GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
96.8%
Argentina
–
0.1%
849
Vista
Energy
SAB
de
CV
ADR
(Energy)*
$
62,996
Australia
–
0.0%
5,195
Yancoal
Australia
Ltd.
(Energy)
25,305
Brazil
–
2.6%
47,585
Ambev
SA
(Consumer
Staples)
153,530
12,495
Axia
Energia
SA
(Utilities)
129,515
56,687
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
184,915
15,588
Banco
Bradesco
SA
(Financials)
47,767
12,655
Banco
BTG
Pactual
SA
(Financials)
134,476
13,966
Banco
do
Brasil
SA
(Financials)
56,050
2,775
Banco
Santander
Brasil
SA
(Financials)
14,900
7,239
BB
Seguridade
Participacoes
SA
(Financials)
50,662
6,734
Caixa
Seguridade
Participacoes
SA
(Financials)
23,577
25,928
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
143,268
19,839
Cia
Paranaense
de
Energia
(Utilities)
57,107
2,005
CPFL
Energia
SA
(Utilities)
17,199
7,506
Embraer
SA
(Industrials)
108,891
3,575
Energisa
SA
(Utilities)
33,926
7,220
Eneva
SA
(Utilities)*
36,584
2,744
Engie
Brasil
Energia
SA
(Utilities)
17,956
12,846
Equatorial
SA
(Utilities)
97,903
5,482
Itau
Unibanco
Holding
SA
(Financials)
43,416
5,735
Klabin
SA
(Materials)
18,901
7,016
Localiza
Rent
a
Car
SA
(Industrials)
58,284
10,752
Motiva
Infraestrutura
de
Mobilidade
SA
(Industrials)
29,993
40,385
NU
Holdings
Ltd.,
Class
A
(Financials)*
530,255
39,961
Petroleo
Brasileiro
SA
-
Petrobras
(Energy)
369,178
2,047
Porto
Seguro
SA
(Financials)
19,551
8,751
PRIO
SA
(Energy)*
107,696
11,721
Raia
Drogasil
SA
(Consumer
Staples)
43,309
7,188
Rede
D’Or
Sao
Luiz
SA
(Health
Care)
(a)
48,344
6,528
Rumo
SA
(Industrials)
17,707
2,521
StoneCo
Ltd.,
Class
A
(Financials)
28,865
5,822
Suzano
SA
(Materials)
48,239
8,729
Telefonica
Brasil
SA
(Communication
Services)
58,364
8,633
TIM
SA
(Communication
Services)
37,378
6,498
TOTVS
SA
(Information
Technology)
42,483
Shares
Description
Value
a
Common
Stocks
–
(continued)
Brazil
–
(continued)
8,280
Ultrapar
Participacoes
SA
(Consumer
Discretionary)
$
42,348
40,937
Vale
SA
(Materials)
670,278
12,862
Vibra
Energia
SA
(Consumer
Discretionary)
75,648
16,020
WEG
SA
(Industrials)
139,671
3,660
XP,
Inc.,
Class
A
(Financials)
61,012
3,799,146
Chile
–
0.5%
529,781
Banco
de
Chile
(Financials)
99,808
975
Banco
de
Credito
e
Inversiones
SA
(Financials)
65,790
819,575
Banco
Santander
Chile
(Financials)
64,465
19,085
Cencosud
SA
(Consumer
Staples)
45,013
8,317
Cencosud
Shopping
SA
(Real
Estate)
22,691
22,567
Empresas
CMPC
SA
(Materials)
27,031
6,413
Empresas
Copec
SA
(Consumer
Discretionary)
45,567
33,261
Enel
Americas
SA
(Utilities)
2,915
404,284
Enel
Chile
SA
(Utilities)
35,116
15,545
Falabella
SA
(Consumer
Discretionary)
99,564
4,169,724
Latam
Airlines
Group
SA
(Industrials)
112,918
5,248
Plaza
SA
(Real
Estate)
22,880
3,150
Quinenco
SA
(Industrials)
13,804
657,562
China
–
21.3%
5,104
360
Security
Technology,
Inc.,
Class
A
(Information
Technology)
7,624
3,164
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
8,985
20,471
3SBio,
Inc.
(Health
Care)*
(a)
48,321
7,590
AAC
Technologies
Holdings,
Inc.
(Information
Technology)
44,064
560
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
16,892
160
ACM
Research
Shanghai,
Inc.,
Class
A
(Information
Technology)
5,420
696
Advanced
Micro-Fabrication
Equipment
Inc
China,
Class
A
(Information
Technology)
30,635
583
AECC
Aero-Engine
Control
Co.
Ltd.,
Class
A
(Industrials)
1,650
1,652
AECC
Aviation
Power
Co.
Ltd.,
Class
A
(Industrials)
10,144
52,019
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
48,623
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
332,057
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
$
244,465
6,820
Aier
Eye
Hospital
Group
Co.
Ltd.,
Class
A
(Health
Care)
9,199
7,126
Air
China
Ltd.,
Class
A
(Industrials)*
7,177
29,494
Air
China
Ltd.,
Class
H
(Industrials)*
18,252
2,031
Airtac
International
Group
(Industrials)
90,770
7,675
Aisino
Corp.,
Class
A
(Information
Technology)
8,377
6,340
Akeso
,
Inc.
(Health
Care)*
(a)
95,536
192,263
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)
2,965,856
664
All
Winner
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,402
8,547
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
14,436
41,218
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
57,325
285
Amlogic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
4,464
1,523
An
Hui
Wenergy
Co.
Ltd.,
Class
A
(Utilities)
2,207
320
Andon
Health
Co.
Ltd.,
Class
A
(Health
Care)
3,611
31,073
Angang
Steel
Co.
Ltd.,
Class
A
(Materials)*
9,375
17,502
Angang
Steel
Co.
Ltd.,
Class
H
(Materials)*
2,814
590
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,194
311
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
927
19,482
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
47,304
2,927
Anhui
Expressway
Co.
Ltd.,
Class
A
(Industrials)
7,286
4,585
Anhui
Expressway
Co.
Ltd.,
Class
H
(Industrials)
9,483
955
Anhui
Gujing
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
13,140
1,440
Anhui
Jianghuai
Automobile
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)*
7,884
585
Anhui
Tongguan
Copper
Foil
Group
Co.
Ltd.,
Class
A
(Materials)
9,863
4,781
Anhui
Zhongding
Sealing
Parts
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
14,969
195
Anji
Microelectronics
Technology
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
8,197
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
145
Anjoy
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
2,137
878
Anjoy
Foods
Group
Co.
Ltd.,
Class
H
(Consumer
Staples)
9,315
310
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,764
13,792
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
133,390
673
Apeloa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
1,653
180
APT
Medical,
Inc.,
Class
A
(Health
Care)
5,473
560
Asia
-
Potash
International
Investment
Guangzhou
Co.
Ltd.,
Class
A
(Materials)*
3,669
275
ASR
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
4,327
143
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
A
(Health
Care)
2,483
283
Asymchem
Laboratories
Tianjin
Co.
Ltd.,
Class
H
(Health
Care)
(a)
3,322
709
Atour
Lifestyle
Holdings
Ltd.
ADR
(Consumer
Discretionary)
24,347
1,158
Avary
Holding
Shenzhen
Co.
Ltd.,
Class
A
(Information
Technology)
17,985
327
AVIC
Chengdu
UAS
Co.
Ltd.,
Class
A
(Industrials)
2,147
12,701
AviChina
Industry
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
5,072
3,529
BAIC
BluePark
New
Energy
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
3,189
5,534
BAIC
Foton
Motor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
2,398
23,230
Baidu,
Inc.,
Class
A
(Communication
Services)*
385,319
223
Baimtec
Material
Co.
Ltd.,
Class
A
(Industrials)
1,714
4,092
Baiyin
Nonferrous
Group
Co.
Ltd.,
Class
A
(Materials)
3,795
14,731
Bank
of
Beijing
Co.
Ltd.,
Class
A
(Financials)
11,089
2,797
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
3,930
2,986
Bank
of
Chengdu
Co.
Ltd.,
Class
A
(Financials)
8,214
28,001
Bank
of
China
Ltd.,
Class
A
(Financials)
24,268
720,439
Bank
of
China
Ltd.,
Class
H
(Financials)
478,920
1,401
Bank
of
Chongqing
Co.
Ltd.,
Class
A
(Financials)
2,491
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
5,277
Bank
of
Chongqing
Co.
Ltd.,
Class
H
(Financials)
$
5,427
28,929
Bank
of
Communications
Co.
Ltd.,
Class
A
(Financials)
28,495
80,274
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
74,770
2,387
Bank
of
Guiyang
Co.
Ltd.,
Class
A
(Financials)
2,093
4,529
Bank
of
Hangzhou
Co.
Ltd.,
Class
A
(Financials)
10,724
13,772
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
22,996
8,076
Bank
of
Nanjing
Co.
Ltd.,
Class
A
(Financials)
12,876
5,362
Bank
of
Ningbo
Co.
Ltd.,
Class
A
(Financials)
24,608
8,500
Bank
of
Qingdao
Co.
Ltd.,
Class
H
(Financials)*
(a)
4,870
10,791
Bank
of
Shanghai
Co.
Ltd.,
Class
A
(Financials)
14,412
2,387
Bank
of
Suzhou
Co.
Ltd.,
Class
A
(Financials)
2,877
5,405
Bank
of
Zhengzhou
Co.
Ltd.,
Class
A
(Financials)
1,415
14,957
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
13,339
6,276
BBMG
Corp.,
Class
A
(Materials)
1,476
106,558
BBMG
Corp.,
Class
H
(Materials)*
9,653
4,879
Beibuwan
Port
Co.
Ltd.,
Class
A
(Industrials)
9,792
4,892
Beijing
Capital
Eco-
Environment
Protection
Group
Co.
Ltd.,
Class
A
(Utilities)
2,279
345
Beijing
Compass
Technology
Development
Co.
Ltd.,
Class
A
(Financials)
4,687
145
Beijing
Easpring
Material
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,191
1,884
Beijing
Enlight
Media
Co.
Ltd.,
Class
A
(Communication
Services)
3,553
8,969
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
35,270
67,778
Beijing
Enterprises
Water
Group
Ltd.
(Utilities)
23,523
874
Beijing
Geekplus
Technology
Co.
Ltd.,
Class
H
(Industrials)*
1,642
160
Beijing
Huafeng
Test
&
Control
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
9,419
3,929
Beijing
Jingneng
Power
Co.
Ltd.,
Class
A
(Utilities)
5,451
492
Beijing
Kingsoft
Office
Software,
Inc.,
Class
A
(Information
Technology)
17,355
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
811
Beijing
New
Building
Materials
PLC,
Class
A
(Industrials)
$
2,747
565
Beijing
Roborock
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
8,568
1,209
Beijing
Shiji
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,472
1,658
Beijing
Shougang
Co.
Ltd.,
Class
A
(Materials)
885
1,196
Beijing
Sinnet
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,416
904
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
3,429
7,521
Beijing
Ultrapower
Software
Co.
Ltd.,
Class
A
(Information
Technology)
8,787
1,641
Beijing
Wantai
Biological
Pharmacy
Enterprise
Co.
Ltd.,
Class
A
(Health
Care)*
8,412
1,763
Beijing
Yanjing
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,330
29,033
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
21,555
47
Bestechnic
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
1,159
2,754
Bethel
Automotive
Safety
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
13,071
1,024
Betta
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
7,978
3,107
Bilibili
,
Inc.,
Class
Z
(Communication
Services)*
54,034
494
Biocytogen
Pharmaceuticals
Beijing
Co.
Ltd.,
Class
A
(Health
Care)*
8,008
298
Biwin
Storage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
14,428
2,471
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
6,103
3,640
BOC
Aviation
Ltd.
(Industrials)
(a)
35,530
38,912
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
238,018
1,658
BOC
International
China
Co.
Ltd.,
Class
A
(Financials)
2,795
25,211
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
19,053
4,703
BTG
Hotels
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
9,181
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,597
BYD
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
51,166
38,049
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
443,243
10,731
C&D
International
Investment
Group
Ltd.
(Real
Estate)
21,606
12,836
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
14,903
4,004
CALB
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)*
(a)
14,928
479
Cambricon
Technologies
Corp.
Ltd.,
Class
A
(Information
Technology)
92,804
570
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)*
7,058
880
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
1,895
572
Cathay
Biotech,
Inc.,
Class
A
(Materials)
3,403
39,692
CCOOP
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
10,214
2,729
CECEP
Solar
Energy
Co.
Ltd.,
Class
A
(Utilities)
2,450
4,086
CECEP
Wind-Power
Corp.,
Class
A
(Utilities)
3,046
3,867
CETC
Cyberspace
Security
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,093
29,272
CGN
Mining
Co.
Ltd.
(Energy)
11,989
10,897
CGN
Power
Co.
Ltd.,
Class
A
(Utilities)
7,381
116,389
CGN
Power
Co.
Ltd.,
Class
H
(Utilities)
(a)
46,036
890
Changchun
High-Tech
Industry
Group
Co.
Ltd.,
Class
A
(Health
Care)
9,684
4,080
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
4,906
633
Changzhou
Xingyu
Automotive
Lighting
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
11,890
1,141
Chaozhou
Three-Circle
Group
Co.
Ltd.,
Class
A
(Information
Technology)
21,732
258
Chengdu
Hi-tech
Development
Co.
Ltd.,
Class
A
(Real
Estate)
2,323
2,089
Chengdu
Xingrong
Environment
Co.
Ltd.,
Class
A
(Utilities)
2,166
781
Chengxin
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)*
5,250
5,269
Chery
Automobile
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(b)
18,448
1,040
Chifeng
Jilong
Gold
Mining
Group
Ltd.,
Class
A
(Materials)
5,133
1,959
Chifeng
Jilong
Gold
Mining
Group
Ltd.,
Class
H
(Materials)
7,664
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
59,442
China
Cinda
Asset
Management
Co.
Ltd.,
Class
H
(Financials)
(b)
$
7,964
4,330
China
CITIC
Bank
Corp.
Ltd.,
Class
A
(Financials)
4,752
85,784
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
79,792
142,755
China
CITIC
Financial
Asset
Management
Co.,
Ltd.,
Class
H
(Financials)*
(a)
12,022
2,410
China
Coal
Energy
Co.
Ltd.,
Class
A
(Energy)
5,589
20,267
China
Coal
Energy
Co.
Ltd.,
Class
H
(Energy)
32,686
1,763
China
Coal
Xinji
Energy
Co.
Ltd.,
Class
A
(Energy)
2,673
28,278
China
Communications
Services
Corp.
Ltd.,
Class
H
(Industrials)
14,901
14,166
China
Construction
Bank
Corp.,
Class
A
(Financials)
20,867
1,012,257
China
Construction
Bank
Corp.,
Class
H
(Financials)
1,096,545
4,990
China
CSSC
Holdings
Ltd.,
Class
A
(Industrials)
27,587
11,782
China
Eastern
Airlines
Corp.
Ltd.,
Class
A
(Industrials)*
7,650
19,343
China
Eastern
Airlines
Corp.
Ltd.,
Class
H
(Industrials)*
9,379
23,225
China
Energy
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
9,927
73,516
China
Energy
Engineering
Corp.
Ltd.,
Class
H
(Industrials)
(b)
11,725
22,929
China
Enterprise
Co.
Ltd.,
Class
A
(Real
Estate)*
8,240
31,401
China
Everbright
Bank
Co.
Ltd.,
Class
A
(Financials)
14,397
83,410
China
Everbright
Bank
Co.
Ltd.,
Class
H
(Financials)
32,460
39,966
China
Everbright
Environment
Group
Ltd.
(Industrials)
27,180
37,580
China
Feihe
Ltd.
(Consumer
Staples)
(a)
14,673
1,040
China
Film
Group
Co.
Ltd.,
Class
A
(Communication
Services)
2,227
4,649
China
First
Heavy
Industries
Co.
Ltd.,
Class
A
(Industrials)*
2,565
4,414
China
Galaxy
Securities
Co.
Ltd.,
Class
A
(Financials)
8,017
36,948
China
Galaxy
Securities
Co.
Ltd.,
Class
H
(Financials)
36,583
2,670
China
Gold
International
Resources
Corp.
Ltd.
(Materials)
51,169
1,658
China
Great
Wall
Securities
Co.
Ltd.,
Class
A
(Financials)
2,084
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,251
China
Greatwall
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
$
5,926
2,969
China
Hainan
Rubber
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
2,801
33,579
China
Hongqiao
Group
Ltd.
(Materials)
120,050
239
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
1,194
17,953
China
International
Capital
Corp.
Ltd.,
Class
H
(Financials)
(a)
44,943
1,904
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
A
(Industrials)
3,103
4,804
China
International
Marine
Containers
Group
Co.
Ltd.,
Class
H
(Industrials)*
6,025
2,937
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
18,287
1,344
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
6,725
73,778
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
271,864
4,326
China
Literature
Ltd.
(Communication
Services)*
(a)
12,739
36,117
China
Longyuan
Power
Group
Corp.
Ltd.,
Class
H
(Utilities)
31,198
9,204
China
Medical
System
Holdings
Ltd.
(Health
Care)
12,425
13,343
China
Merchants
Bank
Co.
Ltd.,
Class
A
(Financials)
75,009
40,733
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
244,791
5,974
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
14,013
3,587
China
Merchants
Expressway
Network
&
Technology
Holdings
Co.
Ltd.,
Class
A
(Industrials)
5,326
13,498
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
26,506
5,518
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
13,865
5,512
China
Merchants
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
10,296
11,326
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)
14,774
26,575
China
Minsheng
Banking
Corp.
Ltd.,
Class
A
(Financials)
13,953
78,289
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
33,564
39,613
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
26,839
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,538
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
$
5,181
560
China
National
Medicines
Corp.
Ltd.,
Class
A
(Health
Care)
2,283
12,466
China
National
Nuclear
Power
Co.
Ltd.,
Class
A
(Utilities)
16,667
1,638
China
National
Software
&
Service
Co.
Ltd.,
Class
A
(Information
Technology)*
8,760
683
China
National
Uranium
Co.
Ltd.,
Class
A
(Industrials)*
7,320
13,035
China
Nonferrous
Mining
Corp.
Ltd.
(Materials)
22,536
2,542
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
18,279
673
China
Oilfield
Services
Ltd.,
Class
A
(Energy)
1,297
25,132
China
Oilfield
Services
Ltd.,
Class
H
(Energy)
25,333
45,231
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
90,146
4,426
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
A
(Financials)
21,065
27,352
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)
109,654
20,162
China
Petroleum
&
Chemical
Corp.,
Class
A
(Energy)
14,462
243,813
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
134,391
3,529
China
Petroleum
Engineering
Corp.,
Class
A
(Energy)
1,848
58,183
China
Power
International
Development
Ltd.
(Utilities)
27,616
3,302
China
Railway
Construction
Heavy
Industry
Corp.
Ltd.,
Class
A
(Industrials)
2,173
6,134
China
Railway
Group
Ltd.,
Class
A
(Industrials)
4,327
46,086
China
Railway
Group
Ltd.,
Class
H
(Industrials)
20,640
4,675
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
A
(Information
Technology)
3,319
20,314
China
Railway
Signal
&
Communication
Corp.
Ltd.,
Class
H
(Information
Technology)
(a)(b)
8,709
673
China
Rare
Earth
Resources
And
Technology
Co.
Ltd.,
Class
A
(Materials)*
4,857
76,190
China
Reinsurance
Group
Corp.,
Class
H
(Financials)
11,568
12,120
China
Resources
Beer
Holdings
Co.
Ltd.
(Consumer
Staples)
37,424
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
720
China
Resources
Double
Crane
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
$
1,783
9,793
China
Resources
Gas
Group
Ltd.
(Utilities)
22,979
31,280
China
Resources
Land
Ltd.
(Real
Estate)
140,966
681
China
Resources
Microelectronics
Ltd.,
Class
A
(Information
Technology)
6,455
6,739
China
Resources
Mixc
Lifestyle
Services
Ltd.
(Real
Estate)
(a)
35,770
9,303
China
Resources
Pharmaceutical
Group
Ltd.
(Health
Care)
(a)
5,543
21,194
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
57,492
2,896
China
Resources
Sanjiu
Medical
&
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
10,472
166,446
China
Ruyi
Holdings
Ltd.
(Communication
Services)*
28,883
1,854
China
Science
Publishing
&
Media
Ltd.,
Class
A
(Communication
Services)
6,770
4,227
China
Shenhua
Energy
Co.
Ltd.,
Class
A
(Energy)
29,333
36,503
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
209,962
7,090
China
South
Publishing
&
Media
Group
Co.
Ltd.,
Class
A
(Communication
Services)
11,419
8,171
China
Southern
Airlines
Co.
Ltd.,
Class
A
(Industrials)*
6,634
20,730
China
Southern
Airlines
Co.
Ltd.,
Class
H
(Industrials)*
(b)
10,316
1,763
China
Southern
Power
Grid
Energy
Efficiency
&
Clean
Energy
Co.
Ltd.,
Class
A
(Industrials)
1,950
800
China
Southern
Power
Grid
Energy
Storage
Co.
Ltd.,
Class
A
(Utilities)
1,848
28,529
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
20,380
17,025
China
State
Construction
International
Holdings
Ltd.
(Industrials)
19,007
1,045
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
A
(Energy)
1,405
25,539
China
Suntien
Green
Energy
Corp.
Ltd.,
Class
H
(Energy)
11,210
14,878
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
37,720
4,057
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
2,502
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,364
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
$
12,019
1,065
China
Tourism
Group
Duty
Free
Corp.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
7,603
45,564
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
57,672
1,335
China
Tungsten
And
Hightech
Materials
Co.
Ltd.,
Class
A
(Materials)
13,426
33,939
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
21,835
50,591
China
Vanke
Co.
Ltd.,
Class
A
(Real
Estate)*
26,562
3,529
China
XD
Electric
Co.
Ltd.,
Class
A
(Industrials)
8,648
15,752
China
Yangtze
Power
Co.
Ltd.,
Class
A
(Utilities)
64,649
13,696
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)
6,077
49,515
China
Zheshang
Bank
Co.
Ltd.,
Class
H
(Financials)
(b)
15,289
2,889
Chongqing
Afari
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
4,610
3,003
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,518
7,905
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
7,763
28,991
Chongqing
Rural
Commercial
Bank
Co.
Ltd.,
Class
H
(Financials)
23,526
1,542
Chongqing
Zhifei
Biological
Products
Co.
Ltd.,
Class
A
(Health
Care)*
3,099
767
Chongqing
Zongshen
Power
Machinery
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,672
1,120
Chuangxin
Industries
Holdings
Ltd.
(Materials)
2,659
634
CIG
Shanghai
Co.
Ltd.,
Class
H
(Information
Technology)
11,843
939
Cinda
Securities
Co.
Ltd.,
Class
A
(Financials)
2,389
53,335
CITIC
Ltd.
(Industrials)
89,556
1,045
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
2,185
8,411
CITIC
Securities
Co.
Ltd.,
Class
A
(Financials)
32,405
19,291
CITIC
Securities
Co.
Ltd.,
Class
H
(Financials)
64,095
11,320
CMOC
Group
Ltd.,
Class
A
(Materials)
30,989
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
38,875
CMOC
Group
Ltd.,
Class
H
(Materials)
$
90,523
629
CNGR
Advanced
Material
Co.
Ltd.,
Class
A
(Industrials)
4,871
1,171
CNGR
Advanced
Material
Co.
Ltd.,
Class
H
(Industrials)*
4,954
4,329
CNOOC
Energy
Technology
&
Services
Ltd.,
Class
A
(Energy)
2,510
4,513
CNPC
Capital
Co.
Ltd.,
Class
A
(Financials)
5,206
1,440
COFCO
Sugar
Holding
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,747
2,802
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
175,709
1,343
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
H
(Industrials)
127,576
7,259
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
A
(Industrials)
2,705
93,592
COSCO
SHIPPING
Development
Co.
Ltd.,
Class
H
(Industrials)
11,703
2,721
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
A
(Energy)
7,839
14,632
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
29,852
8,687
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
A
(Industrials)
18,167
28,073
COSCO
SHIPPING
Holdings
Co.
Ltd.,
Class
H
(Industrials)
(b)
50,756
15,693
Country
Garden
Services
Holdings
Co.
Ltd.
(Real
Estate)
11,654
17,885
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
15,262
50,170
CRRC
Corp.
Ltd.,
Class
H
(Industrials)
33,223
32
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
115
9,605
CSC
Financial
Co.
Ltd.,
Class
H
(Financials)
(a)
13,910
1,900
CSI
Solar
Co.
Ltd.,
Class
A
(Information
Technology)
3,723
670
CSPC
Innovation
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)*
2,652
4,533
Datang
International
Power
Generation
Co.
Ltd.,
Class
A
(Utilities)
5,786
35,129
Datang
International
Power
Generation
Co.
Ltd.,
Class
H
(Utilities)
14,119
976
Dazhong
Mining
Co.
Ltd.,
Class
A
(Materials)
5,630
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,849
DHC
Software
Co.
Ltd.,
Class
A
(Information
Technology)
$
8,625
2,398
Digital
China
Group
Co.
Ltd.,
Class
A
(Information
Technology)
9,164
819
Dizal
Jiangsu
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)*
6,726
585
Do-Fluoride
New
Materials
Co.
Ltd.,
Class
A
(Materials)
2,916
368
Dong-E-E-Jiao
Co.
Ltd.,
Class
A
(Health
Care)
2,721
1,766
Dongfang
Electric
Corp.
Ltd.,
Class
A
(Industrials)
9,202
4,245
Dongfang
Electric
Corp.
Ltd.,
Class
H
(Industrials)
(b)
17,397
2,215
Dongxing
Securities
Co.
Ltd.,
Class
A
(Financials)
4,380
323
Dosilicon
Co.
Ltd.,
Class
A
(Information
Technology)*
6,791
340
Duality
Biotherapeutics,
Inc.
(Health
Care)*
9,787
4,391
East
Buy
Holding
Ltd.
(Consumer
Staples)*
(a)
12,203
10,451
East
Money
Information
Co.
Ltd.,
Class
A
(Financials)
29,615
637
Eastroc
Beverage
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
13,419
585
Eastroc
Beverage
Group
Co.
Ltd.,
Class
H
(Consumer
Staples)
9,875
4,089
Easyhome
New
Retail
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)*
1,457
452
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,925
728
Empyrean
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
12,328
9,743
ENN
Energy
Holdings
Ltd.
(Utilities)
68,248
1,549
ENN
Natural
Gas
Co.
Ltd.,
Class
A
(Utilities)
4,479
688
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)*
71,884
180
Espressif
Systems
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
4,462
1,440
Eve
Energy
Co.
Ltd.,
Class
A
(Industrials)
13,562
2,846
Everbright
Securities
Co.
Ltd.,
Class
A
(Financials)
6,006
3,369
Everbright
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
3,207
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
195
EverProX
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
$
7,187
3,303
Fangda
Carbon
New
Material
Co.
Ltd.,
Class
A
(Industrials)
2,457
35,196
Far
East
Horizon
Ltd.
(Financials)
34,534
1,073
Ferrotec
Anhui
Technology
Development
Co.
Ltd.,
Class
A
(Industrials)
6,546
800
Fiberhome
Telecommunication
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
6,140
3,173
First
Capital
Securities
Co.
Ltd.,
Class
A
(Financials)
3,285
5,340
Flat
Glass
Group
Co.
Ltd.,
Class
H
(Information
Technology)
5,648
18,799
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
15,514
2,961
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
A
(Consumer
Staples)
15,730
1,869
Foshan
Haitian
Flavouring
&
Food
Co.
Ltd.,
Class
H
(Consumer
Staples)
7,779
5,854
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
5,965
6,928
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
75,208
2,244
FSPG
Hi-Tech
Co.
Ltd.,
Class
A
(Materials)
4,899
1,440
Fujian
Funeng
Co.
Ltd.,
Class
A
(Utilities)
2,447
694
Fujian
Sunner
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
1,744
195
Fujian
Wanchen
Food
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,240
1,659
Fulin
Precision
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,599
6,895
Full
Truck
Alliance
Co.
Ltd.
ADR
(Industrials)
60,814
1,344
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,467
6,517
Fuyao
Glass
Industry
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(a)
46,233
878
Gambol
Pet
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
5,750
240
Gan
&
Lee
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
1,856
902
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
A
(Materials)
9,536
4,855
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)
39,677
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
80
G-bits
Network
Technology
Xiamen
Co.
Ltd.,
Class
A
(Communication
Services)
$
3,928
13,698
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
10,433
11,588
GDS
Holdings
Ltd.,
Class
A
(Information
Technology)*
49,206
3,395
GEM
Co.
Ltd.,
Class
A
(Industrials)
3,916
17,900
Genscript
Biotech
Corp.
(Health
Care)*
31,244
535
Geovis
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
3,851
4,531
GF
Securities
Co.
Ltd.,
Class
A
(Financials)
12,659
10,951
GF
Securities
Co.
Ltd.,
Class
H
(Financials)
22,566
6,993
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)
(a)
26,821
1,476
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
5,689
358
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
24,727
390
GigaDevice
Semiconductor,
Inc.,
Class
H
(Information
Technology)
36,823
261
Ginlong
Technologies
Co.
Ltd.,
Class
A
(Industrials)
4,421
800
Glarun
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
2,825
280
Glory
View
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,280
2,319
GoerTek
,
Inc.,
Class
A
(Information
Technology)
9,202
2,214
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
7,669
9,704
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
H
(Industrials)
16,975
904
Gotion
High-tech
Co.
Ltd.,
Class
A
(Industrials)
4,405
26,263
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
34,884
3,749
Gree
Electric
Appliances,
Inc.
of
Zhuhai,
Class
A
(Consumer
Discretionary)
21,718
12,492
Greentown
China
Holdings
Ltd.
(Real
Estate)
14,138
1,763
GRG
Banking
Equipment
Co.
Ltd.,
Class
A
(Information
Technology)
2,717
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,440
Guangdong
Electric
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
$
1,891
1,993
Guangdong
Haid
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
13,804
2,089
Guangdong
HEC
Technology
Holding
Co.
Ltd.,
Class
A
(Materials)*
11,005
1,268
Guangdong
Hongda
Holdings
Group
Co.
Ltd.,
Class
A
(Materials)
6,010
34,214
Guangdong
Investment
Ltd.
(Utilities)
36,452
4,991
Guanghui
Energy
Co.
Ltd.,
Class
A
(Energy)
4,658
3,849
Guangshen
Railway
Co.
Ltd.,
Class
A
(Industrials)
1,759
16,378
Guangshen
Railway
Co.
Ltd.,
Class
H
(Industrials)
4,806
1,362
Guangxi
Liugong
Machinery
Co.
Ltd.,
Class
A
(Industrials)
1,809
28,959
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
9,533
10,543
Guangzhou
Baiyunshan
Pharmaceutical
Holdings
Co.
Ltd.,
Class
H
(Health
Care)
20,810
1,440
Guangzhou
Haige
Communications
Group,
Inc.
Co.,
Class
A
(Information
Technology)
3,373
1,435
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
11,042
1,914
Guangzhou
Yuexiu
Capital
Holdings
Group
Co.
Ltd.,
Class
A
(Financials)
2,273
5,339
Guming
Holdings
Ltd.
(Consumer
Discretionary)
15,532
281
Guobo
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
3,782
3,317
Guolian
Minsheng
Securities
Co.
Ltd.,
Class
A
(Financials)
4,263
4,939
Guolian
Minsheng
Securities
Co.
Ltd.,
Class
H
(Financials)
(b)
2,540
3,421
Guosen
Securities
Co.
Ltd.,
Class
A
(Financials)
5,120
1,110
Guosheng
Securities,
Inc.,
Class
A
(Financials)*
1,894
8,780
Guotai
Haitong
Securities
Co.
Ltd.,
Class
A
(Financials)
19,972
22,373
Guotai
Haitong
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
37,282
3,396
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,581
2,005
H
World
Group
Ltd.
ADR
(Consumer
Discretionary)
90,004
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
23,590
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
$
38,407
4,534
Haier
Smart
Home
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
14,001
25,010
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
62,865
30,636
Hainan
Airlines
Holding
Co.
Ltd.,
Class
A
(Industrials)*
6,661
21,061
Hainan
Airport
Infrastructure
Co.
Ltd.,
Class
A
(Real
Estate)
9,999
560
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
4,271
6,789
Haitian
International
Holdings
Ltd.
(Industrials)
17,117
565
Han’s
Laser
Technology
Industry
Group
Co.
Ltd.,
Class
A
(Industrials)
11,018
789
Hangcha
Group
Co.
Ltd.,
Class
A
(Industrials)
2,973
2,190
Hangzhou
Binjiang
Real
Estate
Group
Co.
Ltd.,
Class
A
(Real
Estate)
3,362
452
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
14,091
1,871
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)
4,953
800
Hangzhou
GreatStar
Industrial
Co.,
Ltd.,
Class
A
(Consumer
Discretionary)
3,834
452
Hangzhou
Lion
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
3,702
690
Hangzhou
Oxygen
Plant
Group
Co.
Ltd.,
Class
A
(Materials)
2,535
673
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
3,444
1,342
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
A
(Health
Care)
7,830
1,549
Hangzhou
Tigermed
Consulting
Co.
Ltd.,
Class
H
(Health
Care)
(a)
6,115
14,246
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
57,148
452
Haohua
Chemical
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
2,587
7,119
Harbin
Electric
Co.
Ltd.,
Class
H
(Industrials)
17,812
624
Hebei
Changshan
Biochemical
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)*
3,807
340
Hebei
Sinopack
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,135
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
800
Hebei
Yangyuan
Zhihui
Beverage
Co.
Ltd.,
Class
A
(Consumer
Staples)
$
5,057
560
Hefei
Meiya
Optoelectronic
Technology,
Inc.,
Class
A
(Industrials)
1,275
1,040
Heilongjiang
Agriculture
Co.
Ltd.,
Class
A
(Consumer
Staples)
2,192
960
Henan
Pinggao
Electric
Co.
Ltd.,
Class
A
(Industrials)
3,014
1,658
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
7,123
2,190
Henan
Shuanghui
Investment
&
Development
Co.
Ltd.,
Class
A
(Consumer
Staples)
8,104
6,900
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
21,429
1,045
Hengdian
Group
DMEGC
Magnetics
Co.
Ltd.,
Class
A
(Information
Technology)
3,896
4,538
Hengli
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
11,537
1,658
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
18,911
3,171
Hengyi
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
6,026
1,238
Hesai
Group
ADR
(Consumer
Discretionary)*
23,398
7,377
Hesteel
Co.
Ltd.,
Class
A
(Materials)
2,433
560
Hgtech
Co.
Ltd.,
Class
A
(Information
Technology)
12,582
640
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,334
3,958
Hisense
Home
Appliances
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
11,595
800
Hisense
Visual
Technology
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,055
480
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
16,169
2,329
HLA
Group
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
1,963
1,440
Hongta
Securities
Co.
Ltd.,
Class
A
(Financials)
1,461
102,933
Horizon
Robotics
(Information
Technology)*
(b)
69,477
1,623
Hoshine
Silicon
Industry
Co.
Ltd.,
Class
A
(Materials)
9,138
267
Hua
Hong
Semiconductor
Ltd.,
Class
A
(Information
Technology)*
9,346
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,814
Hua
Hong
Semiconductor
Ltd.,
Class
H
(Information
Technology)*
(a)
$
160,818
3,289
Huaan
Securities
Co.
Ltd.,
Class
A
(Financials)
3,488
4,887
Huadian
Power
International
Corp.
Ltd.,
Class
A
(Utilities)
4,019
30,349
Huadian
Power
International
Corp.
Ltd.,
Class
H
(Utilities)
18,122
2,507
Huadong
Medicine
Co.
Ltd.,
Class
A
(Health
Care)
10,760
3,506
Huafon
Chemical
Co.
Ltd.,
Class
A
(Materials)
5,242
1,658
Huaibei
Mining
Holdings
Co.
Ltd.,
Class
A
(Materials)
3,617
240
Huali
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
1,213
3,620
Huaneng
Lancang
River
Hydropower,
Inc.,
Class
A
(Utilities)
5,300
5,424
Huaneng
Power
International,
Inc.,
Class
A
(Utilities)
7,115
48,021
Huaneng
Power
International,
Inc.,
Class
H
(Utilities)
44,544
343
Huaqin
Co.
Ltd.,
Class
A
(Information
Technology)
5,398
4,944
Huatai
Securities
Co.
Ltd.,
Class
A
(Financials)
13,293
16,583
Huatai
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
33,537
2,093
Huaxi
Securities
Co.
Ltd.,
Class
A
(Financials)
2,504
9,502
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
9,430
904
Huaxin
Building
Materials
Group
Co.
Ltd.,
Class
A
(Materials)
2,492
2,494
Huaxin
Building
Materials
Group
Co.
Ltd.,
Class
H
(Materials)
4,665
2,190
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,412
656
Hubei
Dinglong
Co.
Ltd.,
Class
A
(Materials)
6,514
2,946
Hubei
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
2,322
246
Hubei
Feilihua
Quartz
Glass
Co.
Ltd.,
Class
A
(Materials)*
4,866
673
Hubei
Xingfa
Chemicals
Group
Co.
Ltd.,
Class
A
(Materials)
3,111
452
Huizhou
Desay
Sv
Automotive
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,803
1,040
Hunan
Gold
Corp.
Ltd.,
Class
A
(Materials)
3,735
5,523
Hunan
Valin
Steel
Co.
Ltd.,
Class
A
(Materials)
3,276
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
480
Hunan
Yuneng
New
Energy
Battery
Material
Co.
Ltd.,
Class
A
(Industrials)
$
6,276
3,080
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
11,056
179
Hwatsing
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,917
1,551
Hygon
Information
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
67,417
904
IEIT
Systems
Co.
Ltd.,
Class
A
(Information
Technology)
8,641
2,632
Iflytek
Co.
Ltd.,
Class
A
(Information
Technology)
18,646
203
Imeik
Technology
Development
Co.
Ltd.,
Class
A
(Health
Care)
3,145
42,791
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
45,693
729,106
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
617,713
15,871
Industrial
Bank
Co.
Ltd.,
Class
A
(Financials)
43,425
18,440
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
15,682
1,514
INESA
Intelligent
Tech,
Inc.,
Class
A
(Information
Technology)
4,138
145
Ingenic
Semiconductor
Co.
Ltd.,
Class
A
(Information
Technology)
3,377
34,182
Inner
Mongolia
BaoTou
Steel
Union
Co.
Ltd.,
Class
A
(Materials)
11,931
2,721
Inner
Mongolia
Berun
Chemical
Co.
Ltd.,
Class
A
(Materials)
2,897
1,440
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
6,591
1,005
Inner
Mongolia
ERDOS
Resources
Co.
Ltd.,
Class
A
(Materials)
2,010
6,178
Inner
Mongolia
Junzheng
Energy
&
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
4,678
4,649
Inner
Mongolia
MengDian
HuaNeng
Thermal
Power
Corp.
Ltd.,
Class
A
(Utilities)
5,019
1,405
Inner
Mongolia
Xingye
Silver&Tin
Mining
Co.
Ltd.,
Class
A
(Materials)
8,249
4,642
Inner
Mongolia
Yili
Industrial
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
18,482
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,558
Inner
Mongolia
Yitai
Coal
Co.
Ltd.,
Class
H
(Energy)*
(c)
$
—
10,733
InnoCare
Pharma
Ltd.,
Class
H
(Health
Care)*
(a)
15,927
3,556
InnoScience
Suzhou
Technology
Holding
Co.
Ltd.,
Class
H
(Information
Technology)*
(b)
32,237
16,615
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
176,699
226
iRay
Group,
Class
A
(Health
Care)
6,752
2,489
IRICO
Display
Devices
Co.
Ltd.,
Class
A
(Information
Technology)*
3,597
1,886
Isoftstone
Information
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
9,216
52,810
J&T
Global
Express
Ltd.
(Industrials)*
60,846
1,045
JCET
Group
Co.
Ltd.,
Class
A
(Information
Technology)
12,681
400
JCHX
Mining
Management
Co.
Ltd.,
Class
A
(Materials)
4,388
10,735
JD
Health
International,
Inc.
(Consumer
Staples)*
(a)
52,597
20,460
JD
Logistics,
Inc.
(Industrials)*
(a)
33,650
30,922
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
447,808
2,212
Jiangsu
Changshu
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
2,319
4,552
Jiangsu
Eastern
Shenghong
Co.
Ltd.,
Class
A
(Materials)*
8,112
673
Jiangsu
Expressway
Co.
Ltd.,
Class
A
(Industrials)
1,283
13,700
Jiangsu
Expressway
Co.
Ltd.,
Class
H
(Industrials)
18,354
3,100
Jiangsu
Financial
Leasing
Co.
Ltd.,
Class
A
(Financials)
2,866
898
Jiangsu
Hengli
Hydraulic
Co.
Ltd.,
Class
A
(Industrials)
14,491
4,088
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
30,345
1,780
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
H
(Health
Care)
13,672
1,633
Jiangsu
Hoperun
Software
Co.
Ltd.,
Class
A
(Information
Technology)
9,714
2,938
Jiangsu
King's
Luck
Brewery
JSC
Ltd.,
Class
A
(Consumer
Staples)
13,166
1,171
Jiangsu
Nata
Opto-electronic
Material
Co.
Ltd.,
Class
A
(Materials)
8,926
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
560
Jiangsu
Nhwa
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
$
1,680
360
Jiangsu
Pacific
Quartz
Co.
Ltd.,
Class
A
(Information
Technology)
3,579
1,440
Jiangsu
Phoenix
Publishing
&
Media
Corp.
Ltd.,
Class
A
(Communication
Services)
1,906
336
Jiangsu
Xinquan
Automotive
Trim
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,589
1,023
Jiangsu
Yanghe
Distillery
Co.
Ltd.,
Class
A
(Consumer
Staples)
6,867
245
Jiangsu
Yangnong
Chemical
Co.
Ltd.,
Class
A
(Materials)
2,071
246
Jiangsu
Yoke
Technology
Co.
Ltd.,
Class
A
(Materials)
3,917
571
Jiangsu
Yuyue
Medical
Equipment
&
Supply
Co.
Ltd.,
Class
A
(Health
Care)
2,232
2,190
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
13,665
1,325
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
8,524
11,676
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
52,440
1,073
Jiangxi
Jovo
Energy
Co.
Ltd.,
Class
A
(Energy)
5,765
6,137
Jiangxi
Zhengbang
Technology
Co.
Ltd.,
Class
A
(Consumer
Staples)*
2,814
1,756
Jinan
Shengquan
Group
Share
Holding
Co.
Ltd.,
Class
A
(Materials)*
12,048
1,763
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
6,302
4,555
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)*
3,948
1,120
Jinneng
Holding
Shanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
3,041
800
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
A
(Industrials)
3,818
1,534
JL
Mag
Rare-Earth
Co.
Ltd.,
Class
H
(Industrials)
3,736
1,040
Joincare
Pharmaceutical
Group
Industry
Co.
Ltd.,
Class
A
(Health
Care)
1,569
2,634
Joinn
Laboratories
China
Co.
Ltd.,
Class
H
(Health
Care)
(a)
6,046
6,738
J-Yuan
Trust
Co.
Ltd.,
Class
A
(Financials)*
3,079
3,988
Kanzhun
Ltd.
ADR
(Industrials)
54,117
21,626
KE
Holdings,
Inc.,
Class
A
(Real
Estate)
119,810
1,435
Keda
Industrial
Group
Co.
Ltd.,
Class
A
(Industrials)*
3,468
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
36,873
Kingdee
International
Software
Group
Co.
Ltd.
(Information
Technology)*
$
34,204
1,763
Kingfa
Sci
&
Tech
Co.
Ltd.,
Class
A
(Materials)
4,409
4,075
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
9,667
32,726
Kingsoft
Cloud
Holdings
Ltd.
(Information
Technology)*
25,972
13,488
Kingsoft
Corp.
Ltd.
(Communication
Services)
36,450
1,561
Knowledge
Atlas
Technology
JSC
Ltd.,
Class
H
(Information
Technology)*
(b)
317,681
29,413
Kuaishou
Technology
(Communication
Services)
(a)
170,907
1,561
Kuang
-Chi
Technologies
Co.
Ltd.,
Class
A
(Industrials)*
9,283
49,794
Kunlun
Energy
Co.
Ltd.
(Utilities)
45,490
800
Kunlun
Tech
Co.
Ltd.,
Class
A
(Communication
Services)*
5,197
734
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
143,946
109
Lao
Feng
Xiang
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
580
494
Laopu
Gold
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
31,768
5,087
LB
Group
Co.
Ltd.,
Class
A
(Materials)
10,759
53,183
Lenovo
Group
Ltd.
(Information
Technology)
162,859
3,527
Lens
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
21,126
3,204
Lens
Technology
Co.
Ltd.,
Class
H
(Information
Technology)
(b)
9,844
4,518
Leo
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,996
452
Levima
Advanced
Materials
Corp.,
Class
A
(Materials)
1,657
9,511
Li
Auto,
Inc.,
Class
A
(Consumer
Discretionary)*
70,203
24,863
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
57,737
10,472
Liaoning
Port
Co.
Ltd.,
Class
A
(Industrials)
2,494
4,991
Lingyi
iTech
Guangdong
Co.,
Class
A
(Information
Technology)
10,740
245
Livzon
Pharmaceutical
Group,
Inc.,
Class
A
(Health
Care)
1,118
3,670
Livzon
Pharmaceutical
Group,
Inc.,
Class
H
(Health
Care)
12,306
23,907
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)(b)
23,945
2,398
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,926
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
242
Loongson
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)*
$
5,218
1,435
Luxi
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
2,757
4,681
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
50,739
899
Luzhou
Laojiao
Co.
Ltd.,
Class
A
(Consumer
Staples)
12,105
4,006
Maanshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)*
1,748
15,344
Maanshan
Iron
&
Steel
Co.
Ltd.,
Class
H
(Materials)*
3,779
3,565
Mango
Excellent
Media
Co.
Ltd.,
Class
A
(Communication
Services)
9,201
345
Maxscend
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)*
5,516
2,089
Meihua
Holdings
Group
Co.
Ltd.,
Class
A
(Materials)*
2,910
2,946
Meinian
Onehealth
Healthcare
Holdings
Co.
Ltd.,
Class
A
(Health
Care)
2,479
55,045
Meituan
,
Class
B
(Consumer
Discretionary)*
(a)
515,867
14,014
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
5,866
35,977
Metallurgical
Corp.
of
China
Ltd.,
Class
H
(Industrials)
6,886
1,196
MGI
Tech
Co.
Ltd.,
Class
A
(Health
Care)*
8,933
4,547
Midea
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
54,371
6,549
Midea
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
71,653
1,471
Ming
Yang
Smart
Energy
Group
Ltd.,
Class
A
(Industrials)
3,596
1,366
Minimax
Group,
Inc.
(Information
Technology)*
146,406
5,349
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
17,649
2,969
Minmetals
Capital
Co.
Ltd.,
Class
A
(Financials)
2,090
8,406
Minth
Group
Ltd.
(Consumer
Discretionary)
40,542
41,424
MMG
Ltd.
(Materials)*
46,565
681
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
25,482
683
Montage
Technology
Co.
Ltd.,
Class
H
(Information
Technology)*
34,858
3,631
Muyuan
Foods
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
20,444
3,415
Muyuan
Foods
Group
Co.
Ltd.,
Class
H
(Consumer
Staples)
15,381
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
4,329
Nanjing
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
$
3,150
2,329
Nanjing
Securities
Co.
Ltd.,
Class
A
(Financials)
2,308
5,854
NARI
Technology
Co.
Ltd.,
Class
A
(Industrials)
21,558
1,728
National
Silicon
Industry
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
7,079
480
NAURA
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
44,715
6,829
NavInfo
Co.
Ltd.,
Class
A
(Information
Technology)*
8,817
1,452
NetEase
Cloud
Music,
Inc.
(Communication
Services)*
(a)
22,028
18,839
NetEase,
Inc.
(Communication
Services)
466,564
1,300
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
11,478
9,876
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
61,065
3,395
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)
3,962
13,657
New
Oriental
Education
&
Technology
Group,
Inc.
(Consumer
Discretionary)
63,498
1,219
Nexchip
Semiconductor
Corp.,
Class
A
(Information
Technology)
8,214
984
Ningbo
Deye
Technology
Corp.,
Class
A
(Industrials)
16,829
800
Ningbo
Joyson
Electronic
Corp.,
Class
A
(Consumer
Discretionary)*
3,102
4,879
Ningbo
Joyson
Electronic
Corp.,
Class
H
(Consumer
Discretionary)
9,998
542
Ningbo
Orient
Wires
&
Cables
Co.
Ltd.,
Class
A
(Industrials)
3,583
800
Ningbo
Sanxing
Medical
Electric
Co.
Ltd.,
Class
A
(Industrials)
1,935
1,435
Ningbo
Shanshan
Co.
Ltd.,
Class
A
(Materials)*
3,109
1,139
Ningbo
Tuopu
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,512
4,080
Ningbo
Zhoushan
Port
Co.
Ltd.,
Class
A
(Industrials)
2,100
4,555
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)
16,168
18,548
NIO,
Inc.,
Class
A
(Consumer
Discretionary)*
100,581
19,417
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
106,036
800
North
Industries
Group
Red
Arrow
Co.
Ltd.,
Class
A
(Industrials)*
2,327
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
2,969
Offshore
Oil
Engineering
Co.
Ltd.,
Class
A
(Energy)*
$
2,463
2,190
OFILM
Group
Co.
Ltd.,
Class
A
(Information
Technology)*
2,902
853
OmniVision
Integrated
Circuits
Group,
Inc.,
Class
A
(Information
Technology)
11,985
4,552
Orient
Securities
Co.
Ltd.,
Class
A
(Financials)
6,268
10,933
Orient
Securities
Co.
Ltd.,
Class
H
(Financials)
(a)
7,937
2,329
Oriental
Pearl
Group
Co.
Ltd.,
Class
A
(Communication
Services)
3,352
4,649
Pacific
Securities
Co.
Ltd.
(The),
Class
A
(Financials)*
2,310
6,808
Pangang
Group
Vanadium
Titanium
&
Resources
Co.
Ltd.,
Class
A
(Materials)*
3,444
7,967
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
672,733
5,747
People’s
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
A
(Financials)
5,814
94,340
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
62,352
1,435
Perfect
World
Co.
Ltd.,
Class
A
(Communication
Services)
2,973
15,977
PetroChina
Co.
Ltd.,
Class
A
(Energy)
25,685
227,571
PetroChina
Co.
Ltd.,
Class
H
(Energy)
316,208
1,741
Phancy
Group
Co.
Ltd.,
Class
H
(Information
Technology)*
7,326
2,556
Pharmaron
Beijing
Co.
Ltd.,
Class
A
(Health
Care)
9,488
3,388
Pharmaron
Beijing
Co.
Ltd.,
Class
H
(Health
Care)
(a)
7,574
81,592
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
151,474
13,342
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
21,568
4,644
Ping
An
Healthcare
and
Technology
Co.
Ltd.
(Consumer
Staples)*
(a)(b)
5,285
6,929
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
54,826
69,701
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
534,048
236
Piotech
,
Inc.,
Class
A
(Information
Technology)
21,919
19,780
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
16,880
4,566
Poly
Property
Services
Co.
Ltd.,
Class
H
(Real
Estate)
17,245
2,423
Pony
AI,
Inc.
ADR
(Information
Technology)*
24,303
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,811
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
(b)
$
150,691
18,424
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
A
(Financials)
13,570
93,874
Postal
Savings
Bank
of
China
Co.
Ltd.,
Class
H
(Financials)
(a)
60,128
11,442
Power
Construction
Corp.
of
China
Ltd.,
Class
A
(Industrials)
9,037
3,695
Qilu
Bank
Co.
Ltd.,
Class
A
(Financials)
3,323
683
Qingdao
Huicheng
Environmental
Technology
Group
Co.
Ltd.,
Class
A
(Industrials)
8,448
6,546
Qingdao
Sentury
Tire
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
14,735
720
Qingdao
TGOOD
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,164
3,376
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
15,364
5,854
Quzhou
Xin'an
Development
Co.
Ltd.,
Class
A
(Real
Estate)*
2,563
1,288
Range
Intelligent
Computing
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
15,977
288
Raytron
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
5,444
878
Red
Avenue
New
Materials
Group
Co.
Ltd.,
Class
A
(Materials)
6,841
2,268
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
23,917
5,694
REPT
BATTERO
Energy
Co.
Ltd.,
Class
H
(Industrials)*
11,050
86
RoboTechnik
Intelligent
Technology
Co.
Ltd.,
Class
A
(Industrials)
8,131
227
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
5,898
6,278
Rongsheng
Petrochemical
Co.
Ltd.,
Class
A
(Materials)*
10,455
2,207
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
4,021
6,675
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
12,469
3,289
Sanan
Optoelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
7,608
302
Sangfor
Technologies,
Inc.,
Class
A
(Information
Technology)
4,776
12,892
Sany
Heavy
Equipment
International
Holdings
Co.
Ltd.
(Industrials)
12,666
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
6,182
Sany
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)
$
16,403
4,274
Sany
Heavy
Industry
Co.
Ltd.,
Class
H
(Industrials)*
10,579
1,793
Satellite
Chemical
Co.
Ltd.,
Class
A
(Materials)
6,171
4,329
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
4,123
4,892
SDIC
Power
Holdings
Co.
Ltd.,
Class
A
(Utilities)
10,346
3,529
Sealand
Securities
Co.
Ltd.,
Class
A
(Financials)
1,942
1,454
Seazen
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)*
2,821
313,272
SenseTime
Group,
Inc.,
Class
B
(Information
Technology)*
(a)(b)
66,353
6,307
Sensteed
Hi-tech
Group,
Class
A
(Consumer
Discretionary)*
3,349
1,040
Seres
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
12,530
624
Seres
Group
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
5,390
257
SF
Holding
Co.
Ltd.,
Class
A
(Industrials)
1,328
6,670
SF
Holding
Co.
Ltd.,
Class
H
(Industrials)
26,621
470
SG
Micro
Corp.,
Class
A
(Information
Technology)
8,186
26,735
Shaanxi
Beiyuan
Chemical
Industry
Group
Co.
Ltd.,
Class
A
(Materials)
14,946
6,288
Shaanxi
Coal
Industry
Co.
Ltd.,
Class
A
(Energy)
23,938
1,440
Shaanxi
Energy
Investment
Co.
Ltd.,
Class
A
(Utilities)
2,730
226
Shaanxi
Huaqin
Technology
Industry
Co.
Ltd.,
Class
A
(Materials)
2,524
2,531
Shan
Xi
Hua
Yang
Group
New
Energy
Co.
Ltd.,
Class
A
(Energy)
3,478
2,721
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
11,618
9,463
Shandong
Gold
Mining
Co.
Ltd.,
Class
H
(Materials)
(a)
28,785
812
Shandong
Himile
Mechanical
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
6,282
1,440
Shandong
Hi-speed
Co.
Ltd.,
Class
A
(Industrials)
2,609
1,443
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
6,281
9,303
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
7,155
6,732
Shandong
Publishing
&
Media
Co.
Ltd.,
Class
A
(Communication
Services)
7,159
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
574
Shandong
Sinocera
Functional
Material
Co.
Ltd.,
Class
A
(Materials)
$
4,311
1,763
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
3,601
27,430
Shandong
Weigao
Group
Medical
Polymer
Co.
Ltd.,
Class
H
(Health
Care)
11,760
1,140
Shanghai
Aiko
Solar
Energy
Co.
Ltd.,
Class
A
(Information
Technology)*
2,040
305
Shanghai
Allist
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
4,047
1,268
Shanghai
AtHub
Co.
Ltd.,
Class
A
(Information
Technology)
6,639
6,265
Shanghai
Baosight
Software
Co.
Ltd.,
Class
A
(Information
Technology)
18,671
12,099
Shanghai
Biren
Technology
Co.
Ltd.,
Class
H
(Information
Technology)*
95,327
267
Shanghai
BOCHU
Electronic
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
6,430
6,178
Shanghai
Construction
Group
Co.
Ltd.,
Class
A
(Industrials)
2,303
4,586
Shanghai
DZH
Ltd.,
Class
A
(Financials)*
6,810
8,524
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
10,161
30,476
Shanghai
Electric
Group
Co.
Ltd.,
Class
H
(Industrials)*
16,176
1,763
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
5,809
1,951
Shanghai
Flyco
Electrical
Appliance
Co.
Ltd.,
Class
A
(Consumer
Staples)
10,757
1,344
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
4,621
5,921
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
H
(Health
Care)
12,858
467
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
A
(Information
Technology)
4,172
2,496
Shanghai
Fudan
Microelectronics
Group
Co.
Ltd.,
Class
H
(Information
Technology)
10,045
624
Shanghai
Henlius
Biotech,
Inc.,
Class
H
(Health
Care)*
(a)
5,454
1,658
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)
6,148
5,622
Shanghai
International
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
4,265
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
467
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
A
(Health
Care)*
$
2,365
1,963
Shanghai
Junshi
Biosciences
Co.
Ltd.,
Class
H
(Health
Care)*
(a)(b)
5,275
1,305
Shanghai
Lujiazui
Finance
&
Trade
Zone
Development
Co.
Ltd.,
Class
A
(Real
Estate)
1,399
4,004
Shanghai
MicroPort
MedBot
Group
Co.
Ltd.,
Class
H
(Health
Care)*
12,946
1,565
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
3,814
8,323
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
H
(Health
Care)
12,053
20,180
Shanghai
Pudong
Development
Bank
Co.
Ltd.,
Class
A
(Financials)
27,965
1,620
Shanghai
Putailai
New
Energy
Technology
Group
Co.
Ltd.,
Class
A
(Materials)
7,339
3,514
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
2,760
7,034
Shanghai
Rural
Commercial
Bank
Co.
Ltd.,
Class
A
(Financials)
8,843
3,829
Shanghai
Stonehill
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,344
565
Shanghai
United
Imaging
Healthcare
Co.
Ltd.,
Class
A
(Health
Care)
10,053
800
Shanghai
Zhangjiang
High-Tech
Park
Development
Co.
Ltd.,
Class
A
(Real
Estate)
4,110
1,440
Shanghai
Zhonggu
Logistics
Co.
Ltd.,
Class
A
(Industrials)
2,215
1,884
Shanjin
International
Gold
Co.
Ltd.,
Class
A
(Materials)
6,258
293
Shannon
Semiconductor
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,804
2,946
Shanxi
Coking
Coal
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
2,958
2,190
Shanxi
Lu’an
Environmental
Energy
Development
Co.
Ltd.,
Class
A
(Energy)
5,182
2,329
Shanxi
Securities
Co.
Ltd.,
Class
A
(Financials)
1,791
4,202
Shanxi
Taigang
Stainless
Steel
Co.
Ltd.,
Class
A
(Materials)*
2,405
802
Shanxi
Xinghuacun
Fen
Wine
Factory
Co.
Ltd.,
Class
A
(Consumer
Staples)
15,218
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
366
Sharetronic
Data
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
$
12,972
3,289
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
5,020
385
Shengyi
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
7,861
1,658
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
34,482
409
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
24,886
15,640
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
10,201
13,473
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
H
(Financials)
(a)
4,452
356
Shenzhen
Capchem
Technology
Co.
Ltd.,
Class
A
(Materials)
3,877
2,721
Shenzhen
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)
3,252
682
Shenzhen
Envicool
Technology
Co.
Ltd.,
Class
A
(Industrials)*
9,179
890
Shenzhen
Everwin
Precision
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
4,392
6,822
Shenzhen
Expressway
Corp.
Ltd.,
Class
H
(Industrials)
5,997
1,066
Shenzhen
Fastprint
Circuit
Tech
Co.
Ltd.,
Class
A
(Information
Technology)
6,098
238
Shenzhen
Fortune
Trend
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
3,942
7,415
Shenzhen
Gas
Corp.
Ltd.,
Class
A
(Utilities)
7,106
585
Shenzhen
Han's
CNC
Technology
Co.
Ltd.,
Class
H
(Industrials)
13,436
452
Shenzhen
Hepalink
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
664
681
Shenzhen
Huaqiang
Industry
Co.
Ltd.,
Class
A
(Information
Technology)
2,935
440
Shenzhen
Infogem
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)*
2,517
1,682
Shenzhen
Inovance
Technology
Co.
Ltd.,
Class
A
(Industrials)
18,399
528
Shenzhen
Intellifusion
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)*
5,353
1,040
Shenzhen
Kaifa
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
6,120
145
Shenzhen
Kedali
Industry
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,729
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
595
Shenzhen
Kinwong
Electronic
Co.
Ltd.,
Class
A
(Information
Technology)
$
6,968
240
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
19,568
343
Shenzhen
Megmeet
Electrical
Co.
Ltd.,
Class
A
(Industrials)
6,394
2,969
Shenzhen
MTC
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
5,094
560
Shenzhen
New
Industries
Biomedical
Engineering
Co.
Ltd.,
Class
A
(Health
Care)
3,871
800
Shenzhen
Salubris
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
3,954
145
Shenzhen
SC
New
Energy
Technology
Corp.,
Class
A
(Information
Technology)*
1,731
800
Shenzhen
SED
Industry
Co.
Ltd.,
Class
A
(Industrials)*
1,949
560
Shenzhen
Sunlord
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
4,170
683
Shenzhen
Sunway
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
9,965
195
Shenzhen
Techwinsemi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
18,458
709
Shenzhen
Transsion
Holdings
Co.
Ltd.,
Class
A
(Information
Technology)
6,313
853
Shenzhen
Woer
Heat-Shrinkable
Material
Co.
Ltd.,
Class
A
(Industrials)
2,774
781
Shenzhen
Xunce
Technology
Co.
Ltd.,
Class
H
(Information
Technology)*
22,621
560
Shenzhen
YUTO
Packaging
Technology
Co.
Ltd.,
Class
A
(Materials)
3,192
180
Shenzhen
Zhaowei
Machinery
&
Electronic
Co.
Ltd.,
Class
A
(Industrials)*
2,578
9,464
Shenzhen
Zhongjin
Lingnan
Nonfemet
Co.
Ltd.,
Class
A
(Materials)
10,792
4,197
Shenzhou
International
Group
Holdings
Ltd.
(Consumer
Discretionary)
24,858
1,756
Shuanglin
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
7,924
298
SICC
Co.
Ltd.,
Class
A
(Information
Technology)*
6,483
160
Sichuan
Biokin
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)*
5,645
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
8,238
Sichuan
Changhong
Electric
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
$
8,772
3,308
Sichuan
Chuantou
Energy
Co.
Ltd.,
Class
A
(Utilities)
7,583
1,276
Sichuan
Development
Lomon
Co.
Ltd.,
Class
A
(Materials)
1,708
6,178
Sichuan
Hebang
Biotechnology
Co.
Ltd.,
Class
A
(Materials)*
2,248
341
Sichuan
Huafeng
Technology
Co.
Ltd.,
Class
A
(Industrials)*
7,158
2,502
Sichuan
Kelun
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
13,458
565
Sichuan
Kelun
-Biotech
Biopharmaceutical
Co.
Ltd.,
Class
H
(Health
Care)*
33,306
2,634
Sichuan
New
Energy
Power
Co.
Ltd.,
Class
A
(Utilities)
5,551
4,554
Sichuan
Road
and
Bridge
Group
Co.
Ltd.,
Class
A
(Industrials)
5,900
488
Sieyuan
Electric
Co.
Ltd.,
Class
A
(Industrials)
14,590
4,009
Silergy
Corp.
(Information
Technology)
76,787
2,329
Sinolink
Securities
Co.
Ltd.,
Class
A
(Financials)
2,986
1,763
Sinoma
International
Engineering
Co.,
Class
A
(Industrials)
2,313
904
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
9,513
4,892
Sinomach
Heavy
Equipment
Group
Co.
Ltd.,
Class
A
(Industrials)*
2,778
283
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
2,590
16,357
Sinopec
Engineering
Group
Co.
Ltd.,
Class
H
(Industrials)
11,520
4,778
Sinopec
Oilfield
Service
Corp.,
Class
A
(Energy)*
1,639
66,349
Sinopec
Oilfield
Service
Corp.,
Class
H
(Energy)*
5,926
4,313
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
A
(Materials)
1,735
101,211
Sinopec
Shanghai
Petrochemical
Co.
Ltd.,
Class
H
(Materials)
14,593
15,230
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
32,880
2,742
Sinotrans
Ltd.,
Class
A
(Industrials)
2,462
18,527
Sinotrans
Ltd.,
Class
H
(Industrials)
11,583
7,484
Sinotruk
Hong
Kong
Ltd.
(Industrials)
35,580
800
Sinotruk
Jinan
Truck
Co.
Ltd.,
Class
A
(Industrials)
2,543
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
351
Skshu
Paint
Co.
Ltd.,
Class
A
(Materials)
$
1,884
213
Skyverse
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
6,864
21,526
Smoore
International
Holdings
Ltd.
(Consumer
Staples)
(a)
24,994
3,298
SooChow
Securities
Co.
Ltd.,
Class
A
(Financials)
3,824
4,649
Southwest
Securities
Co.
Ltd.,
Class
A
(Financials)
2,737
2,049
SPIC
Industry-Finance
Holdings
Co.
Ltd.,
Class
A
(Financials)
1,849
560
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)
4,058
4,313
State
Grid
Information
&
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
11,157
2,729
State
Grid
Yingda
Co.
Ltd.,
Class
A
(Industrials)
2,175
1,280
Sungrow
Power
Supply
Co.
Ltd.,
Class
A
(Industrials)
33,695
7,415
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
79,284
360
Sunresin
New
Materials
Co.
Ltd.,
Class
A
(Materials)
3,194
38,188
Sunshine
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)
17,249
908
Sunwoda
Electronic
Co.
Ltd.,
Class
A
(Industrials)
3,060
650
SUPCON
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
8,248
172
Suzhou
Centec
Communications
Co.
Ltd.,
Class
A
(Information
Technology)*
7,161
904
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)*
28,485
186
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
6,868
472
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
31,776
181
Suzhou
Zelgen
Biopharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)*
2,675
4,479
TAL
Education
Group
ADR
(Consumer
Discretionary)*
43,491
800
Talkweb
Information
System
Co.
Ltd.,
Class
A
(Communication
Services)*
3,512
4,089
TangShan
Port
Group
Co.
Ltd.,
Class
A
(Industrials)
2,655
800
Tasly
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,665
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
3,422
TBEA
Co.
Ltd.,
Class
A
(Industrials)
$
12,830
12,684
TCL
Electronics
Holdings
Ltd.
(Consumer
Discretionary)*
22,399
11,331
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)
7,173
65,541
Tencent
Holdings
Ltd.
(Communication
Services)
3,572,500
6,111
Tencent
Music
Entertainment
Group
ADR
(Communication
Services)
56,343
926
Thunder
Software
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
8,653
2,729
Tian
Di
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)*
2,188
18,831
Tianfeng
Securities
Co.
Ltd.,
Class
A
(Financials)*
9,330
400
Tianjin
Pharmaceutical
Da
Re
Tang
Group
Corp.
Ltd.,
Class
A
(Health
Care)
2,409
904
Tianqi
Lithium
Corp.,
Class
A
(Materials)*
8,407
2,655
Tianqi
Lithium
Corp.,
Class
H
(Materials)*
16,626
3,395
Tianshan
Aluminum
Group
Co.
Ltd.,
Class
A
(Materials)
7,497
2,089
Tianshui
Huatian
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
5,975
19,784
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
30,165
17,175
Tongcheng
Travel
Holdings
Ltd.
(Consumer
Discretionary)
31,030
820
TongFu
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
8,004
1,658
Tongkun
Group
Co.
Ltd.,
Class
A
(Materials)
4,679
8,404
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
8,576
545
Tongwei
Co.
Ltd.,
Class
A
(Information
Technology)*
1,191
820
TravelSky
Technology
Ltd.,
Class
H
(Consumer
Discretionary)
965
1,439
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)*
3,282
6,732
Trip.com
Group
Ltd.
(Consumer
Discretionary)*
316,784
2,329
Tsinghua
Tongfang
Co.
Ltd.,
Class
A
(Information
Technology)*
2,752
7,058
Tsingtao
Brewery
Co.
Ltd.,
Class
H
(Consumer
Staples)*
44,794
3,004
UBTech
Robotics
Corp.
Ltd.,
Class
H
(Industrials)*
39,172
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
466
Unigroup
Guoxin
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
$
5,465
14,935
Uni-President
China
Holdings
Ltd.
(Consumer
Staples)
14,978
1,884
Unisplendour
Corp.
Ltd.,
Class
A
(Information
Technology)
7,980
4,671
United
Nova
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
5,568
673
Universal
Scientific
Industrial
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)
4,461
341
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
12,449
560
Victory
Giant
Technology
Huizhou
Co.
Ltd.,
Class
A
(Information
Technology)
30,522
3,304
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)
46,983
8,606
Wangfujing
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
14,230
1,683
Wangsu
Science
&
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
3,699
14,238
Wanguo
Gold
Group
Ltd.
(Materials)
(b)
19,820
2,135
Wanhua
Chemical
Group
Co.
Ltd.,
Class
A
(Materials)
23,193
47,260
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
25,085
3,220
Wanxiang
Qianchao
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
7,039
47
Weibo
Corp.
ADR
(Communication
Services)
369
4,331
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
22,637
21,268
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
112,997
689
Weihai
Guangwei
Composites
Co.
Ltd.,
Class
A
(Materials)*
3,049
4,671
Wens
Foodstuff
Group
Co.
Ltd.,
Class
A
(Consumer
Staples)
9,451
1,658
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
7,486
3,195
Western
Securities
Co.
Ltd.,
Class
A
(Financials)
3,114
642
Western
Superconducting
Technologies
Co.
Ltd.,
Class
A
(Materials)
6,415
6,807
Winning
Health
Technology
Group
Co.
Ltd.,
Class
A
(Health
Care)
7,893
15,880
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
4,274
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,024
Wolong
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)
$
5,976
3,529
Wuchan
Zhongda
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,594
2,947
Wuhan
Guide
Infrared
Co.
Ltd.,
Class
A
(Information
Technology)*
5,609
240
Wuhan
Jingce
Electronic
Group
Co.
Ltd.,
Class
A
(Information
Technology)
6,893
344
Wuliangye
Yibin
Co.
Ltd.,
Class
A
(Consumer
Staples)
4,319
1,435
WUS
Printed
Circuit
Kunshan
Co.
Ltd.,
Class
A
(Information
Technology)
28,023
1,557
WuXi
AppTec
Co.
Ltd.,
Class
A
(Health
Care)
23,396
4,949
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)(b)
82,279
37,329
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
158,796
1,045
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
A
(Industrials)
7,853
1,073
Wuxi
Lead
Intelligent
Equipment
Co.
Ltd.,
Class
H
(Industrials)
7,215
4,612
WuXi
XDC
Cayman,
Inc.
(Health
Care)*
32,306
7,261
XCMG
Construction
Machinery
Co.
Ltd.,
Class
A
(Industrials)
10,470
2,244
XD,
Inc.
(Communication
Services)
14,559
278
Xiamen
Amoytop
Biotech
Co.
Ltd.,
Class
A
(Health
Care)
2,325
9,300
Xiamen
C
&
D,
Inc.,
Class
A
(Industrials)
13,328
145
Xiamen
Faratronic
Co.
Ltd.,
Class
A
(Information
Technology)
3,557
904
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
7,269
1,440
Xiangcai
Co.
Ltd.,
Class
A
(Financials)*
1,806
800
Xiangtan
Electric
Manufacturing
Co.
Ltd.,
Class
A
(Industrials)*
1,364
175,033
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
626,219
1,040
Xinfengming
Group
Co.
Ltd.,
Class
A
(Materials)
2,612
23,406
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
(b)
7,974
14,997
XPeng
,
Inc.,
Class
A
(Consumer
Discretionary)*
122,178
31,003
XtalPi
Holdings
Ltd.
(Health
Care)*
32,596
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
720
Xuji
Electric
Co.
Ltd.,
Class
A
(Industrials)
$
2,835
12,391
Yadea
Group
Holdings
Ltd.
(Consumer
Discretionary)
(a)
17,818
195
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
A
(Information
Technology)
11,617
4,449
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
H
(Information
Technology)
(a)
128,973
452
Yangzhou
Yangjie
Electronic
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
7,161
3,014
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
9,718
35,453
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
(b)
65,863
452
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
9,386
591
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
3,160
4,586
Yili
Chuanning
Biotechnology
Co.
Ltd.,
Class
A
(Health
Care)
6,036
3,415
Yongan
Futures
Co.
Ltd.,
Class
A
(Financials)
7,026
6,498
Yonghui
Superstores
Co.
Ltd.,
Class
A
(Consumer
Staples)*
3,556
245
YongXing
Special
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
2,263
6,211
Yonyou
Network
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
9,526
3,289
Youngor
Fashion
Co.
Ltd.,
Class
A
(Real
Estate)
3,629
1,884
YTO
Express
Group
Co.
Ltd.,
Class
A
(Industrials)
5,224
2,190
YUNDA
Holding
Group
Co.,
Ltd.,
Class
A
(Industrials)
2,235
2,460
Yunnan
Aluminium
Co.
Ltd.,
Class
A
(Materials)
10,365
1,253
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
9,255
3,529
Yunnan
Chihong
Zinc&Germanium
Co.
Ltd.,
Class
A
(Materials)
4,969
1,360
Yunnan
Copper
Co.
Ltd.,
Class
A
(Materials)
3,564
669
Yunnan
Energy
New
Material
Group
Co.
Ltd.,
Class
A
(Materials)*
6,973
1,045
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
5,796
1,045
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
4,735
1,440
Yutong
Bus
Co.
Ltd.,
Class
A
(Industrials)
6,879
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
14,113
Zai
Lab
Ltd.
(Health
Care)*
$
25,048
904
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
10,319
800
ZCZL
Industrial
Technology
Group
Co.
Ltd.,
Class
A
(Industrials)
2,149
2,860
ZCZL
Industrial
Technology
Group
Co.
Ltd.,
Class
H
(Industrials)
6,080
405
Zhangzhou
Pientzehuang
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
7,692
17,472
Zhaojin
Mining
Industry
Co.
Ltd.,
Class
H
(Materials)
48,064
3,173
Zhefu
Holding
Group
Co.
Ltd.,
Class
A
(Industrials)
2,417
5,300
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)
11,429
86
Zhejiang
Cfmoto
Power
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
2,849
3,529
Zhejiang
China
Commodities
City
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
6,686
1,546
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
6,663
960
Zhejiang
Crystal-
Optech
Co.
Ltd.,
Class
A
(Information
Technology)
5,588
1,889
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
4,663
388
Zhejiang
Dingli
Machinery
Co.
Ltd.,
Class
A
(Industrials)
2,934
15,785
Zhejiang
Expressway
Co.
Ltd.,
Class
H
(Industrials)
13,534
1,040
Zhejiang
Hailiang
Co.
Ltd.,
Class
A
(Materials)
3,155
904
Zhejiang
Huahai
Pharmaceutical
Co.
Ltd.,
Class
A
(Health
Care)
2,134
912
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Industrials)
7,392
904
Zhejiang
Jingsheng
Mechanical
&
Electrical
Co.
Ltd.,
Class
A
(Information
Technology)
6,795
13,355
Zhejiang
Jinke
Tom
Culture
Industry
Co.
Ltd.,
Class
A
(Communication
Services)*
7,664
640
Zhejiang
JIULI
Hi-tech
Metals
Co.
Ltd.,
Class
A
(Materials)
2,226
1,884
Zhejiang
Juhua
Co.
Ltd.,
Class
A
(Materials)
9,201
6,680
Zhejiang
Leapmotor
Technology
Co.
Ltd.,
Class
H
(Consumer
Discretionary)*
(a)
33,496
2,089
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
3,467
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
1,900
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Materials)
$
8,253
2,414
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
A
(Industrials)
16,544
4,894
Zhejiang
Sanhua
Intelligent
Controls
Co.
Ltd.,
Class
H
(Industrials)
(b)
19,620
400
Zhejiang
Sanmei
Chemical
Industry
Co.
Ltd.,
Class
A
(Materials)
3,402
560
Zhejiang
Shuanghuan
Driveline
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
3,249
1,609
Zhejiang
Supor
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
10,744
7,099
Zhejiang
Wanfeng
Auto
Wheel
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
12,452
1,075
Zhejiang
Weiming
Environment
Protection
Co.
Ltd.,
Class
A
(Industrials)
2,396
1,171
Zhejiang
Yinlun
Machinery
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
8,646
6,418
Zhejiang
Zheneng
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)
6,141
2,960
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
4,133
278
ZhongAn
Online
P&C
Insurance
Co.
Ltd.,
Class
H
(Financials)*
(a)
383
572
Zhongfu
Shenying
Carbon
Fiber
Co.
Ltd.,
Class
A
(Materials)
4,079
791
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
135,840
3,289
Zhongjin
Gold
Corp.
Ltd.,
Class
A
(Materials)
10,906
4,317
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
3,473
467
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
A
(Industrials)
4,213
4,719
Zhuzhou
CRRC
Times
Electric
Co.
Ltd.,
Class
H
(Industrials)
24,386
13,350
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
60,102
58,725
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
245,618
5,647
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
6,022
16,435
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
H
(Industrials)
15,119
2,943
ZTE
Corp.,
Class
A
(Information
Technology)*
15,983
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
8,661
ZTE
Corp.,
Class
H
(Information
Technology)*
(b)
$
29,594
4,427
ZTO
Express
Cayman,
Inc.
(Industrials)
98,115
30,834,273
Colombia
–
0.1%
5,714
Cementos
Argos
SA
(Materials)
16,719
52,157
Ecopetrol
SA
(Energy)
37,868
3,457
Grupo
Argos
SA
(Materials)
15,946
2,468
Grupo
Cibest
SA
(Financials)
51,195
1,322
Grupo
de
Inversiones
Suramericana
SA
(Financials)
18,150
21,475
Grupo
Energia
Bogota
SA
ESP
(Utilities)
15,826
4,854
Interconexion
Electrica
SA
ESP
(Utilities)
40,011
195,715
Cyprus
–
0.0%
3,588
Bank
of
Cyprus
Holdings
PLC
(Financials)
39,358
Czech
Republic
–
0.1%
2,053
CEZ
AS
(Utilities)
123,873
1,534
CSG
NV
(Industrials)*
31,887
1,160
Komercni
Banka
AS
(Financials)
55,085
210,845
Egypt
–
0.1%
28,312
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
72,108
17,337
Eastern
Co.
SAE
(Consumer
Staples)
12,616
11,724
EFG
Holding
S.A.E.
(Financials)*
5,999
13,404
Fawry
for
Banking
&
Payment
Technology
Services
SAE
(Financials)*
5,249
10,618
Talaat
Moustafa
Group
(Real
Estate)
19,520
115,492
Greece
–
0.5%
1,900
Allwyn
AG
(Consumer
Discretionary)
27,926
22,008
Alpha
Bank
SA
(Financials)
100,418
866
Athens
International
Airport
SA
(Industrials)
10,277
26,377
Eurobank
SA
(Financials)
122,846
356
GEK
TERNA
SA
(Industrials)
17,764
1,803
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
38,272
1,282
JUMBO
SA
(Consumer
Discretionary)
34,828
627
Motor
Oil
Hellas
Corinth
Refineries
SA
(Energy)
27,057
9,016
National
Bank
of
Greece
SA
(Financials)
155,977
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Greece
–
(continued)
11,376
Piraeus
Bank
SA
(Financials)*
$
121,468
2,037
Public
Power
Corp.
SA
(Utilities)
51,250
708,083
Hong
Kong
–
0.0%
2,670
Cowell
e
Holdings,
Inc.
(Information
Technology)*
9,662
1,588
Orient
Overseas
International
Ltd.
(Industrials)
27,576
37,238
Hungary
–
0.3%
4,170
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
52,971
2,364
OTP
Bank
Nyrt
(Financials)
323,903
1,492
Richter
Gedeon
Nyrt
(Health
Care)
63,142
440,016
India
–
11.2%
2,658
360
ONE
WAM
Ltd.
(Financials)
30,903
585
ABB
India
Ltd.
(Industrials)
44,663
209
ACC
Ltd.
(Materials)
3,078
3,659
Adani
Energy
Solutions
Ltd.
(Utilities)*
58,286
2,855
Adani
Enterprises
Ltd.
(Industrials)
88,277
3,208
Adani
Green
Energy
Ltd.
(Utilities)*
49,822
6,063
Adani
Ports
&
Special
Economic
Zone
Ltd.
(Industrials)
115,171
46,245
Adani
Power
Ltd.
(Utilities)*
118,470
1,374
Adani
Total
Gas
Ltd.
(Utilities)
11,184
7,832
Aditya
Birla
Capital
Ltd.
(Financials)*
29,951
373
Alkem
Laboratories
Ltd.
(Health
Care)
21,587
11,699
Ambuja
Cements
Ltd.
(Materials)
55,152
1,834
APL
Apollo
Tubes
Ltd.
(Materials)
35,350
1,036
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
89,167
30,626
Ashok
Leyland
Ltd.
(Industrials)
50,111
3,539
Asian
Paints
Ltd.
(Materials)
99,524
1,360
Astral
Ltd.
(Industrials)
22,593
4,990
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
51,723
3,020
Aurobindo
Pharma
Ltd.
(Health
Care)
45,345
1,600
Avenue
Supermarts
Ltd.
(Consumer
Staples)*
(a)
68,286
24,800
Axis
Bank
Ltd.
(Financials)
335,870
740
Bajaj
Auto
Ltd.
(Consumer
Discretionary)
81,478
28,474
Bajaj
Finance
Ltd.
(Financials)*
272,226
4,140
Bajaj
Finserv
Ltd.
(Financials)
77,727
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
366
Bajaj
Holdings
&
Investment
Ltd.
(Financials)
$
39,917
1,238
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
28,741
5,872
Bandhan
Bank
Ltd.
(Financials)
(a)
12,875
11,173
Bank
of
Baroda
(Financials)
31,578
10,422
Bank
of
India
(Financials)
15,349
11,539
Bank
of
Maharashtra
(Financials)
9,628
818
Berger
Paints
India
Ltd.
(Materials)
4,310
307
Bharat
Dynamics
Ltd.
(Industrials)
3,893
38,581
Bharat
Electronics
Ltd.
(Industrials)
166,812
2,915
Bharat
Forge
Ltd.
(Consumer
Discretionary)
60,055
14,375
Bharat
Heavy
Electricals
Ltd.
(Industrials)
63,061
20,922
Bharat
Petroleum
Corp.
Ltd.
(Energy)
65,651
26,800
Bharti
Airtel
Ltd.
(Communication
Services)
515,971
852
Bharti
Hexacom
Ltd.
(Communication
Services)
13,412
8,124
Billionbrains
Garage
Ventures
Ltd.
(Financials)*
(a)
15,811
5,975
Biocon
Ltd.
(Health
Care)
26,960
88
Bosch
Ltd.
(Consumer
Discretionary)
33,926
1,139
Britannia
Industries
Ltd.
(Consumer
Staples)
62,399
2,145
BSE
Ltd.
(Financials)*
93,615
20,759
Canara
Bank
(Financials)
28,582
7,678
CG
Power
&
Industrial
Solutions
Ltd.
(Industrials)
74,149
4,893
Cholamandalam
Investment
and
Finance
Co.
Ltd.
(Financials)
79,200
5,813
Cipla
Ltd.
(Health
Care)
85,726
17,929
Coal
India
Ltd.
(Energy)
86,418
130
Cochin
Shipyard
Ltd.
(Industrials)
(a)
2,008
2,167
Coforge
Ltd.
(Information
Technology)
32,432
1,762
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
38,206
1,204
Container
Corp.
Of
India
Ltd.
(Industrials)
5,876
1,558
Coromandel
International
Ltd.
(Materials)
28,759
1,467
Cummins
India
Ltd.
(Industrials)
90,815
5,746
Dabur
India
Ltd.
(Consumer
Staples)
26,819
89
Dalmia
Bharat
Ltd.
(Materials)
1,638
3,012
Delhivery
Ltd.
(Industrials)*
14,342
1,301
Divi's
Laboratories
Ltd.
(Health
Care)
91,303
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
385
Dixon
Technologies
India
Ltd.
(Consumer
Discretionary)
$
46,703
8,036
DLF
Ltd.
(Real
Estate)
49,959
5,936
Dr
Reddy's
Laboratories
Ltd.
(Health
Care)
81,448
1,422
Eicher
Motors
Ltd.
(Consumer
Discretionary)
107,428
9,404
Embassy
Office
Parks
REIT
(Real
Estate)
42,285
51,605
Eternal
Ltd.
(Consumer
Discretionary)*
136,118
20,002
Federal
Bank
Ltd.
(Financials)
60,838
711
Fertilisers
&
Chemicals
Travancore
Ltd.
(Materials)
6,554
5,289
Fortis
Healthcare
Ltd.
(Health
Care)
51,690
11,309
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
31,225
30,563
GAIL
India
Ltd.
(Utilities)
52,925
1,384
GE
Vernova
T&D
India
Ltd.
(Industrials)
75,007
1,538
General
Insurance
Corp.
of
India
(Financials)
(a)
6,172
193
Gland
Pharma
Ltd.
(Health
Care)
(a)
4,571
1,561
Glenmark
Pharmaceuticals
Ltd.
(Health
Care)
37,380
28,379
GMR
Airports
Ltd.
(Industrials)*
29,983
33
Godfrey
Phillips
India
Ltd.
(Consumer
Staples)
793
4,736
Godrej
Consumer
Products
Ltd.
(Consumer
Staples)
51,313
1,658
Godrej
Properties
Ltd.
(Real
Estate)*
30,764
3,562
Grasim
Industries
Ltd.
(Materials)
117,074
390
Gujarat
Fluorochemicals
Ltd.
(Materials)
14,898
9
Gujarat
Gas
Ltd.
(Utilities)
38
2,303
Havells
India
Ltd.
(Industrials)
28,528
10,552
HCL
Technologies
Ltd.
(Information
Technology)
131,489
2,317
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
65,225
118,885
HDFC
Bank
Ltd.
(Financials)
931,746
10,596
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
66,342
1,280
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
66,061
14,602
Hindalco
Industries
Ltd.
(Materials)
173,180
1,867
Hindustan
Aeronautics
Ltd.
(Industrials)
84,581
10,704
Hindustan
Petroleum
Corp.
Ltd.
(Energy)
44,377
6,981
Hindustan
Unilever
Ltd.
(Consumer
Staples)
158,248
2,064
Hindustan
Zinc
Ltd.
(Materials)
13,752
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
142
Hitachi
Energy
India
Ltd.
(Industrials)
$
57,465
926
Housing
&
Urban
Development
Corp.
Ltd.
(Financials)
1,984
1,076
Hyundai
Motor
India
Ltd.
(Consumer
Discretionary)
21,792
56,827
ICICI
Bank
Ltd.
(Financials)
751,552
2,543
ICICI
Lombard
General
Insurance
Co.
Ltd.
(Financials)
(a)
47,974
386
ICICI
Prudential
Asset
Management
Co.
Ltd.
(Financials)
14,377
5,589
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
29,648
74,359
IDFC
First
Bank
Ltd.
(Financials)
55,824
2,859
Indian
Bank
(Financials)
25,069
10,673
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
73,503
30,486
Indian
Oil
Corp.
Ltd.
(Energy)
45,004
19,646
Indian
Railway
Finance
Corp.
Ltd.
(Financials)
(a)
20,165
1,081
Indian
Renewable
Energy
Development
Agency
Ltd.
(Financials)
1,516
14,075
Indus
Towers
Ltd.
(Communication
Services)*
65,493
2,090
IndusInd
Bank
Ltd.
(Financials)*
20,116
3,562
Info
Edge
India
Ltd.
(Communication
Services)
37,307
31,829
Infosys
Ltd.
(Information
Technology)
388,950
2,347
InterGlobe
Aviation
Ltd.
(Industrials)
(a)
108,827
34,557
ITC
Ltd.
(Consumer
Staples)
104,362
3,180
Jindal
Stainless
Ltd.
(Materials)
22,933
4,091
Jindal
Steel
Ltd.
(Materials)
51,986
34,842
Jio
Financial
Services
Ltd.
(Financials)
87,637
4,373
JSW
Energy
Ltd.
(Utilities)
27,391
2,885
JSW
Infrastructure
Ltd.
(Industrials)
8,360
8,806
JSW
Steel
Ltd.
(Materials)
118,464
4,365
Jubilant
Foodworks
Ltd.
(Consumer
Discretionary)
19,643
4,215
Kalyan
Jewellers
India
Ltd.
(Consumer
Discretionary)
15,753
3,662
Knowledge
Realty
Trust
REIT
(Real
Estate)
4,475
54,424
Kotak
Mahindra
Bank
Ltd.
(Financials)
220,102
8,339
L&T
Finance
Ltd.
(Financials)
25,157
7,279
Larsen
&
Toubro
Ltd.
(Industrials)
312,346
4,558
Laurus
Labs
Ltd.
(Health
Care)
(a)
65,347
3,115
Lenskart
Solutions
Ltd.
(Consumer
Discretionary)*
17,177
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
840
LG
Electronics
India
Ltd.
(Consumer
Discretionary)*
$
13,474
5,068
Life
Insurance
Corp.
of
India
(Financials)
21,944
226
Linde
India
Ltd.
(Materials)
17,139
1,087
Lloyds
Metals
&
Energy
Ltd.
(Materials)*
20,620
3,108
Lodha
Developers
Ltd.
(Real
Estate)
(a)
30,691
955
LTM
Ltd.
(Information
Technology)
(a)
40,830
2,498
Lupin
Ltd.
(Health
Care)
59,629
5,654
Mahindra
&
Mahindra
Financial
Services
Ltd.
(Financials)
18,072
9,619
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
308,375
613
MakeMyTrip
Ltd.
(Consumer
Discretionary)*
28,652
14,980
Malco
Energy
Ltd.
(Utilities)*
(c)
19,084
1,238
Mankind
Pharma
Ltd.
(Health
Care)
30,958
5,306
Marico
Ltd.
(Consumer
Staples)
45,894
1,256
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
173,553
2,512
Max
Financial
Services
Ltd.
(Financials)*
44,264
7,998
Max
Healthcare
Institute
Ltd.
(Health
Care)
81,251
732
Mazagon
Dock
Shipbuilders
Ltd.
(Industrials)
18,928
7,124
Meesho
Ltd.
(Consumer
Discretionary)*
13,746
1,607
Motilal
Oswal
Financial
Services
Ltd.
(Financials)
14,877
1,430
Mphasis
Ltd.
(Information
Technology)
34,191
33
MRF
Ltd.
(Consumer
Discretionary)
42,872
1,472
Multi
Commodity
Exchange
of
India
Ltd.
(Financials)
45,779
1,146
Muthoot
Finance
Ltd.
(Financials)
40,326
10,603
National
Aluminium
Co.
Ltd.
(Materials)
47,373
6,635
Nestle
India
Ltd.
(Consumer
Staples)
99,281
31,527
NHPC
Ltd.
(Utilities)
26,174
1,918
Nippon
Life
India
Asset
Management
Ltd.
(Financials)
(a)
22,212
33,382
NMDC
Ltd.
(Materials)
30,919
2,262
NTPC
Green
Energy
Ltd.
(Utilities)*
2,465
46,845
NTPC
Ltd.
(Utilities)
190,782
1,732
Oberoi
Realty
Ltd.
(Real
Estate)
31,123
29,247
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
81,707
6,756
Oil
India
Ltd.
(Energy)
33,862
4,517
One
97
Communications
Ltd.
(Financials)*
53,196
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
267
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
$
28,004
101
Page
Industries
Ltd.
(Consumer
Discretionary)
40,607
798
Patanjali
Foods
Ltd.
(Consumer
Staples)
3,832
3,997
PB
Fintech
Ltd.
(Financials)*
71,630
1,251
Persistent
Systems
Ltd.
(Information
Technology)
68,401
8,266
Petronet
LNG
Ltd.
(Energy)
23,584
2,151
Phoenix
Mills
Ltd.
(The)
(Real
Estate)
40,104
1,091
PI
Industries
Ltd.
(Materials)
31,869
3,496
Pidilite
Industries
Ltd.
(Materials)
54,567
502
Polycab
India
Ltd.
(Industrials)
50,081
15,054
Power
Finance
Corp.
Ltd.
(Financials)
67,917
48,891
Power
Grid
Corp.
of
India
Ltd.
(Utilities)
149,529
1,911
Prestige
Estates
Projects
Ltd.
(Real
Estate)
27,543
25,539
Punjab
National
Bank
(Financials)
28,510
5,022
Rail
Vikas
Nigam
Ltd.
(Industrials)
12,975
13,736
REC
Ltd.
(Financials)
48,821
64,044
Reliance
Industries
Ltd.
(Energy)
890,684
47,667
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
73,126
3,916
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
25,738
4,822
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
92,892
495
Schaeffler
India
Ltd.
(Consumer
Discretionary)
21,513
126
Shree
Cement
Ltd.
(Materials)
33,523
15,152
Shriram
Finance
Ltd.
(Financials)
151,065
948
Siemens
Energy
India
Ltd.
(Industrials)
38,639
982
Siemens
Ltd.
(Industrials)*
39,735
274
Solar
Industries
India
Ltd.
(Materials)
52,628
3,715
Sona
Blw
Precision
Forgings
Ltd.
(Consumer
Discretionary)
(a)
23,754
1,895
SRF
Ltd.
(Materials)
54,173
19,839
State
Bank
of
India
(Financials)
201,397
11,805
Steel
Authority
of
India
Ltd.
(Materials)
25,396
10,887
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
206,188
735
Sundaram
Finance
Ltd.
(Financials)
32,409
646
Supreme
Industries
Ltd.
(Industrials)
24,133
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
130,851
Suzlon
Energy
Ltd.
(Industrials)*
$
78,497
15,435
Swiggy
Ltd.
(Consumer
Discretionary)*
41,902
14,980
Talwani
Sabo
Power
Ltd.
(Utilities)*
(c)
19,083
1,277
Tata
Communications
Ltd.
(Communication
Services)
26,414
6,679
Tata
Consultancy
Services
Ltd.
(Information
Technology)
158,813
6,292
Tata
Consumer
Products
Ltd.
(Consumer
Staples)
78,047
569
Tata
Investment
Corp.
Ltd.
(Financials)
4,134
20,311
Tata
Motors
Ltd.
(Industrials)*
81,137
6,029
Tata
Motors
Passenger
Vehicles
Ltd.
(Consumer
Discretionary)
24,998
18,586
Tata
Power
Co.
Ltd.
(The)
(Utilities)
82,316
79,492
Tata
Steel
Ltd.
(Materials)
174,062
6,195
Tech
Mahindra
Ltd.
(Information
Technology)
96,766
346
Thermax
Ltd.
(Industrials)
18,148
3,816
Titan
Co.
Ltd.
(Consumer
Discretionary)
163,682
1,149
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
53,347
2,268
Torrent
Power
Ltd.
(Utilities)
33,908
2,117
Trent
Ltd.
(Consumer
Discretionary)
94,129
1,156
Tube
Investments
of
India
Ltd.
(Consumer
Discretionary)
38,226
2,476
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
87,460
1,233
UltraTech
Cement
Ltd.
(Materials)
149,024
17,542
Union
Bank
of
India
Ltd.
(Financials)
30,999
273
United
Breweries
Ltd.
(Consumer
Staples)
3,793
3,769
United
Spirits
Ltd.
(Consumer
Staples)
50,386
2,050
UNO
Minda
Ltd.
(Consumer
Discretionary)
23,774
7,108
UPL
Ltd.
(Materials)
48,245
14,450
Varun
Beverages
Ltd.
(Consumer
Staples)
80,312
14,980
Vedanta
Aluminium
Metal
Ltd.
(Materials)*
(c)
19,084
14,980
Vedanta
Ltd.
(Materials)*
(c)
19,084
14,616
Vedanta
Ltd.
(Materials)
54,248
30,012
Vishal
Mega
Mart
Ltd.
(Consumer
Discretionary)*
38,469
286,525
Vodafone
Idea
Ltd.
(Communication
Services)*
42,195
2,418
Voltas
Ltd.
(Industrials)
31,706
846
WAAREE
Energies
Ltd.
(Information
Technology)
27,970
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
31,859
Wipro
Ltd.
(Information
Technology)
$
68,497
201,121
Yes
Bank
Ltd.
(Financials)*
49,010
2,441
Zydus
Lifesciences
Ltd.
(Health
Care)
27,691
16,111,341
Indonesia
–
0.7%
17,173
Adaro
Andalan
Indonesia
PT
(Energy)
8,072
80,457
Alamtri
Minerals
Indonesia
Tbk
PT
(Materials)
6,889
138,189
Alamtri
Resources
Indonesia
Tbk
PT
(Energy)
17,786
137,769
Amman
Mineral
Internasional
PT
(Materials)*
25,441
129,681
Aneka
Tambang
Tbk
(Materials)
21,045
254,526
Astra
International
Tbk
PT
(Industrials)
71,216
455,577
Bank
Central
Asia
Tbk
PT
(Financials)
145,316
392,593
Bank
Mandiri
Persero
Tbk
PT
(Financials)
89,635
165,816
Bank
Negara
Indonesia
Persero
Tbk
PT
(Financials)
34,332
510,189
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
84,223
300,276
Barito
Pacific
Tbk
PT
(Materials)*
32,599
59,475
Barito
Renewables
Energy
Tbk
PT
(Utilities)*
10,983
984,006
Bumi
Resources
Minerals
Tbk
PT
(Materials)*
32,763
1,658,846
Bumi
Resources
Tbk
PT
(Energy)*
15,595
78,603
Chandra
Asri
Pacific
Tbk
PT
(Materials)
7,851
133,760
Chandra
Daya
Investasi
Tbk
PT
(Utilities)
6,362
134,520
Charoen
Pokphand
Indonesia
Tbk
PT
(Consumer
Staples)
32,143
424,878
Dian
Swastatika
Sentosa
Tbk
PT
(Energy)*
11,698
87,522
Ekamas
Mora
Republik
Tbk
PT
(Communication
Services)*
33,794
25,326
Elang
Mahkota
Teknologi
Tbk
PT
(Communication
Services)
872
9,618,191
GoTo
Gojek
Tokopedia
Tbk
PT
(Consumer
Discretionary)*
26,912
95,667
Impack
Pratama
Industri
Tbk
PT
(Materials)*
9,770
83,762
Indofood
Sukses
Makmur
Tbk
PT
(Consumer
Staples)
32,460
135,503
Indosat
Tbk
PT
(Communication
Services)
16,379
214,951
Merdeka
Battery
Materials
Tbk
PT
(Materials)*
5,750
144,169
Merdeka
Copper
Gold
Tbk
PT
(Materials)*
20,895
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
(continued)
55,800
Merdeka
Gold
Resources
Tbk
PT
(Materials)*
$
24,356
146,065
MNC
Digital
Entertainment
Tbk
PT
(Communication
Services)*
3,351
44,169
Pantai
Indah
Kapuk
Dua
Tbk
PT
(Real
Estate)*
18,229
215,439
Pertamina
Geothermal
Energy
PT
(Utilities)
(a)
10,790
191,674
Petrindo
Jaya
Kreasi
Tbk
PT
(Energy)*
6,757
7,845
Petrosea
Tbk
PT
(Materials)*
2,050
348,853
Sumber
Alfaria
Trijaya
Tbk
PT
(Consumer
Staples)
22,450
438,396
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
74,334
18,929
Transcoal
Pacific
Tbk
PT
(Industrials)
11,493
20,993
United
Tractors
Tbk
PT
(Energy)
26,931
23,940
Vale
Indonesia
Tbk
PT
(Materials)*
6,337
96,542
XLSMART
Telecom
Sejahtera
Tbk
PT
(Communication
Services)
15,289
1,023,148
Kazakhstan
–
–%
1,389
Solidcore
Resources
PLC
(Materials)*
(c)
—
Kuwait
–
0.6%
12,934
Al
Ahli
Bank
of
Kuwait
KSCP
(Financials)
11,580
25,965
Boubyan
Bank
KSCP
(Financials)
54,968
37,888
Burgan
Bank
SAK
(Financials)
24,001
36,733
Gulf
Bank
KSCP
(Financials)
41,553
146,212
Kuwait
Finance
House
KSCP
(Financials)
368,602
10,715
Mabanee
Co
KPSC
(Real
Estate)
34,181
23,993
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
46,373
93,119
National
Bank
of
Kuwait
SAKP
(Financials)
256,122
30,638
Warba
Bank
KSCP
(Financials)
27,529
864,909
Luxembourg
–
0.0%
1,454
Reinet
Investments
SCA
(Financials)
44,005
Mexico
–
1.7%
174,193
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
220,793
5,083
Arca
Continental
SAB
de
CV
(Consumer
Staples)
65,990
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
(continued)
163,301
Cemex
SAB
de
CV,
Series
CPO
(Materials)
$
214,992
5,746
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
62,096
4,306
El
Puerto
de
Liverpool
SAB
de
CV
(Consumer
Discretionary)
25,385
30,876
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
53,416
18,257
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
217,545
1,995
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
(b)
33,451
3,025
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
(Industrials)
38,032
4,038
Grupo
Aeroportuario
del
Pacifico
SAB
de
CV,
Class
B
(Industrials)
95,081
2,008
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
59,516
6,790
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
(b)
23,372
5,596
Grupo
Carso
SAB
de
CV,
Series
A1
(Industrials)
44,369
7,240
Grupo
Comercial
Chedraui
SA
de
CV
(Consumer
Staples)
(b)
40,678
31,885
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
332,421
25,475
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)
63,317
33,752
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
418,938
1,989
Industrias
Penoles
SAB
de
CV
(Materials)
115,654
19,571
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
43,338
13,150
Prologis
Property
Mexico
SA
de
CV
REIT
(Real
Estate)
63,214
2,089
Promotora
y
Operadora
de
Infraestructura
SAB
de
CV
(Industrials)
33,630
48,535
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
146,660
2,411,888
Netherlands
–
–%
1,289
Nebius
Group
NV,
Class
A
(Information
Technology)*
(c)
—
Philippines
–
0.3%
15,000
Aboitiz
Power
Corp.
(Utilities)
10,471
4,535
Ayala
Corp.
(Industrials)
32,144
64,836
Ayala
Land,
Inc.
(Real
Estate)
15,346
34,038
Bank
of
the
Philippine
Islands
(Financials)
51,888
31,160
BDO
Unibank,
Inc.
(Financials)
57,719
8,696
International
Container
Terminal
Services,
Inc.
(Industrials)
106,234
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
(continued)
44,600
JG
Summit
Holdings,
Inc.
(Industrials)
$
20,201
10,007
Jollibee
Foods
Corp.
(Consumer
Discretionary)
20,616
4,257
Manila
Electric
Co.
(Utilities)
39,427
34,795
Metropolitan
Bank
&
Trust
Co.
(Financials)
35,870
1,639
PLDT,
Inc.
(Communication
Services)
30,573
5,254
SM
Investments
Corp.
(Industrials)
48,960
469,449
Qatar
–
0.4%
35,947
Al
Rayan
Bank
(Financials)
21,473
18,269
Commercial
Bank
PSQC
(The)
(Financials)
21,074
12,150
Dukhan
Bank
(Financials)
11,566
12,007
Estithmar
Holding
QPSC
(Industrials)*
14,131
19,809
Industries
Qatar
QSC
(Industrials)
66,919
5,365
Nebras
Energy
(Utilities)
21,483
10,532
Ooredoo
QPSC
(Communication
Services)
38,761
1,791
Qatar
Fuel
QSC
(Energy)
6,896
30,955
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
36,898
10,969
Qatar
International
Islamic
Bank
QSC
(Financials)
33,139
17,721
Qatar
Islamic
Bank
(Financials)
110,872
48,055
Qatar
National
Bank
QPSC
(Financials)
234,930
618,142
Russia
–
0.0%
12,708
Alrosa
PJSC
(Materials)*
(c)
—
801
Gazprom
Neft
PJSC
(Energy)*
(c)
—
49,291
Gazprom
PJSC
(Energy)*
(c)
—
26,300
GMK
Norilskiy
Nickel
PAO
(Materials)*
(c)
—
1,413
LUKOIL
PJSC
(Energy)*
(c)
—
4,560
Mobile
TeleSystems
PJSC
(Communication
Services)*
(c)
—
3,099
Novatek
PJSC
(Energy)*
(c)
—
5,287
Novolipetsk
Steel
PJSC
(Materials)*
(c)
—
780
PIK-
Spetsializirovannyy
Zastroyshchik
PAO
(Consumer
Discretionary)*
(c)
—
1,280
Polyus
PJSC
(Materials)*
(c)
—
5,078
Rosneft
Oil
Co.
PJSC
(Energy)*
(c)
—
44,370
Sberbank
of
Russia
PJSC
(Financials)*
(c)
—
969
Severstal
PAO
(Materials)*
(c)
—
146,300
Surgutneftegas
PJSC
(Energy)*
(c)
—
6,047
Tatneft
PJSC
(Energy)*
(c)
—
Shares
Description
Value
a
Common
Stocks
–
(continued)
Russia
–
(continued)
6,503
United
Co
RUSAL
International
PJSC
(Materials)*
(c)
$
—
—
Saudi
Arabia
–
2.4%
2,437
ACWA
Power
Co.
(Utilities)*
119,947
5,673
Ades
Holding
Co.
(Energy)
29,751
31,596
Al
Rajhi
Bank
(Financials)
560,756
18,444
Alinma
Bank
(Financials)
117,960
1,210
Almarai
Co.
JSC
(Consumer
Staples)
14,865
11,419
Arab
National
Bank
(Financials)
64,511
512
Arabian
Internet
&
Co.
mmunications
Services
Co.
(Information
Technology)
(b)
29,143
10,459
Bank
AlBilad
(Financials)
67,950
14,660
Bank
Al-Jazira
(Financials)
44,535
13,503
Banque
Saudi
Fransi
(Financials)
68,836
990
Bupa
Arabia
for
Cooperative
Insurance
Co.
(Financials)
45,297
1,074
Co.
for
Cooperative
Insurance
(The)
(Financials)*
39,496
7,730
Dar
Al
Arkan
Real
Estate
Development
Co.
(Real
Estate)*
34,565
1,080
Dr
Sulaiman
Al
Habib
Medical
Services
Group
Co.
(Health
Care)
62,683
5,453
Electrical
Industries
Co.
(Industrials)
22,683
292
Elm
Co.
(Information
Technology)
53,379
4,552
Etihad
Etisalat
Co.
(Communication
Services)
77,148
9,959
Jarir
Marketing
Co.
(Consumer
Discretionary)
41,852
1,107
Makkah
Construction
&
Development
Co.
(Real
Estate)*
26,476
1,593
Mouwasat
Medical
Services
Co.
(Health
Care)
28,081
5,259
Rabigh
Refining
&
Petrochemical
Co.
(Energy)*
22,381
22,976
Riyad
Bank
(Financials)
123,311
633
Riyadh
Cables
Group
Co.
(Industrials)
19,146
2,572
SABIC
Agri-Nutrients
Co.
(Materials)
95,064
691
SAL
Saudi
Logistics
Services
(Industrials)
31,433
15,212
Saudi
Arabian
Mining
Co.
(Materials)*
251,939
56,919
Saudi
Arabian
Oil
Co.
(Energy)
(a)
423,184
401
Saudi
Aramco
Base
Oil
Co.
(Materials)
13,603
11,985
Saudi
Awwal
Bank
(Financials)
108,972
8,385
Saudi
Basic
Industries
Corp.
(Materials)
127,811
10,436
Saudi
Energy
Co.
(Utilities)
46,860
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Saudi
Arabia
–
(continued)
749
Saudi
Industrial
Investment
Group
(Materials)
$
2,854
11,313
Saudi
Investment
Bank
(The)
(Financials)
40,397
31,762
Saudi
National
Bank
(The)
(Financials)
333,482
863
Saudi
Tadawul
Group
Holding
Co.
(Financials)
31,621
20,521
Saudi
Telecom
Co.
(Communication
Services)
240,832
3,987
Yanbu
National
Petrochemical
Co.
(Materials)
36,166
3,498,970
South
Africa
–
2.5%
8,985
Absa
Group
Ltd.
(Financials)
131,565
3,626
Bid
Corp.
Ltd.
(Consumer
Staples)
91,105
3,646
Bidvest
Group
Ltd.
(Industrials)
(b)
52,617
931
Capitec
Bank
Holdings
Ltd.
(Financials)
256,396
2,618
Clicks
Group
Ltd.
(Consumer
Staples)
37,908
5,812
Discovery
Ltd.
(Financials)
99,889
2,655
Exxaro
Resources
Ltd.
(Energy)
35,235
54,053
FirstRand
Ltd.
(Financials)
308,329
9,519
Gold
Fields
Ltd.
(Materials)
377,037
5,929
Harmony
Gold
Mining
Co.
Ltd.
(Materials)
(b)
108,405
9,411
Impala
Platinum
Holdings
Ltd.
(Materials)
134,723
2,534
Investec
Ltd.
(Financials)
21,746
17,779
MTN
Group
Ltd.
(Communication
Services)
238,003
8,149
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)
428,772
4,576
Nedbank
Group
Ltd.
(Financials)
73,264
3,587
Northam
Platinum
Holdings
Ltd.
(Materials)
69,899
52,138
Old
Mutual
Ltd.
(Financials)
41,562
9,700
OUTsurance
Group
Ltd.
(Financials)
42,435
39,281
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
52,560
5,480
Remgro
Ltd.
(Financials)
64,460
18,925
Sanlam
Ltd.
(Financials)
100,216
6,233
Sasol
Ltd.
(Materials)*
77,494
5,123
Shoprite
Holdings
Ltd.
(Consumer
Staples)
90,268
30,039
Sibanye
Stillwater
Ltd.
(Materials)
90,515
14,333
Standard
Bank
Group
Ltd.
(Financials)
278,251
2,828
Valterra
Platinum
Ltd.
(Materials)
235,738
6,365
Vodacom
Group
Ltd.
(Communication
Services)
59,829
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
6,603
Woolworths
Holdings
Ltd.
(Consumer
Discretionary)
$
20,056
3,618,277
South
Korea
–
21.7%
374
ABLBio
,
Inc.
(Health
Care)*
27,771
406
Alteogen
,
Inc.
(Health
Care)*
99,412
335
Amorepacific
Corp.
(Consumer
Staples)
25,586
267
APR
Corp.
(Consumer
Staples)
70,072
2,830
BNK
Financial
Group,
Inc.
(Financials)
31,586
1,538
Celltrion
,
Inc.
(Health
Care)*
196,868
142
CJ
Corp.
(Industrials)
15,237
566
Coway
Co.
Ltd.
(Consumer
Discretionary)
33,802
352
DB
HiTek
Co.
Ltd.
(Information
Technology)
43,328
467
DB
Insurance
Co.
Ltd.
(Financials)
44,345
578
Doosan
Bobcat,
Inc.
(Industrials)
24,815
72
Doosan
Co.
Ltd.
(Industrials)
94,216
4,639
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
325,069
241
Doosan
Robotics,
Inc.
(Industrials)*
17,032
437
Ecopro
BM
Co.
Ltd.
(Industrials)
62,926
1,074
Ecopro
Co.
Ltd.
(Industrials)*
(b)
99,062
105
Ecopro
Materials
Co.
Ltd.
(Industrials)*
4,334
533
GS
Holdings
Corp.
(Industrials)
25,642
2,914
Hana
Financial
Group,
Inc.
(Financials)
222,562
285
Hanjin
Kal
Corp.
(Consumer
Discretionary)
20,822
736
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
32,624
71
Hanmi
Pharm
Co.
Ltd.
(Health
Care)
23,133
453
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
84,768
358
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
278,656
348
Hanwha
Corp.
(Industrials)
30,874
1,204
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
98,509
1,227
Hanwha
Solutions
Corp.
(Materials)*
34,074
656
Hanwha
Systems
Co.
Ltd.
(Industrials)
45,707
454
HD
Hyundai
Co.
Ltd.
(Energy)
83,600
226
HD
Hyundai
Electric
Co.
Ltd.
(Industrials)
157,915
336
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)
155,180
152
HD
Hyundai
Marine
Solution
Co.
Ltd.
(Industrials)
22,593
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
481
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)
$
135,012
1,328
HLB,
Inc.
(Health
Care)*
44,766
2,988
HMM
Co.
Ltd.
(Industrials)
38,783
232
HYBE
Co.
Ltd.
(Communication
Services)*
33,869
58
Hyosung
Heavy
Industries
Corp.
(Industrials)
141,825
70
Hyundai
Autoever
Corp.
(Information
Technology)
43,245
784
Hyundai
Engineering
&
Construction
Co.
Ltd.
(Industrials)
76,475
400
Hyundai
Glovis
Co.
Ltd.
(Industrials)
64,366
644
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
328,196
1,533
Hyundai
Motor
Co.
(Consumer
Discretionary)
735,474
782
Hyundai
Rotem
Co.
Ltd.
(Industrials)
104,042
986
Hyundai
Steel
Co.
(Materials)
26,269
2,839
Industrial
Bank
of
Korea
(Financials)
38,054
2,972
Kakao
Corp.
(Communication
Services)
82,731
1,581
KakaoBank
Corp.
(Financials)
23,500
282
Kakaopay
Corp.
(Financials)*
8,711
3,978
KB
Financial
Group,
Inc.
(Financials)
397,536
43
KCC
Corp.
(Materials)
15,693
161
KEPCO
Engineering
&
Construction
Co.,
Inc.
(Industrials)
14,348
2,601
Kia
Corp.
(Consumer
Discretionary)
292,030
161
KIWOOM
Securities
Co.
Ltd.
(Financials)
39,582
757
Korea
Aerospace
Industries
Ltd.
(Industrials)
84,541
2,776
Korea
Electric
Power
Corp.
(Utilities)
71,657
445
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
70,131
83
Korea
Zinc
Co.
Ltd.
(Materials)
75,620
1,699
Korean
Air
Lines
Co.
Ltd.
(Industrials)
30,214
303
Krafton
,
Inc.
(Communication
Services)*
51,773
710
KT
Corp.
(Communication
Services)
24,876
1,064
KT&G
Corp.
(Consumer
Staples)
130,405
244
L&F
Co.
Ltd.
(Industrials)*
27,250
473
LG
Chem
Ltd.
(Materials)
115,190
543
LG
CNS
Co.
Ltd.
(Information
Technology)
41,004
944
LG
Corp.
(Industrials)
91,832
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
2,489
LG
Display
Co.
Ltd.
(Information
Technology)*
$
26,575
1,187
LG
Electronics,
Inc.
(Consumer
Discretionary)
230,784
416
LG
Energy
Solution
Ltd.
(Industrials)*
126,429
9
LG
H&H
Co.
Ltd.
(Consumer
Staples)
1,478
165
LG
Innotek
Co.
Ltd.
(Information
Technology)
159,635
1,132
LG
Uplus
Corp.
(Communication
Services)
12,116
135
LIG
Defense&Aerospace
Co.
Ltd.
(Industrials)
71,755
267
LigaChem
Biosciences,
Inc.
(Health
Care)*
26,771
80
Lotte
Chemical
Corp.
(Materials)
4,284
182
LS
Corp.
(Industrials)
53,863
854
LS
Electric
Co.
Ltd.
(Industrials)
136,855
831
Meritz
Financial
Group,
Inc.
(Financials)*
56,742
2,086
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
84,990
1,373
NAVER
Corp.
(Communication
Services)
213,193
109
NC
Corp.
(Communication
Services)
20,939
12
Netmarble
Corp.
(Communication
Services)
(a)
338
1,597
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
32,004
257
Orion
Corp.
(Consumer
Staples)
22,102
236
Peptron
,
Inc.
(Health
Care)*
47,137
185
Posco
DX
Co.
Ltd.
(Information
Technology)
3,984
330
POSCO
Future
M
Co.
Ltd.
(Industrials)
53,759
757
POSCO
Holdings,
Inc.
(Materials)
212,734
516
Posco
International
Corp.
(Industrials)
21,845
90
Rainbow
Robotics
(Industrials)*
41,924
148
Sam
Chun
Dang
Pharm
Co.
Ltd.
(Health
Care)
33,293
124
Samsung
Biologics
Co.
Ltd.
(Health
Care)*
(a)
112,151
896
Samsung
C&T
Corp.
(Industrials)
257,147
288
Samsung
Card
Co.
Ltd.
(Financials)
8,820
1,773
Samsung
E&A
Co.
Ltd.
(Industrials)
62,237
588
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
829,911
49,438
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
10,399,367
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
68
Samsung
Episholdings
Co.
Ltd.
(Health
Care)*
$
21,839
331
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
124,976
6,961
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
129,104
833
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
214,745
675
Samsung
SDI
Co.
Ltd.
(Information
Technology)*
308,162
389
Samsung
SDS
Co.
Ltd.
(Information
Technology)
77,180
672
Samsung
Securities
Co.
Ltd.
(Financials)
53,421
46
Samyang
Foods
Co.
Ltd.
(Consumer
Staples)
36,782
4,975
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
308,998
229
SK
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
13,631
5,987
SK
hynix
,
Inc.
(Information
Technology)
9,268,528
774
SK
Innovation
Co.
Ltd.
(Energy)*
61,221
935
SK
Square
Co.
Ltd.
(Industrials)*
765,000
1,177
SK
Telecom
Co.
Ltd.
(Communication
Services)
78,571
387
SK,
Inc.
(Industrials)
173,598
278
SKC
Co.
Ltd.
(Materials)*
25,697
442
S-Oil
Corp.
(Energy)
31,500
6,849
Woori
Financial
Group,
Inc.
(Financials)
134,980
600
Yuhan
Corp.
(Health
Care)
33,842
31,258,057
Taiwan
–
25.6%
5,778
Accton
Technology
Corp.
(Information
Technology)
448,214
4,928
Advantech
Co.
Ltd.
(Information
Technology)
77,871
854
Alchip
Technologies
Ltd.
(Information
Technology)
120,362
40,428
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
788,543
15,967
Asia
Cement
Corp.
(Materials)
17,330
3,669
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
312,138
366
ASPEED
Technology,
Inc.
(Information
Technology)
221,407
7,139
Asustek
Computer,
Inc.
(Information
Technology)
173,430
72,557
AUO
Corp.
(Information
Technology)*
53,273
1,824
Bizlink
Holding,
Inc.
(Industrials)
121,404
12,458
Caliway
Biopharmaceuticals
Co.
Ltd.
(Health
Care)*
39,968
5,691
Catcher
Technology
Co.
Ltd.
(Information
Technology)
36,970
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
98,399
Cathay
Financial
Holding
Co.
Ltd.
(Financials)
$
269,199
15,269
Chailease
Holding
Co.
Ltd.
(Financials)
52,399
73,176
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
47,304
9,786
Cheng
Shin
Rubber
Industry
Co.
Ltd.
(Consumer
Discretionary)
10,122
4,291
Chicony
Electronics
Co.
Ltd.
(Information
Technology)
18,561
34,390
China
Airlines
Ltd.
(Industrials)
20,968
95,421
China
Steel
Corp.
(Materials)
58,181
4,043
Chroma
ATE,
Inc.
(Information
Technology)
325,242
40,901
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
178,878
42,920
Compal
Electronics,
Inc.
(Information
Technology)
50,284
11,709
Compeq
Manufacturing
Co.
Ltd.
(Information
Technology)
106,342
169,329
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
327,031
20,241
Delta
Electronics,
Inc.
(Information
Technology)
1,579,839
8,535
E
Ink
Holdings,
Inc.
(Information
Technology)
59,942
152,264
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
150,439
830
Eclat
Textile
Co.
Ltd.
(Consumer
Discretionary)
9,075
3,466
Elite
Material
Co.
Ltd.
(Information
Technology)
566,501
733
eMemory
Technology,
Inc.
(Information
Technology)
79,792
30,387
Eva
Airways
Corp.
(Industrials)
34,970
11,908
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
80,969
33,770
Far
Eastern
New
Century
Corp.
(Industrials)
27,652
20,099
Far
EasTone
Telecommunications
Co.
Ltd.
(Communication
Services)
60,697
123,810
First
Financial
Holding
Co.
Ltd.
(Financials)
108,493
18,687
FIT
Hon
Teng
Ltd.
(Information
Technology)*
(a)
21,221
34,403
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
54,802
10,025
Formosa
Petrochemical
Corp.
(Energy)
16,449
38,253
Formosa
Plastics
Corp.
(Materials)
57,943
1,542
Fortune
Electric
Co.
Ltd.
(Industrials)
43,023
83,032
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
291,568
5,478
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
64,703
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
996
Global
Unichip
Corp.
(Information
Technology)
$
148,483
2,491
Globalwafers
Co.
Ltd.
(Information
Technology)
80,713
3,832
Gold
Circuit
Electronics
Ltd.
(Information
Technology)
161,474
128,880
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
1,189,010
1,034
Hon
Precision,
Inc.
(Information
Technology)
272,648
2,775
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
42,787
94,063
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
91,584
85,468
Innolux
Corp.
(Information
Technology)*
139,148
2,901
International
Games
System
Co.
Ltd.
(Communication
Services)
69,827
27,068
Inventec
Corp.
(Information
Technology)
60,659
1,170
Jentech
Precision
Industrial
Co.
Ltd.
(Information
Technology)
132,405
175,318
KGI
Financial
Holding
Co.
Ltd.
(Financials)
125,925
886
King
Slide
Works
Co.
Ltd.
(Information
Technology)
143,257
11,935
King
Yuan
Electronics
Co.
Ltd.
(Information
Technology)
125,158
1,089
Largan
Precision
Co.
Ltd.
(Information
Technology)
122,195
21,096
Lite-On
Technology
Corp.
(Information
Technology)
157,923
1,062
Lotes
Co.
Ltd.
(Information
Technology)
89,841
15,470
MediaTek,
Inc.
(Information
Technology)
2,128,480
121,024
Mega
Financial
Holding
Co.
Ltd.
(Financials)
154,537
976
MPI
Corp.
(Information
Technology)
185,694
59,819
Nan
Ya
Plastics
Corp.
(Materials)
187,331
2,572
Nan
Ya
Printed
Circuit
Board
Corp.
(Information
Technology)
69,626
12,212
Nanya
Technology
Corp.
(Information
Technology)*
135,275
2,368
Nien
Made
Enterprise
Co.
Ltd.
(Consumer
Discretionary)
24,001
5,502
Novatek
Microelectronics
Corp.
(Information
Technology)
83,780
19,272
Pegatron
Corp.
(Information
Technology)
54,447
3,351
PharmaEssentia
Corp.
(Health
Care)
99,485
1,996
Phison
Electronics
Corp.
(Information
Technology)
164,074
17,848
Pou
Chen
Corp.
(Consumer
Discretionary)
14,500
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
35,578
Powerchip
Semiconductor
Manufacturing
Corp.
(Information
Technology)*
$
100,741
7,195
Powertech
Technology,
Inc.
(Information
Technology)
87,051
4,341
President
Chain
Store
Corp.
(Consumer
Staples)
29,656
27,957
Quanta
Computer,
Inc.
(Information
Technology)
302,547
5,196
Realtek
Semiconductor
Corp.
(Information
Technology)
96,205
28,796
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
36,540
2,090
Shihlin
Electric
&
Engineering
Corp.
(Industrials)
14,611
138,981
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
133,100
14,377
Synnex
Technology
International
Corp.
(Information
Technology)
39,424
25,991
TA
Chen
Stainless
Pipe
(Materials)
34,557
50,610
Taichung
Commercial
Bank
Co.
Ltd.
(Financials)
29,808
238,748
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
177,963
83,958
Taiwan
Business
Bank
(Financials)
43,553
91,226
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
66,544
677
Taiwan
High
Speed
Rail
Corp.
(Industrials)
537
18,988
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
67,586
254,349
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
19,121,543
38,372
TCC
Group
Holdings
Co.
Ltd.
(Materials)
29,889
17,442
Teco
Electric
and
Machinery
Co.
Ltd.
(Industrials)
41,760
5,711
Tripod
Technology
Corp.
(Information
Technology)
94,984
14,164
Unimicron
Technology
Corp.
(Information
Technology)
477,024
47,798
Uni-President
Enterprises
Corp.
(Consumer
Staples)
109,556
125,145
United
Microelectronics
Corp.
(Information
Technology)
577,276
11,960
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
64,142
1,183
VisEra
Technologies
Co.
Ltd.
(Information
Technology)
19,864
26,254
Walsin
Lihwa
Corp.
(Industrials)
32,476
15,705
Wan
Hai
Lines
Ltd.
(Industrials)
41,111
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
34,420
Winbond
Electronics
Corp.
(Information
Technology)
$
173,608
31,780
Wistron
Corp.
(Information
Technology)
160,800
1,072
Wiwynn
Corp.
(Information
Technology)
186,335
17,918
WPG
Holdings
Ltd.
(Information
Technology)
67,209
8,916
WT
Microelectronics
Co.
Ltd.
(Information
Technology)
82,114
17,723
Yageo
Corp.
(Information
Technology)
417,538
19,977
Yang
Ming
Marine
Transport
Corp.
(Industrials)
33,608
111,249
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
211,663
7,790
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
128,070
36,968,759
Thailand
–
1.3%
12,288
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
133,282
46,993
Airports
of
Thailand
PCL,
NVDR
(Industrials)
79,778
119,844
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
67,020
99,340
Banpu
PCL,
NVDR
(Energy)
17,399
7,600
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
41,917
35,600
Cal-Comp
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
9,626
38,811
Central
Pattana
PCL,
NVDR
(Real
Estate)
76,918
54,977
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)
32,096
23,351
Com7
PCL,
NVDR
(Consumer
Discretionary)
18,655
65,727
CP
ALL
PCL,
NVDR
(Consumer
Staples)
95,425
49,900
Delta
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
541,241
4,458
Electricity
Generating
PCL,
NVDR
(Utilities)
15,958
1,851
Global
Power
Synergy
PCL,
NVDR
(Utilities)
2,303
48,687
Gulf
Development
PCL,
NVDR
(Utilities)
92,751
29,263
Indorama
Ventures
PCL,
NVDR
(Materials)
20,950
7,694
Kasikornbank
PCL,
NVDR
(Financials)
47,519
39,875
Krung
Thai
Bank
PCL,
NVDR
(Financials)
42,577
Shares
Description
Value
a
Common
Stocks
–
(continued)
Thailand
–
(continued)
48,903
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
$
33,809
16,161
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
70,265
26,125
PTT
Global
Chemical
PCL,
NVDR
(Materials)
26,892
147,662
PTT
PCL,
NVDR
(Energy)
164,472
19,470
Ratch
Group
PCL,
NVDR
(Utilities)
18,396
10,781
SCB
X
PCL,
NVDR
(Financials)
44,555
1,342
SCG
Packaging
PCL,
NVDR
(Materials)
973
8,323
Siam
Cement
PCL
(The),
NVDR
(Materials)
58,053
86,600
Thai
Airways
International
PCL,
NVDR
(Industrials)
17,828
68,522
Thai
Beverage
PCL
(Consumer
Staples)
24,178
29,056
Thai
Life
Insurance
PCL,
NVDR
(Financials)
9,910
12,677
Thai
Oil
PCL,
NVDR
(Energy)
18,015
8,771
Thai
Union
Group
PCL,
NVDR
(Consumer
Staples)
3,019
4,189
Tisco
Financial
Group
PCL,
NVDR
(Financials)
14,545
375,750
TMBThanachart
Bank
PCL,
NVDR
(Financials)
26,324
115,763
True
Corp.
PCL,
NVDR
(Communication
Services)
49,087
1,915,736
Turkey
–
0.8%
19,834
AG
Anadolu
Grubu
Holding
AS
(Industrials)
14,522
392
Agesa
Hayat
ve
Emeklilik
AS
(Financials)
1,970
7,920
Ahlatci
Dogal
Gaz
Dagitim
Enerji
VE
Yatirim
AS
(Utilities)*
5,681
30,324
Akbank
TAS
(Financials)
42,289
455
Akcansa
Cimento
AS
(Materials)*
2,256
3,676
Akfen
Yenilenebilir
Enerji
AS
(Utilities)*
1,714
57,944
Aksa
Akrilik
Kimya
Sanayii
AS
(Consumer
Discretionary)
13,157
2,373
Aksa
Enerji
Uretim
AS
(Utilities)*
4,137
8,177
Anadolu
Anonim
Turk
Sigorta
Sirketi
(Financials)
4,886
22,250
Anadolu
Efes
Biracilik
Ve
Malt
Sanayii
AS
(Consumer
Staples)
9,357
12,701
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
105,238
4,225
Astor
Transformator
Enerji
Turizm
Insaat
Ve
Petrol
Sanayi
Ticaret
AS
(Industrials)
28,793
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
974
Avrupakent
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
$
1,329
901
Aygaz
AS
(Utilities)
4,665
21,340
Balsu
Gida
Sanayi
Ve
Ticaret
AS
(Consumer
Staples)
6,208
74,230
Baticim
Bati
Anadolu
Cimento
Sanayii
AS
(Materials)*
9,851
4,570
BatiSoke
Soke
Cimento
Sanayii
TAS
(Materials)*
3,830
9,113
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
74,069
43
Borusan
Yatirim
ve
Pazarlama
AS
(Financials)
1,813
238,558
Can2
Termik
AS
(Utilities)*
7,901
38
Celebi
Hava
Servisi
AS
(Industrials)
1,372
4,651
Cimsa
Cimento
Sanayi
VE
Ticaret
AS
(Materials)
5,133
9,456
Coca-Cola
Icecek
AS
(Consumer
Staples)
16,494
8,622
CVK
Maden
Isletmeleri
Sanayi
VE
Ticaret
AS
(Materials)*
8,875
29,548
DAP
Gayrimenkul
Gelistirme
AS
(Real
Estate)*
6,117
942
Destek
Finans
Faktoring
AS
(Financials)*
43,208
24,818
Dogan
Sirketler
Grubu
Holding
AS
(Consumer
Discretionary)
12,719
16
EGE
Endustri
VE
Ticaret
AS
(Consumer
Discretionary)*
1,965
1,835
EIS
Eczacibasi
Ilac
ve
Sinai
ve
Finansal
Yatirimlar
Sanayi
ve
Ticaret
AS
(Consumer
Staples)
3,555
24,113
Emlak
Konut
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
10,036
2,942
Enerjisa
Enerji
AS
(Utilities)
(a)
7,039
28,043
Enerya
Enerji
AS
(Utilities)
5,383
6,319
Enka
Insaat
ve
Sanayi
AS
(Industrials)
13,838
39,409
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)
33,645
1,733
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
3,178
16,465
GEN
Ilac
VE
Saglik
Urunleri
Sanayi
VE
Ticaret
AS
(Health
Care)
3,358
377
Gubre
Fabrikalari
TAS
(Materials)*
4,518
15,669
Haci
Omer
Sabanci
Holding
AS
(Financials)
31,412
2,137
Hedef
Holdings
AS
(Financials)*
6,640
28,064
IC
Enterra
Yenilenebilir
Enerji
AS
(Utilities)*
6,250
543
Investco
Holding
AS
(Financials)*
7,277
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
36,397
Izdemir
Enerji
Elektrik
Uretim
AS
(Utilities)*
$
9,279
15,090
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
A
(Materials)*
12,449
9,341
Kardemir
Karabuk
Demir
Celik
Sanayi
ve
Ticaret
AS,
Class
D
(Materials)*
8,089
7,648
Katilimevim
Tasarruf
Finansman
AS
(Financials)
21,032
3,666
Kiler
Holding
AS
(Industrials)*
7,058
7,371
KOC
Holding
AS
(Industrials)
30,373
5,451
Kocaer
Celik
Sanayi
Ve
Ticaret
AS
(Materials)
1,545
4,452
Kuyumcukent
Gayrimenkul
Yatirimlari
AS
REIT
(Real
Estate)*
7,431
2,809
LDR
Turizm
AS
(Industrials)
7,033
1,591
LYDIA
HOLDING
AS
(Real
Estate)*
6,941
8,054
Margun
Enerji
Uretim
Sanayi
VE
Ticaret
AS
(Utilities)*
10,723
19,570
Mavi
Giyim
Sanayi
Ve
Ticaret
AS,
Class
B
(Consumer
Discretionary)
(a)
17,578
1,104
Migros
Ticaret
AS
(Consumer
Staples)
15,853
1,274
MLP
Saglik
Hizmetleri
AS
(Health
Care)*
(a)
12,576
19,449
Mogan
Enerji
Yatirim
Holding
AS
(Utilities)*
5,285
12,226
NET
Holding
AS
(Consumer
Discretionary)*
10,006
1,268
Nuh
Cimento
Sanayi
AS
(Materials)
6,217
5,905
OBA
Makarnacilik
Sanayi
VE
Ticaret
AS
(Consumer
Staples)
1,024
314
Odine
Solutions
Teknoloji
Ticaret
VE
Sanayi
AS
(Information
Technology)*
8,649
2,430
Pasifik
Eurasia
Lojistik
Dis
Ticaret
AS
(Industrials)*
6,132
208,033
Pasifik
Holding
AS
(Industrials)*
7,661
739
Pegasus
Hava
Tasimaciligi
AS
(Industrials)*
2,739
46,111
Peker
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
13,454
37
Petkim
Petrokimya
Holding
AS
(Materials)*
18
58
Politeknik
Metal
Sanayi
ve
Ticaret
AS
(Materials)*
6,401
1,384
Ral
Yatirim
Holding
AS
(Industrials)*
7,539
6,660
Reysas
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)*
4,569
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
6,254
Reysas
Tasimacilik
ve
Lojistik
Ticaret
AS
(Industrials)*
$
3,025
1,689
Ronesans
Gayrimenkul
Yatirim
AS
(Real
Estate)
7,074
1,117
Sasa
Polyester
Sanayi
AS
(Materials)*
64
1,472
Selcuk
Ecza
Deposu
Ticaret
ve
Sanayi
A.S.
(Health
Care)
3,317
8,333
SUN
Tekstil
Sanayi
Ve
Ticaret
AS
(Consumer
Discretionary)
6,036
598
TAB
Gida
Sanayi
Ve
Ticaret
AS
(Consumer
Discretionary)
3,479
19,915
Tatlipinar
Enerji
Uretim
AS
(Utilities)*
6,206
2,167
TAV
Havalimanlari
Holding
AS
(Industrials)*
11,888
2,290
Tekfen
Holding
AS
(Industrials)
7,026
2,459
Tera
Yatirim
Menkul
Degerler
AS
(Financials)*
11,260
440
Tofas
Turk
Otomobil
Fabrikasi
AS
(Consumer
Discretionary)
2,838
2,248
Torunlar
Gayrimenkul
Yatirim
Ortakligi
AS
REIT
(Real
Estate)
4,401
2,327
TR
Anadolu
Metal
Madencilik
Isletmeleri
AS
(Materials)*
5,471
12,037
Turk
Altin
Isletmeleri
AS
(Materials)*
11,420
4,735
Turk
Hava
Yollari
AO
(Industrials)
30,618
6,284
Turk
Telekomunikasyon
AS
(Communication
Services)*
8,387
12,817
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)
28,208
7,755
Turkiye
Halk
Bankasi
AS
(Financials)*
7,114
89,043
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
25,495
9,627
Turkiye
Petrol
Rafinerileri
AS
(Energy)
49,549
22,150
Turkiye
Sigorta
AS
(Financials)
6,091
12,817
Turkiye
Sinai
Kalkinma
Bankasi
AS
(Financials)
3,094
1,231
Turkiye
Sise
ve
Cam
Fabrikalari
AS
(Industrials)*
1,228
184
Ufuk
Yatirim
Yonetim
ve
Gayrimenkul
AS
(Real
Estate)*
5,553
1,758
Ulker
Biskuvi
Sanayi
AS
(Consumer
Staples)
4,436
36,117
Yapi
ve
Kredi
Bankasi
AS
(Financials)*
26,097
1,102,707
United
Arab
Emirates
–
1.8%
34,867
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
130,057
16,858
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
93,909
14,973
Abu
Dhabi
National
Energy
Co.
PJSC
(Utilities)
9,662
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Arab
Emirates
–
(continued)
39,506
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
$
42,272
34,008
ADNOC
Drilling
Co.
PJSC
(Energy)
55,185
74,234
Adnoc
Gas
PLC
(Energy)
69,326
42,694
Aldar
Properties
PJSC
(Real
Estate)
90,669
1,878
Alpha
Dhabi
Holding
PJSC
(Industrials)
3,748
35,573
Borouge
PLC
(Materials)
24,504
108,374
Dubai
Electricity
&
Water
Authority
PJSC
(Utilities)
77,013
37,863
Dubai
Islamic
Bank
PJSC
(Financials)
76,286
10,907
Emaar
Development
PJSC
(Real
Estate)
42,881
69,184
Emaar
Properties
PJSC
(Real
Estate)
221,895
26,552
Emirates
NBD
Bank
PJSC
(Financials)
199,672
35,605
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
174,882
49,169
First
Abu
Dhabi
Bank
PJSC
(Financials)
224,904
8,961
International
Holding
Co.
PJSC
(Industrials)*
949,080
26,069
Modon
Holding
PSC
(Industrials)*
21,577
39,627
Two
Point
Zero
Group
PJSC
(Industrials)*
22,981
2,530,503
United
States
–
0.2%
195
BeOne
Medicines
Ltd.,
Class
A
(Health
Care)*
7,034
9,997
BeOne
Medicines
Ltd.,
Class
H
(Health
Care)*
225,517
3,827
JBS
NV,
Class
A
(Consumer
Staples)
47,723
280,274
TOTAL
COMMON
STOCKS
(Cost
$74,704,854)
139,842,194
Shares
Description
Rate
Value
a
Preferred
Stocks
–
2.1%
Brazil
–
1.0%
6,245
Axia
Energia
SA
(Utilities)*
0.00
%
62,163
2,818
Axia
Energia
SA
(Utilities)
7.05
31,716
55,863
Banco
Bradesco
SA
(Financials)
8.51
195,480
19,929
Cia
Energetica
de
Minas
Gerais
(Utilities)
10.44
42,394
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Brazil
–
(continued)
13,957
Gerdau
SA
(Materials)
2.99
%
$
62,829
58,049
Itau
Unibanco
Holding
SA
(Financials)
8.52
459,508
63,429
Itausa
SA
(Financials)
9.50
162,015
46,586
Petroleo
Brasileiro
SA
-
Petrobras
(Energy)
8.52
386,820
1,402,925
Chile
–
0.1%
1,535
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Materials)
1.21
131,432
Colombia
–
0.1%
3,083
Grupo
Argos
SA
(Materials)
5.67
10,434
37,265
Grupo
Aval
Acciones
y
Valores
SA
(Financials)
3.49
8,351
4,859
Grupo
Cibest
SA
(Financials)
7.28
82,227
1,711
Grupo
de
Inversiones
Suramericana
SA
(Financials)
3.78
20,081
121,093
Russia
–
0.0%
4,252
Sberbank
of
Russia
PJSC,
1/1/1901
(Financials)*
(c)
0.00
—
31,665
Surgutneftegas
PJSC,
1/1/1901
(Energy)*
(c)
0.00
—
640
Tatneft
PJSC,
1/1/1901
(Energy)*
(c)
0.00
—
—
South
Korea
–
0.9%
28
Doosan
Co.
Ltd.
(Industrials)
0.77
12,244
180
Hanwha
Corp.
(Industrials)
2.42
5,685
370
Hyundai
Motor
Co.
(Consumer
Discretionary)
3.72
66,782
209
Hyundai
Motor
Co.
(Consumer
Discretionary)
3.68
38,000
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
South
Korea
–
(continued)
24
Hyundai
Motor
Co.
(Consumer
Discretionary)
3.88
%
$
4,117
61
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
5.29
6,695
87
LG
Chem
Ltd.
(Materials)
1.22
9,670
189
LG
Electronics,
Inc.
(Consumer
Discretionary)
1.88
12,002
1,457
Mirae
Asset
Securities
Co.
Ltd.,
1/1/1901
(Financials)
1.91
15,092
8,580
Samsung
Electronics
Co.
Ltd.,
1/1/1901
(Information
Technology)
0.83
1,152,920
28
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
5.32
6,800
1,330,007
TOTAL
PREFERRED
STOCKS
(Cost
$1,607,200)
2,985,457
Shares
Description
Value
Exchange-Traded
Fund
–
0.5%
United
States
–
0.5%
23,978
iShares
MSCI
Malaysia
ETF
(Cost
$568,898)
685,051
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.9%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,348,021
3.519%
1,348,021
(Cost
$1,348,021)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$78,228,973)
144,860,723
GOLDMAN
SACHS
MARKETBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.7%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,058,878
3.532%
$
1,058,878
(Cost
$1,058,878)
TOTAL
INVESTMENTS
–
101.0%
(Cost
$79,287,851)
$
145,919,601
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.0)%
(1,461,363)
NET
ASSETS
–
100.0%
$
144,458,238
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
42.0
%
Financials
16.8
Consumer
Discretionary
8.4
Industrials
8.2
Communication
Services
5.7
Materials
5.4
Energy
3.2
Health
Care
2.5
Consumer
Staples
2.5
Utilities
2.1
Real
Estate
1.1
Investment
Company
0.9
Exchange-Traded
Fund
0.5
Securities
Lending
Reinvestment
Vehicle
0.7
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
7
06/19/26
$
611,975
$
86,411
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.2%
Australia
–
7.9%
27,223
AGL
Energy
Ltd.
(Utilities)
$
167,664
22,586
ALS
Ltd.
(Industrials)
383,352
10,808
Ampol
Ltd.
(Energy)
260,975
140,860
ANZ
Group
Holdings
Ltd.
(Financials)
3,567,478
58,197
APA
Group
(Utilities)
422,077
26,171
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
943,385
8,698
ASX
Ltd.
(Financials)
289,317
48,660
Atlas
Arteria
Ltd.
(Industrials)
172,604
83,297
Aurizon
Holdings
Ltd.
(Industrials)
251,116
233,216
BHP
Group
Ltd.
(Materials)
10,455,554
20,597
BlueScope
Steel
Ltd.
(Materials)
470,076
63,986
Brambles
Ltd.
(Industrials)
762,849
15,294
CAR
Group
Ltd.
(Communication
Services)
273,340
21,088
Charter
Hall
Group
REIT
(Real
Estate)
309,222
2,973
Cochlear
Ltd.
(Health
Care)
214,977
59,726
Coles
Group
Ltd.
(Consumer
Staples)
933,371
78,077
Commonwealth
Bank
of
Australia
(Financials)
9,270,234
23,872
Computershare
Ltd.
(Industrials)
594,115
22,293
CSL
Ltd.
(Health
Care)
1,549,607
48,131
Dexus
REIT
(Real
Estate)
194,276
8,909
EBOS
Group
Ltd.
(Health
Care)
104,116
66,721
Endeavour
Group
Ltd.
(Consumer
Staples)
138,257
89,760
Evolution
Mining
Ltd.
(Materials)
784,030
72,420
Fortescue
Ltd.
(Materials)
1,162,490
440,459
Glencore
PLC
(Materials)*
3,371,127
91,630
Goodman
Group
REIT
(Real
Estate)
2,087,934
86,825
GPT
Group
(The)
REIT
(Real
Estate)
302,982
110,592
Insurance
Australia
Group
Ltd.
(Financials)
609,514
14,561
IREN
Ltd.
(Information
Technology)*
925,206
4,965
JB
Hi-Fi
Ltd.
(Consumer
Discretionary)
266,102
100,968
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
393,744
41,970
Lynas
Rare
Earths
Ltd.
(Materials)*
579,489
16,714
Macquarie
Group
Ltd.
(Financials)
2,868,737
124,899
Medibank
Pvt
Ltd.
(Financials)
431,351
7,820
Mineral
Resources
Ltd.
(Materials)*
413,378
178,504
Mirvac
Group
REIT
(Real
Estate)
217,053
142,821
National
Australia
Bank
Ltd.
(Financials)
3,836,022
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
35,371
NEXTDC
Ltd.
(Information
Technology)*
$
387,850
63,030
Northern
Star
Resources
Ltd.
(Materials)
853,035
22,105
Orica
Ltd.
(Materials)
364,055
77,501
Origin
Energy
Ltd.
(Utilities)
606,133
137,304
PLS
Group
Ltd.
(Materials)*
638,185
2,213
Pro
Medicus
Ltd.
(Health
Care)
210,592
68,907
Qantas
Airways
Ltd.
(Industrials)
468,022
68,712
QBE
Insurance
Group
Ltd.
(Financials)
1,119,283
8,216
Ramsay
Health
Care
Ltd.
(Health
Care)
219,254
2,283
REA
Group
Ltd.
(Communication
Services)
244,750
13,373
Reece
Ltd.
(Industrials)
132,782
17,000
Rio
Tinto
Ltd.
(Materials)
2,270,534
50,138
Rio
Tinto
PLC
(Materials)
5,385,060
149,567
Santos
Ltd.
(Energy)
840,461
235,274
Scentre
Group
REIT
(Real
Estate)
648,341
15,531
SEEK
Ltd.
(Communication
Services)
138,676
9,142
SGH
Ltd.
(Industrials)
271,000
205,397
Sigma
Healthcare
Ltd.
(Health
Care)
434,483
21,374
Sonic
Healthcare
Ltd.
(Health
Care)
300,190
205,010
South32
Ltd.
(Materials)
709,498
108,221
Stockland
REIT
(Real
Estate)
319,247
49,560
Suncorp
Group
Ltd.
(Financials)
619,744
13,316
Technology
One
Ltd.
(Information
Technology)
285,893
519,909
Telstra
Group
Ltd.
(Communication
Services)
1,948,929
17,767
TPG
Telecom
Ltd.
(Communication
Services)
49,855
143,667
Transurban
Group
(Industrials)
1,548,459
174,136
Vicinity
Ltd.
REIT
(Real
Estate)
316,986
16,000
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
500,772
52,600
Wesfarmers
Ltd.
(Consumer
Discretionary)
3,019,710
159,308
Westpac
Banking
Corp.
(Financials)
4,126,398
37,754
Whitehaven
Coal
Ltd.
(Energy)
237,685
8,299
WiseTech
Global
Ltd.
(Information
Technology)
215,021
87,041
Woodside
Energy
Group
Ltd.
(Energy)
1,920,114
55,696
Woolworths
Group
Ltd.
(Consumer
Staples)
1,411,782
22,027
Worley
Ltd.
(Industrials)
205,079
82,944,979
Austria
–
0.4%
3,232
ANDRITZ
AG
(Industrials)
294,561
3,545
BAWAG
Group
AG
(Financials)
(a)
637,487
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
(continued)
13,910
Erste
Group
Bank
AG
(Financials)
$
1,671,926
1,614
EVN
AG
(Utilities)
53,208
6,420
OMV
AG
(Energy)
461,871
5,779
Raiffeisen
Bank
International
AG
(Financials)
333,279
689
Strabag
SE
(Industrials)
76,463
3,052
Verbund
AG
(Utilities)
204,966
1,605
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
118,184
5,073
voestalpine
AG
(Materials)
286,525
4,835
Wienerberger
AG
(Materials)
136,541
4,275,011
Belgium
–
1.0%
998
Ackermans
&
van
Haaren
NV
(Industrials)
316,543
3,904
Aedifica
SA
REIT
(Real
Estate)
322,549
8,252
Ageas
SA/NV
(Financials)
641,337
44,186
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
3,557,840
948
D’ieteren
Group
(Consumer
Discretionary)
189,615
1,999
Elia
Group
SA/NV
(Utilities)
310,954
870
Financiere
de
Tubize
SA
(Health
Care)
228,228
3,444
Groupe
Bruxelles
Lambert
NV
(Financials)
325,135
11,511
KBC
Group
NV
(Financials)
1,530,664
17
Lotus
Bakeries
NV
(Consumer
Staples)
(b)
218,220
679
Sofina
SA
(Financials)
176,696
3,298
Syensqo
SA
(Materials)
258,626
5,556
UCB
SA
(Health
Care)
1,631,917
7,990
Warehouses
De
Pauw
CVA
REIT
(Real
Estate)
207,364
9,915,688
Brazil
–
0.0%
6,976
Yara
International
ASA
(Materials)
379,800
Chile
–
0.1%
15,940
Antofagasta
PLC
(Materials)
880,510
China
–
0.6%
228,434
Alibaba
Health
Information
Technology
Ltd.
(Consumer
Staples)*
(b)
105,802
76,781
Budweiser
Brewing
Co.
APAC
Ltd.
(Consumer
Staples)
(a)
68,479
34,080
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
126,886
122,327
China
Gas
Holdings
Ltd.
(Utilities)
108,164
134,899
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)
291,919
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
79,225
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
$
111,093
378,615
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
362,316
94,623
Fosun
International
Ltd.
(Industrials)
46,965
299,210
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
718,495
57,197
Prosus
NV
(Consumer
Discretionary)*
2,604,433
38,613
Qingdao
Port
International
Co.
Ltd.,
Class
H
(Industrials)
(a)
35,374
444,757
Sino
Biopharmaceutical
Ltd.
(Health
Care)
283,173
61,455
SITC
International
Holdings
Co.
Ltd.
(Industrials)
271,464
43,370
Wharf
Holdings
Ltd.
(The)
(Real
Estate)
122,738
80,653
Wilmar
International
Ltd.
(Consumer
Staples)
227,031
71,621
Xinyi
Glass
Holdings
Ltd.
(Industrials)
(b)
90,470
120,313
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
343,388
5,918,190
Denmark
–
1.5%
2,194
Ascendis
Pharma
A/S
(Health
Care)*
491,697
4,223
Carlsberg
AS,
Class
B
(Consumer
Staples)
568,008
5,915
Coloplast
A/S,
Class
B
(Health
Care)
365,560
29,712
Danske
Bank
A/S
(Financials)
1,565,328
8,713
DSV
A/S
(Industrials)
2,189,712
2,849
Genmab
A/S
(Health
Care)*
758,037
147,301
Novo
Nordisk
A/S,
Class
B
(Health
Care)
6,737,946
16,700
Novonesis
Novozymes
B,
Class
B
(Materials)
971,340
21,388
Orsted
AS
(Utilities)*
(a)
548,201
15,498
Tryg
A/S
(Financials)
364,926
46,187
Vestas
Wind
Systems
A/S
(Industrials)
1,298,498
15,859,253
Faroe
Islands
–
0.0%
2,254
Bakkafrost
P/F
(Consumer
Staples)
111,880
Finland
–
1.2%
6,367
Elisa
OYJ
(Communication
Services)
305,521
19,542
Fortum
OYJ
(Utilities)
457,231
12,213
Kesko
OYJ,
Class
B
(Consumer
Staples)
296,156
15,295
Kone
OYJ,
Class
B
(Industrials)
914,915
29,421
Metso
Oyj
(Industrials)
562,372
19,462
Neste
OYJ
(Energy)
639,548
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Finland
–
(continued)
237,414
Nokia
OYJ
(Information
Technology)
$
3,460,361
143,967
Nordea
Bank
Abp
(Financials)
2,767,000
4,817
Orion
OYJ,
Class
B
(Health
Care)
402,478
113,784
Sampo
OYJ,
Class
A
(Financials)
1,203,521
25,873
Stora
Enso
OYJ,
Class
R
(Materials)
303,284
24,331
UPM-Kymmene
OYJ
(Materials)
(b)
710,963
22,010
Wartsila
OYJ
Abp
(Industrials)
896,392
12,919,742
France
–
7.2%
26,379
Air
Liquide
SA
(Materials)
5,481,837
27,458
Airbus
SE
(Industrials)
5,757,973
77,931
AXA
SA
(Financials)
3,613,112
46,348
BNP
Paribas
SA
(Financials)
5,027,279
31,777
Bollore
SE
(Energy)
201,727
8,838
Bouygues
SA
(Industrials)
520,420
7,260
Capgemini
SE
(Information
Technology)*
863,727
20,913
Cie
de
Saint-Gobain
SA
(Industrials)
1,909,892
29,398
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
1,080,983
45,215
Credit
Agricole
SA
(Financials)
875,877
29,254
Danone
SA
(Consumer
Staples)
2,080,369
31,148
Dassault
Systemes
(Information
Technology)
(b)
683,528
80,359
Engie
SA
(Utilities)
2,482,225
13,700
EssilorLuxottica
SA
(Health
Care)
2,800,163
1,494
Hermes
International
SCA
(Consumer
Discretionary)
2,824,348
3,246
Kering
(Consumer
Discretionary)
967,246
11,575
Legrand
SA
(Industrials)
1,994,376
10,439
L'Oreal
SA
(Consumer
Staples)
4,660,148
12,051
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
6,652,467
86,291
Orange
SA
(Communication
Services)
1,806,007
8,902
Pernod
Ricard
SA
(Consumer
Staples)
658,820
10,500
Publicis
Groupe
SA
(Communication
Services)
1,026,065
16,232
Safran
SA
(Industrials)
5,790,554
1,271
Sartorius
Stedim
Biotech
(Health
Care)
264,157
29,614
Societe
Generale
SA
(Financials)
2,475,396
3,989
Thales
SA
(Industrials)
1,114,865
93,825
TotalEnergies
SE
(Energy)
8,231,396
22,134
Vinci
SA
(Industrials)
3,229,953
75,074,910
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
8.1%
7,668
adidas
AG
(Consumer
Discretionary)
$
1,490,767
17,799
Allianz
SE
(Financials)
7,926,046
41,760
BASF
SE
(Materials)
2,476,554
45,100
Bayer
AG
(Health
Care)
1,922,555
12,720
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
1,109,709
4,425
Beiersdorf
AG
(Consumer
Staples)
(b)
357,229
4,939
BioNTech
SE
ADR
(Health
Care)*
472,325
32,016
Commerzbank
AG
(Financials)
(b)
1,384,603
4,906
Continental
AG
(Consumer
Discretionary)
408,540
22,872
Daimler
Truck
Holding
AG
(Industrials)
1,125,005
81,684
Deutsche
Bank
AG
(Financials)
2,655,649
8,438
Deutsche
Boerse
AG
(Financials)
2,438,051
42,096
Deutsche
Post
AG
(Industrials)
2,515,147
164,722
Deutsche
Telekom
AG
(Communication
Services)
5,547,541
101,597
E.ON
SE
(Utilities)
2,157,769
9,704
Fresenius
Medical
Care
AG
(Health
Care)
421,143
18,952
Fresenius
SE
&
Co.
KGaA
(Health
Care)
802,149
2,769
Hannover
Rueck
SE
(Financials)
750,951
286
Hapag-Lloyd
AG
(Industrials)
(a)
37,046
5,832
Heidelberg
Materials
AG
(Materials)
1,298,520
4,370
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
317,704
766
HOCHTIEF
AG
(Industrials)
434,964
60,931
Infineon
Technologies
AG
(Information
Technology)
5,767,204
3,001
Knorr-Bremse
AG
(Industrials)
363,159
31,805
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
1,937,025
5,956
Merck
KGaA
(Health
Care)
909,455
2,440
MTU
Aero
Engines
AG
(Industrials)
892,078
6,110
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
3,224,931
2,170
Rheinmetall
AG
(Industrials)
3,275,256
30,982
RWE
AG
(Utilities)
1,972,588
47,887
SAP
SE
(Information
Technology)
8,676,206
33,594
Siemens
AG
(Industrials)
10,576,849
34,680
Siemens
Energy
AG
(Industrials)
6,606,300
17,002
Siemens
Healthineers
AG
(Health
Care)
(a)
692,830
2,749
Talanx
AG
(Financials)
330,419
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
1,284
Volkswagen
AG
(Consumer
Discretionary)*
$
140,622
32,790
Vonovia
SE
(Real
Estate)
820,004
84,234,893
Hong
Kong
–
1.7%
491,075
AIA
Group
Ltd.
(Financials)
5,153,612
55,533
Cathay
Pacific
Airways
Ltd.
(Industrials)
94,239
86,065
CK
Asset
Holdings
Ltd.
(Real
Estate)
519,856
27,546
CK
Infrastructure
Holdings
Ltd.
(Utilities)
208,597
83,853
CLP
Holdings
Ltd.
(Utilities)
818,480
2,654
Futu
Holdings
Ltd.
ADR
(Financials)
276,202
78,925
Hang
Lung
Properties
Ltd.
(Real
Estate)
80,965
59,714
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
235,888
102,626
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
84,459
163,794
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
252,878
502,430
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
459,645
55,799
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
2,846,408
46,859
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
357,066
37,500
Kingboard
Laminates
Holdings
Ltd.
(Information
Technology)
261,247
120,108
Link
REIT
(Real
Estate)
618,823
71,009
MTR
Corp.
Ltd.
(Industrials)
285,761
61,867
Power
Assets
Holdings
Ltd.
(Utilities)
474,418
119,148
Prudential
PLC
(Financials)
1,720,890
1,400
Regencell
Bioscience
Holdings
Ltd.
(Health
Care)*
(b)
33,460
167,787
Sino
Land
Co.
Ltd.
(Real
Estate)
252,834
61,476
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
1,033,045
18,579
Swire
Pacific
Ltd.,
Class
A
(Industrials)
193,437
30,000
Swire
Pacific
Ltd.,
Class
B
(Industrials)
49,915
47,720
Swire
Properties
Ltd.
(Real
Estate)
135,414
62,793
Techtronic
Industries
Co.
Ltd.
(Industrials)
931,792
344,417
WH
Group
Ltd.
(Consumer
Staples)
(a)
397,705
70,220
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
215,389
18,730
Zijin
Gold
International
Co.
Ltd.
(Materials)*
309,960
18,302,385
Shares
Description
Value
a
Common
Stocks
–
(continued)
Indonesia
–
0.1%
9,275
Jardine
Matheson
Holdings
Ltd.
(Industrials)
$
615,675
Ireland
–
0.4%
94,838
AIB
Group
PLC
(Financials)
1,117,780
43,829
Bank
of
Ireland
Group
PLC
(Financials)
891,736
6,757
Kerry
Group
PLC,
Class
A
(Consumer
Staples)
579,160
6,953
Kingspan
Group
PLC
(Industrials)
637,745
3,226,421
Israel
–
1.7%
2,617
Airport
City
Ltd.
(Real
Estate)*
50,465
9,795
Amot
Investments
Ltd.
(Real
Estate)
66,175
1,929
Azrieli
Group
Ltd.
(Real
Estate)
322,228
60,039
Bank
Hapoalim
BM
(Financials)
1,552,668
69,163
Bank
Leumi
Le-Israel
BM
(Financials)
1,764,200
126,426
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
361,224
743
Big
Shopping
Centers
Ltd.
(Real
Estate)
203,464
1,272
Camtek
Ltd.
(Information
Technology)*
225,502
5,386
Cellebrite
DI
Ltd.
(Information
Technology)*
79,336
3,911
Check
Point
Software
Technologies
Ltd.
(Information
Technology)*
528,181
2,956
Clal
Insurance
Enterprises
Holdings
Ltd.
(Financials)
298,716
421
Delek
Group
Ltd.
(Energy)
130,154
5,258
Doral
Group
Renewable
Energy
Resources
Ltd.
(Utilities)*
194,869
1,233
Elbit
Systems
Ltd.
(Industrials)
1,114,052
11,765
Energix-Renewable
Energies
Ltd.
(Utilities)
121,576
5,968
Enlight
Renewable
Energy
Ltd.
(Utilities)*
646,731
2,358
Etoro
Group
Ltd.,
Class
A
(Financials)*
98,989
299
Fattal
Holdings
1998
Ltd.
(Consumer
Discretionary)*
91,083
794
FIBI
Holdings
Ltd.
(Financials)
87,912
2,349
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
200,927
4,472
Global-e
Online
Ltd.
(Consumer
Discretionary)*
137,022
4,996
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
318,994
31,628
ICL
Group
Ltd.
(Materials)
209,842
167
Israel
Corp.
Ltd.
(Materials)
55,417
56,126
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
626,837
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
1,090
Mega
Or
Holdings
Ltd.
(Real
Estate)
$
265,360
1,131
Melisron
Ltd.
(Real
Estate)
179,325
819
Menora
Mivtachim
Holdings
Ltd.
(Financials)
152,818
21,780
Migdal
Insurance
&
Financial
Holdings
Ltd.
(Financials)*
148,466
26,575
Mivne
Real
Estate
KD
Ltd.
(Real
Estate)
136,788
6,828
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
527,788
3,260
Next
Vision
Stabilized
Systems
Ltd.
(Information
Technology)
348,856
2,872
Nice
Ltd.
(Information
Technology)*
256,215
1,352
Nova
Ltd.
(Information
Technology)*
710,373
7,819
OPC
Energy
Ltd.
(Utilities)*
(b)
345,286
423
Paz
Retail
And
Energy
Ltd.
(Energy)
125,507
10,541
Phoenix
Financial
Ltd.
(Financials)
704,626
3,563
Plus500
Ltd.
(Financials)
212,858
6,439
Shapir
Engineering
and
Industry
Ltd.
(Industrials)*
105,056
16,343
Shikun
&
Binui
Ltd.
(Industrials)*
126,561
12,206
Shufersal
Ltd.
(Consumer
Staples)
212,341
2,279
Strauss
Group
Ltd.
(Consumer
Staples)
98,527
3,155
Tel
Aviv
Stock
Exchange
Ltd.
(Financials)
190,755
54,271
Teva
Pharmaceutical
Industries
Ltd.
(Health
Care)*
1,904,891
5,201
Tower
Semiconductor
Ltd.
(Information
Technology)*
1,494,746
2,487
Wix.com
Ltd.
(Information
Technology)*
139,421
17,873,128
Italy
–
3.1%
70,549
A2A
SpA
(Utilities)
185,154
9,198
Banca
Mediolanum
SpA
(Financials)
212,633
84,694
Banca
Monte
dei
Paschi
di
Siena
SpA
(Financials)
(b)
912,038
50,794
Banco
BPM
SpA
(Financials)
799,311
65,223
BPER
Banca
SpA
(Financials)
884,270
26,267
Davide
Campari-Milano
NV
(Consumer
Staples)
171,714
359,283
Enel
SpA
(Utilities)
4,035,432
83,729
Eni
SpA
(Energy)
2,201,353
5,621
Ferrari
NV
(Consumer
Discretionary)
1,936,344
27,675
FinecoBank
Banca
Fineco
SpA
(Financials)
676,911
41,102
Generali
(Financials)
(b)
1,856,687
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
15,908
Infrastrutture
Wireless
Italiane
SpA
(Communication
Services)
(a)(b)
$
124,007
665,844
Intesa
Sanpaolo
SpA
(Financials)
4,512,082
18,526
Leonardo
SpA
(Industrials)
1,176,502
9,864
Moncler
SpA
(Consumer
Discretionary)
642,994
20,671
Poste
Italiane
SpA
(Financials)
611,735
23,244
PRADA
SpA
(Consumer
Discretionary)
108,785
12,928
Prysmian
SpA
(Industrials)
2,232,779
5,004
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
300,730
22,469
Ryanair
Holdings
PLC
ADR
(Industrials)
1,365,666
92,890
Snam
SpA
(Utilities)
679,222
762,125
Telecom
Italia
SpA
(Communication
Services)*
(b)
648,167
63,667
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
731,967
64,962
UniCredit
SpA
(Financials)
5,627,947
14,940
Unipol
Assicurazioni
SpA
(Financials)
370,303
33,004,733
Japan
–
25.5%
4,146
ABC-Mart,
Inc.
(Consumer
Discretionary)
68,549
17,227
Acom
Co.
Ltd.
(Financials)
50,591
33,993
Advantest
Corp.
(Information
Technology)
5,588,271
109,507
Aeon
Co.
Ltd.
(Consumer
Staples)
957,215
9,249
AGC,
Inc.
(Industrials)
403,100
9,170
Air
Water,
Inc.
(Materials)
149,713
23,089
Aisin
Corp.
(Consumer
Discretionary)
350,055
39,730
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
1,285,815
8,501
Alfresa
Holdings
Corp.
(Health
Care)
119,353
16,052
ALSOK
Co.
Ltd.
(Industrials)
113,541
13,940
Amada
Co.
Ltd.
(Industrials)
263,931
20,258
ANA
Holdings,
Inc.
(Industrials)
(b)
380,307
68,321
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
653,854
9,681
Asahi
Intecc
Co.
Ltd.
(Health
Care)
229,026
57,117
Asahi
Kasei
Corp.
(Materials)
641,171
29,038
Asics
Corp.
(Consumer
Discretionary)
883,416
82,298
Astellas
Pharma,
Inc.
(Health
Care)
1,180,265
21,179
Azbil
Corp.
(Information
Technology)
221,183
26,299
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
601,512
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
5,864
BayCurrent,
Inc.
(Industrials)
$
206,874
50,485
Bridgestone
Corp.
(Consumer
Discretionary)
1,091,902
11,394
Brother
Industries
Ltd.
(Information
Technology)
268,620
41,352
Canon,
Inc.
(Information
Technology)
1,098,287
15,171
Capcom
Co.
Ltd.
(Communication
Services)
287,428
39,892
Central
Japan
Railway
Co.
(Industrials)
871,815
29,011
Chiba
Bank
Ltd.
(The)
(Financials)
423,893
29,994
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
551,118
29,469
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
1,460,955
6,367
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
141,467
1,695
Cosmos
Pharmaceutical
Corp.
(Consumer
Staples)
64,014
18,751
CyberAgent,
Inc.
(Communication
Services)
152,361
19,715
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
343,115
15,505
Daifuku
Co.
Ltd.
(Industrials)
712,087
161,412
Daiichi
Life
Group,
Inc.
(Financials)
1,658,836
78,986
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
1,339,919
12,534
Daikin
Industries
Ltd.
(Industrials)
1,833,370
13,599
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
270,972
26,548
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
722,778
210
Daiwa
House
REIT
Investment
Corp.
REIT
(Real
Estate)
159,093
60,553
Daiwa
Securities
Group,
Inc.
(Financials)
570,763
75,950
Denso
Corp.
(Consumer
Discretionary)
910,312
9,023
Dentsu
Group,
Inc.
(Communication
Services)*
170,382
4,125
Disco
Corp.
(Information
Technology)
1,686,640
48,350
East
Japan
Railway
Co.
(Industrials)
1,036,310
20,957
Ebara
Corp.
(Industrials)
748,154
11,902
Eisai
Co.
Ltd.
(Health
Care)
297,868
7,625
Electric
Power
Development
Co.
Ltd.
(Utilities)
192,409
121,866
ENEOS
Holdings,
Inc.
(Energy)
999,410
42,242
FANUC
Corp.
(Industrials)
2,094,188
8,231
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
4,256,915
4,924
Food
&
Life
Cos.
Ltd.
(Consumer
Discretionary)
336,381
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
6,173
Fuji
Electric
Co.
Ltd.
(Industrials)
$
598,726
3,493
Fuji
Media
Holdings,
Inc.
(Communication
Services)
(b)
82,810
53,819
FUJIFILM
Holdings
Corp.
(Information
Technology)
1,123,103
66,710
Fujikura
Ltd.
(Industrials)
1,999,330
79,608
Fujitsu
Ltd.
(Information
Technology)
1,684,275
8,304
Fukuoka
Financial
Group,
Inc.
(Financials)
341,988
3,100
Furukawa
Electric
Co.
Ltd.
(Industrials)
1,013,795
224
GLP
J
REIT
(Real
Estate)
188,132
1,995
GMO
Payment
Gateway,
Inc.
(Financials)
109,769
18,700
Hachijuni
Nagano
Bank
Ltd.
(Financials)
272,941
12,652
Hamamatsu
Photonics
KK
(Information
Technology)
227,544
10,702
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
314,828
11,540
Haseko
Corp.
(Consumer
Discretionary)
196,635
663
Hikari
Tsushin,
Inc.
(Industrials)
152,225
1,334
Hirose
Electric
Co.
Ltd.
(Information
Technology)
236,523
4,682
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
152,910
201,763
Hitachi
Ltd.
(Industrials)
6,547,570
175,924
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
1,605,186
4,912
Hoshizaki
Corp.
(Industrials)
162,551
15,427
Hoya
Corp.
(Health
Care)
2,624,305
25,849
Hulic
Co.
Ltd.
(Real
Estate)
275,881
11,278
Ibiden
Co.
Ltd.
(Information
Technology)
1,629,462
36,681
Idemitsu
Kosan
Co.
Ltd.
(Energy)
322,246
46,447
IHI
Corp.
(Industrials)
807,184
7,255
Iida
Group
Holdings
Co.
Ltd.
(Consumer
Discretionary)
97,165
38,908
Inpex
Corp.
(Energy)
880,862
15,364
Isetan
Mitsukoshi
Holdings
Ltd.
(Consumer
Discretionary)
327,760
26,453
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
390,256
287,256
ITOCHU
Corp.
(Industrials)
3,492,581
11,305
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
153,962
19,482
Japan
Airlines
Co.
Ltd.
(Industrials)
335,266
47,942
Japan
Exchange
Group,
Inc.
(Financials)
587,567
312
Japan
Metropolitan
Fund
Invest
REIT
(Real
Estate)
220,491
63,321
Japan
Post
Bank
Co.
Ltd.
(Financials)
1,220,756
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
79,851
Japan
Post
Holdings
Co.
Ltd.
(Financials)
$
1,037,326
24,857
Japan
Post
Insurance
Co.
Ltd.
(Financials)
223,212
322
Japan
Real
Estate
Investment
Corp.
REIT
(Real
Estate)
231,199
50,868
Japan
Tobacco,
Inc.
(Consumer
Staples)
1,970,620
27,151
JFE
Holdings,
Inc.
(Materials)
(b)
290,033
24,485
JX
Advanced
Metals
Corp.
(Materials)
604,319
20,053
Kajima
Corp.
(Industrials)
744,099
4,674
Kandenko
Co.
Ltd.
(Industrials)
191,963
41,327
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
(b)
606,315
20,851
Kao
Corp.
(Consumer
Staples)
800,954
35,473
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
699,031
16,701
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
(b)
264,379
140,133
KDDI
Corp.
(Communication
Services)
2,410,668
24,864
Keio
Corp.
(Industrials)
115,253
21,491
Keisei
Electric
Railway
Co.
Ltd.
(Industrials)
147,287
4,670
Kewpie
Corp.
(Consumer
Staples)
118,136
8,640
Keyence
Corp.
(Information
Technology)
4,347,951
34,879
Kikkoman
Corp.
(Consumer
Staples)
305,210
5,033
Kinden
Corp.
(Industrials)
226,973
8,578
Kintetsu
Group
Holdings
Co.
Ltd.
(Industrials)
193,287
7,857
Kioxia
Holdings
Corp.
(Information
Technology)*
3,250,100
37,004
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
631,920
6,416
Kobe
Bussan
Co.
Ltd.
(Consumer
Staples)
109,264
5,114
Koei
Tecmo
Holdings
Co.
Ltd.
(Communication
Services)
47,577
9,406
Koito
Manufacturing
Co.
Ltd.
(Consumer
Discretionary)
165,265
9,209
Kokusai
Electric
Corp.
(Information
Technology)
474,999
40,175
Komatsu
Ltd.
(Industrials)
1,659,847
4,346
Konami
Group
Corp.
(Communication
Services)
516,802
43,281
Kubota
Corp.
(Industrials)
772,691
14,728
Kuraray
Co.
Ltd.
(Materials)
151,776
5,095
Kurita
Water
Industries
Ltd.
(Industrials)
280,147
61,316
Kyocera
Corp.
(Information
Technology)
1,341,564
13,495
Kyoto
Financial
Group,
Inc.
(Financials)
374,611
11,282
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
177,533
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
20,945
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
$
215,647
6,380
Kyushu
Railway
Co.
(Industrials)
141,154
3,646
Lasertec
Corp.
(Information
Technology)
919,115
12,616
Lixil
Corp.
(Industrials)
133,657
118,584
LY
Corp.
(Communication
Services)
310,856
18,540
M3,
Inc.
(Health
Care)
165,846
11,058
Makita
Corp.
(Industrials)
384,415
67,219
Marubeni
Corp.
(Industrials)
2,194,044
8,067
Marui
Group
Co.
Ltd.
(Financials)
138,242
16,120
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
229,917
26,098
Mazda
Motor
Corp.
(Consumer
Discretionary)
188,288
3,864
McDonald's
Holdings
Co.
Japan
Ltd.
(Consumer
Discretionary)
189,086
42,748
Mebuki
Financial
Group,
Inc.
(Financials)
357,017
8,330
Medipal
Holdings
Corp.
(Health
Care)
143,743
11,275
MEIJI
Holdings
Co.
Ltd.
(Consumer
Staples)
266,877
15,449
MINEBEA
MITSUMI,
Inc.
(Industrials)
442,731
12,901
MISUMI
Group,
Inc.
(Industrials)
305,770
59,586
Mitsubishi
Chemical
Group
Corp.
(Materials)
429,331
157,228
Mitsubishi
Corp.
(Industrials)
5,002,574
90,251
Mitsubishi
Electric
Corp.
(Industrials)
3,717,985
52,607
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
1,340,373
8,217
Mitsubishi
Gas
Chemical
Co.,
Inc.
(Materials)
286,219
37,755
Mitsubishi
HC
Capital,
Inc.
(Financials)
308,676
145,535
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
3,479,529
29,415
Mitsubishi
Motors
Corp.
(Consumer
Discretionary)
68,645
529,467
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
9,974,694
110,244
Mitsui
&
Co.
Ltd.
(Industrials)
3,663,489
16,138
Mitsui
Chemicals,
Inc.
(Materials)
221,151
125,170
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
1,203,422
2,498
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
810,175
16,391
Mitsui
OSK
Lines
Ltd.
(Industrials)
(b)
563,836
115,298
Mizuho
Financial
Group,
Inc.
(Financials)
5,211,189
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
11,194
MonotaRO
Co.
Ltd.
(Industrials)
$
132,832
60,181
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
1,620,679
77,625
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
4,693,389
56,841
NEC
Corp.
(Information
Technology)
1,465,033
14,622
Nexon
Co.
Ltd.
(Communication
Services)
205,750
10,782
NGK
Corp.
(Industrials)
427,785
4,399
NH
Foods
Ltd.
(Consumer
Staples)
168,731
11,501
Nichirei
Corp.
(Consumer
Staples)
131,634
41,389
NIDEC
Corp.
(Industrials)*
725,913
12,153
Nikon
Corp.
(Consumer
Discretionary)
140,814
52,818
Nintendo
Co.
Ltd.
(Communication
Services)
2,371,651
369
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
295,311
11,223
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
370,763
40,328
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
267,646
301
Nippon
Prologis
REIT,
Inc.
REIT
(Real
Estate)
161,287
8,470
Nippon
Sanso
Holdings
Corp.
(Materials)
329,031
230,183
Nippon
Steel
Corp.
(Materials)
(b)
819,283
7,340
Nippon
Television
Holdings,
Inc.
(Communication
Services)
130,925
18,671
Nippon
Yusen
KK
(Industrials)
(b)
623,149
5,915
Nissan
Chemical
Corp.
(Materials)
279,011
101,268
Nissan
Motor
Co.
Ltd.
(Consumer
Discretionary)*
(b)
252,423
11,608
Nisshin
Seifun
Group,
Inc.
(Consumer
Staples)
143,286
8,262
Nissin
Foods
Holdings
Co.
Ltd.
(Consumer
Staples)
138,885
7,216
Niterra
Co.
Ltd.
(Consumer
Discretionary)
460,774
17,446
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
286,967
32,639
Nitto
Denko
Corp.
(Materials)
613,147
138,936
Nomura
Holdings,
Inc.
(Financials)
1,121,507
23,402
Nomura
Real
Estate
Holdings,
Inc.
(Real
Estate)
133,717
181
Nomura
Real
Estate
Master
Fund,
Inc.
REIT
(Real
Estate)
173,507
18,343
Nomura
Research
Institute
Ltd.
(Information
Technology)
578,670
2,480,541
NTT,
Inc.
(Communication
Services)
2,329,549
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
29,353
Obayashi
Corp.
(Industrials)
$
598,345
1,296
OBIC
Business
Consultants
Co.
Ltd.
(Information
Technology)
49,800
14,787
Obic
Co.
Ltd.
(Information
Technology)
370,534
14,392
Odakyu
Electric
Railway
Co.
Ltd.
(Industrials)
146,234
36,651
Oji
Holdings
Corp.
(Materials)
180,089
50,400
Olympus
Corp.
(Health
Care)
565,294
8,495
Omron
Corp.
(Information
Technology)
306,522
18,473
Ono
Pharmaceutical
Co.
Ltd.
(Health
Care)
277,635
3,399
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
184,608
1,510
Oracle
Corp.
Japan
(Information
Technology)
81,737
50,530
Oriental
Land
Co.
Ltd.
(Consumer
Discretionary)
728,636
52,140
ORIX
Corp.
(Financials)
2,042,824
254
Orix
JREIT,
Inc.
REIT
(Real
Estate)
153,335
16,896
Osaka
Gas
Co.
Ltd.
(Utilities)
569,002
9,959
Otsuka
Corp.
(Information
Technology)
180,737
20,161
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
1,483,674
86,607
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
477,783
102,416
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
2,380,421
83,508
Persol
Holdings
Co.
Ltd.
(Industrials)
127,158
4,060
Rakuten
Bank
Ltd.
(Financials)*
118,671
64,398
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
301,500
59,545
Recruit
Holdings
Co.
Ltd.
(Industrials)
3,953,707
75,125
Renesas
Electronics
Corp.
(Information
Technology)
2,123,642
101,129
Resona
Holdings,
Inc.
(Financials)
1,295,638
8,509
Resonac
Holdings
Corp.
(Materials)
1,000,619
25,657
Ricoh
Co.
Ltd.
(Information
Technology)
235,070
4,941
Rinnai
Corp.
(Consumer
Discretionary)
105,313
15,928
Rohm
Co.
Ltd.
(Information
Technology)
546,109
8,917
Rohto
Pharmaceutical
Co.
Ltd.
(Consumer
Staples)
133,371
23,335
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
569,193
46,544
Sanrio
Co.
Ltd.
(Consumer
Discretionary)
250,336
15,508
Santen
Pharmaceutical
Co.
Ltd.
(Health
Care)
186,605
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
8,812
Sanwa
Holdings
Corp.
(Industrials)
$
201,770
27,251
SBI
Holdings,
Inc.
(Financials)
498,149
11,900
SBI
Shinsei
Bank
Ltd
(Financials)
104,505
7,448
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
520,270
19,218
Secom
Co.
Ltd.
(Industrials)
766,595
7,005
Sega
Sammy
Holdings,
Inc.
(Consumer
Discretionary)
101,671
10,118
Seibu
Holdings,
Inc.
(Industrials)
179,205
12,468
Seiko
Epson
Corp.
(Information
Technology)
229,286
17,100
Sekisui
Chemical
Co.
Ltd.
(Industrials)
246,096
27,547
Sekisui
House
Ltd.
(Consumer
Discretionary)
580,219
105,026
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
1,226,810
14,131
SG
Holdings
Co.
Ltd.
(Industrials)
128,581
10,803
Shimadzu
Corp.
(Information
Technology)
256,180
6,427
Shimamura
Co.
Ltd.
(Consumer
Discretionary)
132,908
3,649
Shimano,
Inc.
(Consumer
Discretionary)
378,332
24,591
Shimizu
Corp.
(Industrials)
414,227
78,348
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
3,818,228
34,954
Shionogi
&
Co.
Ltd.
(Health
Care)
658,722
17,758
Shiseido
Co.
Ltd.
(Consumer
Staples)
313,518
20,829
Shizuoka
Financial
Group,
Inc.
(Financials)
375,652
2,662
SMC
Corp.
(Industrials)
1,155,668
1,298,791
SoftBank
Corp.
(Communication
Services)
1,756,578
165,896
SoftBank
Group
Corp.
(Communication
Services)
7,806,564
10,136
Sojitz
Corp.
(Industrials)
343,258
41,682
Sompo
Holdings,
Inc.
(Financials)
1,560,031
274,879
Sony
Financial
Group,
Inc.
(Financials)
241,743
279,942
Sony
Group
Corp.
(Consumer
Discretionary)
6,056,412
11,986
Square
Enix
Holdings
Co.
Ltd.
(Communication
Services)
192,564
26,078
Subaru
Corp.
(Consumer
Discretionary)
400,041
4,638
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
80,194
64,941
Sumitomo
Chemical
Co.
Ltd.
(Materials)
248,929
49,205
Sumitomo
Corp.
(Industrials)
2,194,273
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
34,069
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
$
2,693,375
22,602
Sumitomo
Forestry
Co.
Ltd.
(Consumer
Discretionary)
185,357
5,201
Sumitomo
Heavy
Industries
Ltd.
(Industrials)
170,611
11,628
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
664,196
176,860
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
6,464,906
29,540
Sumitomo
Mitsui
Trust
Group,
Inc.
(Financials)
1,015,780
7,072
Sumitomo
Pharma
Co.
Ltd.
(Health
Care)*
(b)
72,102
38,582
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
900,869
7,940
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
103,795
3,082
Sundrug
Co.
Ltd.
(Consumer
Staples)
70,221
5,682
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
154,516
73,130
Suzuki
Motor
Corp.
(Consumer
Discretionary)
906,603
21,588
Sysmex
Corp.
(Health
Care)
189,449
24,503
T&D
Holdings,
Inc.
(Financials)
645,553
6,919
Taisei
Corp.
(Industrials)
608,928
71,042
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
2,284,019
6,103
TBS
Holdings,
Inc.
(Communication
Services)
222,704
87,416
TDK
Corp.
(Information
Technology)
2,255,826
62,103
Terumo
Corp.
(Health
Care)
936,675
9,983
TIS,
Inc.
(Information
Technology)
212,027
9,460
Tobu
Railway
Co.
Ltd.
(Industrials)
165,382
2,101
Toei
Animation
Co.
Ltd.
(Communication
Services)
31,227
24,427
Toho
Co.
Ltd.
(Communication
Services)
188,585
20,940
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
132,396
81,685
Tokio
Marine
Holdings,
Inc.
(Financials)
3,648,860
7,479
Tokyo
Century
Corp.
(Financials)
110,971
67,618
Tokyo
Electric
Power
Co.
Holdings,
Inc.
(Utilities)*
239,864
21,199
Tokyo
Electron
Ltd.
(Information
Technology)
6,980,662
14,801
Tokyo
Gas
Co.
Ltd.
(Utilities)
593,193
13,300
Tokyo
Metro
Co.
Ltd.
(Industrials)
122,147
4,700
Tokyo
Ohka
Kogyo
Co.
Ltd.
(Materials)
325,064
22,760
Tokyu
Corp.
(Industrials)
228,329
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
24,791
Tokyu
Fudosan
Holdings
Corp.
(Real
Estate)
$
205,411
12,241
TOPPAN
Holdings,
Inc.
(Industrials)
350,797
62,842
Toray
Industries,
Inc.
(Materials)
470,555
13,585
Tosoh
Corp.
(Materials)
234,680
6,926
TOTO
Ltd.
(Industrials)
334,053
4,136
Toyo
Suisan
Kaisha
Ltd.
(Consumer
Staples)
289,954
493,076
Toyota
Motor
Corp.
(Consumer
Discretionary)
9,422,308
30,423
Toyota
Tsusho
Corp.
(Industrials)
1,324,401
6,006
Trend
Micro,
Inc.
(Information
Technology)
226,748
11,301
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
139,958
51,946
Unicharm
Corp.
(Consumer
Staples)
309,411
140
United
Urban
Investment
Corp.
REIT
(Real
Estate)
142,647
17,955
USS
Co.
Ltd.
(Consumer
Discretionary)
198,228
19,932
West
Japan
Railway
Co.
(Industrials)
329,112
12,038
Yakult
Honsha
Co.
Ltd.
(Consumer
Staples)
202,776
29,444
Yamada
Holdings
Co.
Ltd.
(Consumer
Discretionary)
115,508
17,645
Yamaha
Corp.
(Consumer
Discretionary)
128,134
41,615
Yamaha
Motor
Co.
Ltd.
(Consumer
Discretionary)
(b)
342,718
12,502
Yamato
Holdings
Co.
Ltd.
(Industrials)
142,777
6,012
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
118,284
11,086
Yaskawa
Electric
Corp.
(Industrials)
501,966
10,850
Yokogawa
Electric
Corp.
(Information
Technology)
340,856
50,857
Yokohama
Financial
Group,
Inc.
(Financials)
518,665
5,938
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
267,786
4,263
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
215,627
18,428
ZOZO,
Inc.
(Consumer
Discretionary)
114,627
266,962,642
Luxembourg
–
0.2%
19,507
ArcelorMittal
(Materials)
1,350,344
29,709
CVC
Capital
Partners
PLC
(Financials)
(a)
476,351
1,826,695
Shares
Description
Value
a
Common
Stocks
–
(continued)
Macau
–
0.0%
98,545
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
$
393,808
37,071
MGM
China
Holdings
Ltd.
(Consumer
Discretionary)
50,848
110,013
Sands
China
Ltd.
(Consumer
Discretionary)
215,186
659,842
Mexico
–
0.0%
8,359
Fresnillo
PLC
(Materials)
370,251
Netherlands
–
4.6%
26,258
ABN
AMRO
Bank
NV
(Financials)
1,045,498
1,277
Adyen
NV
(Financials)*
(a)
1,399,742
2,890
Argenx
SE
ADR
(Health
Care)*
2,416,011
2,103
ASM
International
NV
(Information
Technology)
2,204,762
17,776
ASML
Holding
NV
(Information
Technology)
28,725,905
3,438
EXOR
NV
(Financials)
268,602
5,689
Heineken
Holding
NV
(Consumer
Staples)
410,941
13,186
Heineken
NV
(Consumer
Staples)
1,031,880
128,550
ING
Groep
NV
(Financials)
4,005,308
41,105
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
1,734,985
152,566
Koninklijke
KPN
NV
(Communication
Services)
795,113
37,723
Koninklijke
Philips
NV
(Health
Care)
1,006,758
9,563
Nebius
Group
NV
(Information
Technology)*
2,209,914
43,515
Universal
Music
Group
NV
(Communication
Services)
990,208
48,245,627
New
Zealand
–
0.3%
30,652
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)
120,201
78,123
Auckland
International
Airport
Ltd.
(Industrials)
386,807
45,451
Contact
Energy
Ltd.
(Utilities)
259,598
25,666
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
573,007
41,589
Infratil
Ltd.
(Financials)
392,414
3,743
Mainfreight
Ltd.
(Industrials)
145,101
29,585
Mercury
NZ
Ltd.
(Utilities)
123,102
57,382
Meridian
Energy
Ltd.
(Utilities)
201,662
82,866
Spark
New
Zealand
Ltd.
(Communication
Services)
97,239
7,384
Xero
Ltd.
(Information
Technology)*
399,362
2,698,493
Nigeria
–
0.0%
26,477
Airtel
Africa
PLC
(Communication
Services)
(a)
125,842
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Norway
–
0.8%
998
Aker
ASA,
Class
A
(Industrials)
$
134,649
13,922
Aker
BP
ASA
(Energy)
501,392
33,441
AutoStore
Holdings
Ltd.
(Industrials)*
(a)
47,617
37,728
DNB
Bank
ASA
(Financials)
1,174,098
6,505
DOF
Group
ASA
(Energy)
84,243
34,321
Equinor
ASA
(Energy)
1,245,340
6,472
Frontline
PLC
(Energy)
221,452
8,215
Gjensidige
Forsikring
ASA
(Financials)
227,186
18,993
Kongsberg
Gruppen
ASA
(Industrials)
682,993
18,993
Kongsberg
Maritime
AS
(Industrials)*
119,940
12,176
Leroy
Seafood
Group
ASA
(Consumer
Staples)
57,616
20,088
Mowi
ASA
(Consumer
Staples)
443,732
7,601
Nordic
Semiconductor
ASA
(Information
Technology)*
164,939
59,284
Norsk
Hydro
ASA
(Materials)
726,671
36,068
Orkla
ASA
(Consumer
Staples)
381,371
2,467
Protector
Forsikring
ASA
(Financials)
122,025
2,922
Salmar
ASA
(Consumer
Staples)
181,771
5,693
SpareBank
1
SMN
(Financials)
118,345
9,476
SpareBank
1
Sor-Norge
ASA
(Financials)
197,006
6,618
Sparebanken
Norge
(Financials)
136,370
18,684
Storebrand
ASA
(Financials)
355,868
29,158
Telenor
ASA
(Communication
Services)
477,063
10,572
TOMRA
Systems
ASA
(Industrials)
111,155
40,484
Var
Energi
ASA
(Energy)
199,588
7,432
Vend
Marketplaces
ASA,
Class
B
(Communication
Services)
197,485
4,604
Wallenius
Wilhelmsen
ASA
(Industrials)
59,175
8,369,090
Poland
–
0.6%
26,161
Allegro.eu
SA
(Consumer
Discretionary)*
(a)
251,115
2,579
Asseco
Poland
SA
(Information
Technology)
140,101
28,020
Bank
Millennium
SA
(Financials)*
153,608
7,994
Bank
Polska
Kasa
Opieki
SA
(Financials)*
533,919
1,733
BNPP
Bank
Polska
SA
(Financials)
69,094
574
Budimex
SA
(Industrials)
110,844
3,140
CD
Projekt
SA
(Communication
Services)
201,658
21,751
Dino
Polska
SA
(Consumer
Staples)*
(a)
184,972
1,788
Erste
Bank
Polska
SA
(Financials)
302,920
10,960
InPost
SA
(Industrials)*
196,451
Shares
Description
Value
a
Common
Stocks
–
(continued)
Poland
–
(continued)
6,185
KGHM
Polska
Miedz
SA
(Materials)*
$
596,932
51
LPP
SA
(Consumer
Discretionary)
317,958
588
mBank
SA
(Financials)*
207,808
30,289
Orange
Polska
SA
(Communication
Services)
135,898
26,399
ORLEN
SA
(Energy)
1,033,277
39,862
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
116,445
38,915
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)
1,106,700
25,777
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
458,346
19,369
Zabka
Group
SA
(Consumer
Staples)*
136,906
6,254,952
Portugal
–
0.2%
404,054
Banco
Comercial
Portugues
SA,
Class
R
(Financials)
458,498
137,137
EDP
SA
(Utilities)
698,860
19,218
Galp
Energia
SGPS
SA
(Energy)
417,917
12,464
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
264,135
1,839,410
Russia
–
–%
12,172
Evraz
PLC
(Materials)*
(c)
—
Singapore
–
1.8%
106,879
CapitaLand
Ascendas
REIT
(Real
Estate)
209,509
259,728
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
462,291
108,898
CapitaLand
Investment
Ltd.
(Real
Estate)
216,882
20,009
City
Developments
Ltd.
(Real
Estate)
134,612
93,979
DBS
Group
Holdings
Ltd.
(Financials)
4,630,604
257,252
Genting
Singapore
Ltd.
(Consumer
Discretionary)
121,027
123,120
Grab
Holdings
Ltd.,
Class
A
(Industrials)*
435,845
3,281
Jardine
Cycle
&
Carriage
Ltd.
(Industrials)
76,150
7,298
Keppel
REIT
(Real
Estate)
4,950
62,908
Keppel
Ltd.
(Industrials)
530,748
93,200
Mapletree
Industrial
Trust
REIT
(Real
Estate)
141,771
149,374
Mapletree
Logistics
Trust
REIT
(Real
Estate)
140,549
104,124
Mapletree
Pan
Asia
Commercial
Trust
REIT
(Real
Estate)
104,504
150,235
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
2,756,497
39,416
SATS
Ltd.
(Industrials)
118,988
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
14,676
Sea
Ltd.
ADR
(Consumer
Discretionary)*
$
1,328,618
146,418
Seatrium
Ltd.
(Industrials)
243,389
40,668
Sembcorp
Industries
Ltd.
(Utilities)
203,762
60,055
Singapore
Airlines
Ltd.
(Industrials)
319,264
37,094
Singapore
Exchange
Ltd.
(Financials)
636,387
68,880
Singapore
Technologies
Engineering
Ltd.
(Industrials)
614,619
329,310
Singapore
Telecommunications
Ltd.
(Communication
Services)
1,120,638
29,994
STMicroelectronics
NV
(Information
Technology)
2,063,340
58,321
United
Overseas
Bank
Ltd.
(Financials)
1,719,426
23,832
UOL
Group
Ltd.
(Real
Estate)
189,669
18,524,039
South
Africa
–
0.2%
46,070
Anglo
American
PLC
(Materials)
2,476,553
Spain
–
3.3%
7,923
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
1,149,247
33,845
Aena
SME
SA
(Industrials)
(a)
983,437
20,624
Amadeus
IT
Group
SA
(Consumer
Discretionary)
1,317,438
263,344
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
6,179,995
677,342
Banco
Santander
SA
(Financials)
8,479,679
159,175
CaixaBank
SA
(Financials)
2,154,693
26,781
Cellnex
Telecom
SA
(Communication
Services)*
(a)
900,686
14,348
Endesa
SA
(Utilities)
600,419
287,990
Iberdrola
SA
(Utilities)
6,553,369
51,127
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
3,180,022
11,490
Naturgy
Energy
Group
SA
(Utilities)
382,672
51,507
Repsol
SA
(Energy)
1,324,740
182,890
Telefonica
SA
(Communication
Services)
(b)
840,462
34,046,859
Sweden
–
3.3%
7,954
AAK
AB
(Consumer
Staples)
213,812
10,827
AddTech
AB,
Class
B
(Industrials)
386,258
12,808
Alfa
Laval
AB
(Industrials)
720,491
44,571
Assa
Abloy
AB,
Class
B
(Industrials)
1,606,019
116,224
Atlas
Copco
AB,
Class
A
(Industrials)
2,233,661
69,329
Atlas
Copco
AB,
Class
B
(Industrials)
1,178,854
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
5,370
Avanza
Bank
Holding
AB
(Financials)
$
201,406
4,918
Axfood
AB
(Consumer
Staples)
140,510
18,816
Beijer
Ref
AB
(Industrials)
262,272
12,903
Boliden
AB
(Materials)
804,651
16,129
Castellum
AB
(Real
Estate)
219,228
28,183
Epiroc
AB,
Class
A
(Industrials)
838,477
17,103
Epiroc
AB,
Class
B
(Industrials)
437,890
23,804
EQT
AB
(Financials)
(b)
823,695
27,775
Essity
AB,
Class
B
(Consumer
Staples)
780,916
6,459
Evolution
AB
(Consumer
Discretionary)*
(a)
487,437
29,817
Fastighets
AB
Balder,
Class
B
(Real
Estate)*
171,218
9,860
Getinge
AB,
Class
B
(Health
Care)
202,737
25,370
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(b)
451,031
95,377
Hexagon
AB,
Class
B
(Information
Technology)
882,366
3,457
Holmen
AB,
Class
B
(Materials)
115,018
4,463
Industrivarden
AB,
Class
A
(Financials)
253,765
8,132
Industrivarden
AB,
Class
C
(Financials)
445,825
12,126
Indutrade
AB
(Industrials)
254,123
6,100
Investment
AB
Latour,
Class
B
(Industrials)
131,834
23,278
Investor
AB,
Class
A
(Financials)
946,171
81,269
Investor
AB,
Class
B
(Financials)
3,351,276
2,043
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
120,590
10,221
Lifco
AB,
Class
B
(Industrials)
329,215
66,906
Nibe
Industrier
AB,
Class
B
(Industrials)
262,820
6,528
Nordnet
AB
publ
(Financials)
228,364
2,292
Norion
Bank
AB
(Financials)*
14,398
13,944
Saab
AB,
Class
B
(Industrials)
859,754
9,796
Sagax
AB,
Class
B
(Real
Estate)
176,754
4,914
Sagax
AB,
Class
D
(Real
Estate)
18,893
48,238
Sandvik
AB
(Industrials)
1,966,979
6,059
Sectra
AB,
Class
B
(Health
Care)
182,559
22,779
Securitas
AB,
Class
B
(Industrials)
380,421
69,419
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
1,390,147
15,034
Skanska
AB,
Class
B
(Industrials)
407,713
15,606
SKF
AB,
Class
B
(Industrials)
410,549
9,991
SSAB
AB,
Class
A
(Materials)
103,099
26,540
SSAB
AB,
Class
B
(Materials)
273,585
27,090
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
(b)
298,677
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
64,417
Svenska
Handelsbanken
AB,
Class
A
(Financials)
$
951,962
1,605
Svenska
Handelsbanken
AB,
Class
B
(Financials)
(b)
39,841
8,207
Sweco
AB,
Class
B
(Industrials)
119,995
39,708
Swedbank
AB,
Class
A
(Financials)
1,468,206
8,562
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
410,052
25,069
Tele2
AB,
Class
B
(Communication
Services)
470,523
134,149
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
1,744,921
102,246
Telia
Co.
AB
(Communication
Services)
548,258
9,484
Trelleborg
AB,
Class
B
(Industrials)
414,355
8,619
Volvo
AB,
Class
A
(Industrials)
303,752
68,525
Volvo
AB,
Class
B
(Industrials)
2,415,714
21,404
Volvo
Car
AB,
Class
B
(Consumer
Discretionary)*
55,427
34,908,464
Switzerland
–
5.3%
74,107
ABB
Ltd.
(Industrials)
7,930,924
46
Chocoladefabriken
Lindt
&
Spruengli
AG
(Consumer
Staples)
547,808
24,672
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
5,333,206
11,544
DSM-Firmenich
AG
(Materials)
972,088
7,146
Galderma
Group
AG
(Health
Care)*
1,523,218
1,523
Geberit
AG
(Industrials)
1,000,714
426
Givaudan
SA
(Materials)
1,581,110
2,358
Kuehne
+
Nagel
International
AG
(Industrials)
(b)
544,270
3,220
Lonza
Group
AG
(Health
Care)
2,062,185
120,370
Nestle
SA
(Consumer
Staples)
12,238,040
990
Partners
Group
Holding
AG
(Financials)
1,048,094
18,569
Sandoz
Group
AG
(Health
Care)
1,559,002
904
Schindler
Holding
AG
(Industrials)
296,763
1,871
Schindler
Holding
AG
Participation
Certificates
(Industrials)
632,167
7,676
SGS
SA
(Industrials)
873,159
7,004
Sika
AG
(Materials)
1,374,177
4,909
Straumann
Holding
AG
(Health
Care)
595,099
1,313
Swiss
Life
Holding
AG
(Financials)
1,429,706
1,166
Swisscom
AG
(Communication
Services)
997,595
147,142
UBS
Group
AG
(Financials)
6,975,286
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
6,989
Zurich
Insurance
Group
AG
(Financials)
$
4,982,240
54,496,851
United
Kingdom
–
10.5%
47,134
3i
Group
PLC
(Financials)
1,445,406
10,756
Admiral
Group
PLC
(Financials)
477,873
13,879
Associated
British
Foods
PLC
(Consumer
Staples)
340,864
70,127
AstraZeneca
PLC
(Health
Care)
13,046,725
141,000
Aviva
PLC
(Financials)
1,165,455
140,553
BAE
Systems
PLC
(Industrials)
3,832,748
640,913
Barclays
PLC
(Financials)
3,956,320
96,288
British
American
Tobacco
PLC
(Consumer
Staples)
5,958,730
276,797
BT
Group
PLC
(Communication
Services)
779,051
15,475
Bunzl
PLC
(Industrials)
491,034
217,030
Centrica
PLC
(Utilities)
548,524
122,303
CK
Hutchison
Holdings
Ltd.
(Industrials)
1,099,376
9,464
Coca-Cola
Europacific
Partners
PLC
(Consumer
Staples)
862,374
78,548
Compass
Group
PLC
(Consumer
Discretionary)
2,526,889
102,839
Diageo
PLC
(Consumer
Staples)
2,128,540
189,765
GSK
PLC
(Health
Care)
4,812,764
17,105
Halma
PLC
(Information
Technology)
1,079,515
803,464
HSBC
Holdings
PLC
(Financials)
15,093,112
13,113
ICG
PLC
(Financials)
330,005
34,348
Imperial
Brands
PLC
(Consumer
Staples)
1,248,233
59,430
Informa
PLC
(Communication
Services)
649,842
79,636
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)
923,778
7,612
Intertek
Group
PLC
(Industrials)
545,864
79,674
J
Sainsbury
PLC
(Consumer
Staples)
318,216
79,956
Kingfisher
PLC
(Consumer
Discretionary)
309,858
263,680
Legal
&
General
Group
PLC
(Financials)
964,631
2,708,656
Lloyds
Banking
Group
PLC
(Financials)
3,720,508
21,083
London
Stock
Exchange
Group
PLC
(Financials)
2,563,950
100,125
M&G
PLC
(Financials)
426,485
92,717
Marks
&
Spencer
Group
PLC
(Consumer
Staples)
444,797
57,391
Melrose
Industries
PLC
(Industrials)
364,135
232,505
National
Grid
PLC
(Utilities)
(b)
3,746,762
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
355,668
NatWest
Group
PLC
(Financials)
$
2,873,663
5,210
Next
PLC
(Consumer
Discretionary)
928,067
29,673
Pearson
PLC
(Consumer
Discretionary)
444,775
29,669
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
1,836,050
83,432
RELX
PLC
(Industrials)
2,755,326
116,311
Rentokil
Initial
PLC
(Industrials)
703,636
393,060
Rolls-Royce
Holdings
PLC
(Industrials)
7,085,890
44,504
Sage
Group
PLC
(The)
(Information
Technology)
505,349
36,726
Schroders
PLC
(Financials)
289,108
56,455
Segro
PLC
REIT
(Real
Estate)
549,889
11,968
Severn
Trent
PLC
(Utilities)
479,129
38,924
Smith
&
Nephew
PLC
(Health
Care)
582,916
14,976
Smiths
Group
PLC
(Industrials)
497,406
3,323
Spirax
Group
PLC
(Industrials)
311,979
55,461
SSE
PLC
(Utilities)
1,742,626
85,395
Standard
Chartered
PLC
(Financials)
2,294,684
33,930
Standard
Life
PLC
(Financials)
354,911
298,706
Tesco
PLC
(Consumer
Staples)
1,732,162
100,699
Unilever
PLC
(Consumer
Staples)
5,708,435
30,927
United
Utilities
Group
PLC
(Utilities)
560,288
6,153
Verisure
PLC
(Industrials)*
82,070
868,214
Vodafone
Group
PLC
(Communication
Services)
1,303,726
11,765
Weir
Group
PLC
(The)
(Industrials)
387,903
31,223
Wise
Group
PLC,
Class
A
(Financials)*
393,093
110,605,445
United
States
–
6.6%
22,744
Alcon
AG
(Health
Care)
1,516,558
124
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
300,498
204
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
503,605
667,330
BP
PLC
(Energy)
4,693,739
42,196
Experian
PLC
(Industrials)
1,463,475
21,785
Ferrovial
NV
(Industrials)
1,492,273
408,737
Haleon
PLC
(Health
Care)
1,855,074
22,282
Holcim
AG
(Materials)*
2,207,810
3,545
ICON
PLC
(Health
Care)*
482,368
6,522
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
1,005,366
1,820
Monday.com
Ltd.
(Information
Technology)*
152,189
84,704
Novartis
AG
(Health
Care)
12,772,541
9,537
Octave
Intelligence
PLC
(Information
Technology)*
162,578
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
1,319
Roche
Holding
AG
(Health
Care)
$
568,216
32,872
Roche
Holding
AG
(Health
Care)
13,853,906
49,536
Sanofi
SA
(Health
Care)
4,352,220
25,333
Schneider
Electric
SE
(Industrials)
7,980,362
262,458
Shell
PLC
(Energy)
11,030,880
90,297
Stellantis
NV
(Consumer
Discretionary)*
723,380
12,374
Swiss
Re
AG
(Financials)
1,863,979
14,122
Tenaris
SA
(Energy)
429,955
69,410,972
TOTAL
COMMON
STOCKS
(Cost
$792,271,131)
1,027,359,225
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.3%
Germany
–
0.3%
2,650
Bayerische
Motoren
Werke
AG
(Consumer
Discretionary)
5.89
%
230,849
5,173
Dr.
Ing
hc
F
Porsche
AG
(Consumer
Discretionary)*
3.18
283,058
7,602
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
3.10
591,529
1,114
Sartorius
AG
(Health
Care)
0.30
318,626
9,546
Volkswagen
AG
(Consumer
Discretionary)*
6.92
1,022,849
TOTAL
PREFERRED
STOCKS
(Cost
$3,208,601)
2,446,911
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.0%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
10,753,245
3.519%
10,753,245
(Cost
$10,753,245)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$806,232,977)
1,040,559,381
GOLDMAN
SACHS
MARKETBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.5%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
15,475,095
3.532%
$
15,475,095
(Cost
$15,475,095)
TOTAL
INVESTMENTS
–
101.0%
(Cost
$821,708,072)
$
1,056,034,476
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.0)%
(10,023,616)
NET
ASSETS
–
100.0%
$
1,046,010,860
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(d)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
CVA
—
Dutch
Certification
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
SDR
—
Swedish
Depositary
Receipt
Sector
Name
%
of
Market
Value
Financials
23.9
%
Industrials
18.9
Information
Technology
10.6
Health
Care
9.7
Consumer
Discretionary
8.4
Consumer
Staples
6.5
Materials
6.4
Communication
Services
3.9
Energy
3.7
Utilities
3.6
Real
Estate
1.9
Investment
Company
1.0
Securities
Lending
Reinvestment
Vehicle
1.5
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
EAFE
E-Mini
Index
97
06/19/26
$
15,089,805
$
661,629
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.8%
Communication
Services
–
10.0%
26,697
Alphabet,
Inc.,
Class
A
$
10,153,937
21,738
Alphabet,
Inc.,
Class
C
8,182,835
3,500
AST
SpaceMobile,
Inc.*
396,935
1,219
DoubleVerify
Holdings,
Inc.*
11,824
129
Iridium
Communications,
Inc.
6,680
89
Liberty
Broadband
Corp.,
Class
A*
3,006
422
Liberty
Broadband
Corp.,
Class
C*
14,247
9
Liberty
Capital
Corp.*
201
109
Liberty
Capital
Corp.,
Class
C*
2,438
125
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A*
10,497
1,143
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
103,773
2,782
Live
Nation
Entertainment,
Inc.*
468,517
27,177
Meta
Platforms,
Inc.,
Class
A
17,189,724
75,655
Netflix,
Inc.*
6,507,843
27
Nexstar
Media
Group,
Inc.
4,818
415
NIQ
Global
Intelligence
PLC*
3,461
5,173
Pinterest,
Inc.,
Class
A*
103,719
2,311
Reddit,
Inc.,
Class
A*
406,736
10,934
ROBLOX
Corp.,
Class
A*
515,538
293
Roku,
Inc.*
38,143
2,746
Spotify
Technology
SA*
1,366,629
1,089
Take-Two
Interactive
Software,
Inc.*
244,110
520
TKO
Group
Holdings,
Inc.
106,694
7,842
Trade
Desk,
Inc.
(The),
Class
A*
169,073
1,518
Trump
Media
&
Technology
Group
Corp.*
14,133
46,025,511
Consumer
Discretionary
–
13.1%
7,455
Airbnb,
Inc.,
Class
A*
993,826
65,303
Amazon.com,
Inc.*
17,673,604
46
AutoZone,
Inc.*
135,019
275
Birkenstock
Holding
PLC
(Germany)*
(a)
12,394
13,635
Booking
Holdings,
Inc.
2,282,908
130
Bright
Horizons
Family
Solutions,
Inc.*
8,141
1,106
Burlington
Stores,
Inc.*
358,156
6,309
Carnival
Corp.
Ltd.
177,030
12,065
Carvana
Co.*
880,745
1,760
Cava
Group,
Inc.*
(a)
136,682
3,850
Chewy,
Inc.,
Class
A*
86,779
23,208
Chipotle
Mexican
Grill,
Inc.*
739,407
141
Choice
Hotels
International,
Inc.
(a)
15,352
979
Churchill
Downs,
Inc.
85,379
23,065
Coupang,
Inc.
(South
Korea)*
382,879
1,914
Darden
Restaurants,
Inc.
390,284
2,561
Deckers
Outdoor
Corp.*
291,570
165
Domino's
Pizza,
Inc.
51,246
6,527
DoorDash,
Inc.,
Class
A*
1,039,686
8,472
DraftKings,
Inc.,
Class
A*
207,479
676
Duolingo,
Inc.*
75,279
2,065
Dutch
Bros,
Inc.,
Class
A*
119,770
979
Etsy,
Inc.*
66,494
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
2,034
Expedia
Group,
Inc.
$
459,257
585
Floor
&
Decor
Holdings,
Inc.,
Class
A*
30,069
2,304
Flutter
Entertainment
PLC*
223,442
141
Grand
Canyon
Education,
Inc.*
21,129
380
H&R
Block,
Inc.
14,626
4,071
Hilton
Worldwide
Holdings,
Inc.
1,333,904
13,544
Home
Depot,
Inc.
(The)
4,295,344
5,406
Las
Vegas
Sands
Corp.
273,381
43
Lithia
Motors,
Inc.
12,508
1,058
Lululemon
Athletica,
Inc.*
138,788
3,040
Marriott
International,
Inc.,
Class
A
1,141,824
710
McDonald's
Corp.
198,232
297
Murphy
USA,
Inc.
150,291
7,140
Norwegian
Cruise
Line
Holdings
Ltd.*
130,948
3,935
On
Holding
AG,
Class
A
(Switzerland)*
160,627
13,819
O'Reilly
Automotive,
Inc.*
1,200,595
1,481
Planet
Fitness,
Inc.,
Class
A*
79,248
111
Pool
Corp.
20,135
44
Ralph
Lauren
Corp.
16,012
3,882
Restaurant
Brands
International,
Inc.
(Canada)
289,985
44
RH*
6,534
1,119
Ross
Stores,
Inc.
259,306
4,524
Royal
Caribbean
Cruises
Ltd.
1,287,666
245
SharkNinja,
Inc.*
29,863
3,563
Somnigroup
International,
Inc.
252,296
2,649
Starbucks
Corp.
262,675
3,288
Tapestry,
Inc.
478,272
41,876
Tesla,
Inc.*
18,249,142
1,174
Texas
Roadhouse,
Inc.
212,048
9,984
TJX
Cos.,
Inc.
(The)
1,545,024
32
TopBuild
Corp.*
13,359
9,350
Tractor
Supply
Co.
294,805
360
Travel
+
Leisure
Co.
24,480
194
Ulta
Beauty,
Inc.*
98,717
501
Vail
Resorts,
Inc.
(a)
66,934
1,990
Valvoline,
Inc.*
67,162
3,079
Viking
Holdings
Ltd.*
283,607
306
Wayfair,
Inc.,
Class
A*
22,112
1,232
Wendy's
Co.
(The)
(a)
9,486
308
Williams-Sonoma,
Inc.
62,700
495
Wingstop,
Inc.
77,695
1,172
Wyndham
Hotels
&
Resorts,
Inc.
94,065
1,650
Yum!
Brands,
Inc.
244,117
60,342,519
Consumer
Staples
–
3.1%
347
BJ's
Wholesale
Club
Holdings,
Inc.*
29,592
101
Casey's
General
Stores,
Inc.
77,481
2,895
Celsius
Holdings,
Inc.*
96,317
33,923
Coca-Cola
Co.
(The)
2,680,256
137
Coca-Cola
Consolidated,
Inc.
23,737
6,706
Colgate-Palmolive
Co.
604,412
7,924
Costco
Wholesale
Corp.
7,577,880
298
Darling
Ingredients,
Inc.*
17,612
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
236
Freshpet,
Inc.*
$
12,177
302
Hershey
Co.
(The)
58,597
2,125
Kimberly-Clark
Corp.
207,400
12,452
Monster
Beverage
Corp.*
1,096,772
3,310
PepsiCo,
Inc.
477,269
320
Performance
Food
Group
Co.*
31,421
1,736
Sprouts
Farmers
Market,
Inc.*
143,428
4,525
Sysco
Corp.
343,040
7,761
Walmart,
Inc.
898,336
14,375,727
Energy
–
0.4%
1,688
Cheniere
Energy,
Inc.
379,564
278
HF
Sinclair
Corp.
19,429
518
Phillips
66
91,106
2,083
SLB
Ltd.
113,628
3,791
Targa
Resources
Corp.
966,970
1,015
Texas
Pacific
Land
Corp.
398,895
1,134
Williams
Cos.,
Inc.
(The)
80,956
2,050,548
Financials
–
6.7%
2,880
Affirm
Holdings,
Inc.*
212,112
570
Ally
Financial,
Inc.
24,402
3,161
American
Express
Co.
1,000,362
1,480
Ameriprise
Financial,
Inc.
659,651
3,463
Aon
PLC,
Class
A
1,094,516
5,206
Apollo
Global
Management,
Inc.
670,064
3,316
Ares
Management
Corp.,
Class
A
426,106
270
Arthur
J
Gallagher
&
Co.
54,300
9,153
Bank
of
America
Corp.
472,295
899
Bank
of
New
York
Mellon
Corp.
(The)
125,347
13,240
Blackstone,
Inc.
1,548,683
3,494
Block,
Inc.*
264,566
11,272
Blue
Owl
Capital,
Inc.
115,876
2,325
Brookfield
Asset
Management
Ltd.,
Class
A
(Canada)
(a)
112,995
539
Brown
&
Brown,
Inc.
30,319
95
Bullish
(Cayman
Islands)*
(a)
3,316
2,559
Charles
Schwab
Corp.
(The)
223,529
5,523
Citigroup,
Inc.
695,346
386
Coinbase
Global,
Inc.,
Class
A*
72,966
1,201
Corpay,
Inc.*
434,522
9
Credit
Acceptance
Corp.*
5,163
5,008
Equitable
Holdings,
Inc.
207,081
108
Everest
Group
Ltd.
34,995
39
FactSet
Research
Systems,
Inc.
9,573
112
Figure
Technology
Solutions,
Inc.,
Class
A*
3,959
2,609
Fiserv,
Inc.*
147,565
264
Freedom
Holding
Corp.
(Kazakhstan)*
(a)
37,704
278
Goldman
Sachs
Group,
Inc.
(The)
285,106
460
Hamilton
Lane,
Inc.,
Class
A
40,080
368
Houlihan
Lokey,
Inc.
52,131
398
Interactive
Brokers
Group,
Inc.,
Class
A
34,614
644
Jefferies
Financial
Group,
Inc.
33,952
392
Kinsale
Capital
Group,
Inc.
119,470
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
2,982
KKR
&
Co.,
Inc.
$
286,093
310
Lazard,
Inc.
14,672
1,401
LPL
Financial
Holdings,
Inc.
383,552
41
Markel
Group,
Inc.*
74,439
1,037
Marsh
&
McLennan
Cos.,
Inc.
165,889
14,361
Mastercard,
Inc.,
Class
A
7,094,047
2,776
Moody's
Corp.
1,258,222
271
Morningstar,
Inc.
49,327
619
MSCI,
Inc.
390,824
59,711
NU
Holdings
Ltd.,
Class
A
(Brazil)*
784,005
107
Popular,
Inc.
(Puerto
Rico)
15,893
521
Progressive
Corp.
(The)
99,198
83
RLI
Corp.
4,153
1,749
Robinhood
Markets,
Inc.,
Class
A*
164,931
1,866
Ryan
Specialty
Holdings,
Inc.
59,432
1,153
Shift4
Payments,
Inc.,
Class
A*
(a)
51,378
510
SLM
Corp.
11,281
2,927
SoFi
Technologies,
Inc.*
53,330
8,169
Toast,
Inc.,
Class
A*
212,639
2,187
TPG,
Inc.
93,101
160
Tradeweb
Markets,
Inc.,
Class
A
16,040
342
UWM
Holdings
Corp.
1,046
30,050
Visa,
Inc.,
Class
A
9,807,118
397
Western
Alliance
Bancorp
31,621
44
WEX,
Inc.*
6,378
622
XP,
Inc.,
Class
A
(Brazil)
10,369
30,391,644
Health
Care
–
8.9%
31,625
AbbVie,
Inc.
6,885,395
2,232
Alnylam
Pharmaceuticals,
Inc.*
674,019
7,084
Amgen,
Inc.
2,385,820
4,476
Boston
Scientific
Corp.*
216,236
6,918
Bristol-Myers
Squibb
Co.
395,571
2,110
Cardinal
Health,
Inc.
415,248
808
Caris
Life
Sciences,
Inc.*
13,510
3,268
Cencora,
Inc.
880,269
20
Chemed
Corp.
8,528
373
Cigna
Group
(The)
103,470
1,655
Corcept
Therapeutics,
Inc.*
115,006
625
DaVita,
Inc.*
121,475
6,889
Dexcom,
Inc.*
507,995
2,351
Doximity,
Inc.,
Class
A*
50,311
14,301
Eli
Lilly
&
Co.
15,802,605
3,768
Exelixis,
Inc.*
190,209
5,985
Gilead
Sciences,
Inc.
804,564
2,045
Halozyme
Therapeutics,
Inc.*
136,074
599
HCA
Healthcare,
Inc.
226,746
1,423
IDEXX
Laboratories,
Inc.*
801,903
727
Incyte
Corp.*
70,330
3,458
Insmed,
Inc.*
369,695
484
Inspire
Medical
Systems,
Inc.*
20,018
1,235
Insulet
Corp.*
179,001
6,302
Intuitive
Surgical,
Inc.*
2,676,081
2,590
Ionis
Pharmaceuticals,
Inc.*
198,135
794
Masimo
Corp.*
141,689
2,036
McKesson
Corp.
1,511,608
395
Medpace
Holdings,
Inc.*
176,608
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
497
Molina
Healthcare,
Inc.*
$
86,279
2,357
Natera,
Inc.*
526,483
1,464
Neurocrine
Biosciences,
Inc.*
231,751
661
Penumbra,
Inc.*
210,396
117
Repligen
Corp.*
14,502
603
ResMed,
Inc.
114,914
1,361
Sarepta
Therapeutics,
Inc.*
24,321
293
Sotera
Health
Co.*
4,583
1,557
Stryker
Corp.
475,025
2,012
Summit
Therapeutics,
Inc.*
35,291
1,691
Tempus
AI,
Inc.,
Class
A*
85,345
1,628
Ultragenyx
Pharmaceutical,
Inc.*
38,974
2,070
Veeva
Systems,
Inc.,
Class
A*
360,884
4,532
Vertex
Pharmaceuticals,
Inc.*
2,028,251
145
Viking
Therapeutics,
Inc.*
4,747
549
Waters
Corp.*
210,580
6,279
Zoetis,
Inc.
487,816
41,018,261
Industrials
–
7.9%
1,505
3M
Co.
230,461
1,188
AAON,
Inc.
166,558
356
Alaska
Air
Group,
Inc.*
16,383
255
Allison
Transmission
Holdings,
Inc.
28,950
757
American
Airlines
Group,
Inc.*
11,082
227
Armstrong
World
Industries,
Inc.
35,843
6,673
Automatic
Data
Processing,
Inc.
1,480,338
106
Avis
Budget
Group,
Inc.*
18,639
1,350
Axon
Enterprise,
Inc.*
605,772
1,857
Boeing
Co.
(The)*
429,246
2,125
Booz
Allen
Hamilton
Holding
Corp.
168,258
1,870
Broadridge
Financial
Solutions,
Inc.
287,456
278
BWX
Technologies,
Inc.
54,455
91
Carlisle
Cos.,
Inc.
31,378
149
Carpenter
Technology
Corp.
69,878
1,019
Caterpillar,
Inc.
892,512
6,138
Cintas
Corp.
1,051,194
622
Comfort
Systems
USA,
Inc.
1,137,147
14,519
Copart,
Inc.*
475,788
1,944
Core
&
Main,
Inc.,
Class
A*
96,131
270
EMCOR
Group,
Inc.
223,241
377
Equifax,
Inc.
62,503
2,734
ExlService
Holdings,
Inc.*
79,368
16,620
Fastenal
Co.
734,604
192
Ferguson
Enterprises,
Inc.
43,386
1,793
FTAI
Aviation
Ltd.
466,790
4,820
GE
Vernova,
Inc.
4,667,302
18,569
General
Electric
Co.
6,011,899
757
HEICO
Corp.
263,572
1,326
HEICO
Corp.,
Class
A
344,508
7,158
Howmet
Aerospace,
Inc.
1,848,554
1,669
Illinois
Tool
Works,
Inc.
412,710
902
Karman
Holdings,
Inc.*
51,865
164
KBR,
Inc.
5,732
558
Lennox
International,
Inc.
280,205
525
Leonardo
DRS,
Inc.
25,599
688
Loar
Holdings,
Inc.*
44,362
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
1,007
Lockheed
Martin
Corp.
$
534,163
1,102
Lyft,
Inc.,
Class
A*
15,549
235
MasTec,
Inc.*
88,917
180
Old
Dominion
Freight
Line,
Inc.
40,527
1,779
Paychex,
Inc.
172,527
499
Paycom
Software,
Inc.
69,695
706
Paylocity
Holding
Corp.*
81,141
2,036
Quanta
Services,
Inc.
1,449,082
197
RB
Global,
Inc.
(Canada)
20,951
113
RBC
Bearings,
Inc.*
64,632
8,739
Rocket
Lab
Corp.*
1,253,872
158
Rockwell
Automation,
Inc.
71,267
5,351
Rollins,
Inc.
254,708
55
Simpson
Manufacturing
Co.,
Inc.
10,436
253
SiteOne
Landscape
Supply,
Inc.*
27,476
858
Southwest
Airlines
Co.
36,851
234
StandardAero,
Inc.*
6,702
856
Tetra
Tech,
Inc.
23,531
3,981
Trane
Technologies
PLC
1,796,625
167
TransDigm
Group,
Inc.
210,139
35,941
Uber
Technologies,
Inc.*
2,530,246
40
U-Haul
Holding
Co.*
2,316
679
U-Haul
Holding
Co.
35,321
831
Union
Pacific
Corp.
218,254
1,665
Veralto
Corp.
136,913
1,482
Verisk
Analytics,
Inc.
259,335
6,791
Vertiv
Holdings
Co.,
Class
A
2,143,987
660
W.W.
Grainger,
Inc.
814,598
6,604
Waste
Management,
Inc.
1,396,482
800
WillScot
Holdings
Corp.
20,584
410
XPO,
Inc.*
87,843
36,728,339
Information
Technology
–
48.5%
7,317
Adobe,
Inc.*
1,896,640
16,817
Advanced
Micro
Devices,
Inc.*
8,679,254
21,783
Amphenol
Corp.,
Class
A
3,240,439
390
Appfolio,
Inc.,
Class
A*
62,856
159,712
Apple,
Inc.
49,839,727
4,017
Applied
Materials,
Inc.
1,807,891
4,257
AppLovin
Corp.,
Class
A*
2,609,924
18,417
Arista
Networks,
Inc.*
2,936,959
2,303
Astera
Labs,
Inc.*
789,584
2,921
Atlassian
Corp.,
Class
A*
314,329
3,802
Autodesk,
Inc.*
879,441
2,771
Bentley
Systems,
Inc.,
Class
B
90,445
42,406
Broadcom,
Inc.
18,945,729
4,870
Cadence
Design
Systems,
Inc.*
1,825,909
165
CDW
Corp.
20,699
308
Circle
Internet
Group,
Inc.*
34,804
5,597
Cloudflare,
Inc.,
Class
A*
1,353,467
4,415
Crowdstrike
Holdings,
Inc.,
Class
A*
3,227,365
5,501
Datadog,
Inc.,
Class
A*
1,360,672
767
Dell
Technologies,
Inc.,
Class
C
322,838
2,680
Docusign,
Inc.*
140,754
853
Dropbox,
Inc.,
Class
A*
22,929
5,177
Dynatrace,
Inc.*
220,488
1,627
Elastic
NV*
105,267
2,240
Enphase
Energy,
Inc.*
153,126
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
419
Entegris,
Inc.
$
58,153
4,690
Everpure,
Inc.,
Class
A*
372,902
333
Fair
Isaac
Corp.*
416,446
11,046
Fortinet,
Inc.*
1,524,017
1,229
Gartner,
Inc.*
199,344
1,023
Gen
Digital,
Inc.
26,383
2,461
Gitlab,
Inc.,
Class
A*
76,414
92
Globant
SA*
3,713
2,368
GoDaddy,
Inc.,
Class
A*
203,245
1,496
Guidewire
Software,
Inc.*
228,394
902
HubSpot,
Inc.*
199,008
4,873
Intuit,
Inc.
1,615,546
1,188
Jabil,
Inc.
433,097
2,348
KLA
Corp.
4,512,175
268
Kyndryl
Holdings,
Inc.*
3,342
22,414
Lam
Research
Corp.
7,131,687
2,039
Lattice
Semiconductor
Corp.*
299,896
98
Lumentum
Holdings,
Inc.*
83,786
273
MACOM
Technology
Solutions
Holdings,
Inc.*
99,547
1,060
Manhattan
Associates,
Inc.*
159,053
1,066
Marvell
Technology,
Inc.
218,530
47,855
Microsoft
Corp.
21,546,235
132
MongoDB,
Inc.*
44,293
826
Monolithic
Power
Systems,
Inc.
1,293,689
1,238
Motorola
Solutions,
Inc.
499,261
264
nCino,
Inc.*
4,245
1,383
NetApp,
Inc.
241,043
1,120
Nutanix,
Inc.,
Class
A*
58,318
255,643
NVIDIA
Corp.
53,976,463
1,168
Okta,
Inc.*
143,979
186
Onto
Innovation,
Inc.*
48,033
30,050
Oracle
Corp.
6,784,689
38,993
Palantir
Technologies,
Inc.,
Class
A*
6,103,964
14,280
Palo
Alto
Networks,
Inc.*
4,022,533
512
Pegasystems,
Inc.
18,294
2,237
Procore
Technologies,
Inc.*
110,709
249
PTC,
Inc.*
34,544
4,364
QUALCOMM,
Inc.
1,095,451
1,408
RingCentral,
Inc.,
Class
A
60,980
1,403
Rubrik,
Inc.,
Class
A*
110,318
1,790
Salesforce,
Inc.
342,069
5,500
Samsara,
Inc.,
Class
A*
192,445
3,761
SentinelOne,
Inc.,
Class
A*
62,245
18,642
ServiceNow,
Inc.*
2,318,506
5,920
Snowflake,
Inc.*
1,512,856
261
Strategy,
Inc.*
41,522
4,146
Super
Micro
Computer,
Inc.*
191,089
2,503
Synopsys,
Inc.*
1,190,477
386
Teradata
Corp.*
13,143
6,638
Texas
Instruments,
Inc.
2,029,104
430
Twilio,
Inc.,
Class
A*
81,975
634
Tyler
Technologies,
Inc.*
198,537
79
Ubiquiti,
Inc.
46,125
306
Unity
Software,
Inc.*
9,324
3,711
Workday,
Inc.,
Class
A*
542,511
1,762
Zscaler,
Inc.*
246,204
223,961,387
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
0.4%
1,071
Anglogold
Ashanti
PLC
(Australia)
$
103,716
31
Eagle
Materials,
Inc.
6,857
1,079
Ecolab,
Inc.
276,224
1,648
James
Hardie
Industries
PLC*
38,365
3,734
Sherwin-Williams
Co.
(The)
1,134,538
238
Steel
Dynamics,
Inc.
61,916
1,621,616
Real
Estate
–
0.5%
8,350
American
Tower
Corp.
REIT
1,561,116
573
CBRE
Group,
Inc.,
Class
A*
71,648
916
CoStar
Group,
Inc.*
29,495
229
Jones
Lang
LaSalle,
Inc.*
64,649
1,514
Lamar
Advertising
Co.,
Class
A
REIT
230,825
370
Public
Storage
REIT
112,365
1,264
Simon
Property
Group,
Inc.
REIT
259,006
417
Sun
Communities,
Inc.
REIT
51,566
305
UDR,
Inc.
REIT
11,255
2,391,925
Utilities
–
0.3%
3,591
NRG
Energy,
Inc.
481,481
6,039
Vistra
Corp.
967,629
1,449,110
TOTAL
COMMON
STOCKS
(Cost
$376,237,586)
460,356,587
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
682,111
3.519%
682,111
(Cost
$682,111)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$376,919,697)
461,038,698
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
322,494
3.532%
322,494
(Cost
$322,494)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$377,242,191)
$
461,361,192
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.0)%
(190,348)
NET
ASSETS
–
100.0%
$
461,170,844
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.
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
GROWTH
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
(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
MARKETBETA
®
RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.4%
Communication
Services
–
8.0%
25,015
Alphabet,
Inc.,
Class
A
$
9,514,205
20,367
Alphabet,
Inc.,
Class
C
7,666,750
150
AST
SpaceMobile,
Inc.*
17,012
83,788
AT&T,
Inc.
2,077,942
1,007
Charter
Communications,
Inc.,
Class
A*
145,058
43,808
Comcast
Corp.,
Class
A
1,089,505
883
DoubleVerify
Holdings,
Inc.*
8,565
3,041
Electronic
Arts,
Inc.
613,431
2,591
Fox
Corp.,
Class
A
165,617
1,798
Fox
Corp.,
Class
B
103,187
990
IAC,
Inc.*
44,441
1,050
Iridium
Communications,
Inc.
54,369
133
Liberty
Broadband
Corp.,
Class
A*
4,493
1,062
Liberty
Broadband
Corp.,
Class
C*
35,853
30
Liberty
Capital
Corp.*
669
208
Liberty
Capital
Corp.,
Class
C*
4,653
2,283
Liberty
Global
Ltd.,
Class
A
(Belgium)*
28,560
1,678
Liberty
Global
Ltd.,
Class
C
(Belgium)*
20,405
169
Liberty
Media
Corp.-Liberty
Formula
One,
Class
A*
14,192
1,744
Liberty
Media
Corp.-Liberty
Formula
One,
Class
C*
158,338
213
Madison
Square
Garden
Sports
Corp.*
79,724
2,941
Match
Group,
Inc.
106,258
4,698
Meta
Platforms,
Inc.,
Class
A
2,971,532
1,229
Millicom
International
Cellular
SA
(Guatemala)
104,907
1,935
New
York
Times
Co.
(The),
Class
A
145,531
4,556
News
Corp.,
Class
A
118,911
1,563
News
Corp.,
Class
B
46,609
323
Nexstar
Media
Group,
Inc.
57,633
3,870
Omnicom
Group,
Inc.
281,388
3,585
Pinterest,
Inc.,
Class
A*
71,879
1,350
Roku,
Inc.*
175,743
2,275
Sirius
XM
Holdings,
Inc.
67,158
1,445
Take-Two
Interactive
Software,
Inc.*
323,911
481
TKO
Group
Holdings,
Inc.
98,692
5,836
T-Mobile
US,
Inc.
1,094,425
890
Trump
Media
&
Technology
Group
Corp.*
8,286
51,205
Verizon
Communications,
Inc.
2,448,111
1,743
Versant
Media
Group,
Inc.
75,193
21,585
Walt
Disney
Co.
(The)
2,198,001
28,129
Warner
Bros
Discovery,
Inc.*
759,764
3,562
ZoomInfo
Technologies,
Inc.*
11,862
33,012,763
Consumer
Discretionary
–
6.8%
6,165
ADT,
Inc.
41,367
31,973
Amazon.com,
Inc.*
8,653,173
1,790
Amer
Sports,
Inc.
(Finland)*
63,688
2,621
Aptiv
PLC*
178,071
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
3,173
Aramark
$
169,375
335
AutoNation,
Inc.*
62,886
160
AutoZone,
Inc.*
469,630
2,554
Bath
&
Body
Works,
Inc.
51,131
2,320
Best
Buy
Co.,
Inc.
180,844
530
Birkenstock
Holding
PLC
(Germany)*
(a)
23,887
605
Booking
Holdings,
Inc.
101,295
2,618
BorgWarner,
Inc.
188,025
692
Boyd
Gaming
Corp.
57,215
600
Bright
Horizons
Family
Solutions,
Inc.*
37,572
787
Brunswick
Corp.
65,919
2,489
Caesars
Entertainment,
Inc.*
72,305
1,832
CarMax,
Inc.*
81,744
8,987
Carnival
Corp.
Ltd.
252,175
223
Choice
Hotels
International,
Inc.
(a)
24,280
126
Churchill
Downs,
Inc.
10,988
422
Columbia
Sportswear
Co.
27,928
680
Crocs,
Inc.*
80,696
3,216
D.R.
Horton,
Inc.
473,041
95
Darden
Restaurants,
Inc.
19,371
763
Dick's
Sporting
Goods,
Inc.
173,636
38
Dillard's,
Inc.,
Class
A
22,428
266
Domino's
Pizza,
Inc.
82,614
5,481
eBay,
Inc.
598,909
555
Etsy,
Inc.*
37,696
656
Five
Below,
Inc.*
149,148
936
Floor
&
Decor
Holdings,
Inc.,
Class
A*
48,110
371
Flutter
Entertainment
PLC*
35,980
46,980
Ford
Motor
Co.
819,331
5,171
GameStop
Corp.,
Class
A*
109,522
2,741
Gap,
Inc.
(The)
57,972
1,967
Garmin
Ltd.
460,121
10,988
General
Motors
Co.
914,641
2,725
Gentex
Corp.
65,836
1,674
Genuine
Parts
Co.
165,224
267
Grand
Canyon
Education,
Inc.*
40,010
1,326
H&R
Block,
Inc.
51,038
1,322
Harley-Davidson,
Inc.
31,966
1,589
Hasbro,
Inc.
136,924
2,844
Home
Depot,
Inc.
(The)
901,946
493
Hyatt
Hotels
Corp.,
Class
A
89,410
650
Lear
Corp.
93,028
2,496
Lennar
Corp.,
Class
A
224,091
126
Lennar
Corp.,
Class
B
11,098
318
Liberty
Live
Holdings,
Inc.,
Class
A*
30,630
636
Liberty
Live
Holdings,
Inc.,
Class
C*
63,027
274
Lithia
Motors,
Inc.
79,704
3,116
LKQ
Corp.
84,506
6,806
Lowe’s
Cos.,
Inc.
1,458,934
1,202
Lucid
Group,
Inc.*
(a)
7,873
537
Lululemon
Athletica,
Inc.*
70,444
3,264
Macy’s,
Inc.
71,025
645
Marriott
International,
Inc.,
Class
A
242,262
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
3,872
Mattel,
Inc.*
$
57,848
8,161
McDonald's
Corp.
2,278,551
2,469
MGM
Resorts
International*
107,821
623
Mohawk
Industries,
Inc.*
66,923
6,079
Newell
Brands,
Inc.
20,669
13,924
NIKE,
Inc.,
Class
B
643,707
517
Norwegian
Cruise
Line
Holdings
Ltd.*
9,482
36
NVR,
Inc.*
219,773
732
Ollie's
Bargain
Outlet
Holdings,
Inc.*
59,753
847
O'Reilly
Automotive,
Inc.*
73,587
2,317
Penn
Entertainment,
Inc.*
43,629
241
Penske
Automotive
Group,
Inc.
(a)
40,336
358
Pool
Corp.
64,941
2,403
PulteGroup,
Inc.
283,987
635
PVH
Corp.
59,233
4,616
QuantumScape
Corp.*
41,452
446
Ralph
Lauren
Corp.
162,299
1,417
Restaurant
Brands
International,
Inc.
(Canada)
105,850
125
RH*
18,561
9,324
Rivian
Automotive,
Inc.,
Class
A*
151,981
3,094
Ross
Stores,
Inc.
716,973
1,681
Service
Corp.
International
126,394
830
SharkNinja,
Inc.*
101,169
11,884
Starbucks
Corp.
1,178,417
202
Tapestry,
Inc.
29,383
618
Thor
Industries,
Inc.
48,871
6,733
TJX
Cos.,
Inc.
(The)
1,041,932
1,199
Toll
Brothers,
Inc.
166,109
330
TopBuild
Corp.*
137,768
506
Travel
+
Leisure
Co.
34,408
398
Ulta
Beauty,
Inc.*
202,522
3,036
Under
Armour,
Inc.,
Class
A*
17,821
2,679
Under
Armour,
Inc.,
Class
C*
15,351
125
Vail
Resorts,
Inc.
(a)
16,700
880
Versigent
PLC*
38,826
4,239
VF
Corp.
72,826
934
Wayfair,
Inc.,
Class
A*
67,491
1,228
Wendy's
Co.
(The)
(a)
9,456
681
Whirlpool
Corp.
29,569
1,203
Williams-Sonoma,
Inc.
244,895
102
Wyndham
Hotels
&
Resorts,
Inc.
8,187
1,000
Wynn
Resorts
Ltd.
101,220
814
YETI
Holdings,
Inc.*
39,048
2,233
Yum!
Brands,
Inc.
330,372
28,101,781
Consumer
Staples
–
6.7%
4,977
Albertsons
Cos.,
Inc.,
Class
A
77,691
20,297
Altria
Group,
Inc.
1,412,265
5,757
Archer-Daniels-Midland
Co.
459,293
1,522
BellRing
Brands,
Inc.*
12,724
1,357
BJ's
Wholesale
Club
Holdings,
Inc.*
115,725
105
Boston
Beer
Co.,
Inc.
(The),
Class
A*
18,614
679
Brown-Forman
Corp.,
Class
A
18,150
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
1,770
Brown-Forman
Corp.,
Class
B
$
45,524
1,598
Bunge
Global
SA
197,033
2,328
Campbell's
Company
(The)
(a)
49,144
390
Casey's
General
Stores,
Inc.
299,185
2,965
Church
&
Dwight
Co.,
Inc.
283,543
1,474
Clorox
Co.
(The)
132,690
24,108
Coca-Cola
Co.
(The)
1,904,773
538
Coca-Cola
Consolidated,
Inc.
93,214
5,010
Colgate-Palmolive
Co.
451,551
5,735
Conagra
Brands,
Inc.
76,161
1,739
Constellation
Brands,
Inc.,
Class
A
241,408
5,227
Coty,
Inc.,
Class
A*
11,134
1,676
Darling
Ingredients,
Inc.*
99,052
2,641
Dollar
General
Corp.
292,121
2,326
Dollar
Tree,
Inc.*
270,839
665
elf
Beauty,
Inc.*
37,240
2,973
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
264,448
2,587
Flowers
Foods,
Inc.
19,765
414
Freshpet,
Inc.*
21,362
6,582
General
Mills,
Inc.
222,537
1,537
Hershey
Co.
(The)
298,224
3,481
Hormel
Foods
Corp.
80,864
766
Ingredion,
Inc.
77,703
1,241
J
M
Smucker
Co.
(The)
128,071
22,867
Kenvue,
Inc.
395,142
15,589
Keurig
Dr
Pepper,
Inc.
468,138
2,550
Kimberly-Clark
Corp.
248,880
10,282
Kraft
Heinz
Co.
(The)
246,871
7,064
Kroger
Co.
(The)
439,028
1,642
Lamb
Weston
Holdings,
Inc.
70,902
2,069
Maplebear,
Inc.*
82,346
3,054
McCormick
&
Co.,
Inc.
144,668
2,010
Molson
Coors
Beverage
Co.,
Class
B
(a)
79,455
15,596
Mondelez
International,
Inc.,
Class
A
954,007
14,332
PepsiCo,
Inc.
2,066,531
1,609
Performance
Food
Group
Co.*
157,988
18,882
Philip
Morris
International,
Inc.
3,349,289
489
Pilgrim's
Pride
Corp.
13,844
612
Post
Holdings,
Inc.*
56,206
3,081
Primo
Brands
Corp.,
Class
A
76,409
28,485
Procter &
Gamble
Co.
(The)
4,089,307
702
Reynolds
Consumer
Products,
Inc.
15,212
5
Seaboard
Corp.
25,410
546
Smithfield
Foods,
Inc.
14,103
2,616
Sysco
Corp.
198,319
5,478
Target
Corp.
696,089
3,359
Tyson
Foods,
Inc.,
Class
A
204,966
2,769
US
Foods
Holding
Corp.*
226,643
47,471
Walmart,
Inc.
5,494,768
27,526,569
Energy
–
6.3%
4,025
Antero
Midstream
Corp.
84,364
3,522
Antero
Resources
Corp.*
125,912
4,266
APA
Corp.
155,410
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
–
(continued)
11,928
Baker
Hughes
Co.
$
761,961
1,468
Cheniere
Energy,
Inc.
330,094
22,705
Chevron
Corp.
4,142,754
704
Chord
Energy
Corp.
92,836
15,043
ConocoPhillips
1,714,601
13,835
Devon
Energy
Corp.
615,519
2,287
Diamondback
Energy,
Inc.
437,915
1,213
DT
Midstream,
Inc.
169,796
6,643
EOG
Resources,
Inc.
886,043
7,506
EQT
Corp.
412,305
2,766
Expand
Energy
Corp.
257,183
51,345
Exxon
Mobil
Corp.
7,458,375
10,309
Halliburton
Co.
400,505
1,737
HF
Sinclair
Corp.
121,399
23,401
Kinder
Morgan,
Inc.
727,303
3,648
Marathon
Petroleum
Corp.
907,513
1,521
Matador
Resources
Co.
81,526
4,492
NOV,
Inc.
89,660
8,515
Occidental
Petroleum
Corp.
482,204
7,522
ONEOK,
Inc.
631,397
3,489
Ovintiv,
Inc.
195,524
8,626
Permian
Resources
Corp.,
Class
A
165,878
4,555
Phillips
66
801,133
2,834
Range
Resources
Corp.
110,384
16,686
SLB
Ltd.
910,221
4,863
TechnipFMC
PLC
(United
Kingdom)
332,726
3,677
Valero
Energy
Corp.
900,203
2,033
Viper
Energy,
Inc.,
Class
A
92,502
860
Weatherford
International
PLC
89,130
13,876
Williams
Cos.,
Inc.
(The)
990,608
25,674,884
Financials
–
18.7%
341
Affiliated
Managers
Group,
Inc.
103,272
1,307
Affirm
Holdings,
Inc.*
96,261
5,860
Aflac,
Inc.
658,781
11,959
AGNC
Investment
Corp.
REIT
124,493
3,173
Allstate
Corp.
(The)
653,924
2,928
Ally
Financial,
Inc.
125,348
4,414
American
Express
Co.
1,396,899
795
American
Financial
Group,
Inc.
103,191
6,716
American
International
Group,
Inc.
498,529
112
Ameriprise
Financial,
Inc.
49,920
8,283
Annaly
Capital
Management,
Inc.
REIT
180,984
187
Aon
PLC,
Class
A
59,103
1,499
Apollo
Global
Management,
Inc.
192,936
4,398
Arch
Capital
Group
Ltd.*
392,917
2,860
Arthur
J
Gallagher
&
Co.
575,175
615
Assurant,
Inc.
153,055
562
Assured
Guaranty
Ltd.
41,706
935
Axis
Capital
Holdings
Ltd.
88,760
73,480
Bank
of
America
Corp.
3,791,568
7,897
Bank
of
New
York
Mellon
Corp.
(The)
1,101,079
1,280
Bank
OZK
61,939
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
22,412
Berkshire
Hathaway,
Inc.,
Class
B*
$
10,634,046
1,841
Blackrock,
Inc.
1,927,306
4,136
Block,
Inc.*
313,178
318
BOK
Financial
Corp.
40,717
679
Brighthouse
Financial,
Inc.*
42,471
3,019
Brookfield
Asset
Management
Ltd.,
Class
A
(Canada)
(a)
146,723
3,120
Brown
&
Brown,
Inc.
175,500
347
Bullish
(Cayman
Islands)*
(a)
12,114
7,466
Capital
One
Financial
Corp.
1,403,085
3,143
Carlyle
Group,
Inc.
(The)
142,786
1,255
Cboe
Global
Markets,
Inc.
418,618
18,528
Charles
Schwab
Corp.
(The)
1,618,421
4,417
Chubb
Ltd.
1,376,911
1,852
Cincinnati
Financial
Corp.
291,542
17,299
Citigroup,
Inc.
2,177,944
5,226
Citizens
Financial
Group,
Inc.
325,371
4,331
CME
Group,
Inc.
1,184,702
318
CNA
Financial
Corp.
13,375
2,441
Coinbase
Global,
Inc.,
Class
A*
461,422
3,578
Columbia
Banking
System,
Inc.
106,052
1,557
Commerce
Bancshares,
Inc.
81,307
3,265
Corebridge
Financial,
Inc.
88,155
50
Credit
Acceptance
Corp.*
28,682
709
Cullen/Frost
Bankers,
Inc.
96,084
1,648
East
West
Bancorp,
Inc.
201,946
485
Euronet
Worldwide,
Inc.*
35,153
461
Evercore,
Inc.,
Class
A
157,136
427
Everest
Group
Ltd.
138,361
419
FactSet
Research
Systems,
Inc.
102,852
3,122
Fidelity
National
Financial,
Inc.
147,827
6,331
Fidelity
National
Information
Services,
Inc.
272,170
10,941
Fifth
Third
Bancorp
546,284
355
Figure
Technology
Solutions,
Inc.,
Class
A*
12,549
1,191
First
American
Financial
Corp.
78,880
120
First
Citizens
BancShares,
Inc.,
Class
A
238,861
1,768
First
Hawaiian,
Inc.
47,701
6,042
First
Horizon
Corp.
146,398
4,724
Fiserv,
Inc.*
267,189
4,271
FNB
Corp.
74,657
3,982
Franklin
Resources,
Inc.
123,522
2,938
Global
Payments,
Inc.
221,848
993
Globe
Life,
Inc.
152,167
3,358
Goldman
Sachs
Group,
Inc.
(The)
(b)
3,443,830
160
Hamilton
Lane,
Inc.,
Class
A
13,941
457
Hanover
Insurance
Group,
Inc.
(The)
85,093
3,411
Hartford
Insurance
Group,
Inc.
(The)
433,640
403
Houlihan
Lokey,
Inc.
57,089
24,374
Huntington
Bancshares,
Inc.
398,759
4,825
Interactive
Brokers
Group,
Inc.,
Class
A
419,630
6,859
Intercontinental
Exchange,
Inc.
1,014,103
4,386
Invesco
Ltd.
124,826
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2026
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Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
879
Jack
Henry
&
Associates,
Inc.
$
119,825
1,504
Janus
Henderson
Group
PLC
77,772
1,396
Jefferies
Financial
Group,
Inc.
73,597
33,024
JPMorgan
Chase &
Co.
9,884,413
830
Kemper
Corp.
20,476
11,380
KeyCorp
242,735
6,125
KKR
&
Co.,
Inc.
587,633
900
Lazard,
Inc.
42,597
2,043
Lincoln
National
Corp.
72,097
2,050
Loews
Corp.
212,278
1,891
M&T
Bank
Corp.
408,664
129
Markel
Group,
Inc.*
234,211
432
MarketAxess
Holdings,
Inc.
56,177
5,227
Marsh
&
McLennan
Cos.,
Inc.
836,163
6,776
MetLife,
Inc.
560,307
2,808
MGIC
Investment
Corp.
70,818
13,788
Morgan
Stanley
2,867,904
97
Morningstar,
Inc.
17,656
454
MSCI,
Inc.
286,647
5,485
Nasdaq,
Inc.
507,472
2,345
Northern
Trust
Corp.
387,980
2,755
Old
Republic
International
Corp.
102,569
1,531
OneMain
Holdings,
Inc.
84,680
11,370
PayPal
Holdings,
Inc.
508,808
1,739
Pinnacle
Financial
Partners,
Inc.
169,970
4,751
PNC
Financial
Services
Group,
Inc.
(The)
1,050,541
736
Popular,
Inc.
(Puerto
Rico)
109,318
406
Primerica,
Inc.
109,608
2,672
Principal
Financial
Group,
Inc.
276,873
6,753
Progressive
Corp.
(The)
1,285,771
1,103
Prosperity
Bancshares,
Inc.
76,063
4,267
Prudential
Financial,
Inc.
429,431
2,204
Raymond
James
Financial,
Inc.
316,076
10,818
Regions
Financial
Corp.
302,904
793
Reinsurance
Group
of
America,
Inc.
159,187
578
RenaissanceRe
Holdings
Ltd.
(Bermuda)
162,042
6,651
Rithm
Capital
Corp.
REIT
61,987
934
RLI
Corp.
46,737
7,984
Robinhood
Markets,
Inc.,
Class
A*
752,891
11,334
Rocket
Cos.,
Inc.,
Class
A*
164,456
3,666
S&P
Global,
Inc.
1,554,384
1,246
SEI
Investments
Co.
109,498
2,191
SLM
Corp.
48,465
12,696
SoFi
Technologies,
Inc.*
231,321
1,208
SouthState
Bank
Corp.
114,458
4,153
Starwood
Property
Trust,
Inc.
REIT
70,933
3,366
State
Street
Corp.
523,884
1,798
Stifel
Financial
Corp.
126,130
4,372
Synchrony
Financial
312,336
2,819
T.
Rowe
Price
Group,
Inc.
294,670
935
TFS
Financial
Corp.
14,876
102
TPG,
Inc.
4,342
1,281
Tradeweb
Markets,
Inc.,
Class
A
128,420
2,635
Travelers
Cos.,
Inc.
(The)
769,130
15,764
Truist
Financial
Corp.
759,982
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
2,078
Unum
Group
$
172,952
18,800
US
Bancorp
1,031,180
407
UWM
Holdings
Corp.
1,245
1,111
Virtu
Financial,
Inc.,
Class
A
55,717
1,163
Voya
Financial,
Inc.
94,459
2,736
W
R
Berkley
Corp.
173,845
2,004
Webster
Financial
Corp.
145,731
37,633
Wells
Fargo &
Co.
2,918,063
1,023
Western
Alliance
Bancorp
81,482
3,812
Western
Union
Co.
(The)
30,992
383
WEX,
Inc.*
55,520
32
White
Mountains
Insurance
Group
Ltd.
66,074
1,201
Willis
Towers
Watson
PLC
299,854
845
Wintrust
Financial
Corp.
126,944
4,439
XP,
Inc.,
Class
A
(Brazil)
73,998
1,736
Zions
Bancorp
NA
108,413
76,749,396
Health
Care
–
10.5%
20,914
Abbott
Laboratories
1,790,238
1,274
Acadia
Healthcare
Co.,
Inc.*
29,557
3,425
Agilent
Technologies,
Inc.
464,190
826
Align
Technology,
Inc.*
144,509
1,705
Amgen,
Inc.
574,227
7,944
Avantor,
Inc.*
72,449
6,165
Baxter
International,
Inc.
115,779
3,440
Becton
Dickinson
&
Co.
506,093
1,750
Biogen,
Inc.*
343,000
2,279
BioMarin
Pharmaceutical,
Inc.*
130,564
224
Bio-Rad
Laboratories,
Inc.,
Class
A*
69,996
1,888
Bio-Techne
Corp.
97,572
14,700
Boston
Scientific
Corp.*
710,157
19,807
Bristol-Myers
Squibb
Co.
1,132,564
1,236
Bruker
Corp.
72,788
1,453
Cardinal
Health,
Inc.
285,950
5,981
Centene
Corp.*
356,468
1,272
Certara,
Inc.*
7,403
591
Charles
River
Laboratories
International,
Inc.*
106,800
150
Chemed
Corp.
63,962
2,928
Cigna
Group
(The)
812,227
2,396
Cooper
Cos.,
Inc.
(The)*
146,659
15,078
CVS
Health
Corp.
1,371,796
7,628
Danaher
Corp.
1,393,407
2,395
DENTSPLY
SIRONA,
Inc.
25,076
6,924
Edwards
Lifesciences
Corp.*
598,718
5,924
Elanco
Animal
Health,
Inc.*
141,287
2,725
Elevance
Health,
Inc.
1,071,443
1,208
Encompass
Health
Corp.
127,867
2,392
Envista
Holdings
Corp.*
56,332
681
Exelixis,
Inc.*
34,377
5,500
GE
HealthCare
Technologies,
Inc.
342,870
10,951
Gilead
Sciences,
Inc.
1,472,143
1,350
Globus
Medical,
Inc.,
Class
A*
110,539
1,542
HCA
Healthcare,
Inc.
583,709
1,317
Henry
Schein,
Inc.*
100,856
1,461
Humana,
Inc.
446,219
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May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
1,906
Illumina,
Inc.*
$
310,602
1,417
Incyte
Corp.*
137,081
135
Insmed,
Inc.*
14,433
135
Ionis
Pharmaceuticals,
Inc.*
10,328
2,035
IQVIA
Holdings,
Inc.*
370,797
707
Jazz
Pharmaceuticals
PLC*
167,198
29,170
Johnson &
Johnson
6,572,876
1,001
Labcorp
Holdings,
Inc.
260,320
125
McKesson
Corp.
92,805
3,934
Medline,
Inc.,
Class
A*
143,827
15,426
Medtronic
PLC
1,138,593
30,202
Merck &
Co.,
Inc.
3,585,581
249
Mettler-Toledo
International,
Inc.*
293,964
4,411
Moderna,
Inc.*
208,155
302
Molina
Healthcare,
Inc.*
52,427
161
Neurocrine
Biosciences,
Inc.*
25,486
3,531
Organon
&
Co.
47,104
1,825
Perrigo
Co.
PLC
20,166
68,874
Pfizer,
Inc.
1,803,121
2,442
QIAGEN
NV
89,353
1,342
Quest
Diagnostics,
Inc.
261,556
1,218
Regeneron
Pharmaceuticals,
Inc.
748,802
557
Repligen
Corp.*
69,040
1,342
ResMed,
Inc.
255,745
2,082
REVOLUTION
Medicines,
Inc.*
327,873
1,453
Revvity,
Inc.
151,911
4,560
Roivant
Sciences
Ltd.*
136,754
4,714
Royalty
Pharma
PLC,
Class
A
262,853
1,675
Solventum
Corp.*
125,541
1,742
Sotera
Health
Co.*
27,245
1,189
STERIS
PLC
252,936
3,086
Stryker
Corp.
941,508
537
Teleflex,
Inc.
69,080
1,051
Tenet
Healthcare
Corp.*
184,261
4,581
Thermo
Fisher
Scientific,
Inc.
2,256,188
535
United
Therapeutics
Corp.*
297,899
11,037
UnitedHealth
Group,
Inc.
4,197,481
665
Universal
Health
Services,
Inc.,
Class
B
97,163
369
Veeva
Systems,
Inc.,
Class
A*
64,331
14,278
Viatris,
Inc.
232,160
1,208
Viking
Therapeutics,
Inc.*
39,550
795
Waters
Corp.*
304,938
866
West
Pharmaceutical
Services,
Inc.
279,553
2,381
Zimmer
Biomet
Holdings,
Inc.
196,028
1,092
Zoetis,
Inc.
84,838
43,119,242
Industrials
–
12.8%
5,447
3M
Co.
834,099
1,395
A
O
Smith
Corp.
79,124
379
Acuity,
Inc.
115,637
853
Advanced
Drainage
Systems,
Inc.
118,704
1,591
AECOM
110,368
742
AGCO
Corp.
83,312
1,210
Alaska
Air
Group,
Inc.*
55,684
1,033
Allegion
PLC
134,362
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
854
Allison
Transmission
Holdings,
Inc.
$
96,955
1,932
Amentum
Holdings,
Inc.*
44,880
7,357
American
Airlines
Group,
Inc.*
107,707
2,779
AMETEK,
Inc.
627,637
4,426
API
Group
Corp.*
181,466
453
Applied
Industrial
Technologies,
Inc.
137,626
404
Armstrong
World
Industries,
Inc.
63,792
1,706
ATI,
Inc.*
298,823
364
Automatic
Data
Processing,
Inc.
80,750
133
Avis
Budget
Group,
Inc.*
23,387
7,893
Boeing
Co.
(The)*
1,824,467
136
Broadridge
Financial
Solutions,
Inc.
20,906
1,344
Builders
FirstSource,
Inc.*
102,493
912
BWX
Technologies,
Inc.
178,643
1,419
C.H.
Robinson
Worldwide,
Inc.
253,504
261
CACI
International,
Inc.,
Class
A*
134,026
450
Carlisle
Cos.,
Inc.
155,165
473
Carpenter
Technology
Corp.
221,828
9,697
Carrier
Global
Corp.
619,347
4,934
Caterpillar,
Inc.
4,321,543
5,516
Clarivate
PLC*
13,956
615
Clean
Harbors,
Inc.*
172,833
10,561
CNH
Industrial
NV
107,828
636
Concentrix
Corp.
17,992
804
Copart,
Inc.*
26,347
950
Core
&
Main,
Inc.,
Class
A*
46,978
596
Crane
Co.
109,068
22,599
CSX
Corp.
1,022,831
1,660
Cummins,
Inc.
1,073,406
453
Curtiss-Wright
Corp.
338,667
2,940
Deere
&
Co.
1,594,009
7,854
Delta
Air
Lines,
Inc.
647,798
1,440
Donaldson
Co.,
Inc.
117,893
1,634
Dover
Corp.
345,362
4,709
Eaton
Corp.
PLC
1,886,425
361
EMCOR
Group,
Inc.
298,482
6,789
Emerson
Electric
Co.
976,394
1,224
Equifax,
Inc.
202,927
677
Esab
Corp.
62,575
707
Everus
Construction
Group,
Inc.*
105,180
1,599
Expeditors
International
of
Washington,
Inc.
252,626
2,539
Fastenal
Co.
112,224
2,616
FedEx
Corp.
1,077,138
2,197
Ferguson
Enterprises,
Inc.
496,456
1,565
Flowserve
Corp.
118,173
3,857
Fortive
Corp.
224,940
1,464
Fortune
Brands
Innovations,
Inc.
57,008
403
FTI
Consulting,
Inc.*
61,732
2,809
Gates
Industrial
Corp.
PLC*
72,809
696
Generac
Holdings,
Inc.*
193,425
3,048
General
Dynamics
Corp.
1,057,107
1,941
Genpact
Ltd.
63,956
2,003
Graco,
Inc.
151,126
1,385
GXO
Logistics,
Inc.*
69,402
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31,
2026
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Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
2,110
Hayward
Holdings,
Inc.*
$
29,772
955
Hexcel
Corp.
85,749
7,677
Honeywell
International,
Inc.
1,826,051
651
Hubbell,
Inc.
308,320
465
Huntington
Ingalls
Industries,
Inc.
143,299
917
IDEX
Corp.
193,331
2,369
Illinois
Tool
Works,
Inc.
585,806
4,859
Ingersoll
Rand,
Inc.
348,099
963
ITT,
Inc.
187,785
953
J.B.
Hunt
Transport
Services,
Inc.
263,438
1,470
Jacobs
Solutions,
Inc.
176,194
7,436
Johnson
Controls
International
PLC
996,870
1,559
KBR,
Inc.
54,487
673
Kirby
Corp.*
94,617
1,896
Knight-Swift
Transportation
Holdings,
Inc.
143,395
2,255
L3Harris
Technologies,
Inc.
710,731
454
Landstar
System,
Inc.
93,933
1,529
Leidos
Holdings,
Inc.
195,406
553
Leonardo
DRS,
Inc.
26,964
661
Lincoln
Electric
Holdings,
Inc.
170,862
1,809
Lockheed
Martin
Corp.
959,584
4,022
Lyft,
Inc.,
Class
A*
56,750
705
ManpowerGroup,
Inc.
22,299
2,543
Masco
Corp.
178,646
604
MasTec,
Inc.*
228,536
612
Middleby
Corp.
(The)*
94,866
484
MSA
Safety,
Inc.
80,247
528
MSC
Industrial
Direct
Co.,
Inc.,
Class
A
57,800
1,303
Mueller
Industries,
Inc.
167,566
657
Nordson
Corp.
188,776
2,721
Norfolk
Southern
Corp.
829,796
1,634
Northrop
Grumman
Corp.
921,053
1,966
nVent
Electric
PLC
328,302
2,115
Old
Dominion
Freight
Line,
Inc.
476,192
767
Oshkosh
Corp.
99,710
4,751
Otis
Worldwide
Corp.
336,561
1,018
Owens
Corning
128,085
6,205
PACCAR,
Inc.
684,846
1,525
Parker-Hannifin
Corp.
1,288,061
663
Parsons
Corp.*
39,183
2,667
Paychex,
Inc.
258,646
249
Paycom
Software,
Inc.
34,778
48
Paylocity
Holding
Corp.*
5,517
1,975
Pentair
PLC
139,909
399
Quanta
Services,
Inc.
283,980
7,157
QXO,
Inc.*
(a)
123,458
2,092
RB
Global,
Inc.
(Canada)
222,484
307
RBC
Bearings,
Inc.*
175,592
794
Regal
Rexnord
Corp.
160,197
2,440
Republic
Services,
Inc.
489,074
1,198
Robert
Half,
Inc.
35,269
1,267
Rockwell
Automation,
Inc.
571,493
16,215
RTX
Corp.
2,913,187
480
Ryder
System,
Inc.
120,408
324
Saia,
Inc.*
153,048
669
Schneider
National,
Inc.,
Class
B
23,643
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
568
Science
Applications
International
Corp.
$
59,186
1,736
Sensata
Technologies
Holding
PLC
85,741
457
Simpson
Manufacturing
Co.,
Inc.
86,711
405
SiteOne
Landscape
Supply,
Inc.*
43,983
622
Snap-on,
Inc.
230,893
5,091
Southwest
Airlines
Co.
218,658
2,536
SS&C
Technologies
Holdings,
Inc.
171,231
2,541
StandardAero,
Inc.*
72,774
1,859
Stanley
Black
&
Decker,
Inc.
147,642
2,612
Tetra
Tech,
Inc.
71,804
2,167
Textron,
Inc.
198,844
749
Timken
Co.
(The)
95,857
1,202
Toro
Co.
(The)
108,036
550
TransDigm
Group,
Inc.
692,076
2,341
TransUnion
167,522
1,280
Trex
Co.,
Inc.*
52,992
754
U-Haul
Holding
Co.
39,223
6,625
Union
Pacific
Corp.
1,739,990
3,910
United
Airlines
Holdings,
Inc.*
448,868
8,833
United
Parcel
Service,
Inc.,
Class
B
942,393
779
United
Rentals,
Inc.
775,627
237
Valmont
Industries,
Inc.
123,195
1,736
Veralto
Corp.
142,751
664
Verisk
Analytics,
Inc.
116,193
83
W.W.
Grainger,
Inc.
102,442
411
Watsco,
Inc.
150,878
580
WESCO
International,
Inc.
209,479
2,033
Westinghouse
Air
Brake
Technologies
Corp.
530,938
1,815
WillScot
Holdings
Corp.
46,700
718
Woodward,
Inc.
251,322
1,097
XPO,
Inc.*
235,032
2,927
Xylem,
Inc.
320,624
52,393,564
Information
Technology
–
17.8%
7,477
Accenture
PLC,
Class
A
1,398,722
8,111
Advanced
Micro
Devices,
Inc.*
4,186,087
1,735
Akamai
Technologies,
Inc.*
259,452
1,688
Allegro
MicroSystems,
Inc.
(Japan)*
80,805
1,328
Amdocs
Ltd.
83,624
1,562
Amkor
Technology,
Inc.
108,653
5,944
Analog
Devices,
Inc.
2,459,924
6,938
Applied
Materials,
Inc.
3,122,516
627
Arrow
Electronics,
Inc.*
134,573
11,865
Aurora
Innovation,
Inc.*
87,089
1,031
Avnet,
Inc.
89,625
1,027
BILL
Holdings,
Inc.*
38,020
6,612
CCC
Intelligent
Solutions
Holdings,
Inc.*
31,076
1,468
CDW
Corp.
184,161
1,704
Ciena
Corp.*
988,712
1,173
Circle
Internet
Group,
Inc.*
132,549
644
Cirrus
Logic,
Inc.*
109,448
48,256
Cisco
Systems,
Inc.
5,810,987
GOLDMAN
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May
31,
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Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
2,021
Cognex
Corp.
$
133,083
5,945
Cognizant
Technology
Solutions
Corp.,
Class
A
331,463
2,124
Coherent
Corp.*
767,762
9,398
Corning,
Inc.
1,702,542
680
Crane
NXT
Co.
26,411
3,348
Dell
Technologies,
Inc.,
Class
C
1,409,207
595
Docusign,
Inc.*
31,249
786
Dolby
Laboratories,
Inc.,
Class
A
43,867
1,785
Dropbox,
Inc.,
Class
A*
47,981
2,483
DXC
Technology
Co.*
24,607
1,503
Entegris,
Inc.
208,601
678
EPAM
Systems,
Inc.*
69,468
565
Everpure,
Inc.,
Class
A*
44,923
695
F5,
Inc.*
266,498
52
Fair
Isaac
Corp.*
65,031
1,213
First
Solar,
Inc.*
372,136
4,590
Flex
Ltd.*
692,080
5,893
Gen
Digital,
Inc.
151,980
1,272
GLOBALFOUNDRIES,
Inc.*
101,722
464
Globant
SA*
18,727
15,779
Hewlett
Packard
Enterprise
Co.
679,128
11,359
HP,
Inc.
307,147
53,493
Intel
Corp.*
6,134,577
11,282
International
Business
Machines
Corp.
3,359,780
303
IPG
Photonics
Corp.*
34,700
434
Jabil,
Inc.
158,219
2,066
Keysight
Technologies,
Inc.*
698,990
2,737
Kyndryl
Holdings,
Inc.*
34,130
237
Lattice
Semiconductor
Corp.*
34,858
318
Littelfuse,
Inc.
148,465
791
Lumentum
Holdings,
Inc.*
676,273
575
MACOM
Technology
Solutions
Holdings,
Inc.*
209,668
9,680
Marvell
Technology,
Inc.
1,984,400
6,346
Microchip
Technology,
Inc.
600,649
13,532
Micron
Technology,
Inc.
13,139,572
878
MKS,
Inc.
284,700
863
MongoDB,
Inc.*
289,580
1,167
Motorola
Solutions,
Inc.
470,628
1,105
nCino,
Inc.*
17,768
1,466
NetApp,
Inc.
255,509
2,397
Nutanix,
Inc.,
Class
A*
124,812
1,200
Okta,
Inc.*
147,924
5,072
ON
Semiconductor
Corp.*
611,785
471
Onto
Innovation,
Inc.*
121,631
692
Pegasystems,
Inc.
24,725
1,264
PTC,
Inc.*
175,355
2,528
Qnity
Electronics,
Inc.
394,368
1,022
Qorvo,
Inc.*
105,838
10,060
QUALCOMM,
Inc.
2,525,261
1,363
Ralliant
Corp.
84,329
1,289
Roper
Technologies,
Inc.
419,608
667
Rubrik,
Inc.,
Class
A*
52,446
718
SailPoint,
Inc.*
13,520
9,836
Salesforce,
Inc.
1,879,660
1,738
Sandisk
Corp.*
2,945,875
969
SentinelOne,
Inc.,
Class
A*
16,037
1,842
Skyworks
Solutions,
Inc.
143,400
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
3,589
Strategy,
Inc.*
$
570,974
3,346
Super
Micro
Computer,
Inc.*
154,217
589
Synopsys,
Inc.*
280,140
938
TD
SYNNEX
Corp.
245,081
561
Teledyne
Technologies,
Inc.*
347,725
890
Teradata
Corp.*
30,304
1,940
Teradyne,
Inc.
726,161
6,465
Texas
Instruments,
Inc.
1,976,221
2,861
Trimble,
Inc.*
161,389
1,441
Twilio,
Inc.,
Class
A*
274,712
102
Tyler
Technologies,
Inc.*
31,941
5,234
UiPath,
Inc.,
Class
A*
61,342
3,597
Unity
Software,
Inc.*
109,601
528
Universal
Display
Corp.
48,639
1,016
VeriSign,
Inc.
289,946
1,773
Vontier
Corp.
50,318
4,157
Western
Digital
Corp.
2,208,240
617
Zebra
Technologies
Corp.,
Class
A*
150,320
3,158
Zoom
Communications,
Inc.*
320,821
73,158,768
Materials
–
4.0%
2,673
Air
Products
and
Chemicals,
Inc.
744,751
1,419
Albemarle
Corp.
250,340
3,102
Alcoa
Corp.
240,839
5,486
Amcor
PLC
212,967
5,324
Anglogold
Ashanti
PLC
(Australia)
515,576
786
AptarGroup,
Inc.
91,058
642
Ashland,
Inc.
37,172
936
Avery
Dennison
Corp.
148,890
2,622
Axalta
Coating
Systems
Ltd.*
80,679
3,393
Ball
Corp.
185,495
1,343
Celanese
Corp.
71,354
2,002
CF
Industries
Holdings,
Inc.
224,925
6,804
Cleveland-Cliffs,
Inc.*
92,534
8,228
Corteva,
Inc.
644,088
8,162
CRH
PLC
887,944
1,397
Crown
Holdings,
Inc.
132,827
8,511
Dow,
Inc.
287,246
5,034
DuPont
de
Nemours,
Inc.
243,746
380
Eagle
Materials,
Inc.
84,048
1,384
Eastman
Chemical
Co.
105,004
2,273
Ecolab,
Inc.
581,888
2,712
Element
Solutions,
Inc.
115,070
1,485
FMC
Corp.
20,285
17,218
Freeport-McMoRan,
Inc.
1,131,395
3,591
Graphic
Packaging
Holding
Co.
40,435
2,252
Huntsman
Corp.
34,568
3,074
International
Flavors
&
Fragrances,
Inc.
233,778
6,299
International
Paper
Co.
210,828
623
James
Hardie
Industries
PLC*
14,503
5,674
Linde
PLC
2,823,893
755
Louisiana-Pacific
Corp.
57,667
3,073
LyondellBasell
Industries
NV,
Class
A
204,815
716
Martin
Marietta
Materials,
Inc.
416,454
3,800
Mosaic
Co.
(The)
90,820
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
1,538
MP
Materials
Corp.*
$
99,509
76
NewMarket
Corp.
58,792
13,263
Newmont
Corp.
1,456,410
2,770
Nucor
Corp.
692,500
1,624
Olin
Corp.
42,013
1,062
Packaging
Corp.
of
America
232,482
2,739
PPG
Industries,
Inc.
309,452
642
Reliance,
Inc.
244,454
987
Royal
Gold,
Inc.
221,562
1,524
RPM
International,
Inc.
161,498
596
Scotts
Miracle-Gro
Co.
(The)
35,164
262
Sherwin-Williams
Co.
(The)
79,606
1,146
Silgan
Holdings,
Inc.
43,044
6,277
Smurfit
Westrock
PLC
258,299
1,925
Solstice
Advanced
Materials,
Inc.
162,143
1,321
Sonoco
Products
Co.
64,306
1,015
Southern
Copper
Corp.
(Mexico)
194,170
1,523
Steel
Dynamics,
Inc.
396,208
1,590
Vulcan
Materials
Co.
449,843
403
Westlake
Corp.
34,992
16,494,329
Real
Estate
–
3.8%
1,352
Agree
Realty
Corp.
REIT
100,251
2,059
Alexandria
Real
Estate
Equities,
Inc.
REIT
102,291
4,118
American
Homes
4
Rent,
Class
A
REIT
132,105
3,427
Americold
Realty
Trust,
Inc.
REIT
53,770
1,719
AvalonBay
Communities,
Inc.
REIT
313,735
3,658
Brixmor
Property
Group,
Inc.
REIT
111,788
1,908
BXP,
Inc.
REIT
114,499
1,290
Camden
Property
Trust
REIT
137,462
3,183
CBRE
Group,
Inc.,
Class
A*
398,002
4,412
CoStar
Group,
Inc.*
142,066
2,111
Cousins
Properties,
Inc.
REIT
56,596
5,221
Crown
Castle,
Inc.
REIT
477,722
2,727
CubeSmart
REIT
109,080
4,158
Digital
Realty
Trust,
Inc.
REIT
790,020
634
EastGroup
Properties,
Inc.
REIT
128,011
993
EPR
Properties
REIT
56,651
1,184
Equinix,
Inc.
REIT
1,264,559
2,272
Equity
LifeStyle
Properties,
Inc.
REIT
140,341
4,558
Equity
Residential
REIT
298,321
764
Essex
Property
Trust,
Inc.
REIT
208,297
2,540
Extra
Space
Storage,
Inc.
REIT
366,547
1,020
Federal
Realty
Investment
Trust
REIT
122,023
1,535
First
Industrial
Realty
Trust,
Inc.
REIT
94,970
3,173
Gaming
and
Leisure
Properties,
Inc.
REIT
149,036
3,944
Healthcare
Realty
Trust,
Inc.
REIT
78,565
8,344
Healthpeak
Properties,
Inc.
REIT
159,788
1,271
Highwoods
Properties,
Inc.
REIT
33,173
Shares
Description
Value
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
8,249
Host
Hotels
&
Resorts,
Inc.
REIT
$
189,562
397
Howard
Hughes
Holdings,
Inc.*
25,150
7,355
Invitation
Homes,
Inc.
REIT
215,134
3,534
Iron
Mountain,
Inc.
REIT
453,236
400
Jones
Lang
LaSalle,
Inc.*
112,924
1,420
Kilroy
Realty
Corp.
REIT
48,663
8,042
Kimco
Realty
Corp.
REIT
193,651
848
Lineage,
Inc.
REIT
37,660
6,004
Medical
Properties
Trust,
Inc.
REIT
30,680
1,405
Mid-America
Apartment
Communities,
Inc.
REIT
181,343
1,853
Millrose
Properties,
Inc.
REIT
52,292
960
National
Storage
Affiliates
Trust
REIT
40,944
2,258
NNN
REIT,
Inc.
REIT
100,504
3,391
Omega
Healthcare
Investors,
Inc.
REIT
158,563
2,938
Park
Hotels
&
Resorts,
Inc.
REIT
35,638
11,157
Prologis,
Inc.
REIT
1,600,695
1,654
Public
Storage
REIT
502,303
3,609
Rayonier,
Inc.
REIT
75,392
10,920
Realty
Income
Corp.
REIT
669,178
2,176
Regency
Centers
Corp.
REIT
168,314
2,962
Rexford
Industrial
Realty,
Inc.
REIT
105,062
1,289
SBA
Communications
Corp.
REIT
261,873
3,040
Simon
Property
Group,
Inc.
REIT
622,926
2,254
STAG
Industrial,
Inc.
REIT
85,359
1,222
Sun
Communities,
Inc.
REIT
151,113
3,759
UDR,
Inc.
REIT
138,707
5,682
Ventas,
Inc.
REIT
479,674
12,709
VICI
Properties,
Inc.
REIT
358,648
2,121
Vornado
Realty
Trust
REIT
71,584
2,603
W.P.
Carey,
Inc.
REIT
193,715
8,339
Welltower,
Inc.
REIT
1,712,247
8,714
Weyerhaeuser
Co.
REIT
213,580
671
Zillow
Group,
Inc.,
Class
A*
23,727
1,963
Zillow
Group,
Inc.,
Class
C*
68,705
15,518,415
Utilities
–
4.0%
8,542
AES
Corp.
(The)
125,311
3,082
Alliant
Energy
Corp.
220,702
3,250
Ameren
Corp.
350,903
6,439
American
Electric
Power
Co.,
Inc.
815,628
2,339
American
Water
Works
Co.,
Inc.
288,329
1,907
Atmos
Energy
Corp.
322,531
1,848
Brookfield
Renewable
Corp.
(Canada)
(a)
73,883
7,923
CenterPoint
Energy,
Inc.
334,826
1,608
Clearway
Energy,
Inc.,
Class
C
66,185
3,587
CMS
Energy
Corp.
260,309
4,342
Consolidated
Edison,
Inc.
458,645
3,771
Constellation
Energy
Corp.
1,085,105
10,278
Dominion
Energy,
Inc.
688,009
GOLDMAN
SACHS
MARKETBETA
®
RUSSELL
1000
VALUE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
2,499
DTE
Energy
Co.
$
357,032
9,362
Duke
Energy
Corp.
1,148,998
4,589
Edison
International
320,955
5,394
Entergy
Corp.
588,216
3,496
Essential
Utilities,
Inc.
128,967
2,776
Evergy,
Inc.
227,743
4,412
Eversource
Energy
301,207
12,174
Exelon
Corp.
555,621
6,597
FirstEnergy
Corp.
306,035
707
IDACORP,
Inc.
99,171
2,790
MDU
Resources
Group,
Inc.
58,813
1,109
National
Fuel
Gas
Co.
85,670
25,294
NextEra
Energy,
Inc.
2,200,831
5,665
NiSource,
Inc.
261,836
2,418
OGE
Energy
Corp.
114,202
26,377
PG&E
Corp.
431,000
1,440
Pinnacle
West
Capital
Corp.
143,626
8,912
PPL
Corp.
315,396
6,019
Public
Service
Enterprise
Group,
Inc.
473,394
7,862
Sempra
700,740
13,252
Southern
Co.
(The)
1,219,847
547
Talen
Energy
Corp.*
211,580
2,581
UGI
Corp.
90,129
3,939
WEC
Energy
Group,
Inc.
437,426
7,144
Xcel
Energy,
Inc.
567,948
16,436,749
TOTAL
COMMON
STOCKS
(Cost
$317,967,298)
408,186,460
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.5%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
2,106,457
3.519%
$
2,106,457
(Cost
$2,106,457)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$320,073,755)
410,292,917
a
Securities
Lending
Reinvestment
Vehicle
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
581,317
3.532%
581,317
(Cost
$581,317)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$320,655,072)
$
410,874,234
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
132,381
NET
ASSETS
–
100.0%
$
411,006,615
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
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Portfolio
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Russell
1000
Index
21
06/18/26
$
2,457,525
$
143,675
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.8%
Communication
Services
–
10.9%
287,982
Alphabet,
Inc.,
Class
A
$
109,531,074
250,747
Alphabet,
Inc.,
Class
C
94,388,693
345,925
AT&T,
Inc.
8,578,940
4,099
Charter
Communications,
Inc.,
Class
A*
590,461
176,601
Comcast
Corp.,
Class
A
4,392,067
11,261
Electronic
Arts,
Inc.
2,271,569
9,828
Fox
Corp.,
Class
A
628,206
7,251
Fox
Corp.,
Class
B
416,135
7,896
Live
Nation
Entertainment,
Inc.*
1,329,765
108,193
Meta
Platforms,
Inc.,
Class
A
68,433,155
209,116
Netflix,
Inc.*
17,988,158
6,373
Reddit,
Inc.,
Class
A*
1,121,648
30,687
ROBLOX
Corp.,
Class
A*
1,446,892
7,678
Spotify
Technology
SA*
3,821,187
8,590
Take-Two
Interactive
Software,
Inc.*
1,925,535
23,289
T-Mobile
US,
Inc.
4,367,386
209,098
Verizon
Communications,
Inc.
9,996,975
87,782
Walt
Disney
Co.
(The)
8,938,841
113,011
Warner
Bros
Discovery,
Inc.*
3,052,427
343,219,114
Consumer
Discretionary
–
10.1%
20,231
Airbnb,
Inc.,
Class
A*
2,696,995
474,935
Amazon.com,
Inc.*
128,536,408
812
AutoZone,
Inc.*
2,383,374
38,933
Booking
Holdings,
Inc.
6,518,552
51,973
Carnival
Corp.
Ltd.
1,458,362
33,460
Carvana
Co.*
2,442,580
64,108
Chipotle
Mexican
Grill,
Inc.*
2,042,481
56,220
Coupang,
Inc.
(South
Korea)*
933,252
12,882
D.R.
Horton,
Inc.
1,894,813
5,812
Darden
Restaurants,
Inc.
1,185,125
17,053
DoorDash,
Inc.,
Class
A*
2,716,372
23,829
DraftKings,
Inc.,
Class
A*
583,572
22,143
eBay,
Inc.
2,419,566
5,804
Expedia
Group,
Inc.
1,310,485
7,065
Flutter
Entertainment
PLC*
685,164
194,313
Ford
Motor
Co.
3,388,819
7,643
Garmin
Ltd.
1,787,851
44,744
General
Motors
Co.
3,724,491
11,144
Hilton
Worldwide
Holdings,
Inc.
3,651,443
49,315
Home
Depot,
Inc.
(The)
15,639,759
15,767
Las
Vegas
Sands
Corp.
797,337
10,310
Lennar
Corp.,
Class
A
925,632
414
Lennar
Corp.,
Class
B
36,465
27,915
Lowe’s
Cos.,
Inc.
5,983,859
5,212
Lululemon
Athletica,
Inc.*
683,710
11,434
Marriott
International,
Inc.,
Class
A
4,294,610
35,205
McDonald's
Corp.
9,829,236
2,344
MercadoLibre,
Inc.
(Brazil)*
3,974,604
57,906
NIKE,
Inc.,
Class
B
2,676,994
136
NVR,
Inc.*
830,253
41,463
O'Reilly
Automotive,
Inc.*
3,602,306
9,437
PulteGroup,
Inc.
1,115,265
15,677
Ross
Stores,
Inc.
3,632,831
12,506
Royal
Caribbean
Cruises
Ltd.
3,559,583
55,514
Starbucks
Corp.
5,504,768
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
165,311
Tesla,
Inc.*
$
72,040,881
54,804
TJX
Cos.,
Inc.
(The)
8,480,919
26,374
Tractor
Supply
Co.
831,572
2,232
Ulta
Beauty,
Inc.*
1,135,753
13,843
Yum!
Brands,
Inc.
2,048,072
317,984,114
Consumer
Staples
–
4.4%
82,786
Altria
Group,
Inc.
5,760,250
23,771
Archer-Daniels-Midland
Co.
1,896,450
11,709
Church
&
Dwight
Co.,
Inc.
1,119,732
191,710
Coca-Cola
Co.
(The)
15,147,007
39,694
Colgate-Palmolive
Co.
3,577,620
7,744
Constellation
Brands,
Inc.,
Class
A
1,075,022
21,953
Costco
Wholesale
Corp.
20,994,093
10,894
Dollar
General
Corp.
1,204,985
9,325
Dollar
Tree,
Inc.*
1,085,803
12,182
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
1,083,589
26,944
General
Mills,
Inc.
910,977
7,356
Hershey
Co.
(The)
1,427,285
95,572
Kenvue,
Inc.
1,651,484
64,067
Keurig
Dr
Pepper,
Inc.
1,923,932
16,481
Kimberly-Clark
Corp.
1,608,545
42,763
Kraft
Heinz
Co.
(The)
1,026,740
27,828
Kroger
Co.
(The)
1,729,510
63,442
Mondelez
International,
Inc.,
Class
A
3,880,747
34,512
Monster
Beverage
Corp.*
3,039,817
67,696
PepsiCo,
Inc.
9,761,086
77,037
Philip
Morris
International,
Inc.
13,664,823
115,047
Procter &
Gamble
Co.
(The)
16,516,147
24,133
Sysco
Corp.
1,829,523
22,601
Target
Corp.
2,871,909
14,034
Tyson
Foods,
Inc.,
Class
A
856,355
214,577
Walmart,
Inc.
24,837,288
140,480,719
Energy
–
3.1%
49,319
Baker
Hughes
Co.
3,150,498
10,350
Cheniere
Energy,
Inc.
2,327,301
92,639
Chevron
Corp.
16,902,912
60,430
ConocoPhillips
6,887,811
54,757
Devon
Energy
Corp.
2,436,139
8,990
Diamondback
Energy,
Inc.
1,721,405
26,553
EOG
Resources,
Inc.
3,541,639
206,318
Exxon
Mobil
Corp.
29,969,753
41,360
Halliburton
Co.
1,606,836
96,812
Kinder
Morgan,
Inc.
3,008,917
14,573
Marathon
Petroleum
Corp.
3,625,325
38,378
Occidental
Petroleum
Corp.
2,173,346
31,057
ONEOK,
Inc.
2,606,925
19,817
Phillips
66
3,485,414
74,406
SLB
Ltd.
4,058,847
10,655
Targa
Resources
Corp.
2,717,771
14,750
Valero
Energy
Corp.
3,611,095
60,733
Williams
Cos.,
Inc.
(The)
4,335,729
98,167,663
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
11.0%
22,865
Aflac,
Inc.
$
2,570,483
12,796
Allstate
Corp.
(The)
2,637,128
26,733
American
Express
Co.
8,460,192
26,896
American
International
Group,
Inc.
1,996,490
4,621
Ameriprise
Financial,
Inc.
2,059,626
9,698
Aon
PLC,
Class
A
3,065,150
21,104
Apollo
Global
Management,
Inc.
2,716,296
17,334
Arch
Capital
Group
Ltd.*
1,548,620
10,325
Ares
Management
Corp.,
Class
A
1,326,762
12,634
Arthur
J
Gallagher
&
Co.
2,540,824
308,225
Bank
of
America
Corp.
15,904,410
33,989
Bank
of
New
York
Mellon
Corp.
(The)
4,739,086
68,613
Berkshire
Hathaway,
Inc.,
Class
B*
32,555,496
7,660
Blackrock,
Inc.
8,019,101
36,614
Blackstone,
Inc.
4,282,740
26,409
Block,
Inc.*
1,999,689
30,611
Capital
One
Financial
Corp.
5,752,725
5,190
Cboe
Global
Markets,
Inc.
1,731,176
81,850
Charles
Schwab
Corp.
(The)
7,149,597
17,966
Chubb
Ltd.
5,600,541
7,657
Cincinnati
Financial
Corp.
1,205,365
86,623
Citigroup,
Inc.
10,905,836
20,954
Citizens
Financial
Group,
Inc.
1,304,596
17,713
CME
Group,
Inc.
4,845,214
10,662
Coinbase
Global,
Inc.,
Class
A*
2,015,438
3,250
Corpay,
Inc.*
1,175,850
2,095
Everest
Group
Ltd.
678,843
26,186
Fidelity
National
Information
Services,
Inc.
1,125,736
44,533
Fifth
Third
Bancorp
2,223,533
26,677
Fiserv,
Inc.*
1,508,851
12,054
Global
Payments,
Inc.
910,198
14,625
Goldman
Sachs
Group,
Inc.
(The)
(a)
14,998,815
13,615
Hartford
Insurance
Group,
Inc.
(The)
1,730,875
100,149
Huntington
Bancshares,
Inc.
1,638,438
20,620
Interactive
Brokers
Group,
Inc.,
Class
A
1,793,321
27,836
Intercontinental
Exchange,
Inc.
4,115,553
133,194
JPMorgan
Chase &
Co.
39,866,296
46,390
KeyCorp
989,499
33,874
KKR
&
Co.,
Inc.
3,249,872
8,611
Loews
Corp.
891,669
7,359
M&T
Bank
Corp.
1,590,353
624
Markel
Group,
Inc.*
1,132,928
23,941
Marsh
&
McLennan
Cos.,
Inc.
3,829,842
39,216
Mastercard,
Inc.,
Class
A
19,371,920
27,029
MetLife,
Inc.
2,235,028
7,589
Moody's
Corp.
3,439,714
60,222
Morgan
Stanley
12,526,176
3,510
MSCI,
Inc.
2,216,144
21,405
Nasdaq,
Inc.
1,980,391
9,176
Northern
Trust
Corp.
1,518,169
44,306
PayPal
Holdings,
Inc.
1,982,693
19,660
PNC
Financial
Services
Group,
Inc.
(The)
4,347,219
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
11,153
Principal
Financial
Group,
Inc.
$
1,155,674
29,129
Progressive
Corp.
(The)
5,546,162
17,614
Prudential
Financial,
Inc.
1,772,673
9,076
Raymond
James
Financial,
Inc.
1,301,589
42,713
Regions
Financial
Corp.
1,195,964
37,627
Robinhood
Markets,
Inc.,
Class
A*
3,548,226
45,460
Rocket
Cos.,
Inc.,
Class
A*
659,625
14,793
S&P
Global,
Inc.
6,272,232
13,791
State
Street
Corp.
2,146,431
17,205
Synchrony
Financial
1,229,125
10,550
T.
Rowe
Price
Group,
Inc.
1,102,791
10,692
Travelers
Cos.,
Inc.
(The)
3,120,888
61,830
Truist
Financial
Corp.
2,980,824
74,912
US
Bancorp
4,108,923
83,275
Visa,
Inc.,
Class
A
27,177,629
14,916
W
R
Berkley
Corp.
947,763
152,801
Wells
Fargo &
Co.
11,848,190
4,775
Willis
Towers
Watson
PLC
1,192,174
347,307,390
Health
Care
–
8.4%
86,266
Abbott
Laboratories
7,384,370
87,589
AbbVie,
Inc.
19,069,877
14,127
Agilent
Technologies,
Inc.
1,914,632
6,468
Alnylam
Pharmaceuticals,
Inc.*
1,953,207
26,684
Amgen,
Inc.
8,986,904
14,277
Becton
Dickinson
&
Co.
2,100,432
7,255
Biogen,
Inc.*
1,421,980
73,532
Boston
Scientific
Corp.*
3,552,331
101,341
Bristol-Myers
Squibb
Co.
5,794,678
11,891
Cardinal
Health,
Inc.
2,340,149
8,643
Cencora,
Inc.
2,328,079
24,971
Centene
Corp.*
1,488,272
12,815
Cigna
Group
(The)
3,554,881
62,999
CVS
Health
Corp.
5,731,649
31,379
Danaher
Corp.
5,732,002
19,484
Dexcom,
Inc.*
1,436,750
28,759
Edwards
Lifesciences
Corp.*
2,486,791
10,907
Elevance
Health,
Inc.
4,288,523
41,849
Eli
Lilly
&
Co.
46,243,145
22,809
GE
HealthCare
Technologies,
Inc.
1,421,913
61,402
Gilead
Sciences,
Inc.
8,254,271
7,846
HCA
Healthcare,
Inc.
2,970,025
6,005
Humana,
Inc.
1,834,047
3,972
IDEXX
Laboratories,
Inc.*
2,238,341
17,610
Intuitive
Surgical,
Inc.*
7,477,910
8,549
IQVIA
Holdings,
Inc.*
1,557,713
119,357
Johnson &
Johnson
26,894,713
4,159
Labcorp
Holdings,
Inc.
1,081,590
6,064
McKesson
Corp.
4,502,156
15,577
Medline,
Inc.,
Class
A*
569,495
63,892
Medtronic
PLC
4,715,869
122,458
Merck &
Co.,
Inc.
14,538,214
1,021
Mettler-Toledo
International,
Inc.*
1,205,372
283,321
Pfizer,
Inc.
7,417,344
5,531
Quest
Diagnostics,
Inc.
1,077,992
4,972
Regeneron
Pharmaceuticals,
Inc.
3,056,686
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
7,221
ResMed,
Inc.
$
1,376,106
19,111
Royalty
Pharma
PLC,
Class
A
1,065,629
4,889
STERIS
PLC
1,040,037
17,138
Stryker
Corp.
5,228,632
18,383
Thermo
Fisher
Scientific,
Inc.
9,053,811
44,898
UnitedHealth
Group,
Inc.
17,075,158
7,439
Veeva
Systems,
Inc.,
Class
A*
1,296,915
12,646
Vertex
Pharmaceuticals,
Inc.*
5,659,591
4,889
Waters
Corp.*
1,875,274
3,585
West
Pharmaceutical
Services,
Inc.
1,157,274
9,848
Zimmer
Biomet
Holdings,
Inc.
810,786
20,910
Zoetis,
Inc.
1,624,498
265,886,014
Industrials
–
8.0%
26,028
3M
Co.
3,985,668
11,462
AMETEK,
Inc.
2,588,693
19,924
Automatic
Data
Processing,
Inc.
4,419,940
3,650
Axon
Enterprise,
Inc.*
1,637,828
37,618
Boeing
Co.
(The)*
8,695,401
5,809
Broadridge
Financial
Solutions,
Inc.
892,959
38,542
Carrier
Global
Corp.
2,461,677
23,153
Caterpillar,
Inc.
20,279,018
17,096
Cintas
Corp.
2,927,861
1,723
Comfort
Systems
USA,
Inc.
3,150,006
42,743
Copart,
Inc.*
1,400,688
91,941
CSX
Corp.
4,161,250
6,845
Cummins,
Inc.
4,426,182
12,219
Deere
&
Co.
6,624,897
32,442
Delta
Air
Lines,
Inc.
2,675,816
6,611
Dover
Corp.
1,397,301
19,143
Eaton
Corp.
PLC
7,668,686
27,943
Emerson
Electric
Co.
4,018,762
6,137
Equifax,
Inc.
1,017,453
57,084
Fastenal
Co.
2,523,113
10,770
FedEx
Corp.
4,434,547
9,281
Ferguson
Enterprises,
Inc.
2,097,228
15,813
Fortive
Corp.
922,214
13,312
GE
Vernova,
Inc.
12,890,276
10,999
General
Dynamics
Corp.
3,814,673
51,804
General
Electric
Co.
16,772,063
31,705
Honeywell
International,
Inc.
7,541,351
19,659
Howmet
Aerospace,
Inc.
5,076,937
14,175
Illinois
Tool
Works,
Inc.
3,505,194
19,367
Ingersoll
Rand,
Inc.
1,387,452
30,435
Johnson
Controls
International
PLC
4,080,116
9,320
L3Harris
Technologies,
Inc.
2,937,478
6,387
Leidos
Holdings,
Inc.
816,259
11,397
Lockheed
Martin
Corp.
6,045,539
11,198
Norfolk
Southern
Corp.
3,414,942
7,017
Northrop
Grumman
Corp.
3,955,342
9,233
Old
Dominion
Freight
Line,
Inc.
2,078,810
19,683
Otis
Worldwide
Corp.
1,394,344
25,818
PACCAR,
Inc.
2,849,533
6,333
Parker-Hannifin
Corp.
5,349,042
16,026
Paychex,
Inc.
1,554,201
7,301
Quanta
Services,
Inc.
5,196,341
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
10,149
Republic
Services,
Inc.
$
2,034,266
5,609
Rockwell
Automation,
Inc.
2,529,995
14,826
Rollins,
Inc.
705,718
66,498
RTX
Corp.
11,947,031
2,562
Snap-on,
Inc.
951,040
21,814
Southwest
Airlines
Co.
936,911
10,721
SS&C
Technologies
Holdings,
Inc.
723,882
10,944
Trane
Technologies
PLC
4,939,027
2,747
TransDigm
Group,
Inc.
3,456,605
98,325
Uber
Technologies,
Inc.*
6,922,080
29,345
Union
Pacific
Corp.
7,707,171
16,206
United
Airlines
Holdings,
Inc.*
1,860,449
36,554
United
Parcel
Service,
Inc.,
Class
B
3,899,946
3,109
United
Rentals,
Inc.
3,095,538
6,931
Verisk
Analytics,
Inc.
1,212,856
17,226
Vertiv
Holdings
Co.,
Class
A
5,438,420
2,125
W.W.
Grainger,
Inc.
2,622,760
20,006
Waste
Management,
Inc.
4,230,469
8,452
Westinghouse
Air
Brake
Technologies
Corp.
2,207,324
12,048
Xylem,
Inc.
1,319,738
253,808,307
Information
Technology
–
38.7%
30,418
Accenture
PLC,
Class
A
5,690,295
19,836
Adobe,
Inc.*
5,141,690
80,213
Advanced
Micro
Devices,
Inc.*
41,397,929
5,437
Amdocs
Ltd.
342,368
60,060
Amphenol
Corp.,
Class
A
8,934,526
24,132
Analog
Devices,
Inc.
9,987,028
707,982
Apple,
Inc.
220,932,863
39,188
Applied
Materials,
Inc.
17,636,951
12,545
AppLovin
Corp.,
Class
A*
7,691,214
51,369
Arista
Networks,
Inc.*
8,191,814
4,893
ARM
Holdings
PLC
ADR*
1,728,648
10,441
Autodesk,
Inc.*
2,415,108
229,912
Broadcom,
Inc.
102,717,784
13,556
Cadence
Design
Systems,
Inc.*
5,082,551
6,950
Ciena
Corp.*
4,032,599
9,748
Circle
Internet
Group,
Inc.*
1,101,524
195,859
Cisco
Systems,
Inc.
23,585,341
15,219
Cloudflare,
Inc.,
Class
A*
3,680,259
24,518
Cognizant
Technology
Solutions
Corp.,
Class
A
1,367,001
9,266
Coherent
Corp.*
3,349,381
12,283
CoreWeave,
Inc.,
Class
A*
1,345,357
38,577
Corning,
Inc.
6,988,609
12,300
Crowdstrike
Holdings,
Inc.,
Class
A*
8,991,300
15,426
Datadog,
Inc.,
Class
A*
3,815,621
13,799
Dell
Technologies,
Inc.,
Class
C
5,808,137
1,186
Fair
Isaac
Corp.*
1,483,200
31,254
Fortinet,
Inc.*
4,312,114
3,819
GLOBALFOUNDRIES,
Inc.*
305,405
65,222
Hewlett
Packard
Enterprise
Co.
2,807,155
46,718
HP,
Inc.
1,263,255
218,816
Intel
Corp.*
25,093,819
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
46,491
International
Business
Machines
Corp.
$
13,845,020
13,326
Intuit,
Inc.
4,417,969
8,546
Keysight
Technologies,
Inc.*
2,891,368
6,490
KLA
Corp.
12,471,898
61,736
Lam
Research
Corp.
19,643,161
3,518
Lumentum
Holdings,
Inc.*
3,007,749
43,258
Marvell
Technology,
Inc.
8,867,890
26,339
Microchip
Technology,
Inc.
2,492,986
55,737
Micron
Technology,
Inc.
54,120,627
362,819
Microsoft
Corp.
163,355,627
3,956
MongoDB,
Inc.*
1,327,436
2,299
Monolithic
Power
Systems,
Inc.
3,600,717
8,182
Motorola
Solutions,
Inc.
3,299,637
9,949
NetApp,
Inc.
1,734,011
1,156,231
NVIDIA
Corp.
244,126,613
12,509
NXP
Semiconductors
NV
(Netherlands)
4,019,767
19,461
ON
Semiconductor
Corp.*
2,347,386
83,266
Oracle
Corp.
18,799,797
105,318
Palantir
Technologies,
Inc.,
Class
A*
16,486,480
40,154
Palo
Alto
Networks,
Inc.*
11,310,980
10,410
Qnity
Electronics,
Inc.
1,623,960
52,855
QUALCOMM,
Inc.
13,267,662
5,078
Roper
Technologies,
Inc.
1,653,041
44,384
Salesforce,
Inc.
8,481,782
6,788
Sandisk
Corp.*
11,505,524
10,776
Seagate
Technology
Holdings
PLC
9,480,725
51,832
ServiceNow,
Inc.*
6,446,346
16,064
Snowflake,
Inc.*
4,105,155
16,133
Strategy,
Inc.*
2,566,599
9,485
Synopsys,
Inc.*
4,511,256
14,522
TE
Connectivity
PLC
(Switzerland)
3,099,140
7,756
Teradyne,
Inc.
2,903,148
44,917
Texas
Instruments,
Inc.
13,730,229
204
Ubiquiti,
Inc.
119,107
4,028
VeriSign,
Inc.
1,149,511
16,755
Western
Digital
Corp.
8,900,424
10,321
Workday,
Inc.,
Class
A*
1,508,827
13,075
Zoom
Communications,
Inc.*
1,328,289
4,734
Zscaler,
Inc.*
661,482
1,226,430,172
Materials
–
1.6%
10,920
Air
Products
and
Chemicals,
Inc.
3,042,530
25,002
Anglogold
Ashanti
PLC
(Australia)
2,421,194
33,298
Corteva,
Inc.
2,606,567
33,107
CRH
PLC
3,601,711
20,820
DuPont
de
Nemours,
Inc.
1,008,104
12,524
Ecolab,
Inc.
3,206,144
71,282
Freeport-McMoRan,
Inc.
4,683,940
25,933
International
Paper
Co.
867,978
22,921
Linde
PLC
11,407,553
2,990
Martin
Marietta
Materials,
Inc.
1,739,104
53,896
Newmont
Corp.
5,918,320
11,260
Nucor
Corp.
2,815,000
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
4,422
Packaging
Corp.
of
America
$
968,020
11,293
PPG
Industries,
Inc.
1,275,883
11,342
Sherwin-Williams
Co.
(The)
3,446,153
4,587
Southern
Copper
Corp.
(Mexico)
877,493
6,557
Vulcan
Materials
Co.
1,855,106
51,740,800
Real
Estate
–
1.6%
23,307
American
Tower
Corp.
REIT
4,357,477
7,075
AvalonBay
Communities,
Inc.
REIT
1,291,258
14,568
CBRE
Group,
Inc.,
Class
A*
1,821,583
21,601
Crown
Castle,
Inc.
REIT
1,976,492
17,149
Digital
Realty
Trust,
Inc.
REIT
3,258,310
4,860
Equinix,
Inc.
REIT
5,190,674
17,059
Equity
Residential
REIT
1,116,512
3,185
Essex
Property
Trust,
Inc.
REIT
868,358
10,456
Extra
Space
Storage,
Inc.
REIT
1,508,905
14,575
Iron
Mountain,
Inc.
REIT
1,869,244
46,120
Prologis,
Inc.
REIT
6,616,836
7,856
Public
Storage
REIT
2,385,789
45,879
Realty
Income
Corp.
REIT
2,811,465
5,288
SBA
Communications
Corp.
REIT
1,074,310
16,106
Simon
Property
Group,
Inc.
REIT
3,300,281
23,360
Ventas,
Inc.
REIT
1,972,051
52,546
VICI
Properties,
Inc.
REIT
1,482,848
34,237
Welltower,
Inc.
REIT
7,029,883
49,932,276
Utilities
–
2.0%
13,414
Ameren
Corp.
1,448,310
26,620
American
Electric
Power
Co.,
Inc.
3,371,955
9,698
American
Water
Works
Co.,
Inc.
1,195,473
7,887
Atmos
Energy
Corp.
1,333,928
32,463
CenterPoint
Energy,
Inc.
1,371,886
14,831
CMS
Energy
Corp.
1,076,286
17,956
Consolidated
Edison,
Inc.
1,896,692
14,379
Constellation
Energy
Corp.
4,137,557
42,433
Dominion
Energy,
Inc.
2,840,465
10,280
DTE
Energy
Co.
1,468,704
38,689
Duke
Energy
Corp.
4,748,301
19,177
Edison
International
1,341,239
22,242
Entergy
Corp.
2,425,490
18,290
Eversource
Energy
1,248,658
50,221
Exelon
Corp.
2,292,087
27,274
FirstEnergy
Corp.
1,265,241
103,131
NextEra
Energy,
Inc.
8,973,428
109,356
PG&E
Corp.
1,786,877
36,831
PPL
Corp.
1,303,449
24,829
Public
Service
Enterprise
Group,
Inc.
1,952,801
32,499
Sempra
2,896,636
54,640
Southern
Co.
(The)
5,029,612
16,655
Vistra
Corp.
2,668,631
15,880
WEC
Energy
Group,
Inc.
1,763,474
GOLDMAN
SACHS
MARKETBETA
®
U.S.
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
29,508
Xcel
Energy,
Inc.
$
2,345,886
62,183,066
TOTAL
COMMON
STOCKS
(Cost
$2,319,453,329)
3,157,139,635
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
4,006,455
3.519%
4,006,455
(Cost
$4,006,455)
TOTAL
INVESTMENTS
–
99.9%
(Cost
$2,323,459,784)
$
3,161,146,090
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.1%
2,504,650
NET
ASSETS
–
100.0%
$
3,163,650,740
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
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
MarketBeta
®
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.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker
or
receivable
for
collateral
on
certain
derivatives
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
are
valued
using
market
transactions
and
other
market
evidence,
including
market-based
inputs
to
models,
calibration
to
market-clearing
transactions,
broker
or
dealer
quotations,
or
other
alternative
pricing
sources.
Where
models
are
used,
the
selection
of
a
particular
model
to
value
OTC
and
centrally
cleared
derivatives
depends
upon
the
contractual
terms
of,
and
specific
risks
inherent
in,
the
instrument,
as
well
as
the
availability
of
pricing
information
in
the
market.
Valuation
models
require
a
variety
of
inputs,
including
contractual
terms,
market
prices,
yield
curves,
credit
curves,
measures
of
volatility,
voluntary
and
involuntary
prepayment
rates,
loss
severity
rates
and
correlations
of
such
inputs.
For
OTC
and
centrally
cleared
derivatives
that
trade
in
liquid
markets,
model
inputs
can
generally
be
verified
and
model
selection
does
not
involve
significant
management
judgment.
OTC
and
centrally
cleared
derivatives
are
classified
within
Level
2
of
the
fair
value
hierarchy
when
significant
inputs
are
corroborated
by
market
evidence.
i.
Futures
Contracts
—
Futures
contracts
are
contracts
to
buy
or
sell
a
standardized
quantity
of
a
specified
commodity
or
security.
Upon
entering
into
a
futures
contract,
a
Fund
deposits
cash
or
securities
in
an
account
on
behalf
of
the
broker
in
an
amount
sufficient
to
meet
the
initial
margin
requirement.
Subsequent
payments
are
made
or
received
by
a
Fund
equal
to
the
daily
change
in
the
contract
value
and
are
recorded
as
variation
margin
receivable
or
payable
with
a
corresponding
offset
to
unrealized
gains
or
losses.
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
other
investment
companies
and
exchange-traded
funds
(“ETFs”).
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
NAV
per
share
on
the
day
of
valuation.
ETFs
are
valued
daily
at
the
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
the
investment
is
traded.
Because
the
Funds
invest
in
Underlying
Funds
that
fluctuate
in
value,
the
Funds’
shares
will
correspondingly
fluctuate
in
value.
Underlying
Funds
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
To
the
extent
that
underlying
ETFs
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
For
information
regarding
an
Underlying
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Fund’s
shareholder
report.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
Valuation
Procedures
approved
by
the
Trustees.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
May
31,
2026:
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
MarketBeta
®
Emerging
Markets
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
3,733,769
$
—
$
—
Asia
125,312,961
3,250,280
—
Europe
1,442,307
—
—
North
America
2,692,162
—
—
Oceania
25,305
—
—
South
America
4,855,202
1,515,667
—
Exchange-Traded
Fund
685,051
—
—
Investment
Company
1,348,021
—
—
Securities
Lending
Reinvestment
Vehicle
2,117,756
—
—
Total
$
142,212,534
$
4,765,947
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
86,411
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
MarketBeta
®
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
2,602,395
$
—
$
—
Asia
328,855,901
—
—
Europe
538,453,484
3,209,351
—
North
America
69,781,223
—
—
Oceania
85,643,472
—
—
South
America
1,260,310
—
—
Investment
Company
10,753,245
—
—
Securities
Lending
Reinvestment
Vehicle
15,475,095
—
—
Total
$
1,052,825,125
$
3,209,351
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
661,629
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
MarketBeta
®
Russell
1000
Growth
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
420,583
$
—
$
—
Europe
173,021
—
—
North
America
458,864,893
—
—
Oceania
103,716
—
—
South
America
794,374
—
—
Investment
Company
682,111
—
—
Securities
Lending
Reinvestment
Vehicle
322,494
—
—
Total
$
461,361,192
$
—
$
—
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
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.
€
1.00
€
1.00
€
1.00
(a)
MarketBeta
®
Russell
1000
Value
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
80,805
$
—
$
—
Europe
469,266
—
—
North
America
407,046,815
—
—
Oceania
515,576
—
—
South
America
73,998
—
—
Investment
Company
2,106,457
—
—
Securities
Lending
Reinvestment
Vehicle
581,317
—
—
Total
$
410,874,234
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
143,675
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
MarketBeta
®
U.S.
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
933,252
$
—
$
—
Europe
7,118,907
—
—
North
America
3,142,691,678
—
—
Oceania
2,421,194
—
—
South
America
3,974,604
—
—
Investment
Company
4,006,455
—
—
Total
$
3,161,146,090
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
Amounts
are
disclosed
by
continent
to
highlight
the
impact
of
time
zone
differences
between
local
market
close
and
the
calculation
of
NAV.
Security
valuations
are
based
on
the
principal
exchange
or
system
on
which
they
are
traded,
which
may
differ
from
country
of
domicile
noted
in
table.
(b)
Amount
shown
represents
unrealized
gain
(loss)
at
period
end.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements,
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Calculation
Methodology
Risk
—
The
Index
relies
on
various
sources
of
information
to
assess
the
criteria
of
issuers
included
in
the
Index,
(or
a
Reference
Index
if
applicable)
including
fundamental
information
that
may
be
based
on
assumptions
and
estimates.
Neither
the
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Diversification
Risk
—
Each
Fund
is
classified
as
a
“diversified”
fund;
however,
each
Fund
may
become
“non-diversified,”
meaning
that
it
is
permitted
to
invest
a
larger
percentage
of
its
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
funds,
to
the
extent
its
respective
Index
is
non-diversified.
Each
fund
thus
may
invest
a
larger
percentage
of
its
assets
in
fewer
issuers
than
diversified
funds.
Index
Risk
—
Solactive
AG
and
FTSE
Russell
(the
“Index
Providers”)
constructs
each
applicable
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
the
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
respective
Index,
but
it
does
not
guarantee
the
accuracy
or
availability
of
any
such
third
party
data.
Errors
in
index
data,
index
computation
or
the
construction
of
an
Index
in
accordance
with
its
methodology
may
occur
from
time
to
time
and
may
not
be
identified
and
corrected
by
the
Index
Providers
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
applicable
Fund
and
its
shareholders.
In
addition,
neither
a
Fund,
the
Investment
Adviser,
the
Calculation
Agent
nor
the
Index
Providers
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Furthermore,
Solactive
AG,
the
index
provider
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
for
Goldman
Sachs
MarketBeta
®
Emerging
Markets
Equity
ETF,
Goldman
Sachs
MarketBeta
®
International
Equity
ETF
and
Goldman
Sachs
MarketBeta
®
U.S.
Equity
ETF,
and
FTSE
Russell,
the
index
provider
for
Goldman
Sachs
MarketBeta
®
Russell
1000
Growth
ETF
and
Goldman
Sachs
MarketBeta
®
Russell
1000
Value
ETF
may
delay
or
change
a
scheduled
rebalancing
or
reconstitution
of
an
Index
or
the
implementation
of
certain
rules
at
its
sole
discretion.
In
such
circumstances,
a
Fund,
in
replicating
the
composition
of
its
Index,
may
have
more
or
less
exposure
to
a
particular
sector
or
individual
company
than
had
the
Index
been
constructed
in
accordance
with
its
stated
methodology.
Industry
Concentration
Risk
—
Concentrating
Fund
investments
in
a
limited
number
of
issuers
conducting
business
in
the
same
industry
or
group
of
industries
will
subject
a
Fund
to
a
greater
risk
of
loss
as
a
result
of
adverse
economic,
business,
political,
environmental
or
other
developments
than
if
its
investments
were
diversified
across
different
industries.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Adviser
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
Cboe
BZX
Exchange,
Inc.
or
NYSE
Arca,
Inc.,
as
applicable,
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors,
governments
or
countries
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
Risk
—
Investments
in
mid-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
MarketBeta
®
ETFs
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
a
Fund’s
performance
from
that
of
its
Index.
The
performance
of
a
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
a
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
its
Index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
a
Fund,
the
returns
of
an
Index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility
or
other
unusual
market
conditions.
Valuation
Risk
—
The
sale
price
a
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
Funds
rely
on
various
sources
to
calculate
their
respective
NAVs.
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
calculations
may
also
be
impacted
by
operational
risks
arising
from
factors
such
as
failures
in
systems
and
technology.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)