Marico

Ltd.

(Consumer

Staples)

49,915

1,493

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

214,926

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

2,822

Max

Financial

Services

Ltd.

(Financials)*

$

49,554

9,386

Max

Healthcare

Institute

Ltd.

(Health

Care)

123,414

822

Mazagon

Dock

Shipbuilders

Ltd.

(Industrials)

33,410

1,807

Motilal

Oswal

Financial

Services

Ltd.

(Financials)

17,102

1,278

Mphasis

Ltd.

(Information

Technology)

38,214

28

MRF

Ltd.

(Consumer

Discretionary)

45,436

1,371

Muthoot

Finance

Ltd.

(Financials)

35,493

4,049

Nestle

India

Ltd.

(Consumer

Staples)

113,377

35,427

NHPC

Ltd.

(Utilities)

36,187

37,509

NMDC

Ltd.

(Materials)

31,195

9,202

NTPC

Green

Energy

Ltd.

(Utilities)*

11,964

55,112

NTPC

Ltd.

(Utilities)

215,038

1,509

Oberoi

Realty

Ltd.

(Real

Estate)

30,794

34,283

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

95,908

7,592

Oil

India

Ltd.

(Energy)

37,865

3,811

One

97

Communications

Ltd.

(Financials)*

39,655

298

Oracle

Financial

Services

Software

Ltd.

(Information

Technology)

29,469

65

Page

Industries

Ltd.

(Consumer

Discretionary)

35,229

1,355

Patanjali

Foods

Ltd.

(Consumer

Staples)

26,463

4,238

PB

Fintech

Ltd.

(Financials)*

87,241

1,252

Persistent

Systems

Ltd.

(Information

Technology)

82,486

9,288

Petronet

LNG

Ltd.

(Energy)

33,353

2,417

Phoenix

Mills

Ltd.

(The)

(Real

Estate)

43,414

907

PI

Industries

Ltd.

(Materials)

40,527

1,696

Pidilite

Industries

Ltd.

(Materials)

61,581

562

Polycab

India

Ltd.

(Industrials)

39,345

17,972

Power

Finance

Corp.

Ltd.

(Financials)

85,255

57,386

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

194,304

573

Premier

Energies

Ltd.

(Information

Technology)

(a)

7,108

2,147

Prestige

Estates

Projects

Ltd.

(Real

Estate)

36,796

120

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

(Consumer

Staples)

19,049

28,698

Punjab

National

Bank

(Financials)

35,487

5,643

Rail

Vikas

Nigam

Ltd.

(Industrials)

26,743

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

15,434

REC

Ltd.

(Financials)

$

72,557

75,932

Reliance

Industries

Ltd.

(Energy)

1,260,786

37,571

Samvardhana

Motherson

International

Ltd.

(Consumer

Discretionary)

67,226

3,050

SBI

Cards

&

Payment

Services

Ltd.

(Financials)

32,827

5,659

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

119,839

555

Schaeffler

India

Ltd.

(Industrials)

27,166

105

Shree

Cement

Ltd.

(Materials)

36,313

17,784

Shriram

Finance

Ltd.

(Financials)

132,868

1,150

Siemens

Energy

India

Ltd.

(Energy)*

(c)

33,303

1,102

Siemens

Ltd.

(Industrials)

42,053

9,173

SJVN

Ltd.

(Utilities)

10,323

309

Solar

Industries

India

Ltd.

(Materials)

58,149

5,554

Sona

Blw

Precision

Forgings

Ltd.

(Consumer

Discretionary)

(a)

35,304

1,675

SRF

Ltd.

(Materials)

56,000

22,633

State

Bank

of

India

(Financials)

214,838

13,267

Steel

Authority

of

India

Ltd.

(Materials)

20,027

12,777

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

250,478

825

Sundaram

Finance

Ltd.

(Financials)

49,519

726

Supreme

Industries

Ltd.

(Materials)

35,175

139,438

Suzlon

Energy

Ltd.

(Industrials)*

116,471

2,447

Swiggy

Ltd.

(Consumer

Discretionary)*

9,524

1,433

Tata

Communications

Ltd.

(Communication

Services)

28,069

10,768

Tata

Consultancy

Services

Ltd.

(Information

Technology)

435,804

7,384

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

95,459

463

Tata

Elxsi

Ltd.

(Information

Technology)

34,841

24,978

Tata

Motors

Ltd.

(Consumer

Discretionary)

210,011

20,205

Tata

Power

Co.

Ltd.

(The)

(Utilities)

92,743

93,700

Tata

Steel

Ltd.

(Materials)

176,308

845

Tata

Technologies

Ltd.

(Information

Technology)

7,639

6,651

Tech

Mahindra

Ltd.

(Information

Technology)

122,326

391

Thermax

Ltd.

(Industrials)

15,481

4,478

Titan

Co.

Ltd.

(Consumer

Discretionary)

186,027

1,290

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

47,857

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

2,369

Torrent

Power

Ltd.

(Utilities)

$

38,037

2,299

Trent

Ltd.

(Consumer

Discretionary)*

151,614

1,297

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

46,410

2,906

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

94,432

1,446

UltraTech

Cement

Ltd.

(Materials)

189,421

19,711

Union

Bank

of

India

Ltd.

(Financials)

33,811

891

United

Breweries

Ltd.

(Consumer

Staples)

20,582

3,682

United

Spirits

Ltd.

(Consumer

Staples)

65,405

2,305

UNO

Minda

Ltd.

(Consumer

Discretionary)

27,115

7,242

UPL

Ltd.

(Materials)

53,138

16,962

Varun

Beverages

Ltd.

(Consumer

Staples)

94,339

507

Vedant

Fashions

Ltd.

(Consumer

Discretionary)

4,724

17,145

Vedanta

Ltd.

(Materials)

87,263

9,444

Vishal

Mega

Mart

Ltd.

(Consumer

Discretionary)*

13,757

321,959

Vodafone

Idea

Ltd.

(Communication

Services)*

26,035

2,964

Voltas

Ltd.

(Industrials)

43,739

32,119

Wipro

Ltd.

(Information

Technology)

93,709

204,131

Yes

Bank

Ltd.

(Financials)*

51,238

2,742

Zydus

Lifesciences

Ltd.

(Health

Care)

29,799

20,784,519

Indonesia

–

1.4%

90,407

Adaro

Minerals

Indonesia

Tbk

PT

(Materials)*

5,716

136,824

Alamtri

Resources

Indonesia

Tbk

PT

(Energy)

18,478

154,805

Amman

Mineral

Internasional

PT

(Materials)*

65,809

249,824

Astra

International

Tbk

PT

(Industrials)

74,380

663,125

Bank

Central

Asia

Tbk

PT

(Financials)

382,650

460,846

Bank

Mandiri

Persero

Tbk

PT

(Financials)

149,937

186,322

Bank

Negara

Indonesia

Persero

Tbk

PT

(Financials)

51,356

891,084

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

243,421

363,212

Barito

Pacific

Tbk

PT

(Materials)

28,094

66,831

Barito

Renewables

Energy

Tbk

PT

(Utilities)

26,667

88,323

Chandra

Asri

Pacific

Tbk

PT

(Materials)*

50,559

93,707

Charoen

Pokphand

Indonesia

Tbk

PT

(Consumer

Staples)

27,842

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

20,098

Dian

Swastatika

Sentosa

Tbk

PT

(Energy)*

$

66,623

10,807,706

GoTo

Gojek

Tokopedia

Tbk

PT

(Consumer

Discretionary)*

42,461

29,159

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

19,511

56,294

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

27,214

73,539

Indosat

Tbk

PT

(Communication

Services)

9,435

256,524

Kalbe

Farma

Tbk

PT

(Health

Care)*

23,857

21,456

Pantai

Indah

Kapuk

Dua

Tbk

PT

(Materials)

14,093

21,538

Petrindo

Jaya

Kreasi

Tbk

PT

(Energy)

15,073

242,230

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)*

36,134

601,857

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)*

104,189

79,997

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

8,496

17,995

United

Tractors

Tbk

PT

(Energy)

24,800

1,516,795

Kazakhstan

–

–%

1,389

Solidcore

Resources

PLC

(Materials)*

(c)

—

Kuwait

–

0.8%

16,628

Agility

Public

Warehousing

Co.

KSC

(Industrials)

13,547

13,841

Al

Ahli

Bank

of

Kuwait

KSCP

(Financials)

13,532

17,913

Boubyan

Bank

KSCP

(Financials)

39,229

17,261

Burgan

Bank

SAK

(Financials)

14,232

31,185

Gulf

Bank

KSCP

(Financials)

34,046

153,635

Kuwait

Finance

House

KSCP

(Financials)

375,513

9,127

Mabanee

Co

KPSC

(Real

Estate)

24,985

26,962

Mobile

Telecommunications

Co.

KSCP

(Communication

Services)

41,913

104,341

National

Bank

of

Kuwait

SAKP

(Financials)

325,077

32,789

Warba

Bank

KSCP

(Financials)*

26,394

908,468

Luxembourg

–

0.0%

1,739

Reinet

Investments

SCA

(Financials)

46,923

Mexico

–

1.9%

194,036

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

163,880

Shares

Description

Value

a

Common

Stocks

–

(continued)

Mexico

–

(continued)

5,709

Arca

Continental

SAB

de

CV

(Consumer

Staples)

$

62,741

22,572

Becle

SAB

de

CV

(Consumer

Staples)

(b)

26,915

191,696

Cemex

SAB

de

CV,

Series

CPO

(Materials)

131,182

6,457

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

61,296

2,537

El

Puerto

de

Liverpool

SAB

de

CV

(Consumer

Discretionary)

12,380

36,896

Fibra

Uno

Administracion

SA

de

CV

REIT

(Real

Estate)

51,886

23,571

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

250,638

2,241

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

42,209

4,803

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Industrials)

110,371

2,254

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Industrials)

72,297

15,851

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

44,279

6,287

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrials)

40,049

6,004

Grupo

Comercial

Chedraui

SA

de

CV

(Consumer

Staples)

43,417

36,557

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

322,996

24,129

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Financials)

60,441

39,624

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

217,130

2,335

Industrias

Penoles

SAB

de

CV

(Materials)*

49,325

20,582

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

36,538

13,325

Prologis

Property

Mexico

SA

de

CV

REIT

(Real

Estate)

50,983

63,159

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

207,319

2,058,272

Netherlands

–

–%

1,289

Nebius

Group

NV,

Class

A

(Information

Technology)*

(c)

—

Philippines

–

0.5%

3,235

Ayala

Corp.

(Industrials)

33,628

72,836

Ayala

Land,

Inc.

(Real

Estate)

30,025

27,068

Bank

of

the

Philippine

Islands

(Financials)

67,482

26,360

BDO

Unibank,

Inc.

(Financials)

76,063

455

Globe

Telecom,

Inc.

(Communication

Services)

14,434

10,056

International

Container

Terminal

Services,

Inc.

(Industrials)

73,895

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Philippines

–

(continued)

5,737

Jollibee

Foods

Corp.

(Consumer

Discretionary)

$

22,930

3,807

Manila

Electric

Co.

(Utilities)

37,528

23,105

Metropolitan

Bank

&

Trust

Co.

(Financials)

30,457

1,169

PLDT,

Inc.

(Communication

Services)

25,477

6,234

SM

Investments

Corp.

(Industrials)

93,295

110,787

SM

Prime

Holdings,

Inc.

(Real

Estate)

44,776

549,990

Qatar

–

0.7%

88,681

Al

Rayan

Bank

(Financials)

54,509

43,287

Commercial

Bank

PSQC

(The)

(Financials)

54,676

21,614

Dukhan

Bank

(Financials)

21,382

24,589

Industries

Qatar

QSC

(Industrials)

80,027

67,140

Mesaieed

Petrochemical

Holding

Co.

(Materials)

24,599

8,656

Ooredoo

QPSC

(Communication

Services)

29,361

6,027

Qatar

Electricity

&

Water

Co.

QSC

(Utilities)

26,220

7,253

Qatar

Fuel

QSC

(Energy)

29,881

34,781

Qatar

Gas

Transport

Co.

Ltd.

(Energy)

45,757

12,326

Qatar

International

Islamic

Bank

QSC

(Financials)

35,580

20,803

Qatar

Islamic

Bank

(Financials)

120,556

56,408

Qatar

National

Bank

QPSC

(Financials)

262,597

785,145

Russia

–

0.0%

12,708

Alrosa

PJSC

(Materials)

(c)

—

801

Gazprom

Neft

PJSC

(Energy)

(c)

—

49,291

Gazprom

PJSC

(Energy)*

(c)

—

26,300

GMK

Norilskiy

Nickel

PAO

(Materials)*

(c)

—

1,413

LUKOIL

PJSC

(Energy)*

(c)

—

4,560

Mobile

TeleSystems

PJSC

(Communication

Services)

(c)

—

3,099

Novatek

PJSC

(Energy)

(c)

—

5,287

Novolipetsk

Steel

PJSC

(Materials)*

(c)

—

780

PIK-Spetsializirovannyy

Zastroyshchik

PAO

(Consumer

Discretionary)*

(c)

—

1,280

Polyus

PJSC

(Materials)*

(c)

—

5,078

Rosneft

Oil

Co.

PJSC

(Energy)

(c)

—

44,370

Sberbank

of

Russia

PJSC

(Financials)

(c)

—

969

Severstal

PAO

(Materials)

(c)

—

146,300

Surgutneftegas

PJSC

(Energy)

(c)

—

6,047

Tatneft

PJSC

(Energy)

(c)

—

Shares

Description

Value

a

Common

Stocks

–

(continued)

Russia

–

(continued)

6,503

United

Co

RUSAL

International

PJSC

(Materials)*

(c)

$

—

—

Saudi

Arabia

–

3.5%

1,691

ACWA

Power

Co.

(Utilities)*

116,740

4,905

Ades

Holding

Co.

(Energy)

18,252

1,791

Advanced

Petrochemical

Co.

(Materials)*

14,322

24,853

Al

Rajhi

Bank

(Financials)

603,497

629

Al

Rajhi

Co.

for

Co-operative

Insurance

(Financials)*

18,946

15,533

Alinma

Bank

(Financials)

107,027

5,858

Almarai

Co.

JSC

(Consumer

Staples)

80,102

10,991

Arab

National

Bank

(Financials)

63,456

326

Arabian

Internet

&

Co.mmunications

Services

Co.

(Information

Technology)

22,871

9,102

Bank

AlBilad

(Financials)

62,715

8,073

Bank

Al-Jazira

(Financials)*

27,501

15,171

Banque

Saudi

Fransi

(Financials)

69,877

952

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

42,377

910

Co.

for

Cooperative

Insurance

(The)

(Financials)

33,619

6,752

Dar

Al

Arkan

Real

Estate

Development

Co.

(Real

Estate)*

36,031

1,047

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care)

73,062

327

Elm

Co.

(Information

Technology)

89,271

4,672

Etihad

Etisalat

Co.

(Communication

Services)

74,221

7,332

Jabal

Omar

Development

Co.

(Real

Estate)*

42,096

7,556

Jarir

Marketing

Co.

(Consumer

Discretionary)

25,901

1,243

Makkah

Construction

&

Development

Co.

(Real

Estate)

32,072

412

MBC

Group

CJSC

(Communication

Services)*

4,783

1,245

Mouwasat

Medical

Services

Co.

(Health

Care)

24,093

511

Nahdi

Medical

Co.

(Consumer

Staples)

16,617

5,910

Rabigh

Refining

&

Petrochemical

Co.

(Energy)*

10,759

18,640

Riyad

Bank

(Financials)

144,334

713

Riyadh

Cables

Group

Co.

(Industrials)

26,417

2,888

SABIC

Agri-Nutrients

Co.

(Materials)

73,823

4,771

Sahara

International

Petrochemical

Co.

(Materials)

24,035

422

SAL

Saudi

Logistics

Services

(Industrials)

20,022

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

14,991

Saudi

Arabian

Mining

Co.

(Materials)*

$

203,788

73,032

Saudi

Arabian

Oil

Co.

(Energy)

(a)

486,666

685

Saudi

Aramco

Base

Oil

Co.

(Materials)

18,186

12,697

Saudi

Awwal

Bank

(Financials)

114,223

11,412

Saudi

Basic

Industries

Corp.

(Materials)

169,432

9,973

Saudi

Electricity

Co.

(Utilities)

37,641

4,415

Saudi

Industrial

Investment

Group

(Materials)

19,464

7,814

Saudi

Investment

Bank

(The)

(Financials)

30,826

9,378

Saudi

Kayan

Petrochemical

Co.

(Materials)*

12,573

37,280

Saudi

National

Bank

(The)

(Financials)

344,813

414

Saudi

Research

&

Media

Group

(Communication

Services)*

15,824

614

Saudi

Tadawul

Group

Holding

Co.

(Financials)

28,608

24,089

Saudi

Telecom

Co.

(Communication

Services)

269,036

1,890

Savola

Group

(The)

(Consumer

Staples)*

13,375

3,540

Yanbu

National

Petrochemical

Co.

(Materials)

28,119

3,791,413

South

Africa

–

2.9%

10,547

Absa

Group

Ltd.

(Financials)

101,232

4,613

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

30,949

4,254

Bid

Corp.

Ltd.

(Consumer

Staples)

112,212

4,359

Bidvest

Group

Ltd.

(Industrials)

58,802

1,093

Capitec

Bank

Holdings

Ltd.

(Financials)

(b)

208,607

2,943

Clicks

Group

Ltd.

(Consumer

Staples)

63,265

6,820

Discovery

Ltd.

(Financials)

82,365

2,985

Exxaro

Resources

Ltd.

(Energy)

24,300

63,447

FirstRand

Ltd.

(Financials)

261,799

11,173

Gold

Fields

Ltd.

(Materials)

250,815

6,936

Harmony

Gold

Mining

Co.

Ltd.

(Materials)

98,235

11,185

Impala

Platinum

Holdings

Ltd.

(Materials)*

79,978

2,849

Investec

Ltd.

(Financials)

20,085

776

Kumba

Iron

Ore

Ltd.

(Materials)

(b)

12,663

3,248

Mr

Price

Group

Ltd.

(Consumer

Discretionary)

43,404

21,320

MTN

Group

Ltd.

(Communication

Services)

147,584

3,975

MultiChoice

Group

(Communication

Services)*

25,733

2,007

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)

573,935

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

5,390

Nedbank

Group

Ltd.

(Financials)

$

76,264

4,226

Northam

Platinum

Holdings

Ltd.

(Materials)

35,444

58,587

Old

Mutual

Ltd.

(Financials)

37,863

10,901

OUTsurance

Group

Ltd.

(Financials)

45,850

29,331

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

47,414

6,518

Remgro

Ltd.

(Financials)

57,566

22,212

Sanlam

Ltd.

(Financials)

109,009

7,538

Sasol

Ltd.

(Materials)*

33,905

6,011

Shoprite

Holdings

Ltd.

(Consumer

Staples)

97,205

35,956

Sibanye

Stillwater

Ltd.

(Materials)*

54,599

16,690

Standard

Bank

Group

Ltd.

(Financials)

215,577

1,079

Valterra

Platinum

Limited

(Materials)

(b)

42,109

7,611

Vodacom

Group

Ltd.

(Communication

Services)

58,068

11,511

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

37,355

3,144,191

South

Korea

–

9.7%

475

Alteogen,

Inc.

(Health

Care)*

113,612

375

Amorepacific

Corp.

(Consumer

Staples)

36,339

361

Amorepacific

Holdings

Corp.

(Consumer

Staples)

6,855

95

BGF

retail

Co.

Ltd.

(Consumer

Staples)

7,058

3,467

BNK

Financial

Group,

Inc.

(Financials)

27,792

253

Celltrion

Pharm,

Inc.

(Health

Care)*

8,994

1,829

Celltrion,

Inc.

(Health

Care)

213,430

922

Cheil

Worldwide,

Inc.

(Communication

Services)

12,269

96

CJ

CheilJedang

Corp.

(Consumer

Staples)

16,108

183

CJ

Corp.

(Industrials)

18,079

95

CJ

Logistics

Corp.

(Industrials)

5,536

690

Coway

Co.

Ltd.

(Consumer

Discretionary)

44,460

499

DB

HiTek

Co.

Ltd.

(Information

Technology)

14,105

562

DB

Insurance

Co.

Ltd.

(Financials)

40,937

418

Dongsuh

Cos.,

Inc.

(Consumer

Staples)

7,877

648

Doosan

Bobcat,

Inc.

(Industrials)

22,074

90

Doosan

Co.

Ltd.

(Industrials)

31,833

5,443

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

159,183

271

Doosan

Robotics,

Inc.

(Industrials)*

9,271

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

583

Ecopro

BM

Co.

Ltd.

(Industrials)*

$

37,903

1,272

Ecopro

Co.

Ltd.

(Industrials)

39,459

376

Ecopro

Materials

Co.

Ltd.

(Industrials)*

12,291

232

E-MART,

Inc.

(Consumer

Staples)

15,352

225

F&F

Co.

Ltd.

(Consumer

Discretionary)

12,312

598

GS

Holdings

Corp.

(Industrials)

18,876

3,538

Hana

Financial

Group,

Inc.

(Financials)

186,427

320

Hanjin

Kal

Corp.

(Consumer

Discretionary)

32,772

917

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

25,589

81

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

18,288

158

Hanmi

Science

Co.

Ltd.

(Health

Care)

4,054

554

Hanmi

Semiconductor

Co.

Ltd.

(Information

Technology)

32,284

2,158

Hanon

Systems

(Consumer

Discretionary)*

4,724

381

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

223,955

458

Hanwha

Corp.

(Industrials)

25,063

3,716

Hanwha

Life

Insurance

Co.

Ltd.

(Financials)*

7,959

1,300

Hanwha

Ocean

Co.

Ltd.

(Industrials)*

73,494

1,378

Hanwha

Solutions

Corp.

(Materials)

29,763

736

Hanwha

Systems

Co.

Ltd.

(Industrials)

24,219

552

HD

Hyundai

Co.

Ltd.

(Energy)

44,690

263

HD

Hyundai

Electric

Co.

Ltd.

(Industrials)

72,245

271

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Industrials)*

79,648

93

HD

Hyundai

Marine

Solution

Co.

Ltd.

(Industrials)

12,120

294

HD

HYUNDAI

MIPO

(Industrials)

41,233

565

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Industrials)

129,610

418

HL

Mando

Co.

Ltd.

(Consumer

Discretionary)

10,210

1,493

HLB,

Inc.

(Health

Care)*

59,084

3,592

HMM

Co.

Ltd.

(Industrials)

55,454

373

Hotel

Shilla

Co.

Ltd.

(Consumer

Discretionary)*

13,409

70

Hugel,

Inc.

(Health

Care)*

16,844

262

HYBE

Co.

Ltd.

(Communication

Services)*

50,512

91

Hyundai

Autoever

Corp.

(Information

Technology)

9,458

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

276

Hyundai

Elevator

Co.

Ltd.

(Industrials)

$

15,183

968

Hyundai

Engineering

&

Construction

Co.

Ltd.

(Industrials)

44,762

472

Hyundai

Glovis

Co.

Ltd.

(Industrials)

38,795

784

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(Financials)*

13,837

780

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

143,031

1,701

Hyundai

Motor

Co.

(Consumer

Discretionary)

228,452

922

Hyundai

Rotem

Co.

Ltd.

(Industrials)

97,833

1,107

Hyundai

Steel

Co.

(Materials)

22,626

3,190

Industrial

Bank

of

Korea

(Financials)

36,392

367

JYP

Entertainment

Corp.

(Communication

Services)

19,870

3,824

Kakao

Corp.

(Communication

Services)

118,348

2,749

KakaoBank

Corp.

(Financials)

46,823

282

Kakaopay

Corp.

(Financials)*

7,736

1,460

Kangwon

Land,

Inc.

(Consumer

Discretionary)

18,032

4,707

KB

Financial

Group,

Inc.

(Financials)

355,831

48

KCC

Corp.

(Materials)

10,698

181

KEPCO

Engineering

&

Construction

Co.,

Inc.

(Industrials)

8,239

231

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

(Industrials)

7,233

3,125

Kia

Corp.

(Consumer

Discretionary)

202,490

181

KIWOOM

Securities

Co.

Ltd.

(Financials)

21,331

901

Korea

Aerospace

Industries

Ltd.

(Industrials)

54,594

3,304

Korea

Electric

Power

Corp.

(Utilities)

72,680

373

Korea

Gas

Corp.

(Utilities)

11,179

548

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

42,896

109

Korea

Zinc

Co.

Ltd.

(Materials)

57,751

2,365

Korean

Air

Lines

Co.

Ltd.

(Industrials)

38,568

360

Krafton,

Inc.

(Communication

Services)*

96,282

796

KT

Corp.

(Communication

Services)

29,308

1,203

KT&G

Corp.

(Consumer

Staples)

104,806

193

Kumho

Petrochemical

Co.

Ltd.

(Materials)

16,157

326

L&F

Co.

Ltd.

(Industrials)*

13,515

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

705

LEENO

Industrial,

Inc.

(Information

Technology)

$

20,235

582

LG

Chem

Ltd.

(Materials)

83,227

403

LG

CNS

Co.

Ltd.

(Information

Technology)

14,663

1,144

LG

Corp.

(Industrials)

58,871

3,704

LG

Display

Co.

Ltd.

(Information

Technology)*

23,115

1,333

LG

Electronics,

Inc.

(Consumer

Discretionary)

68,693

514

LG

Energy

Solution

Ltd.

(Industrials)*

106,548

118

LG

H&H

Co.

Ltd.

(Consumer

Staples)

27,881

185

LG

Innotek

Co.

Ltd.

(Information

Technology)

19,429

2,751

LG

Uplus

Corp.

(Communication

Services)

25,522

160

LIG

Nex1

Co.

Ltd.

(Industrials)

49,750

298

LigaChem

Biosciences,

Inc.

(Health

Care)*

24,817

234

Lotte

Chemical

Corp.

(Materials)

10,125

415

Lotte

Corp.

(Industrials)

8,964

138

Lotte

Shopping

Co.

Ltd.

(Consumer

Discretionary)

8,062

233

LS

Corp.

(Industrials)

26,902

191

LS

Electric

Co.

Ltd.

(Industrials)

34,955

1,032

Meritz

Financial

Group,

Inc.

(Financials)

83,550

2,446

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

27,568

576

Misto

Holdings

Corp.

(Consumer

Discretionary)

15,050

1,704

NAVER

Corp.

(Communication

Services)

231,572

162

NCSoft

Corp.

(Communication

Services)

17,906

280

Netmarble

Corp.

(Communication

Services)

(a)

10,370

1,793

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

22,404

45

NongShim

Co.

Ltd.

(Consumer

Staples)

13,829

287

Orion

Corp.

(Consumer

Staples)

22,965

2,888

Pan

Ocean

Co.

Ltd.

(Industrials)

7,755

410

Pearl

Abyss

Corp.

(Communication

Services)*

11,426

685

Posco

DX

Co.

Ltd.

(Information

Technology)

10,972

370

POSCO

Future

M

Co.

Ltd.

(Industrials)*

31,269

921

POSCO

Holdings,

Inc.

(Materials)

166,884

581

Posco

International

Corp.

(Industrials)

20,655

100

Rainbow

Robotics

(Industrials)*

19,171

232

S-1

Corp.

(Industrials)

11,132

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

185

Sam

Chun

Dang

Pharm

Co.

Ltd.

(Health

Care)

$

19,644

224

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

167,549

1,051

Samsung

C&T

Corp.

(Industrials)

114,112

323

Samsung

Card

Co.

Ltd.

(Financials)

10,114

1,993

Samsung

E&A

Co.

Ltd.

(Industrials)

31,418

680

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

60,228

58,882

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

2,398,470

394

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

115,513

8,023

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

98,274

938

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

67,238

743

Samsung

SDI

Co.

Ltd.

(Information

Technology)

90,957

468

Samsung

SDS

Co.

Ltd.

(Information

Technology)

44,164

829

Samsung

Securities

Co.

Ltd.

(Financials)

36,352

54

Samyang

Foods

Co.

Ltd.

(Consumer

Staples)

43,483

5,548

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

233,630

370

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

24,940

321

SK

Bioscience

Co.

Ltd.

(Health

Care)*

10,493

6,818

SK

Hynix,

Inc.

(Information

Technology)

1,010,568

367

SK

IE

Technology

Co.

Ltd.

(Industrials)*

(a)

5,679

783

SK

Innovation

Co.

Ltd.

(Energy)

50,793

1,099

SK

Square

Co.

Ltd.

(Industrials)*

91,444

670

SK

Telecom

Co.

Ltd.

(Communication

Services)

25,009

437

SK,

Inc.

(Industrials)

51,850

231

SKC

Co.

Ltd.

(Materials)*

14,918

552

S-Oil

Corp.

(Energy)

21,765

8,038

Woori

Financial

Group,

Inc.

(Financials)

112,265

675

Yuhan

Corp.

(Health

Care)

51,027

10,548,525

Taiwan

–

18.2%

6,494

Accton

Technology

Corp.

(Information

Technology)

161,437

37,650

Acer,

Inc.

(Information

Technology)

43,594

5,539

Advantech

Co.

Ltd.

(Information

Technology)

63,211

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

959

Alchip

Technologies

Ltd.

(Information

Technology)

$

89,921

47,426

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

218,389

28,904

Asia

Cement

Corp.

(Materials)

40,363

4,120

Asia

Vital

Components

Co.

Ltd.

(Information

Technology)

85,236

365

ASMedia

Technology,

Inc.

(Information

Technology)

23,811

411

ASPEED

Technology,

Inc.

(Information

Technology)

54,035

9,021

Asustek

Computer,

Inc.

(Information

Technology)

188,135

81,530

AUO

Corp.

(Information

Technology)*

34,959

7,393

Catcher

Technology

Co.

Ltd.

(Information

Technology)

51,805

115,568

Cathay

Financial

Holding

Co.

Ltd.

(Financials)

230,608

16,821

Chailease

Holding

Co.

Ltd.

(Financials)

68,197

78,310

Chang

Hwa

Commercial

Bank

Ltd.

(Financials)

47,689

27,442

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

46,517

8,014

Chicony

Electronics

Co.

Ltd.

(Information

Technology)

45,193

38,642

China

Airlines

Ltd.

(Industrials)

28,561

154,787

China

Steel

Corp.

(Materials)

102,008

5,544

Chroma

ATE,

Inc.

(Information

Technology)

62,066

47,959

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

207,241

51,228

Compal

Electronics,

Inc.

(Information

Technology)

49,231

199,271

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

271,626

24,745

Delta

Electronics,

Inc.

(Information

Technology)

308,812

10,591

E

Ink

Holdings,

Inc.

(Information

Technology)

74,922

177,322

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

176,325

2,031

Eclat

Textile

Co.

Ltd.

(Consumer

Discretionary)*

29,243

3,896

Elite

Material

Co.

Ltd.

(Information

Technology)

97,372

823

eMemory

Technology,

Inc.

(Information

Technology)

66,046

34,143

Eva

Airways

Corp.

(Industrials)

46,540

13,380

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

109,162

37,946

Far

Eastern

New

Century

Corp.

(Industrials)

41,531

22,583

Far

EasTone

Telecommunications

Co.

Ltd.

(Communication

Services)

65,183

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

5,520

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

$

22,379

141,584

First

Financial

Holding

Co.

Ltd.

(Financials)

127,796

43,043

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

34,399

18,746

Formosa

Petrochemical

Corp.

(Energy)

23,770

54,757

Formosa

Plastics

Corp.

(Materials)

63,402

1,575

Fortune

Electric

Co.

Ltd.

(Industrials)

24,149

12,786

Foxconn

Technology

Co.

Ltd.

(Information

Technology)

25,855

94,929

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

252,143

4,352

Giant

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

17,281

6,154

Gigabyte

Technology

Co.

Ltd.

(Information

Technology)

56,676

1,121

Global

Unichip

Corp.

(Information

Technology)

43,578

2,797

Globalwafers

Co.

Ltd.

(Information

Technology)

29,399

4,307

Gold

Circuit

Electronics

Ltd.

(Information

Technology)

37,367

24,419

Highwealth

Construction

Corp.

(Real

Estate)

32,593

3,764

Hiwin

Technologies

Corp.

(Industrials)

28,197

151,819

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

790,289

1,164

Hon

Precision,

Inc.

(Information

Technology)*

38,491

3,116

Hotai

Motor

Co.

Ltd.

(Consumer

Discretionary)

66,337

109,600

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

96,184

96,039

Innolux

Corp.

(Information

Technology)

39,097

3,261

International

Games

System

Co.

Ltd.

(Communication

Services)

91,730

30,414

Inventec

Corp.

(Information

Technology)

42,777

1,315

Jentech

Precision

Industrial

Co.

Ltd.

(Information

Technology)

59,457

204,952

KGI

Financial

Holding

Co.

Ltd.

(Financials)

118,313

996

King

Slide

Works

Co.

Ltd.

(Information

Technology)

68,131

14,412

King

Yuan

Electronics

Co.

Ltd.

(Information

Technology)

46,648

1,224

Largan

Precision

Co.

Ltd.

(Information

Technology)

94,551

25,705

Lite-On

Technology

Corp.

(Information

Technology)

87,060

1,192

Lotes

Co.

Ltd.

(Information

Technology)

52,304

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

18,383

MediaTek,

Inc.

(Information

Technology)

$

772,897

149,571

Mega

Financial

Holding

Co.

Ltd.

(Financials)

197,891

9,151

Micro-Star

International

Co.

Ltd.

(Information

Technology)

43,513

1,103

momo.com,

Inc.

(Consumer

Discretionary)

11,226

69,215

Nan

Ya

Plastics

Corp.

(Materials)

66,170

2,888

Nan

Ya

Printed

Circuit

Board

Corp.

(Information

Technology)

10,119

15,724

Nanya

Technology

Corp.

(Information

Technology)*

23,899

2,563

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

37,031

7,279

Novatek

Microelectronics

Corp.

(Information

Technology)

125,330

1,010

Parade

Technologies

Ltd.

(Information

Technology)

19,446

24,944

Pegatron

Corp.

(Information

Technology)

69,833

3,394

PharmaEssentia

Corp.

(Health

Care)*

56,626

2,242

Phison

Electronics

Corp.

(Information

Technology)

37,855

29,924

Pou

Chen

Corp.

(Consumer

Discretionary)

31,154

39,979

Powerchip

Semiconductor

Manufacturing

Corp.

(Information

Technology)*

20,677

8,086

Powertech

Technology,

Inc.

(Information

Technology)

31,569

7,069

President

Chain

Store

Corp.

(Consumer

Staples)

60,268

32,413

Quanta

Computer,

Inc.

(Information

Technology)*

293,646

5,837

Realtek

Semiconductor

Corp.

(Information

Technology)

105,371

26,068

Ruentex

Development

Co.

Ltd.

(Real

Estate)

26,008

9,217

Ruentex

Industries

Ltd.

(Consumer

Discretionary)

15,532

45,513

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

(Financials)

70,695

3,446

Shihlin

Electric

&

Engineering

Corp.

(Industrials)

20,583

195,330

Shin

Kong

Financial

Holding

Co.

Ltd.

(Financials)*

78,540

7,105

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

26,790

134,591

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

103,070

16,155

Synnex

Technology

International

Corp.

(Information

Technology)

38,381

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

29,206

TA

Chen

Stainless

Pipe

(Materials)

$

34,645

53,000

Taichung

Commercial

Bank

Co.

Ltd.

(Financials)

36,343

154,012

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

88,136

89,003

Taiwan

Business

Bank

(Financials)

43,806

127,795

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

102,343

8,935

Taiwan

Fertilizer

Co.

Ltd.

(Materials)

15,563

25,590

Taiwan

High

Speed

Rail

Corp.

(Industrials)

23,439

22,336

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

84,966

303,568

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

9,795,294

26,202

Tatung

Co.

Ltd.

(Industrials)*

36,503

88,779

TCC

Group

Holdings

Co.

Ltd.

(Materials)

86,947

21,600

Teco

Electric

and

Machinery

Co.

Ltd.

(Industrials)

37,984

6,417

Tripod

Technology

Corp.

(Information

Technology)

45,823

16,820

Unimicron

Technology

Corp.

(Information

Technology)

59,493

59,999

Uni-President

Enterprises

Corp.

(Consumer

Staples)

159,365

146,623

United

Microelectronics

Corp.

(Information

Technology)

228,728

13,438

Vanguard

International

Semiconductor

Corp.

(Information

Technology)

37,487

1,328

VisEra

Technologies

Co.

Ltd.

(Information

Technology)

9,483

961

Voltronic

Power

Technology

Corp.

(Industrials)

43,290

37,175

Walsin

Lihwa

Corp.

(Industrials)

26,918

17,648

Wan

Hai

Lines

Ltd.

(Industrials)

63,600

40,677

Winbond

Electronics

Corp.

(Information

Technology)*

24,025

33,711

Wistron

Corp.

(Information

Technology)

131,049

1,203

Wiwynn

Corp.

(Information

Technology)

97,144

20,136

WPG

Holdings

Ltd.

(Information

Technology)

47,302

9,018

WT

Microelectronics

Co.

Ltd.

(Information

Technology)

37,314

4,979

Yageo

Corp.

(Information

Technology)

81,409

22,446

Yang

Ming

Marine

Transport

Corp.

(Industrials)

59,619

126,223

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

132,042

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

4,817

Yulon

Finance

Corp.

(Financials)

$

17,761

7,746

Yulon

Motor

Co.

Ltd.

(Consumer

Discretionary)

9,473

8,656

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

29,750

19,860,486

Thailand

–

1.5%

13,688

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

119,253

52,993

Airports

of

Thailand

PCL,

NVDR

(Industrials)

53,675

114,337

Asset

World

Corp.

PCL,

NVDR

(Consumer

Discretionary)

6,896

140,944

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

92,310

104,960

Bangkok

Expressway

&

Metro

PCL,

NVDR

(Industrials)

17,106

111,840

Banpu

PCL,

NVDR

(Energy)

15,808

13,769

Berli

Jucker

PCL,

NVDR

(Consumer

Staples)

8,305

109,815

BTS

Group

Holdings

PCL,

NVDR

(Industrials)*

14,920

7,300

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

31,132

38,751

Cal-Comp

Electronics

Thailand

PCL

(Information

Technology)

8,547

4,716

Carabao

Group

PCL,

NVDR

(Consumer

Staples)

8,440

39,711

Central

Pattana

PCL,

NVDR

(Real

Estate)

55,041

48,060

Central

Retail

Corp.

PCL,

NVDR

(Consumer

Discretionary)

27,377

48,177

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)

35,956

9,851

Com7

PCL,

NVDR

(Consumer

Discretionary)

5,972

71,227

CP

ALL

PCL,

NVDR

(Consumer

Staples)

101,978

18,333

CP

AXTRA

PCL,

NVDR

(Consumer

Staples)

10,499

58,400

Delta

Electronics

Thailand

PCL,

NVDR

(Information

Technology)

185,016

2,958

Electricity

Generating

PCL,

NVDR

(Utilities)

9,551

9,151

Global

Power

Synergy

PCL,

NVDR

(Utilities)

9,060

52,887

Gulf

Development

PCL,

NVDR

(Utilities)*

72,498

64,150

Home

Product

Center

PCL,

NVDR

(Consumer

Discretionary)

15,047

23,063

Indorama

Ventures

PCL,

NVDR

(Materials)

14,262

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

7,494

Kasikornbank

PCL,

NVDR

(Financials)

$

35,156

44,875

Krung

Thai

Bank

PCL,

NVDR

(Financials)

30,347

11,618

Krungthai

Card

PCL,

NVDR

(Financials)

13,626

106,505

Land

&

Houses

PCL,

NVDR

(Real

Estate)

13,042

41,803

Minor

International

PCL,

NVDR

(Consumer

Discretionary)

31,581

9,320

Muangthai

Capital

PCL,

NVDR

(Financials)

11,853

22,817

Osotspa

PCL,

NVDR

(Consumer

Staples)

11,051

17,661

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

52,723

29,125

PTT

Global

Chemical

PCL,

NVDR

(Materials)

18,454

37,319

PTT

Oil

&

Retail

Business

PCL,

NVDR

(Consumer

Discretionary)

13,414

173,162

PTT

PCL,

NVDR

(Energy)

156,928

13,370

Ratch

Group

PCL,

NVDR

(Utilities)

10,386

10,981

SCB

X

PCL,

NVDR

(Financials)

39,639

14,342

SCG

Packaging

PCL,

NVDR

(Materials)

7,209

10,023

Siam

Cement

PCL

(The),

NVDR

(Materials)

50,684

11,973

Srisawad

Corp.

PCL,

NVDR

(Financials)

6,674

107,222

Thai

Beverage

PCL

(Consumer

Staples)

39,077

32,556

Thai

Life

Insurance

PCL,

NVDR

(Financials)

10,810

14,177

Thai

Oil

PCL,

NVDR

(Energy)

12,848

36,671

Thai

Union

Group

PCL,

NVDR

(Consumer

Staples)

11,171

18,967

TIDLOR

Holdings

PCL,

NVDR

(Financials)

9,764

2,589

Tisco

Financial

Group

PCL,

NVDR

(Financials)

7,689

312,750

TMBThanachart

Bank

PCL,

NVDR

(Financials)

18,292

129,863

True

Corp.

PCL,

NVDR

(Communication

Services)*

49,449

1,580,516

Turkey

–

0.8%

1,199

AG

Anadolu

Grubu

Holding

AS

(Industrials)

7,822

442

Agesa

Hayat

ve

Emeklilik

AS

(Financials)

1,594

3,858

Agrotech

Yueksek

Teknoloji

VE

Yatirim

AS

(Consumer

Staples)*

731

8,897

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS

(Utilities)

5,500

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

34,075

Akbank

TAS

(Financials)

$

44,242

510

Akcansa

Cimento

AS

(Materials)

1,943

4,131

Akfen

Yenilenebilir

Enerji

AS

(Utilities)*

1,642

21,444

Aksa

Akrilik

Kimya

Sanayii

AS

(Consumer

Discretionary)

4,962

2,664

Aksa

Enerji

Uretim

AS

(Utilities)

2,204

1,835

Alarko

Holding

AS

(Industrials)

3,790

962

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS

(Information

Technology)

1,080

2,297

Anadolu

Anonim

Turk

Sigorta

Sirketi

(Financials)

5,151

2,500

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Consumer

Staples)

8,874

834

Anadolu

Hayat

Emeklilik

AS

(Financials)

1,646

129

Anadolu

Isuzu

Otomotiv

Sanayi

Ve

Ticaret

AS,

Class

C

(Industrials)

184

1,325

Arcelik

AS

(Consumer

Discretionary)*

3,559

15,115

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

(Industrials)

49,919

3,427

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

(Industrials)

8,170

1,094

Avrupakent

Gayrimenkul

Yatirim

Ortakligi

AS

(Real

Estate)

1,457

1,972

Aydem

Yenilenebilir

Enerji

AS

(Utilities)

808

1,011

Aygaz

AS

(Utilities)

3,303

28,864

Baticim

Bati

Anadolu

Cimento

Sanayii

AS

(Materials)*

3,656

5,136

BatiSoke

Soke

Cimento

Sanayii

TAS

(Materials)*

2,140

5,726

Bera

Holding

AS

(Industrials)*

2,050

5,122

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

62,130

366

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

AS

(Materials)*

3,085

48

Borusan

Yatirim

ve

Pazarlama

AS

(Financials)

2,246

20,899

Can2

Termik

AS

(Utilities)*

820

43

Celebi

Hava

Servisi

AS

(Industrials)

1,965

5,227

Cimsa

Cimento

Sanayi

VE

Ticaret

AS

(Materials)

6,420

10,627

Coca-Cola

Icecek

AS

(Consumer

Staples)

13,205

3,290

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS

(Industrials)

1,205

1,057

Destek

Finans

Faktoring

AS

(Financials)*

7,933

547

Deva

Holding

AS

(Health

Care)

760

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

13,205

Dogan

Sirketler

Grubu

Holding

AS

(Consumer

Discretionary)

$

4,933

637

Dogu

Aras

Enerji

Yatirimlari

AS

(Utilities)

771

1,009

Dogus

Otomotiv

Servis

ve

Ticaret

AS

(Consumer

Discretionary)

4,464

236

Eczacibasi

Yatirim

Holding

Ortakligi

AS

(Industrials)

1,064

1,030

Efor

Cay

Sanayi

Ticaret

AS

(Consumer

Staples)*

2,698

16

EGE

Endustri

VE

Ticaret

AS

(Consumer

Discretionary)

3,386

2,061

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

(Consumer

Staples)

2,421

27,093

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

9,652

3,307

Enerjisa

Enerji

AS

(Utilities)

(a)

4,496

31,513

Enerya

Enerji

AS

(Utilities)

3,919

7,100

Enka

Insaat

ve

Sanayi

AS

(Industrials)

10,910

44,282

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Materials)*

26,451

1,282

Escar

Turizm

Tasimacilik

Ticaret

AS

(Industrials)

2,432

2,472

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS

(Industrials)*

1,688

8,260

Ford

Otomotiv

Sanayi

AS

(Consumer

Discretionary)

16,871

1,233

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS

(Health

Care)

4,446

1,783

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS

(Industrials)*

1,950

460

Grainturk

Tarim

AS

(Consumer

Staples)

3,391

1,051

Gubre

Fabrikalari

TAS

(Materials)*

6,377

279

GUR-Sel

Turizm

Tasimacilik

VE

Servis

Ticaret

AS

(Industrials)

1,920

13,702

Haci

Omer

Sabanci

Holding

AS

(Financials)

26,991

44,789

Hektas

Ticaret

TAS

(Materials)*

3,527

6,509

Is

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

2,398

5,632

Is

Yatirim

Menkul

Degerler

AS

(Financials)

4,707

7,797

Izdemir

Enerji

Elektrik

Uretim

AS

(Utilities)*

1,236

2,509

Jantsa

Jant

Sanayi

Ve

Ticaret

AS

(Industrials)

1,281

1,464

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS

(Industrials)

1,022

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

3,123

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

A

(Materials)*

$

3,096

555

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

B

(Materials)*

303

10,497

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(Materials)*

5,896

1,418

Kayseri

Seker

Fabrikasi

AS

(Consumer

Staples)*

720

8,282

KOC

Holding

AS

(Industrials)

29,906

6,127

Kocaer

Celik

Sanayi

Ve

Ticaret

AS

(Materials)

2,084

3,121

Kontrolmatik

Enerji

Ve

Muhendislik

AS

(Industrials)

2,009

3

Konya

Cimento

Sanayii

AS

(Materials)*

405

912

Kordsa

Teknik

Tekstil

AS

(Consumer

Discretionary)*

1,270

2,613

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

(Materials)*

5,760

631

LDR

Turizm

AS

(Industrials)

3,682

3,620

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS

(Utilities)*

3,131

7,696

Mavi

Giyim

Sanayi

Ve

Ticaret

AS,

Class

B

(Consumer

Discretionary)

(a)

5,997

3,207

MIA

Teknoloji

AS

(Information

Technology)*

2,520

1,239

Migros

Ticaret

AS

(Consumer

Staples)

15,061

652

MLP

Saglik

Hizmetleri

AS

(Health

Care)*

(a)

5,238

361

Nuh

Cimento

Sanayi

AS

(Materials)

2,079

1,106

OBA

Makarnacilik

Sanayi

VE

Ticaret

AS

(Consumer

Staples)

1,393

453

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

(Industrials)*

4,479

13,614

Oyak

Cimento

Fabrikalari

AS

(Materials)*

7,285

2,730

Pasifik

Eurasia

Lojistik

Dis

Ticaret

AS

(Industrials)*

5,430

2,900

Pegasus

Hava

Tasimaciligi

AS

(Industrials)*

17,825

14,355

Petkim

Petrokimya

Holding

AS

(Materials)*

5,963

1,554

Ral

Yatirim

Holding

AS

(Industrials)*

5,196

2,760

Reeder

Teknoloji

Sanayi

VE

Ticaret

AS

(Information

Technology)*

807

7,482

Reysas

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

2,452

7,026

Reysas

Tasimacilik

ve

Lojistik

Ticaret

AS

(Industrials)*

2,453

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

131,015

Sasa

Polyester

Sanayi

AS

(Materials)*

$

10,951

178

SDT

Uzay

VE

Savunma

Teknolojileri

AS

(Industrials)

799

1,653

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

(Health

Care)

2,881

2,116

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS

(Information

Technology)*

1,508

3,666

Sok

Marketler

Ticaret

AS

(Consumer

Staples)

3,100

673

TAB

Gida

Sanayi

Ve

Ticaret

AS

(Consumer

Discretionary)

2,967

2,437

TAV

Havalimanlari

Holding

AS

(Industrials)*

13,532

2,571

Tekfen

Holding

AS

(Industrials)

7,272

1,738

Tofas

Turk

Otomobil

Fabrikasi

AS

(Consumer

Discretionary)

7,839

2,528

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)

3,981

2,852

Tureks

Turizm

Tasimacilik

AS,

Class

D

(Industrials)*

1,081

13,525

Turk

Altin

Isletmeleri

AS

(Materials)*

7,982

8,603

Turk

Hava

Yollari

AO

(Industrials)*

59,905

7,060

Turk

Telekomunikasyon

AS

(Communication

Services)*

9,922

363

Turk

Traktor

ve

Ziraat

Makineleri

AS

(Industrials)

5,171

15,262

Turkcell

Iletisim

Hizmetleri

AS

(Communication

Services)

36,889

8,712

Turkiye

Halk

Bankasi

AS

(Financials)*

4,314

100,055

Turkiye

Is

Bankasi

AS,

Class

C

(Financials)

27,409

11,437

Turkiye

Petrol

Rafinerileri

AS

(Energy)

36,140

12,444

Turkiye

Sigorta

AS

(Financials)

5,233

14,400

Turkiye

Sinai

Kalkinma

Bankasi

AS

(Financials)*

4,000

19,902

Turkiye

Sise

ve

Cam

Fabrikalari

AS

(Industrials)

16,736

1,974

Ulker

Biskuvi

Sanayi

AS

(Consumer

Staples)*

5,312

3,581

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

797

1,280

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)*

1,080

304

Visne

Madencilik

Uretim

Sanayi

VE

Ticaret

AS

(Materials)*

3,215

40,584

Yapi

ve

Kredi

Bankasi

AS

(Financials)*

26,331

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

2,296

Yayla

Agro

Gida

Sanayi

VE

Nakliyat

AS

(Consumer

Staples)*

$

544

1,675

YEO

Teknoloji

Enerji

VE

Endustri

AS

(Industrials)*

1,708

11,007

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS

(Real

Estate)

7,063

19,297

Zorlu

Enerji

Elektrik

Uretim

AS

(Utilities)*

1,470

881,170

United

Arab

Emirates

–

2.7%

36,942

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

121,497

17,993

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

93,958

37,320

Abu

Dhabi

National

Energy

Co.

PJSC

(Utilities)

33,429

36,952

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

36,519

33,682

ADNOC

Drilling

Co.

PJSC

(Energy)

48,143

94,991

Adnoc

Gas

PLC

(Energy)

84,827

46,320

Aldar

Properties

PJSC

(Real

Estate)

104,797

19,666

Alpha

Dhabi

Holding

PJSC

(Industrials)

63,822

39,970

Borouge

PLC

(Materials)

26,988

111,388

Dubai

Electricity

&

Water

Authority

PJSC

(Utilities)

82,790

35,871

Dubai

Islamic

Bank

PJSC

(Financials)

80,571

10,322

Emaar

Development

PJSC

(Real

Estate)

37,657

78,756

Emaar

Properties

PJSC

(Real

Estate)

281,961

31,168

Emirates

NBD

Bank

PJSC

(Financials)

190,080

44,110

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

206,319

56,034

First

Abu

Dhabi

Bank

PJSC

(Financials)

245,616

10,792

International

Holding

Co.

PJSC

(Industrials)*

1,178,217

40,679

Modon

Holding

PSC

(Industrials)*

36,548

2,953,739

United

States

–

0.1%

8,764

JBS

SA

(Consumer

Staples)

61,341

TOTAL

COMMON

STOCKS

(Cost

$86,548,113)

106,646,801

Shares

Description

Rate

Value

a

Preferred

Stocks

–

1.6%

Brazil

–

1.1%

65,873

Banco

Bradesco

SA

(Financials)

8.28

%

$

186,171

3,164

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

4.12

25,927

23,893

Cia

Energetica

de

Minas

Gerais

(Utilities)

17.12

45,185

13,749

Cia

Paranaense

de

Energia

-

Copel

(Utilities)

6.45

30,390

16,784

Gerdau

SA

(Materials)

4.20

44,653

67,589

Itau

Unibanco

Holding

SA

(Financials)

6.40

441,353

73,011

Itausa

SA

(Financials)

8.19

141,002

54,645

Petroleo

Brasileiro

SA

-

Petrobras

(Energy)

11.57

294,577

16,459

Raizen

SA

(Consumer

Discretionary)

0.52

5,571

1,214,829

Chile

–

0.0%

1,811

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Materials)*

0.70

54,154

Colombia

–

0.1%

5,809

Grupo

Cibest

SA

(Financials)

10.57

59,723

1,341

Grupo

de

Inversiones

Suramericana

SA

(Financials)

3.82

12,015

71,738

Russia

–

0.0%

4,252

Sberbank

of

Russia

PJSC

(Financials)

(c)

0.00

—

31,665

Surgutneftegas

PJSC

(Energy)

(c)

0.00

—

640

Tatneft

PJSC

(Energy)

(c)

0.00

—

—

South

Korea

–

0.4%

33

Doosan

Co.

Ltd.

(Industrials)

0.63

7,833

441

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.51

47,210

GOLDMAN

SACHS

MARKETBETA

®

EMERGING

MARKETS

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

South

Korea

–

(continued)

259

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.50

%

$

27,764

29

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.51

3,100

97

LG

Chem

Ltd.

(Materials)

1.07

6,876

10,333

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

3.14

345,257

33

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

6.44

7,056

445,096

TOTAL

PREFERRED

STOCKS

(Cost

$1,851,777)

1,785,817

Shares

Description

Value

Exchange-Traded

Fund

–

0.5%

United

States

–

0.5%

23,978

iShares

MSCI

Malaysia

ETF

(Cost

$568,898)

574,513

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

India

–

0.0%

794

Mahindra

&

Mahindra

Financial

Services

Ltd.*

06/25

614

South

Korea

–

0.0%

27

Hanwha

Aerospace

Co.

Ltd.*

07/25

2,485

TOTAL

RIGHTS

(Cost

$0)

3,099

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.7%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

758,501

4.192%

758,501

(Cost

$758,501)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$89,727,289)

109,768,731

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.8%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

847,859

4.216%

$

847,859

(Cost

$847,859)

TOTAL

INVESTMENTS

–

101.4%

(Cost

$90,575,148)

$

110,616,590

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(1.4)%

(1,579,766)

NET

ASSETS

–

100.0%

$

109,036,824

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

Sector

Name

%

of

Market

Value

Financials

23.0

%

Information

Technology

22.4

Consumer

Discretionary

13.0

Communication

Services

9.0

Industrials

8.7

Materials

5.5

Consumer

Staples

4.4

Energy

4.3

Health

Care

3.3

Utilities

2.7

Real

Estate

1.7

Investment

Company

0.7

Exchange-Traded

Fund

0.5

Securities

Lending

Reinvestment

Vehicle

0.8

TOTAL

INVESTMENTS

100.0%

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

98.3%

Australia

–

7.2%

27,018

AGL

Energy

Ltd.

(Utilities)

$

176,483

10,733

Ampol

Ltd.

(Energy)

176,341

136,335

ANZ

Group

Holdings

Ltd.

(Financials)

2,547,923

57,782

APA

Group

(Utilities)

308,269

25,991

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

1,043,734

8,626

ASX

Ltd.

(Financials)

395,805

48,322

Atlas

Arteria

Ltd.

(Industrials)

165,128

82,710

Aurizon

Holdings

Ltd.

(Industrials)

157,023

228,720

BHP

Group

Ltd.

(Materials)

5,630,124

20,458

BlueScope

Steel

Ltd.

(Materials)

299,521

63,524

Brambles

Ltd.

(Industrials)

948,028

15,167

CAR

Group

Ltd.

(Communication

Services)

347,091

20,944

Charter

Hall

Group

REIT

(Real

Estate)

244,905

2,951

Cochlear

Ltd.

(Health

Care)

515,610

59,291

Coles

Group

Ltd.

(Consumer

Staples)

824,185

76,683

Commonwealth

Bank

of

Australia

(Financials)

8,683,019

23,712

Computershare

Ltd.

(Industrials)

613,752

47,795

Dexus

REIT

(Real

Estate)

215,309

6,842

EBOS

Group

Ltd.

(Health

Care)

151,350

66,243

Endeavour

Group

Ltd.

(Consumer

Staples)

173,507

89,122

Evolution

Mining

Ltd.

(Materials)

507,587

71,905

Fortescue

Ltd.

(Materials)

712,164

450,184

Glencore

PLC

(Materials)*

1,720,511

90,978

Goodman

Group

REIT

(Real

Estate)

1,927,430

86,198

GPT

Group

(The)

REIT

(Real

Estate)

266,269

109,808

Insurance

Australia

Group

Ltd.

(Financials)

610,563

4,933

JB

Hi-Fi

Ltd.

(Consumer

Discretionary)

342,257

100,248

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

329,025

41,679

Lynas

Rare

Earths

Ltd.

(Materials)*

211,630

16,309

Macquarie

Group

Ltd.

(Financials)

2,248,275

123,998

Medibank

Pvt

Ltd.

(Financials)

380,641

177,228

Mirvac

Group

REIT

(Real

Estate)

263,467

139,623

National

Australia

Bank

Ltd.

(Financials)

3,414,467

27,494

NEXTDC

Ltd.

(Information

Technology)*

231,965

50,636

Northern

Star

Resources

Ltd.

(Materials)

683,671

21,955

Orica

Ltd.

(Materials)

265,487

76,955

Origin

Energy

Ltd.

(Utilities)

535,854

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

123,597

Pilbara

Minerals

Ltd.

(Materials)*

$

98,631

2,197

Pro

Medicus

Ltd.

(Health

Care)

398,728

68,414

Qantas

Airways

Ltd.

(Industrials)

467,135

68,220

QBE

Insurance

Group

Ltd.

(Financials)

1,016,793

8,160

Ramsay

Health

Care

Ltd.

(Health

Care)

201,127

2,266

REA

Group

Ltd.

(Communication

Services)

349,565

13,262

Reece

Ltd.

(Industrials)

133,654

16,886

Rio

Tinto

Ltd.

(Materials)

1,224,275

49,214

Rio

Tinto

PLC

(Materials)

2,921,502

148,504

Santos

Ltd.

(Energy)

629,805

233,610

Scentre

Group

REIT

(Real

Estate)

551,747

15,426

SEEK

Ltd.

(Communication

Services)

241,335

9,075

SGH

Ltd.

(Industrials)

296,391

67,514

Sigma

Healthcare

Ltd.

(Health

Care)

135,560

21,228

Sonic

Healthcare

Ltd.

(Health

Care)

364,346

203,564

South32

Ltd.

(Materials)

399,561

107,458

Stockland

REIT

(Real

Estate)

377,584

49,198

Suncorp

Group

Ltd.

(Financials)

653,174

13,229

Technology

One

Ltd.

(Information

Technology)

349,565

525,809

Telstra

Group

Ltd.

(Communication

Services)

1,617,478

17,635

TPG

Telecom

Ltd.

(Communication

Services)

58,447

142,638

Transurban

Group

(Industrials)

1,301,649

36,682

Treasury

Wine

Estates

Ltd.

(Consumer

Staples)

199,241

172,904

Vicinity

Ltd.

REIT

(Real

Estate)

273,730

10,421

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

247,669

51,661

Wesfarmers

Ltd.

(Consumer

Discretionary)

2,760,120

156,285

Westpac

Banking

Corp.

(Financials)

3,274,795

37,490

Whitehaven

Coal

Ltd.

(Energy)

134,144

8,227

WiseTech

Global

Ltd.

(Information

Technology)

567,304

86,429

Woodside

Energy

Group

Ltd.

(Energy)

1,237,576

55,293

Woolworths

Group

Ltd.

(Consumer

Staples)

1,133,345

16,753

Worley

Ltd.

(Industrials)

140,374

62,024,720

Austria

–

0.4%

3,208

ANDRITZ

AG

(Industrials)

221,609

3,519

BAWAG

Group

AG

(Financials)*

(a)

437,447

1,531

CA

Immobilien

Anlagen

AG

(Real

Estate)

42,061

1,463

CPI

Europe

AG

(Real

Estate)*

29,663

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Austria

–

(continued)

13,800

Erste

Group

Bank

AG

(Financials)

$

1,109,969

1,602

EVN

AG

(Utilities)

43,012

19,874

Mondi

PLC

(Materials)

323,087

6,373

OMV

AG

(Energy)

340,766

6,701

Raiffeisen

Bank

International

AG

(Financials)

204,485

684

Strabag

SE

(Industrials)

60,180

3,034

Verbund

AG

(Utilities)

236,799

1,593

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

78,125

5,036

voestalpine

AG

(Materials)

132,523

4,810

Wienerberger

AG

(Materials)

178,014

3,437,740

Belgium

–

0.9%

991

Ackermans

&

van

Haaren

NV

(Industrials)

252,007

6,825

Ageas

SA/NV

(Financials)

445,128

43,863

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

3,089,314

5,149

Azelis

Group

NV

(Industrials)

85,168

1,700

Colruyt

Group

NV

(Consumer

Staples)

76,657

941

D’ieteren

Group

(Consumer

Discretionary)

193,250

1,984

Elia

Group

SA/NV

(Utilities)

210,143

872

Financiere

de

Tubize

SA

(Health

Care)

124,732

3,767

Groupe

Bruxelles

Lambert

NV

(Financials)

307,693

11,437

KBC

Group

NV

(Financials)

1,129,077

20

Lotus

Bakeries

NV

(Consumer

Staples)

206,843

674

Sofina

SA

(Financials)

194,962

3,145

Solvay

SA

(Materials)

103,041

3,274

Syensqo

SA

(Materials)

250,885

5,498

UCB

SA

(Health

Care)

998,033

7,940

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

193,438

7,860,371

Brazil

–

0.0%

6,925

Yara

International

ASA

(Materials)

248,068

Chile

–

0.0%

15,832

Antofagasta

PLC

(Materials)

378,006

China

–

0.7%

226,793

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples)*

(b)

131,017

76,238

Budweiser

Brewing

Co.

APAC

Ltd.

(Consumer

Staples)

(a)

79,529

33,839

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

134,423

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

121,465

China

Gas

Holdings

Ltd.

(Utilities)

$

110,908

133,933

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)

301,973

78,664

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

112,154

375,926

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

388,316

142,057

ESR

Group

Ltd.

(Real

Estate)

(a)

232,246

93,949

Fosun

International

Ltd.

(Industrials)

54,992

259,315

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

582,682

58,715

Prosus

NV

(Consumer

Discretionary)*

3,012,863

38,339

Qingdao

Port

International

Co.

Ltd.,

Class

H

(Industrials)

(a)

32,073

43,053

Wharf

Holdings

Ltd.

(The)

(Real

Estate)

114,474

80,084

Wilmar

International

Ltd.

(Consumer

Staples)

189,405

71,118

Xinyi

Glass

Holdings

Ltd.

(Industrials)

67,839

119,468

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Industrials)

196,396

5,741,290

Denmark

–

2.2%

123

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

219,765

202

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

365,372

4,192

Carlsberg

AS,

Class

B

(Consumer

Staples)

599,190

5,882

Coloplast

A/S,

Class

B

(Health

Care)

568,976

30,658

Danske

Bank

A/S

(Financials)

1,171,590

8,646

DSV

A/S

(Industrials)

2,036,907

2,967

Genmab

A/S

(Health

Care)*

622,909

144,671

Novo

Nordisk

A/S,

Class

B

(Health

Care)

9,988,205

16,588

Novonesis

Novozymes

B,

Class

B

(Materials)

1,165,824

6,761

Orsted

AS

(Utilities)*

(a)

276,068

3,732

Pandora

A/S

(Consumer

Discretionary)

679,578

15,395

Tryg

A/S

(Financials)

395,492

45,867

Vestas

Wind

Systems

A/S

(Industrials)

723,527

18,813,403

Faroe

Islands

–

0.0%

2,230

Bakkafrost

P/F

(Consumer

Staples)

103,674

Finland

–

1.0%

6,316

Elisa

OYJ

(Communication

Services)

332,699

19,397

Fortum

OYJ

(Utilities)

334,711

4,698

Huhtamaki

OYJ

(Materials)

173,443

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Finland

–

(continued)

12,134

Kesko

OYJ,

Class

B

(Consumer

Staples)

$

293,410

15,169

Kone

OYJ,

Class

B

(Industrials)

944,379

31,351

Metso

Corp.

(Industrials)

378,335

19,330

Neste

OYJ

(Energy)

207,375

230,130

Nokia

OYJ

(Information

Technology)

1,195,504

145,316

Nordea

Bank

Abp

(Financials)

2,105,844

4,786

Orion

OYJ,

Class

B

(Health

Care)

324,640

106,314

Sampo

OYJ,

Class

A

(Financials)

1,134,032

25,682

Stora

Enso

OYJ,

Class

R

(Materials)

259,659

24,153

UPM-Kymmene

OYJ

(Materials)

668,767

21,841

Wartsila

OYJ

Abp

(Industrials)

437,136

8,789,934

France

–

8.0%

25,852

Air

Liquide

SA

(Materials)

5,353,168

26,968

Airbus

SE

(Industrials)

4,962,152

78,731

AXA

SA

(Financials)

3,710,141

45,868

BNP

Paribas

SA

(Financials)

4,016,810

31,553

Bollore

SE

(Communication

Services)

200,595

8,765

Bouygues

SA

(Industrials)

381,999

7,211

Capgemini

SE

(Information

Technology)

1,197,246

20,754

Cie

de

Saint-Gobain

SA

(Industrials)

2,328,769

30,727

Cie

Generale

des

Etablissements

Michelin

SCA

(Consumer

Discretionary)

1,174,855

44,897

Credit

Agricole

SA

(Financials)

(b)

820,862

29,042

Danone

SA

(Consumer

Staples)

2,480,660

30,938

Dassault

Systemes

(Information

Technology)

1,159,039

79,780

Engie

SA

(Utilities)

1,719,478

13,281

EssilorLuxottica

SA

(Health

Care)

3,689,407

1,488

Hermes

International

SCA

(Consumer

Discretionary)

4,101,507

11,482

Legrand

SA

(Industrials)

1,394,088

10,263

L'Oreal

SA

(Consumer

Staples)

4,338,862

11,894

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

6,457,654

85,684

Orange

SA

(Communication

Services)

1,277,679

8,841

Pernod

Ricard

SA

(Consumer

Staples)

913,545

10,423

Publicis

Groupe

SA

(Communication

Services)

1,134,521

16,145

Safran

SA

(Industrials)

4,791,103

1,266

Sartorius

Stedim

Biotech

(Health

Care)

278,822

32,569

Societe

Generale

SA

(Financials)

1,769,205

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

3,960

Thales

SA

(Industrials)

$

1,202,122

93,309

TotalEnergies

SE

(Energy)

5,472,299

21,974

Vinci

SA

(Industrials)

3,139,455

69,466,043

Germany

–

9.2%

7,616

adidas

AG

(Consumer

Discretionary)

1,897,813

17,746

Allianz

SE

(Financials)

7,024,967

40,743

BASF

SE

(Materials)

1,961,150

44,788

Bayer

AG

(Health

Care)

1,257,667

13,440

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

1,191,632

4,403

Beiersdorf

AG

(Consumer

Staples)

603,070

4,194

BioNTech

SE

ADR

(Health

Care)*

401,849

42,669

Commerzbank

AG

(Financials)

1,297,708

4,870

Continental

AG

(Consumer

Discretionary)

427,366

22,714

Daimler

Truck

Holding

AG

(Industrials)

985,287

83,235

Deutsche

Bank

AG

(Financials)

2,301,840

8,358

Deutsche

Boerse

AG

(Financials)

2,689,969

44,237

Deutsche

Post

AG

(Industrials)

1,977,165

148,348

Deutsche

Telekom

AG

(Communication

Services)

5,604,758

100,873

E.ON

SE

(Utilities)

1,766,985

9,633

Fresenius

Medical

Care

AG

(Health

Care)

547,012

18,826

Fresenius

SE

&

Co.

KGaA

(Health

Care)

922,853

2,753

Hannover

Rueck

SE

(Financials)

870,096

284

Hapag-Lloyd

AG

(Industrials)

(a)

46,556

5,922

Heidelberg

Materials

AG

(Materials)

1,159,374

4,338

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

318,137

59,369

Infineon

Technologies

AG

(Information

Technology)

2,310,091

2,979

Knorr-Bremse

AG

(Industrials)

300,990

31,581

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

1,885,476

5,904

Merck

KGaA

(Health

Care)

774,141

2,422

MTU

Aero

Engines

AG

(Industrials)

963,727

6,145

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

3,986,153

2,029

Rheinmetall

AG

(Industrials)

4,341,955

30,764

RWE

AG

(Utilities)

1,157,061

47,031

SAP

SE

(Information

Technology)

14,196,930

34,009

Siemens

AG

(Industrials)

8,177,333

29,766

Siemens

Energy

AG

(Industrials)*

2,889,206

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

13,596

Siemens

Healthineers

AG

(Health

Care)

(a)

$

718,956

6,072

Symrise

AG

(Materials)

724,135

2,729

Talanx

AG

(Financials)

354,113

1,277

Volkswagen

AG

(Consumer

Discretionary)

140,622

31,849

Vonovia

SE

(Real

Estate)

1,042,395

79,216,538

Hong

Kong

–

1.8%

491,638

AIA

Group

Ltd.

(Financials)

4,116,027

27,139

Cathay

Pacific

Airways

Ltd.

(Industrials)

36,547

85,460

CK

Asset

Holdings

Ltd.

(Real

Estate)

354,197

27,347

CK

Infrastructure

Holdings

Ltd.

(Utilities)

176,988

83,261

CLP

Holdings

Ltd.

(Utilities)

706,623

2,639

Futu

Holdings

Ltd.

ADR

(Financials)

268,993

78,358

Hang

Lung

Properties

Ltd.

(Real

Estate)

61,955

32,455

Hang

Seng

Bank

Ltd.

(Financials)

454,446

59,286

Henderson

Land

Development

Co.

Ltd.

(Real

Estate)

185,610

101,902

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(Utilities)

73,552

162,623

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

234,347

498,877

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

438,976

54,815

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

2,766,771

46,535

Hongkong

Land

Holdings

Ltd.

(Real

Estate)

240,586

8,887

Jardine

Matheson

Holdings

Ltd.

(Industrials)

395,471

119,257

Link

REIT

(Real

Estate)

633,428

70,516

MTR

Corp.

Ltd.

(Industrials)

246,398

61,425

Power

Assets

Holdings

Ltd.

(Utilities)

388,922

121,111

Prudential

PLC

(Financials)

1,379,764

441,612

Sino

Biopharmaceutical

Ltd.

(Health

Care)

250,610

151,717

Sino

Land

Co.

Ltd.

(Real

Estate)

153,235

61,037

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate)

655,785

18,440

Swire

Pacific

Ltd.,

Class

A

(Industrials)

157,203

34,427

Swire

Pacific

Ltd.,

Class

B

(Industrials)

46,274

47,387

Swire

Properties

Ltd.

(Real

Estate)

103,941

62,360

Techtronic

Industries

Co.

Ltd.

(Industrials)

698,628

341,978

WH

Group

Ltd.

(Consumer

Staples)

(a)

315,744

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

69,717

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate)

$

174,791

15,715,812

Ireland

–

0.5%

8,540

AerCap

Holdings

NV

(Industrials)

988,334

94,165

AIB

Group

PLC

(Financials)

739,754

45,400

Bank

of

Ireland

Group

PLC

(Financials)

622,608

6,716

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

733,462

6,902

Kingspan

Group

PLC

(Industrials)

591,581

3,675,739

Israel

–

1.1%

2,598

Airport

City

Ltd.

(Real

Estate)*

40,663

9,715

Amot

Investments

Ltd.

(Real

Estate)

54,080

1,645

Azrieli

Group

Ltd.

(Real

Estate)

125,555

61,226

Bank

Hapoalim

BM

(Financials)

1,024,565

68,672

Bank

Leumi

Le-Israel

BM

(Financials)

1,105,262

90,155

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Communication

Services)

140,568

708

Big

Shopping

Centers

Ltd.

(Real

Estate)*

114,052

1,267

Camtek

Ltd.

(Information

Technology)*

85,867

5,355

Cellebrite

DI

Ltd.

(Information

Technology)*

89,321

3,882

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

888,512

418

Delek

Group

Ltd.

(Energy)

73,607

1,113

Elbit

Systems

Ltd.

(Industrials)

445,624

11,689

Energix-Renewable

Energies

Ltd.

(Utilities)

37,135

5,219

Enlight

Renewable

Energy

Ltd.

(Utilities)*

101,899

297

Fattal

Holdings

1998

Ltd.

(Consumer

Discretionary)*

44,940

2,332

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

146,448

4,439

Global-e

Online

Ltd.

(Consumer

Discretionary)*

141,471

4,951

Harel

Insurance

Investments

&

Financial

Services

Ltd.

(Financials)

100,451

31,405

ICL

Group

Ltd.

(Materials)

206,591

166

Israel

Corp.

Ltd.

(Materials)

51,793

55,726

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

473,469

1,127

Melisron

Ltd.

(Real

Estate)

105,169

813

Menora

Mivtachim

Holdings

Ltd.

(Financials)

47,406

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

26,379

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

$

80,505

6,778

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

387,518

2,851

Nice

Ltd.

(Information

Technology)*

479,764

1,277

Nova

Ltd.

(Information

Technology)*

267,981

1,490

Oddity

Tech

Ltd.,

Class

A

(Consumer

Staples)*

110,901

4,587

OPC

Energy

Ltd.

(Utilities)*

51,225

10,474

Phoenix

Financial

Ltd.

(Financials)

252,389

3,537

Plus500

Ltd.

(Financials)

162,556

6,392

Shapir

Engineering

and

Industry

Ltd.

(Industrials)

49,296

12,127

Shufersal

Ltd.

(Consumer

Staples)

121,403

2,262

Strauss

Group

Ltd.

(Consumer

Staples)

55,150

52,442

Teva

Pharmaceutical

Industries

Ltd.

(Health

Care)*

926,153

4,947

Tower

Semiconductor

Ltd.

(Information

Technology)*

203,410

2,469

Wix.com

Ltd.

(Information

Technology)*

367,757

5,473

ZIM

Integrated

Shipping

Services

Ltd.

(Industrials)

95,504

9,255,960

Italy

–

2.9%

70,046

A2A

SpA

(Utilities)

181,623

9,141

Banca

Mediolanum

SpA

(Financials)

151,820

53,880

Banco

BPM

SpA

(Financials)

618,402

26,073

Davide

Campari-Milano

NV

(Consumer

Staples)

170,019

352,870

Enel

SpA

(Utilities)

3,238,819

94,369

Eni

SpA

(Energy)

1,389,723

5,580

Ferrari

NV

(Consumer

Discretionary)

2,669,443

27,475

FinecoBank

Banca

Fineco

SpA

(Financials)

593,253

41,686

Generali

(Financials)

1,516,737

15,802

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(a)(b)

185,312

671,894

Intesa

Sanpaolo

SpA

(Financials)

3,745,192

18,401

Leonardo

SpA

(Industrials)

1,132,642

23,513

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

558,421

9,796

Moncler

SpA

(Consumer

Discretionary)

612,318

21,883

Nexi

SpA

(Financials)

(a)(b)

131,567

20,527

Poste

Italiane

SpA

(Financials)

(a)

445,326

23,068

PRADA

SpA

(Consumer

Discretionary)

150,913

12,842

Prysmian

SpA

(Industrials)

825,165

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

4,967

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

$

297,728

23,235

Ryanair

Holdings

PLC

ADR

(Industrials)

1,291,866

92,239

Snam

SpA

(Utilities)

551,426

485,191

Telecom

Italia

SpA

(Communication

Services)*

207,326

271,539

Telecom

Italia

SpA-RSP

(Communication

Services)*

127,406

63,212

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

642,839

64,447

UniCredit

SpA

(Financials)

4,138,129

16,941

Unipol

Assicurazioni

SpA

(Financials)

331,372

25,904,787

Japan

–

23.9%

4,120

ABC-Mart,

Inc.

(Consumer

Discretionary)

80,233

17,099

Acom

Co.

Ltd.

(Financials)

49,059

33,564

Advantest

Corp.

(Information

Technology)

1,713,614

33,597

Aeon

Co.

Ltd.

(Consumer

Staples)

1,032,625

4,074

Aeon

Mall

Co.

Ltd.

(Real

Estate)

81,130

9,173

AGC,

Inc.

(Industrials)

272,212

9,107

Air

Water,

Inc.

(Materials)

127,427

22,922

Aisin

Corp.

(Consumer

Discretionary)

292,770

39,448

Ajinomoto

Co.,

Inc.

(Consumer

Staples)

987,464

8,449

Alfresa

Holdings

Corp.

(Health

Care)

113,711

13,836

Amada

Co.

Ltd.

(Industrials)

142,056

20,117

ANA

Holdings,

Inc.

(Industrials)

(b)

398,311

67,832

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

895,996

9,610

Asahi

Intecc

Co.

Ltd.

(Health

Care)

149,416

56,718

Asahi

Kasei

Corp.

(Materials)

399,162

28,834

Asics

Corp.

(Consumer

Discretionary)

695,997

81,717

Astellas

Pharma,

Inc.

(Health

Care)

809,270

23,522

Azbil

Corp.

(Information

Technology)

207,190

26,105

Bandai

Namco

Holdings,

Inc.

(Consumer

Discretionary)

831,481

5,821

BayCurrent

Consulting,

Inc.

(Industrials)

309,940

25,061

Bridgestone

Corp.

(Consumer

Discretionary)

1,079,414

11,321

Brother

Industries

Ltd.

(Information

Technology)

193,868

3,501

Calbee,

Inc.

(Consumer

Staples)

69,064

41,058

Canon,

Inc.

(Information

Technology)

(b)

1,261,090

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

15,070

Capcom

Co.

Ltd.

(Communication

Services)

$

449,087

42,587

Central

Japan

Railway

Co.

(Industrials)

932,933

28,797

Chiba

Bank

Ltd.

(The)

(Financials)

262,235

29,777

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

364,848

29,262

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

1,537,778

6,312

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Consumer

Staples)

104,198

50,501

Concordia

Financial

Group

Ltd.

(Financials)

324,436

1,693

Cosmos

Pharmaceutical

Corp.

(Consumer

Staples)

103,625

18,612

CyberAgent,

Inc.

(Communication

Services)

188,964

19,581

Dai

Nippon

Printing

Co.

Ltd.

(Industrials)

289,247

15,402

Daifuku

Co.

Ltd.

(Industrials)

412,869

160,276

Dai-ichi

Life

Holdings,

Inc.

(Financials)

1,253,484

79,626

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

2,120,123

12,434

Daikin

Industries

Ltd.

(Industrials)

1,429,141

2,703

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

304,215

26,352

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

889,571

104

Daiwa

House

REIT

Investment

Corp.

REIT

(Real

Estate)

172,907

60,110

Daiwa

Securities

Group,

Inc.

(Financials)

407,871

75,413

Denso

Corp.

(Consumer

Discretionary)

1,025,140

8,961

Dentsu

Group,

Inc.

(Communication

Services)

193,882

4,095

Disco

Corp.

(Information

Technology)

932,830

45,334

East

Japan

Railway

Co.

(Industrials)

951,953

20,814

Ebara

Corp.

(Industrials)

335,589

11,825

Eisai

Co.

Ltd.

(Health

Care)

339,356

7,569

Electric

Power

Development

Co.

Ltd.

(Utilities)

127,125

125,295

ENEOS

Holdings,

Inc.

(Energy)

595,150

42,845

FANUC

Corp.

(Industrials)

1,148,511

8,076

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

2,706,085

6,132

Fuji

Electric

Co.

Ltd.

(Industrials)

273,209

6,549

Fuji

Media

Holdings,

Inc.

(Communication

Services)

130,349

53,438

FUJIFILM

Holdings

Corp.

(Information

Technology)

1,216,192

11,045

Fujikura

Ltd.

(Industrials)

514,226

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

82,421

Fujitsu

Ltd.

(Information

Technology)

$

1,895,235

8,243

Fukuoka

Financial

Group,

Inc.

(Financials)

226,105

222

GLP

J

REIT

(Real

Estate)

195,545

1,980

GMO

Payment

Gateway,

Inc.

(Financials)

121,494

9,848

Hakuhodo

DY

Holdings,

Inc.

(Communication

Services)

77,360

12,568

Hamamatsu

Photonics

KK

(Information

Technology)

135,309

10,634

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

286,310

11,466

Haseko

Corp.

(Consumer

Discretionary)

166,791

658

Hikari

Tsushin,

Inc.

(Industrials)

179,394

1,324

Hirose

Electric

Co.

Ltd.

(Information

Technology)

155,894

4,652

Hitachi

Construction

Machinery

Co.

Ltd.

(Industrials)

141,951

200,117

Hitachi

Ltd.

(Industrials)

5,611,237

210,818

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

2,144,779

4,876

Hoshizaki

Corp.

(Industrials)

182,307

15,506

Hoya

Corp.

(Health

Care)

1,839,185

25,655

Hulic

Co.

Ltd.

(Real

Estate)

259,937

5,605

Ibiden

Co.

Ltd.

(Information

Technology)

229,607

36,421

Idemitsu

Kosan

Co.

Ltd.

(Energy)

222,496

6,587

IHI

Corp.

(Industrials)

638,409

7,202

Iida

Group

Holdings

Co.

Ltd.

(Consumer

Discretionary)

101,221

38,632

Inpex

Corp.

(Energy)

522,474

15,262

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary)

232,693

26,280

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

356,878

57,045

ITOCHU

Corp.

(Industrials)

3,059,900

11,218

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary)

158,053

19,350

Japan

Airlines

Co.

Ltd.

(Industrials)

(b)

391,975

47,604

Japan

Exchange

Group,

Inc.

(Financials)

527,522

310

Japan

Metropolitan

Fund

Invest

REIT

(Real

Estate)

211,830

62,884

Japan

Post

Bank

Co.

Ltd.

(Financials)

677,889

79,287

Japan

Post

Holdings

Co.

Ltd.

(Financials)

777,787

8,217

Japan

Post

Insurance

Co.

Ltd.

(Financials)

180,860

320

Japan

Real

Estate

Investment

Corp.

REIT

(Real

Estate)

259,468

50,512

Japan

Tobacco,

Inc.

(Consumer

Staples)

1,553,569

26,973

JFE

Holdings,

Inc.

(Materials)

319,930

19,918

Kajima

Corp.

(Industrials)

491,963

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

43,137

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

$

490,577

7,016

Kansai

Paint

Co.

Ltd.

(Materials)

99,944

20,713

Kao

Corp.

(Consumer

Staples)

948,266

7,044

Kawasaki

Heavy

Industries

Ltd.

(Industrials)

495,733

16,589

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

(b)

250,281

133,335

KDDI

Corp.

(Communication

Services)

2,309,187

4,944

Keio

Corp.

(Industrials)

120,092

21,332

Keisei

Electric

Railway

Co.

Ltd.

(Industrials)

204,753

4,640

Kewpie

Corp.

(Consumer

Staples)

109,492

8,482

Keyence

Corp.

(Information

Technology)

3,570,440

34,630

Kikkoman

Corp.

(Consumer

Staples)

317,393

8,515

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

167,414

3,627

Kioxia

Holdings

Corp.

(Information

Technology)*

(b)

52,760

36,742

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

527,596

2,285

Kobayashi

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

83,422

6,369

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples)

200,831

5,085

Koei

Tecmo

Holdings

Co.

Ltd.

(Communication

Services)

84,295

9,325

Koito

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

118,101

6,362

Kokusai

Electric

Corp.

(Information

Technology)

132,359

40,861

Komatsu

Ltd.

(Industrials)

1,252,208

4,314

Konami

Group

Corp.

(Communication

Services)

587,627

1,507

Kose

Corp.

(Consumer

Staples)

60,460

42,973

Kubota

Corp.

(Industrials)

495,413

14,612

Kuraray

Co.

Ltd.

(Materials)

185,821

5,062

Kurita

Water

Industries

Ltd.

(Industrials)

189,682

60,878

Kyocera

Corp.

(Information

Technology)

743,176

11,208

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

182,806

20,801

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)

178,826

6,315

Kyushu

Railway

Co.

(Industrials)

169,412

3,619

Lasertec

Corp.

(Information

Technology)

366,302

12,534

Lixil

Corp.

(Industrials)

141,154

117,742

LY

Corp.

(Communication

Services)

425,942

18,417

M3,

Inc.

(Health

Care)

260,055

10,977

Makita

Corp.

(Industrials)

338,222

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

66,738

Marubeni

Corp.

(Industrials)

$

1,362,094

8,008

Marui

Group

Co.

Ltd.

(Financials)

163,912

16,000

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

323,338

25,909

Mazda

Motor

Corp.

(Consumer

Discretionary)

163,898

3,840

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

162,600

42,444

Mebuki

Financial

Group,

Inc.

(Financials)

209,374

8,269

Medipal

Holdings

Corp.

(Health

Care)

129,311

11,201

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

250,343

15,334

MINEBEA

MITSUMI,

Inc.

(Industrials)

216,097

12,817

MISUMI

Group,

Inc.

(Industrials)

170,055

64,161

Mitsubishi

Chemical

Group

Corp.

(Materials)

342,648

154,221

Mitsubishi

Corp.

(Industrials)

3,136,898

88,024

Mitsubishi

Electric

Corp.

(Industrials)

1,771,521

52,241

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

956,156

8,161

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

125,756

37,491

Mitsubishi

HC

Capital,

Inc.

(Financials)

275,021

142,912

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

3,319,873

29,193

Mitsubishi

Motors

Corp.

(Consumer

Discretionary)

88,148

529,587

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

7,433,927

110,466

Mitsui

&

Co.

Ltd.

(Industrials)

2,318,871

8,007

Mitsui

Chemicals,

Inc.

(Materials)

182,286

124,265

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

1,197,050

16,264

Mitsui

OSK

Lines

Ltd.

(Industrials)

(b)

577,657

115,008

Mizuho

Financial

Group,

Inc.

(Financials)

3,189,729

11,112

MonotaRO

Co.

Ltd.

(Industrials)

229,641

59,761

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

1,431,332

77,078

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

1,138,850

58,087

NEC

Corp.

(Information

Technology)

1,523,679

14,525

Nexon

Co.

Ltd.

(Communication

Services)

262,929

10,703

NGK

Insulators

Ltd.

(Industrials)

133,736

4,367

NH

Foods

Ltd.

(Consumer

Staples)

153,834

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

11,427

Nichirei

Corp.

(Consumer

Staples)

$

147,337

41,095

NIDEC

Corp.

(Industrials)

800,284

12,052

Nikon

Corp.

(Consumer

Discretionary)

121,861

52,928

Nintendo

Co.

Ltd.

(Communication

Services)

4,341,127

366

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

333,799

11,145

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

206,804

40,043

Nippon

Paint

Holdings

Co.

Ltd.

(Materials)

302,345

299

Nippon

Prologis

REIT,

Inc.

REIT

(Real

Estate)

159,555

8,408

Nippon

Sanso

Holdings

Corp.

(Materials)

301,603

45,715

Nippon

Steel

Corp.

(Materials)

921,302

2,462,965

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

2,737,861

7,286

Nippon

Television

Holdings,

Inc.

(Communication

Services)

165,468

19,443

Nippon

Yusen

KK

(Industrials)

710,240

5,876

Nissan

Chemical

Corp.

(Materials)

177,060

100,557

Nissan

Motor

Co.

Ltd.

(Consumer

Discretionary)*

257,081

11,511

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

138,847

8,210

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

174,220

7,163

Niterra

Co.

Ltd.

(Consumer

Discretionary)

231,031

3,470

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

345,569

32,418

Nitto

Denko

Corp.

(Materials)

594,351

137,958

Nomura

Holdings,

Inc.

(Financials)

849,289

23,229

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate)

136,465

188

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Real

Estate)

188,528

18,219

Nomura

Research

Institute

Ltd.

(Information

Technology)

704,290

27,944

NTT

Data

Group

Corp.

(Information

Technology)

772,699

31,132

Obayashi

Corp.

(Industrials)

470,448

1,287

OBIC

Business

Consultants

Co.

Ltd.

(Information

Technology)

73,254

14,689

Obic

Co.

Ltd.

(Information

Technology)

536,172

14,297

Odakyu

Electric

Railway

Co.

Ltd.

(Industrials)

159,026

41,809

Oji

Holdings

Corp.

(Materials)

198,419

50,050

Olympus

Corp.

(Health

Care)

643,423

8,437

Omron

Corp.

(Information

Technology)

218,972

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

18,348

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

$

199,063

3,374

Open

House

Group

Co.

Ltd.

(Consumer

Discretionary)

146,025

1,499

Oracle

Corp.

Japan

(Information

Technology)

(b)

175,513

50,179

Oriental

Land

Co.

Ltd.

(Consumer

Discretionary)

1,117,330

51,759

ORIX

Corp.

(Financials)

1,099,782

126

Orix

JREIT,

Inc.

REIT

(Real

Estate)

156,305

16,781

Osaka

Gas

Co.

Ltd.

(Utilities)

427,157

9,886

Otsuka

Corp.

(Information

Technology)

203,174

20,524

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

1,045,437

17,196

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

564,759

101,686

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

1,175,455

82,906

Persol

Holdings

Co.

Ltd.

(Industrials)

155,073

4,030

Rakuten

Bank

Ltd.

(Financials)*

210,835

63,933

Rakuten

Group,

Inc.

(Consumer

Discretionary)*

353,837

66,223

Recruit

Holdings

Co.

Ltd.

(Industrials)

3,987,745

74,599

Renesas

Electronics

Corp.

(Information

Technology)

921,792

100,419

Resona

Holdings,

Inc.

(Financials)

890,440

8,205

Resonac

Holdings

Corp.

(Materials)

180,880

25,487

Ricoh

Co.

Ltd.

(Information

Technology)

238,540

4,905

Rinnai

Corp.

(Consumer

Discretionary)

122,544

15,822

Rohm

Co.

Ltd.

(Information

Technology)

171,822

8,862

Rohto

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

125,073

11,591

Ryohin

Keikaku

Co.

Ltd.

(Consumer

Discretionary)

445,020

7,361

Sanrio

Co.

Ltd.

(Consumer

Discretionary)

323,528

15,405

Santen

Pharmaceutical

Co.

Ltd.

(Health

Care)

171,137

8,756

Sanwa

Holdings

Corp.

(Industrials)

302,617

12,427

SBI

Holdings,

Inc.

(Financials)

377,990

4,200

SCREEN

Holdings

Co.

Ltd.

(Information

Technology)

301,258

6,449

SCSK

Corp.

(Information

Technology)

196,248

19,090

Secom

Co.

Ltd.

(Industrials)

696,948

6,964

Sega

Sammy

Holdings,

Inc.

(Consumer

Discretionary)

131,780

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

10,048

Seibu

Holdings,

Inc.

(Industrials)

$

265,658

12,387

Seiko

Epson

Corp.

(Information

Technology)

162,805

16,985

Sekisui

Chemical

Co.

Ltd.

(Industrials)

295,453

27,354

Sekisui

House

Ltd.

(Consumer

Discretionary)

622,358

104,276

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

1,572,505

14,038

SG

Holdings

Co.

Ltd.

(Industrials)

136,737

12,484

Sharp

Corp.

(Consumer

Discretionary)*

64,031

10,728

Shimadzu

Corp.

(Information

Technology)

259,696

2,130

Shimamura

Co.

Ltd.

(Consumer

Discretionary)

147,688

3,622

Shimano,

Inc.

(Consumer

Discretionary)

516,209

24,413

Shimizu

Corp.

(Industrials)

268,755

78,939

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

2,538,937

34,707

Shionogi

&

Co.

Ltd.

(Health

Care)

579,192

17,624

Shiseido

Co.

Ltd.

(Consumer

Staples)

284,583

20,687

Shizuoka

Financial

Group,

Inc.

(Financials)

242,360

2,543

SMC

Corp.

(Industrials)

954,319

1,289,577

SoftBank

Corp.

(Communication

Services)

1,978,671

44,959

SoftBank

Group

Corp.

(Communication

Services)

2,372,347

15,945

Sohgo

Security

Services

Co.

Ltd.

(Industrials)

110,834

10,066

Sojitz

Corp.

(Industrials)

248,903

41,389

Sompo

Holdings,

Inc.

(Financials)

1,258,349

276,461

Sony

Group

Corp.

(Consumer

Discretionary)

7,299,743

3,966

Square

Enix

Holdings

Co.

Ltd.

(Communication

Services)

249,430

5,102

Stanley

Electric

Co.

Ltd.

(Consumer

Discretionary)

98,296

25,905

Subaru

Corp.

(Consumer

Discretionary)

480,956

4,604

Sugi

Holdings

Co.

Ltd.

(Consumer

Staples)

101,081

64,466

Sumitomo

Chemical

Co.

Ltd.

(Materials)

154,938

48,863

Sumitomo

Corp.

(Industrials)

1,253,618

32,845

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

691,066

7,481

Sumitomo

Forestry

Co.

Ltd.

(Consumer

Discretionary)

218,216

5,163

Sumitomo

Heavy

Industries

Ltd.

(Industrials)

108,595

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

11,547

Sumitomo

Metal

Mining

Co.

Ltd.

(Materials)

$

265,598

176,295

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

4,520,541

30,417

Sumitomo

Mitsui

Trust

Group,

Inc.

(Financials)

826,958

19,154

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate)

737,382

7,886

Sumitomo

Rubber

Industries

Ltd.

(Consumer

Discretionary)

98,401

3,047

Sundrug

Co.

Ltd.

(Consumer

Staples)

94,834

5,632

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

183,095

72,616

Suzuki

Motor

Corp.

(Consumer

Discretionary)

932,265

21,430

Sysmex

Corp.

(Health

Care)

361,263

24,322

T&D

Holdings,

Inc.

(Financials)

558,599

7,512

Taisei

Corp.

(Industrials)

419,239

70,533

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

2,108,731

6,058

TBS

Holdings,

Inc.

(Communication

Services)

194,383

86,798

TDK

Corp.

(Information

Technology)

962,451

61,675

Terumo

Corp.

(Health

Care)

1,137,373

10,614

TIS,

Inc.

(Information

Technology)

349,252

9,401

Tobu

Railway

Co.

Ltd.

(Industrials)

166,299

2,094

Toei

Animation

Co.

Ltd.

(Communication

Services)

45,350

4,856

Toho

Co.

Ltd.

(Communication

Services)

256,270

20,785

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

144,477

80,217

Tokio

Marine

Holdings,

Inc.

(Financials)

3,397,805

7,424

Tokyo

Century

Corp.

(Financials)

78,873

67,134

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Utilities)*

184,939

20,754

Tokyo

Electron

Ltd.

(Information

Technology)

3,308,098

15,451

Tokyo

Gas

Co.

Ltd.

(Utilities)

518,799

13,213

Tokyo

Metro

Co.

Ltd.

(Industrials)

166,519

24,808

Tokyu

Corp.

(Industrials)

301,214

26,753

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate)

195,788

12,160

TOPPAN

Holdings,

Inc.

(Industrials)

324,446

68,117

Toray

Industries,

Inc.

(Materials)

471,171

13,496

Tosoh

Corp.

(Materials)

200,015

6,875

TOTO

Ltd.

(Industrials)

176,431

4,110

Toyo

Suisan

Kaisha

Ltd.

(Consumer

Staples)

273,155

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

7,685

Toyota

Industries

Corp.

(Industrials)

$

964,786

484,275

Toyota

Motor

Corp.

(Consumer

Discretionary)

9,293,167

31,481

Toyota

Tsusho

Corp.

(Industrials)

669,785

5,962

Trend

Micro,

Inc.

(Information

Technology)

447,269

1,682

Tsuruha

Holdings,

Inc.

(Consumer

Staples)

131,779

51,584

Unicharm

Corp.

(Consumer

Staples)

410,220

139

United

Urban

Investment

Corp.

REIT

(Real

Estate)

145,652

17,834

USS

Co.

Ltd.

(Consumer

Discretionary)

193,425

19,788

West

Japan

Railway

Co.

(Industrials)

427,726

11,960

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

241,944

29,231

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

87,777

17,514

Yamaha

Corp.

(Consumer

Discretionary)

122,651

41,314

Yamaha

Motor

Co.

Ltd.

(Consumer

Discretionary)

317,811

12,421

Yamato

Holdings

Co.

Ltd.

(Industrials)

172,419

5,968

Yamazaki

Baking

Co.

Ltd.

(Consumer

Staples)

134,626

11,015

Yaskawa

Electric

Corp.

(Industrials)

260,461

10,781

Yokogawa

Electric

Corp.

(Information

Technology)

265,163

5,903

Yokohama

Rubber

Co.

Ltd.

(The)

(Consumer

Discretionary)

148,991

4,236

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

231,887

18,289

ZOZO,

Inc.

(Consumer

Discretionary)

198,233

206,659,544

Luxembourg

–

0.1%

19,376

ArcelorMittal

(Materials)

587,750

29,490

CVC

Capital

Partners

PLC

(Financials)

(a)

548,044

19,239

Zabka

Group

SA

(Consumer

Staples)*

116,167

1,251,961

Macau

–

0.0%

97,849

Galaxy

Entertainment

Group

Ltd.

(Consumer

Discretionary)

416,774

109,237

Sands

China

Ltd.

(Consumer

Discretionary)*

214,809

631,583

Mexico

–

0.0%

8,302

Fresnillo

PLC

(Materials)

130,206

Shares

Description

Value

a

Common

Stocks

–

(continued)

Netherlands

–

3.8%

1,272

Adyen

NV

(Financials)*

(a)

$

2,439,849

2,773

Argenx

SE

ADR

(Health

Care)*

1,589,650

2,096

ASM

International

NV

(Information

Technology)

1,141,201

17,714

ASML

Holding

NV

(Information

Technology)

13,149,821

4,245

EXOR

NV

(Financials)

408,663

5,647

Heineken

Holding

NV

(Consumer

Staples)

439,778

13,100

Heineken

NV

(Consumer

Staples)

1,166,246

149,365

ING

Groep

NV

(Financials)

3,167,507

42,361

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

1,788,000

151,484

Koninklijke

KPN

NV

(Communication

Services)

711,622

36,110

Koninklijke

Philips

NV

(Health

Care)

830,127

11,610

NXP

Semiconductors

NV

(Information

Technology)

2,219,019

43,209

Universal

Music

Group

NV

(Communication

Services)

1,381,334

10,759

Wolters

Kluwer

NV

(Industrials)

1,909,074

32,341,891

New

Zealand

–

0.3%

30,420

a2

Milk

Co.

Ltd.

(The)

(Consumer

Staples)

161,281

77,566

Auckland

International

Airport

Ltd.

(Industrials)

349,646

34,916

Contact

Energy

Ltd.

(Utilities)

190,955

25,496

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

555,617

41,297

Infratil

Ltd.

(Financials)

260,002

3,724

Mainfreight

Ltd.

(Industrials)

156,306

29,371

Mercury

NZ

Ltd.

(Utilities)

103,638

56,973

Meridian

Energy

Ltd.

(Utilities)

186,746

82,280

Spark

New

Zealand

Ltd.

(Communication

Services)

109,549

6,596

Xero

Ltd.

(Information

Technology)*

782,285

2,856,025

Norway

–

0.7%

991

Aker

ASA,

Class

A

(Industrials)

58,293

13,809

Aker

BP

ASA

(Energy)

317,615

33,205

AutoStore

Holdings

Ltd.

(Industrials)*

(a)

17,387

37,474

DNB

Bank

ASA

(Financials)

1,002,397

39,598

Equinor

ASA

(Energy)

928,216

6,435

Frontline

PLC

(Energy)

116,265

8,159

Gjensidige

Forsikring

ASA

(Financials)

206,348

3,770

Kongsberg

Gruppen

ASA

(Industrials)

663,439

12,091

Leroy

Seafood

Group

ASA

(Consumer

Staples)

52,732

19,934

Mowi

ASA

(Consumer

Staples)

371,867

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Norway

–

(continued)

7,537

Nordic

Semiconductor

ASA

(Information

Technology)*

$

92,284

58,861

Norsk

Hydro

ASA

(Materials)

322,386

4,031

Opera

Ltd.

ADR

(Information

Technology)

73,969

35,812

Orkla

ASA

(Consumer

Staples)

405,188

2,911

Salmar

ASA

(Consumer

Staples)

129,635

9,417

SpareBank

1

Sor-Norge

ASA

(Financials)

163,876

18,559

Storebrand

ASA

(Financials)

242,860

28,943

Telenor

ASA

(Communication

Services)

443,614

10,505

TOMRA

Systems

ASA

(Industrials)

156,694

34,787

Var

Energi

ASA

(Energy)

100,883

3,092

Vend

Marketplaces

ASA,

Class

A

(Communication

Services)

103,257

4,299

Vend

Marketplaces

ASA,

Class

B

(Communication

Services)

136,327

4,570

Wallenius

Wilhelmsen

ASA

(Industrials)

35,694

6,141,226

Poland

–

0.5%

28,581

Allegro.eu

SA

(Consumer

Discretionary)*

(a)

262,908

27,817

Bank

Millennium

SA

(Financials)*

108,013

7,944

Bank

Pekao

SA

(Financials)

390,989

570

Budimex

SA

(Industrials)*

94,956

2,099

CCC

SA

(Consumer

Discretionary)*

122,424

3,117

CD

Projekt

SA

(Communication

Services)

184,628

2,159

Dino

Polska

SA

(Consumer

Staples)*

(a)

316,884

10,890

InPost

SA

(Industrials)*

179,015

6,144

KGHM

Polska

Miedz

SA

(Materials)

201,652

57

LPP

SA

(Consumer

Discretionary)

219,503

584

mBank

SA

(Financials)*

127,887

26,198

ORLEN

SA

(Energy)

514,508

39,579

PGE

Polska

Grupa

Energetyczna

SA

(Utilities)*

98,700

38,639

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)

776,794

25,603

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

418,312

1,775

Santander

Bank

Polska

SA

(Financials)

237,296

4,254,469

Portugal

–

0.2%

329,938

Banco

Comercial

Portugues

SA,

Class

R

(Financials)

256,950

136,161

EDP

SA

(Utilities)

542,565

19,090

Galp

Energia

SGPS

SA

(Energy)

304,383

Shares

Description

Value

a

Common

Stocks

–

(continued)

Portugal

–

(continued)

12,383

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

$

311,521

9,610

Navigator

Co.

SA

(The)

(Materials)

37,573

1,452,992

Russia

–

–%

12,172

Evraz

PLC

(Materials)*

(c)

—

Singapore

–

1.8%

159,906

CapitaLand

Ascendas

REIT

REIT

(Real

Estate)

328,591

257,886

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

417,945

108,130

CapitaLand

Investment

Ltd.

(Real

Estate)

211,296

19,873

City

Developments

Ltd.

(Real

Estate)

74,585

92,233

DBS

Group

Holdings

Ltd.

(Financials)

3,198,402

255,420

Genting

Singapore

Ltd.

(Consumer

Discretionary)

136,662

122,232

Grab

Holdings

Ltd.,

Class

A

(Industrials)*

595,270

11,739

Hafnia

Ltd.

(Energy)

59,171

3,257

Jardine

Cycle

&

Carriage

Ltd.

(Industrials)

61,751

62,474

Keppel

Ltd.

(Industrials)

328,938

92,543

Mapletree

Industrial

Trust

REIT

(Real

Estate)

138,499

148,316

Mapletree

Logistics

Trust

REIT

(Real

Estate)

127,660

103,391

Mapletree

Pan

Asia

Commercial

Trust

REIT

(Real

Estate)

94,604

146,392

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

1,842,387

39,133

SATS

Ltd.

(Industrials)

93,766

16,895

Sea

Ltd.

ADR

(Communication

Services)*

2,709,451

145,378

Seatrium

Ltd.

(Industrials)

231,099

40,379

Sembcorp

Industries

Ltd.

(Utilities)

207,281

59,642

Singapore

Airlines

Ltd.

(Industrials)

329,751

36,829

Singapore

Exchange

Ltd.

(Financials)

400,390

68,391

Singapore

Technologies

Engineering

Ltd.

(Industrials)

414,716

326,973

Singapore

Telecommunications

Ltd.

(Communication

Services)

966,011

29,777

STMicroelectronics

NV

(Information

Technology)

747,246

58,805

United

Overseas

Bank

Ltd.

(Financials)

1,614,675

23,656

UOL

Group

Ltd.

(Real

Estate)

104,742

15,434,889

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

0.2%

55,966

Anglo

American

PLC

(Materials)*

$

1,664,180

Spain

–

2.9%

7,865

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

516,528

3,361

Aena

SME

SA

(Industrials)

(a)

904,292

20,475

Amadeus

IT

Group

SA

(Consumer

Discretionary)

1,705,664

261,104

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

3,915,689

686,229

Banco

Santander

SA

(Financials)

5,477,445

162,024

CaixaBank

SA

(Financials)

1,377,327

26,587

Cellnex

Telecom

SA

(Communication

Services)*

(a)

1,017,768

14,241

Endesa

SA

(Utilities)

434,572

269,388

Iberdrola

SA

(Utilities)

(b)

4,917,634

50,771

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

2,750,477

4,798

Naturgy

Energy

Group

SA

(Utilities)

(b)

141,729

18,180

Redeia

Corp.

SA

(Utilities)

375,627

54,683

Repsol

SA

(Energy)

735,946

181,590

Telefonica

SA

(Communication

Services)

(b)

971,380

25,242,078

Sweden

–

3.3%

7,906

AAK

AB

(Consumer

Staples)

220,266

10,758

AddTech

AB,

Class

B

(Industrials)

368,944

12,706

Alfa

Laval

AB

(Industrials)

539,330

44,261

Assa

Abloy

AB,

Class

B

(Industrials)

1,400,415

115,402

Atlas

Copco

AB,

Class

A

(Industrials)

1,849,085

68,838

Atlas

Copco

AB,

Class

B

(Industrials)

978,644

5,335

Avanza

Bank

Holding

AB

(Financials)

(b)

189,850

4,882

Axfood

AB

(Consumer

Staples)

142,217

18,691

Beijer

Ref

AB

(Industrials)

(b)

275,355

12,819

Boliden

AB

(Materials)*

400,254

18,297

Castellum

AB

(Real

Estate)

226,690

6,102

Embracer

Group

AB

(Communication

Services)*

74,139

27,969

Epiroc

AB,

Class

A

(Industrials)

624,610

16,976

Epiroc

AB,

Class

B

(Industrials)

331,392

23,628

EQT

AB

(Financials)

(b)

690,271

27,570

Essity

AB,

Class

B

(Consumer

Staples)

804,572

7,165

Evolution

AB

(Consumer

Discretionary)

(a)(b)

490,848

29,599

Fastighets

AB

Balder,

Class

B

(Real

Estate)*

207,025

9,798

Getinge

AB,

Class

B

(Health

Care)

188,718

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

25,205

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

(b)

$

360,298

94,699

Hexagon

AB,

Class

B

(Information

Technology)

952,418

3,436

Holmen

AB,

Class

B

(Materials)

141,662

17,281

Husqvarna

AB,

Class

B

(Industrials)

87,188

5,358

Industrivarden

AB,

Class

A

(Financials)

193,793

6,959

Industrivarden

AB,

Class

C

(Financials)

250,902

12,029

Indutrade

AB

(Industrials)

325,367

6,055

Investment

AB

Latour,

Class

B

(Industrials)

159,366

21,955

Investor

AB,

Class

A

(Financials)

644,139

80,693

Investor

AB,

Class

B

(Financials)

2,370,815

2,028

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

103,375

10,132

Lifco

AB,

Class

B

(Industrials)

411,822

66,443

Nibe

Industrier

AB,

Class

B

(Industrials)

271,653

6,480

Nordnet

AB

publ

(Financials)

175,140

13,834

Saab

AB,

Class

B

(Industrials)

697,897

9,716

Sagax

AB,

Class

B

(Real

Estate)

(b)

212,226

4,878

Sagax

AB,

Class

D

(Real

Estate)

17,013

47,903

Sandvik

AB

(Industrials)

1,044,346

22,625

Securitas

AB,

Class

B

(Industrials)

333,900

72,577

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

1,208,615

14,922

Skanska

AB,

Class

B

(Industrials)

354,059

15,502

SKF

AB,

Class

B

(Industrials)

340,223

9,922

SSAB

AB,

Class

A

(Materials)

59,687

26,344

SSAB

AB,

Class

B

(Materials)

156,063

26,890

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

362,968

63,972

Svenska

Handelsbanken

AB,

Class

A

(Financials)

852,853

1,593

Svenska

Handelsbanken

AB,

Class

B

(Financials)

(b)

33,270

8,147

Sweco

AB,

Class

B

(Industrials)

141,227

39,426

Swedbank

AB,

Class

A

(Financials)

1,065,185

8,491

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

259,196

24,884

Tele2

AB,

Class

B

(Communication

Services)

371,643

133,205

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

1,129,995

101,533

Telia

Co.

AB

(Communication

Services)

391,546

4,758

Thule

Group

AB

(Consumer

Discretionary)

(a)

125,229

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

9,425

Trelleborg

AB,

Class

B

(Industrials)

$

344,620

8,560

Volvo

AB,

Class

A

(Industrials)

237,418

68,040

Volvo

AB,

Class

B

(Industrials)

1,883,595

21,262

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

(b)

38,495

28,111,832

Switzerland

–

4.0%

73,445

ABB

Ltd.

(Industrials)

4,160,587

46

Chocoladefabriken

Lindt

&

Spruengli

AG

(Consumer

Staples)

740,770

24,232

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

4,567,373

11,470

DSM-Firmenich

AG

(Materials)

1,276,351

4,976

Galderma

Group

AG

(Health

Care)

652,322

1,512

Geberit

AG

(Industrials)

1,128,180

423

Givaudan

SA

(Materials)

2,125,426

2,345

Kuehne

+

Nagel

International

AG

(Industrials)

528,199

3,196

Lonza

Group

AG

(Health

Care)

2,214,306

983

Partners

Group

Holding

AG

(Financials)

1,318,564

897

Schindler

Holding

AG

(Industrials)

307,898

1,857

Schindler

Holding

AG

(Industrials)

660,930

7,405

SGS

SA

(Industrials)

773,174

6,963

Sika

AG

(Materials)

1,862,055

4,873

Straumann

Holding

AG

(Health

Care)

626,067

1,303

Swiss

Life

Holding

AG

(Financials)

1,302,762

1,157

Swisscom

AG

(Communication

Services)

796,401

147,354

UBS

Group

AG

(Financials)

4,697,464

6,662

Zurich

Insurance

Group

AG

(Financials)

4,680,551

34,419,380

United

Kingdom

–

11.3%

43,766

3i

Group

PLC

(Financials)

2,403,323

10,669

Admiral

Group

PLC

(Financials)

481,988

19,935

Ashtead

Group

PLC

(Industrials)

1,165,394

13,786

Associated

British

Foods

PLC

(Consumer

Staples)

387,253

68,842

AstraZeneca

PLC

(Health

Care)

9,952,123

41,056

Auto

Trader

Group

PLC

(Communication

Services)

(a)

439,607

123,249

Aviva

PLC

(Financials)

1,014,864

137,794

BAE

Systems

PLC

(Industrials)

3,533,411

657,135

Barclays

PLC

(Financials)

2,902,240

61,647

Barratt

Redrow

PLC

(Consumer

Discretionary)

383,082

4,545

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

258,651

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

90,274

British

American

Tobacco

PLC

(Consumer

Staples)

$

4,058,782

274,844

BT

Group

PLC

(Communication

Services)

665,116

15,372

Bunzl

PLC

(Industrials)

492,543

231,706

Centrica

PLC

(Utilities)

494,792

121,434

CK

Hutchison

Holdings

Ltd.

(Industrials)

683,706

9,287

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

852,454

77,998

Compass

Group

PLC

(Consumer

Discretionary)

2,740,051

74,292

ConvaTec

Group

PLC

(Health

Care)

(a)

290,341

5,922

Croda

International

PLC

(Materials)

245,014

4,454

DCC

PLC

(Industrials)

278,459

102,105

Diageo

PLC

(Consumer

Staples)

2,777,285

16,990

Halma

PLC

(Information

Technology)

665,819

7,099

Hikma

Pharmaceuticals

PLC

(Health

Care)

204,870

813,749

HSBC

Holdings

PLC

(Financials)

9,582,342

35,152

Imperial

Brands

PLC

(Consumer

Staples)

1,332,060

61,168

Informa

PLC

(Communication

Services)

647,862

6,750

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

773,185

13,019

Intermediate

Capital

Group

PLC

(Financials)

352,189

83,363

International

Consolidated

Airlines

Group

SA

ADR

(Industrials)

727,759

7,245

Intertek

Group

PLC

(Industrials)

467,604

79,109

J

Sainsbury

PLC

(Consumer

Staples)

304,472

112,501

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

127,621

85,417

Kingfisher

PLC

(Consumer

Discretionary)

319,765

34,073

Land

Securities

Group

PLC

REIT

(Real

Estate)

290,858

271,715

Legal

&

General

Group

PLC

(Financials)

911,291

2,750,954

Lloyds

Banking

Group

PLC

(Financials)

2,863,968

21,863

London

Stock

Exchange

Group

PLC

(Financials)

3,324,251

108,918

M&G

PLC

(Financials)

347,669

92,057

Marks

&

Spencer

Group

PLC

(Consumer

Staples)

464,794

60,248

Melrose

Industries

PLC

(Industrials)

380,320

224,725

National

Grid

PLC

(Utilities)

3,171,452

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

356,567

NatWest

Group

PLC

(Financials)

$

2,522,533

5,375

Next

PLC

(Consumer

Discretionary)

932,515

29,458

Pearson

PLC

(Consumer

Discretionary)

462,803

33,686

Phoenix

Group

Holdings

PLC

(Financials)

288,009

31,180

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

2,115,847

84,681

RELX

PLC

(Industrials)

4,561,015

115,489

Rentokil

Initial

PLC

(Industrials)

547,592

36,639

Rightmove

PLC

(Communication

Services)

368,200

389,971

Rolls-Royce

Holdings

PLC

(Industrials)

4,555,310

45,958

Sage

Group

PLC

(The)

(Information

Technology)

755,496

36,466

Schroders

PLC

(Financials)

174,772

56,060

Segro

PLC

REIT

(Real

Estate)

526,930

11,889

Severn

Trent

PLC

(Utilities)

433,370

40,013

Smith

&

Nephew

PLC

(Health

Care)

579,796

15,763

Smiths

Group

PLC

(Industrials)

457,880

3,303

Spirax

Group

PLC

(Industrials)

254,561

50,789

SSE

PLC

(Utilities)

1,206,137

89,731

Standard

Chartered

PLC

(Financials)

1,401,259

158,947

Taylor

Wimpey

PLC

(Consumer

Discretionary)

256,253

307,548

Tesco

PLC

(Consumer

Staples)

1,609,208

113,398

Unilever

PLC

(Consumer

Staples)

7,198,086

30,697

United

Utilities

Group

PLC

(Utilities)

484,753

934,334

Vodafone

Group

PLC

(Communication

Services)

968,686

11,689

Weir

Group

PLC

(The)

(Industrials)

382,416

8,404

Whitbread

PLC

(Consumer

Discretionary)

327,984

31,003

Wise

PLC,

Class

A

(Financials)*

459,482

48,336

WPP

PLC

(Communication

Services)

390,710

97,982,233

United

States

–

9.4%

22,588

Alcon

AG

(Health

Care)

1,943,852

672,185

BP

PLC

(Energy)

3,261,047

22,128

CSL

Ltd.

(Health

Care)

3,517,256

2,122

CyberArk

Software

Ltd.

(Information

Technology)*

812,259

41,896

Experian

PLC

(Industrials)

2,086,505

21,636

Ferrovial

SE

(Industrials)

1,101,373

189,351

GSK

PLC

(Health

Care)

3,848,117

415,210

Haleon

PLC

(Health

Care)

2,317,558

22,651

Holcim

AG

(Materials)*

2,509,517

3,726

ICON

PLC

(Health

Care)*

485,423

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

19,806

James

Hardie

Industries

PLC

CDI

(Materials)*

$

451,724

1,811

Monday.com

Ltd.

(Information

Technology)*

538,754

120,217

Nestle

SA

(Consumer

Staples)

12,833,097

90,470

Novartis

AG

(Health

Care)

10,354,688

32,275

Roche

Holding

AG

(Health

Care)

10,430,299

1,309

Roche

Holding

AG

(Health

Care)

446,132

50,693

Sanofi

SA

(Health

Care)

5,036,713

24,816

Schneider

Electric

SE

(Industrials)

6,235,958

275,793

Shell

PLC

(Energy)

9,110,205

89,658

Stellantis

NV

(Consumer

Discretionary)

912,497

13,269

Swiss

Re

AG

(Financials)

2,345,959

16,430

Tenaris

SA

(Energy)

(b)

275,493

80,854,426

TOTAL

COMMON

STOCKS

(Cost

$718,941,417)

850,061,000

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.3%

Germany

–

0.3%

2,639

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

5.84

%

218,553

5,135

Dr.

Ing

hc

F

Porsche

AG

(Consumer

Discretionary)

(a)(b)

10.86

247,521

7,538

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.89

603,134

6,903

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.44

275,066

1,106

Sartorius

AG

(Health

Care)

0.35

264,929

9,476

Volkswagen

AG

(Consumer

Discretionary)

6.67

1,025,849

TOTAL

PREFERRED

STOCKS

(Cost

$3,618,644)

2,635,052

GOLDMAN

SACHS

MARKETBETA

®

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Additional

Investment

Information

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.8%

(d)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

7,044,022

4.192%

$

7,044,022

(Cost

$7,044,022)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$729,604,083)

859,740,074

a

Securities

Lending

Reinvestment

Vehicle

–

1.4%

(d)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

11,862,780

4.216%

11,862,780

(Cost

$11,862,780)

TOTAL

INVESTMENTS

–

100.8%

(Cost

$741,466,863)

$

871,602,854

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.8)%

(6,602,839)

NET

ASSETS

–

100.0%

$

865,000,015

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933.

(b)

All

or

a

portion

of

security

is

on

loan.

(c)

Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3.

(d)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

CVA

—

Dutch

Certification

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SDR

—

Swedish

Depositary

Receipt

Sector

Name

%

of

Market

Value

Financials

22.9

%

Industrials

18.4

Health

Care

10.9

Consumer

Discretionary

10.1

Information

Technology

8.3

Consumer

Staples

8.2

Materials

5.6

Communication

Services

4.9

Utilities

3.3

Energy

3.1

Real

Estate

2.1

Investment

Company

0.8

Securities

Lending

Reinvestment

Vehicle

1.4

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

May

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

EAFE

E-Mini

Index

83

06/20/25

$

10,808,675

$

518,973

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.8%

Communication

Services

–

11.7%

40,921

Alphabet,

Inc.,

Class

A

$

7,027,773

33,779

Alphabet,

Inc.,

Class

C

5,838,700

1,093

DoubleVerify

Holdings,

Inc.*

15,018

146

Iridium

Communications,

Inc.

3,708

56

Liberty

Broadband

Corp.,

Class

A*

5,203

359

Liberty

Broadband

Corp.,

Class

C*

33,674

109

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

9,605

1,011

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

97,592

2,140

Live

Nation

Entertainment,

Inc.*

293,587

22

Madison

Square

Garden

Sports

Corp.*

4,177

19,387

Meta

Platforms,

Inc.,

Class

A

12,552,889

5,796

Netflix,

Inc.*

6,997,105

160

Nexstar

Media

Group,

Inc.

27,267

7,924

Pinterest,

Inc.,

Class

A*

246,516

7,108

ROBLOX

Corp.,

Class

A*

618,254

251

Roku,

Inc.*

18,187

1,989

Spotify

Technology

SA*

1,322,963

145

TKO

Group

Holdings,

Inc.

22,882

6,035

Trade

Desk,

Inc.

(The),

Class

A*

453,953

686

Trump

Media

&

Technology

Group

Corp.*

14,632

35,603,685

Consumer

Discretionary

–

15.1%

5,797

Airbnb,

Inc.,

Class

A*

747,813

63,342

Amazon.com,

Inc.*

12,985,743

207

AutoZone,

Inc.*

772,739

419

Booking

Holdings,

Inc.

2,312,432

112

Bright

Horizons

Family

Solutions,

Inc.*

14,470

848

Burlington

Stores,

Inc.*

193,573

124

CarMax,

Inc.*

7,993

508

Carvana

Co.*

166,197

1,009

Cava

Group,

Inc.*

82,001

18,488

Chipotle

Mexican

Grill,

Inc.*

925,879

312

Choice

Hotels

International,

Inc.

39,524

944

Churchill

Downs,

Inc.

90,124

15,677

Coupang,

Inc.

(South

Korea)*

439,740

143

Crocs,

Inc.*

14,586

838

Darden

Restaurants,

Inc.

179,508

2,054

Deckers

Outdoor

Corp.*

216,738

63

Dick's

Sporting

Goods,

Inc.

11,298

169

Domino's

Pizza,

Inc.

80,076

4,173

DoorDash,

Inc.,

Class

A*

870,696

6,129

DraftKings,

Inc.,

Class

A*

219,909

505

Duolingo,

Inc.*

262,403

587

Dutch

Bros,

Inc.,

Class

A*

42,381

1,014

Etsy,

Inc.*

56,125

1,691

Expedia

Group,

Inc.

281,974

578

Five

Below,

Inc.*

67,377

512

Floor

&

Decor

Holdings,

Inc.,

Class

A*

36,705

126

Grand

Canyon

Education,

Inc.*

24,928

376

H&R

Block,

Inc.

21,413

1,624

Hasbro,

Inc.

108,337

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

1,662

Hilton

Worldwide

Holdings,

Inc.

$

412,907

10,712

Home

Depot,

Inc.

(The)

3,945,123

85

Hyatt

Hotels

Corp.,

Class

A

11,223

4,669

Las

Vegas

Sands

Corp.

192,176

1,218

Light

&

Wonder,

Inc.*

109,766

1,574

Lululemon

Athletica,

Inc.*

498,439

616

McDonald's

Corp.

193,332

248

Murphy

USA,

Inc.

105,844

9,892

NIKE,

Inc.,

Class

B

599,356

5,930

Norwegian

Cruise

Line

Holdings

Ltd.*

104,665

720

O'Reilly

Automotive,

Inc.*

984,600

632

Planet

Fitness,

Inc.,

Class

A*

64,989

499

Pool

Corp.

149,994

44

RH*

7,969

1,016

Ross

Stores,

Inc.

142,331

1,114

Royal

Caribbean

Cruises

Ltd.

286,265

175

SharkNinja,

Inc.*

16,088

124

Skechers

USA,

Inc.,

Class

A*

7,693

2,243

Somnigroup

International,

Inc.

145,930

11,907

Starbucks

Corp.

999,593

37,625

Tesla,

Inc.*

13,035,558

891

Texas

Roadhouse,

Inc.

173,932

9,064

TJX

Cos.,

Inc.

(The)

1,150,222

35

TopBuild

Corp.*

9,901

7,226

Tractor

Supply

Co.

349,738

554

Ulta

Beauty,

Inc.*

261,189

426

Vail

Resorts,

Inc.

68,232

1,725

Valvoline,

Inc.*

59,668

1,135

Wendy's

Co.

(The)

12,939

1,009

Williams-Sonoma,

Inc.

163,216

392

Wingstop,

Inc.

133,946

124

Wyndham

Hotels

&

Resorts,

Inc.

10,265

96

Wynn

Resorts

Ltd.

8,692

339

YETI

Holdings,

Inc.*

10,360

1,447

Yum!

Brands,

Inc.

208,281

45,907,104

Consumer

Staples

–

4.6%

25

Boston

Beer

Co.,

Inc.

(The),

Class

A*

5,746

84

Casey's

General

Stores,

Inc.

36,772

2,355

Celsius

Holdings,

Inc.*

89,207

1,681

Clorox

Co.

(The)

221,690

30,111

Coca-Cola

Co.

(The)

2,171,003

6,046

Colgate-Palmolive

Co.

561,915

6,004

Costco

Wholesale

Corp.

6,245,241

707

elf

Beauty,

Inc.*

79,530

1,113

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

74,504

199

Freshpet,

Inc.*

15,952

280

Hershey

Co.

(The)

44,993

1,848

Kimberly-Clark

Corp.

265,668

615

Lamb

Weston

Holdings,

Inc.

34,305

7,650

Monster

Beverage

Corp.*

489,218

14,700

PepsiCo,

Inc.

1,932,315

292

Performance

Food

Group

Co.*

26,152

54

Pilgrim's

Pride

Corp.

2,655

7,127

Procter &

Gamble

Co.

(The)

1,210,806

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

4,137

Sysco

Corp.

$

302,001

13,809,673

Energy

–

0.5%

1,750

Antero

Midstream

Corp.

32,865

1,539

Cheniere

Energy,

Inc.

364,727

367

Civitas

Resources,

Inc.

10,045

499

EQT

Corp.

27,510

2,447

Hess

Corp.

323,469

122

Matador

Resources

Co.

5,247

450

New

Fortress

Energy,

Inc.

1,120

1,789

Permian

Resources

Corp.

22,559

2,932

Targa

Resources

Corp.

463,051

257

Texas

Pacific

Land

Corp.

286,306

498

Viper

Energy,

Inc.

19,766

965

Weatherford

International

PLC

42,074

1,598,739

Financials

–

9.2%

548

Allstate

Corp.

(The)

115,009

489

Ally

Financial,

Inc.

17,115

2,813

American

Express

Co.

827,163

1,184

Ameriprise

Financial,

Inc.

602,940

5,278

Apollo

Global

Management,

Inc.

689,782

2,499

Ares

Management

Corp.,

Class

A

413,584

225

Arthur

J

Gallagher

&

Co.

78,174

9,769

Blackstone,

Inc.

1,355,546

3,135

Block,

Inc.*

193,586

7,092

Blue

Owl

Capital,

Inc.

132,479

1,404

Brown

&

Brown,

Inc.

158,512

2,211

Charles

Schwab

Corp.

(The)

195,320

2,301

Coinbase

Global,

Inc.,

Class

A*

567,473

916

Corpay,

Inc.*

297,801

65

Credit

Acceptance

Corp.*

31,024

4,184

Equitable

Holdings,

Inc.

221,208

92

Everest

Group

Ltd.

31,941

180

FactSet

Research

Systems,

Inc.

82,487

2,438

Fiserv,

Inc.*

396,882

1,095

Goldman

Sachs

Group,

Inc.

(The)

(a)

657,493

62

Houlihan

Lokey,

Inc.

10,830

679

Jefferies

Financial

Group,

Inc.

32,999

294

Kinsale

Capital

Group,

Inc.

138,765

2,622

KKR

&

Co.,

Inc.

318,468

1,370

Lazard,

Inc.

59,458

1,068

LPL

Financial

Holdings,

Inc.

413,487

44

Markel

Group,

Inc.*

85,435

917

Marsh

&

McLennan

Cos.,

Inc.

214,266

11,035

Mastercard,

Inc.,

Class

A

6,462,096

2,142

Moody's

Corp.

1,026,703

916

Morgan

Stanley

117,275

357

Morningstar,

Inc.

110,106

595

MSCI,

Inc.

335,592

43,911

NU

Holdings

Ltd.,

Class

A

(Brazil)*

527,371

98

Popular,

Inc.

(Puerto

Rico)

10,146

6,673

Progressive

Corp.

(The)

1,901,338

65

RLI

Corp.

4,997

1,386

Ryan

Specialty

Holdings,

Inc.

99,196

809

Shift4

Payments,

Inc.,

Class

A*

76,685

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

2,192

SoFi

Technologies,

Inc.*

$

29,154

6,261

Toast,

Inc.,

Class

A*

264,089

248

TPG,

Inc.

11,936

612

Tradeweb

Markets,

Inc.,

Class

A

88,403

876

UWM

Holdings

Corp.

3,767

23,352

Visa,

Inc.,

Class

A

8,527,917

628

Western

Union

Co.

(The)

5,828

59

WEX,

Inc.*

7,843

558

XP,

Inc.,

Class

A

(Brazil)

10,803

27,960,472

Health

Care

–

8.5%

1,124

10X

Genomics,

Inc.,

Class

A*

10,712

10,360

AbbVie,

Inc.

1,928,100

587

Align

Technology,

Inc.*

106,212

1,547

Alnylam

Pharmaceuticals,

Inc.*

471,154

5,656

Amgen,

Inc.

1,629,946

1,450

Apellis

Pharmaceuticals,

Inc.*

24,548

889

Bruker

Corp.

32,626

1,941

Cardinal

Health,

Inc.

299,768

2,346

Cencora,

Inc.

683,249

20

Chemed

Corp.

11,497

339

Cigna

Group

(The)

107,341

672

DaVita,

Inc.*

91,567

5,287

Dexcom,

Inc.*

453,625

120

Doximity,

Inc.,

Class

A*

6,251

1,527

Edwards

Lifesciences

Corp.*

119,442

499

Elevance

Health,

Inc.

191,536

10,836

Eli

Lilly

&

Co.

7,993,392

963

Exact

Sciences

Corp.*

54,198

3,149

Exelixis,

Inc.*

135,533

581

GE

HealthCare

Technologies,

Inc.

40,984

609

HCA

Healthcare,

Inc.

232,266

1,099

IDEXX

Laboratories,

Inc.*

564,183

146

Incyte

Corp.*

9,499

392

Inspire

Medical

Systems,

Inc.*

54,174

940

Insulet

Corp.*

305,528

4,784

Intuitive

Surgical,

Inc.*

2,642,394

1,966

Ionis

Pharmaceuticals,

Inc.*

65,881

271

IQVIA

Holdings,

Inc.*

38,029

298

Masimo

Corp.*

48,425

736

McKesson

Corp.

529,559

340

Medpace

Holdings,

Inc.*

100,266

34,326

Merck &

Co.,

Inc.

2,637,610

490

Molina

Healthcare,

Inc.*

149,470

1,549

Natera,

Inc.*

244,324

1,333

Neurocrine

Biosciences,

Inc.*

163,986

500

Penumbra,

Inc.*

133,485

117

Regeneron

Pharmaceuticals,

Inc.

57,363

107

Repligen

Corp.*

12,633

531

ResMed,

Inc.

129,983

1,211

Sarepta

Therapeutics,

Inc.*

45,534

1,456

Stryker

Corp.

557,124

1,200

Ultragenyx

Pharmaceutical,

Inc.*

40,836

843

UnitedHealth

Group,

Inc.

254,510

1,996

Veeva

Systems,

Inc.,

Class

A*

558,281

1,748

Vertex

Pharmaceuticals,

Inc.*

772,703

1,413

Viking

Therapeutics,

Inc.*

37,868

491

Waters

Corp.*

171,477

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

589

West

Pharmaceutical

Services,

Inc.

$

124,191

5,041

Zoetis,

Inc.

850,064

25,923,327

Industrials

–

6.1%

1,375

3M

Co.

203,981

913

AAON,

Inc.

87,913

337

Advanced

Drainage

Systems,

Inc.

37,057

630

American

Airlines

Group,

Inc.*

7,188

196

Armstrong

World

Industries,

Inc.

30,503

5,160

Automatic

Data

Processing,

Inc.

1,679,735

124

Avis

Budget

Group,

Inc.*

15,102

980

Axon

Enterprise,

Inc.*

735,353

1,347

AZEK

Co.,

Inc.

(The)*

66,690

1,661

Boeing

Co.

(The)*

344,359

1,718

Booz

Allen

Hamilton

Holding

Corp.

182,538

1,447

Broadridge

Financial

Solutions,

Inc.

351,375

146

Builders

FirstSource,

Inc.*

15,721

248

BWX

Technologies,

Inc.

31,149

86

Carlisle

Cos.,

Inc.

32,695

929

Caterpillar,

Inc.

323,320

4,442

Cintas

Corp.

1,006,113

479

Comfort

Systems

USA,

Inc.

229,072

11,005

Copart,

Inc.*

566,537

1,662

Core

&

Main,

Inc.,

Class

A*

91,094

215

Dayforce,

Inc.*

12,702

246

EMCOR

Group,

Inc.

116,078

330

Equifax,

Inc.

87,183

305

Expeditors

International

of

Washington,

Inc.

34,383

13,058

Fastenal

Co.

539,818

181

Ferguson

Enterprises,

Inc.

33,004

378

Generac

Holdings,

Inc.*

46,165

3,136

General

Electric

Co.

771,174

601

HEICO

Corp.

180,084

1,086

HEICO

Corp.,

Class

A

256,122

1,371

Honeywell

International,

Inc.

310,765

331

Howmet

Aerospace,

Inc.

56,234

1,490

Illinois

Tool

Works,

Inc.

365,169

153

KBR,

Inc.

7,985

429

Lennox

International,

Inc.

242,149

207

Lincoln

Electric

Holdings,

Inc.

40,073

429

Loar

Holdings,

Inc.*

37,344

916

Lockheed

Martin

Corp.

441,860

3,314

Lyft,

Inc.,

Class

A*

50,505

2,613

Old

Dominion

Freight

Line,

Inc.

418,524

1,544

Paychex,

Inc.

243,813

429

Paycom

Software,

Inc.

111,150

586

Paylocity

Holding

Corp.*

111,867

606

Quanta

Services,

Inc.

207,591

141

Rockwell

Automation,

Inc.

44,493

3,734

Rollins,

Inc.

213,772

207

Saia,

Inc.*

54,733

45

Simpson

Manufacturing

Co.,

Inc.

7,006

223

SiteOne

Landscape

Supply,

Inc.*

26,049

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

124

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

$

4,635

293

Standard

Aero,

Inc.*

8,594

775

Tetra

Tech,

Inc.

27,078

1,050

Trane

Technologies

PLC

451,783

153

TransDigm

Group,

Inc.

224,670

148

TransUnion

12,673

1,446

Trex

Co.,

Inc.*

80,788

27,519

Uber

Technologies,

Inc.*

2,315,999

50

U-Haul

Holding

Co.*

3,200

591

U-Haul

Holding

Co.

33,711

3,953

Union

Pacific

Corp.

876,222

215

United

Rentals,

Inc.

152,302

1,487

Veralto

Corp.

150,232

1,909

Verisk

Analytics,

Inc.

599,693

4,841

Vertiv

Holdings

Co.,

Class

A

522,489

508

W.W.

Grainger,

Inc.

552,480

5,427

Waste

Management,

Inc.

1,307,744

711

WillScot

Holdings

Corp.

19,161

1,528

XPO,

Inc.*

173,932

18,622,676

Information

Technology

–

42.2%

5,894

Adobe,

Inc.*

2,446,540

14,381

Advanced

Micro

Devices,

Inc.*

1,592,408

9,322

Amphenol

Corp.,

Class

A

838,327

294

Appfolio,

Inc.,

Class

A*

62,084

102,038

Apple,

Inc.

20,494,332

10,128

Applied

Materials,

Inc.

1,587,564

3,549

AppLovin

Corp.,

Class

A*

1,394,757

13,945

Arista

Networks,

Inc.*

1,208,195

71

Astera

Labs,

Inc.*

6,441

2,184

Atlassian

Corp.,

Class

A*

453,464

2,919

Autodesk,

Inc.*

864,374

1,874

Bentley

Systems,

Inc.,

Class

B

89,446

341

BILL

Holdings,

Inc.*

14,895

57,063

Broadcom,

Inc.

13,813,240

3,692

Cadence

Design

Systems,

Inc.*

1,059,862

904

CDW

Corp.

163,045

4,122

Cloudflare,

Inc.,

Class

A*

683,799

127

Cognex

Corp.

3,806

3,352

Confluent,

Inc.,

Class

A*

77,197

3,116

Crowdstrike

Holdings,

Inc.,

Class

A*

1,468,789

4,113

Datadog,

Inc.,

Class

A*

484,840

592

Dell

Technologies,

Inc.,

Class

C

65,872

2,714

Docusign,

Inc.*

240,488

1,014

Dropbox,

Inc.,

Class

A*

29,264

4,039

Dynatrace,

Inc.*

218,146

1,157

Elastic

NV*

93,567

1,762

Enphase

Energy,

Inc.*

72,929

2,013

Entegris,

Inc.

138,374

47

EPAM

Systems,

Inc.*

8,201

277

Fair

Isaac

Corp.*

478,180

1,004

Five9,

Inc.*

26,616

6,968

Fortinet,

Inc.*

709,203

1,022

Gartner,

Inc.*

446,021

1,712

Gitlab,

Inc.,

Class

A*

77,913

423

Globant

SA*

41,492

1,890

GoDaddy,

Inc.,

Class

A*

344,264

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

499

Guidewire

Software,

Inc.*

$

107,295

3,162

HP,

Inc.

78,734

671

HubSpot,

Inc.*

395,823

3,700

Intuit,

Inc.

2,787,839

129

Jabil,

Inc.

21,673

1,800

KLA

Corp.

1,362,384

17,401

Lam

Research

Corp.

1,405,827

1,577

Lattice

Semiconductor

Corp.*

70,870

819

Manhattan

Associates,

Inc.*

154,611

917

Marvell

Technology,

Inc.

55,194

52,900

Microsoft

Corp.

24,353,044

195

MicroStrategy,

Inc.,

Class

A*

71,967

55

MKS,

Inc.

4,520

966

MongoDB,

Inc.*

182,410

633

Monolithic

Power

Systems,

Inc.

418,983

1,057

Motorola

Solutions,

Inc.

439,057

683

nCino,

Inc.*

17,963

1,234

NetApp,

Inc.

122,363

958

Nutanix,

Inc.,

Class

A*

73,469

167,258

NVIDIA

Corp.

22,601,574

977

Okta,

Inc.*

100,797

158

Onto

Innovation,

Inc.*

14,527

21,642

Oracle

Corp.

3,582,400

27,874

Palantir

Technologies,

Inc.,

Class

A*

3,673,236

8,758

Palo

Alto

Networks,

Inc.*

1,685,214

592

Pegasystems,

Inc.

58,105

1,448

Procore

Technologies,

Inc.*

97,262

961

PTC,

Inc.*

161,756

3,618

Pure

Storage,

Inc.,

Class

A*

193,889

14,180

QUALCOMM,

Inc.

2,058,936

999

RingCentral,

Inc.,

Class

A*

25,904

10,606

Salesforce,

Inc.

2,814,514

611

SentinelOne,

Inc.,

Class

A*

10,760

2,781

ServiceNow,

Inc.*

2,811,841

4,227

Snowflake,

Inc.,

Class

A*

869,367

6,703

Super

Micro

Computer,

Inc.*

268,254

2,085

Synopsys,

Inc.*

967,398

1,244

Teradata

Corp.*

27,318

1,929

Teradyne,

Inc.

151,619

1,496

Texas

Instruments,

Inc.

273,544

406

Twilio,

Inc.,

Class

A*

47,786

492

Tyler

Technologies,

Inc.*

283,879

27

Ubiquiti,

Inc.

10,673

5,030

UiPath,

Inc.,

Class

A*

66,949

1,746

Unity

Software,

Inc.*

45,536

309

Universal

Display

Corp.

44,295

60

VeriSign,

Inc.

16,348

2,863

Workday,

Inc.,

Class

A*

709,194

145

Zebra

Technologies

Corp.,

Class

A*

42,017

1,265

Zscaler,

Inc.*

348,761

127,985,614

Materials

–

0.8%

404

Avery

Dennison

Corp.

71,803

386

Celanese

Corp.

20,392

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

2,051

Cleveland-Cliffs,

Inc.*

$

11,957

345

Eagle

Materials,

Inc.

69,763

2,938

Ecolab,

Inc.

780,392

601

Louisiana-Pacific

Corp.

54,132

46

Martin

Marietta

Materials,

Inc.

25,187

390

RPM

International,

Inc.

44,398

105

Sealed

Air

Corp.

3,381

2,893

Sherwin-Williams

Co.

(The)

1,038,037

1,181

Southern

Copper

Corp.

(Mexico)

107,365

457

Vulcan

Materials

Co.

121,137

2,347,944

Real

Estate

–

0.7%

6,320

American

Tower

Corp.

REIT

1,356,588

68

Equinix,

Inc.

REIT

60,440

2,223

Iron

Mountain,

Inc.

REIT

219,432

196

Jones

Lang

LaSalle,

Inc.*

43,649

293

Lamar

Advertising

Co.,

Class

A

REIT

35,318

321

Public

Storage

REIT

99,000

1,108

Simon

Property

Group,

Inc.

REIT

180,682

1,995,109

Utilities

–

0.4%

670

Constellation

Energy

Corp.

205,121

1,166

NRG

Energy,

Inc.

181,779

4,596

Vistra

Corp.

737,980

1,124,880

TOTAL

COMMON

STOCKS

(Cost

$275,418,471)

302,879,223

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

513,204

4.192%

513,204

(Cost

$513,204)

TOTAL

INVESTMENTS

–

100.0%

(Cost

$275,931,675)

$

303,392,427

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.0%

136,901

NET

ASSETS

–

100.0%

$

303,529,328

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

GROWTH

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

FUTURES

CONTRACTS

—

At

May

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-MINI

RUSS

1000

GJUN25

1

06/20/25

$

201,275

$

19,088

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.4%

Communication

Services

–

4.5%

546

Angi,

Inc.*

$

8,545

105,041

AT&T,

Inc.

2,920,140

1,337

Charter

Communications,

Inc.,

Class

A*

529,813

54,877

Comcast

Corp.,

Class

A

1,897,098

928

DoubleVerify

Holdings,

Inc.*

12,751

3,894

Electronic

Arts,

Inc.

559,879

3,352

Fox

Corp.,

Class

A

184,159

1,939

Fox

Corp.,

Class

B

97,493

3,588

Frontier

Communications

Parent,

Inc.*

129,993

1,035

IAC,

Inc.*

37,219

5,522

Interpublic

Group

of

Cos.,

Inc.

(The)

132,307

1,622

Iridium

Communications,

Inc.

41,199

133

Liberty

Broadband

Corp.,

Class

A*

12,356

1,219

Liberty

Broadband

Corp.,

Class

C*

114,342

2,422

Liberty

Global

Ltd.,

Class

A

(Belgium)*

23,324

2,532

Liberty

Global

Ltd.,

Class

C

(Belgium)*

25,016

184

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

16,214

1,853

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

178,870

333

Liberty

Media

Corp.-Liberty

Live,

Class

A*

23,929

666

Liberty

Media

Corp.-Liberty

Live,

Class

C*

48,585

228

Madison

Square

Garden

Sports

Corp.*

43,295

3,738

Match

Group,

Inc.

111,916

2,317

New

York

Times

Co.

(The),

Class

A

132,347

5,551

News

Corp.,

Class

A

156,760

1,638

News

Corp.,

Class

B

53,596

267

Nexstar

Media

Group,

Inc.

45,502

2,838

Omnicom

Group,

Inc.

208,423

6

Paramount

Global,

Class

A

136

8,584

Paramount

Global,

Class

B

103,866

1,591

Roku,

Inc.*

115,284

3,534

Sirius

XM

Holdings,

Inc.

76,617

2,462

Take-Two

Interactive

Software,

Inc.*

557,101

1,029

TKO

Group

Holdings,

Inc.

162,386

6,889

T-Mobile

US,

Inc.

1,668,516

1,483

TripAdvisor,

Inc.*

21,118

320

Trump

Media

&

Technology

Group

Corp.*

6,825

61,658

Verizon

Communications,

Inc.

2,710,486

26,493

Walt

Disney

Co.

(The)

2,994,769

35,348

Warner

Bros

Discovery,

Inc.*

352,419

4,563

ZoomInfo

Technologies,

Inc.*

43,577

16,558,171

Consumer

Discretionary

–

5.9%

3,558

ADT,

Inc.

29,603

853

Advance

Auto

Parts,

Inc.

40,884

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

823

Amer

Sports,

Inc.

(Finland)*

$

29,941

3,449

Aptiv

PLC

(Jersey)*

230,428

3,885

Aramark

157,342

406

AutoNation,

Inc.*

74,643

23

AutoZone,

Inc.*

85,860

3,267

Bath

&

Body

Works,

Inc.

91,868

3,142

Best

Buy

Co.,

Inc.

208,252

560

Birkenstock

Holding

PLC

(Germany)*

30,117

32

Booking

Holdings,

Inc.

176,606

3,370

BorgWarner,

Inc.

111,513

1,041

Boyd

Gaming

Corp.

78,044

729

Bright

Horizons

Family

Solutions,

Inc.*

94,187

999

Brunswick

Corp.

50,569

3,152

Caesars

Entertainment,

Inc.*

84,726

1,632

Capri

Holdings

Ltd.*

29,572

2,141

CarMax,

Inc.*

138,009

14,567

Carnival

Corp.*

338,246

490

Carter's,

Inc.

15,371

1,038

Carvana

Co.*

339,592

437

Columbia

Sportswear

Co.

27,872

744

Crocs,

Inc.*

75,888

4,145

D.R.

Horton,

Inc.

489,359

785

Darden

Restaurants,

Inc.

168,155

735

Dick's

Sporting

Goods,

Inc.

131,815

63

Dillard's,

Inc.,

Class

A

24,949

342

Domino's

Pizza,

Inc.

162,046

659

DoorDash,

Inc.,

Class

A*

137,500

768

Dutch

Bros,

Inc.,

Class

A*

55,450

7,001

eBay,

Inc.

512,263

585

Etsy,

Inc.*

32,380

130

Five

Below,

Inc.*

15,154

1,000

Floor

&

Decor

Holdings,

Inc.,

Class

A*

71,690

57,246

Ford

Motor

Co.

594,213

5,460

GameStop

Corp.,

Class

A*

162,708

2,891

Gap,

Inc.

(The)

64,498

2,236

Garmin

Ltd.

453,841

14,478

General

Motors

Co.

718,254

3,397

Gentex

Corp.

73,273

1,995

Genuine

Parts

Co.

252,407

282

Grand

Canyon

Education,

Inc.*

55,792

1,637

H&R

Block,

Inc.

93,227

1,747

Harley-Davidson,

Inc.

42,295

237

Hasbro,

Inc.

15,810

1,720

Hilton

Worldwide

Holdings,

Inc.

427,317

2,887

Home

Depot,

Inc.

(The)

1,063,253

523

Hyatt

Hotels

Corp.,

Class

A

69,052

1,636

Kohl's

Corp.

13,301

790

Lear

Corp.

71,432

1,936

Leggett

&

Platt,

Inc.

17,540

3,443

Lennar

Corp.,

Class

A

365,234

141

Lennar

Corp.,

Class

B

14,283

433

Lithia

Motors,

Inc.

137,222

3,865

LKQ

Corp.

156,416

8,292

Lowe’s

Cos.,

Inc.

1,871,753

12,764

Lucid

Group,

Inc.*

28,464

4,024

Macy’s,

Inc.

47,845

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

3,348

Marriott

International,

Inc.,

Class

A

$

883,303

469

Marriott

Vacations

Worldwide

Corp.

30,888

4,944

Mattel,

Inc.*

93,639

9,862

McDonald's

Corp.

3,095,189

3,434

MGM

Resorts

International*

108,686

732

Mohawk

Industries,

Inc.*

73,646

6,456

Newell

Brands,

Inc.

34,217

6,735

NIKE,

Inc.,

Class

B

408,074

45

NVR,

Inc.*

320,217

883

Ollie's

Bargain

Outlet

Holdings,

Inc.*

98,410

72

O'Reilly

Automotive,

Inc.*

98,460

2,232

Penn

Entertainment,

Inc.*

33,100

256

Penske

Automotive

Group,

Inc.

42,030

571

Planet

Fitness,

Inc.,

Class

A*

58,716

728

Polaris,

Inc.

28,552

2,998

PulteGroup,

Inc.

293,894

807

PVH

Corp.

67,602

4,876

QuantumScape

Corp.*

19,504

548

Ralph

Lauren

Corp.

151,692

140

RH*

25,355

11,300

Rivian

Automotive,

Inc.,

Class

A*

164,189

3,720

Ross

Stores,

Inc.

521,135

2,238

Royal

Caribbean

Cruises

Ltd.

575,099

2,068

Service

Corp.

International

161,304

732

SharkNinja,

Inc.*

67,293

1,796

Skechers

USA,

Inc.,

Class

A*

111,424

3,739

Starbucks

Corp.

313,889

3,349

Tapestry,

Inc.

263,064

735

Thor

Industries,

Inc.

59,675

6,754

TJX

Cos.,

Inc.

(The)

857,083

1,515

Toll

Brothers,

Inc.

157,939

405

TopBuild

Corp.*

114,570

1,037

Travel

+

Leisure

Co.

50,367

132

Ulta

Beauty,

Inc.*

62,233

3,207

Under

Armour,

Inc.,

Class

A*

21,519

2,847

Under

Armour,

Inc.,

Class

C*

17,936

125

Vail

Resorts,

Inc.

20,021

5,094

VF

Corp.

63,471

1,336

Wayfair,

Inc.,

Class

A*

55,097

1,307

Wendy's

Co.

(The)

14,900

745

Whirlpool

Corp.

58,177

739

Williams-Sonoma,

Inc.

119,541

1,039

Wyndham

Hotels

&

Resorts,

Inc.

86,008

1,337

Wynn

Resorts

Ltd.

121,052

859

YETI

Holdings,

Inc.*

26,251

2,539

Yum!

Brands,

Inc.

365,464

21,563,199

Consumer

Staples

–

8.4%

6,121

Albertsons

Cos.,

Inc.,

Class

A

136,070

24,760

Altria

Group,

Inc.

1,500,704

6,941

Archer-Daniels-Midland

Co.

335,042

1,938

BellRing

Brands,

Inc.*

121,997

1,946

BJ's

Wholesale

Club

Holdings,

Inc.*

220,307

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

132

Boston

Beer

Co.,

Inc.

(The),

Class

A*

$

30,340

743

Brown-Forman

Corp.,

Class

A

24,690

2,537

Brown-Forman

Corp.,

Class

B

84,583

2,031

Bunge

Global

SA

158,723

438

Casey's

General

Stores,

Inc.

191,739

3,535

Church

&

Dwight

Co.,

Inc.

347,526

24,187

Coca-Cola

Co.

(The)

1,743,883

960

Coca-Cola

Consolidated,

Inc.

110,064

5,299

Colgate-Palmolive

Co.

492,489

6,957

Conagra

Brands,

Inc.

159,246

2,289

Constellation

Brands,

Inc.,

Class

A

408,106

5,549

Coty,

Inc.,

Class

A*

27,357

2,272

Darling

Ingredients,

Inc.*

70,795

3,159

Dollar

General

Corp.

307,213

2,982

Dollar

Tree,

Inc.*

269,155

2,165

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

144,925

2,741

Flowers

Foods,

Inc.

46,323

430

Freshpet,

Inc.*

34,469

8,120

General

Mills,

Inc.

440,591

1,634

Grocery

Outlet

Holding

Corp.*

22,190

1,831

Hershey

Co.

(The)

294,223

4,232

Hormel

Foods

Corp.

129,838

999

Ingredion,

Inc.

138,981

1,504

J

M

Smucker

Co.

(The)

169,365

3,785

Kellanova

312,755

27,893

Kenvue,

Inc.

665,806

18,589

Keurig

Dr

Pepper,

Inc.

625,892

2,839

Kimberly-Clark

Corp.

408,135

12,966

Kraft

Heinz

Co.

(The)

346,581

9,691

Kroger

Co.

(The)

661,217

1,391

Lamb

Weston

Holdings,

Inc.

77,590

2,549

Maplebear,

Inc.*

116,413

3,697

McCormick

&

Co.,

Inc.

268,883

2,542

Molson

Coors

Beverage

Co.,

Class

B

136,226

19,452

Mondelez

International,

Inc.,

Class

A

1,312,815

2,072

Monster

Beverage

Corp.*

132,504

4,210

PepsiCo,

Inc.

553,404

1,934

Performance

Food

Group

Co.*

173,209

22,735

Philip

Morris

International,

Inc.

4,105,714

519

Pilgrim's

Pride

Corp.

25,514

743

Post

Holdings,

Inc.*

82,168

26,831

Procter &

Gamble

Co.

(The)

4,558,319

747

Reynolds

Consumer

Products,

Inc.

16,494

5

Seaboard

Corp.

13,386

437

Spectrum

Brands

Holdings,

Inc.

25,245

2,770

Sysco

Corp.

202,210

6,748

Target

Corp.

634,379

2,836

The

Campbell's

Company

96,537

4,055

Tyson

Foods,

Inc.,

Class

A

227,729

3,351

US

Foods

Holding

Corp.*

265,131

10,398

Walgreens

Boots

Alliance,

Inc.

116,977

63,671

Walmart,

Inc.

6,285,601

30,607,768

GOLDMAN

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Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

6.2%

3,282

Antero

Midstream

Corp.

$

61,636

4,235

Antero

Resources

Corp.*

158,601

5,242

APA

Corp.

89,166

14,577

Baker

Hughes

Co.

540,078

1,625

Cheniere

Energy,

Inc.

385,109

23,939

Chevron

Corp.

3,272,461

900

Chord

Energy

Corp.

81,000

1,038

Civitas

Resources,

Inc.

28,410

18,847

ConocoPhillips

1,608,591

10,808

Coterra

Energy,

Inc.

262,743

9,157

Devon

Energy

Corp.

277,091

2,764

Diamondback

Energy,

Inc.

371,896

1,379

DT

Midstream,

Inc.

144,436

8,202

EOG

Resources,

Inc.

890,491

8,029

EQT

Corp.

442,639

3,301

Expand

Energy

Corp.

383,345

64,333

Exxon

Mobil

Corp.

6,581,266

12,817

Halliburton

Co.

251,085

1,410

Hess

Corp.

186,388

2,343

HF

Sinclair

Corp.

84,653

28,256

Kinder

Morgan,

Inc.

792,298

4,689

Marathon

Petroleum

Corp.

753,710

1,615

Matador

Resources

Co.

69,461

5,748

NOV,

Inc.

68,976

9,759

Occidental

Petroleum

Corp.

397,972

9,074

ONEOK,

Inc.

733,542

3,909

Ovintiv,

Inc.

140,020

7,196

Permian

Resources

Corp.

90,742

6,113

Phillips

66

693,703

3,443

Range

Resources

Corp.

130,972

20,866

Schlumberger

NV

689,621

6,224

TechnipFMC

PLC

(United

Kingdom)

193,878

4,650

Valero

Energy

Corp.

599,711

1,330

Viper

Energy,

Inc.

52,788

17,740

Williams

Cos.,

Inc.

(The)

1,073,447

22,581,926

Financials

–

23.5%

441

Affiliated

Managers

Group,

Inc.

77,616

3,741

Affirm

Holdings,

Inc.*

194,158

8,112

Aflac,

Inc.

839,916

12,646

AGNC

Investment

Corp.

REIT

113,055

3,201

Allstate

Corp.

(The)

671,794

3,445

Ally

Financial,

Inc.

120,575

5,097

American

Express

Co.

1,498,773

1,037

American

Financial

Group,

Inc.

128,567

9,130

American

International

Group,

Inc.

772,763

112

Ameriprise

Financial,

Inc.

57,035

8,203

Annaly

Capital

Management,

Inc.

REIT

155,447

2,859

Aon

PLC,

Class

A

1,063,777

1,949

Apollo

Global

Management,

Inc.

254,715

5,205

Arch

Capital

Group

Ltd.

494,683

3,359

Arthur

J

Gallagher

&

Co.

1,167,051

741

Assurant,

Inc.

150,408

730

Assured

Guaranty

Ltd.

61,722

1,112

Axis

Capital

Holdings

Ltd.

115,426

97,113

Bank

of

America

Corp.

4,285,597

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

10,510

Bank

of

New

York

Mellon

Corp.

(The)

$

931,291

1,567

Bank

OZK

69,465

26,783

Berkshire

Hathaway,

Inc.,

Class

B*

13,497,561

2,165

Blackrock,

Inc.

2,121,462

4,655

Block,

Inc.*

287,446

333

BOK

Financial

Corp.

31,442

999

Brighthouse

Financial,

Inc.*

59,750

1,941

Brown

&

Brown,

Inc.

219,139

9,276

Capital

One

Financial

Corp.

1,754,555

3,143

Carlyle

Group,

Inc.

(The)

142,064

1,551

Cboe

Global

Markets,

Inc.

355,365

21,815

Charles

Schwab

Corp.

(The)

1,927,137

5,910

Chubb

Ltd.

1,756,452

2,214

Cincinnati

Financial

Corp.

333,915

27,578

Citigroup,

Inc.

2,077,175

6,678

Citizens

Financial

Group,

Inc.

269,457

5,259

CME

Group,

Inc.

1,519,851

333

CNA

Financial

Corp.

15,954

428

Coinbase

Global,

Inc.,

Class

A*

105,553

3,051

Columbia

Banking

System,

Inc.

71,332

1,914

Comerica,

Inc.

109,270

1,826

Commerce

Bancshares,

Inc.

115,056

4,345

Corebridge

Financial,

Inc.

141,690

27

Credit

Acceptance

Corp.*

12,887

839

Cullen/Frost

Bankers,

Inc.

106,536

1,972

East

West

Bancorp,

Inc.

179,846

641

Euronet

Worldwide,

Inc.*

69,407

491

Evercore,

Inc.,

Class

A

113,662

494

Everest

Group

Ltd.

171,512

382

FactSet

Research

Systems,

Inc.

175,055

3,741

Fidelity

National

Financial,

Inc.

204,895

7,946

Fidelity

National

Information

Services,

Inc.

632,581

9,932

Fifth

Third

Bancorp

379,303

1,437

First

American

Financial

Corp.

80,199

156

First

Citizens

BancShares,

Inc.,

Class

A

288,425

1,877

First

Hawaiian,

Inc.

44,823

7,964

First

Horizon

Corp.

158,324

5,674

Fiserv,

Inc.*

923,670

5,213

FNB

Corp.

72,304

4,211

Franklin

Resources,

Inc.

91,126

3,752

Global

Payments,

Inc.

283,689

1,327

Globe

Life,

Inc.

161,722

3,219

Goldman

Sachs

Group,

Inc.

(The)

1,932,849

487

Hanover

Insurance

Group,

Inc.

(The)

85,702

4,273

Hartford

Insurance

Group,

Inc.

(The)

554,806

672

Houlihan

Lokey,

Inc.

117,385

21,041

Huntington

Bancshares,

Inc.

328,871

1,518

Interactive

Brokers

Group,

Inc.,

Class

A

318,294

8,258

Intercontinental

Exchange,

Inc.

1,484,788

5,289

Invesco

Ltd.

76,479

1,039

Jack

Henry

&

Associates,

Inc.

188,236

1,909

Janus

Henderson

Group

PLC

69,354

GOLDMAN

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(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

1,918

Jefferies

Financial

Group,

Inc.

$

93,215

41,098

JPMorgan

Chase &

Co.

10,849,872

875

Kemper

Corp.

55,764

13,471

KeyCorp

213,650

7,022

KKR

&

Co.,

Inc.

852,892

127

Lazard,

Inc.

5,512

2,541

Lincoln

National

Corp.

84,209

2,613

Loews

Corp.

233,315

2,429

M&T

Bank

Corp.

443,633

144

Markel

Group,

Inc.*

279,605

513

MarketAxess

Holdings,

Inc.

111,018

6,159

Marsh

&

McLennan

Cos.,

Inc.

1,439,112

8,562

MetLife,

Inc.

672,802

3,879

MGIC

Investment

Corp.

102,600

15,786

Morgan

Stanley

2,021,082

456

MSCI,

Inc.

257,193

5,999

Nasdaq,

Inc.

501,156

2,854

Northern

Trust

Corp.

304,636

3,697

Old

Republic

International

Corp.

139,747

1,640

OneMain

Holdings,

Inc.

85,018

14,581

PayPal

Holdings,

Inc.*

1,024,753

1,064

Pinnacle

Financial

Partners,

Inc.

113,082

5,821

PNC

Financial

Services

Group,

Inc.

(The)

1,011,748

945

Popular,

Inc.

(Puerto

Rico)

97,836

464

Primerica,

Inc.

125,558

3,354

Principal

Financial

Group,

Inc.

261,243

1,339

Progressive

Corp.

(The)

381,521

1,333

Prosperity

Bancshares,

Inc.

92,843

5,251

Prudential

Financial,

Inc.

545,526

2,960

Raymond

James

Financial,

Inc.

435,061

13,379

Regions

Financial

Corp.

286,846

980

Reinsurance

Group

of

America,

Inc.

199,224

738

RenaissanceRe

Holdings

Ltd.

(Bermuda)

184,072

7,033

Rithm

Capital

Corp.

REIT

78,418

1,106

RLI

Corp.

85,018

9,703

Robinhood

Markets,

Inc.,

Class

A*

641,853

1,974

Rocket

Cos.,

Inc.,

Class

A

25,169

4,570

S&P

Global,

Inc.

2,343,770

1,460

SEI

Investments

Co.

124,480

3,138

SLM

Corp.

101,577

12,649

SoFi

Technologies,

Inc.*

168,232

4,397

Starwood

Property

Trust,

Inc.

REIT

86,841

4,345

State

Street

Corp.

418,337

1,423

Stifel

Financial

Corp.

134,075

5,749

Synchrony

Financial

331,430

2,136

Synovus

Financial

Corp.

102,165

3,152

T.

Rowe

Price

Group,

Inc.

294,996

999

TFS

Financial

Corp.

13,197

925

TPG,

Inc.

44,520

1,031

Tradeweb

Markets,

Inc.,

Class

A

148,928

3,340

Travelers

Cos.,

Inc.

(The)

920,838

19,424

Truist

Financial

Corp.

767,248

2,677

Unum

Group

218,738

22,695

US

Bancorp

989,275

438

UWM

Holdings

Corp.

1,883

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

1,171

Virtu

Financial,

Inc.,

Class

A

$

47,063

1,466

Voya

Financial,

Inc.

97,518

4,272

W

R

Berkley

Corp.

319,076

2,521

Webster

Financial

Corp.

129,781

48,157

Wells

Fargo &

Co.

3,601,180

1,590

Western

Alliance

Bancorp

115,132

4,041

Western

Union

Co.

(The)

37,500

531

WEX,

Inc.*

70,586

43

White

Mountains

Insurance

Group

Ltd.

76,746

1,491

Willis

Towers

Watson

PLC

471,976

890

Wintrust

Financial

Corp.

106,275

5,205

XP,

Inc.,

Class

A

(Brazil)

100,769

2,109

Zions

Bancorp

NA

99,882

86,262,006

Health

Care

–

13.1%

458

10X

Genomics,

Inc.,

Class

A*

4,365

25,312

Abbott

Laboratories

3,381,177

14,723

AbbVie,

Inc.

2,740,098

1,334

Acadia

Healthcare

Co.,

Inc.*

30,202

4,294

Agilent

Technologies,

Inc.

480,584

413

Align

Technology,

Inc.*

74,728

167

Alnylam

Pharmaceuticals,

Inc.*

50,862

443

Amedisys,

Inc.*

41,673

1,697

Amgen,

Inc.

489,041

9,869

Avantor,

Inc.*

127,409

756

Azenta,

Inc.*

20,200

7,383

Baxter

International,

Inc.

225,182

4,217

Becton

Dickinson

&

Co.

727,812

2,131

Biogen,

Inc.*

276,582

2,771

BioMarin

Pharmaceutical,

Inc.*

160,912

273

Bio-Rad

Laboratories,

Inc.,

Class

A*

61,952

2,248

Bio-Techne

Corp.

108,803

21,372

Boston

Scientific

Corp.*

2,249,617

29,588

Bristol-Myers

Squibb

Co.

1,428,509

542

Bruker

Corp.

19,891

1,416

Cardinal

Health,

Inc.

218,687

7,341

Centene

Corp.*

414,326

1,332

Certara,

Inc.*

15,132

735

Charles

River

Laboratories

International,

Inc.*

99,688

183

Chemed

Corp.

105,196

3,575

Cigna

Group

(The)

1,131,988

2,836

Cooper

Cos.,

Inc.

(The)*

193,642

18,413

CVS

Health

Corp.

1,179,169

9,418

Danaher

Corp.

1,788,478

3,047

DENTSPLY

SIRONA,

Inc.

48,691

1,641

Doximity,

Inc.,

Class

A*

85,480

7,055

Edwards

Lifesciences

Corp.*

551,842

7,157

Elanco

Animal

Health,

Inc.*

96,190

2,843

Elevance

Health,

Inc.

1,091,257

1,417

Encompass

Health

Corp.

171,315

748

Enovis

Corp.*

23,412

2,545

Envista

Holdings

Corp.*

46,497

1,634

Exact

Sciences

Corp.*

91,962

730

Exelixis,

Inc.*

31,419

1,159

Fortrea

Holdings,

Inc.*

4,984

GOLDMAN

SACHS

MARKETBETA

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EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

6,026

GE

HealthCare

Technologies,

Inc.

$

425,074

18,186

Gilead

Sciences,

Inc.

2,001,915

1,632

Globus

Medical,

Inc.,

Class

A*

96,582

333

GRAIL,

Inc.*

12,791

2,057

HCA

Healthcare,

Inc.

784,519

1,885

Henry

Schein,

Inc.*

131,931

3,393

Hologic,

Inc.*

210,943

1,744

Humana,

Inc.

406,579

2,288

Illumina,

Inc.*

188,165

2,204

Incyte

Corp.*

143,392

135

Ionis

Pharmaceuticals,

Inc.*

4,524

2,300

IQVIA

Holdings,

Inc.*

322,759

881

Jazz

Pharmaceuticals

PLC*

95,210

35,306

Johnson &

Johnson

5,479,844

1,234

Labcorp

Holdings,

Inc.

307,229

299

Masimo

Corp.*

48,588

1,032

McKesson

Corp.

742,534

18,685

Medtronic

PLC

1,550,481

310

Mettler-Toledo

International,

Inc.*

358,211

4,670

Moderna,

Inc.*

124,035

317

Molina

Healthcare,

Inc.*

96,698

3,744

Organon

&

Co.

34,520

1,933

Perrigo

Co.

PLC

51,746

82,476

Pfizer,

Inc.

1,937,361

1,518

Premier,

Inc.,

Class

A

34,884

3,114

QIAGEN

NV*

140,535

1,634

Quest

Diagnostics,

Inc.

283,238

738

QuidelOrtho

Corp.*

22,634

1,391

Regeneron

Pharmaceuticals,

Inc.

681,979

664

Repligen

Corp.*

78,398

1,556

ResMed,

Inc.

380,893

1,789

Revvity,

Inc.

161,761

6,142

Roivant

Sciences

Ltd.*

67,501

5,700

Royalty

Pharma

PLC,

Class

A

187,416

1,986

Solventum

Corp.*

145,157

1,841

Sotera

Health

Co.*

22,534

1,409

STERIS

PLC

345,501

3,738

Stryker

Corp.

1,430,308

721

Teleflex,

Inc.

88,157

1,333

Tenet

Healthcare

Corp.*

224,970

5,576

Thermo

Fisher

Scientific,

Inc.

2,246,124

651

United

Therapeutics

Corp.*

207,571

12,532

UnitedHealth

Group,

Inc.

3,783,536

820

Universal

Health

Services,

Inc.,

Class

B

156,087

1,918

Vertex

Pharmaceuticals,

Inc.*

847,852

17,285

Viatris,

Inc.

151,935

349

Waters

Corp.*

121,885

432

West

Pharmaceutical

Services,

Inc.

91,087

2,969

Zimmer

Biomet

Holdings,

Inc.

273,653

1,152

Zoetis,

Inc.

194,262

48,014,443

Industrials

–

15.1%

6,437

3M

Co.

954,929

1,730

A

O

Smith

Corp.

111,256

436

Acuity,

Inc.

113,312

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

601

Advanced

Drainage

Systems,

Inc.

$

66,086

1,937

AECOM

212,779

909

AGCO

Corp.

89,064

1,521

Air

Lease

Corp.

87,625

1,839

Alaska

Air

Group,

Inc.*

93,660

1,304

Allegion

PLC

186,081

1,332

Allison

Transmission

Holdings,

Inc.

137,889

1,932

Amentum

Holdings,

Inc.*

39,915

8,856

American

Airlines

Group,

Inc.*

101,047

3,389

AMETEK,

Inc.

605,750

3,317

API

Group

Corp.*

154,804

443

Armstrong

World

Industries,

Inc.

68,944

1,796

ATI,

Inc.*

143,033

435

Automatic

Data

Processing,

Inc.

141,606

133

Avis

Budget

Group,

Inc.*

16,198

632

AZEK

Co.,

Inc.

(The)*

31,290

9,162

Boeing

Co.

(The)*

1,899,466

136

Broadridge

Financial

Solutions,

Inc.

33,025

1,625

Builders

FirstSource,

Inc.*

174,980

1,040

BWX

Technologies,

Inc.

130,624

1,648

C.H.

Robinson

Worldwide,

Inc.

158,159

333

CACI

International,

Inc.,

Class

A*

142,524

570

Carlisle

Cos.,

Inc.

216,703

12,190

Carrier

Global

Corp.

867,928

6,064

Caterpillar,

Inc.

2,110,454

241

Cintas

Corp.

54,587

5,853

Clarivate

PLC*

24,700

712

Clean

Harbors,

Inc.*

161,474

12,761

CNH

Industrial

NV

159,640

666

Concentrix

Corp.

37,273

849

Copart,

Inc.*

43,707

800

Core

&

Main,

Inc.,

Class

A*

43,848

730

Crane

Co.

125,122

28,456

CSX

Corp.

898,925

1,945

Cummins,

Inc.

625,279

537

Curtiss-Wright

Corp.

236,339

1,940

Dayforce,

Inc.*

114,615

3,650

Deere

&

Co.

1,847,849

9,417

Delta

Air

Lines,

Inc.

455,689

1,728

Donaldson

Co.,

Inc.

120,182

1,955

Dover

Corp.

347,501

4,539

Dun

&

Bradstreet

Holdings,

Inc.

40,896

5,771

Eaton

Corp.

PLC

1,847,874

412

EMCOR

Group,

Inc.

194,406

8,295

Emerson

Electric

Co.

990,257

1,401

Equifax,

Inc.

370,130

793

Esab

Corp.

97,531

737

Everus

Construction

Group,

Inc.*

42,680

1,689

Expeditors

International

of

Washington,

Inc.

190,401

2,674

Fastenal

Co.

110,543

3,298

FedEx

Corp.

719,294

2,770

Ferguson

Enterprises,

Inc.

505,082

1,939

Flowserve

Corp.

96,776

5,136

Fortive

Corp.

360,496

GOLDMAN

SACHS

MARKETBETA

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of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,823

Fortune

Brands

Innovations,

Inc.

$

91,879

476

FTI

Consulting,

Inc.*

78,140

2,978

Gates

Industrial

Corp.

PLC*

62,985

3,998

GE

Vernova,

Inc.

1,890,974

438

Generac

Holdings,

Inc.*

53,493

4,011

General

Dynamics

Corp.

1,117,023

12,320

General

Electric

Co.

3,029,611

2,514

Genpact

Ltd.

108,228

2,451

Graco,

Inc.

207,502

1,672

GXO

Logistics,

Inc.*

68,786

2,233

Hayward

Holdings,

Inc.*

31,150

1,207

Hexcel

Corp.

63,838

7,993

Honeywell

International,

Inc.

1,811,773

5,551

Howmet

Aerospace,

Inc.

943,059

731

Hubbell,

Inc.

284,783

565

Huntington

Ingalls

Industries,

Inc.

126,029

1,064

IDEX

Corp.

192,488

2,686

Illinois

Tool

Works,

Inc.

658,285

5,857

Ingersoll

Rand,

Inc.

478,165

1,200

ITT,

Inc.

180,648

1,161

J.B.

Hunt

Transport

Services,

Inc.

161,205

1,822

Jacobs

Solutions,

Inc.

230,119

9,741

Johnson

Controls

International

PLC

987,445

1,634

KBR,

Inc.

85,278

822

Kirby

Corp.*

90,946

2,240

Knight-Swift

Transportation

Holdings,

Inc.

99,277

2,783

L3Harris

Technologies,

Inc.

679,998

484

Landstar

System,

Inc.

66,414

1,933

Leidos

Holdings,

Inc.

287,089

574

Lincoln

Electric

Holdings,

Inc.

111,121

2,122

Lockheed

Martin

Corp.

1,023,610

1,635

Lyft,

Inc.,

Class

A*

24,917

735

ManpowerGroup,

Inc.

30,833

3,166

Masco

Corp.

197,622

918

MasTec,

Inc.*

143,144

735

Middleby

Corp.

(The)*

107,406

514

MSA

Safety,

Inc.

83,767

666

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

54,079

796

Nordson

Corp.

168,744

3,289

Norfolk

Southern

Corp.

812,778

1,966

Northrop

Grumman

Corp.

953,058

2,408

nVent

Electric

PLC

158,446

999

Oshkosh

Corp.

99,091

5,849

Otis

Worldwide

Corp.

557,702

1,280

Owens

Corning

171,456

7,524

PACCAR,

Inc.

706,127

1,890

Parker-Hannifin

Corp.

1,256,283

693

Parsons

Corp.*

44,934

3,004

Paychex,

Inc.

474,362

264

Paycom

Software,

Inc.

68,400

2,406

Pentair

PLC

238,627

1,455

Quanta

Services,

Inc.

498,425

2,653

RB

Global,

Inc.

(Canada)

279,361

430

RBC

Bearings,

Inc.*

157,324

998

Regal

Rexnord

Corp.

133,173

2,986

Republic

Services,

Inc.

768,268

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,483

Robert

Half,

Inc.

$

67,907

1,522

Rockwell

Automation,

Inc.

480,267

19,383

RTX

Corp.

2,645,392

666

Ryder

System,

Inc.

97,989

128

Saia,

Inc.*

33,844

718

Schneider

National,

Inc.,

Class

B

16,636

735

Science

Applications

International

Corp.

84,922

2,207

Sensata

Technologies

Holding

PLC

57,514

542

Simpson

Manufacturing

Co.,

Inc.

84,389

444

SiteOne

Landscape

Supply,

Inc.*

51,864

735

Snap-on,

Inc.

235,751

8,703

Southwest

Airlines

Co.

290,506

1,463

Spirit

AeroSystems

Holdings,

Inc.,

Class

A*

54,687

3,141

SS&C

Technologies

Holdings,

Inc.

253,824

716

Standard

Aero,

Inc.*

21,000

2,240

Stanley

Black

&

Decker,

Inc.

146,563

3,065

Tetra

Tech,

Inc.

107,091

2,722

Textron,

Inc.

201,510

999

Timken

Co.

(The)

68,422

1,529

Toro

Co.

(The)

115,868

2,204

Trane

Technologies

PLC

948,315

646

TransDigm

Group,

Inc.

948,606

2,651

TransUnion

227,005

799

U-Haul

Holding

Co.

45,575

4,644

Union

Pacific

Corp.

1,029,389

4,755

United

Airlines

Holdings,

Inc.*

377,761

10,659

United

Parcel

Service,

Inc.,

Class

B

1,039,679

744

United

Rentals,

Inc.

527,035

287

Valmont

Industries,

Inc.

91,277

1,948

Veralto

Corp.

196,806

1,935

Vestis

Corp.

11,920

91

W.W.

Grainger,

Inc.

98,968

497

Watsco,

Inc.

220,454

666

WESCO

International,

Inc.

111,815

2,514

Westinghouse

Air

Brake

Technologies

Corp.

508,632

1,939

WillScot

Holdings

Corp.

52,256

853

Woodward,

Inc.

184,530

3,487

Xylem,

Inc.

439,501

55,617,365

Information

Technology

–

9.1%

9,171

Accenture

PLC,

Class

A

(Ireland)

2,905,556

7,967

Advanced

Micro

Devices,

Inc.*

882,186

2,231

Akamai

Technologies,

Inc.*

169,400

1,778

Allegro

MicroSystems,

Inc.

(Japan)*

45,072

1,645

Amdocs

Ltd.

150,945

1,637

Amkor

Technology,

Inc.

29,499

7,167

Amphenol

Corp.,

Class

A

644,528

7,229

Analog

Devices,

Inc.

1,546,861

1,300

ANSYS,

Inc.*

430,066

1,016

Applied

Materials,

Inc.

159,258

737

Arrow

Electronics,

Inc.*

87,246

1,495

Astera

Labs,

Inc.*

135,626

GOLDMAN

SACHS

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Schedule

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Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

1,335

Avnet,

Inc.

$

66,763

1,087

BILL

Holdings,

Inc.*

47,480

5,819

CCC

Intelligent

Solutions

Holdings,

Inc.*

51,091

1,002

CDW

Corp.

180,721

2,095

Ciena

Corp.*

167,726

735

Cirrus

Logic,

Inc.*

72,295

58,195

Cisco

Systems,

Inc.

3,668,613

2,355

Cognex

Corp.

70,579

7,271

Cognizant

Technology

Solutions

Corp.,

Class

A

588,878

1,822

Coherent

Corp.*

137,798

11,191

Corning,

Inc.

554,962

729

Crane

NXT

Co.

39,082

3,337

Dell

Technologies,

Inc.,

Class

C

371,308

831

Dolby

Laboratories,

Inc.,

Class

A

61,710

2,534

Dropbox,

Inc.,

Class

A*

73,131

2,618

DXC

Technology

Co.*

39,794

742

EPAM

Systems,

Inc.*

129,472

830

F5,

Inc.*

236,865

58

Fair

Isaac

Corp.*

100,124

1,575

First

Solar,

Inc.*

248,976

1,647

Fortinet,

Inc.*

167,632

7,939

Gen

Digital,

Inc.

226,103

1,332

GLOBALFOUNDRIES,

Inc.*

47,686

133

Globant

SA*

13,046

670

Guidewire

Software,

Inc.*

144,063

18,900

Hewlett

Packard

Enterprise

Co.

326,592

10,798

HP,

Inc.

268,870

666

Informatica,

Inc.,

Class

A*

15,991

63,414

Intel

Corp.

1,239,744

13,412

International

Business

Machines

Corp.

3,474,513

430

IPG

Photonics

Corp.*

28,492

1,463

Jabil,

Inc.

245,799

4,644

Juniper

Networks,

Inc.

166,859

2,540

Keysight

Technologies,

Inc.*

398,882

3,315

Kyndryl

Holdings,

Inc.*

129,418

252

Lattice

Semiconductor

Corp.*

11,325

333

Littelfuse,

Inc.

68,285

1,001

Lumentum

Holdings,

Inc.*

72,352

776

MACOM

Technology

Solutions

Holdings,

Inc.*

94,369

11,521

Marvell

Technology,

Inc.

693,449

7,693

Microchip

Technology,

Inc.

446,502

16,081

Micron

Technology,

Inc.

1,519,011

3,154

MicroStrategy,

Inc.,

Class

A*

1,164,015

923

MKS,

Inc.

75,861

1,282

Motorola

Solutions,

Inc.

532,517

442

nCino,

Inc.*

11,625

1,640

NetApp,

Inc.

162,622

2,535

Nutanix,

Inc.,

Class

A*

194,409

1,263

Okta,

Inc.*

130,304

6,234

ON

Semiconductor

Corp.*

261,953

501

Onto

Innovation,

Inc.*

46,062

709

PTC,

Inc.*

119,339

595

Pure

Storage,

Inc.,

Class

A*

31,886

1,363

Qorvo,

Inc.*

103,615

1,043

QUALCOMM,

Inc.

151,444

1,579

Roper

Technologies,

Inc.

900,456

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,068

Salesforce,

Inc.

$

548,785

1,660

Sandisk

Corp.*

62,565

3,370

SentinelOne,

Inc.,

Class

A*

59,346

2,314

Skyworks

Solutions,

Inc.

159,735

1,056

TD

SYNNEX

Corp.

128,135

702

Teledyne

Technologies,

Inc.*

350,200

157

Teradyne,

Inc.

12,340

11,704

Texas

Instruments,

Inc.

2,140,076

3,525

Trimble,

Inc.*

251,227

1,782

Twilio,

Inc.,

Class

A*

209,741

102

Tyler

Technologies,

Inc.*

58,853

757

UiPath,

Inc.,

Class

A*

10,076

2,412

Unity

Software,

Inc.*

62,905

333

Universal

Display

Corp.

47,735

1,127

VeriSign,

Inc.

307,074

2,243

Vontier

Corp.

80,187

5,009

Western

Digital

Corp.*

258,214

1,801

Wolfspeed,

Inc.*

2,143

580

Zebra

Technologies

Corp.,

Class

A*

168,067

3,803

Zoom

Communications,

Inc.,

Class

A*

308,994

33,005,100

Materials

–

4.2%

3,207

Air

Products

and

Chemicals,

Inc.

894,464

1,671

Albemarle

Corp.

93,175

3,669

Alcoa

Corp.

98,219

32,817

Amcor

PLC

298,963

999

AptarGroup,

Inc.

158,242

672

Ashland,

Inc.

33,271

737

Avery

Dennison

Corp.

130,987

3,207

Axalta

Coating

Systems

Ltd.*

98,776

4,444

Ball

Corp.

238,110

1,212

Celanese

Corp.

64,030

2,627

CF

Industries

Holdings,

Inc.

238,295

1,974

Chemours

Co.

(The)

19,997

4,623

Cleveland-Cliffs,

Inc.*

26,952

10,185

Corteva,

Inc.

721,098

10,054

CRH

PLC

916,523

1,663

Crown

Holdings,

Inc.

163,806

10,274

Dow,

Inc.

285,001

6,129

DuPont

de

Nemours,

Inc.

409,417

128

Eagle

Materials,

Inc.

25,883

1,663

Eastman

Chemical

Co.

130,329

431

Ecolab,

Inc.

114,482

3,242

Element

Solutions,

Inc.

69,314

1,845

FMC

Corp.

74,833

20,880

Freeport-McMoRan,

Inc.

803,462

4,399

Graphic

Packaging

Holding

Co.

97,746

2,371

Huntsman

Corp.

26,413

3,745

International

Flavors

&

Fragrances,

Inc.

286,717

7,652

International

Paper

Co.

365,842

7,019

Linde

PLC

3,281,944

315

Louisiana-Pacific

Corp.

28,372

3,747

LyondellBasell

Industries

NV,

Class

A

211,668

820

Martin

Marietta

Materials,

Inc.

448,991

4,644

Mosaic

Co.

(The)

167,834

GOLDMAN

SACHS

MARKETBETA

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ETF

Schedule

of

Investments

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May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

1,646

MP

Materials

Corp.*

$

35,866

108

NewMarket

Corp.

69,558

16,825

Newmont

Corp.

887,014

3,464

Nucor

Corp.

378,823

1,714

Olin

Corp.

33,269

1,329

Packaging

Corp.

of

America

256,723

3,447

PPG

Industries,

Inc.

381,928

804

Reliance,

Inc.

235,427

999

Royal

Gold,

Inc.

177,942

1,405

RPM

International,

Inc.

159,945

626

Scotts

Miracle-Gro

Co.

(The)

37,285

1,965

Sealed

Air

Corp.

63,273

306

Sherwin-Williams

Co.

(The)

109,796

1,206

Silgan

Holdings,

Inc.

66,414

7,515

Smurfit

WestRock

PLC

325,625

1,396

Sonoco

Products

Co.

63,574

2,202

Steel

Dynamics,

Inc.

271,000

3,222

United

States

Steel

Corp.

173,408

1,402

Vulcan

Materials

Co.

371,628

442

Westlake

Corp.

31,395

15,153,049

Real

Estate

–

4.6%

1,427

Agree

Realty

Corp.

REIT

107,453

2,541

Alexandria

Real

Estate

Equities,

Inc.

REIT

178,353

4,951

American

Homes

4

Rent,

Class

A

REIT

187,395

4,164

Americold

Realty

Trust,

Inc.

REIT

68,997

2,045

AvalonBay

Communities,

Inc.

REIT

422,845

4,350

Brixmor

Property

Group,

Inc.

REIT

110,533

2,293

BXP,

Inc.

REIT

154,388

1,530

Camden

Property

Trust

REIT

179,760

4,438

CBRE

Group,

Inc.,

Class

A*

554,839

5,876

CoStar

Group,

Inc.*

432,238

2,249

Cousins

Properties,

Inc.

REIT

63,129

6,346

Crown

Castle,

Inc.

REIT

636,821

3,241

CubeSmart

REIT

138,585

4,838

Digital

Realty

Trust,

Inc.

REIT

829,814

742

EastGroup

Properties,

Inc.

REIT

125,806

1,053

EPR

Properties

REIT

58,642

1,334

Equinix,

Inc.

REIT

1,185,686

2,705

Equity

LifeStyle

Properties,

Inc.

REIT

171,957

5,543

Equity

Residential

REIT

388,786

954

Essex

Property

Trust,

Inc.

REIT

270,841

3,065

Extra

Space

Storage,

Inc.

REIT

463,275

1,200

Federal

Realty

Investment

Trust

REIT

114,576

1,940

First

Industrial

Realty

Trust,

Inc.

REIT

95,894

3,750

Gaming

and

Leisure

Properties,

Inc.

REIT

175,125

5,552

Healthcare

Realty

Trust,

Inc.

REIT

80,504

10,362

Healthpeak

Properties,

Inc.

REIT

180,402

1,646

Highwoods

Properties,

Inc.

REIT

48,886

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

10,291

Host

Hotels

&

Resorts,

Inc.

REIT

$

159,408

412

Howard

Hughes

Holdings,

Inc.*

28,144

8,878

Invitation

Homes,

Inc.

REIT

299,189

1,827

Iron

Mountain,

Inc.

REIT

180,343

440

Jones

Lang

LaSalle,

Inc.*

97,988

1,704

Kilroy

Realty

Corp.

REIT

54,869

9,592

Kimco

Realty

Corp.

REIT

203,926

968

Lamar

Advertising

Co.,

Class

A

REIT

116,683

893

Lineage,

Inc.

REIT

38,122

8,621

Medical

Properties

Trust,

Inc.

REIT

39,398

1,647

Mid-America

Apartment

Communities,

Inc.

REIT

258,002

1,860

Millrose

Properties,

Inc.

REIT

51,838

1,039

National

Storage

Affiliates

Trust

REIT

35,742

2,615

NNN

REIT,

Inc.

REIT

109,202

3,590

Omega

Healthcare

Investors,

Inc.

REIT

132,830

3,107

Park

Hotels

&

Resorts,

Inc.

REIT

32,188

13,450

Prologis,

Inc.

REIT

1,460,670

1,934

Public

Storage

REIT

596,465

2,275

Rayonier,

Inc.

REIT

53,917

12,536

Realty

Income

Corp.

REIT

709,788

2,668

Regency

Centers

Corp.

REIT

192,496

3,145

Rexford

Industrial

Realty,

Inc.

REIT

110,830

1,589

SBA

Communications

Corp.

REIT

368,473

70

Seaport

Entertainment

Group,

Inc.*

1,368

3,468

Simon

Property

Group,

Inc.

REIT

565,527

2,622

STAG

Industrial,

Inc.

REIT

93,291

1,815

Sun

Communities,

Inc.

REIT

224,044

4,773

UDR,

Inc.

REIT

197,745

6,131

Ventas,

Inc.

REIT

394,101

15,184

VICI

Properties,

Inc.

REIT

481,485

2,515

Vornado

Realty

Trust

REIT

94,740

3,167

W.P.

Carey,

Inc.

REIT

198,761

8,974

Welltower,

Inc.

REIT

1,384,509

10,666

Weyerhaeuser

Co.

REIT

276,356

720

Zillow

Group,

Inc.,

Class

A*

47,642

2,273

Zillow

Group,

Inc.,

Class

C*

152,541

16,868,151

Utilities

–

4.8%

10,367

AES

Corp.

(The)

104,603

3,745

Alliant

Energy

Corp.

233,051

3,865

Ameren

Corp.

374,441

7,791

American

Electric

Power

Co.,

Inc.

806,291

2,851

American

Water

Works

Co.,

Inc.

407,608

2,228

Atmos

Energy

Corp.

344,627

1,938

Brookfield

Renewable

Corp.

(Canada)

56,958

9,197

CenterPoint

Energy,

Inc.

342,496

666

Clearway

Energy,

Inc.,

Class

A

19,214

GOLDMAN

SACHS

MARKETBETA

®

RUSSELL

1000

VALUE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

1,332

Clearway

Energy,

Inc.,

Class

C

$

40,986

4,349

CMS

Energy

Corp.

305,430

5,022

Consolidated

Edison,

Inc.

524,749

3,841

Constellation

Energy

Corp.

1,175,922

12,171

Dominion

Energy,

Inc.

689,731

3,016

DTE

Energy

Co.

412,136

11,267

Duke

Energy

Corp.

1,326,351

5,549

Edison

International

308,802

6,185

Entergy

Corp.

515,087

3,695

Essential

Utilities,

Inc.

142,368

3,220

Evergy,

Inc.

213,840

5,361

Eversource

Energy

347,446

14,570

Exelon

Corp.

638,457

8,380

FirstEnergy

Corp.

351,457

737

IDACORP,

Inc.

87,666

2,940

MDU

Resources

Group,

Inc.

50,539

1,313

National

Fuel

Gas

Co.

108,375

29,905

NextEra

Energy,

Inc.

2,112,489

6,504

NiSource,

Inc.

257,168

1,776

NRG

Energy,

Inc.

276,878

2,875

OGE

Energy

Corp.

127,851

31,151

PG&E

Corp.

525,829

1,633

Pinnacle

West

Capital

Corp.

148,979

10,740

PPL

Corp.

373,215

7,290

Public

Service

Enterprise

Group,

Inc.

590,709

9,200

Sempra

723,028

15,980

Southern

Co.

(The)

1,438,200

3,079

UGI

Corp.

111,029

4,651

WEC

Energy

Group,

Inc.

499,704

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

8,365

Xcel

Energy,

Inc.

$

586,387

17,700,097

TOTAL

COMMON

STOCKS

(Cost

$338,972,441)

363,931,275

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.4%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

1,510,565

4.192%

1,510,565

(Cost

$1,510,565)

TOTAL

INVESTMENTS

–

99.8%

(Cost

$340,483,006)

$

365,441,840

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.2%

726,418

NET

ASSETS

–

100.0%

$

366,168,258

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

May

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-MINI

RUSS

1000

VJUN25

16

06/20/25

$

1,483,520

$

29,738

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.7%

Communication

Services

–

10.1%

298,348

Alphabet,

Inc.,

Class

A

$

51,238,286

262,210

Alphabet,

Inc.,

Class

C

45,322,998

366,614

AT&T,

Inc.

10,191,869

4,810

Charter

Communications,

Inc.,

Class

A*

1,906,059

191,431

Comcast

Corp.,

Class

A

6,617,770

12,394

Electronic

Arts,

Inc.

1,782,009

11,205

Fox

Corp.,

Class

A

615,603

6,651

Fox

Corp.,

Class

B

334,412

8,181

Live

Nation

Entertainment,

Inc.*

1,122,351

111,747

Meta

Platforms,

Inc.,

Class

A

72,355,065

21,399

Netflix,

Inc.*

25,833,515

10,036

Omnicom

Group,

Inc.

737,044

30,430

Pinterest,

Inc.,

Class

A*

946,677

28,537

ROBLOX

Corp.,

Class

A*

2,482,148

53,027

Snap,

Inc.,

Class

A*

437,473

7,892

Spotify

Technology

SA*

5,249,285

8,364

Take-Two

Interactive

Software,

Inc.*

1,892,606

24,515

T-Mobile

US,

Inc.

5,937,533

22,651

Trade

Desk,

Inc.

(The),

Class

A*

1,703,808

215,298

Verizon

Communications,

Inc.

9,464,500

92,820

Walt

Disney

Co.

(The)

10,492,373

114,474

Warner

Bros

Discovery,

Inc.*

1,141,306

6,359

Warner

Music

Group

Corp.,

Class

A

167,369

257,972,059

Consumer

Discretionary

–

10.9%

21,345

Airbnb,

Inc.,

Class

A*

2,753,505

485,050

Amazon.com,

Inc.*

99,440,100

862

AutoZone,

Inc.*

3,217,880

9,978

Best

Buy

Co.,

Inc.

661,342

1,664

Booking

Holdings,

Inc.

9,183,500

51,015

Carnival

Corp.*

1,184,568

6,295

Carvana

Co.*

2,059,472

69,241

Chipotle

Mexican

Grill,

Inc.*

3,467,589

55,949

Coupang,

Inc.

(South

Korea)*

1,569,369

14,497

D.R.

Horton,

Inc.

1,711,516

5,969

Darden

Restaurants,

Inc.

1,278,619

1,808

Domino's

Pizza,

Inc.

856,667

17,002

DoorDash,

Inc.,

Class

A*

3,547,467

23,744

DraftKings,

Inc.,

Class

A*

851,935

24,447

eBay,

Inc.

1,788,787

6,246

Expedia

Group,

Inc.

1,041,520

9,026

Flutter

Entertainment

PLC

(United

Kingdom)*

2,280,870

201,157

Ford

Motor

Co.

2,088,010

7,849

Garmin

Ltd.

1,593,112

50,814

General

Motors

Co.

2,520,883

7,039

Genuine

Parts

Co.

890,574

12,238

Hilton

Worldwide

Holdings,

Inc.

3,040,409

50,795

Home

Depot,

Inc.

(The)

18,707,291

17,570

Las

Vegas

Sands

Corp.

723,181

12,014

Lennar

Corp.,

Class

A

1,274,445

400

Lennar

Corp.,

Class

B

40,520

28,870

Lowe’s

Cos.,

Inc.

6,516,825

5,493

Lululemon

Athletica,

Inc.*

1,739,468

12,313

Marriott

International,

Inc.,

Class

A

3,248,539

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

37,861

McDonald's

Corp.

$

11,882,675

2,401

MercadoLibre,

Inc.

(Brazil)*

6,154,459

59,587

NIKE,

Inc.,

Class

B

3,610,376

146

NVR,

Inc.*

1,038,926

2,925

O'Reilly

Automotive,

Inc.*

3,999,938

10,393

PulteGroup,

Inc.

1,018,826

17,048

Ross

Stores,

Inc.

2,388,254

12,710

Royal

Caribbean

Cruises

Ltd.

3,266,089

56,876

Starbucks

Corp.

4,774,740

143,563

Tesla,

Inc.*

49,738,837

57,227

TJX

Cos.,

Inc.

(The)

7,262,106

27,272

Tractor

Supply

Co.

1,319,965

2,328

Ulta

Beauty,

Inc.*

1,097,559

14,354

Yum!

Brands,

Inc.

2,066,115

278,896,828

Consumer

Staples

–

5.8%

86,624

Altria

Group,

Inc.

5,250,281

24,284

Archer-Daniels-Midland

Co.

1,172,189

2,498

Brown-Forman

Corp.,

Class

A

83,009

15,671

Brown-Forman

Corp.,

Class

B

522,471

12,505

Church

&

Dwight

Co.,

Inc.

1,229,367

6,328

Clorox

Co.

(The)

834,537

198,431

Coca-Cola

Co.

(The)

14,306,875

41,803

Colgate-Palmolive

Co.

3,885,171

8,066

Constellation

Brands,

Inc.,

Class

A

1,438,087

22,715

Costco

Wholesale

Corp.

23,627,689

11,186

Dollar

General

Corp.

1,087,838

10,644

Dollar

Tree,

Inc.*

960,727

10,995

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

736,005

28,339

General

Mills,

Inc.

1,537,674

7,533

Hershey

Co.

(The)

1,210,478

14,824

Hormel

Foods

Corp.

454,800

14,054

Kellanova

1,161,282

98,508

Kenvue,

Inc.

2,351,386

61,975

Keurig

Dr

Pepper,

Inc.

2,086,698

17,010

Kimberly-Clark

Corp.

2,445,358

44,343

Kraft

Heinz

Co.

(The)

1,185,288

31,053

Kroger

Co.

(The)

2,118,746

12,895

McCormick

&

Co.,

Inc.

937,853

66,330

Mondelez

International,

Inc.,

Class

A

4,476,612

35,321

Monster

Beverage

Corp.*

2,258,778

70,240

PepsiCo,

Inc.

9,233,048

79,438

Philip

Morris

International,

Inc.

14,345,708

120,152

Procter &

Gamble

Co.

(The)

20,412,623

25,862

Sysco

Corp.

1,887,926

23,398

Target

Corp.

2,199,646

14,407

Tyson

Foods,

Inc.,

Class

A

809,097

223,530

Walmart,

Inc.

22,066,882

148,314,129

Energy

–

3.0%

50,568

Baker

Hughes

Co.

1,873,545

11,320

Cheniere

Energy,

Inc.

2,682,727

83,494

Chevron

Corp.

11,413,630

64,741

ConocoPhillips

5,525,644

38,187

Coterra

Energy,

Inc.

928,326

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

32,654

Devon

Energy

Corp.

$

988,110

9,633

Diamondback

Energy,

Inc.

1,296,120

28,744

EOG

Resources,

Inc.

3,120,736

221,557

Exxon

Mobil

Corp.

22,665,281

44,797

Halliburton

Co.

877,573

14,213

Hess

Corp.

1,878,817

100,420

Kinder

Morgan,

Inc.

2,815,777

15,995

Marathon

Petroleum

Corp.

2,571,036

37,559

Occidental

Petroleum

Corp.

1,531,656

31,949

ONEOK,

Inc.

2,582,757

21,088

Phillips

66

2,393,066

69,576

Schlumberger

NV

2,299,487

10,991

Targa

Resources

Corp.

1,735,809

16,324

Valero

Energy

Corp.

2,105,306

62,379

Williams

Cos.,

Inc.

(The)

3,774,553

75,059,956

Financials

–

14.0%

25,252

Aflac,

Inc.

2,614,592

13,380

Allstate

Corp.

(The)

2,808,061

28,314

American

Express

Co.

8,325,732

30,358

American

International

Group,

Inc.

2,569,501

4,954

Ameriprise

Financial,

Inc.

2,522,775

9,967

Aon

PLC,

Class

A

3,708,521

20,734

Apollo

Global

Management,

Inc.

2,709,726

18,281

Arch

Capital

Group

Ltd.

1,737,426

9,999

Ares

Management

Corp.,

Class

A

1,654,835

12,973

Arthur

J

Gallagher

&

Co.

4,507,339

338,152

Bank

of

America

Corp.

14,922,648

37,184

Bank

of

New

York

Mellon

Corp.

(The)

3,294,874

68,438

Berkshire

Hathaway,

Inc.,

Class

B*

34,490,015

7,853

Blackrock,

Inc.

7,695,076

36,613

Blackstone,

Inc.

5,080,420

28,217

Block,

Inc.*

1,742,400

32,315

Capital

One

Financial

Corp.

6,112,382

5,406

Cboe

Global

Markets,

Inc.

1,238,623

87,607

Charles

Schwab

Corp.

(The)

7,739,202

19,086

Chubb

Ltd.

5,672,359

7,940

Cincinnati

Financial

Corp.

1,197,511

93,876

Citigroup,

Inc.

7,070,740

22,430

Citizens

Financial

Group,

Inc.

905,051

18,365

CME

Group,

Inc.

5,307,485

10,424

Coinbase

Global,

Inc.,

Class

A*

2,570,767

3,459

Corpay,

Inc.*

1,124,556

2,420

Everest

Group

Ltd.

840,200

13,263

Fidelity

National

Financial,

Inc.

726,415

27,527

Fidelity

National

Information

Services,

Inc.

2,191,424

34,826

Fifth

Third

Bancorp

1,330,005

28,420

Fiserv,

Inc.*

4,626,492

12,501

Global

Payments,

Inc.

945,201

15,974

Goldman

Sachs

Group,

Inc.

(The)

(a)

9,591,588

14,773

Hartford

Insurance

Group,

Inc.

(The)

1,918,126

73,685

Huntington

Bancshares,

Inc.

1,151,697

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

5,190

Interactive

Brokers

Group,

Inc.,

Class

A

$

1,088,239

29,000

Intercontinental

Exchange,

Inc.

5,214,200

142,855

JPMorgan

Chase &

Co.

37,713,720

47,764

KeyCorp

757,537

34,744

KKR

&

Co.,

Inc.

4,220,006

9,410

Loews

Corp.

840,219

8,499

M&T

Bank

Corp.

1,552,257

650

Markel

Group,

Inc.*

1,262,105

25,116

Marsh

&

McLennan

Cos.,

Inc.

5,868,605

41,474

Mastercard,

Inc.,

Class

A

24,287,174

29,628

MetLife,

Inc.

2,328,168

8,004

Moody's

Corp.

3,836,477

63,014

Morgan

Stanley

8,067,682

3,881

MSCI,

Inc.

2,188,962

21,067

Nasdaq,

Inc.

1,759,937

10,104

Northern

Trust

Corp.

1,078,501

51,225

PayPal

Holdings,

Inc.*

3,600,093

20,248

PNC

Financial

Services

Group,

Inc.

(The)

3,519,305

11,688

Principal

Financial

Group,

Inc.

910,378

29,857

Progressive

Corp.

(The)

8,507,155

18,242

Prudential

Financial,

Inc.

1,895,161

9,422

Raymond

James

Financial,

Inc.

1,384,846

47,025

Regions

Financial

Corp.

1,008,216

37,744

Robinhood

Markets,

Inc.,

Class

A*

2,496,766

6,666

Rocket

Cos.,

Inc.,

Class

A

(b)

84,992

16,067

S&P

Global,

Inc.

8,240,122

14,940

State

Street

Corp.

1,438,423

19,871

Synchrony

Financial

1,145,563

11,304

T.

Rowe

Price

Group,

Inc.

1,057,941

11,559

Travelers

Cos.,

Inc.

(The)

3,186,816

66,738

Truist

Financial

Corp.

2,636,151

77,055

US

Bancorp

3,358,827

88,367

Visa,

Inc.,

Class

A

32,270,745

15,571

W

R

Berkley

Corp.

1,162,998

167,271

Wells

Fargo &

Co.

12,508,525

5,151

Willis

Towers

Watson

PLC

1,630,549

356,751,126

Health

Care

–

9.6%

88,283

Abbott

Laboratories

11,792,843

90,618

AbbVie,

Inc.

16,864,916

14,651

Agilent

Technologies,

Inc.

1,639,740

6,630

Alnylam

Pharmaceuticals,

Inc.*

2,019,233

27,418

Amgen,

Inc.

7,901,319

25,834

Baxter

International,

Inc.

787,937

14,876

Becton

Dickinson

&

Co.

2,567,449

7,385

Biogen,

Inc.*

958,499

75,646

Boston

Scientific

Corp.*

7,962,498

103,636

Bristol-Myers

Squibb

Co.

5,003,546

12,470

Cardinal

Health,

Inc.

1,925,867

8,847

Cencora,

Inc.

2,576,600

25,633

Centene

Corp.*

1,446,727

13,816

Cigna

Group

(The)

4,374,698

10,122

Cooper

Cos.,

Inc.

(The)*

691,130

64,578

CVS

Health

Corp.

4,135,575

32,885

Danaher

Corp.

6,244,862

20,216

Dexcom,

Inc.*

1,734,533

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

29,678

Edwards

Lifesciences

Corp.*

$

2,321,413

11,574

Elevance

Health,

Inc.

4,442,564

43,407

Eli

Lilly

&

Co.

32,020,042

23,341

GE

HealthCare

Technologies,

Inc.

1,646,474

63,862

Gilead

Sciences,

Inc.

7,029,929

8,988

HCA

Healthcare,

Inc.

3,427,933

11,520

Hologic,

Inc.*

716,198

6,185

Humana,

Inc.

1,441,909

4,149

IDEXX

Laboratories,

Inc.*

2,129,931

18,281

Intuitive

Surgical,

Inc.*

10,097,328

9,155

IQVIA

Holdings,

Inc.*

1,284,721

123,508

Johnson &

Johnson

19,169,677

4,346

Labcorp

Holdings,

Inc.

1,082,024

6,487

McKesson

Corp.

4,667,461

65,578

Medtronic

PLC

5,441,662

129,324

Merck &

Co.,

Inc.

9,937,256

1,063

Mettler-Toledo

International,

Inc.*

1,228,318

289,832

Pfizer,

Inc.

6,808,154

5,704

Quest

Diagnostics,

Inc.

988,731

5,333

Regeneron

Pharmaceuticals,

Inc.

2,614,663

7,441

ResMed,

Inc.

1,821,482

19,261

Royalty

Pharma

PLC,

Class

A

633,302

5,041

STERIS

PLC

1,236,104

17,632

Stryker

Corp.

6,746,709

19,313

Thermo

Fisher

Scientific,

Inc.

7,779,663

46,805

UnitedHealth

Group,

Inc.

14,130,898

7,539

Veeva

Systems,

Inc.,

Class

A*

2,108,658

13,159

Vertex

Pharmaceuticals,

Inc.*

5,816,936

3,021

Waters

Corp.*

1,055,054

3,685

West

Pharmaceutical

Services,

Inc.

776,982

10,173

Zimmer

Biomet

Holdings,

Inc.

937,645

23,178

Zoetis,

Inc.

3,908,506

246,076,299

Industrials

–

8.5%

27,780

3M

Co.

4,121,163

11,792

AMETEK,

Inc.

2,107,702

20,837

Automatic

Data

Processing,

Inc.

6,783,069

3,670

Axon

Enterprise,

Inc.*

2,753,821

36,899

Boeing

Co.

(The)*

7,649,901

6,023

Broadridge

Financial

Solutions,

Inc.

1,462,565

41,211

Carrier

Global

Corp.

2,934,223

24,660

Caterpillar,

Inc.

8,582,420

17,526

Cintas

Corp.

3,969,639

43,424

Copart,

Inc.*

2,235,468

100,148

CSX

Corp.

3,163,675

6,984

Cummins,

Inc.

2,245,216

12,777

Deere

&

Co.

6,468,484

32,836

Delta

Air

Lines,

Inc.

1,588,934

7,118

Dover

Corp.

1,265,225

20,105

Eaton

Corp.

PLC

6,437,621

29,232

Emerson

Electric

Co.

3,489,716

6,235

Equifax,

Inc.

1,647,225

7,350

Expeditors

International

of

Washington,

Inc.

828,566

58,502

Fastenal

Co.

2,418,473

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

11,475

FedEx

Corp.

$

2,502,698

9,662

Ferguson

Enterprises,

Inc.

1,761,769

18,010

Fortive

Corp.

1,264,122

14,012

GE

Vernova,

Inc.

6,627,396

11,566

General

Dynamics

Corp.

3,221,015

54,835

General

Electric

Co.

13,484,475

33,231

Honeywell

International,

Inc.

7,532,471

20,635

Howmet

Aerospace,

Inc.

3,505,680

15,090

Illinois

Tool

Works,

Inc.

3,698,257

20,703

Ingersoll

Rand,

Inc.

1,690,193

4,230

J.B.

Hunt

Transport

Services,

Inc.

587,336

33,631

Johnson

Controls

International

PLC

3,409,174

9,666

L3Harris

Technologies,

Inc.

2,361,790

6,549

Leidos

Holdings,

Inc.

972,657

12,022

Lockheed

Martin

Corp.

5,799,172

11,144

Masco

Corp.

695,608

11,558

Norfolk

Southern

Corp.

2,856,213

7,368

Northrop

Grumman

Corp.

3,571,785

9,576

Old

Dominion

Freight

Line,

Inc.

1,533,788

20,493

Otis

Worldwide

Corp.

1,954,008

26,427

PACCAR,

Inc.

2,480,174

6,519

Parker-Hannifin

Corp.

4,333,179

16,478

Paychex,

Inc.

2,602,041

7,371

Quanta

Services,

Inc.

2,525,010

10,581

Republic

Services,

Inc.

2,722,386

5,861

Rockwell

Automation,

Inc.

1,849,439

15,198

Rollins,

Inc.

870,086

68,428

RTX

Corp.

9,339,053

2,655

Snap-on,

Inc.

851,591

27,722

Southwest

Airlines

Co.

925,360

11,157

SS&C

Technologies

Holdings,

Inc.

901,597

11,517

Trane

Technologies

PLC

4,955,420

2,795

TransDigm

Group,

Inc.

4,104,262

9,899

TransUnion

847,651

103,695

Uber

Technologies,

Inc.*

8,726,971

30,678

Union

Pacific

Corp.

6,800,085

16,755

United

Airlines

Holdings,

Inc.*

1,331,101

37,134

United

Parcel

Service,

Inc.,

Class

B

3,622,050

3,364

United

Rentals,

Inc.

2,382,990

7,180

Verisk

Analytics,

Inc.

2,255,525

17,434

Vertiv

Holdings

Co.,

Class

A

1,881,652

2,269

W.W.

Grainger,

Inc.

2,467,674

20,512

Waste

Management,

Inc.

4,942,777

8,714

Westinghouse

Air

Brake

Technologies

Corp.

1,763,016

12,158

Xylem,

Inc.

1,532,394

218,196,197

Information

Technology

–

31.7%

31,946

Accenture

PLC,

Class

A

(Ireland)

10,121,132

21,814

Adobe,

Inc.*

9,054,773

82,288

Advanced

Micro

Devices,

Inc.*

9,111,750

5,882

Amdocs

Ltd.

539,732

60,882

Amphenol

Corp.,

Class

A

5,475,118

25,302

Analog

Devices,

Inc.

5,414,122

4,427

ANSYS,

Inc.*

1,464,540

749,407

Apple,

Inc.

150,518,396

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

41,511

Applied

Materials,

Inc.

$

6,506,849

13,068

AppLovin

Corp.,

Class

A*

5,135,724

52,895

Arista

Networks,

Inc.*

4,582,823

4,905

ARM

Holdings

PLC

ADR*

610,869

8,177

Atlassian

Corp.,

Class

A*

1,697,791

10,989

Autodesk,

Inc.*

3,254,063

236,206

Broadcom,

Inc.

57,178,386

13,971

Cadence

Design

Systems,

Inc.*

4,010,655

6,894

CDW

Corp.

1,243,402

204,184

Cisco

Systems,

Inc.

12,871,759

15,236

Cloudflare,

Inc.,

Class

A*

2,527,500

25,325

Cognizant

Technology

Solutions

Corp.,

Class

A

2,051,072

39,393

Corning,

Inc.

1,953,499

12,457

Crowdstrike

Holdings,

Inc.,

Class

A*

5,871,856

15,435

Datadog,

Inc.,

Class

A*

1,819,478

15,418

Dell

Technologies,

Inc.,

Class

C

1,715,561

1,228

Fair

Isaac

Corp.*

2,119,872

31,410

Fortinet,

Inc.*

3,196,910

3,820

Gartner,

Inc.*

1,667,124

28,362

Gen

Digital,

Inc.

807,750

3,881

GLOBALFOUNDRIES,

Inc.*

138,940

65,953

Hewlett

Packard

Enterprise

Co.

1,139,668

47,860

HP,

Inc.

1,191,714

2,488

HubSpot,

Inc.*

1,467,671

223,475

Intel

Corp.

4,368,936

47,503

International

Business

Machines

Corp.

12,306,127

13,931

Intuit,

Inc.

10,496,591

8,911

Keysight

Technologies,

Inc.*

1,399,383

6,835

KLA

Corp.

5,173,275

65,665

Lam

Research

Corp.

5,305,075

43,897

Marvell

Technology,

Inc.

2,642,160

27,424

Microchip

Technology,

Inc.

1,591,689

56,865

Micron

Technology,

Inc.

5,371,468

375,833

Microsoft

Corp.

173,018,480

12,618

MicroStrategy,

Inc.,

Class

A*

4,656,799

4,049

MongoDB,

Inc.*

764,573

2,418

Monolithic

Power

Systems,

Inc.

1,600,474

8,519

Motorola

Solutions,

Inc.

3,538,622

10,536

NetApp,

Inc.

1,044,750

1,210,816

NVIDIA

Corp.

163,617,566

22,055

ON

Semiconductor

Corp.*

926,751

83,766

Oracle

Corp.

13,865,786

106,928

Palantir

Technologies,

Inc.,

Class

A*

14,090,972

33,589

Palo

Alto

Networks,

Inc.*

6,463,195

56,764

QUALCOMM,

Inc.

8,242,133

5,464

Roper

Technologies,

Inc.

3,115,955

47,812

Salesforce,

Inc.

12,687,870

9,892

Seagate

Technology

Holdings

PLC

1,166,663

10,527

ServiceNow,

Inc.*

10,643,744

16,259

Snowflake,

Inc.,

Class

A*

3,343,989

25,573

Super

Micro

Computer,

Inc.*

1,023,431

7,871

Synopsys,

Inc.*

3,651,987

15,278

TE

Connectivity

PLC

(Switzerland)

2,445,549

46,512

Texas

Instruments,

Inc.

8,504,719

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

12,644

Trimble,

Inc.*

$

901,138

4,229

VeriSign,

Inc.

1,152,276

10,938

Workday,

Inc.,

Class

A*

2,709,452

13,568

Zoom

Communications,

Inc.,

Class

A*

1,102,400

4,760

Zscaler,

Inc.*

1,312,332

810,706,809

Materials

–

1.8%

11,225

Air

Products

and

Chemicals,

Inc.

3,130,765

35,128

Corteva,

Inc.

2,487,062

34,944

CRH

PLC

3,185,495

36,238

Dow,

Inc.

1,005,242

21,421

DuPont

de

Nemours,

Inc.

1,430,923

12,951

Ecolab,

Inc.

3,440,045

73,166

Freeport-McMoRan,

Inc.

2,815,428

13,068

International

Flavors

&

Fragrances,

Inc.

1,000,486

26,670

International

Paper

Co.

1,275,093

24,193

Linde

PLC

11,312,163

13,060

LyondellBasell

Industries

NV,

Class

A

737,759

3,160

Martin

Marietta

Materials,

Inc.

1,730,258

58,230

Newmont

Corp.

3,069,886

11,981

Nucor

Corp.

1,310,242

4,536

Packaging

Corp.

of

America

876,219

12,038

PPG

Industries,

Inc.

1,333,810

11,920

Sherwin-Williams

Co.

(The)

4,277,015

4,539

Southern

Copper

Corp.

(Mexico)

412,641

6,804

Vulcan

Materials

Co.

1,803,536

46,634,068

Real

Estate

–

2.0%

7,986

Alexandria

Real

Estate

Equities,

Inc.

REIT

560,537

23,957

American

Tower

Corp.

REIT

5,142,370

7,281

AvalonBay

Communities,

Inc.

REIT

1,505,492

15,589

CBRE

Group,

Inc.,

Class

A*

1,948,937

20,762

CoStar

Group,

Inc.*

1,527,253

22,107

Crown

Castle,

Inc.

REIT

2,218,437

17,248

Digital

Realty

Trust,

Inc.

REIT

2,958,377

4,921

Equinix,

Inc.

REIT

4,373,883

17,514

Equity

Residential

REIT

1,228,432

3,255

Essex

Property

Trust,

Inc.

REIT

924,095

10,704

Extra

Space

Storage,

Inc.

REIT

1,617,910

29,326

Invitation

Homes,

Inc.

REIT

988,286

14,841

Iron

Mountain,

Inc.

REIT

1,464,955

5,974

Mid-America

Apartment

Communities,

Inc.

REIT

935,827

47,443

Prologis,

Inc.

REIT

5,152,310

8,104

Public

Storage

REIT

2,499,355

45,673

Realty

Income

Corp.

REIT

2,586,005

5,498

SBA

Communications

Corp.

REIT

1,274,931

16,638

Simon

Property

Group,

Inc.

REIT

2,713,159

22,353

Ventas,

Inc.

REIT

1,436,851

52,920

VICI

Properties,

Inc.

REIT

1,678,093

32,859

Welltower,

Inc.

REIT

5,069,487

GOLDMAN

SACHS

MARKETBETA

®

U.S.

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

37,488

Weyerhaeuser

Co.

REIT

$

971,314

50,776,296

Utilities

–

2.3%

12,894

Alliant

Energy

Corp.

802,394

13,380

Ameren

Corp.

1,296,254

28,523

American

Electric

Power

Co.,

Inc.

2,951,845

9,971

American

Water

Works

Co.,

Inc.

1,425,554

8,113

Atmos

Energy

Corp.

1,254,919

32,338

CenterPoint

Energy,

Inc.

1,204,267

15,214

CMS

Energy

Corp.

1,068,479

17,664

Consolidated

Edison,

Inc.

1,845,711

15,949

Constellation

Energy

Corp.

4,882,786

42,785

Dominion

Energy,

Inc.

2,424,626

10,515

DTE

Energy

Co.

1,436,875

39,466

Duke

Energy

Corp.

4,645,938

19,599

Edison

International

1,090,684

21,551

Entergy

Corp.

1,794,767

18,764

Eversource

Energy

1,216,095

50,870

Exelon

Corp.

2,229,123

27,904

FirstEnergy

Corp.

1,170,294

105,125

NextEra

Energy,

Inc.

7,426,030

109,588

PG&E

Corp.

1,849,846

37,766

PPL

Corp.

1,312,369

25,573

Public

Service

Enterprise

Group,

Inc.

2,072,180

33,389

Sempra

2,624,042

55,760

Southern

Co.

(The)

5,018,400

17,144

Vistra

Corp.

2,752,812

16,162

WEC

Energy

Group,

Inc.

1,736,445

29,432

Xcel

Energy,

Inc.

2,063,183

59,595,918

TOTAL

COMMON

STOCKS

(Cost

$2,140,880,775)

2,548,979,685

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(a)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

4,802,950

4.192%

$

4,802,950

(Cost

$4,802,950)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$2,145,683,725)

2,553,782,635

a

Securities

Lending

Reinvestment

Vehicle

–

0.0%

(a)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

87,740

4.216%

87,740

(Cost

$87,740)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$2,145,771,465)

$

2,553,870,375

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

2,704,120

NET

ASSETS

–

100.0%

$

2,556,574,495

a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

*

Non-income

producing

security.

(a)

Represents

an

affiliated

issuer.

(b)

All

or

a

portion

of

security

is

on

loan.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

FUTURES

CONTRACTS

—

At

May

31,

2025,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

S&P

500

E-Mini

Index

11

06/20/25

$

3,253,800

$

130,870

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

May

31,

2025

(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

Act

(“Valuation

Designee”)

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds’

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

Level

1

and

Level

2

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

1

and

Level

2

are

as

follows:

Equity

Securities—

Equity

securities

traded

on

a

United

States

(“U.S.”)

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2.

Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2.

Derivative

Contracts

—

A

derivative

is

an

instrument

whose

value

is

derived

from

underlying

assets,

indices,

reference

rates

or

a

combination

of

these

factors.

A

Fund

enters

into

derivative

transactions

to

hedge

against

changes

in

interest

rates,

securities

prices,

and/or

currency

exchange

rates,

to

increase

total

return,

or

to

gain

access

to

certain

markets

or

attain

exposure

to

other

underliers.

For

financial

reporting

purposes,

cash

collateral

that

has

been

pledged

to

cover

obligations

of

a

Fund

and

cash

collateral

received,

if

any,

is

reported

separately

on

the

Statements

of

Assets

and

Liabilities

as

either

due

to

broker

or

receivable

for

collateral

on

certain

derivatives

contracts.

Non-cash

collateral

pledged

by

a

Fund,

if

any,

is

noted

in

the

Schedules

of

Investments.

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

other

investment

companies

and

exchange-traded

funds

(“ETFs”).

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

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.

Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds’

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2025:

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

MarketBeta

®

Emerging

Markets

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

3,216,258

$

—

$

—

Asia

94,348,845

2,000,105

33,303

Europe

1,199,417

—

—

North

America

2,137,109

—

—

Oceania

11,905

—

—

South

America

4,261,931

1,226,844

—

Exchange-Traded

Fund

574,513

—

—

Investment

Company

758,501

—

—

Securities

Lending

Reinvestment

Vehicle

847,859

—

—

Total

$

107,356,338

$

3,226,949

$

33,303

€

1.00

€

1.00

€

1.00

(a)

MarketBeta

®

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

1,664,180

$

—

$

—

Asia

253,439,078

—

—

Europe

448,713,812

2,387,531

—

North

America

80,532,908

451,724

—

Oceania

64,880,745

—

—

South

America

626,074

—

—

Investment

Company

7,044,022

—

—

Securities

Lending

Reinvestment

Vehicle

11,862,780

—

—

Total

$

868,763,599

$

2,839,255

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

518,973

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

MarketBeta

®

Russell

1000

Growth

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

439,740

$

—

$

—

North

America

301,901,309

—

—

South

America

538,174

—

—

Investment

Company

513,204

—

—

Total

$

303,392,427

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

19,088

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds’

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

MarketBeta

®

Russell

1000

Value

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

45,072

$

—

$

—

Europe

3,438,260

—

—

North

America

360,347,174

—

—

South

America

100,769

—

—

Investment

Company

1,510,565

—

—

Total

$

365,441,840

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

29,738

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

MarketBeta

®

U.S.

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,569,369

$

—

$

—

Europe

14,847,551

—

—

North

America

2,526,408,306

—

—

South

America

6,154,459

—

—

Investment

Company

4,802,950

—

—

Securities

Lending

Reinvestment

Vehicle

87,740

—

—

Total

$

2,553,870,375

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

130,870

$

—

$

—

€

1.00

€

1.00

€

1.00

(a)

Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

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,

2023,

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:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

Reference

Index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Depositary

Receipts

Risk

—

Foreign

securities

may

trade

in

the

form

of

depositary

receipts,

which

include

American

Depositary

Receipts

(“ADRs”)

and

Global

Depositary

Receipts

(“GDRs”)

(collectively

“Depositary

Receipts”).

To

the

extent

the

Fund

acquires

Depositary

Receipts

through

banks

which

do

not

have

a

contractual

relationship

with

the

foreign

issuer

of

the

security

underlying

the

Depositary

Receipts

to

issue

and

service

such

unsponsored

Depositary

Receipts,

there

may

be

an

increased

possibility

that

the

Fund

would

not

become

aware

of

and

be

able

to

respond

to

corporate

actions

such

as

stock

splits

or

rights

offerings

involving

the

foreign

issuer

in

a

timely

manner.

In

addition,

the

lack

of

information

may

result

in

inefficiencies

in

the

valuation

of

such

instruments.

Investment

in

Depositary

Receipts

does

not

eliminate

all

the

risks

inherent

in

investing

in

securities

of

non-U.S.

issuers.

The

market

value

of

Depositary

Receipts

is

dependent

upon

the

market

value

of

the

underlying

securities

and

fluctuations

in

the

relative

value

of

the

currencies

in

which

the

Depositary

Receipts

and

the

underlying

securities

are

quoted.

The

issuers

of

Depositary

Receipts

may

discontinue

issuing

new

Depositary

Receipts

and

withdraw

existing

Depositary

Receipts

at

any

time,

which

may

result

in

costs

and

delays

in

the

distribution

of

the

underlying

assets

to

the

Fund

and

may

negatively

impact

the

Fund’s

performance.

Foreign

and

Emerging

Countries

Risk

—

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

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

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.

Geographic

Risk

—

If

the

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

Index

Risk

—

Solactive

AG

(the

“Index

Provider”)

constructs

each

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

Provider

relies

on

third

party

data

it

believes

to

be

reliable

in

constructing

each

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

applicable

Fund

and

its

shareholders.

In

addition,

neither

a

Fund,

the

Investment

Adviser,

the

Calculation

Agent

nor

the

Index

Provider

can

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

Industry

Concentration

Risk

—

In

following

its

methodology,

an

Index

from

time

to

time

may

be

concentrated

to

a

significant

degree

in

securities

of

issuers

located

in

a

single

industry

or

group

of

industries.

To

the

extent

that

an

Index

concentrates

in

the

securities

of

issuers

in

a

particular

industry

or

group

of

industries,

the

Fund

also

will

concentrate

its

investments

to

approximately

the

same

extent.

By

concentrating

its

investments

in

an

industry

or

group

of

industries,

the

applicable

Fund

may

face

more

risks

than

if

it

were

diversified

broadly

over

numerous

industries

or

groups

of

industries.

If

an

Index

is

not

concentrated

in

a

particular

industry

or

group

of

industries,

the

applicable

Fund

will

not

concentrate

in

a

particular

industry

or

group

of

industries.

Large

Shareholder

Transactions

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund’s

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund’s

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund’s

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

Cboe

BZX

Exchange,

Inc.

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta

®

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

geopolitical

disputes,

acts

of

terrorism,

social

or

political

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

tariffs

and

other

restrictions

on

trade,

sanctions,

or

the

spread

of

infectious

illness

or

other

public

health

threats,

or

the

threat

or

potential

of

one

or

more

such

developments,

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

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.

Mid-Cap

Risk

—

Investments

in

mid-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Tracking

Error

Risk

—

Tracking

error

is

the

divergence

of

a

Fund’s

performance

from

that

of

its

Index.

The

performance

of

a

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

a

Fund’s

holding

of

cash,

differences

in

accrual

of

dividends,

changes

to

its

Index

or

the

need

to

meet

new

or

existing

regulatory

requirements.

Unlike

a

Fund,

the

returns

of

an

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)