GOLDMAN
SACHS
DATA
ENHANCED
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.3%
Communication
Services
–
4.2%
3,200
Daiichikosho
Co.
Ltd.
(Japan)
$
32,816
3,278
Deutsche
Telekom
AG
(Germany)
110,397
12,300
LY
Corp.
(Japan)
32,243
726
Modern
Times
Group
MTG
AB,
Class
B
(Sweden)*
10,473
1,700
SoftBank
Group
Corp.
(Japan)
79,997
105
Spotify
Technology
SA*
52,256
1,229
Telekom
Austria
AG
(Austria)
14,069
14,839
Telstra
Group
Ltd.
(Australia)
55,626
10,309
TPG
Telecom
Ltd.
(Australia)
28,928
10,719
Vodafone
Group
PLC
(United
Kingdom)
16,096
432,901
Consumer
Discretionary
–
8.5%
1,096
AcadeMedia
AB
(Sweden)
(a)
12,155
340
Amadeus
IT
Group
SA
(Spain)
21,719
87
Aristocrat
Leisure
Ltd.
(Australia)
3,136
284
Avolta
AG
(Switzerland)*
17,919
34
Christian
Dior
SE
(France)
17,759
480
Cie
Financiere
Richemont
SA
(Switzerland)
103,759
1,018
Cie
Generale
des
Etablissements
Michelin
SCA
(France)
37,433
883
Compass
Group
PLC
(United
Kingdom)
28,406
35
Ferrari
NV
(Italy)
12,057
1,380
Industria
de
Diseno
Textil
SA
(Spain)
85,834
7,500
Izumi
Co.
Ltd.
(Japan)
42,214
3,300
JTEKT
Corp.
(Japan)
44,901
2,800
Koito
Manufacturing
Co.
Ltd.
(Japan)
49,197
126
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(France)
69,555
740
Marimekko
OYJ
(Finland)
9,015
1,200
NHK
Spring
Co.
Ltd.
(Japan)
27,055
875
Prosus
NV
(China)*
39,843
3,400
Sony
Group
Corp.
(Japan)
73,557
800
Sumitomo
Electric
Industries
Ltd.
(Japan)
63,245
1,900
Toyota
Motor
Corp.
(Japan)
36,308
1,700
TPR
Co.
Ltd.
(Japan)
14,940
901
Wesfarmers
Ltd.
(Australia)
51,725
1,900
Yamaha
Motor
Co.
Ltd.
(Japan)
15,647
877,379
Consumer
Staples
–
5.6%
589
British
American
Tobacco
PLC
(United
Kingdom)
36,450
865
Danone
SA
(France)
61,514
1,667
Imperial
Brands
PLC
(United
Kingdom)
60,580
1,800
Japan
Tobacco,
Inc.
(Japan)
69,732
1,712
Nestle
SA
(Switzerland)
174,059
758
Reckitt
Benckiser
Group
PLC
(United
Kingdom)
46,908
1,915
Unilever
PLC
(United
Kingdom)
108,558
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
16,000
WH
Group
Ltd.
(Hong
Kong)
(a)
$
18,475
576,276
Energy
–
3.4%
8,782
BP
PLC
61,769
3,300
China
Aviation
Oil
Singapore
Corp.
Ltd.
(Singapore)
4,994
2,400
ENEOS
Holdings,
Inc.
(Japan)
19,682
700
Inpex
Corp.
(Japan)
15,848
371
Neste
OYJ
(Finland)
12,191
956
Repsol
SA
(Spain)
24,588
1,491
Shell
PLC
62,665
1,199
TotalEnergies
SE
(France)
104,697
2,065
Woodside
Energy
Group
Ltd.
(Australia)
45,554
351,988
Financials
–
23.1%
7,200
AIA
Group
Ltd.
(Hong
Kong)
75,561
2,204
AIB
Group
PLC
(Ireland)
25,977
293
Allianz
SE
(Germany)
130,475
237
Amundi
SA
(France)
(a)
23,218
963
ANZ
Group
Holdings
Ltd.
(Australia)
24,389
1,882
AXA
SA
(France)
87,255
6,765
B2
Impact
ASA
(Norway)
16,299
3,381
Banco
Bilbao
Vizcaya
Argentaria
SA
(Spain)
79,343
5,459
Banco
Santander
SA
(Spain)
68,342
19,200
Bank
of
East
Asia
Ltd.
(The)
(Hong
Kong)
33,415
608
Bank
of
Ireland
Group
PLC
(Ireland)
12,370
7,080
Barclays
PLC
(United
Kingdom)
43,705
4,793
CaixaBank
SA
(Spain)
64,881
672
Commonwealth
Bank
of
Australia
(Australia)
79,788
3,620
Conduit
Holdings
Ltd.
(Bermuda)
21,568
6,000
Daiwa
Securities
Group,
Inc.
(Japan)
56,555
1,301
Danske
Bank
A/S
(Denmark)
68,541
728
Deutsche
Bank
AG
(Germany)
23,668
162
Deutsche
Boerse
AG
(Germany)
46,808
453
Edenred
SE
(France)
12,338
555
Georgia
Capital
PLC
(Georgia)*
31,458
129
Hannover
Rueck
SE
(Germany)
34,985
2,500
Hirogin
Holdings,
Inc.
(Japan)
31,684
661
Hoist
Finance
AB
(Sweden)
(a)
12,442
800
Hokuhoku
Financial
Group,
Inc.
(Japan)
32,444
5,214
HSBC
Holdings
PLC
(United
Kingdom)
97,945
508
ING
Groep
NV
(Netherlands)
15,828
4,999
Intesa
Sanpaolo
SpA
(Italy)
33,876
63,114
Lloyds
Banking
Group
PLC
(United
Kingdom)
86,691
266
Macquarie
Group
Ltd.
(Australia)
45,655
3,300
Mitsubishi
HC
Capital,
Inc.
(Japan)
26,980
GOLDMAN
SACHS
DATA
ENHANCED
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
6,500
Mitsubishi
UFJ
Financial
Group,
Inc.
(Japan)
$
122,454
100
Mizuho
Financial
Group,
Inc.
(Japan)
4,520
30
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
(Germany)
15,834
1,562
National
Australia
Bank
Ltd.
(Australia)
41,954
4,200
NatWest
Group
PLC
(United
Kingdom)
33,934
2,900
Nomura
Holdings,
Inc.
(Japan)
23,409
2,307
Nordea
Bank
Abp
(Finland)
44,340
1,300
ORIX
Corp.
(Japan)
50,934
1,049
Polar
Capital
Holdings
PLC
(United
Kingdom)
11,878
5,024
Sabre
Insurance
Group
PLC
(United
Kingdom)
(a)
10,267
3,000
Singapore
Exchange
Ltd.
(Singapore)
51,468
928
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Sweden)
18,584
1,100
Sompo
Holdings,
Inc.
(Japan)
41,170
316
Standard
Chartered
PLC
(United
Kingdom)
8,491
1,400
Sumitomo
Mitsui
Financial
Group,
Inc.
(Japan)
51,175
1,316
Tryg
A/S
(Denmark)
30,987
2,543
UBS
Group
AG
(Switzerland)
120,551
1,238
UniCredit
SpA
(Italy)
107,254
237
Van
Lanschot
Kempen
NV
(Netherlands)
18,419
2,150
Westpac
Banking
Corp.
(Australia)
55,689
106
Zurich
Insurance
Group
AG
(Switzerland)
75,564
2,383,360
Health
Care
–
11.9%
513
Alcon
AG
34,207
800
Asahi
Intecc
Co.
Ltd.
(Japan)
18,926
1,987
Ascom
Holding
AG
(Switzerland)
15,411
3,200
Astellas
Pharma,
Inc.
(Japan)
45,892
720
AstraZeneca
PLC
(United
Kingdom)
133,952
135
BioMerieux
(France)
11,713
279
EssilorLuxottica
SA
(France)
57,025
255
Eurofins
Scientific
SE
(Luxembourg)
18,586
1,678
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(New
Zealand)
37,462
1,306
Fresenius
SE
&
Co.
KGaA
(Germany)
55,277
188
Galderma
Group
AG
(Switzerland)*
40,073
316
Galenica
AG
(Switzerland)
(a)
33,709
1,260
GSK
PLC
(United
Kingdom)
31,956
11,983
Haleon
PLC
54,386
400
Hoya
Corp.
(Japan)
68,045
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
68
Lonza
Group
AG
(Switzerland)
$
43,549
1,800
Mochida
Pharmaceutical
Co.
Ltd.
(Japan)
39,010
581
Novartis
AG
87,609
1,400
Novo
Nordisk
A/S,
Class
B
(Denmark)
64,040
3,200
PHC
Holdings
Corp.
(Japan)
22,212
785
QIAGEN
NV
28,989
361
Roche
Holding
AG
152,143
1,069
Sanofi
SA
93,922
1,100
Santen
Pharmaceutical
Co.
Ltd.
(Japan)
13,236
21
Sartorius
Stedim
Biotech
(France)
4,365
61
UCB
SA
(Belgium)
17,917
1,223,612
Industrials
–
20.4%
1,070
ABB
Ltd.
(Switzerland)
114,511
22
Airbus
SE
(France)
4,613
13,769
Aurizon
Holdings
Ltd.
(Australia)
41,510
1,237
BAE
Systems
PLC
(United
Kingdom)
33,732
1,190
Brambles
Ltd.
(Australia)
14,187
815
Bureau
Veritas
SA
(France)
24,728
88
Burkhalter
Holding
AG
(Switzerland)
18,358
1,100
Central
Glass
Co.
Ltd.
(Japan)
28,366
787
Cie
de
Saint-Gobain
SA
(France)
71,873
3,000
CK
Hutchison
Holdings
Ltd.
(United
Kingdom)
26,967
4,700
Daiho
Corp.
(Japan)
21,907
100
Daikin
Industries
Ltd.
(Japan)
14,627
3,445
Deutsche
Lufthansa
AG
(Germany)
34,493
1,350
Deutsche
Post
AG
(Germany)
80,660
324
DKSH
Holding
AG
(Switzerland)
25,709
600
FANUC
Corp.
(Japan)
29,746
200
Fuji
Electric
Co.
Ltd.
(Japan)
19,398
500
Fujikura
Ltd.
(Japan)
14,985
1,874
Grafton
Group
PLC
(United
Kingdom)
20,969
100
Hikari
Tsushin,
Inc.
(Japan)
22,960
800
Hitachi
Construction
Machinery
Co.
Ltd.
(Japan)
26,127
2,100
Hitachi
Ltd.
(Japan)
68,149
1,000
IHI
Corp.
(Japan)
17,379
3,200
ITOCHU
Corp.
(Japan)
38,907
200
Jardine
Matheson
Holdings
Ltd.
(Indonesia)
13,276
738
Kone
OYJ,
Class
B
(Finland)
44,146
221
Legrand
SA
(France)
38,078
2,000
Luckland
Co.
Ltd.
(Japan)
16,484
600
Makita
Corp.
(Japan)
20,858
600
Mitsubishi
Corp.
(Japan)
19,090
600
Mitsubishi
Electric
Corp.
(Japan)
24,718
1,000
Mitsubishi
Heavy
Industries
Ltd.
(Japan)
23,909
600
Mitsui
&
Co.
Ltd.
(Japan)
19,938
GOLDMAN
SACHS
DATA
ENHANCED
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,343
Monadelphous
Group
Ltd.
(Australia)
$
30,013
55
MTU
Aero
Engines
AG
(Germany)
20,108
200
Nachi-Fujikoshi
Corp.
(Japan)
7,287
700
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Japan)
23,125
11,380
Norwegian
Air
Shuttle
ASA
(Norway)
20,461
2,200
NSK
Ltd.
(Japan)
17,261
3,400
Okamura
Corp.
(Japan)
49,380
144
Prysmian
SpA
(Italy)
24,870
200
Recruit
Holdings
Co.
Ltd.
(Japan)
13,280
1,409
RELX
PLC
(United
Kingdom)
46,532
4,313
Rolls-Royce
Holdings
PLC
(United
Kingdom)
77,753
325
Safran
SA
(France)
115,940
180
Schindler
Holding
AG
Participation
Certificates
(Switzerland)
60,818
171
Schneider
Electric
SE
53,868
375
Siemens
AG
(Germany)
118,066
468
Siemens
Energy
AG
(Germany)
89,151
1,000
Taikisha
Ltd.
(Japan)
28,111
240
Thales
SA
(France)
67,076
693
Trelleborg
AB,
Class
B
(Sweden)
30,277
35
VAT
Group
AG
(Switzerland)
(a)
27,360
577
Vinci
SA
(France)
84,200
812
Wolters
Kluwer
NV
(Netherlands)
57,820
2,098,115
Information
Technology
–
12.0%
300
Advantest
Corp.
(Japan)
49,318
900
Alps
Alpine
Co.
Ltd.
(Japan)
12,274
28
ASM
International
NV
(Netherlands)
29,355
206
ASML
Holding
NV
(Netherlands)
332,895
41
BE
Semiconductor
Industries
NV
(Netherlands)
13,607
691
Codan
Ltd.
(Australia)
21,205
1,000
FUJIFILM
Holdings
Corp.
(Japan)
20,868
1,900
Fujitsu
Ltd.
(Japan)
40,199
562
Infineon
Technologies
AG
(Germany)
53,194
100
Kioxia
Holdings
Corp.
(Japan)*
41,366
2,200
Konica
Minolta,
Inc.
(Japan)
8,425
3,400
Kyocera
Corp.
(Japan)
74,390
900
Mitsubishi
Research
Institute,
Inc.
(Japan)
25,611
200
Murata
Manufacturing
Co.
Ltd.
(Japan)
12,092
465
Mycronic
AB
(Sweden)
15,008
1,300
NEC
Corp.
(Japan)
33,507
1,400
NSW,
Inc.
(Japan)
22,321
1,900
Renesas
Electronics
Corp.
(Japan)
53,709
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
1,100
Ricoh
Co.
Ltd.
(Japan)
$
10,078
2,180
Sage
Group
PLC
(The)
(United
Kingdom)
24,754
644
SAP
SE
(Germany)
116,680
1,100
Seiko
Epson
Corp.
(Japan)
20,229
371
Sesa
SpA
(Italy)
42,017
800
SRA
Holdings
(Japan)
22,740
600
TDK
Corp.
(Japan)
15,483
2,271
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Sweden)
29,540
200
Tokyo
Electron
Ltd.
(Japan)
65,858
46
Tower
Semiconductor
Ltd.
(Israel)*
13,220
700
WingArc1st,
Inc.
(Japan)
11,130
1,231,073
Materials
–
6.4%
28
Air
Liquide
SA
(France)
5,819
232
Anglo
American
PLC
(South
Africa)
12,471
377
ArcelorMittal
(Luxembourg)
26,097
2,400
Asahi
Kasei
Corp.
(Japan)
26,941
267
BASF
SE
(Germany)
15,834
257
Bekaert
SA
(Belgium)
12,416
3,158
BHP
Group
Ltd.
(Australia)
141,580
714
Corticeira
Amorim
SGPS
SA
(Portugal)
5,449
526
Endeavour
Mining
PLC
(Ivory
Coast)
32,572
942
Evolution
Mining
Ltd.
(Australia)
8,228
1,150
Fortescue
Ltd.
(Australia)
18,460
7,471
Glencore
PLC
(Australia)*
57,181
1,176
Huhtamaki
OYJ
(Finland)
37,602
900
JSP
Corp.
(Japan)
14,615
2,200
Mitsubishi
Chemical
Group
Corp.
(Japan)
15,851
1,982
Pan
African
Resources
PLC
(South
Africa)
3,679
727
Rio
Tinto
Ltd.
(Australia)
97,099
700
Shin-Etsu
Chemical
Co.
Ltd.
(Japan)
34,114
437
SSAB
AB,
Class
B
(Sweden)
4,505
2,000
Toray
Industries,
Inc.
(Japan)
14,976
1,900
Tosoh
Corp.
(Japan)
32,822
455
Umicore
SA
(Belgium)
13,423
498
Yara
International
ASA
(Brazil)
27,113
658,847
Real
Estate
–
1.5%
644
ARGAN
SA
REIT
(France)
45,993
8,000
CK
Asset
Holdings
Ltd.
(Hong
Kong)
48,322
273
Gecina
SA
REIT
(France)
23,399
399
Klepierre
SA
REIT
(France)
16,306
1,500
Sun
Hung
Kai
Properties
Ltd.
(Hong
Kong)
25,206
159,226
Utilities
–
2.3%
11,526
EDP
SA
(Portugal)
58,738
GOLDMAN
SACHS
DATA
ENHANCED
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
1,817
Iberdrola
SA
(Spain)
$
41,347
4,172
National
Grid
PLC
(United
Kingdom)
67,231
1,111
Redeia
Corp.
SA
(Spain)
19,097
549
RWE
AG
(Germany)
34,954
322
Solaria
Energia
y
Medio
Ambiente
SA
(Spain)*
8,830
1,100
Tohoku
Electric
Power
Co.,
Inc.
(Japan)
6,955
237,152
TOTAL
COMMON
STOCKS
(Cost
$9,958,432)
10,229,929
Shares
Description
Dividend
Rate
Value
aa0
Preferred
Stock
–
0.6%
Household
Products
–
0.6%
782
Henkel
AG
&
Co.
KGaA
3.10
%
60,849
(Cost
$60,008)
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
4,188
3.532%
4,188
(Cost
$4,188)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$10,022,628)
$
10,294,966
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
10,477
NET
ASSETS
–
100.0%
$
10,305,443
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
EQUAL
WEIGHT
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.8%
Communication
Services
–
4.0%
8,698
Alphabet,
Inc.,
Class
A
$
3,308,197
49,366
AST
SpaceMobile,
Inc.*
5,598,598
136,282
AT&T,
Inc.
3,379,794
22,120
Charter
Communications,
Inc.,
Class
A*
3,186,386
131,537
Comcast
Corp.,
Class
A
3,271,325
27,761
EchoStar
Corp.,
Class
A*
3,586,444
17,280
Electronic
Arts,
Inc.
3,485,722
56,130
Fox
Corp.,
Class
A
3,587,830
20,700
Live
Nation
Entertainment,
Inc.*
3,486,087
5,650
Meta
Platforms,
Inc.,
Class
A
3,573,681
39,537
Netflix,
Inc.*
3,400,973
45,203
Omnicom
Group,
Inc.
3,286,710
20,850
Reddit,
Inc.,
Class
A*
3,669,600
79,123
ROBLOX
Corp.,
Class
A*
3,730,649
15,537
Take-Two
Interactive
Software,
Inc.*
3,482,774
18,246
TKO
Group
Holdings,
Inc.
3,743,714
18,024
T-Mobile
US,
Inc.
3,380,041
73,837
Verizon
Communications,
Inc.
3,530,147
32,444
Walt
Disney
Co.
(The)
3,303,772
127,158
Warner
Bros
Discovery,
Inc.*
3,434,538
71,426,982
Consumer
Discretionary
–
8.6%
24,920
Airbnb,
Inc.,
Class
A*
3,322,085
12,579
Amazon.com,
Inc.*
3,404,381
965
AutoZone,
Inc.*
2,832,458
20,565
Booking
Holdings,
Inc.
3,443,198
10,896
Burlington
Stores,
Inc.*
3,528,452
127,719
Carnival
Corp.
Ltd.
3,583,795
45,400
Carvana
Co.*
3,314,200
106,182
Chipotle
Mexican
Grill,
Inc.*
3,382,959
23,209
D.R.
Horton,
Inc.
3,413,812
17,761
Darden
Restaurants,
Inc.
3,621,646
15,341
Dick's
Sporting
Goods,
Inc.
3,491,151
20,982
DoorDash,
Inc.,
Class
A*
3,342,223
143,010
DraftKings,
Inc.,
Class
A*
3,502,315
32,147
eBay,
Inc.
3,512,703
14,159
Expedia
Group,
Inc.
3,196,961
33,496
Flutter
Entertainment
PLC*
3,248,442
285,473
Ford
Motor
Co.
4,978,649
14,414
Garmin
Ltd.
3,371,723
44,076
General
Motors
Co.
3,668,886
10,843
Hilton
Worldwide
Holdings,
Inc.
3,552,817
10,786
Home
Depot,
Inc.
(The)
3,420,672
65,787
Las
Vegas
Sands
Corp.
3,326,849
39,046
Lennar
Corp.,
Class
A
3,505,550
14,973
Lowe’s
Cos.,
Inc.
3,209,612
9,619
Marriott
International,
Inc.,
Class
A
3,612,896
12,296
McDonald's
Corp.
3,433,043
80,006
NIKE,
Inc.,
Class
B
3,698,677
570
NVR,
Inc.*
3,479,736
36,542
O'Reilly
Automotive,
Inc.*
3,174,769
28,841
PulteGroup,
Inc.
3,408,429
9,356
Ralph
Lauren
Corp.
3,404,648
238,482
Rivian
Automotive,
Inc.,
Class
A*
3,887,257
15,292
Ross
Stores,
Inc.
3,543,615
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
12,325
Royal
Caribbean
Cruises
Ltd.
$
3,508,065
44,074
Somnigroup
International,
Inc.
3,120,880
32,737
Starbucks
Corp.
3,246,201
23,631
Tapestry,
Inc.
3,437,365
8,706
Tesla,
Inc.*
3,793,988
22,503
TJX
Cos.,
Inc.
(The)
3,482,339
107,363
Tractor
Supply
Co.
3,385,155
6,524
Ulta
Beauty,
Inc.*
3,319,737
40,804
Viking
Holdings
Ltd.*
3,758,457
18,407
Williams-Sonoma,
Inc.
3,747,113
22,282
Yum!
Brands,
Inc.
3,296,622
152,914,531
Consumer
Staples
–
5.7%
49,289
Altria
Group,
Inc.
3,429,529
45,929
Archer-Daniels-Midland
Co.
3,664,216
27,794
Bunge
Global
SA
3,427,000
4,039
Casey's
General
Stores,
Inc.
3,098,478
36,546
Church
&
Dwight
Co.,
Inc.
3,494,894
44,075
Coca-Cola
Co.
(The)
3,482,366
38,997
Colgate-Palmolive
Co.
3,514,799
22,912
Constellation
Brands,
Inc.,
Class
A
3,180,644
3,501
Costco
Wholesale
Corp.
3,348,076
30,170
Dollar
General
Corp.
3,337,104
36,463
Dollar
Tree,
Inc.*
4,245,752
40,288
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
3,583,617
99,353
General
Mills,
Inc.
3,359,125
18,697
Hershey
Co.
(The)
3,627,779
197,324
Kenvue,
Inc.
3,409,759
122,671
Keurig
Dr
Pepper,
Inc.
3,683,810
35,176
Kimberly-Clark
Corp.
3,433,177
151,487
Kraft
Heinz
Co.
(The)
3,637,203
53,152
Kroger
Co.
(The)
3,303,397
56,194
Mondelez
International,
Inc.,
Class
A
3,437,387
45,547
Monster
Beverage
Corp.*
4,011,780
22,379
PepsiCo,
Inc.
3,226,828
20,510
Philip
Morris
International,
Inc.
3,638,064
23,596
Procter &
Gamble
Co.
(The)
3,387,442
47,442
Sysco
Corp.
3,596,578
26,866
Target
Corp.
3,413,863
51,037
Tyson
Foods,
Inc.,
Class
A
3,114,278
36,950
US
Foods
Holding
Corp.*
3,024,357
26,627
Walmart,
Inc.
3,082,075
100,193,377
Energy
–
4.6%
51,995
Baker
Hughes
Co.
3,321,441
13,304
Cheniere
Energy,
Inc.
2,991,537
18,797
Chevron
Corp.
3,429,701
29,208
ConocoPhillips
3,329,128
147,444
Devon
Energy
Corp.
6,559,784
17,873
Diamondback
Energy,
Inc.
3,422,322
25,791
EOG
Resources,
Inc.
3,440,004
60,238
EQT
Corp.
3,308,873
35,778
Expand
Energy
Corp.
3,326,638
23,452
Exxon
Mobil
Corp.
3,406,638
85,600
Halliburton
Co.
3,325,560
110,644
Kinder
Morgan,
Inc.
3,438,815
GOLDMAN
SACHS
EQUAL
WEIGHT
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
–
(continued)
14,165
Marathon
Petroleum
Corp.
$
3,523,827
62,685
Occidental
Petroleum
Corp.
3,549,852
40,725
ONEOK,
Inc.
3,418,456
20,179
Phillips
66
3,549,082
63,020
SLB
Ltd.
3,437,741
14,009
Targa
Resources
Corp.
3,573,276
47,481
TechnipFMC
PLC
(United
Kingdom)
3,248,650
8,302
Texas
Pacific
Land
Corp.
3,262,686
14,686
Valero
Energy
Corp.
3,595,427
288,813
Venture
Global,
Inc.,
Class
A
3,477,308
47,057
Williams
Cos.,
Inc.
(The)
3,359,399
81,296,145
Financials
–
15.2%
53,103
Affirm
Holdings,
Inc.*
3,911,036
30,176
Aflac,
Inc.
3,392,386
15,926
Allstate
Corp.
(The)
3,282,189
10,928
American
Express
Co.
3,458,384
44,474
American
International
Group,
Inc.
3,301,305
7,320
Ameriprise
Financial,
Inc.
3,262,597
11,262
Aon
PLC,
Class
A
3,559,468
26,406
Apollo
Global
Management,
Inc.
3,398,716
36,753
Arch
Capital
Group
Ltd.*
3,283,513
28,062
Ares
Management
Corp.,
Class
A
3,605,967
17,284
Arthur
J
Gallagher
&
Co.
3,475,985
64,806
Bank
of
America
Corp.
3,343,990
26,058
Bank
of
New
York
Mellon
Corp.
(The)
3,633,267
7,432
Berkshire
Hathaway,
Inc.,
Class
B*
3,526,335
3,232
Blackrock,
Inc.
3,383,516
27,874
Blackstone,
Inc.
3,260,422
49,380
Block,
Inc.*
3,739,054
60,991
Brown
&
Brown,
Inc.
3,430,744
17,731
Capital
One
Financial
Corp.
3,332,187
68,255
Carlyle
Group,
Inc.
(The)
3,100,825
10,219
Cboe
Global
Markets,
Inc.
3,408,650
37,831
Charles
Schwab
Corp.
(The)
3,304,538
10,833
Chubb
Ltd.
3,376,971
21,652
Cincinnati
Financial
Corp.
3,408,458
27,010
Citigroup,
Inc.
3,400,559
53,172
Citizens
Financial
Group,
Inc.
3,310,489
12,097
CME
Group,
Inc.
3,309,013
17,777
Coinbase
Global,
Inc.,
Class
A*
3,360,386
11,419
Corpay,
Inc.*
4,131,394
74,629
Fidelity
National
Information
Services,
Inc.
3,208,301
68,308
Fifth
Third
Bancorp
3,410,618
1,736
First
Citizens
BancShares,
Inc.,
Class
A
3,455,525
62,069
Fiserv,
Inc.*
3,510,623
49,538
Global
Payments,
Inc.
3,740,614
3,716
Goldman
Sachs
Group,
Inc.
(The)
(a)
3,810,981
26,139
Hartford
Insurance
Group,
Inc.
(The)
3,323,051
206,599
Huntington
Bancshares,
Inc.
3,379,960
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
40,012
Interactive
Brokers
Group,
Inc.,
Class
A
$
3,479,844
22,578
Intercontinental
Exchange,
Inc.
3,338,157
11,048
JPMorgan
Chase &
Co.
3,306,777
155,973
KeyCorp
3,326,904
34,370
KKR
&
Co.,
Inc.
3,297,458
32,944
Loews
Corp.
3,411,351
10,638
LPL
Financial
Holdings,
Inc.
2,912,365
15,882
M&T
Bank
Corp.
3,432,259
1,935
Markel
Group,
Inc.*
3,513,167
21,051
Marsh
&
McLennan
Cos.,
Inc.
3,367,528
7,094
Mastercard,
Inc.,
Class
A
3,504,294
43,389
MetLife,
Inc.
3,587,836
7,726
Moody's
Corp.
3,501,810
18,004
Morgan
Stanley
3,744,832
5,997
MSCI,
Inc.
3,786,386
39,067
Nasdaq,
Inc.
3,614,479
21,279
Northern
Trust
Corp.
3,520,611
75,325
PayPal
Holdings,
Inc.
3,370,794
15,789
PNC
Financial
Services
Group,
Inc.
(The)
3,491,264
34,289
Principal
Financial
Group,
Inc.
3,553,026
17,489
Progressive
Corp.
(The)
3,329,906
34,933
Prudential
Financial,
Inc.
3,515,657
21,924
Raymond
James
Financial,
Inc.
3,144,121
124,621
Regions
Financial
Corp.
3,489,388
44,585
Robinhood
Markets,
Inc.,
Class
A*
4,204,366
231,443
Rocket
Cos.,
Inc.,
Class
A*
3,358,238
8,198
S&P
Global,
Inc.
3,475,952
216,363
SoFi
Technologies,
Inc.*
3,942,134
23,062
State
Street
Corp.
3,589,370
46,537
Synchrony
Financial
3,324,603
29,240
T.
Rowe
Price
Group,
Inc.
3,056,457
121,853
Toast,
Inc.,
Class
A*
3,171,834
75,735
TPG,
Inc.
3,224,039
31,639
Tradeweb
Markets,
Inc.,
Class
A
3,171,810
11,551
Travelers
Cos.,
Inc.
(The)
3,371,621
68,524
Truist
Financial
Corp.
3,303,542
61,612
US
Bancorp
3,379,418
10,917
Visa,
Inc.,
Class
A
3,562,872
52,629
W
R
Berkley
Corp.
3,344,047
43,149
Wells
Fargo &
Co.
3,345,773
13,538
Willis
Towers
Watson
PLC
3,380,032
268,278,339
Health
Care
–
11.2%
40,183
Abbott
Laboratories
3,439,665
17,057
AbbVie,
Inc.
3,713,650
29,372
Agilent
Technologies,
Inc.
3,980,787
11,478
Alnylam
Pharmaceuticals,
Inc.*
3,466,126
10,544
Amgen,
Inc.
3,551,114
24,058
Becton
Dickinson
&
Co.
3,539,413
18,178
Biogen,
Inc.*
3,562,888
62,815
Boston
Scientific
Corp.*
3,034,593
61,612
Bristol-Myers
Squibb
Co.
3,522,974
18,165
Cardinal
Health,
Inc.
3,574,872
13,800
Cencora,
Inc.
3,717,168
64,885
Centene
Corp.*
3,867,146
12,302
Cigna
Group
(The)
3,412,575
GOLDMAN
SACHS
EQUAL
WEIGHT
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
40,637
CVS
Health
Corp.
$
3,697,154
19,901
Danaher
Corp.
3,635,316
58,038
Dexcom,
Inc.*
4,279,722
42,168
Edwards
Lifesciences
Corp.*
3,646,267
9,305
Elevance
Health,
Inc.
3,658,633
3,467
Eli
Lilly
&
Co.
3,831,035
56,330
GE
HealthCare
Technologies,
Inc.
3,511,612
25,792
Gilead
Sciences,
Inc.
3,467,219
8,058
HCA
Healthcare,
Inc.
3,050,275
14,039
Humana,
Inc.
4,287,791
6,025
IDEXX
Laboratories,
Inc.*
3,395,268
24,544
Illumina,
Inc.*
3,999,690
35,365
Incyte
Corp.*
3,421,210
24,910
Insmed,
Inc.*
2,663,128
7,728
Intuitive
Surgical,
Inc.*
3,281,618
19,216
IQVIA
Holdings,
Inc.*
3,501,347
15,578
Johnson &
Johnson
3,510,191
13,515
Labcorp
Holdings,
Inc.
3,514,711
4,633
McKesson
Corp.
3,439,725
83,978
Medline,
Inc.,
Class
A*
3,070,236
44,949
Medtronic
PLC
3,317,686
30,784
Merck &
Co.,
Inc.
3,654,676
2,608
Mettler-Toledo
International,
Inc.*
3,078,953
71,183
Moderna,
Inc.*
3,359,126
15,978
Natera,
Inc.*
3,569,006
132,288
Pfizer,
Inc.
3,463,300
18,310
Quest
Diagnostics,
Inc.
3,568,619
4,809
Regeneron
Pharmaceuticals,
Inc.
2,956,477
16,528
ResMed,
Inc.
3,149,741
23,115
REVOLUTION
Medicines,
Inc.*
3,640,150
68,545
Royalty
Pharma
PLC,
Class
A
3,822,069
16,205
STERIS
PLC
3,447,290
11,971
Stryker
Corp.
3,652,232
196,432
Summit
Therapeutics,
Inc.*
3,445,417
17,930
Tenet
Healthcare
Corp.*
3,143,488
7,346
Thermo
Fisher
Scientific,
Inc.
3,617,978
5,936
United
Therapeutics
Corp.*
3,305,284
9,457
UnitedHealth
Group,
Inc.
3,596,592
20,559
Veeva
Systems,
Inc.,
Class
A*
3,584,256
8,165
Vertex
Pharmaceuticals,
Inc.*
3,654,164
9,906
Waters
Corp.*
3,799,644
11,100
West
Pharmaceutical
Services,
Inc.
3,583,191
41,670
Zimmer
Biomet
Holdings,
Inc.
3,430,691
30,763
Zoetis,
Inc.
2,389,977
199,475,126
Industrials
–
16.7%
23,694
3M
Co.
3,628,262
23,531
AerCap
Holdings
NV
(Ireland)
3,279,986
14,345
AMETEK,
Inc.
3,239,818
74,976
API
Group
Corp.*
3,074,016
21,296
ATI,
Inc.*
3,730,207
16,799
Automatic
Data
Processing,
Inc.
3,726,690
9,188
Axon
Enterprise,
Inc.*
4,122,839
12,051
Bloom
Energy
Corp.,
Class
A*
3,434,535
15,164
Boeing
Co.
(The)*
3,505,159
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
22,771
Broadridge
Financial
Solutions,
Inc.
$
3,500,358
16,350
BWX
Technologies,
Inc.
3,202,638
20,692
C.H.
Robinson
Worldwide,
Inc.
3,696,626
7,604
Carpenter
Technology
Corp.
3,566,124
51,168
Carrier
Global
Corp.
3,268,100
3,769
Caterpillar,
Inc.
3,301,154
20,558
Cintas
Corp.
3,520,763
1,732
Comfort
Systems
USA,
Inc.
3,166,460
104,271
Copart,
Inc.*
3,416,961
76,150
CSX
Corp.
3,446,549
4,930
Cummins,
Inc.
3,187,886
4,700
Curtiss-Wright
Corp.
3,513,767
5,833
Deere
&
Co.
3,162,536
47,550
Delta
Air
Lines,
Inc.
3,921,924
15,303
Dover
Corp.
3,234,442
8,314
Eaton
Corp.
PLC
3,330,588
3,682
EMCOR
Group,
Inc.
3,044,351
23,794
Emerson
Electric
Co.
3,422,053
20,120
Equifax,
Inc.
3,335,695
23,056
Expeditors
International
of
Washington,
Inc.
3,642,617
77,096
Fastenal
Co.
3,407,643
9,174
FedEx
Corp.
3,777,394
13,811
Ferguson
Enterprises,
Inc.
3,120,872
57,686
Fortive
Corp.
3,364,248
12,615
FTAI
Aviation
Ltd.
3,284,189
3,136
GE
Vernova,
Inc.
3,036,652
10,047
General
Dynamics
Corp.
3,484,501
11,445
General
Electric
Co.
3,705,433
12,011
HEICO
Corp.
4,181,990
16,059
Honeywell
International,
Inc.
3,819,794
13,615
Howmet
Aerospace,
Inc.
3,516,074
6,897
Hubbell,
Inc.
3,266,488
13,404
Illinois
Tool
Works,
Inc.
3,314,541
43,962
Ingersoll
Rand,
Inc.
3,149,438
15,955
ITT,
Inc.
3,111,225
13,962
J.B.
Hunt
Transport
Services,
Inc.
3,859,516
24,701
Johnson
Controls
International
PLC
3,311,416
11,532
L3Harris
Technologies,
Inc.
3,634,656
26,694
Leidos
Holdings,
Inc.
3,411,493
6,430
Lennox
International,
Inc.
3,228,889
6,835
Lockheed
Martin
Corp.
3,625,626
8,070
MasTec,
Inc.*
3,053,446
10,932
Norfolk
Southern
Corp.
3,333,823
6,272
Northrop
Grumman
Corp.
3,535,401
20,295
nVent
Electric
PLC
3,389,062
17,300
Old
Dominion
Freight
Line,
Inc.
3,895,095
45,141
Otis
Worldwide
Corp.
3,197,788
29,878
PACCAR,
Inc.
3,297,635
3,853
Parker-Hannifin
Corp.
3,254,359
38,008
Paychex,
Inc.
3,686,016
4,439
Quanta
Services,
Inc.
3,159,369
17,362
Republic
Services,
Inc.
3,480,039
41,883
Rocket
Lab
Corp.*
6,009,373
7,680
Rockwell
Automation,
Inc.
3,464,141
64,095
Rollins,
Inc.
3,050,922
19,781
RTX
Corp.
3,553,854
9,029
Snap-on,
Inc.
3,351,655
GOLDMAN
SACHS
EQUAL
WEIGHT
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
85,245
Southwest
Airlines
Co.
$
3,661,273
50,171
SS&C
Technologies
Holdings,
Inc.
3,387,546
45,654
Sunbelt
Rentals
Holdings,
Inc.
3,563,295
58,524
Symbotic,
Inc.*
2,716,977
7,179
Trane
Technologies
PLC
3,239,883
2,816
TransDigm
Group,
Inc.
3,543,429
44,597
Uber
Technologies,
Inc.*
3,139,629
12,963
Union
Pacific
Corp.
3,404,602
35,065
United
Airlines
Holdings,
Inc.*
4,025,462
34,807
United
Parcel
Service,
Inc.,
Class
B
3,713,559
3,629
United
Rentals,
Inc.
3,613,286
39,740
Veralto
Corp.
3,267,820
20,187
Verisk
Analytics,
Inc.
3,532,523
9,849
Vertiv
Holdings
Co.,
Class
A
3,109,428
2,981
W.W.
Grainger,
Inc.
3,679,269
15,739
Waste
Management,
Inc.
3,328,169
12,767
Westinghouse
Air
Brake
Technologies
Corp.
3,334,230
9,157
Woodward,
Inc.
3,205,225
16,313
XPO,
Inc.*
3,495,060
29,247
Xylem,
Inc.
3,203,716
297,111,541
Information
Technology
–
19.0%
19,717
Accenture
PLC,
Class
A
3,688,459
13,683
Adobe,
Inc.*
3,546,770
8,373
Advanced
Micro
Devices,
Inc.*
4,321,305
25,316
Amphenol
Corp.,
Class
A
3,766,008
8,387
Analog
Devices,
Inc.
3,470,960
12,117
Apple,
Inc.
3,781,231
8,141
Applied
Materials,
Inc.
3,663,938
7,550
AppLovin
Corp.,
Class
A*
4,628,829
24,465
Arista
Networks,
Inc.*
3,901,434
16,838
Astera
Labs,
Inc.*
5,772,908
39,059
Atlassian
Corp.,
Class
A*
4,203,139
14,335
Autodesk,
Inc.*
3,315,829
8,242
Broadcom,
Inc.
3,682,278
9,895
Cadence
Design
Systems,
Inc.*
3,709,932
31,316
CDW
Corp.
3,928,592
6,035
Ciena
Corp.*
3,501,688
28,781
Circle
Internet
Group,
Inc.*
3,252,253
38,106
Cisco
Systems,
Inc.
4,588,725
14,136
Cloudflare,
Inc.,
Class
A*
3,418,368
67,842
Cognizant
Technology
Solutions
Corp.,
Class
A
3,782,531
10,151
Coherent
Corp.*
3,669,282
25,404
CoreWeave,
Inc.,
Class
A*
2,782,500
18,876
Corning,
Inc.
3,419,576
7,426
Crowdstrike
Holdings,
Inc.,
Class
A*
5,428,406
24,043
Datadog,
Inc.,
Class
A*
5,947,036
14,929
Dell
Technologies,
Inc.,
Class
C
6,283,765
22,433
Entegris,
Inc.
3,113,476
46,600
Everpure,
Inc.,
Class
A*
3,705,166
5,350
Fabrinet
(Thailand)*
3,499,756
3,313
Fair
Isaac
Corp.*
4,143,205
15,948
First
Solar,
Inc.*
4,892,687
39,039
Fortinet,
Inc.*
5,386,211
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
48,915
GLOBALFOUNDRIES,
Inc.*
$
3,911,733
116,153
Hewlett
Packard
Enterprise
Co.
4,999,225
162,310
HP,
Inc.
4,388,862
31,242
Intel
Corp.*
3,582,833
15,360
International
Business
Machines
Corp.
4,574,208
8,932
Intuit,
Inc.
2,961,226
66,378
IonQ,
Inc.*
4,783,862
9,467
Jabil,
Inc.
3,451,290
9,524
Keysight
Technologies,
Inc.*
3,222,255
1,932
KLA
Corp.
3,712,744
11,809
Lam
Research
Corp.
3,757,388
3,802
Lumentum
Holdings,
Inc.*
3,250,558
11,224
MACOM
Technology
Solutions
Holdings,
Inc.*
4,092,719
20,487
Marvell
Technology,
Inc.
4,199,835
34,019
Microchip
Technology,
Inc.
3,219,898
5,326
Micron
Technology,
Inc.
5,171,546
8,412
Microsoft
Corp.
3,787,419
11,875
MKS,
Inc.
3,850,587
13,157
MongoDB,
Inc.*
4,414,831
2,114
Monolithic
Power
Systems,
Inc.
3,310,968
8,063
Motorola
Solutions,
Inc.
3,251,647
31,104
NetApp,
Inc.
5,421,116
16,927
NVIDIA
Corp.
3,573,967
11,539
NXP
Semiconductors
NV
(Netherlands)
3,708,058
33,028
ON
Semiconductor
Corp.*
3,983,837
18,115
Oracle
Corp.
4,090,005
26,128
Palantir
Technologies,
Inc.,
Class
A*
4,090,077
19,023
Palo
Alto
Networks,
Inc.*
5,358,589
26,036
PTC,
Inc.*
3,611,974
23,276
Qnity
Electronics,
Inc.
3,631,056
17,897
QUALCOMM,
Inc.
4,492,505
9,885
Roper
Technologies,
Inc.
3,217,864
19,099
Salesforce,
Inc.
3,649,819
119,610
Samsara,
Inc.,
Class
A*
4,185,154
2,516
Sandisk
Corp.*
4,264,570
4,486
Seagate
Technology
Holdings
PLC
3,946,783
38,958
ServiceNow,
Inc.*
4,845,206
24,948
Snowflake,
Inc.*
6,375,461
18,824
Strategy,
Inc.*
2,994,710
108,299
Super
Micro
Computer,
Inc.*
4,991,501
6,956
Synopsys,
Inc.*
3,308,413
16,211
TE
Connectivity
PLC
(Switzerland)
3,459,589
5,364
Teledyne
Technologies,
Inc.*
3,324,768
9,140
Teradyne,
Inc.
3,421,193
11,975
Texas
Instruments,
Inc.
3,660,518
53,063
Trimble,
Inc.*
2,993,284
18,129
Twilio,
Inc.,
Class
A*
3,456,113
3,406
Ubiquiti,
Inc.
1,988,627
12,626
VeriSign,
Inc.
3,603,208
7,431
Western
Digital
Corp.
3,947,422
28,041
Workday,
Inc.,
Class
A*
4,099,314
33,322
Zoom
Communications,
Inc.*
3,385,182
25,055
Zscaler,
Inc.*
3,500,935
336,672,695
GOLDMAN
SACHS
EQUAL
WEIGHT
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
5.0%
11,489
Air
Products
and
Chemicals,
Inc.
$
3,201,065
17,825
Albemarle
Corp.
3,144,686
65,128
Amrize
Ltd.*
3,542,312
28,535
CF
Industries
Holdings,
Inc.
3,205,907
188,241
Coeur
Mining,
Inc.
3,636,816
42,399
Corteva,
Inc.
3,318,994
30,210
CRH
PLC
3,286,546
89,827
Dow,
Inc.
3,031,661
69,699
DuPont
de
Nemours,
Inc.
3,374,826
13,164
Ecolab,
Inc.
3,369,984
57,145
Freeport-McMoRan,
Inc.
3,754,998
42,327
International
Flavors
&
Fragrances,
Inc.
3,218,968
104,837
International
Paper
Co.
3,508,894
6,922
Linde
PLC
3,445,010
47,504
LyondellBasell
Industries
NV,
Class
A
3,166,142
5,649
Martin
Marietta
Materials,
Inc.
3,285,684
30,494
Newmont
Corp.
3,348,546
14,850
Nucor
Corp.
3,712,500
15,187
Packaging
Corp.
of
America
3,324,586
31,119
PPG
Industries,
Inc.
3,515,825
14,854
Royal
Gold,
Inc.
3,334,426
10,734
Sherwin-Williams
Co.
(The)
3,261,419
82,694
Smurfit
Westrock
PLC
3,402,858
19,303
Southern
Copper
Corp.
(Mexico)
3,692,664
14,359
Steel
Dynamics,
Inc.
3,735,494
11,756
Vulcan
Materials
Co.
3,326,008
88,146,819
Real
Estate
–
4.2%
19,356
American
Tower
Corp.
REIT
3,618,798
18,550
AvalonBay
Communities,
Inc.
REIT
3,385,560
23,844
CBRE
Group,
Inc.,
Class
A*
2,981,454
100,140
CoStar
Group,
Inc.*
3,224,508
38,557
Crown
Castle,
Inc.
REIT
3,527,965
17,431
Digital
Realty
Trust,
Inc.
REIT
3,311,890
3,195
Equinix,
Inc.
REIT
3,412,388
52,124
Equity
Residential
REIT
3,411,516
12,934
Essex
Property
Trust,
Inc.
REIT
3,526,326
23,926
Extra
Space
Storage,
Inc.
REIT
3,452,761
119,754
Invitation
Homes,
Inc.
REIT
3,502,804
26,003
Iron
Mountain,
Inc.
REIT
3,334,885
24,255
Prologis,
Inc.
REIT
3,479,865
11,174
Public
Storage
REIT
3,393,432
54,063
Realty
Income
Corp.
REIT
3,312,981
15,857
SBA
Communications
Corp.
REIT
3,221,508
17,023
Simon
Property
Group,
Inc.
REIT
3,488,183
92,752
UDR,
Inc.
REIT
3,422,549
40,091
Ventas,
Inc.
REIT
3,384,482
121,204
VICI
Properties,
Inc.
REIT
3,420,377
16,224
Welltower,
Inc.
REIT
3,331,274
142,775
Weyerhaeuser
Co.
REIT
3,499,415
74,644,921
Utilities
–
5.6%
48,042
Alliant
Energy
Corp.
3,440,288
31,874
Ameren
Corp.
3,441,436
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
26,084
American
Electric
Power
Co.,
Inc.
$
3,304,060
27,657
American
Water
Works
Co.,
Inc.
3,409,278
18,882
Atmos
Energy
Corp.
3,193,513
81,545
CenterPoint
Energy,
Inc.
3,446,092
46,930
CMS
Energy
Corp.
3,405,710
32,438
Consolidated
Edison,
Inc.
3,426,426
10,799
Constellation
Energy
Corp.
3,107,412
56,248
Dominion
Energy,
Inc.
3,765,241
24,163
DTE
Energy
Co.
3,452,168
27,799
Duke
Energy
Corp.
3,411,771
50,772
Edison
International
3,550,994
30,857
Entergy
Corp.
3,364,956
43,042
Evergy,
Inc.
3,531,166
50,521
Eversource
Energy
3,449,069
76,874
Exelon
Corp.
3,508,529
75,702
FirstEnergy
Corp.
3,511,816
36,496
NextEra
Energy,
Inc.
3,175,517
72,391
NiSource,
Inc.
3,345,912
23,235
NRG
Energy,
Inc.
3,115,349
215,692
PG&E
Corp.
3,524,407
93,626
PPL
Corp.
3,313,424
44,124
Public
Service
Enterprise
Group,
Inc.
3,470,352
37,229
Sempra
3,318,221
37,153
Southern
Co.
(The)
3,419,934
21,875
Vistra
Corp.
3,505,031
30,450
WEC
Energy
Group,
Inc.
3,381,472
43,313
Xcel
Energy,
Inc.
3,443,383
98,732,927
TOTAL
COMMON
STOCKS
(Cost
$1,470,302,544)
1,768,893,403
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,430,930
3.532%
2,430,930
(Cost
$2,430,930)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$1,472,733,474)
$
1,771,324,333
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
1,838,638
NET
ASSETS
–
100.0%
$
1,773,162,971
  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
HEDGE
INDUSTRY
VIP
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
99.6%
Communication
Services
–
11.3%
27,387
Alphabet,
Inc.,
Class
A
$
10,416,372
79,185
EchoStar
Corp.,
Class
A*
10,229,910
54,159
Electronic
Arts,
Inc.
10,924,953
17,692
Meta
Platforms,
Inc.,
Class
A
11,190,367
124,874
Netflix,
Inc.*
10,741,661
402,763
Warner
Bros
Discovery,
Inc.*
10,878,629
64,381,892
Consumer
Discretionary
–
10.0%
41,140
Amazon.com,
Inc.*
11,134,130
161,777
Carvana
Co.*
11,809,721
68,257
DoorDash,
Inc.,
Class
A*
10,872,658
7,025
MercadoLibre,
Inc.
(Brazil)*
11,911,941
25,736
Tesla,
Inc.*
11,215,491
56,943,941
Financials
–
13.6%
22,512
Berkshire
Hathaway,
Inc.,
Class
B*
10,681,494
58,057
Capital
One
Financial
Corp.
10,910,652
36,488
JPMorgan
Chase &
Co.
10,921,223
21,988
Mastercard,
Inc.,
Class
A
10,861,632
891,431
NU
Holdings
Ltd.,
Class
A
(Brazil)*
11,704,489
26,954
S&P
Global,
Inc.
11,428,496
33,358
Visa,
Inc.,
Class
A
10,886,717
77,394,703
Health
Care
–
8.2%
94,880
Abivax
SA
ADR
(France)*
12,583,934
10,813
Eli
Lilly
&
Co.
11,948,365
74,602
REVOLUTION
Medicines,
Inc.*
11,748,323
27,590
UnitedHealth
Group,
Inc.
10,492,753
46,773,375
Industrials
–
14.6%
39,379
Bloom
Energy
Corp.,
Class
A*
11,223,015
49,284
Boeing
Co.
(The)*
11,391,996
347,285
Centuri
Holdings,
Inc.*
10,675,541
10,356
GE
Vernova,
Inc.
10,027,922
26,191
MasTec,
Inc.*
9,909,889
34,393
Norfolk
Southern
Corp.
10,488,489
144,714
Uber
Technologies,
Inc.*
10,187,866
29,294
Vertiv
Holdings
Co.,
Class
A
9,248,409
83,153,127
Information
Technology
–
37.5%
25,622
Advanced
Micro
Devices,
Inc.*
13,223,514
36,194
Apple,
Inc.
11,294,700
24,888
Applied
Materials,
Inc.
11,201,093
21,690
AppLovin
Corp.,
Class
A*
13,297,922
7,235
ASML
Holding
NV
(Netherlands)
11,668,319
25,557
Broadcom,
Inc.
11,418,101
28,413
Coherent
Corp.*
10,270,447
448,845
Core
Scientific,
Inc.*
12,051,488
106,046
Hut
8
Corp.*
13,237,722
99,904
Intel
Corp.*
11,456,991
38,165
Lam
Research
Corp.
12,143,340
11,194
Lumentum
Holdings,
Inc.*
9,570,422
61,431
Marvell
Technology,
Inc.
12,593,355
14,996
Micron
Technology,
Inc.
14,561,116
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
25,755
Microsoft
Corp.
$
11,595,931
48,227
NVIDIA
Corp.
10,182,649
7,720
Sandisk
Corp.*
13,085,246
26,874
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Taiwan)
11,245,425
214,097,781
Utilities
–
4.4%
32,511
Talen
Energy
Corp.*
12,575,255
77,796
Vistra
Corp.
12,465,253
25,040,508
TOTAL
COMMON
STOCKS
(Cost
$500,753,823)
567,785,327
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
989,260
3.532%
989,260
(Cost
$989,260)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$501,743,083)
$
568,774,587
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
893,410
NET
ASSETS
–
100.0%
$
569,667,997
  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:
ADR
—
American
Depositary
Receipt
GOLDMAN
SACHS
INDIA
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.4%
Communication
Services
–
2.3%
155,000
Bharti
Airtel
Ltd.
(India)
$
2,984,158
54,495
PVR
Inox
Ltd.
(India)*
552,178
3,536,336
Consumer
Discretionary
–
17.1%
15,610
Amber
Enterprises
India
Ltd.
(India)*
1,251,265
87,636
Arvind
Fashions
Ltd.
(India)
425,588
168,339
ASK
Automotive
Ltd.
(India)
807,939
37,749
Ather
Energy
Ltd.
(India)*
383,093
35,007
Bluestone
Jewellery
And
Lifestyle
Ltd.
(India)*
176,730
11,407
Dixon
Technologies
India
Ltd.
(India)
1,383,729
929,900
Eternal
Ltd.
(India)*
2,452,782
120,487
Eureka
Forbes
Ltd.
(India)*
558,362
31,948
Gabriel
India
Ltd.
(India)
369,958
27,015
Ganesha
Ecosphere
Ltd.
(India)
262,529
73,829
GNG
Electronics
Ltd.
(India)*
(a)
341,129
97,627
Gokaldas
Exports
Ltd.
(India)*
710,930
211,285
Kalyan
Jewellers
India
Ltd.
(India)
789,650
50,506
LG
Electronics
India
Ltd.
(India)*
810,169
118,658
Mahindra
&
Mahindra
Ltd.
(India)
3,804,050
13,061
MakeMyTrip
Ltd.
(India)*
610,471
52,899
Metro
Brands
Ltd.
(India)
570,363
35,051
Pearl
Global
Industries
Ltd.
(India)
610,072
657,924
Physicswallah
Ltd.
(India)*
(a)
739,091
158,683
Pricol
Ltd.
(India)
938,902
1,475,000
Samvardhana
Motherson
International
Ltd.
(India)
2,262,805
45,173
SJS
Enterprises
Ltd.
(India)
1,001,034
96,287
Tenneco
Clean
Air
India
Ltd.*
596,270
31,978
Trent
Ltd.
(India)
1,421,843
25,291
Tube
Investments
of
India
Ltd.
(India)
836,307
61,445
TVS
Motor
Co.
Ltd.
(India)
2,170,431
56,697
Whirlpool
of
India
Ltd.
(India)
490,877
26,776,369
Consumer
Staples
–
5.0%
82,041
Bikaji
Foods
International
Ltd.
(India)
561,376
61,425
Colgate-Palmolive
India
Ltd.
(India)
1,331,888
117,812
Godrej
Consumer
Products
Ltd.
(India)
1,276,462
158,680
Nestle
India
Ltd.
(India)
2,374,354
183,648
Tata
Consumer
Products
Ltd.
(India)
2,278,009
7,822,089
Energy
–
3.6%
374,193
Oil
&
Natural
Gas
Corp.
Ltd.
(India)
1,045,377
334,105
Reliance
Industries
Ltd.
(India)
4,646,521
5,691,898
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
29.0%
119,435
360
ONE
WAM
Ltd.
(India)
$
1,388,589
395,289
Aditya
Birla
Capital
Ltd.
(India)*
1,511,668
248,678
Angel
One
Ltd.
(India)
882,938
146,123
AU
Small
Finance
Bank
Ltd.
(India)
(a)
1,514,603
298,343
Axis
Bank
Ltd.
(India)
4,040,506
348,322
Aye
Finance
Ltd.
(India)*
531,503
402,512
Bajaj
Finance
Ltd.
(India)*
3,848,227
122,614
Five-Star
Business
Finance
Ltd.
(India)
574,543
319,765
Go
Digit
General
Insurance
Ltd.
(India)*
1,028,297
704,486
HDFC
Bank
Ltd.
(India)
5,521,316
93,771
Home
First
Finance
Co.
India
Ltd.
(India)
(a)
1,051,420
647,070
ICICI
Bank
Ltd.
(India)
8,557,671
15,802
ICICI
Prudential
Asset
Management
Co.
Ltd.
(India)
588,583
889,064
IDFC
First
Bank
Ltd.
(India)
667,453
92,176
India
Shelter
Finance
Corp.
Ltd.
(India)
741,144
873,922
Kotak
Mahindra
Bank
Ltd.
(India)
3,534,325
24,991
Multi
Commodity
Exchange
of
India
Ltd.
(India)
777,220
56,983
Nuvama
Wealth
Management
Ltd.
(India)
932,482
51,304
Onemi
Technology
Solutions
Ltd.
(India)*
147,140
105,570
PB
Fintech
Ltd.
(India)*
1,891,925
105,349
SBI
Life
Insurance
Co.
Ltd.
(India)
(a)
2,029,465
94,837
Spandana
Sphoorty
Financial
Ltd.
(India)*
250,949
264,231
State
Bank
of
India
(India)
2,682,362
231,058
Tata
Capital
Ltd.
(India)*
744,007
45,438,336
Health
Care
–
9.1%
27,511
Apollo
Hospitals
Enterprise
Ltd.
(India)
2,367,828
86,593
Cohance
Lifesciences
Ltd.
(India)*
393,315
24,480
Divi's
Laboratories
Ltd.
(India)
1,717,981
42,324
Dr
Lal
PathLabs
Ltd.
(India)
(a)
716,122
62,793
Jupiter
Life
Line
Hospitals
Ltd.
(India)
877,185
54,865
Laurus
Labs
Ltd.
(India)
(a)
786,591
56,978
Laxmi
Dental
Ltd.
(India)*
139,476
137,072
Medi
Assist
Healthcare
Services
Ltd.
(India)*
(a)
531,839
41,746
Rubicon
Research
Ltd.*
441,892
103,222
SAI
Life
Sciences
Ltd.
(India)*
(a)
1,260,395
165,050
Sun
Pharmaceutical
Industries
Ltd.
(India)
3,125,873
39,392
Torrent
Pharmaceuticals
Ltd.
(India)
1,828,950
14,187,447
Industrials
–
11.8%
185,889
Afcons
Infrastructure
Ltd.
(India)
663,428
GOLDMAN
SACHS
INDIA
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
454,363
Bharat
Electronics
Ltd.
(India)
$
1,964,522
280,787
Bharat
Heavy
Electricals
Ltd.
(India)
1,231,768
160,026
CMS
Info
Systems
Ltd.
(India)
512,925
84,731
Computer
Age
Management
Services
Ltd.
(India)
705,943
17,083
Doms
Industries
Ltd.
(India)
392,927
45,623
Hindustan
Aeronautics
Ltd.
(India)
2,066,866
69,174
INOX
India
Ltd.
(India)
1,087,561
14,804
KEI
Industries
Ltd.
(India)
820,843
139,739
Praj
Industries
Ltd.
(India)
518,211
14,859
Schneider
Electric
Infrastructure
Ltd.
(India)*
204,710
28,635
Siemens
Energy
India
Ltd.
(India)
1,167,132
29,869
Siemens
Ltd.
(India)*
1,208,594
2,527,721
Suzlon
Energy
Ltd.
(India)*
1,516,367
372,946
Tata
Motors
Ltd.
(India)*
1,489,821
130,174
TD
Power
Systems
Ltd.
(India)
1,806,815
99,392
Techno
Electric
&
Engineering
Co.
Ltd.
(India)
1,129,093
7,505
Titagarh
Rail
System
Ltd.
(India)
65,266
18,552,792
Information
Technology
–
6.6%
49,925
AurionPro
Solutions
Ltd.
(India)
417,688
109,369
Coforge
Ltd.
(India)
1,636,851
21,887
Cognizant
Technology
Solutions
Corp.,
Class
A
1,220,310
32,101
Fractal
Analytics
Ltd.
(India)*
338,716
313,625
Infosys
Ltd.
(India)
3,832,497
54,700
KPIT
Technologies
Ltd.
(India)
444,481
110,412
Newgen
Software
Technologies
Ltd.
(India)
514,520
28,251
Persistent
Systems
Ltd.
(India)
1,544,675
102,330
R
Systems
International
Ltd.
(India)
285,501
99,042
Vikram
Solar
Ltd.
(India)*
207,686
10,442,925
Materials
–
9.6%
53,338
APL
Apollo
Tubes
Ltd.
(India)
1,028,076
107,391
Archean
Chemical
Industries
Ltd.
(India)*
593,759
86,092
Grasim
Industries
Ltd.
(India)
2,829,617
58,497
Gravita
India
Ltd.
(India)*
993,156
201,595
Hindalco
Industries
Ltd.
(India)
2,390,917
430,851
JSW
Cement
Ltd.
(India)*
(a)
587,908
29,810
JSW
Dulux
Ltd.
(India)
989,002
35,691
Midwest
Ltd.
(India)*
447,189
19,041
Navin
Fluorine
International
Ltd.
(India)
1,428,877
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
1,625,652
Tata
Steel
Ltd.
(India)
$
3,559,664
21,352
Tatva
Chintan
Pharma
Chem
Pvt
Ltd.
(India)
254,696
15,102,861
Real
Estate
–
2.2%
53,969
Aditya
Birla
Real
Estate
Ltd.
(India)
706,596
85,477
Awfis
Space
Solutions
Ltd.
(India)*
295,031
71,121
Brigade
Enterprises
Ltd.
(India)
488,377
74,512
Godrej
Properties
Ltd.
(India)*
1,382,550
71,799
Wework
India
Management
Ltd.
(India)*
454,072
3,326,626
Utilities
–
2.1%
153,380
Acme
Solar
Holdings
Ltd.
(India)
500,665
1,258,775
NHPC
Ltd.
(India)
1,045,048
474,063
NTPC
Green
Energy
Ltd.
(India)*
516,579
263,312
Tata
Power
Co.
Ltd.
(The)
(India)
1,166,195
3,228,487
TOTAL
COMMON
STOCKS
(Cost
$166,747,251)
154,106,166
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.8%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,243,588
3.519%
1,243,588
(Cost
$1,243,588)
TOTAL
INVESTMENTS
–
99.2%
(Cost
$167,990,839)
$
155,349,754
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.8%
1,281,972
NET
ASSETS
–
100.0%
$
156,631,726
  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)
Represents
an
affiliated
issuer.
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
GOLDMAN
SACHS
INDIA
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
FUTURES
CONTRACTS
(continued)
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
IFSC
NIFTY
50
33
06/30/26
$
1,565,685
$
(4,097)
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
May
31,2026
(Unaudited)
–
Shares
Description
Value
Common
Stocks
–
99.9%
Communication
Services
–
10.4%
10,425
Alphabet,
Inc.,
Class
A
$
3,965,045
87,278
AMC
Entertainment
Holdings,
Inc.,
Class
A*
150,991
61,997
Baidu,
Inc.,
Class
A
(China)*
1,028,353
12,427
Bilibili,
Inc.,
Class
Z
(China)*
216,118
22,623
Bumble,
Inc.,
Class
A*
71,715
23,453
Comcast
Corp.,
Class
A
583,276
13,250
Cover
Corp.
(Japan)*
133,174
3,537
CTS
Eventim
AG
&
Co.
KGaA
(Germany)
256,524
2,784
Electronic
Arts,
Inc.
561,588
10,305
Grindr,
Inc.
(Singapore)*
128,812
21,056
Hello
Group,
Inc.
ADR
(China)
125,494
3,455
IDT
Corp.,
Class
B
190,578
95,502
iQIYI,
Inc.
ADR
(China)*
108,872
3,019
Iridium
Communications,
Inc.
156,324
3,384
JOYY,
Inc.
ADR
(China)
228,183
69,735
Kuaishou
Technology
(China)
(a)
405,202
4,494
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
408,010
2,690
Live
Nation
Entertainment,
Inc.*
453,023
2,079
Madison
Square
Garden
Entertainment
Corp.*
146,632
564
Madison
Square
Garden
Sports
Corp.*
211,100
5,679
Match
Group,
Inc.
205,182
5,390
Meta
Platforms,
Inc.,
Class
A
3,409,229
7,362
MIXI,
Inc.
(Japan)
122,230
29,392
NetEase,
Inc.
(China)
727,918
12,775
Netflix,
Inc.*
1,098,906
113,623
Newborn
Town,
Inc.
(China)*
115,255
30,330
Paramount
Skydance
Corp.,
Class
B
(b)
321,801
26,322
Playtika
Holding
Corp.
99,234
42,713
Rightmove
PLC
(United
Kingdom)
241,642
20,993
Rumble,
Inc.*
(b)
192,926
36,877
Snap,
Inc.,
Class
A*
210,568
1,301
Sphere
Entertainment
Co.*
180,162
953
Spotify
Technology
SA*
474,289
2,172
Take-Two
Interactive
Software,
Inc.*
486,876
41,787
Tencent
Holdings
Ltd.
(China)
2,277,720
65,610
Tencent
Music
Entertainment
Group,
Class
A
(China)
295,845
1,788
TKO
Group
Holdings,
Inc.
366,862
14,220
Ubisoft
Entertainment
SA
(France)*
(b)
93,491
8,420
Walt
Disney
Co.
(The)
857,409
15,322
Warner
Bros
Discovery,
Inc.*
413,847
8,807
Warner
Music
Group
Corp.,
Class
A
277,773
7,644
Weibo
Corp.,
Class
A
(China)
57,934
11,975
Yalla
Group
Ltd.
ADR
(United
Arab
Emirates)*
69,934
2,292
Ziff
Davis,
Inc.*
103,300
22,229,347
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
14.3%
3,015
Academy
Sports
&
Outdoors,
Inc.
$
159,192
2,623
adidas
AG
(Germany)
509,948
3,297
Airbnb,
Inc.,
Class
A*
439,523
112,129
Alibaba
Group
Holding
Ltd.
(China)
1,729,706
14,988
Amazon.com,
Inc.*
4,056,352
1,930
American
Public
Education,
Inc.*
95,477
28,610
ANTA
Sports
Products
Ltd.
(China)
276,704
5,987
Aptiv
PLC*
406,757
8,817
Bandai
Namco
Holdings,
Inc.
(Japan)
201,663
2,966
Booking
Holdings,
Inc.
496,597
5,305
BorgWarner,
Inc.
381,005
13,008
Carnival
Corp.
Ltd.
365,004
4,417
Carvana
Co.*
322,441
7,151
Chewy,
Inc.,
Class
A*
161,184
2,604
Columbia
Sportswear
Co.
172,333
32,496
Coursera,
Inc.*
175,153
1,632
Dick's
Sporting
Goods,
Inc.
371,394
1,457
Duolingo,
Inc.*
162,252
4,013
eBay,
Inc.
438,501
3,060
Etsy,
Inc.*
207,835
1,162
Expedia
Group,
Inc.
262,368
54,260
Ford
Motor
Co.
946,294
8,422
GameStop
Corp.,
Class
A*
178,378
9,400
General
Motors
Co.
782,456
116
Graham
Holdings
Co.,
Class
B
127,286
1,036
Grand
Canyon
Education,
Inc.*
155,245
9,369
Hesai
Group
(China)*
188,757
52,220
Honda
Motor
Co.
Ltd.
(Japan)
476,472
1,632
InterContinental
Hotels
Group
PLC
251,573
187,808
JD
Sports
Fashion
PLC
(United
Kingdom)
213,309
27,275
JD.com,
Inc.,
Class
A
(China)
394,992
14,739
Jumia
Technologies
AG
ADR
(Germany)*
107,005
7,478
Las
Vegas
Sands
Corp.
378,162
39,305
Li
Auto,
Inc.,
Class
A
(China)*
290,121
64,433
Li
Ning
Co.
Ltd.
(China)
149,626
27,000
Lucid
Group,
Inc.*
(b)
176,850
2,275
Lululemon
Athletica,
Inc.*
298,434
12,577
Macy’s,
Inc.
273,676
744
MercadoLibre,
Inc.
(Brazil)*
1,261,564
76,147
Metaplanet,
Inc.
(Japan)*
139,197
8,314
MGM
Resorts
International*
363,072
23,681
Mobileye
Global,
Inc.,
Class
A
(Israel)*
244,862
47,919
New
Oriental
Education
&
Technology
Group,
Inc.
(China)
222,799
10,638
NIKE,
Inc.,
Class
B
491,795
65,935
NIO,
Inc.,
Class
A
(China)*
357,547
5,857
On
Holding
AG,
Class
A
(Switzerland)*
239,083
4,520
PDD
Holdings,
Inc.
ADR
(China)*
381,669
13,187
Pearson
PLC
(United
Kingdom)
197,663
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
31,250
Peloton
Interactive,
Inc.,
Class
A*
$
200,000
6,359
Penn
Entertainment,
Inc.*
119,740
3,122
Planet
Fitness,
Inc.,
Class
A*
167,058
23,963
Prosus
NV
(China)*
1,091,141
48,417
Rakuten
Group,
Inc.
(Japan)*
226,680
23,044
Rivian
Automotive,
Inc.,
Class
A*
375,617
12,992
Sea
Ltd.
ADR
(Singapore)*
1,176,166
32,660
Sony
Group
Corp.
(Japan)
706,584
2,226
Stride,
Inc.*
205,638
17,736
TAL
Education
Group
ADR
(China)*
172,217
5,636
Tesla,
Inc.*
2,456,112
49,954
Toyota
Motor
Corp.
(Japan)
954,583
763
Ulta
Beauty,
Inc.*
388,253
58,807
Vinfast
Auto
Ltd.
(Vietnam)*
(b)
205,236
2,687
Wayfair,
Inc.,
Class
A*
194,163
90,311
WeRide,
Inc.,
Class
A
(China)*
(b)
238,067
50,607
XPeng,
Inc.,
Class
A
(China)*
412,287
50,039
Yamaha
Motor
Co.
Ltd.
(Japan)
(b)
412,093
30,380,911
Consumer
Staples
–
1.2%
540,149
Alibaba
Health
Information
Technology
Ltd.
(China)*
(b)
250,177
40,540
East
Buy
Holding
Ltd.
(China)*
(a)
(b)
112,660
6,975
Kroger
Co.
(The)
433,496
3,372
Natural
Grocers
by
Vitamin
Cottage,
Inc.
99,002
3,929
Target
Corp.
499,258
11,299
Walmart,
Inc.
1,307,859
2,702,452
Energy
–
1.1%
11,994
Enbridge,
Inc.
(Canada)
658,579
14,336
Equinor
ASA
ADR
(Norway)
515,953
7,516
Oceaneering
International,
Inc.*
287,337
9,243
TotalEnergies
SE
(France)
810,901
2,272,770
Financials
–
12.9%
13,173
3i
Group
PLC
(United
Kingdom)
403,962
324
Adyen
NV
(Netherlands)*
(a)
355,142
4,918
Affirm
Holdings,
Inc.*
362,211
2,037
American
Express
Co.
644,649
887
Ameriprise
Financial,
Inc.
395,345
5,280
Apollo
Global
Management,
Inc.
679,589
4,183
Ares
Management
Corp.,
Class
A
537,515
955
Blackrock,
Inc.
999,770
6,540
Blackstone,
Inc.
764,984
13,396
Block,
Inc.*
1,014,345
24,702
Blue
Owl
Capital
Corp.
278,145
2,495
Bread
Financial
Holdings,
Inc.
222,230
8,471
Carlyle
Group,
Inc.
(The)
384,838
7,623
Charles
Schwab
Corp.
(The)
665,869
3,467
Coinbase
Global,
Inc.,
Class
A*
655,367
3,139
Eurazeo
SE
(France)
170,332
3,224
Euronet
Worldwide,
Inc.*
233,675
1,060
Evercore,
Inc.,
Class
A
361,312
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
5,294
EVERTEC,
Inc.
(Puerto
Rico)
$
129,544
1,383
FactSet
Research
Systems,
Inc.
339,485
7,549
Fidelity
National
Information
Services,
Inc.
324,532
5,268
Figure
Technology
Solutions,
Inc.,
Class
A*
186,224
9,155
Fiserv,
Inc.*
517,807
11,467
Flywire
Corp.*
183,931
6,256
Galaxy
Digital,
Inc.,
Class
A*
185,052
11,972
GCM
Grosvenor,
Inc.,
Class
A
127,262
1,366
Goldman
Sachs
Group,
Inc.
(The)
1,400,915
10,866
Green
Dot
Corp.,
Class
A*
139,845
2,378
Integral
Corp.
(Japan)
51,462
7,614
Interactive
Brokers
Group,
Inc.,
Class
A
662,190
5,277
Intercontinental
Exchange,
Inc.
780,204
12,944
Invesco
Ltd.
368,386
2,294
Jack
Henry
&
Associates,
Inc.
312,718
7,974
KKR
&
Co.,
Inc.
765,026
4,336
Lazard,
Inc.
205,223
40,627
Marqeta,
Inc.,
Class
A*
164,946
2,864
Mastercard,
Inc.,
Class
A
1,414,759
5,818
Morgan
Stanley
1,210,144
1,362
Morningstar,
Inc.
247,911
1,075
MSCI,
Inc.
678,733
2,856
Northern
Trust
Corp.
472,525
19,785
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)
184,990
13,556
PayPal
Holdings,
Inc.
606,631
57,946
Regal
Partners
Ltd.
(Australia)
109,650
6,727
Robinhood
Markets,
Inc.,
Class
A*
634,356
1,851
S&P
Global,
Inc.
784,824
2,867
Sezzle,
Inc.*
338,736
4,627
Shift4
Payments,
Inc.,
Class
A*
(b)
206,179
27,052
SoFi
Technologies,
Inc.*
492,887
21,676
StoneCo
Ltd.,
Class
A
(Brazil)
248,190
3,167
T.
Rowe
Price
Group,
Inc.
331,047
10,721
Toast,
Inc.,
Class
A*
279,068
3,660
Tradeweb
Markets,
Inc.,
Class
A
366,915
19,748
Up
Fintech
Holding
Ltd.
ADR
(China)*
101,505
5,005
Vinci
Compass
Investments
Ltd.
(Brazil)
50,701
3,288
Virtu
Financial,
Inc.,
Class
A
164,893
4,698
Visa,
Inc.,
Class
A
1,533,239
1,615
WEX,
Inc.*
234,110
11,015
WisdomTree,
Inc.
209,836
103,512
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(China)*
(a)
142,640
97,569
Zip
Co.
Ltd.
(Australia)*
161,462
27,179,963
Health
Care
–
20.0%
7,232
10X
Genomics,
Inc.,
Class
A*
204,702
12,262
Abbott
Laboratories
1,049,627
5,945
AbbVie,
Inc.
1,294,345
14,883
AdaptHealth
Corp.*
150,765
9,805
Adaptive
Biotechnologies
Corp.*
148,546
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,514
Agilent
Technologies,
Inc.
$
476,252
2,824
Amgen,
Inc.
951,095
6,034
AstraZeneca
PLC
(United
Kingdom)
1,122,591
16,689
Baxter
International,
Inc.
313,419
8,232
Bayer
AG
(Germany)
350,920
5,406
Beam
Therapeutics,
Inc.*
178,020
2,960
Biogen,
Inc.*
580,160
5,435
BioNTech
SE
ADR
(Germany)*
521,488
5,782
Bio-Techne
Corp.
298,814
9,303
Boston
Scientific
Corp.*
449,428
14,683
Bristol-Myers
Squibb
Co.
839,574
5,196
Castle
Biosciences,
Inc.*
109,532
6,674
CRISPR
Therapeutics
AG
(Switzerland)*
374,945
3,241
Danaher
Corp.
592,033
9,251
Dexcom,
Inc.*
682,169
4,761
Edwards
Lifesciences
Corp.*
411,684
1,936
Eli
Lilly
&
Co.
2,139,280
7,767
Exelixis,
Inc.*
392,078
8,882
GE
HealthCare
Technologies,
Inc.
553,704
2,437
GeneDx
Holdings
Corp.*
126,700
6,790
Gilead
Sciences,
Inc.
912,780
2,587
Globus
Medical,
Inc.,
Class
A*
211,824
26,959
GSK
PLC
(United
Kingdom)
683,726
5,065
Guardant
Health,
Inc.*
656,880
105,998
HBM
Holdings
Ltd.
(China)*
(a)
158,103
69,608
HUTCHMED
China
Ltd.
(China)*
(b)
162,709
99,681
Hygeia
Healthcare
Holdings
Co.
Ltd.
(China)*
(a)(b)
122,735
15,569
Hyperliquid
Strategies,
Inc.*
(b)
155,534
8,889
Ideaya
Biosciences,
Inc.*
261,959
4,013
Illumina,
Inc.*
653,958
38,134
ImmunityBio,
Inc.*
(b)
286,768
3,986
Incyte
Corp.*
385,606
2,241
Insulet
Corp.*
324,811
14,553
Intellia
Therapeutics,
Inc.*
204,761
2,084
Intuitive
Surgical,
Inc.*
884,950
45,126
Iovance
Biotherapeutics,
Inc.*
185,017
1,872
iRhythm
Holdings,
Inc.*
213,221
7,189
Johnson &
Johnson
1,619,897
5,660
JS
Link,
Inc.
(South
Korea)*
155,678
8,791
Kestra
Medical
Technologies
Ltd.*
186,897
19,599
Koninklijke
Philips
NV
(Netherlands)
523,061
13,569
Kura
Oncology,
Inc.*
138,404
3,048
Lakefront
Biotherapeutics
NV
(Belgium)*
(b)
87,001
20,566
M3,
Inc.
(Japan)
183,969
64,525
MannKind
Corp.*
243,259
36,735
Maravai
LifeSciences
Holdings,
Inc.,
Class
A*
176,328
1,404
Masimo
Corp.*
250,544
11,995
Medtronic
PLC
885,351
10,503
MeiraGTx
Holdings
PLC*
111,857
10,044
Merck &
Co.,
Inc.
1,192,424
101,936
Mesoblast
Ltd.
(Australia)*
156,954
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
224,075
Microport
Scientific
Corp.
(China)*
$
215,000
22,488
MiniMed
Group,
Inc.*
270,756
11,129
Moderna,
Inc.*
525,177
2,049
Natera,
Inc.*
457,685
13,856
NeoGenomics,
Inc.*
145,765
8,582
Novartis
AG
1,294,082
22,851
Novo
Nordisk
A/S
ADR
(Denmark)
1,041,549
63,363
Ocugen,
Inc.*
(b)
87,441
8,853
Onconic
Therapeutics,
Inc.
(South
Korea)*
111,911
17,326
Ono
Pharmaceutical
Co.
Ltd.
(Japan)
260,396
19,383
Personalis,
Inc.*
220,966
40,910
Pfizer,
Inc.
1,071,024
133,009
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(China)
(a)
297,333
9,908
PHC
Holdings
Corp.
(Japan)
68,775
27,883
Prime
Medicine,
Inc.*
98,985
7,147
Procept
Biorobotics
Corp.*
188,180
8,404
QIAGEN
NV
307,502
1,118
Regeneron
Pharmaceuticals,
Inc.
687,324
2,051
ResMed,
Inc.
390,859
2,779
REVOLUTION
Medicines,
Inc.*
437,637
2,901
Revvity,
Inc.
303,300
3,116
Roche
Holding
AG
1,313,238
8,268
Sanofi
SA
726,424
10,042
Sarepta
Therapeutics,
Inc.*
179,451
55,118
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.,
Class
H
(China)*
178,208
12,661
Shenzhen
Edge
Medical
Co.
Ltd.,
Class
H
(China)*
87,235
22,622
Smith
&
Nephew
PLC
(United
Kingdom)
338,781
6,021
Strive,
Inc.,
Class
A*
(b)
106,391
2,664
Stryker
Corp.
812,760
11,077
Tandem
Diabetes
Care,
Inc.*
190,524
23,348
Taysha
Gene
Therapies,
Inc.*
137,053
21,242
Teladoc
Health,
Inc.*
161,652
4,517
Tempus
AI,
Inc.,
Class
A*
227,973
2,969
Twist
Bioscience
Corp.*
198,537
732
UFP
Technologies,
Inc.*
161,113
9,780
Ultragenyx
Pharmaceutical,
Inc.*
234,133
8,057
uniQure
NV
(Netherlands)*
229,866
7,823
Veracyte,
Inc.*
362,518
2,254
Vertex
Pharmaceuticals,
Inc.*
1,008,755
77,175
Well
Health
Technologies
Corp.
(Canada)*
(b)
245,382
511
Ypsomed
Holding
AG
(Switzerland)
(b)
229,160
3,104
Zimmer
Biomet
Holdings,
Inc.
255,552
42,555,190
Industrials
–
6.8%
8,259
ABB
Ltd.
(Switzerland)
883,877
2,145
AeroVironment,
Inc.*
444,530
4,478
American
Superconductor
Corp.*
228,109
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
438
CACI
International,
Inc.,
Class
A*
$
224,917
1,419
Calian
Group
Ltd.
(Canada)
94,902
2,938
CS
Wind
Corp.
(South
Korea)*
92,604
1,776
Daihen
Corp.
(Japan)
176,830
461
Doosan
Co.
Ltd.
(South
Korea)
603,246
8,254
Doosan
Enerbility
Co.
Ltd.
(South
Korea)*
578,382
3,249
Doosan
Robotics,
Inc.
(South
Korea)*
229,607
11,859
EHang
Holdings
Ltd.
ADR
(China)*
(b)
120,487
82,247
Estun
Automation
Co.
Ltd.,
Class
H
(China)*
176,722
1,749
Exail
Technologies
SA
(France)*
293,291
5,841
ExlService
Holdings,
Inc.*
169,564
8,481
FANUC
Corp.
(Japan)
420,454
186,263
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
(China)
325,831
95,542
Grab
Holdings
Ltd.,
Class
A
(Singapore)*
338,219
13,362
Kawasaki
Heavy
Industries
Ltd.
(Japan)
263,312
1,978
Korea
Aerospace
Industries
Ltd.
(South
Korea)
220,901
6,145
Kratos
Defense &
Security
Solutions,
Inc.*
394,079
1,214
L3Harris
Technologies,
Inc.
382,629
522
LIG
Defense&Aerospace
Co.
Ltd.
(South
Korea)
277,453
3,393
Liquidity
Services,
Inc.*
122,861
1,706
Lockheed
Martin
Corp.
904,948
15,370
Lyft,
Inc.,
Class
A*
216,871
7,070
MDA
Space
Ltd.
(Canada)*
315,534
2,099
Neuromeka
Co.
Ltd.
(South
Korea)*
74,238
6,314
Nordex
SE
(Germany)*
305,041
3,059
Proto
Labs,
Inc.*
231,750
660
Rainbow
Robotics
(South
Korea)*
307,445
16,118
Red
Cat
Holdings,
Inc.*
(b)
233,711
89,363
REPT
BATTERO
Energy
Co.
Ltd.,
Class
H
(China)*
173,426
4,254
Siemens
Energy
AG
(Germany)
810,358
7,319
SK
oceanplant
Co.
Ltd.
(South
Korea)*
82,612
6,597
SS&C
Technologies
Holdings,
Inc.
445,429
18,212
Stratasys
Ltd.*
191,954
14,641
Sunrun,
Inc.*
244,798
3,923
Symbotic,
Inc.*
182,125
1,963
Terra
Drone
Corp.
(Japan)*
119,489
2,873
Textron,
Inc.
263,626
1,163
Thales
SA
(France)
325,041
8,177
Uber
Technologies,
Inc.*
575,661
15,025
UBTech
Robotics
Corp.
Ltd.,
Class
H
(China)*
195,927
1,781
Verisk
Analytics,
Inc.
311,657
3,880
Xometry,
Inc.,
Class
A*
369,725
6,986
Yaskawa
Electric
Corp.
(Japan)
316,321
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,670
Yuil
Robotics
Co.
Ltd.
(South
Korea)*
$
93,972
14,354,466
Information
Technology
–
31.0%
6,596
ACI
Worldwide,
Inc.*
288,047
2,185
Adobe,
Inc.*
566,374
3,101
Advanced
Micro
Devices,
Inc.*
1,600,426
11,372
Aeva
Technologies,
Inc.*
320,463
2,184
Akamai
Technologies,
Inc.*
326,595
2,145
Alarm.com
Holdings,
Inc.*
96,761
10,077
Alkami
Technology,
Inc.*
183,099
6,479
Ambarella,
Inc.*
467,654
11,502
Appier
Group,
Inc.
(Japan)*
(b)
68,641
14,353
Apple,
Inc.
4,478,997
3,687
Arista
Networks,
Inc.*
587,966
53,818
Aurora
Innovation,
Inc.*
395,024
2,435
Autodesk,
Inc.*
563,240
30,375
BigBear.ai
Holdings,
Inc.*
(b)
153,090
60,140
Bit
Digital,
Inc.*
121,483
17,498
Bitdeer
Technologies
Group,
Class
A*
306,040
11,147
BitMine
Immersion
Technologies,
Inc.
(b)
214,803
60,173
Black
Sesame
International
Holding
Ltd.
(China)*
(b)
114,167
36,437
BlackBerry
Ltd.
(Canada)*
327,933
4,075
Broadcom,
Inc.
1,820,588
59,836
BYD
Electronic
International
Co.
Ltd.
(China)
222,780
13,738
C3.ai,
Inc.,
Class
A*
(b)
147,958
958
Cadence
Design
Systems,
Inc.*
359,183
9,752
Canadian
Solar,
Inc.
(Canada)*
185,190
4,143
CEVA,
Inc.*
165,637
2,143
Check
Point
Software
Technologies
Ltd.
(Israel)*
289,412
591
Ciena
Corp.*
342,916
16,404
CIG
Shanghai
Co.
Ltd.,
Class
H
(China)
306,421
15,829
Cipher
Digital
Inc*
374,356
10,814
Cisco
Systems,
Inc.
1,302,222
19,260
Cleanspark,
Inc.*
352,265
1,985
Cloudflare,
Inc.,
Class
A*
480,013
6,075
Cognex
Corp.
400,039
10,955
Core
Scientific,
Inc.*
294,142
1,465
Crowdstrike
Holdings,
Inc.,
Class
A*
1,070,915
13,698
Dassault
Systemes
(France)
(b)
300,596
2,887
Digi
International,
Inc.*
192,852
4,273
Docusign,
Inc.*
224,418
1,286
EPAM
Systems,
Inc.*
131,764
4,422
Everforth,
Inc.*
100,291
7,832
Extreme
Networks,
Inc.*
207,626
1,975
First
Solar,
Inc.*
605,910
5,608
Five9,
Inc.*
136,555
6,148
Fortinet,
Inc.*
848,240
23,948
Fs
Com
Ltd.,
Class
H
(China)*
111,835
9,020
Gen
Digital,
Inc.
232,626
6,702
GMO
internet
group,
Inc.
(Japan)
138,301
10,299
GPGI,
Inc.
125,236
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
15,181
Hewlett
Packard
Enterprise
Co.
$
653,390
59,121
Hive
Digital
Technologies
Ltd.
(Canada)*
(b)
266,947
271,368
Horizon
Robotics
(China)*
(b)
183,165
21,325
HP,
Inc.
576,628
838
HubSpot,
Inc.*
184,888
2,764
Hut
8
Corp.*
345,894
30,503
Infosys
Ltd.
ADR
(India)
(b)
385,863
25,679
Intel
Corp.*
2,944,868
834
InterDigital,
Inc.
210,243
3,517
International
Business
Machines
Corp.
1,047,363
7,142
IREN
Ltd.
(Australia)*
453,803
1,575
Itron,
Inc.*
129,906
52,621
Keel
Infrastructure
Corp.*
299,862
1,413
Keysight
Technologies,
Inc.*
478,060
2,284
KONA
I
Co.
Ltd.
(South
Korea)*
83,964
5,744
Kontron
AG
(Austria)
155,911
39,688
Kraken
Robotics,
Inc.
(Canada)*
214,351
8,244
Macnica
Holdings,
Inc.
(Japan)
161,058
24,380
MARA
Holdings,
Inc.*
350,584
3,829
Marvell
Technology,
Inc.
784,945
2,381
MaxLinear,
Inc.*
221,266
1,260
Micron
Technology,
Inc.
1,223,460
9,702
Microsoft
Corp.
4,368,228
971
Motorola
Solutions,
Inc.
391,585
1,234
Nagarro
SE
(Germany)
58,436
5,572
nCino,
Inc.*
89,598
16,268
NCR
Voyix
Corp.*
116,967
3,354
Nebius
Group
NV
(Netherlands)*
775,076
2,847
Nemetschek
SE
(Germany)
205,319
4,316
NETGEAR,
Inc.*
112,173
3,714
NetScout
Systems,
Inc.*
154,577
1,919
Nice
Ltd.
ADR
(Israel)*
(b)
177,815
39,148
Nokia
OYJ
ADR
(Finland)
580,956
4,131
Novanta,
Inc.*
658,192
20,261
NVIDIA
Corp.
4,277,908
1,582
NXP
Semiconductors
NV
(Netherlands)
508,376
3,652
Okta,
Inc.*
450,182
30,919
Ondas,
Inc.*
(b)
408,749
7,543
Open
Text
Corp.
(Canada)
179,492
4,072
Oracle
Corp.
919,376
662
OSI
Systems,
Inc.*
143,488
8,416
Ouster,
Inc.*
387,557
5,393
Palantir
Technologies,
Inc.,
Class
A*
844,220
3,833
Palo
Alto
Networks,
Inc.*
1,079,718
110,979
PAX
Global
Technology
Ltd.
(Hong
Kong)
49,277
1,668
PTC,
Inc.*
231,402
4,981
Q2
Holdings,
Inc.*
235,850
2,167
Qorvo,
Inc.*
224,414
4,449
QUALCOMM,
Inc.
1,116,788
1,418
Qualys,
Inc.*
154,973
11,872
Quantum
Computing,
Inc.*
(b)
141,989
21,016
Quantum
Emotion
Corp.
(Canada)*
(b)
68,805
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,819
Renishaw
PLC
(United
Kingdom)
$
201,393
3,129
RingCentral,
Inc.,
Class
A
135,517
18,411
Riot
Platforms,
Inc.*
499,122
34,542
RoboSense
Technology
Co.
Ltd.
(China)*
(b)
139,448
3,441
Salesforce,
Inc.
657,575
3,498
SAP
SE
(Germany)
633,770
39,627
SEALSQ
Corp.
(Switzerland)*
(b)
137,902
13,687
Seiko
Epson
Corp.
(Japan)
251,704
2,598
Semtech
Corp.*
396,299
13,381
SentinelOne,
Inc.,
Class
A*
221,456
5,391
ServiceNow,
Inc.*
670,479
6,382
Shopify,
Inc.,
Class
A
(Canada)*
761,689
1,059
Silicon
Laboratories,
Inc.*
230,438
4,111
Skyworks
Solutions,
Inc.
320,041
2,856
Snowflake,
Inc.*
729,851
3,653
SolarEdge
Technologies,
Inc.*
278,907
12,746
SoundHound
AI,
Inc.,
Class
A*
(b)
114,714
3,820
Strategy,
Inc.*
607,724
7,050
Super
Micro
Computer,
Inc.*
324,934
1,481
Synaptics,
Inc.*
203,312
3,713
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
ADR
(Taiwan)
1,553,705
24,365
Telefonaktiebolaget
LM
Ericsson
ADR
(Sweden)
318,207
7,204
Tenable
Holdings,
Inc.*
203,369
2,721
Teradyne,
Inc.
1,018,497
14,950
Terawulf,
Inc.*
382,122
5,534
Trend
Micro,
Inc.
(Japan)
208,929
36,588
Tuya,
Inc.
ADR
(China)
77,567
4,958
Varonis
Systems,
Inc.*
169,316
9,217
Vistance
Networks,
Inc.*
115,028
1,450
Zebra
Technologies
Corp.,
Class
A*
353,263
7,678
Zeta
Global
Holdings
Corp.,
Class
A*
175,749
4,343
Zoom
Communications,
Inc.*
441,205
2,313
Zscaler,
Inc.*
323,195
65,975,422
Real
Estate
–
0.6%
2,245
American
Tower
Corp.
REIT
419,725
2,045
Digital
Realty
Trust,
Inc.
REIT
388,550
453
Equinix,
Inc.
REIT
483,822
1,292,097
Utilities
–
1.6%
419,456
Beijing
Jingneng
Clean
Energy
Co.
Ltd.,
Class
H
(China)
116,673
5,387
Boralex,
Inc.,
Class
A
(Canada)
144,183
6,011
Brookfield
Renewable
Corp.
(Canada)
(b)
240,320
11,447
Brookfield
Renewable
Partners
LP
(Canada)
423,378
13,158
Central
Puerto
SA
ADR
(Argentina)*
207,239
8,481
Dominion
Energy,
Inc.
567,718
16,390
Engie
SA
(France)
506,274
7,013
NextEra
Energy,
Inc.
610,201
Goldman
Sachs
Innovate
Equity
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
29,110
ReNew
Energy
Global
PLC,
Class
A
(India)*
$
186,013
6,724
RWE
AG
(Germany)
428,109
3,430,108
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$163,762,128)
212,372,726
Dividend
Rate
a
Securities
Lending
Reinvestment
Vehicle
–
2.7%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
5,735,193
3.532%
5,735,193
(Cost
$5,735,193)
TOTAL
INVESTMENTS
–
102.6%
(Cost
$169,497,321)
$
218,107,919
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(2.6)%
(5,542,906)
NET
ASSETS
–
100.0%
$
212,565,013
  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)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
JUST
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,2026
(Unaudited)
–
Shares
Description
Value
Common
Stocks
–
99.7%
Communication
Services
–
8.6%
54,105
Alphabet,
Inc.,
Class
A
$
20,578,296
44,054
Alphabet,
Inc.,
Class
C
16,583,247
2,880
Electronic
Arts,
Inc.
580,954
2,365
Fox
Corp.,
Class
A
151,171
1,709
Fox
Corp.,
Class
B
98,079
2,192
Match
Group,
Inc.
79,197
48,548
Netflix,
Inc.*
4,176,099
4,336
News
Corp.,
Class
A
113,170
1,425
News
Corp.,
Class
B
42,493
5,435
T-Mobile
US,
Inc.
1,019,225
47,633
Verizon
Communications,
Inc.
2,277,334
20,351
Walt
Disney
Co.
(The)
2,072,342
26,678
Warner
Bros
Discovery,
Inc.*
720,573
48,492,180
Consumer
Discretionary
–
9.4%
4,784
Airbnb,
Inc.,
Class
A*
637,755
109,883
Amazon.com,
Inc.*
29,738,735
2,488
Aptiv
PLC*
169,035
191
AutoZone,
Inc.*
560,621
2,362
Bath
&
Body
Works,
Inc.
47,287
2,212
Best
Buy
Co.,
Inc.
172,425
9,320
Booking
Holdings,
Inc.
1,560,448
2,492
BorgWarner,
Inc.
178,975
722
Burlington
Stores,
Inc.*
233,805
2,321
Caesars
Entertainment,
Inc.*
67,425
1,621
CarMax,
Inc.*
72,329
13,123
Carnival
Corp.
Ltd.
368,231
312
Choice
Hotels
International,
Inc.
(a)
33,971
1,318
Darden
Restaurants,
Inc.
268,753
1,662
Deckers
Outdoor
Corp.*
189,219
5,174
eBay,
Inc.
565,363
1,065
Etsy,
Inc.*
72,335
1,330
Expedia
Group,
Inc.
300,301
44,717
Ford
Motor
Co.
779,864
2,617
Gap,
Inc.
(The)
55,350
1,867
Garmin
Ltd.
436,729
10,353
General
Motors
Co.
861,784
1,587
Genuine
Parts
Co.
156,637
1,277
Harley-Davidson,
Inc.
30,878
1,596
Hasbro,
Inc.
137,527
2,611
Hilton
Worldwide
Holdings,
Inc.
855,520
11,404
Home
Depot,
Inc.
(The)
3,616,665
3,510
Las
Vegas
Sands
Corp.
177,501
591
Lear
Corp.
84,584
6,419
Lowe’s
Cos.,
Inc.
1,375,977
1,174
Lululemon
Athletica,
Inc.*
154,005
3,058
Macy’s,
Inc.
66,542
2,542
Marriott
International,
Inc.,
Class
A
954,775
3,540
Mattel,
Inc.*
52,888
8,189
McDonald's
Corp.
2,286,369
195
Murphy
USA,
Inc.
98,676
5,309
Newell
Brands,
Inc.
18,051
13,405
NIKE,
Inc.,
Class
B
619,713
5,201
Norwegian
Cruise
Line
Holdings
Ltd.*
95,386
377
Pool
Corp.
68,388
522
PVH
Corp.
48,692
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
435
Ralph
Lauren
Corp.
$
158,297
3,652
Ross
Stores,
Inc.
846,278
2,902
Royal
Caribbean
Cruises
Ltd.
825,996
1,564
Service
Corp.
International
117,597
13,030
Starbucks
Corp.
1,292,055
2,343
Tapestry,
Inc.
340,813
510
Ulta
Beauty,
Inc.*
259,514
829
Versigent
PLC*
36,575
4,023
VF
Corp.
69,115
1,123
Wayfair,
Inc.,
Class
A*
81,148
717
Whirlpool
Corp.
31,132
848
Wyndham
Hotels
&
Resorts,
Inc.
68,060
874
Wynn
Resorts
Ltd.
88,466
889
YETI
Holdings,
Inc.*
42,645
3,194
Yum!
Brands,
Inc.
472,552
52,999,757
Consumer
Staples
–
4.9%
19,105
Altria
Group,
Inc.
1,329,326
5,412
Archer-Daniels-Midland
Co.
431,769
495
Brown-Forman
Corp.,
Class
A
13,231
1,622
Brown-Forman
Corp.,
Class
B
41,718
1,474
Bunge
Global
SA
181,744
2,194
Campbell's
Company
(The)
(a)
46,315
1,378
Clorox
Co.
(The)
124,048
44,040
Coca-Cola
Co.
(The)
3,479,600
9,103
Colgate-Palmolive
Co.
820,453
5,086
Costco
Wholesale
Corp.
4,863,844
686
elf
Beauty,
Inc.*
38,416
2,809
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
249,861
6,040
General
Mills,
Inc.
204,212
1,649
Hershey
Co.
(The)
319,956
3,274
Hormel
Foods
Corp.
76,055
1,172
J
M
Smucker
Co.
(The)
120,950
21,519
Kenvue
,
Inc.
371,848
14,667
Keurig
Dr
Pepper,
Inc.
440,450
3,763
Kimberly-Clark
Corp.
367,269
6,578
Kroger
Co.
(The)
408,823
2,866
McCormick
&
Co.,
Inc.
135,762
14,673
Mondelez
International,
Inc.,
Class
A
897,547
15,520
PepsiCo,
Inc.
2,237,829
26,601
Procter &
Gamble
Co.
(The)
3,818,840
513
Smithfield
Foods,
Inc.
13,251
5,206
Target
Corp.
661,526
3,134
Tyson
Foods,
Inc.,
Class
A
191,237
2,541
US
Foods
Holding
Corp.*
207,981
49,834
Walmart,
Inc.
5,768,286
27,862,147
Energy
–
3.3%
4,283
APA
Corp.
156,030
11,899
Baker
Hughes
Co.
760,108
2,557
Cheniere
Energy,
Inc.
574,967
14,847
ConocoPhillips
1,692,261
13,653
Devon
Energy
Corp.
607,422
2,729
Expand
Energy
Corp.
253,742
50,690
Exxon
Mobil
Corp.
7,363,229
10,070
Halliburton
Co.
391,220
23,331
Kinder
Morgan,
Inc.
725,128
GOLDMAN
SACHS
JUST
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
–
(continued)
3,609
Marathon
Petroleum
Corp.
$
897,811
8,459
Occidental
Petroleum
Corp.
479,033
7,497
ONEOK,
Inc.
629,298
4,836
Phillips
66
850,556
2,831
Range
Resources
Corp.
110,267
17,996
SLB
Ltd.
981,682
3,649
Valero
Energy
Corp.
893,348
14,613
Williams
Cos.,
Inc.
(The)
1,043,222
18,409,324
Financials
–
11.8%
2,900
Affirm
Holdings,
Inc.*
213,585
5,803
Aflac,
Inc.
652,373
3,217
Allstate
Corp.
(The)
662,992
3,404
Ally
Financial,
Inc.
145,725
5,701
American
Express
Co.
1,804,196
6,652
American
International
Group,
Inc.
493,778
1,128
Ameriprise
Financial,
Inc.
502,761
2,591
Aon
PLC,
Class
A
818,912
5,162
Apollo
Global
Management,
Inc.
664,401
615
Assurant,
Inc.
153,055
918
Axis
Capital
Holdings
Ltd.
87,146
80,992
Bank
of
America
Corp.
4,179,187
8,491
Bank
of
New
York
Mellon
Corp.
(The)
1,183,900
1,881
Blackrock,
Inc.
1,969,181
764
Brighthouse
Financial,
Inc.*
47,788
3,504
Brown
&
Brown,
Inc.
197,100
6,485
Capital
One
Financial
Corp.
1,218,726
1,293
Cboe
Global
Markets,
Inc.
431,293
20,593
Charles
Schwab
Corp.
(The)
1,798,799
21,376
Citigroup,
Inc.
2,691,238
5,295
Citizens
Financial
Group,
Inc.
329,667
4,436
CME
Group,
Inc.
1,213,423
3,608
Columbia
Banking
System,
Inc.
106,941
3,521
Equitable
Holdings,
Inc.
145,593
513
Everest
Group
Ltd.
166,227
463
FactSet
Research
Systems,
Inc.
113,653
5,474
Fidelity
National
Information
Services,
Inc.
235,327
11,151
Fifth
Third
Bancorp
556,769
5,932
First
Horizon
Corp.
143,732
5,649
Fiserv,
Inc.*
319,507
2,478
Global
Payments,
Inc.
187,114
3,625
Goldman
Sachs
Group,
Inc.
(The)
(b)
3,717,655
436
Hanover
Insurance
Group,
Inc.
(The)
81,183
3,462
Hartford
Insurance
Group,
Inc.
(The)
440,124
24,738
Huntington
Bancshares,
Inc.
404,714
1,933
Jefferies
Financial
Group,
Inc.
101,908
33,503
JPMorgan
Chase &
Co.
10,027,783
11,385
KeyCorp
242,842
1,136
Lazard,
Inc.
53,767
2,101
Lincoln
National
Corp.
74,144
949
LPL
Financial
Holdings,
Inc.
259,808
1,873
M&T
Bank
Corp.
404,774
450
MarketAxess
Holdings,
Inc.
58,518
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
5,990
Marsh
&
McLennan
Cos.,
Inc.
$
958,220
8,489
Mastercard,
Inc.,
Class
A
4,193,396
6,861
MetLife,
Inc.
567,336
1,918
Moody's
Corp.
869,334
13,991
Morgan
Stanley
2,910,128
264
Morningstar,
Inc.
48,053
880
MSCI,
Inc.
555,614
5,614
Nasdaq,
Inc.
519,407
9,889
PayPal
Holdings,
Inc.
442,533
1,836
Pinnacle
Financial
Partners,
Inc.
179,451
4,802
PNC
Financial
Services
Group,
Inc.
(The)
1,061,818
392
Primerica,
Inc.
105,828
2,683
Principal
Financial
Group,
Inc.
278,013
7,225
Progressive
Corp.
(The)
1,375,640
4,317
Prudential
Financial,
Inc.
434,463
2,197
Raymond
James
Financial,
Inc.
315,072
813
Reinsurance
Group
of
America,
Inc.
163,202
3,738
S&P
Global,
Inc.
1,584,912
2,535
SLM
Corp.
56,074
14,951
SoFi
Technologies,
Inc.*
272,407
3,438
State
Street
Corp.
535,090
3,662
Synchrony
Financial
261,613
2,653
T.
Rowe
Price
Group,
Inc.
277,318
4,258
Toast,
Inc.,
Class
A*
110,836
1,437
Tradeweb
Markets,
Inc.,
Class
A
144,059
2,676
Travelers
Cos.,
Inc.
(The)
781,098
15,574
Truist
Financial
Corp.
750,823
2,047
Unum
Group
170,372
19,262
US
Bancorp
1,056,521
17,766
Visa,
Inc.,
Class
A
5,798,112
1,171
Voya
Financial,
Inc.
95,109
1,318
Western
Alliance
Bancorp
104,979
3,351
Western
Union
Co.
(The)
27,244
1,179
Willis
Towers
Watson
PLC
294,361
1,787
Zions
Bancorp
NA
111,598
66,711,343
Health
Care
–
8.4%
16,136
Abbott
Laboratories
1,381,242
16,508
AbbVie,
Inc.
3,594,122
2,654
Agilent
Technologies,
Inc.
359,697
1,180
Alnylam
Pharmaceuticals,
Inc.*
356,336
5,012
Amgen,
Inc.
1,687,991
6,157
Avantor,
Inc.*
56,152
4,995
Baxter
International,
Inc.
93,806
2,664
Becton
Dickinson
&
Co.
391,928
1,359
Biogen,
Inc.*
266,364
172
Bio-Rad
Laboratories,
Inc.,
Class
A*
53,747
13,753
Boston
Scientific
Corp.*
664,407
18,989
Bristol-Myers
Squibb
Co.
1,085,791
2,222
Cardinal
Health,
Inc.
437,290
2,073
Cencora
,
Inc.
558,383
4,566
Centene
Corp.*
272,134
455
Charles
River
Laboratories
International,
Inc.*
82,223
2,454
Cigna
Group
(The)
680,740
14,183
CVS
Health
Corp.
1,290,369
GOLDMAN
SACHS
JUST
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
5,868
Danaher
Corp.
$
1,071,908
326
DaVita,
Inc.*
63,361
3,645
Dexcom,
Inc.*
268,782
5,362
Edwards
Lifesciences
Corp.*
463,652
2,072
Elevance
Health,
Inc.
814,690
7,464
Eli
Lilly
&
Co.
8,247,720
4,266
GE
HealthCare
Technologies,
Inc.
265,942
11,603
Gilead
Sciences,
Inc.
1,559,791
945
Henry
Schein,
Inc.*
72,368
1,126
Humana,
Inc.
343,903
741
IDEXX
Laboratories,
Inc.*
417,576
1,431
Illumina,
Inc.*
233,196
1,496
Incyte
Corp.*
144,723
3,288
Intuitive
Surgical,
Inc.*
1,396,216
1,474
Ionis
Pharmaceuticals,
Inc.*
112,761
1,572
IQVIA
Holdings,
Inc.*
286,434
22,425
Johnson &
Johnson
5,053,025
11,950
Medtronic
PLC
882,030
23,156
Merck &
Co.,
Inc.
2,749,080
3,172
Moderna,
Inc.*
149,687
2,819
Organon
&
Co.
37,605
52,937
Pfizer,
Inc.
1,385,891
944
Regeneron
Pharmaceuticals,
Inc.
580,352
1,358
ResMed,
Inc.
258,794
411
Teleflex,
Inc.
52,871
3,518
Thermo
Fisher
Scientific,
Inc.
1,732,650
859
Ultragenyx
Pharmaceutical,
Inc.*
20,564
395
United
Therapeutics
Corp.*
219,944
8,478
UnitedHealth
Group,
Inc.
3,224,268
2,366
Vertex
Pharmaceuticals,
Inc.*
1,058,880
10,755
Viatris
,
Inc.
174,876
917
Waters
Corp.*
351,734
4,107
Zoetis,
Inc.
319,073
47,327,069
Industrials
–
8.4%
324
Acuity,
Inc.
98,856
744
Advanced
Drainage
Systems,
Inc.
103,535
1,359
AECOM
94,274
1,317
Alaska
Air
Group,
Inc.*
60,608
7,469
American
Airlines
Group,
Inc.*
109,346
2,430
AMETEK,
Inc.
548,816
454
Armstrong
World
Industries,
Inc.
71,687
4,257
Automatic
Data
Processing,
Inc.
944,373
7,975
Boeing
Co.
(The)*
1,843,421
1,437
Broadridge
Financial
Solutions,
Inc.
220,896
1,147
Builders
FirstSource
,
Inc.*
87,470
961
BWX
Technologies,
Inc.
188,241
438
Carlisle
Cos.,
Inc.
151,027
8,285
Carrier
Global
Corp.
529,163
4,888
Caterpillar,
Inc.
4,281,253
3,630
Cintas
Corp.
621,674
9,264
CNH
Industrial
NV
94,585
10,131
Copart,
Inc.*
331,993
1,452
Cummins,
Inc.
938,907
2,580
Deere
&
Co.
1,398,824
7,469
Delta
Air
Lines,
Inc.
616,043
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
4,135
Eaton
Corp.
PLC
$
1,656,481
5,950
Emerson
Electric
Co.
855,729
1,406
Expeditors
International
of
Washington,
Inc.
222,134
2,261
FedEx
Corp.
930,967
1,386
Flowserve
Corp.
104,657
3,348
Fortive
Corp.
195,255
316
FTI
Consulting,
Inc.*
48,405
2,675
Gates
Industrial
Corp.
PLC*
69,336
2,848
GE
Vernova
,
Inc.
2,757,775
10,976
General
Electric
Co.
3,553,590
1,675
Genpact
Ltd.
55,191
859
Hexcel
Corp.
77,130
6,712
Honeywell
International,
Inc.
1,596,516
4,233
Howmet
Aerospace,
Inc.
1,093,172
563
Hubbell,
Inc.
266,642
411
Huntington
Ingalls
Industries,
Inc.
126,658
797
IDEX
Corp.
168,032
3,057
Illinois
Tool
Works,
Inc.
755,935
4,196
Ingersoll
Rand,
Inc.
300,601
905
ITT,
Inc.
176,475
1,234
Jacobs
Solutions,
Inc.
147,907
6,460
Johnson
Controls
International
PLC
866,028
1,261
KBR,
Inc.
44,072
1,973
L3Harris
Technologies,
Inc.
621,850
1,186
Leidos
Holdings,
Inc.
151,571
334
Lennox
International,
Inc.
167,721
565
Lincoln
Electric
Holdings,
Inc.
146,047
2,179
Lockheed
Martin
Corp.
1,155,851
2,194
Masco
Corp.
154,129
560
Nordson
Corp.
160,905
1,410
Northrop
Grumman
Corp.
794,789
1,681
nVent
Electric
PLC
280,710
664
Oshkosh
Corp.
86,320
4,117
Otis
Worldwide
Corp.
291,648
861
Owens
Corning
108,331
1,337
Parker-Hannifin
Corp.
1,129,270
492
Parsons
Corp.*
29,077
3,407
Paychex,
Inc.
330,411
1,727
Pentair
PLC
122,341
1,556
Quanta
Services,
Inc.
1,107,452
2,520
Republic
Services,
Inc.
505,109
1,044
Robert
Half,
Inc.
30,735
1,193
Rockwell
Automation,
Inc.
538,115
14,118
RTX
Corp.
2,536,440
414
Ryder
System,
Inc.
103,852
419
Science
Applications
International
Corp.
43,660
1,532
Sensata
Technologies
Holding
PLC
75,665
437
Simpson
Manufacturing
Co.,
Inc.
82,916
508
SiteOne
Landscape
Supply,
Inc.*
55,169
5,316
Southwest
Airlines
Co.
228,322
1,630
Stanley
Black
&
Decker,
Inc.
129,455
1,853
Textron,
Inc.
170,031
715
Timken
Co.
(The)
91,506
1,040
Toro
Co.
(The)
93,475
2,354
Trane
Technologies
PLC
1,062,360
GOLDMAN
SACHS
JUST
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,128
Trex
Co.,
Inc.*
$
46,699
6,313
Union
Pacific
Corp.
1,658,046
3,728
United
Airlines
Holdings,
Inc.*
427,974
671
United
Rentals,
Inc.
668,095
2,613
Veralto
Corp.
214,867
1,477
Verisk
Analytics,
Inc.
258,460
462
W.W.
Grainger,
Inc.
570,219
4,601
Waste
Management,
Inc.
972,927
520
WESCO
International,
Inc.
187,808
2,569
Xylem,
Inc.
281,408
47,275,416
Information
Technology
–
38.8%
6,494
Accenture
PLC,
Class
A
1,214,833
3,816
Adobe,
Inc.*
989,145
14,989
Advanced
Micro
Devices,
Inc.*
7,735,823
1,312
Akamai
Technologies,
Inc.*
196,196
4,549
Analog
Devices,
Inc.
1,882,604
134,093
Apple,
Inc.
41,845,062
7,385
Applied
Materials,
Inc.
3,323,693
11,633
Arista
Networks,
Inc.*
1,855,115
482
Arrow
Electronics,
Inc.*
103,452
1,505
Atlassian
Corp.,
Class
A*
161,953
1,985
Autodesk,
Inc.*
459,150
750
Avnet,
Inc.
65,197
42,986
Broadcom,
Inc.
19,204,855
2,551
Cadence
Design
Systems,
Inc.*
956,446
1,589
Ciena
Corp.*
921,985
489
Cirrus
Logic,
Inc.*
83,106
44,889
Cisco
Systems,
Inc.
5,405,533
2,918
Cloudflare,
Inc.,
Class
A*
705,631
4,498
Cognizant
Technology
Solutions
Corp.,
Class
A
250,786
1,627
Coherent
Corp.*
588,112
7,200
Corning,
Inc.
1,304,352
2,906
Dell
Technologies,
Inc.,
Class
C
1,223,164
536
Dolby
Laboratories,
Inc.,
Class
A
29,914
1,670
DXC
Technology
Co.*
16,550
2,927
Everpure
,
Inc.,
Class
A*
232,726
1,217
First
Solar,
Inc.*
373,363
5,758
Fortinet,
Inc.*
794,431
653
Gartner,
Inc.*
105,917
5,114
Gen
Digital,
Inc.
131,890
1,287
Gitlab,
Inc.,
Class
A*
39,961
1,252
GoDaddy,
Inc.,
Class
A*
107,459
756
Guidewire
Software,
Inc.*
115,419
12,272
Hewlett
Packard
Enterprise
Co.
528,187
8,548
HP,
Inc.
231,138
459
HubSpot,
Inc.*
101,269
41,177
Intel
Corp.*
4,722,178
8,662
International
Business
Machines
Corp.
2,579,544
2,529
Intuit,
Inc.
838,439
964
Jabil,
Inc.
351,436
1,815
Keysight
Technologies,
Inc.*
614,069
1,224
KLA
Corp.
2,352,173
2,115
Kyndryl
Holdings,
Inc.*
26,374
11,686
Lam
Research
Corp.
3,718,251
260
Littelfuse
,
Inc.
121,386
793
Lumentum
Holdings,
Inc.*
677,983
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
7,878
Marvell
Technology,
Inc.
$
1,614,990
10,402
Micron
Technology,
Inc.
10,100,342
69,028
Microsoft
Corp.
31,079,167
710
MKS,
Inc.
230,225
431
Monolithic
Power
Systems,
Inc.
675,037
1,879
Motorola
Solutions,
Inc.
757,763
1,840
NetApp,
Inc.
320,694
217,842
NVIDIA
Corp.
45,995,160
3,741
ON
Semiconductor
Corp.*
451,239
15,668
Oracle
Corp.
3,537,521
7,444
Palo
Alto
Networks,
Inc.*
2,096,900
1,164
Procore
Technologies,
Inc.*
57,606
780
Qorvo,
Inc.*
80,777
9,952
QUALCOMM,
Inc.
2,498,151
8,485
Salesforce,
Inc.
1,621,483
9,679
ServiceNow,
Inc.*
1,203,777
1,391
Skyworks
Solutions,
Inc.
108,289
1,775
Synopsys,
Inc.*
844,226
860
Teradata
Corp.*
29,283
1,457
Teradyne,
Inc.
545,370
8,454
Texas
Instruments,
Inc.
2,584,219
404
Tyler
Technologies,
Inc.*
126,513
1,528
Vontier
Corp.
43,365
3,167
Western
Digital
Corp.
1,682,342
1,990
Workday,
Inc.,
Class
A*
290,918
217,861,607
Materials
–
2.1%
2,533
Air
Products
and
Chemicals,
Inc.
705,744
1,341
Albemarle
Corp.
236,579
2,991
Alcoa
Corp.
232,221
692
AptarGroup,
Inc.
80,168
878
Avery
Dennison
Corp.
139,663
2,247
Axalta
Coating
Systems
Ltd.*
69,140
2,827
Ball
Corp.
154,552
1,246
Celanese
Corp.
66,200
1,771
CF
Industries
Holdings,
Inc.
198,972
6,387
Cleveland-Cliffs,
Inc.*
86,863
7,663
Corteva,
Inc.
599,860
7,078
CRH
PLC
770,016
7,467
Dow,
Inc.
252,011
4,418
DuPont
de
Nemours,
Inc.
213,920
2,843
Ecolab,
Inc.
727,808
1,613
FMC
Corp.
22,034
16,308
Freeport-McMoRan,
Inc.
1,071,599
3,084
Graphic
Packaging
Holding
Co.
34,726
2,921
International
Flavors
&
Fragrances,
Inc.
222,142
5,353
Linde
PLC
2,664,135
666
Louisiana-Pacific
Corp.
50,869
2,921
LyondellBasell
Industries
NV,
Class
A
194,685
12,526
Newmont
Corp.
1,375,480
2,617
Nucor
Corp.
654,250
2,372
PPG
Industries,
Inc.
267,989
2,434
Sherwin-Williams
Co.
(The)
739,546
11,831,172
Real
Estate
–
2.0%
4,605
American
Homes
4
Rent,
Class
A
REIT
147,728
GOLDMAN
SACHS
JUST
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
6,306
American
Tower
Corp.
REIT
$
1,178,970
1,917
AvalonBay
Communities,
Inc.
REIT
349,872
4,188
Brixmor
Property
Group,
Inc.
REIT
127,985
1,422
Camden
Property
Trust
REIT
151,528
4,008
CBRE
Group,
Inc.,
Class
A*
501,160
5,628
CoStar
Group,
Inc.*
181,222
4,638
Digital
Realty
Trust,
Inc.
REIT
881,220
1,318
Equinix,
Inc.
REIT
1,407,677
5,107
Equity
Residential
REIT
334,253
2,838
Extra
Space
Storage,
Inc.
REIT
409,552
3,954
Iron
Mountain,
Inc.
REIT
507,100
636
Jones
Lang
LaSalle,
Inc.*
179,549
9,007
Kimco
Realty
Corp.
REIT
216,889
12,502
Prologis,
Inc.
REIT
1,793,662
1,427
SBA
Communications
Corp.
REIT
289,909
6,312
Ventas,
Inc.
REIT
532,859
9,270
Welltower,
Inc.
REIT
1,903,409
9,768
Weyerhaeuser
Co.
REIT
239,414
728
Zillow
Group,
Inc.,
Class
A*
25,742
2,223
Zillow
Group,
Inc.,
Class
C*
77,805
11,437,505
Utilities
–
2.0%
8,913
AES
Corp.
(The)
130,754
6,654
American
Electric
Power
Co.,
Inc.
842,862
2,421
American
Water
Works
Co.,
Inc.
298,437
3,879
Constellation
Energy
Corp.
1,116,182
10,678
Dominion
Energy,
Inc.
714,785
9,694
Duke
Energy
Corp.
1,189,745
4,739
Edison
International
331,446
5,552
Entergy
Corp.
605,446
4,544
Eversource
Energy
310,219
12,573
Exelon
Corp.
573,832
5,953
NiSource,
Inc.
275,148
2,504
NRG
Energy,
Inc.
335,736
27,213
PG&E
Corp.
444,660
9,205
PPL
Corp.
325,765
6,210
Public
Service
Enterprise
Group,
Inc.
488,416
8,062
Sempra
718,566
13,704
Southern
Co.
(The)
1,261,453
4,208
Vistra
Corp.
674,248
7,326
Xcel
Energy,
Inc.
582,417
11,220,117
TOTAL
COMMON
STOCKS
(Cost
$335,109,893)
561,427,637
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,152,846
3.519%
$
1,152,846
(Cost
$1,152,846)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$336,262,739)
562,580,483
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
80,177
3.532%
80,177
(Cost
$80,177)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$336,342,916)
$
562,660,660
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
339,328
NET
ASSETS
–
100.0%
$
562,999,988
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
79.7%
Communication
Services
–
2.2%
45
4imprint
Group
PLC
(United
Kingdom)
$
2,213
3,483
Airtel
Africa
PLC
(Nigeria)
(a)
16,554
35
Atlanta
Braves
Holdings,
Inc.,
Class
C*
1,736
987
Atresmedia
Corp.
de
Medios
de
Comunicacion
SA
(Spain)
5,943
1,090
Autotrader
Group
PLC
(United
Kingdom)
(a)
6,487
2,706
Baltic
Classifieds
Group
PLC
(United
Kingdom)
6,544
1,183
Canal+
SA
(France)*
4,066
1,731
Cellnex
Telecom
SA
(Spain)*
(a)
58,216
36
Cinemark
Holdings,
Inc.
1,008
184
Comcast
Corp.,
Class
A
4,576
148
Electronic
Arts,
Inc.
29,855
330
Elisa
OYJ
(Finland)
15,835
704
Eutelsat
Communications
SACA
(France)*
3,266
246
Gamma
Communications
PLC
(United
Kingdom)
3,190
19
Globalstar,
Inc.*
1,600
233
Havas
NV
(Netherlands)
4,609
3,625
Helios
Towers
PLC
(Congo
(Democratic
Republic))*
11,463
2,895
HKT
Trust
&
HKT
Ltd.
(Hong
Kong)
4,470
101
IAC,
Inc.*
4,534
103
IPSOS
SA
(France)
4,664
81
Iridium
Communications,
Inc.
4,194
6,780
ITV
PLC
(United
Kingdom)
7,512
171
JCDecaux
SE
(France)
3,760
183
Kinepolis
Group
NV
(Belgium)
6,332
64
Liberty
Global
Ltd.,
Class
A
(Belgium)*
801
149
Lionsgate
Studios
Corp.*
2,138
773
Louis
Hachette
Group
(France)
1,525
450
Lumen
Technologies,
Inc.*
4,946
175
Madison
Square
Garden
Entertainment
Corp.*
12,343
6
Madison
Square
Garden
Sports
Corp.*
2,246
173
Match
Group,
Inc.
6,250
272
MFE-MediaForEurope
NV,
Class
A
(Italy)
960
1,000
Mobvista,
Inc.
(China)*
(a)
2,062
1,152
MONY
Group
PLC
(United
Kingdom)
2,752
736
Netflix,
Inc.*
63,311
64
New
York
Times
Co.
(The),
Class
A
4,813
201
Paramount
Skydance
Corp.,
Class
B
2,133
385
Pinterest,
Inc.,
Class
A*
7,719
28
Proximus
SADP
(Belgium)
218
689
Rightmove
PLC
(United
Kingdom)
3,898
622
Roku,
Inc.*
80,972
750
SES
SA
(Luxembourg)
8,266
140
Sirius
XM
Holdings,
Inc.
4,133
Shares
Description
Value
Common
Stocks
–
(continued)
Communication
Services
–
(continued)
602
Snap,
Inc.,
Class
A*
$
3,437
11
Sphere
Entertainment
Co.*
1,523
215
Square
Enix
Holdings
Co.
Ltd.
(Japan)
3,454
138
Stroeer
SE
&
Co.
KGaA
(Germany)
6,081
1,397
Superloop
Ltd.
(Australia)*
3,488
250
Take-Two
Interactive
Software,
Inc.*
56,040
1,383
Telefonica
SA
(Spain)
6,356
171
Telenor
ASA
(Norway)
2,798
36
Telephone
and
Data
Systems,
Inc.
1,408
10,925
Telia
Co.
AB
(Sweden)
58,581
3,924
Telstra
Group
Ltd.
(Australia)
14,709
35
TKO
Group
Holdings,
Inc.
7,181
300
Trade
Desk,
Inc.
(The),
Class
A*
6,468
746
Trustpilot
Group
PLC
(United
Kingdom)*
(a)
2,405
228
United
Internet
AG
(Germany)
7,013
637
Vend
Marketplaces
ASA,
Class
B
(Norway)
16,927
109
Versant
Media
Group,
Inc.
4,702
1,460
Vivendi
SE
(France)
4,004
141
Walt
Disney
Co.
(The)
14,358
642
WPP
PLC
(United
Kingdom)
2,438
334
Zegona
Communications
PLC
(United
Kingdom)
8,338
78
Ziff
Davis,
Inc.*
3,515
659,337
Consumer
Discretionary
–
4.8%
36
Abercrombie
&
Fitch
Co.,
Class
A*
2,780
43
Academy
Sports
&
Outdoors,
Inc.
2,270
10
Acushnet
Holdings
Corp.
888
525
adidas
AG
(Germany)
102,067
55
Adient
PLC*
1,257
40
Advance
Auto
Parts,
Inc.
2,410
72
American
Eagle
Outfitters,
Inc.
1,138
76
Aptiv
PLC*
5,163
159
Aramark
8,487
35
Aritzia,
Inc.
(Canada)*
3,933
24
Asbury
Automotive
Group,
Inc.*
4,505
238
Asmodee
Group
AB,
Class
B
(Sweden)*
3,833
99
Aumovio
SE
(Germany)*
4,633
414
Auto1
Group
SE
(Germany)*
11,015
53
Autoliv,
Inc.
(Sweden)
6,737
24
AutoNation,
Inc.*
4,505
10
Autoneum
Holding
AG
(Switzerland)
1,520
1,018
B&M
European
Value
Retail
PLC
(United
Kingdom)
2,346
3,698
Barratt
Redrow
PLC
(United
Kingdom)
13,105
180
Basic-Fit
NV
(Netherlands)*
(a)
6,478
1
Bath
&
Body
Works,
Inc.
20
346
Bellway
PLC
(United
Kingdom)
8,950
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
47
Best
Buy
Co.,
Inc.
$
3,664
944
Betsson
AB,
Class
B
(Sweden)
9,023
148
BorgWarner,
Inc.
10,629
52
Boyd
Gaming
Corp.
4,299
150
Brembo
NV
(Italy)
2,043
91
Bright
Horizons
Family
Solutions,
Inc.*
5,698
23
Brinker
International,
Inc.*
3,275
19
Brunello
Cucinelli
SpA
(Italy)
1,829
30
Brunswick
Corp.
2,513
518
Burberry
Group
PLC
(United
Kingdom)*
8,232
114
Caesars
Entertainment,
Inc.*
3,312
85
Callaway
Golf
Co.*
1,309
54
Canadian
Tire
Corp.
Ltd.,
Class
A
(Canada)
6,934
54
CarMax,
Inc.*
2,409
626
Carnival
Corp.
Ltd.
17,566
35
Cava
Group,
Inc.*
2,718
172
CECONOMY
AG
(Germany)*
843
42
Champion
Homes,
Inc.*
3,092
51
Cheesecake
Factory,
Inc.
(The)
3,368
96
CIE
Automotive
SA
(Spain)
3,299
48
Cie
des
Alpes
(France)
1,252
546
Cie
Generale
des
Etablissements
Michelin
SCA
(France)
20,077
79
Cirsa
Enterprises
SA
(Spain)*
1,167
49
Clas
Ohlson
AB,
Class
B
(Sweden)
2,235
2,429
Coats
Group
PLC
(United
Kingdom)
2,675
34
Columbia
Sportswear
Co.
2,250
36
Covista,
Inc.*
4,241
38
Crocs,
Inc.*
4,509
1,428
Currys
PLC
(United
Kingdom)
2,895
92
D.R.
Horton,
Inc.
13,532
32
D’ieteren
Group
(Belgium)
6,400
163
Dana,
Inc.
5,772
60
De'
Longhi
SpA
(Italy)
2,498
22
Deckers
Outdoor
Corp.*
2,505
1,406
Domino's
Pizza
Group
PLC
(United
Kingdom)
3,529
90
Domino's
Pizza,
Inc.
27,952
72
Dorman
Products,
Inc.*
8,922
3,742
Dr
Martens
PLC
(United
Kingdom)
3,733
212
DraftKings,
Inc.,
Class
A*
5,192
568
Dunelm
Group
PLC
(United
Kingdom)
5,976
36
Duolingo,
Inc.*
4,009
62
Dutch
Bros,
Inc.,
Class
A*
3,596
7
Eagers
Automotive
Ltd.
(Australia)
105
20
eBay,
Inc.
2,185
499
Entain
PLC
(United
Kingdom)
3,590
421
Etsy,
Inc.*
28,594
134
Fielmann
Group
AG
(Germany)
6,990
12
Five
Below,
Inc.*
2,728
595
Flight
Centre
Travel
Group
Ltd.
(Australia)
4,679
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
80
Floor
&
Decor
Holdings,
Inc.,
Class
A*
$
4,112
35
Fnac
Darty
SA
(France)
1,442
1,362
Ford
Motor
Co.
23,753
469
Forvia
SE
(France)*
6,236
143
Frasers
Group
PLC
(United
Kingdom)*
1,487
42
Frontdoor,
Inc.*
2,607
123
Games
Workshop
Group
PLC
(United
Kingdom)
32,928
82
GameStop
Corp.,
Class
A*
1,737
181
Gap,
Inc.
(The)
3,828
26
Garmin
Ltd.
6,082
53
Garrett
Motion,
Inc.
(Switzerland)
1,736
494
General
Motors
Co.
41,121
331
Gentex
Corp.
7,997
332
Gestamp
Automocion
SA
(Spain)
(a)
1,263
120
GigaCloud
Technology,
Inc.,
Class
A*
4,325
35
G-III
Apparel
Group
Ltd.
1,132
873
Gildan
Activewear,
Inc.
(Canada)
53,303
2,470
Glenveagh
Properties
PLC
(Ireland)*
(a)
6,572
562
Global-e
Online
Ltd.
(Israel)*
17,220
253
GN
Store
Nord
AS
(Denmark)*
3,882
15
Graham
Holdings
Co.,
Class
B
16,459
23
Grand
Canyon
Education,
Inc.*
3,447
61
Green
Brick
Partners,
Inc.*
4,103
151
Greggs
PLC
(United
Kingdom)
3,493
27
Group
1
Automotive,
Inc.
8,541
164
Guzman
y
Gomez
Ltd.
(Australia)
2,320
154
H&R
Block,
Inc.
5,927
176
Harley-Davidson,
Inc.
4,256
53
Hasbro,
Inc.
4,567
174
HBX
Group
International
PLC
(Spain)*
1,447
31
Hilton
Grand
Vacations,
Inc.*
1,613
1,418
Hollywood
Bowl
Group
PLC
(United
Kingdom)
5,878
155
HUGO
BOSS
AG
(Germany)
6,457
470
Inchcape
PLC
(United
Kingdom)
5,357
3,921
JD
Sports
Fashion
PLC
(United
Kingdom)
4,453
500
Johnson
Electric
Holdings
Ltd.
(Hong
Kong)
1,628
4,590
Kingfisher
PLC
(United
Kingdom)
17,788
35
Kontoor
Brands,
Inc.
2,512
568
Laureate
Education,
Inc.*
18,170
120
La-Z-Boy,
Inc.
4,510
10
LCI
Industries
1,090
39
Lear
Corp.
5,582
119
Lennar
Corp.,
Class
A
10,684
16
Liberty
Live
Holdings,
Inc.,
Class
C*
1,586
110
Life
Time
Group
Holdings,
Inc.*
3,639
55
Linamar
Corp.
(Canada)
4,072
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
25
Lithia
Motors,
Inc.
$
7,272
681
Lottomatica
Group
SpA
(Italy)
20,201
207
Lovisa
Holdings
Ltd.
(Australia)
3,458
159
Lululemon
Athletica,
Inc.*
20,858
2
M/I
Homes,
Inc.*
263
200
Macy’s,
Inc.
4,352
204
Magna
International,
Inc.
(Canada)
13,232
30
Marriott
Vacations
Worldwide
Corp.
2,546
311
Matas
A/S
(Denmark)
4,740
587
Melco
Resorts
&
Entertainment
Ltd.
ADR
(Hong
Kong)*
3,264
499
Melia
Hotels
International
SA
(Spain)
6,539
97
MGM
Resorts
International*
4,236
427
Mitchells
&
Butlers
PLC
(United
Kingdom)*
1,353
209
Mobileye
Global,
Inc.,
Class
A
(Israel)*
2,161
88
Mobilezone
Holding
AG
(Switzerland)
1,683
48
Monarch
Casino
&
Resort,
Inc.
5,772
617
Moonpig
Group
PLC
(United
Kingdom)
1,808
114
MTY
Food
Group,
Inc.
(Canada)
3,258
41
Murphy
USA,
Inc.
20,747
115
Neinor
Homes
SA
(Spain)*
(a)
2,139
4
Newell
Brands,
Inc.
14
5
Norwegian
Cruise
Line
Holdings
Ltd.*
92
2
NVR,
Inc.*
12,210
516
OneSpaWorld
Holdings
Ltd.
(Bahamas)
12,255
133
Open
House
Group
Co.
Ltd.
(Japan)
7,224
138
Opmobility
(France)
2,685
181
OVS
SpA
(Italy)
(a)
1,183
135
Penn
Entertainment,
Inc.*
2,542
19
Penske
Automotive
Group,
Inc.
3,180
60
Perdoceo
Education
Corp.
1,943
784
Persimmon
PLC
(United
Kingdom)
11,767
103
Phinia,
Inc.
7,958
522
Pirelli
&
C
SpA
(Italy)
(a)
3,844
82
Planet
Fitness,
Inc.,
Class
A*
4,388
335
Playtech
PLC
(United
Kingdom)*
1,584
22
Polaris,
Inc.
1,553
70
Polestar
Automotive
Holding
UK
PLC,
Class
A,
ADR
(Hong
Kong)*
1,616
38
Pool
Corp.
6,893
96
PulteGroup,
Inc.
11,345
175
Puma
SE
(Germany)*
5,937
616
Puuilo
OYJ
(Finland)
9,446
46
PVH
Corp.
4,291
211
QuantumScape
Corp.*
1,895
16
Ralph
Lauren
Corp.
5,822
9
Rush
Street
Interactive,
Inc.*
228
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
65
SAF-Holland
SE
(Germany)
$
1,582
459
Sally
Beauty
Holdings,
Inc.*
6,096
266
Scandic
Hotels
Group
AB
(Sweden)
(a)
2,614
270
Schaeffler
AG
(Germany)
3,327
80
SEB
SA
(France)
4,666
84
Six
Flags
Entertainment
Corp.*
1,765
1,132
SSP
Group
PLC
(United
Kingdom)
2,565
244
Stanley
Electric
Co.
Ltd.
(Japan)
5,443
705
Starbucks
Corp.
69,908
41
Steven
Madden
Ltd.
1,781
2
Strategic
Education,
Inc.
154
61
Stride,
Inc.*
5,635
169
Taylor
Morrison
Home
Corp.*
9,887
96
Technogym
SpA
(Italy)
(a)
1,995
37
Texas
Roadhouse,
Inc.
6,683
52
Thule
Group
AB
(Sweden)
(a)
1,229
104
Toll
Brothers,
Inc.
14,408
2
TopBuild
Corp.*
835
1,300
Trainline
PLC
(United
Kingdom)*
(a)
3,855
12
Travel
+
Leisure
Co.
816
20
Trigano
SA
(France)
3,783
48
Urban
Outfitters,
Inc.*
3,487
34
Vail
Resorts,
Inc.
(b)
4,542
950
Valeo
SE
(France)
(b)
14,711
65
Valvoline,
Inc.*
2,194
89
Versigent
PLC*
3,927
118
VF
Corp.
2,027
27
Victoria's
Secret
&
Co.*
1,485
30
Visteon
Corp.
3,549
876
Vistry
Group
PLC
(United
Kingdom)*
3,294
52
Warby
Parker,
Inc.,
Class
A*
1,275
281
Watches
of
Switzerland
Group
PLC
(United
Kingdom)*
(a)
2,735
4
Wayfair,
Inc.,
Class
A*
289
106
Wesfarmers
Ltd.
(Australia)
6,085
368
Whitbread
PLC
(United
Kingdom)
11,647
17
Wingstop,
Inc.
2,668
48
Wyndham
Hotels
&
Resorts,
Inc.
3,852
40
Wynn
Resorts
Ltd.
4,049
115
XPEL,
Inc.*
5,258
1,100
Yamada
Holdings
Co.
Ltd.
(Japan)
4,315
52
YETI
Holdings,
Inc.*
2,494
500
Yue
Yuen
Industrial
Holdings
Ltd.
(Hong
Kong)
936
621
Yum!
Brands,
Inc.
91,877
1,093
Zalando
SE
(Germany)*
(a)
29,706
1,457,431
Consumer
Staples
–
3.9%
79
AAK
AB
(Sweden)
2,124
27
AG
Barr
PLC
(United
Kingdom)
222
837
Alimentation
Couche-Tard,
Inc.
(Canada)
47,326
55
Archer-Daniels-Midland
Co.
4,388
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
46
Aryzta
AG
(Switzerland)*
$
3,591
131
Axfood
AB
(Sweden)
3,743
72
Bakkafrost
P/F
(Faroe
Islands)
3,574
674
Bega
Cheese
Ltd.
(Australia)
2,677
735
C&C
Group
PLC
(Ireland)
983
360
Campbell's
Company
(The)
7,600
188
Carlsberg
AS,
Class
B
(Denmark)
25,287
3,005
Carrefour
SA
(France)
56,230
106
Celsius
Holdings,
Inc.*
3,527
300
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Japan)
6,666
21
Coca-Cola
Consolidated,
Inc.
3,638
918
Coles
Group
Ltd.
(Australia)
14,346
74
Colruyt
Group
NV
(Belgium)
2,865
271
Cranswick
PLC
(United
Kingdom)
20,055
750
Darling
Ingredients,
Inc.*
44,325
586
Davide
Campari-Milano
NV
(Italy)
3,831
45
Distribuidora
Internacional
de
Alimentacion
SA
(Spain)*
2,090
8
Emmi
AG
(Switzerland)
8,836
817
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
72,672
126
Glanbia
PLC
(Ireland)
3,067
405
Greencore
Group
PLC
(Ireland)
(c)
—
412
HelloFresh
SE
(Germany)*
2,076
617
Hershey
Co.
(The)
119,717
387
Hormel
Foods
Corp.
8,990
2,535
Imperial
Brands
PLC
(United
Kingdom)
92,124
102
Ingredion,
Inc.
10,347
178
Intercos
SpA
(Italy)
2,542
221
Interparfums
SA
(France)
6,427
31
Interparfums,
Inc.
2,925
152
Jamieson
Wellness,
Inc.
(Canada)
(a)
3,907
32
John
B
Sanfilippo
&
Son,
Inc.
2,397
200
Kobayashi
Pharmaceutical
Co.
Ltd.
(Japan)
7,352
430
Kraft
Heinz
Co.
(The)
10,324
25
KWS
Saat
SE
&
Co.
KGaA
(Germany)
2,118
90
Lamb
Weston
Holdings,
Inc.
3,886
83
Maplebear,
Inc.*
3,303
595
Metro,
Inc.
(Canada)
38,213
3,393
Monster
Beverage
Corp.*
298,855
1,306
Mowi
ASA
(Norway)
28,849
58
MP
Evans
Group
PLC
(United
Kingdom)
1,202
227
National
Beverage
Corp.*
8,397
120
NewPrinces
SpA
(Italy)*
2,173
329
North
West
Co.,
Inc.
(The)
(Canada)
12,364
301
Ocado
Group
PLC
(United
Kingdom)*
905
2,000
Olam
Group
Ltd.
(Singapore)
1,960
81
Performance
Food
Group
Co.*
7,953
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
2,458
Premier
Foods
PLC
(United
Kingdom)
$
6,686
164
Premium
Brands
Holdings
Corp.
(Canada)
10,829
55
PriceSmart,
Inc.
9,349
139
Primo
Brands
Corp.,
Class
A
3,447
28
Redcare
Pharmacy
NV
(Netherlands)*
(a)(b)
1,426
7
Remy
Cointreau
SA
(France)
326
333
Salmar
ASA
(Norway)
20,715
34
Schouw
&
Co.
A/S
(Denmark)
3,520
88
Sligro
Food
Group
NV
(Netherlands)
(b)
1,329
1,768
Sonae
SGPS
SA
(Portugal)
3,937
15
Spectrum
Brands
Holdings,
Inc.
1,180
116
Sprouts
Farmers
Market,
Inc.*
9,584
203
Strauss
Group
Ltd.
(Israel)
8,776
333
Suedzucker
AG
(Germany)
4,469
753
Tate
&
Lyle
PLC
(United
Kingdom)
5,126
279
United
Natural
Foods,
Inc.*
14,327
115
Universal
Corp.
5,965
108
US
Foods
Holding
Corp.*
8,840
251
Viscofan
SA
(Spain)
17,399
16
Vita
Coco
Co.,
Inc.
(The)*
1,202
4
WD-40
Co.
800
88
Weis
Markets,
Inc.
6,421
2,665
WH
Group
Ltd.
(Hong
Kong)
(a)
3,077
1,724
Wilmar
International
Ltd.
(China)
4,853
1,176,552
Energy
–
1.7%
2,063
Cameco
Corp.
(Canada)
231,991
1,005
CES
Energy
Solutions
Corp.
(Canada)
12,636
273
Deep
Yellow
Ltd.
(Australia)*
310
18
Flowco
Holdings,
Inc.,
Class
A
421
972
Keyera
Corp.
(Canada)
40,353
140
Koninklijke
Vopak
NV
(Netherlands)
7,476
626
Murphy
Oil
Corp.
22,655
473
Paladin
Energy
Ltd.
(Australia)*
3,853
353
Pason
Systems,
Inc.
(Canada)
3,808
951
Plains
GP
Holdings
LP,
Class
A*
23,157
1,018
Subsea
7
SA
(United
Kingdom)
33,620
141
Tecnicas
Reunidas
SA
(Spain)*
5,186
973
TGS
ASA
(Norway)
15,909
495
Trican
Well
Service
Ltd.
(Canada)
2,681
1,318
Williams
Cos.,
Inc.
(The)
94,092
498,148
Financials
–
10.3%
2,408
Aberdeen
Group
PLC
(United
Kingdom)
8,056
654
Admiral
Group
PLC
(United
Kingdom)
29,056
20
Aflac,
Inc.
2,248
757
AJ
Bell
PLC
(United
Kingdom)
6,194
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
610
Allfunds
Group
PLC
(United
Kingdom)
$
6,108
26
Allstate
Corp.
(The)
5,358
1,345
Ally
Financial,
Inc.
57,579
5,034
Alm
Brand
A/S
(Denmark)
11,814
13
American
Financial
Group,
Inc.
1,687
6
American
International
Group,
Inc.
445
15
Ameris
Bancorp
1,265
5,314
AMP
Ltd.
(Australia)
6,098
48
Arch
Capital
Group
Ltd.*
4,288
420
Ashmore
Group
PLC
(United
Kingdom)
1,178
11
Assurant,
Inc.
2,738
35
Atlantic
Union
Bankshares
Corp.
1,317
31
Avanza
Bank
Holding
AB
(Sweden)
1,163
53
Axis
Capital
Holdings
Ltd.
5,031
245
Axos
Financial,
Inc.*
21,293
53
Azimut
Holding
SpA
(Italy)
2,155
87
Banca
Generali
SpA
(Italy)
5,553
31
Bancorp,
Inc.
(The)*
1,710
1,942
Bank
Hapoalim
BM
(Israel)
50,222
805
Bank
of
East
Asia
Ltd.
(The)
(Hong
Kong)
1,401
3,251
Bank
of
New
York
Mellon
Corp.
(The)
453,287
616
Bank
of
Nova
Scotia
(The)
(Canada)
49,466
490
Bank
OZK
23,711
30
BankUnited,
Inc.
1,392
797
Beazley
PLC
(United
Kingdom)
13,762
53
Bendigo
&
Adelaide
Bank
Ltd.
(Australia)
394
50
Berkshire
Hathaway,
Inc.,
Class
B*
23,724
6
Blackrock,
Inc.
6,281
487
BNP
Paribas
SA
(France)
52,824
1,230
BOC
Hong
Kong
Holdings
Ltd.
(China)
7,524
50
BOK
Financial
Corp.
6,402
1,111
Bridgepoint
Group
PLC
(United
Kingdom)
(a)
4,043
124
Bure
Equity
AB
(Sweden)
3,696
298
Cathay
General
Bancorp
17,183
2,986
Charles
Schwab
Corp.
(The)
260,827
230
Chesnara
PLC
(United
Kingdom)
1,001
23
Chubb
Ltd.
7,170
1,953
Citizens
Financial
Group,
Inc.
121,594
61
City
Holding
Co.
7,583
23
CME
Group,
Inc.
6,291
84
Coface
SA
(France)
1,465
677
Commerce
Bancshares,
Inc.
35,353
295
Conduit
Holdings
Ltd.
(Bermuda)
1,758
278
Cullen/Frost
Bankers,
Inc.
37,675
275
Dah
Sing
Financial
Holdings
Ltd.
(Hong
Kong)
1,489
125
DBS
Group
Holdings
Ltd.
(Singapore)
6,159
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
135
Definity
Financial
Corp.
(Canada)
$
6,473
2,134
Deutsche
Bank
AG
(Germany)
69,379
587
Deutsche
Pfandbriefbank
AG
(Germany)
(a)(b)
2,529
170
East
West
Bancorp,
Inc.
20,832
59
Eastern
Bankshares,
Inc.
1,164
274
Edenred
SE
(France)
7,463
168
Enterprise
Financial
Services
Corp.
10,183
92
Essent
Group
Ltd.
5,326
126
Eurazeo
SE
(France)
6,837
56
Evercore,
Inc.,
Class
A
19,088
182
Everest
Group
Ltd.
58,973
34
Federal
Agricultural
Mortgage
Corp.,
Class
C
6,045
334
Federated
Hermes,
Inc.
18,724
80
FIBI
Holdings
Ltd.
(Israel)
8,858
165
Figure
Technology
Solutions,
Inc.,
Class
A*
5,833
16
First
American
Financial
Corp.
1,060
23
First
Citizens
BancShares,
Inc.,
Class
A
45,782
433
First
Financial
Bancorp
13,319
568
First
Hawaiian,
Inc.
15,325
100
First
Horizon
Corp.
2,423
225
First
International
Bank
Of
Israel
Ltd.
(The)
(Israel)
19,246
260
First
Merchants
Corp.
10,478
299
flatexDEGIRO
SE
(Germany)
11,800
52
Flow
Traders
Ltd.
(Netherlands)*
1,505
339
Foresight
Group
Holdings
Ltd.
(United
Kingdom)
2,001
600
FWD
Group
Holdings
Ltd.
(Hong
Kong)*
2,309
123
Georgia
Capital
PLC
(Georgia)*
6,972
445
Gjensidige
Forsikring
ASA
(Norway)
12,307
375
Globe
Life,
Inc.
57,465
48
Hagerty,
Inc.,
Class
A*
491
20
Hancock
Whitney
Corp.
1,362
25
Hanover
Insurance
Group,
Inc.
(The)
4,655
52
Hartford
Insurance
Group,
Inc.
(The)
6,611
798
Helia
Group
Ltd.
(Australia)
2,773
90
Hippo
Holdings,
Inc.*
2,328
449
Hiscox
Ltd.
(United
Kingdom)
10,586
928
Home
BancShares,
Inc.
24,833
245
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Hong
Kong)
12,498
34
Houlihan
Lokey,
Inc.
4,816
19
Hypoport
SE
(Germany)*
1,928
397
ICG
PLC
(United
Kingdom)
9,991
440
IG
Group
Holdings
PLC
(United
Kingdom)
10,646
13
Independent
Bank
Corp.
1,028
2,566
Insurance
Australia
Group
Ltd.
(Australia)
14,142
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
1,083
IntegraFin
Holdings
PLC
(United
Kingdom)
$
4,942
253
International
Bancshares
Corp.
18,257
626
Investec
PLC
(United
Kingdom)
5,506
1,105
IP
Group
PLC
(United
Kingdom)*
1,029
220
Jack
Henry
&
Associates,
Inc.
29,990
18
Jackson
Financial,
Inc.,
Class
A
1,856
112
Janus
Henderson
Group
PLC
5,792
133
Jefferson
Capital,
Inc.
2,260
146
JTC
PLC
(Jersey)
(a)
2,594
125
Judo
Capital
Holdings
Ltd.
(Australia)*
140
444
Jupiter
Fund
Management
PLC
(United
Kingdom)
967
156
Jyske
Bank
A/S
(Denmark)
22,361
15
KBC
Ancora
(Belgium)
1,425
463
Kinnevik
AB,
Class
B
(Sweden)*
2,834
13
Kinsale
Capital
Group,
Inc.
3,962
141
Klarna
Group
PLC
(United
Kingdom)*
2,579
104
Lakeland
Financial
Corp.
6,306
1,310
Lancashire
Holdings
Ltd.
(United
Kingdom)
10,674
95
Lincoln
National
Corp.
3,353
126
Lion
Finance
Group
PLC
(Georgia)
18,869
4,570
Lloyds
Banking
Group
PLC
(United
Kingdom)
6,277
648
Loews
Corp.
67,100
1,500
Man
Group
PLC
(United
Kingdom)
5,556
261
Mandatum
OYJ
(Finland)
1,736
2
Markel
Group,
Inc.*
3,631
288
Mastercard,
Inc.,
Class
A
142,266
95
Merchants
Bancorp
4,478
43
Metropolitan
Bank
Holding
Corp.
3,849
241
MGIC
Investment
Corp.
6,078
30
Moelis
&
Co.,
Class
A
2,019
200
Molten
Ventures
PLC
(United
Kingdom)*
1,588
32
Mutares
SE
&
Co.
KGaA
(Germany)
1,042
142
NB
Bancorp,
Inc.
2,844
1,085
Nexi
SpA
(Italy)
(a)
4,444
272
Ninety
One
PLC
(United
Kingdom)
814
104
NMI
Holdings,
Inc.*
3,734
221
Nordnet
AB
publ
(Sweden)
7,731
72
Onex
Corp.
(Canada)
5,754
2,352
OSB
Group
PLC
(United
Kingdom)
16,375
63
Oscar
Health,
Inc.,
Class
A*
1,401
82
Pathward
Financial,
Inc.
6,744
181
Pinnacle
Financial
Partners,
Inc.
17,691
173
Pinnacle
Investment
Management
Group
Ltd.
(Australia)
1,917
7
Piper
Sandler
Cos.
549
95
Plus500
Ltd.
(Israel)
5,675
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
282
Pluxee
NV
(Brazil)
$
3,903
678
PNC
Financial
Services
Group,
Inc.
(The)
149,919
422
Polar
Capital
Holdings
PLC
(United
Kingdom)
4,778
298
Popular,
Inc.
(Puerto
Rico)
44,262
44
Preferred
Bank
4,216
155
Primerica,
Inc.
41,845
191
PROG
Holdings,
Inc.
7,023
36
Progressive
Corp.
(The)
6,854
176
Propel
Holdings,
Inc.
(Canada)
2,916
16
Prosperity
Bancshares,
Inc.
1,103
1,838
Quilter
PLC
(United
Kingdom)
(a)
4,806
98
Radian
Group,
Inc.
3,347
122
Rathbones
Group
PLC
(United
Kingdom)
3,256
176
Raymond
James
Financial,
Inc.
25,240
43
Regions
Financial
Corp.
1,204
14
Reinsurance
Group
of
America,
Inc.
2,810
13
RenaissanceRe
Holdings
Ltd.
(Bermuda)
3,645
20
Renasant
Corp.
814
92
Ringkjoebing
Landbobank
A/S
(Denmark)
22,640
16
Roko
AB
(Sweden)*
3,286
149
SCOR
SE
(France)
5,352
508
SEI
Investments
Co.
44,643
35
Selective
Insurance
Group,
Inc.
3,029
125
Sompo
Holdings,
Inc.
(Japan)
4,678
80
Southside
Bancshares,
Inc.
2,621
20
SouthState
Bank
Corp.
1,895
348
SpareBank
1
Nord
Norge
(Norway)
5,644
343
Sparebank
1
Oestlandet
(Norway)
7,331
747
SpareBank
1
SMN
(Norway)
15,529
330
StoneX
Group,
Inc.*
37,406
3,006
Svenska
Handelsbanken
AB,
Class
A
(Sweden)
44,423
336
Swiss
Re
AG
50,614
152
TBC
Bank
Group
PLC
(Georgia)
9,224
1,365
TP
ICAP
Group
PLC
(United
Kingdom)
5,623
23
Travelers
Cos.,
Inc.
(The)
6,713
176
Trisura
Group
Ltd.
(Canada)*
5,228
1,043
Unicaja
Banco
SA
(Spain)
(a)
3,498
208
UNIQA
Insurance
Group
AG
(Austria)
4,165
582
United
Bankshares,
Inc.
25,265
25
United
Community
Banks,
Inc.
824
256
United
Overseas
Bank
Ltd.
(Singapore)
7,547
73
Unum
Group
6,076
120
Valley
National
Bancorp
1,652
58
Van
Lanschot
Kempen
NV
(Netherlands)
4,508
3
Vaudoise
Assurances
Holding
SA
(Switzerland)
3,156
732
Webster
Financial
Corp.
53,231
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
20
Wendel
SE
(France)
$
2,025
110
Westamerica
BanCorp
6,104
5
White
Mountains
Insurance
Group
Ltd.
10,324
82
Wuestenrot
&
Wuerttembergische
AG
(Germany)
1,411
918
XPS
Pensions
Group
PLC
(United
Kingdom)
3,836
3,132,829
Health
Care
–
9.1%
65
10X
Genomics,
Inc.,
Class
A*
1,840
198
Abbott
Laboratories
16,949
708
AbbVie,
Inc.
154,146
119
ACADIA
Pharmaceuticals,
Inc.*
2,578
57
Addus
HomeCare
Corp.*
5,226
279
ADMA
Biologics,
Inc.*
2,226
620
Advanced
Medical
Solutions
Group
PLC
(United
Kingdom)
1,830
64
Agios
Pharmaceuticals,
Inc.*
1,882
35
Akero
Therapeutics,
Inc.*
(c)
23
38
Align
Technology,
Inc.*
6,648
108
ALK-Abello
A/S
(Denmark)
4,519
123
Alkermes
PLC*
5,189
113
Almirall
SA
(Spain)
1,501
572
Alnylam
Pharmaceuticals,
Inc.*
172,733
134
Amplifon
SpA
(Italy)
1,686
20
Apogee
Therapeutics,
Inc.*
1,643
52
Argenx
SE
(Netherlands)*
43,424
21
Arrowhead
Pharmaceuticals,
Inc.*
1,636
425
Asahi
Intecc
Co.
Ltd.
(Japan)
10,054
924
Astellas
Pharma,
Inc.
(Japan)
13,251
75
AtriCure,
Inc.*
2,075
425
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
6,515
625
Avantor,
Inc.*
5,700
109
Axsome
Therapeutics,
Inc.*
25,558
39
Bachem
Holding
AG
(Switzerland)
3,836
297
Bavarian
Nordic
A/S
(Denmark)*
8,691
50
Beam
Therapeutics,
Inc.*
1,647
19
Biogen,
Inc.*
3,724
24
Bio-Rad
Laboratories,
Inc.,
Class
A*
7,500
250
BoneSupport
Holding
AB
(Sweden)*
(a)
6,222
106
Boston
Scientific
Corp.*
5,121
703
Bridgebio
Pharma,
Inc.*
46,581
30
BrightSpring
Health
Services,
Inc.*
1,850
48
Bruker
Corp.
2,827
106
Carl
Zeiss
Meditec
AG
(Germany)
3,201
89
Catalyst
Pharmaceuticals,
Inc.*
2,779
50
Celldex
Therapeutics,
Inc.*
1,571
2,353
Centene
Corp.*
140,239
26
CG
oncology,
Inc.*
1,620
57
Chemed
Corp.
24,305
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
310
Clariane
SE
(France)*
$
1,514
454
Clover
Health
Investments
Corp.*
1,807
706
Coloplast
A/S,
Class
B
(Denmark)
43,632
1,984
Convatec
Group
PLC
(United
Kingdom)
(a)
5,408
83
Cooper
Cos.,
Inc.
(The)*
5,080
80
Corcept
Therapeutics,
Inc.*
5,559
72
CorVel
Corp.*
4,446
173
Craneware
PLC
(United
Kingdom)
3,507
23
CRISPR
Therapeutics
AG
(Switzerland)*
1,292
16
Cytokinetics,
Inc.*
1,228
86
Danaher
Corp.
15,710
113
DaVita,
Inc.*
21,963
584
DBV
Technologies
SA
(France)*
2,290
28
Definium
Therapeutics,
Inc.*
677
68
Denali
Therapeutics,
Inc.*
1,431
40
Dermapharm
Holding
SE
(Germany)
2,276
17
Dianthus
Therapeutics,
Inc.*
1,581
24
Disc
Medicine,
Inc.*
1,670
3
Dottikon
Es
Holding
AG
(Switzerland)*
1,190
80
Dyne
Therapeutics,
Inc.*
1,546
290
Eckert
&
Ziegler
SE
(Germany)
5,591
35
Edgewise
Therapeutics,
Inc.*
1,196
81
Edwards
Lifesciences
Corp.*
7,004
120
El.En.
SpA
(Italy)
2,234
88
Elanco
Animal
Health,
Inc.*
2,099
500
Eli
Lilly
&
Co.
552,500
205
Emeis
SA
(France)*
3,564
115
Encompass
Health
Corp.
12,173
293
Ensign
Group,
Inc.
(The)
49,121
84
Envista
Holdings
Corp.*
1,978
716
Evotec
SE
(Germany)*
4,412
201
Exelixis,
Inc.*
10,146
274
Fagron
(Belgium)
7,706
461
Galderma
Group
AG
(Switzerland)*
98,265
33
Genus
PLC
(United
Kingdom)
1,036
121
Gerresheimer
AG
(Germany)
(b)
3,841
28
Glaukos
Corp.*
2,894
75
Globus
Medical,
Inc.,
Class
A*
6,141
28
GRAIL,
Inc.*
2,007
767
Grifols
SA
(Spain)
8,306
577
Guardant
Health,
Inc.*
74,831
260
H
Lundbeck
A/S
(Denmark)
1,763
3,557
Haleon
PLC
16,144
586
Halozyme
Therapeutics,
Inc.*
38,992
253
Harmony
Biosciences
Holdings,
Inc.*
7,992
513
HCA
Healthcare,
Inc.
194,191
83
HealthEquity,
Inc.*
7,303
75
Henry
Schein,
Inc.*
5,744
608
Hikma
Pharmaceuticals
PLC
(United
Kingdom)
12,097
39
Hinge
Health,
Inc.,
Class
A*
2,192
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
30
Ideaya
Biosciences,
Inc.*
$
884
43
Immunome,
Inc.*
939
43
Immunovant,
Inc.*
1,432
195
Incyte
Corp.*
18,864
270
Inmode
Ltd.*
3,761
301
Innoviva,
Inc.*
6,447
40
Insulet
Corp.*
5,798
101
Intellia
Therapeutics,
Inc.*
1,421
41
Intuitive
Surgical,
Inc.*
17,410
209
Inventiva
SACA
(France)*
(a)
1,045
21
Ionis
Pharmaceuticals,
Inc.*
1,606
260
Jazz
Pharmaceuticals
PLC*
61,487
23
Kiniksa
Pharmaceuticals
International
PLC*
1,113
69
Krystal
Biotech,
Inc.*
21,323
20
Kymera
Therapeutics,
Inc.*
1,628
317
Lantheus
Holdings,
Inc.*
31,478
78
LeMaitre
Vascular,
Inc.
7,383
13
Ligand
Pharmaceuticals,
Inc.*
3,015
44
LivaNova
PLC*
3,247
13
Lonza
Group
AG
(Switzerland)
8,326
72
Madrigal
Pharmaceuticals,
Inc.*
35,803
14
Masimo
Corp.*
2,498
4
Medacta
Group
SA
(Switzerland)
(a)
733
73
Medcap
AB
(Sweden)*
4,032
53
Medincell
SA
(France)*
1,748
2
Medpace
Holdings,
Inc.*
894
38
Mineralys
Therapeutics,
Inc.*
1,197
172
Moderna,
Inc.*
8,117
19
Molina
Healthcare,
Inc.*
3,298
91
Nanobiotix
SA
(France)*
3,615
1,248
Nanosonics
Ltd.
(Australia)*
2,837
10
National
HealthCare
Corp.
1,844
116
Neogen
Corp.*
1,041
221
Neuren
Pharmaceuticals
Ltd.
(Australia)*
2,312
20
Neurocrine
Biosciences,
Inc.*
3,166
41
Newamsterdam
Pharma
Co.
NV
(Netherlands)*
1,381
25
Nuvalent,
Inc.,
Class
A*
2,760
30
Omnicell,
Inc.*
1,324
99
Organon
&
Co.
1,321
198
OXB
(United
Kingdom)*
1,676
1,466
Oxford
Nanopore
Technologies
PLC
(United
Kingdom)*
2,830
32
Penumbra,
Inc.*
10,186
31
Pharma
Mar
SA
(Spain)*
3,618
1,568
Pharming
Group
NV
(Netherlands)*
2,107
55
Pharvaris
NV
(Netherlands)*
1,659
13
Praxis
Precision
Medicines,
Inc.*
4,550
124
Pro
Medicus
Ltd.
(Australia)
11,800
116
Progyny,
Inc.*
2,965
35
Protagonist
Therapeutics,
Inc.*
3,485
225
Ramsay
Health
Care
Ltd.
(Australia)
6,004
15
Regeneron
Pharmaceuticals,
Inc.
9,222
123
Revvity,
Inc.
12,860
230
Roivant
Sciences
Ltd.*
6,898
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
35
Scholar
Rock
Holding
Corp.*
$
1,725
266
Schott
Pharma
AG
&
Co.
KGaA
(Germany)
5,649
157
Sectra
AB,
Class
B
(Sweden)
4,730
25
Siegfried
Holding
AG
(Switzerland)*
2,617
58
Solventum
Corp.*
4,347
2,446
Spire
Healthcare
Group
PLC
(United
Kingdom)
(a)
7,287
23
Spyre
Therapeutics,
Inc.*
1,691
29
STERIS
PLC
6,169
608
Takeda
Pharmaceutical
Co.
Ltd.
(Japan)
19,547
41
Tango
Therapeutics,
Inc.*
901
23
Tecan
Group
AG
(Switzerland)
4,574
23
Teleflex,
Inc.
2,959
711
TG
Therapeutics,
Inc.*
26,975
35
Twist
Bioscience
Corp.*
2,340
245
UCB
SA
(Belgium)
71,962
9
UFP
Technologies,
Inc.*
1,981
187
United
Therapeutics
Corp.*
104,125
134
Universal
Health
Services,
Inc.,
Class
B
19,579
655
Valneva
SE
(France)*
1,996
56
Vaxcyte,
Inc.*
2,878
45
Veeva
Systems,
Inc.,
Class
A*
7,845
55
Veracyte,
Inc.*
2,549
3
Vericel
Corp.*
100
46
Vertex
Pharmaceuticals,
Inc.*
20,587
348
Viatris,
Inc.
5,658
39
Viking
Therapeutics,
Inc.*
1,277
10
Virbac
SACA
(France)
4,184
13
West
Pharmaceutical
Services,
Inc.
4,197
83
Xenon
Pharmaceuticals,
Inc.
(Canada)*
4,543
24
Ypsomed
Holding
AG
(Switzerland)
10,763
95
Zealand
Pharma
A/S
(Denmark)*
4,819
2,736,758
Industrials
–
13.0%
61
A
O
Smith
Corp.
3,460
203
Aalberts
NV
(Netherlands)
9,296
28
AAON,
Inc.
3,926
10
AAR
Corp.*
1,126
155
ABM
Industries,
Inc.
6,054
33
Accelleron
Industries
AG
(Switzerland)
3,280
52
Ackermans
&
van
Haaren
NV
(Belgium)
16,493
2
Acuity,
Inc.
610
30
Advanced
Drainage
Systems,
Inc.
4,175
82
AECOM
5,688
25
AGCO
Corp.
2,807
189
Air
Canada
(Canada)*
3,028
96
Air
France-KLM
(France)*
1,315
25
Aker
ASA,
Class
A
(Norway)
3,373
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
37
Albany
International
Corp.,
Class
A
$
2,394
79
Allison
Transmission
Holdings,
Inc.
8,969
112
Amentum
Holdings,
Inc.*
2,602
15
American
Superconductor
Corp.*
764
146
ANDRITZ
AG
(Austria)
13,306
78
API
Group
Corp.*
3,198
19
Applied
Industrial
Technologies,
Inc.
5,772
75
AQ
Group
AB
(Sweden)
1,941
316
Arcadis
NV
(Netherlands)
12,906
94
ArcBest
Corp.
12,849
419
Archer
Aviation,
Inc.,
Class
A*
2,853
19
Arcosa,
Inc.
2,408
8
Argan,
Inc.
5,336
12
Armstrong
World
Industries,
Inc.
1,895
20
ATI,
Inc.*
3,503
40
ATS
Corp.
(Canada)*
1,238
1,980
Auckland
International
Airport
Ltd.
(New
Zealand)
9,803
2,453
Aurizon
Holdings
Ltd.
(Australia)
7,395
696
Automatic
Data
Processing,
Inc.
154,401
1,558
AutoStore
Holdings
Ltd.
(Norway)*
(a)
2,218
51
Avio
SpA
(Italy)
2,563
250
Avon
Technologies
PLC
(United
Kingdom)
5,843
532
Azelis
Group
NV
(Belgium)
6,118
10
AZZ,
Inc.
1,355
775
Balfour
Beatty
PLC
(United
Kingdom)
8,321
75
Befesa
SA
(Spain)
(a)
3,238
11
Bilfinger
SE
(Germany)
1,124
11
Blue
Bird
Corp.*
745
265
Bodycote
PLC
(United
Kingdom)
2,893
61
Boise
Cascade
Co.
4,253
56
Booz
Allen
Hamilton
Holding
Corp.
4,434
50
Brady
Corp.,
Class
A
4,304
1,205
Bravida
Holding
AB
(Sweden)
(a)
14,839
175
Bufab
AB
(Sweden)
2,225
76
Builders
FirstSource,
Inc.*
5,796
18
Burckhardt
Compression
Holding
AG
(Switzerland)
11,910
13
CACI
International,
Inc.,
Class
A*
6,676
1,371
Cadeler
A/S
(Denmark)*
8,811
1,923
Canadian
National
Railway
Co.
(Canada)
227,890
75
Canadian
Pacific
Kansas
City
Ltd.
(Canada)
6,702
70
Carel
Industries
SpA
(Italy)
(a)
2,545
24
Carpenter
Technology
Corp.
11,256
393
Centuri
Holdings,
Inc.*
12,081
213
Ceres
Power
Holdings
PLC
(United
Kingdom)*
2,425
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
68
Cewe
Stiftung
&
Co.
KGaA
(Germany)
$
8,142
10
Chart
Industries,
Inc.*
2,078
1,059
Chemring
Group
PLC
(United
Kingdom)
7,837
45
Clarkson
PLC
(United
Kingdom)
2,812
6
Clean
Harbors,
Inc.*
1,686
7,993
Cleanaway
Waste
Management
Ltd.
(Australia)
13,170
50
Construcciones
y
Auxiliar
de
Ferrocarriles
SA
(Spain)
3,641
2
Construction
Partners,
Inc.,
Class
A*
233
69
CoreCivic,
Inc.*
1,455
13
CSW
Industrials,
Inc.
3,601
25
D/S
Norden
A/S
(Denmark)
1,156
16
Danieli
&
C
Officine
Meccaniche
SpA
(Italy)
1,374
59
Danieli
&
C
Officine
Meccaniche
SpA
(Italy)
3,443
12
Deme
Group
NV
(Belgium)
2,596
71
Derichebourg
SA
(France)
840
275
Deutz
AG
(Germany)
3,360
240
Diploma
PLC
(United
Kingdom)
22,613
140
DiscoverIE
Group
PLC
(United
Kingdom)
1,442
263
DNOW,
Inc.*
3,364
77
Donaldson
Co.,
Inc.
6,304
20
Dover
Corp.
4,227
10
DSV
A/S
(Denmark)
2,513
139
Duerr
AG
(Germany)
3,382
8
Dycom
Industries,
Inc.*
4,080
71
Elecnor
SA
(Spain)
3,405
940
Electrolux
Professional
AB,
Class
B
(Sweden)
4,932
1,043
Element
Fleet
Management
Corp.
(Canada)
20,799
153
Elis
SA
(France)
(b)
4,842
3
EMCOR
Group,
Inc.
2,480
592
Enav
SpA
(Italy)
(a)
3,727
36
EnerSys
8,207
11
Enpro,
Inc.
3,377
14
ESCO
Technologies,
Inc.
4,087
15
Everus
Construction
Group,
Inc.*
2,232
10
Exail
Technologies
SA
(France)*
1,677
372
ExlService
Holdings,
Inc.*
10,799
178
Exosens
SAS
(France)
14,156
417
Experian
PLC
14,463
47
Federal
Signal
Corp.
5,015
428
FedEx
Corp.
176,229
70
Finning
International,
Inc.
(Canada)
5,291
32
Firefly
Aerospace,
Inc.*
1,488
530
Firstgroup
PLC
(United
Kingdom)
1,223
110
Flowserve
Corp.
8,306
44
FLSmidth
&
Co.
A/S
(Denmark)
3,459
110
Flughafen
Zurich
AG
(Switzerland)
33,365
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
69
Fluor
Corp.*
$
3,157
455
Forgent
Power
Solutions,
Inc.*
24,870
73
Fortive
Corp.
4,257
51
Franklin
Electric
Co.,
Inc.
5,017
47
Fraport
AG
Frankfurt
Airport
Services
Worldwide
(Germany)
3,952
178
FTI
Consulting,
Inc.*
27,266
229
Fugro
NV
(Netherlands)
3,030
200
Fujikura
Ltd.
(Japan)
5,994
106
Gates
Industrial
Corp.
PLC*
2,748
10
GATX
Corp.
1,691
595
GE
Vernova,
Inc.
576,150
18
Generac
Holdings,
Inc.*
5,002
750
General
Dynamics
Corp.
260,115
93
GEO
Group,
Inc.
(The)*
2,108
133
Georg
Fischer
AG
(Switzerland)
7,391
680
GFL
Environmental,
Inc.
22,835
3,223
Grab
Holdings
Ltd.,
Class
A
(Singapore)*
11,409
15
Granite
Construction,
Inc.
2,053
359
Hayward
Holdings,
Inc.*
5,065
58
Healthcare
Services
Group,
Inc.*
1,195
12
Herc
Holdings,
Inc.
1,596
275
Hexcel
Corp.
24,692
74
Hiab
OYJ
(Finland)
4,655
100
Hitachi
Ltd.
(Japan)
3,245
85
Hoegh
Autoliners
ASA
(Norway)
1,261
1,251
Howden
Joinery
Group
PLC
(United
Kingdom)
12,951
40
Hub
Group,
Inc.,
Class
A
1,662
5
Huber
+
Suhner
AG
(Switzerland)
1,705
11
Huntington
Ingalls
Industries,
Inc.
3,390
618
Husqvarna
AB,
Class
B
(Sweden)
2,905
1
ID
Logistics
Group
SACA
(France)*
448
5
IES
Holdings,
Inc.*
3,392
84
IMCD
NV
(Netherlands)
8,659
459
IMI
PLC
(United
Kingdom)
17,213
29
Indus
Holding
AG
(Germany)*
1,022
79
Ingersoll
Rand,
Inc.
5,660
18
Innodata,
Inc.*
1,890
400
Instalco
AB
(Sweden)
1,677
27
INVISIO
AB
(Sweden)
815
433
Inwido
AB
(Sweden)
6,790
344
ISS
A/S
(Denmark)
14,170
667
ITM
Power
PLC
(United
Kingdom)*
1,748
60
ITT,
Inc.
11,700
27
JBT
Marel
Corp.
3,629
139
Joby
Aviation,
Inc.*
1,654
430
Johnson
Controls
International
PLC
57,646
2,907
Johnson
Service
Group
PLC
(United
Kingdom)
5,991
50
JOST
Werke
SE
(Germany)
(a)
3,448
10
Kadant,
Inc.
3,192
20
Kalmar
OYJ,
Class
B
(Finland)
1,039
273
Kanematsu
Corp.
(Japan)
3,700
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
100
Keller
Group
PLC
(United
Kingdom)
$
3,192
36
Kennametal,
Inc.
1,181
384
KION
Group
AG
(Germany)
19,650
10
Kirby
Corp.*
1,406
735
Knight-Swift
Transportation
Holdings,
Inc.
55,588
138
Konecranes
OYJ
(Finland)
4,564
579
Kongsberg
Maritime
AS
(Norway)*
3,656
474
Koninklijke
BAM
Groep
NV
(Netherlands)
6,162
55
Koninklijke
Heijmans
N.V
(Netherlands)
6,829
149
Korn
Ferry
10,427
71
Krones
AG
(Germany)*
9,810
14
Landstar
System,
Inc.
2,897
88
Leonardo
DRS,
Inc.
4,291
1,242
Leonardo
SpA
(Italy)
78,874
6
Lincoln
Electric
Holdings,
Inc.
1,551
405
Lindab
International
AB
(Sweden)
6,294
24
LISI
SA
(France)
1,896
819
Lockheed
Martin
Corp.
434,439
159
Logista
Integral
SA
(Spain)
6,219
102
Loomis
AB
(Sweden)
5,040
186
Lyft,
Inc.,
Class
A*
2,624
261
Maire
SpA
(Italy)
4,459
334
Maximus,
Inc.
20,685
23
McGrath
RentCorp
2,507
73
MDA
Space
Ltd.
(Canada)*
3,258
25
Mercury
Systems,
Inc.*
2,793
179
Metlen
Energy
&
Metals
PLC
(Greece)*
8,669
1,844
Metso
Oyj
(Finland)
35,247
22
Middleby
Corp.
(The)*
3,410
93
Mildef
Group
AB
(Sweden)
1,873
3,912
Mitie
Group
PLC
(United
Kingdom)
9,418
24
Modine
Manufacturing
Co.*
6,694
8
Moog,
Inc.,
Class
A
2,880
703
Morgan
Advanced
Materials
PLC
(United
Kingdom)
2,180
103
Morgan
Sindall
Group
PLC
(United
Kingdom)
6,306
1,320
MPC
Container
Ships
ASA
(Norway)
3,456
34
MSA
Safety,
Inc.
5,637
25
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
2,737
59
Mueller
Industries,
Inc.
7,587
165
Munters
Group
AB
(Sweden)
(a)
3,463
8
MYR
Group,
Inc.*
3,720
38
Nexans
SA
(France)
7,024
90
Nextpower,
Inc.,
Class
A*
14,076
68
NKT
A/S
(Denmark)*
10,883
241
Nordex
SE
(Germany)*
11,643
179
NuScale
Power
Corp.*
2,268
45
nVent
Electric
PLC
7,515
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
45
Oesterreichische
Post
AG
(Austria)
$
1,694
38
OPENLANE,
Inc.*
1,448
6
Oshkosh
Corp.
780
72
Owens
Corning
9,059
78
Palfinger
AG
(Austria)
3,186
81
Parsons
Corp.*
4,787
63
Paycom
Software,
Inc.
8,799
68
Paylocity
Holding
Corp.*
7,815
172
Peab
AB,
Class
B
(Sweden)
1,691
88
Pentair
PLC
6,234
15
Per
Aarsleff
Holding
A/S
(Denmark)
1,717
6
Pfisterer
Holding
SE
(Germany)*
728
105
Planet
Labs
PBC*
5,370
33
Plejd
AB
(Sweden)*
3,860
28
Porr
AG
(Austria)
1,323
15
Powell
Industries,
Inc.
4,266
1,316
QinetiQ
Group
PLC
(United
Kingdom)
8,932
148
QXO,
Inc.*
(b)
2,553
157
R&S
Group
Holding
AG
(Switzerland)*
5,285
294
Randstad
NV
(Netherlands)
9,037
13
RBC
Bearings,
Inc.*
7,435
92
Redwire
Corp.*
2,260
22
Regal
Rexnord
Corp.
4,439
507
Renew
Holdings
PLC
(United
Kingdom)
6,185
34
RENK
Group
AG
(Germany)
2,256
72
Rheinmetall
AG
(Germany)
108,672
203
Robert
Half,
Inc.
5,976
1,642
Rosebank
Industries
PLC*
7,680
2,022
RS
GROUP
PLC
(United
Kingdom)
18,179
25
Rush
Enterprises,
Inc.,
Class
A
1,733
40
Russel
Metals,
Inc.
(Canada)
1,813
53
RXO,
Inc.*
1,356
20
Ryder
System,
Inc.
5,017
1,423
Sacyr
SA
(Spain)
7,725
14
Saia,
Inc.*
6,613
255
Schneider
National,
Inc.,
Class
B
9,012
60
Science
Applications
International
Corp.
6,252
94
Sdiptech
AB,
Class
B
(Sweden)*
2,498
900
Seatrium
Ltd.
(Singapore)
1,496
480
Senior
PLC
(United
Kingdom)
1,860
70
Sensata
Technologies
Holding
PLC
3,457
2,071
Serco
Group
PLC
(United
Kingdom)
7,370
108
Shoals
Technologies
Group,
Inc.,
Class
A*
1,345
43
Signify
NV
(a)
1,045
44
Simpson
Manufacturing
Co.,
Inc.
8,349
1,950
Singapore
Technologies
Engineering
Ltd.
(Singapore)
17,400
21
Sixt
SE
(Germany)
1,875
38
SMA
Solar
Technology
AG
(Germany)*
2,916
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,182
Smiths
Group
PLC
(United
Kingdom)
$
39,258
21
Snap-on,
Inc.
7,795
35
Societe
BIC
SA
(France)*
2,385
209
SPIE
SA
(France)
11,926
23
SPX
Technologies,
Inc.*
4,983
62
Stanley
Black
&
Decker,
Inc.
4,924
60
Stantec,
Inc.
(Canada)
4,537
15
Sterling
Infrastructure,
Inc.*
12,913
2,525
Storskogen
Group
AB,
Class
B
(Sweden)
2,531
65
Sunrun,
Inc.*
1,087
35
Symbotic,
Inc.*
1,625
685
Techtronic
Industries
Co.
Ltd.
(Hong
Kong)
10,165
86
Teleperformance
SE
(France)
(b)
6,327
43
Terex
Corp.
2,502
525
Time
Interconnect
Technology
Ltd.
(Hong
Kong)
1,287
29
Timken
Co.
(The)
3,711
38
TKH
Group
NV
(Netherlands)
2,044
47
Tkms
AG&
Co.
KGaA
(Germany)*
4,624
12
Toro
Co.
(The)
1,079
141
Trex
Co.,
Inc.*
5,837
26
Tutor
Perini
Corp.
1,859
43
U-Haul
Holding
Co.
2,237
15
UniFirst
Corp.
3,981
189
Union
Pacific
Corp.
49,639
6
Valmont
Industries,
Inc.
3,119
121
VAT
Group
AG
(Switzerland)
(a)
94,589
1,184
Verisure
PLC
(United
Kingdom)*
15,792
300
Vesuvius
PLC
(United
Kingdom)
1,877
10
Vicor
Corp.*
3,348
208
Volex
PLC
(United
Kingdom)
1,949
1,144
Volution
Group
PLC
(United
Kingdom)
9,468
20
VSE
Corp.
3,703
65
Wacker
Neuson
SE
(Germany)
1,446
107
Wallenius
Wilhelmsen
ASA
(Norway)
1,375
21
Watts
Water
Technologies,
Inc.,
Class
A
6,489
271
Werner
Enterprises,
Inc.
11,249
19
WESCO
International,
Inc.
6,862
13
Westinghouse
Air
Brake
Technologies
Corp.
3,395
17
Wilh
Wilhelmsen
Holding
ASA,
Class
A
(Norway)
1,279
836
WillScot
Holdings
Corp.
21,510
26
Woodward,
Inc.
9,101
58
Worthington
Enterprises,
Inc.
3,293
52
Xylem,
Inc.
5,696
300
Yangzijiang
Shipbuilding
Holdings
Ltd.
(China)
856
100
Yaskawa
Electric
Corp.
(Japan)
4,528
350
Zigup
PLC
(United
Kingdom)
2,213
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
102
Zurn
Elkay
Water
Solutions
Corp.
$
4,794
3,911,430
Information
Technology
–
27.1%
33
Abaxx
Technologies,
Inc.
(Canada)*
1,389
69
Accenture
PLC,
Class
A
12,908
60
ACI
Worldwide,
Inc.*
2,620
50
ACM
Research,
Inc.,
Class
A*
4,328
473
Addnode
Group
AB
(Sweden)
2,387
106
Adeia,
Inc.
2,832
1,294
Adobe,
Inc.*
335,418
23
Advanced
Energy
Industries,
Inc.
6,950
1,814
Advanced
Micro
Devices,
Inc.*
936,205
25
Advantest
Corp.
(Japan)
4,110
10
Aehr
Test
Systems*
923
19
Agilysys,
Inc.*
1,645
325
AIXTRON
SE
(Germany)
22,088
95
Akamai
Technologies,
Inc.*
14,206
1,794
Alfa
Financial
Software
Holdings
PLC
(United
Kingdom)
(a)
3,845
402
Alkami
Technology,
Inc.*
7,304
590
Allegro
MicroSystems,
Inc.
(Japan)*
28,243
3
ALSO
Holding
AG
(Switzerland)
712
72
Alten
SA
(France)
5,461
19
Ambarella,
Inc.*
1,371
115
Amkor
Technology,
Inc.
7,999
39
Analog
Devices,
Inc.
16,140
17
Appfolio,
Inc.,
Class
A*
2,740
328
Apple,
Inc.
102,356
130
Applied
Digital
Corp.*
6,146
1,238
Applied
Materials,
Inc.
557,174
47
Applied
Optoelectronics,
Inc.*
7,445
99
Arista
Networks,
Inc.*
15,788
35
Arrow
Electronics,
Inc.*
7,512
101
ASML
Holding
NV
(Netherlands)
163,215
44
Astera
Labs,
Inc.*
15,085
1,103
Aurora
Innovation,
Inc.*
8,096
368
Avnet,
Inc.
31,990
20
Axcelis
Technologies,
Inc.*
3,008
39
AXT,
Inc.*
4,023
5
Bel
Fuse,
Inc.,
Class
B
1,373
35
Benchmark
Electronics,
Inc.
2,956
357
BigBear.ai
Holdings,
Inc.*
1,799
70
Bittium
OYJ
(Finland)
3,218
954
BlackBerry
Ltd.
(Canada)*
8,560
135
Box,
Inc.,
Class
A*
3,640
89
Braze,
Inc.,
Class
A*
2,281
1,459
Broadcom,
Inc.
651,837
184
CANCOM
SE
(Germany)
6,077
98
Capgemini
SE
(France)*
11,659
299
Celestica,
Inc.
(Canada)*
115,691
126
CGI,
Inc.
(Canada)
8,806
102
Check
Point
Software
Technologies
Ltd.
(Israel)*
13,775
665
Ciena
Corp.*
385,853
233
Cipher
Digital
Inc*
5,510
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
706
Circle
Internet
Group,
Inc.*
$
79,778
48
Cirrus
Logic,
Inc.*
8,158
261
Citizen
Watch
Co.
Ltd.
(Japan)
3,796
149
Cleanspark,
Inc.*
2,725
81
Clear
Secure,
Inc.,
Class
A
4,491
321
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
7,813
151
Cognex
Corp.
9,943
45
Cohu,
Inc.*
2,374
33
Comet
Holding
AG
(Switzerland)
15,677
42
Commvault
Systems,
Inc.*
4,988
321
Computacenter
PLC
(United
Kingdom)
19,263
128
Core
Scientific,
Inc.*
3,437
5
Credo
Technology
Group
Holding
Ltd.*
1,180
11
Crowdstrike
Holdings,
Inc.,
Class
A*
8,041
25
CTS
Corp.
1,605
9
Datadog,
Inc.,
Class
A*
2,226
69
Descartes
Systems
Group,
Inc.
(The)
(Canada)*
5,096
35
Digi
International,
Inc.*
2,338
35
DigitalOcean
Holdings,
Inc.*
5,458
45
Diodes,
Inc.*
4,739
204
Docusign,
Inc.*
10,714
95
Dropbox,
Inc.,
Class
A*
2,554
254
D-Wave
Quantum,
Inc.
(Canada)*
7,656
295
Dynatrace,
Inc.*
12,564
56
Elastic
NV*
3,623
23
Elmos
Semiconductor
SE
(Germany)
4,853
75
Enphase
Energy,
Inc.*
5,127
25
ePlus,
Inc.
2,052
3
F5,
Inc.*
1,150
23
Fabrinet
(Thailand)*
15,046
110
Fair
Isaac
Corp.*
137,565
620
Fastly,
Inc.,
Class
A*
11,014
95
Figma,
Inc.,
Class
A*
2,423
11
First
Solar,
Inc.*
3,375
70
FormFactor,
Inc.*
8,721
291
Freshworks,
Inc.,
Class
A*
2,826
39
Gartner,
Inc.*
6,326
189
GFT
Technologies
SE
(Germany)
4,874
139
Gitlab,
Inc.,
Class
A*
4,316
75
GoDaddy,
Inc.,
Class
A*
6,437
69
Guidewire
Software,
Inc.*
10,534
1,639
Halma
PLC
(United
Kingdom)
103,439
100
Harmonic,
Inc.*
1,511
100
HMS
Networks
AB
(Sweden)
5,827
41
HubSpot,
Inc.*
9,046
85
Hut
8
Corp.*
10,611
33
Ichor
Holdings
Ltd.*
2,360
10
Impinj,
Inc.*
1,510
15
Inficon
Holding
AG
(Switzerland)
3,129
1,146
Infineon
Technologies
AG
(Germany)
108,471
311
Intel
Corp.*
35,665
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
15
Intuit,
Inc.
$
4,973
141
IONOS
Group
SE
(Germany)*
4,630
21
IonQ,
Inc.*
1,513
20
IPG
Photonics
Corp.*
2,290
41
Ituran
Location
and
Control
Ltd.
(Israel)
2,688
235
Jenoptik
AG
(Germany)
12,615
71
JFrog
Ltd.*
5,643
31
Kainos
Group
PLC
(United
Kingdom)
364
549
Keel
Infrastructure
Corp.*
3,129
62
Kinaxis,
Inc.
(Canada)*
7,061
613
Kitron
ASA
(Norway)
7,587
80
Knowles
Corp.*
2,993
62
Kontron
AG
(Austria)
1,683
50
Kulicke
&
Soffa
Industries,
Inc.
(Singapore)
5,095
500
Kyocera
Corp.
(Japan)
10,940
938
Lagercrantz
Group
AB,
Class
B
(Sweden)
25,946
19
Landis+Gyr
Group
AG
(Switzerland)*
1,230
33
Lasertec
Corp.
(Japan)
8,319
115
Lattice
Semiconductor
Corp.*
16,914
53
Life360,
Inc.*
2,252
224
Lightspeed
Commerce,
Inc.
(Canada)*
2,163
74
Lightwave
Logic,
Inc.*
804
1,710
LINK
Mobility
Group
Holding
ASA
(Norway)*
5,047
23
Littelfuse,
Inc.
10,738
141
LiveRamp
Holdings,
Inc.*
5,296
56
MACOM
Technology
Solutions
Holdings,
Inc.*
20,420
53
Manhattan
Associates,
Inc.*
7,953
333
MARA
Holdings,
Inc.*
4,789
2,689
Marvell
Technology,
Inc.
551,245
70
MaxLinear,
Inc.*
6,505
138
Micron
Technology,
Inc.
133,998
1,179
Microsoft
Corp.
530,833
40
MKS,
Inc.
12,970
4
Monolithic
Power
Systems,
Inc.
6,265
373
Mycronic
AB
(Sweden)
12,038
126
Navitas
Semiconductor
Corp.*
3,352
465
NCAB
Group
AB
(Sweden)
4,125
219
Netcompany
Group
A/S
(Denmark)*
(a)
11,743
75
NetScout
Systems,
Inc.*
3,122
94
Next
Vision
Stabilized
Systems
Ltd.
(Israel)
10,059
271
Nice
Ltd.
(Israel)*
24,176
40
nLight,
Inc.*
2,965
127
NORBIT
ASA
(Norway)
2,572
153
Nordic
Semiconductor
ASA
(Norway)*
3,320
20
Novanta,
Inc.*
3,187
176
Nutanix,
Inc.,
Class
A*
9,164
818
NVIDIA
Corp.
172,713
36
Okta,
Inc.*
4,438
200
Omron
Corp.
(Japan)
7,217
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
41
ON
Semiconductor
Corp.*
$
4,945
287
Ondas,
Inc.*
(b)
3,794
296
One
Software
Technologies
Ltd.
(Israel)
7,014
45
Onto
Innovation,
Inc.*
11,621
245
Open
Text
Corp.
(Canada)
5,830
34
Ouster,
Inc.*
1,566
156
Oxford
Instruments
PLC
(United
Kingdom)
6,893
4,025
Palantir
Technologies,
Inc.,
Class
A*
630,074
56
Palo
Alto
Networks,
Inc.*
15,775
26
PDF
Solutions,
Inc.*
1,270
65
Photronics,
Inc.*
2,103
92
Planisware
SA
(France)
2,102
25
Plexus
Corp.*
6,709
50
Power
Integrations,
Inc.
4,200
102
Procore
Technologies,
Inc.*
5,048
23
PTC,
Inc.*
3,191
23
Qnity
Electronics,
Inc.
3,588
49
Qorvo,
Inc.*
5,074
150
QT
Group
OYJ
(Finland)*
5,157
28
Qualys,
Inc.*
3,060
69
Quantum
Computing,
Inc.*
(b)
825
105
Ralliant
Corp.
6,496
84
Rambus,
Inc.*
12,219
28
Renishaw
PLC
(United
Kingdom)
2,000
132
Reply
SpA
(Italy)
15,850
217
Rigetti
Computing,
Inc.*
5,542
94
RingCentral,
Inc.,
Class
A
4,071
290
Riot
Platforms,
Inc.*
7,862
15
Rogers
Corp.*
2,123
49
Rubrik,
Inc.,
Class
A*
3,853
2,050
Sage
Group
PLC
(The)
(United
Kingdom)
23,278
15
Salesforce,
Inc.
2,867
111
Sandisk
Corp.*
188,143
248
Sanmina
Corp.*
64,413
477
SAP
SE
(Germany)
86,423
51
ScanSource,
Inc.*
2,360
9
Secunet
Security
Networks
AG
(Germany)*
2,185
45
Semtech
Corp.*
6,864
1,579
SentinelOne,
Inc.,
Class
A*
26,132
74
ServiceNow,
Inc.*
9,203
34
Sesa
SpA
(Italy)
3,851
299
Shopify,
Inc.,
Class
A
(Canada)*
35,686
30
Silicon
Laboratories,
Inc.*
6,528
35
Siltronic
AG
(Germany)*
4,276
2,062
Sinch
AB*
(a)
8,839
19
SiTime
Corp.*
13,494
711
Sivers
Semiconductors
AB
(Sweden)*
5,309
100
Skyworks
Solutions,
Inc.
7,785
566
Softcat
PLC
(United
Kingdom)
13,252
268
Softwareone
Holding
AG
(Germany)*
2,871
34
SOITEC
(France)*
7,045
31
SolarEdge
Technologies,
Inc.*
2,367
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
26
Sopra
Steria
Group
(France)
$
4,521
249
SoundHound
AI,
Inc.,
Class
A*
(b)
2,241
54
SPS
Commerce,
Inc.*
3,065
2,645
STMicroelectronics
NV
(Singapore)
181,954
54
Strategy,
Inc.*
8,591
55
SUSS
MicroTec
SE
(Germany)
5,914
25
Synaptics,
Inc.*
3,432
8
Synopsys,
Inc.*
3,805
40
TD
SYNNEX
Corp.
10,451
868
TeamViewer
SE
(Germany)*
(a)
5,976
313
Technology
One
Ltd.
(Australia)
6,720
4
Teledyne
Technologies,
Inc.*
2,479
61
Temenos
AG
(Switzerland)
5,274
110
Tenable
Holdings,
Inc.*
3,105
109
Teradata
Corp.*
3,711
725
Teradyne,
Inc.
271,375
170
Terawulf,
Inc.*
4,345
275
Tieto
OYJ
(Finland)
6,624
521
Tower
Semiconductor
Ltd.
(Israel)*
149,733
61
TTM
Technologies,
Inc.*
10,597
20
Twilio,
Inc.,
Class
A*
3,813
313
UiPath,
Inc.,
Class
A*
3,668
21
Ultra
Clean
Holdings,
Inc.*
1,797
142
Unity
Software,
Inc.*
4,327
368
Varonis
Systems,
Inc.*
12,567
28
Veeco
Instruments,
Inc.*
1,614
389
VeriSign,
Inc.
111,013
75
Viasat,
Inc.*
6,047
135
Viavi
Solutions,
Inc.*
6,556
100
Vishay
Intertechnology,
Inc.
5,205
91
Vitec
Software
Group
AB,
Class
B
(Sweden)
2,572
17
Vusion
(France)
2,662
79
Wiit
SpA
(Italy)
3,162
110
WiseTech
Global
Ltd.
(Australia)
2,850
32
Workday,
Inc.,
Class
A*
4,678
80
Xero
Ltd.
(New
Zealand)*
4,327
16
Zebra
Technologies
Corp.,
Class
A*
3,898
172
Zeta
Global
Holdings
Corp.,
Class
A*
3,937
54
Zoom
Communications,
Inc.*
5,486
8,203,342
Materials
–
3.7%
278
Acerinox
SA
5,142
75
Air
Liquide
SA
(France)
15,586
32
Albemarle
Corp.
5,645
104
Alcoa
Corp.
8,075
6
Alzchem
Group
AG
(Germany)
1,318
95
AMG
Critical
Materials
NV
(Netherlands)
4,669
56
APERAM
SA
(Luxembourg)
3,336
595
ArcelorMittal
(Luxembourg)
41,188
58
Arkema
SA
(France)
4,122
28
Aurubis
AG
(Germany)
7,064
24
Avient
Corp.
850
90
Axalta
Coating
Systems
Ltd.*
2,769
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
8
Balchem
Corp.
$
1,254
7,531
Barrick
Mining
Corp.
(Canada)
322,004
668
BlueScope
Steel
Ltd.
(Australia)
15,246
15
Cabot
Corp.
1,313
45
Celanese
Corp.
2,391
285
Clariant
AG
(Switzerland)*
2,927
193
Cleveland-Cliffs,
Inc.*
2,625
57
Commercial
Metals
Co.
4,335
569
Constellium
SE*
19,494
240
Corbion
NV
(Netherlands)
5,641
34
Corteva,
Inc.
2,662
68
Crown
Holdings,
Inc.
6,465
34
Eagle
Materials,
Inc.
7,520
45
Eastman
Chemical
Co.
3,414
400
Ecolab,
Inc.
102,400
70
Element
Solutions,
Inc.
2,970
233
Endeavour
Mining
PLC
(Ivory
Coast)
14,429
365
Evolution
Mining
Ltd.
(Australia)
3,188
11,951
Glencore
PLC
(Australia)*
91,469
445
Graphic
Packaging
Holding
Co.
5,011
172
Hecla
Mining
Co.
3,056
1,898
Hudbay
Minerals,
Inc.
(Canada)
55,539
384
Huhtamaki
OYJ
(Finland)
12,278
375
JX
Advanced
Metals
Corp.
(Japan)
9,255
148
K+S
AG
(Germany)
2,558
270
Kemira
OYJ
(Finland)
5,621
16
Knife
River
Corp.*
1,256
700
Kuraray
Co.
Ltd.
(Japan)
7,214
9
LANXESS
AG
(Germany)
173
39
Louisiana-Pacific
Corp.
2,979
976
Lynas
Rare
Earths
Ltd.
(Australia)*
13,476
696
Mitsubishi
Chemical
Group
Corp.
(Japan)
5,015
26
MP
Materials
Corp.*
1,682
456
Navigator
Co.
SA
(The)
(Portugal)
1,810
38
NewMarket
Corp.
29,396
171
Newmont
Corp.
18,778
3,416
Norsk
Hydro
ASA
(Norway)
41,871
9
Nucor
Corp.
2,250
356
OCI
NV
(Netherlands)*
1,554
98
Outokumpu
OYJ
(Finland)
682
7,344
Pan
African
Resources
PLC
(South
Africa)
13,631
2
Robertet
SA
(France)
1,937
34
Royal
Gold,
Inc.
7,632
409
SIG
Group
AG
(Switzerland)*
6,323
110
SOL
SpA
(Italy)
7,253
49
Solstice
Advanced
Materials,
Inc.
4,127
64
Sonoco
Products
Co.
3,116
198
SSAB
AB,
Class
B
(Sweden)
2,041
402
Steel
Dynamics,
Inc.
104,580
100
Sumitomo
Bakelite
Co.
Ltd.
(Japan)
4,334
460
thyssenkrupp
AG
(Germany)
6,305
84
Umicore
SA
(Belgium)
2,478
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
44
Vicat
SACA
(France)
$
3,250
94
Vidrala
SA
(Spain)
8,435
295
voestalpine
AG
(Austria)
16,662
16
Wacker
Chemie
AG
(Germany)*
1,854
25
Warrior
Met
Coal,
Inc.
2,364
1,129,287
Real
Estate
–
3.4%
240
American
Assets
Trust,
Inc.
REIT
5,592
13
ARGAN
SA
REIT
(France)
928
1,045
British
Land
Co.
PLC
(The)
REIT
(United
Kingdom)
5,708
4,921
CapitaLand
Ascendas
REIT
(Singapore)
9,646
65
Carmila
SA
REIT
(France)
1,265
185
CK
Asset
Holdings
Ltd.
(Hong
Kong)
1,118
414
Colonial
SFL
Socimi
SA
REIT
(Spain)
2,773
400
Hongkong
Land
Holdings
Ltd.
(Hong
Kong)
3,048
3,259
Host
Hotels
&
Resorts,
Inc.
REIT
74,892
57
ICADE
REIT
(France)*
1,401
4,516
International
Workplace
Group
PLC
(Switzerland)
11,517
28
Invincible
Investment
Corp.
REIT
(Japan)
10,782
3,964
LondonMetric
Property
PLC
REIT
(United
Kingdom)
10,136
96
Mercialys
SA
REIT
(France)
1,329
190
Merlin
Properties
Socimi
SA
REIT
(Spain)
3,352
763
Millrose
Properties,
Inc.
REIT
21,532
2,390
PRS
REIT
PLC
(The)
REIT
(United
Kingdom)
(c)
—
3,898
Realty
Income
Corp.
REIT
238,869
635
Sun
Hung
Kai
Properties
Ltd.
(Hong
Kong)
10,671
928
Suntec
Real
Estate
Investment
Trust
REIT
(Singapore)
1,070
3,577
Tritax
Big
Box
REIT
PLC
REIT
(United
Kingdom)
7,266
1,446
UDR,
Inc.
REIT
53,357
5,422
VICI
Properties,
Inc.
REIT
153,009
1,487
Welltower,
Inc.
REIT
305,326
3,491
Weyerhaeuser
Co.
REIT
85,564
1,020,151
Utilities
–
0.5%
759
Capital
Power
Corp.
(Canada)
38,921
376
Enagas
SA
(Spain)
7,468
23
Grenergy
Renovables
SA
(Spain)*
3,301
264
Iberdrola
SA
(Spain)
6,008
248
Solaria
Energia
y
Medio
Ambiente
SA
(Spain)*
6,801
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
3,813
United
Utilities
Group
PLC
(United
Kingdom)
$
69,078
131,577
TOTAL
COMMON
STOCKS
(Cost
$21,035,748)
24,056,842
Shares
Description
Dividend
Rate
Value
aa
Preferred
Stocks
–
0.0%
Chemicals
–
0.0%
168
FUCHS
SE
3.13
%
7,705
Ground
Transportation
–
0.0%
106
Sixt
SE
4.26
7,855
Health
Care
Equipment
&
Supplies
–
0.0%
25
Draegerwerk
AG
&
Co.
KGaA
2.48
2,678
TOTAL
PREFERRED
STOCKS
(Cost
$16,660)
18,238
Units
Description
Expiration
Month
Value
aa
Right
–
0.0%
Consumer
Discretionary
–
0.0%
668
Electrolux
AB*
(Cost
$1,069)
06/26
893
Shares
Dividend
Rate
Value
aa
Investment
Company
–
18.3%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
5,537,864
3.532%
5,537,864
(Cost
$5,537,864)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$26,591,341)
29,613,837
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(d)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
84,357
3.532%
84,357
(Cost
$84,357)
TOTAL
INVESTMENTS
–
98.3%
(Cost
$26,675,698)
$
29,698,194
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
1.7%
500,614
NET
ASSETS
–
100.0%
$
30,198,808
  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.
Goldman
Sachs
MSCI
World
Private
Equity
Return
Tracker
ETF
Schedule
of
Investments
(continued)
May
31,2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
(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
LP
—
Limited
Partnership
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
OVER
THE
COUNTER
TOTAL
RETURN
SWAP
CONTRACTS
Reference
Obligation/Index
Financing
Rate
Received
(Paid)
by
the
Fund
Counterparty
Termination
Date
(a)
Notional
Amount
(000's)
Upfront
Premium
(Received)
Paid
Unrealized
Appreciation/
(Depreciation)*
MXWLPERT
4.120%
JPMorgan
Chase
11/18/2026
$
8,778
$
–
$
1,708,493
MXWLPERT
4.030%
BNP
Paribas
06/02/2027
2,814
–
320,632
MXWSPERT
4.130%
BNP
Paribas
06/02/2027
2,115
–
(142,216)
MXWSPERT
4.259%
JPMorgan
Chase
11/18/2026
5,171
–
(655,982)
TOTAL
$
1,230,927
*
There
are
no
upfront
payments
on
the
swap
contracts,
therefore
the
unrealized
gain
(loss)
on
the
swap
contracts
is
equal
to
their
market
value.
(a)
The
Fund
pays/receives
annual
coupon
payments
in
accordance
with
the
swap
contract.
On
the
termination
date
of
the
swap
contract(s),
the
Fund
will
either
receive
from
or
pay
to
the
counterparty
an
amount
equal
to
the
net
of
the
accrued
financing
fees
and
the
value
of
the
reference
security
subtracted
from
the
original
notional
cost
(notional
multiplied
by
the
price
change
of
the
reference
security,
converted
to
U.S.
Dollars).
Goldman
Sachs
Small
Cap
Equity
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.8%
Communication
Services
–
0.9%
154,371
Lionsgate
Studios
Corp.*
$
2,215,224
Consumer
Discretionary
–
10.6%
17,342
Boot
Barn
Holdings,
Inc.*
2,945,886
12,125
Brinker
International,
Inc.*
1,726,357
127,892
Callaway
Golf
Co.*
1,969,537
15,996
Five
Below,
Inc.*
3,636,851
33,589
Kontoor
Brands,
Inc.
2,410,682
86,455
Life
Time
Group
Holdings,
Inc.*
2,859,931
93,549
Lindblad
Expeditions
Holdings,
Inc.*
2,146,950
26,065
Ollie's
Bargain
Outlet
Holdings,
Inc.*
2,127,686
24,266
Patrick
Industries,
Inc.
2,196,558
46,612
Taylor
Morrison
Home
Corp.*
2,726,802
27,795
Urban
Outfitters,
Inc.*
2,019,307
26,766,547
Consumer
Staples
–
1.6%
27,114
Chefs'
Warehouse,
Inc.
(The)*
2,075,305
22,591
Freshpet,
Inc.*
1,165,696
31,094
Yesway,
Inc.,
Class
A*
699,615
3,940,616
Energy
–
3.9%
54,292
Archrock,
Inc.
1,818,239
38,022
Cactus,
Inc.,
Class
A
2,206,797
16,485
Chord
Energy
Corp.
2,173,877
53,969
Liberty
Energy,
Inc.
1,579,133
44,695
Seadrill
Ltd.
(Norway)*
2,108,263
9,886,309
Financials
–
16.1%
99,536
Columbia
Banking
System,
Inc.
2,950,247
56,886
First
Merchants
Corp.
2,292,506
78,494
Glacier
Bancorp,
Inc.
3,732,390
11,667
Hanover
Insurance
Group,
Inc.
(The)
2,172,395
47,984
Jefferson
Capital,
Inc.
815,248
18,131
Nicolet
Bankshares,
Inc.
2,543,235
82,149
NMI
Holdings,
Inc.*
2,949,149
25,874
PennyMac
Financial
Services,
Inc.
2,170,052
144,718
Perella
Weinberg
Partners
2,483,361
57,950
Piper
Sandler
Cos.
4,543,860
79,131
Renasant
Corp.
3,222,214
65,414
Skyward
Specialty
Insurance
Group,
Inc.*
2,886,066
28,987
SouthState
Bank
Corp.
2,746,518
187,366
Valley
National
Bancorp
2,580,030
75,429
WesBanco,
Inc.
2,613,615
40,700,886
Health
Care
–
13.5%
84,787
10X
Genomics,
Inc.,
Class
A*
2,399,896
68,988
Acadia
Healthcare
Co.,
Inc.*
1,600,522
77,412
Alkermes
PLC*
3,266,012
27,974
Bridgebio
Pharma,
Inc.*
1,853,557
70,926
Definium
Therapeutics,
Inc.*
1,715,700
25,370
Glaukos
Corp.*
2,621,990
17,555
iRhythm
Holdings,
Inc.*
1,999,514
8,688
Krystal
Biotech,
Inc.*
2,684,853
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
11,355
Ligand
Pharmaceuticals,
Inc.*
$
2,633,906
12,645
Repligen
Corp.*
1,567,348
14,907
REVOLUTION
Medicines,
Inc.*
2,347,554
14,505
Rhythm
Pharmaceuticals,
Inc.*
1,281,082
11,214
Spyre
Therapeutics,
Inc.*
824,229
32,167
Supernus
Pharmaceuticals,
Inc.*
1,485,472
47,397
Veracyte,
Inc.*
2,196,377
89,895
Waystar
Holding
Corp.*
1,789,809
34,036
Xenon
Pharmaceuticals,
Inc.
(Canada)*
1,862,790
34,130,611
Industrials
–
19.4%
66,284
Alliance
Laundry
Holdings,
Inc.*
1,673,671
59,892
Amentum
Holdings,
Inc.*
1,391,291
23,887
ArcBest
Corp.
3,265,114
23,040
Arcosa,
Inc.
2,920,320
12,434
Enpro,
Inc.
3,817,114
12,316
ESCO
Technologies,
Inc.
3,595,040
26,777
Franklin
Electric
Co.,
Inc.
2,634,321
102,673
Gates
Industrial
Corp.
PLC*
2,661,284
19,924
Granite
Construction,
Inc.
2,726,400
39,119
Mercury
Systems,
Inc.*
4,369,592
15,213
Moog,
Inc.,
Class
A
5,476,224
7,601
MYR
Group,
Inc.*
3,534,921
26,043
Proto
Labs,
Inc.*
1,973,018
38,418
Sensata
Technologies
Holding
PLC
1,897,465
13,146
Standex
International
Corp.
3,641,574
57,943
Terex
Corp.
3,371,124
48,948,473
Information
Technology
–
21.7%
67,606
A10
Networks,
Inc.
2,037,645
10,989
Advanced
Energy
Industries,
Inc.
3,320,656
111,644
Allegro
MicroSystems,
Inc.
(Japan)*
5,344,398
58,125
Braze,
Inc.,
Class
A*
1,489,744
78,998
Cohu,
Inc.*
4,167,145
28,312
DigitalOcean
Holdings,
Inc.*
4,415,256
80,847
Extreme
Networks,
Inc.*
2,143,254
32,560
FormFactor,
Inc.*
4,056,650
35,830
Intapp,
Inc.*
827,315
38,633
JFrog
Ltd.*
3,070,551
56,306
Knowles
Corp.*
2,106,408
5,532
Littelfuse,
Inc.
2,582,725
99,690
nCino,
Inc.*
1,603,015
26,455
nLight,
Inc.*
1,960,845
15,729
Onto
Innovation,
Inc.*
4,061,857
140,252
SailPoint,
Inc.*
2,640,945
33,745
Semtech
Corp.*
5,147,462
68,785
Veeco
Instruments,
Inc.*
3,964,767
54,940,638
Materials
–
6.5%
98,465
Coeur
Mining,
Inc.
1,902,344
43,984
Commercial
Metals
Co.
3,344,983
69,155
Constellium
SE*
2,369,250
59,901
Element
Solutions,
Inc.
2,541,599
32,246
HB
Fuller
Co.
2,066,324
29,221
Ingevity
Corp.*
1,981,768
Goldman
Sachs
Small
Cap
Equity
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
26,143
Solstice
Advanced
Materials,
Inc.
$
2,202,025
16,408,293
Real
Estate
–
2.6%
79,315
COPT
Defense
Properties
REIT
2,542,839
59,720
Terreno
Realty
Corp.
REIT
3,923,007
6,465,846
Utilities
–
3.0%
19,465
IDACORP,
Inc.
2,730,355
24,409
Southwest
Gas
Holdings,
Inc.
2,104,300
33,161
Spire,
Inc.
2,727,824
7,562,479
TOTAL
COMMON
STOCKS
(Cost
$214,528,168)
251,965,922
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.2%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
621,402
3.532%
621,402
(Cost
$621,402)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$215,149,570)
$
252,587,324
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
74,799
NET
ASSETS
–
100.0%
$
252,662,123
  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
Equity
ETFs
Schedule
of
Investments
May
31,
2026
(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
(“Valuation
Procedures)”,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
GSAM
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
Rule
2a-5
under
the
Act
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
financial
statements
at
SEC.gov.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange
traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
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.
ii.
Swap
Contracts
—
Bilateral
swap
contracts
are
agreements
in
which
a
Portfolio
and
a
counterparty
agree
to
exchange
periodic
payments
on
a
specified
notional
amount
or
make
a
net
payment
upon
termination.
Bilateral
swap
transactions
are
privately
negotiated
in
the
OTC
market
and
payments
are
settled
through
direct
payments
between
a
Portfolio
and
the
counterparty.
By
contrast,
certain
swap
transactions
are
subject
to
mandatory
central
clearing.
These
swaps
are
executed
through
a
derivatives
clearing
member
(“DCM”),
acting
in
an
agency
capacity,
and
submitted
to
a
central
counterparty
(“CCP”)
(“centrally
cleared
swaps”),
in
which
case
all
payments
are
settled
with
the
CCP
through
the
DCM.
Swaps
are
marked-to-market
daily
using
pricing
vendor
quotations,
counterparty
or
clearinghouse
prices
or
model
prices,
and
the
change
in
value,
if
any,
is
recorded
as
an
unrealized
gain
or
loss.
Upon
entering
into
a
swap
contract,
a
Portfolio
is
required
to
satisfy
an
initial
margin
requirement
by
delivering
cash
or
securities
to
the
counterparty
(or
in
some
cases,
segregated
in
a
triparty
account
on
behalf
of
the
counterparty),
which
can
be
adjusted
by
any
mark-to-market
gains
or
losses
pursuant
to
bilateral
or
centrally
cleared
arrangements.
For
centrally
cleared
swaps
the
daily
change
in
valuation,
if
any,
is
recorded
as
a
receivable
or
payable
for
variation
margin.
A
Total
Return
swap
is
an
agreement
that
gives
the
Portfolio
the
right
to
receive
or
pay
the
appreciation
or
depreciation,
as
applicable,
in
the
value
of
a
specified
security,
an
index,
a
basket
of
securities
or
indices
or
other
instrument
in
return
for
a
fee
paid
to
the
counterparty,
which
will
typically
be
an
agreed
upon
interest
rate.
If
the
underlying
asset
declines
in
value
over
the
term
of
the
swap,
the
Portfolio
may
also
be
required
to
pay
the
dollar
value
of
that
decline
to
the
counterparty.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2026:
(a)
Enhanced
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
48,722
$
—
$
—
Asia
2,873,130
—
—
Europe
5,657,244
81,818
—
North
America
703,382
—
—
Oceania
899,369
—
—
South
America
27,113
—
—
Investment
Company
4,188
—
—
Total
$
10,213,148
$
81,818
$
—
€
1.00
€
1.00
€
1.00
(a)
Equal
Weight
U.S.
Large
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
3,499,756
$
—
$
—
Europe
13,696,283
—
—
North
America
1,751,697,364
—
—
Investment
Company
2,430,930
—
—
Total
$
1,771,324,333
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Hedge
Industry
VIP
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
11,245,425
$
—
$
—
Europe
24,252,253
—
—
North
America
508,671,219
—
—
South
America
23,616,430
—
—
Investment
Company
989,260
—
—
Total
$
568,774,587
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
India
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
151,847,694
$
—
$
—
North
America
2,258,472
—
—
Investment
Company
1,243,588
—
—
Total
$
155,349,754
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Liabilities
Futures
Contracts
(b)
$
(4,097)
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Innovate
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
29,364,925
$
—
$
—
Europe
17,045,976
—
—
North
America
163,127,272
—
—
Oceania
881,869
—
—
South
America
1,952,684
—
—
Securities
Lending
Reinvestment
Vehicle
5,735,193
—
—
Total
$
218,107,919
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
JUST
U.S.
Large
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
North
America
$
561,427,637
$
—
$
—
Investment
Company
1,152,846
—
—
Securities
Lending
Reinvestment
Vehicle
80,177
—
—
Total
$
562,660,660
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
MSCI
World
Private
Equity
Return
Tracker
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
56,077
$
—
$
—
Asia
886,398
—
—
Europe
4,325,237
19,131
—
North
America
18,513,113
—
23
Oceania
272,091
—
—
South
America
3,903
—
—
Investment
Company
5,537,864
—
—
Securities
Lending
Reinvestment
Vehicle
84,357
—
—
Total
$
29,679,040
$
19,131
$
23
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
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
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Total
Return
Swap
Contracts
(b)
$
—
$
2,029,125
$
—
€
1.00
€
1.00
€
1.00
Liabilities
Total
Return
Swap
Contracts
(b)
$
—
$
(798,199)
$
—
€
1.00
€
1.00
€
1.00
(a)
Small
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
5,344,398
$
—
$
—
Europe
2,108,263
—
—
North
America
244,513,261
—
—
Investment
Company
621,402
—
—
Total
$
252,587,324
$
—
$
—
€
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
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements,
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
(each
Fund
except
India
Equity
ETF
and
Small
Cap
Equity
ETF)
—
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.
Index
Risk
(each
Fund
except
India
Equity
ETF
and
Small
Cap
Equity
ETF)
—
GSAM,
JUST
Capital
Foundation,
Inc.
and
Solactive
AG
(the
“Index
Providers”)
construct
the
respective
Fund’s
Index
in
accordance
with
a
rules-based
methodology.
A
Fund
will
be
negatively
affected
by
general
declines
in
the
securities
and
asset
classes
represented
in
its
Index.
In
addition,
because
the
Funds
are
not
“actively”
managed,
unless
a
specific
security
is
removed
from
an
Index,
a
Fund
generally
would
not
sell
a
security
because
the
security’s
issuer
was
in
financial
trouble.
Market
disruptions
and
regulatory
restrictions
could
have
an
adverse
effect
on
a
Fund’s
ability
to
adjust
its
exposure
to
the
required
levels
in
order
to
track
the
Index.
A
Fund
also
does
not
attempt
to
take
defensive
positions
under
any
market
conditions,
including
declining
markets.
Therefore,
a
Fund’s
performance
could
be
lower
than
funds
that
may
actively
shift
their
portfolio
assets
to
take
advantage
of
market
opportunities
or
to
lessen
the
impact
of
a
market
decline
or
a
decline
in
the
value
of
one
or
more
issuers.
When
the
Index
is
rebalanced
and
a
Fund
in
turn
rebalances
its
portfolio
to
attempt
to
increase
the
correlation
between
the
Fund’s
portfolio
and
the
Index,
any
transaction
costs
and
market
exposure
arising
from
such
portfolio
rebalancing
may
be
borne
directly
by
the
Fund
and
its
shareholders.
The
Index
Providers
may
utilize
third
party
data
in
constructing
each
Index,
but
not
guarantee
the
accuracy
or
availability
of
such
third
party
data.
Errors
in
index
data,
index
computation
or
the
construction
of
an
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and
corrected
by
the
Index
Providers
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
applicable
Fund
and
its
shareholders.
In
addition,
neither
a
Fund,
the
Investment
Adviser,
the
Calculation
Agent
nor
the
Index
Providers
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
The
Index
Providers
may
delay
or
change
a
scheduled
rebalancing
or
reconstitution
of
an
Index
or
the
implementation
of
certain
rules
at
its
sole
discretion.
In
such
circumstances,
a
Fund,
in
replicating
the
composition
of
its
Index,
may
have
more
or
less
exposure
to
a
particular
sector
or
individual
company
than
had
the
Index
been
constructed
in
accordance
with
its
stated
methodology.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Industry
Concentration
Risk
(each
Fund
except
India
Equity
ETF
and
Small
Cap
Equity
ETF)
—
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.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
growth,
value
or
quantitative)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
Cboe
or
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
(except
India
Equity
ETF
and
Small
Cap
Equity
ETF)
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Equity
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Non-Diversification
Risk
—
The
India
Equity
ETF
and
Small
Cap
Equity
ETF
are
non-diversified,
meaning
that
each
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
funds.
Thus,
each
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
The
JUST
U.S.
Large
Cap
Equity
ETF
is
classified
as
“diversified”;
however,
the
Fund
may
become
“non-diversified”
to
the
extent
its
Index
is
non-diversified
and
thus
may
invest
a
larger
percentage
of
its
assets
in
fewer
issuers
than
diversified
funds.
Stock
Risk
—
Stock
prices
have
historically
risen
and
fallen
in
periodic
cycles.
U.S.
and
foreign
stock
markets
have
experienced
periods
of
substantial
price
volatility
in
the
past
and
may
do
so
again
in
the
future.
Tracking
Error
Risk
(each
Fund
except
India
Equity
ETF
and
Small
Cap
Equity
ETF)
—
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.
Valuation
Risk
—
The
sale
price
the
Fund
could
receive
for
a
security
may
differ
from
the
Fund’s
valuation
of
the
security,
particularly
for
securities
that
trade
in
low
volume
or
volatile
markets
or
that
are
valued
using
a
fair
value
methodology.
The
Fund
relies
on
various
sources
to
calculate
its
NAV.
The
information
may
be
provided
by
third
parties
that
are
believed
to
be
reliable,
but
the
information
may
not
be
accurate
due
to
errors
by
such
pricing
sources,
technological
issues
or
otherwise.
NAV
calculation
may
also
be
impacted
by
operational
risks
arising
from
factors
such
as
failures
in
systems
and
technology.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)