GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
95.8%
Australia
–
0.3%
51,570
Anglogold
Ashanti
PLC
(Materials)
$
4,968,330
Brazil
–
2.6%
325,284
Ambev
SA
(Consumer
Staples)
1,049,511
122,821
Axia
Energia
SA
(Utilities)
1,273,082
406,187
B3
SA
–
Brasil
Bolsa
Balcao
(Financials)
1,324,994
331,495
Banco
Bradesco
SA
(Financials)
1,015,810
88,283
Banco
BTG
Pactual
SA
(Financials)
938,122
219,547
Banco
do
Brasil
SA
(Financials)
881,105
433,548
BB
Seguridade
Participacoes
SA
(Financials)
3,034,202
594,865
Caixa
Seguridade
Participacoes
SA
(Financials)
2,082,768
263,901
Cia
de
Saneamento
Basico
do
Estado
de
Sao
Paulo
(Utilities)
1,458,235
471,562
Cia
Paranaense
de
Energia
(Utilities)
1,357,388
135,084
CPFL
Energia
SA
(Utilities)
1,158,771
51,498
Embraer
SA
(Industrials)
747,089
41,442
Energisa
SA
(Utilities)
393,266
126,100
Eneva
SA
(Utilities)*
638,951
133,104
Engie
Brasil
Energia
SA
(Utilities)
871,010
108,824
Equatorial
SA
(Utilities)
829,379
86,900
Itau
Unibanco
Holding
SA
(Financials)
688,232
423,136
Klabin
SA
(Materials)
1,394,503
71,158
Localiza
Rent
a
Car
SA
(Industrials)
591,131
109,385
MBRF
Global
Foods
Co.
SA
(Consumer
Staples)
346,221
254,309
Motiva
Infraestrutura
de
Mobilidade
SA
(Industrials)
709,403
276,819
NU
Holdings
Ltd.,
Class
A
(Financials)*
3,634,633
295,864
Petroleo
Brasileiro
SA
-
Petrobras
(Energy)
2,733,329
73,596
Porto
Seguro
SA
(Financials)
702,903
48,600
PRIO
SA
(Energy)*
598,108
349,426
Raia
Drogasil
SA
(Consumer
Staples)
1,291,126
55,969
StoneCo
Ltd.,
Class
A
(Financials)
640,845
90,679
Suzano
SA
(Materials)
751,326
188,339
Telefonica
Brasil
SA
(Communication
Services)
1,259,267
188,797
TIM
SA
(Communication
Services)
817,416
125,600
Ultrapar
Participacoes
SA
(Consumer
Discretionary)
642,377
330,288
Vale
SA
(Materials)
5,407,942
235,487
Vibra
Energia
SA
(Consumer
Discretionary)
1,385,026
109,407
WEG
SA
(Industrials)
953,867
22,175
XP,
Inc.,
Class
A
(Financials)
369,657
43,970,995
Shares
Description
Value
a
Common
Stocks
–
(continued)
Chile
–
0.7%
11,450,218
Banco
de
Chile
(Financials)
$
2,157,148
25,458
Banco
de
Credito
e
Inversiones
SA
(Financials)
1,717,835
23,464,122
Banco
Santander
Chile
(Financials)
1,845,607
527,557
Cencosud
SA
(Consumer
Staples)
1,244,281
74,136
Empresas
Copec
SA
(Consumer
Discretionary)
526,765
14,036,216
Enel
Chile
SA
(Utilities)
1,219,176
276,759
Falabella
SA
(Consumer
Discretionary)
1,772,611
42,007,069
Latam
Airlines
Group
SA
(Industrials)
1,137,565
87,696
Plaza
SA
(Real
Estate)
382,339
12,003,327
China
–
21.7%
292,521
37
Interactive
Entertainment
Network
Technology
Group
Co.
Ltd.,
Class
A
(Communication
Services)
830,651
709,156
3SBio,
Inc.
(Health
Care)*
(a)
1,673,946
275,728
AAC
Technologies
Holdings,
Inc.
(Information
Technology)
1,600,738
19,000
Accelink
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
573,109
16,000
Advanced
Fiber
Resources
Zhuhai
Ltd.,
Class
A
(Information
Technology)
659,693
761,312
Agricultural
Bank
of
China
Ltd.,
Class
A
(Financials)
711,606
2,561,311
Agricultural
Bank
of
China
Ltd.,
Class
H
(Financials)
1,885,672
1,970,346
Alibaba
Group
Holding
Ltd.
(Consumer
Discretionary)
30,394,625
343,814
Aluminum
Corp.
of
China
Ltd.,
Class
A
(Materials)
580,697
847,665
Aluminum
Corp.
of
China
Ltd.,
Class
H
(Materials)
1,178,905
135,000
Angel
Yeast
Co.
Ltd.,
Class
A
(Consumer
Staples)
730,760
197,156
Anhui
Conch
Cement
Co.
Ltd.,
Class
A
(Materials)
587,550
107,048
Anhui
Conch
Cement
Co.
Ltd.,
Class
H
(Materials)
259,923
82,904
Anker
Innovations
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
1,541,488
173,034
ANTA
Sports
Products
Ltd.
(Consumer
Discretionary)
1,673,511
17,180
APT
Medical,
Inc.,
Class
A
(Health
Care)
522,378
82,432
Baidu,
Inc.,
Class
A
(Communication
Services)*
1,367,311
266,748
Baiyin
Nonferrous
Group
Co.
Ltd.,
Class
A
(Materials)
247,360
484,003
Bank
of
Changsha
Co.
Ltd.,
Class
A
(Financials)
680,036
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
7,889,465
Bank
of
China
Ltd.,
Class
H
(Financials)
$
5,244,611
1,773,259
Bank
of
Communications
Co.
Ltd.,
Class
H
(Financials)
1,651,669
366,436
Bank
of
Jiangsu
Co.
Ltd.,
Class
A
(Financials)
611,860
308,976
Baoshan
Iron
&
Steel
Co.
Ltd.,
Class
A
(Materials)
275,551
322,529
Beijing
Enterprises
Holdings
Ltd.
(Utilities)
1,268,322
188,300
Beijing
Tongrentang
Co.
Ltd.,
Class
A
(Health
Care)
714,328
695,452
Beijing-Shanghai
High
Speed
Railway
Co.
Ltd.,
Class
A
(Industrials)
516,334
14,349
Bilibili,
Inc.,
Class
Z
(Communication
Services)*
249,543
13,086
Biwin
Storage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
633,587
170,840
Bluefocus
Intelligent
Communications
Group
Co.
Ltd.,
Class
A
(Communication
Services)*
421,955
160,988
BOC
Aviation
Ltd.
(Industrials)
(a)
1,571,386
1,627,148
BOE
Technology
Group
Co.
Ltd.,
Class
A
(Information
Technology)
1,229,725
3,117,220
Bosideng
International
Holdings
Ltd.
(Consumer
Discretionary)
1,690,380
96,581
BYD
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
1,125,098
541,987
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
2,017,912
259,535
C&D
International
Investment
Group
Ltd.
(Real
Estate)
(b)
522,554
592,436
Caitong
Securities
Co.
Ltd.,
Class
A
(Financials)
687,814
48,200
Canmax
Technologies
Co.
Ltd.,
Class
A
(Materials)*
596,810
636,296
Changjiang
Securities
Co.
Ltd.,
Class
A
(Financials)
765,085
246,908
Chengtun
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
445,508
1,967,328
China
CITIC
Bank
Corp.
Ltd.,
Class
H
(Financials)
1,829,921
11,033,808
China
Construction
Bank
Corp.,
Class
H
(Financials)
11,952,565
943,283
China
Gas
Holdings
Ltd.
(Utilities)
834,071
30,709
China
Gold
International
Resources
Corp.
Ltd.
(Materials)
588,523
469,652
China
Hongqiao
Group
Ltd.
(Materials)
1,679,083
136,200
China
International
Capital
Corp.
Ltd.,
Class
A
(Financials)
680,652
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
109,400
China
Jushi
Co.
Ltd.,
Class
A
(Materials)
$
681,176
157,600
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
788,530
867,071
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
3,195,066
702,661
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)
1,520,546
288,807
China
Merchants
Bank
Co.
Ltd.,
Class
H
(Financials)
1,735,628
236,900
China
Merchants
Energy
Shipping
Co.
Ltd.,
Class
A
(Energy)
555,685
655,226
China
Merchants
Port
Holdings
Co.
Ltd.
(Industrials)
1,286,642
464,088
China
Merchants
Securities
Co.
Ltd.,
Class
A
(Financials)
1,166,149
327,540
China
Merchants
Shekou
Industrial
Zone
Holdings
Co.
Ltd.,
Class
A
(Real
Estate)
427,261
1,122,615
China
Minsheng
Banking
Corp.
Ltd.,
Class
H
(Financials)
481,280
1,086,735
China
National
Building
Material
Co.
Ltd.,
Class
H
(Materials)
736,285
746,985
China
National
Chemical
Engineering
Co.
Ltd.,
Class
A
(Industrials)
852,883
387,504
China
Nonferrous
Mining
Corp.
Ltd.
(Materials)
669,952
69,472
China
Northern
Rare
Earth
Group
High-Tech
Co.
Ltd.,
Class
A
(Materials)
499,557
727,369
China
Overseas
Land
&
Investment
Ltd.
(Real
Estate)
1,449,652
207,693
China
Pacific
Insurance
Group
Co.
Ltd.,
Class
H
(Financials)
832,638
1,565,766
China
Petroleum
&
Chemical
Corp.,
Class
H
(Energy)
863,055
3,081,004
China
Power
International
Development
Ltd.
(Utilities)
1,462,390
431,304
China
Railway
Group
Ltd.,
Class
A
(Industrials)
304,272
334,320
China
Resources
Land
Ltd.
(Real
Estate)
1,506,645
536,425
China
Resources
Power
Holdings
Co.
Ltd.
(Utilities)
1,455,125
151,404
China
Shenhua
Energy
Co.
Ltd.,
Class
H
(Energy)
870,862
1,518,740
China
State
Construction
Engineering
Corp.
Ltd.,
Class
A
(Industrials)
1,084,903
778,698
China
Taiping
Insurance
Holdings
Co.
Ltd.
(Financials)
1,974,217
1,526,994
China
Three
Gorges
Renewables
Group
Co.
Ltd.,
Class
A
(Utilities)
941,745
524,579
China
Tower
Corp.
Ltd.,
Class
H
(Communication
Services)
(a)
663,973
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
71,736
China
Tungsten
And
Hightech
Materials
Co.
Ltd.,
Class
A
(Materials)
$
721,450
690,292
China
United
Network
Communications
Ltd.,
Class
A
(Communication
Services)
444,102
1,524,978
China
Zheshang
Bank
Co.
Ltd.,
Class
A
(Financials)
676,620
668,532
Chongqing
Changan
Automobile
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
783,083
338,530
Chow
Tai
Fook
Jewellery
Group
Ltd.
(Consumer
Discretionary)
474,704
834,316
CITIC
Ltd.
(Industrials)
1,400,924
301,780
Citic
Pacific
Special
Steel
Group
Co.
Ltd.,
Class
A
(Materials)
631,103
296,931
CMOC
Group
Ltd.,
Class
A
(Materials)
812,872
348,214
CMOC
Group
Ltd.,
Class
H
(Materials)
810,844
13,400
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
840,293
5,000
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
H
(Industrials)
474,966
250,000
COSCO
SHIPPING
Energy
Transportation
Co.
Ltd.,
Class
H
(Energy)
510,054
786,300
CRRC
Corp.
Ltd.,
Class
A
(Industrials)
671,003
179,784
CSC
Financial
Co.
Ltd.,
Class
A
(Financials)
648,519
1,819,407
CSPC
Pharmaceutical
Group
Ltd.
(Health
Care)
1,741,082
57,400
Dajin
Heavy
Industry
Co.
Ltd.,
Class
A
(Industrials)
619,634
605,989
Daqin
Railway
Co.
Ltd.,
Class
A
(Industrials)
465,149
108,000
Dazhong
Mining
Co.
Ltd.,
Class
A
(Materials)
622,943
29,823
Dosilicon
Co.
Ltd.,
Class
A
(Information
Technology)*
627,031
74,177
Ecovacs
Robotics
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
644,192
126,546
ENN
Energy
Holdings
Ltd.
(Utilities)
886,439
41,341
Eoptolink
Technology,
Inc.
Ltd.,
Class
A
(Information
Technology)*
4,319,391
17,700
EverProX
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
652,377
1,807,010
Far
East
Horizon
Ltd.
(Financials)
1,773,025
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
923,284
Focus
Media
Information
Technology
Co.
Ltd.,
Class
A
(Communication
Services)
$
761,956
1,317,700
Founder
Securities
Co.
Ltd.,
Class
A
(Financials)
1,342,752
57,896
Foxconn
Industrial
Internet
Co.
Ltd.,
Class
A
(Information
Technology)
628,499
68,800
Ganfeng
Lithium
Group
Co.
Ltd.,
Class
H
(Materials)
(a)
562,258
618,841
GD
Power
Development
Co.
Ltd.,
Class
A
(Utilities)
471,353
815,541
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
1,958,364
370,036
GEM
Co.
Ltd.,
Class
A
(Industrials)
426,873
394,859
Genscript
Biotech
Corp.
(Health
Care)*
(b)
689,217
88,777
Giant
Biogene
Holding
Co.
Ltd.
(Consumer
Staples)
(a)(b)
340,500
111,000
Giant
Network
Group
Co.
Ltd.,
Class
A
(Communication
Services)
427,817
9,996
GigaDevice
Semiconductor,
Inc.,
Class
A
(Information
Technology)
690,419
121,068
Goldwind
Science
&
Technology
Co.
Ltd.,
Class
A
(Industrials)
419,350
149,804
Great
Wall
Motor
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
198,977
176,840
Guangdong
HEC
Technology
Holding
Co.
Ltd.,
Class
A
(Materials)*
931,611
1,056,258
Guangdong
Investment
Ltd.
(Utilities)
1,125,342
221,108
Guangzhou
Automobile
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
198,497
72,200
Guangzhou
Tinci
Materials
Technology
Co.
Ltd.,
Class
A
(Materials)
555,586
98,700
Guocheng
Mining
Co.
Ltd.,
Class
A
(Materials)
615,721
484,752
Guolian
Minsheng
Securities
Co.
Ltd.,
Class
A
(Financials)
623,016
534,852
Guoyuan
Securities
Co.
Ltd.,
Class
A
(Financials)
564,005
1,332,606
Haidilao
International
Holding
Ltd.
(Consumer
Discretionary)
(a)
(b)
2,169,604
162,371
Haier
Smart
Home
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
408,134
137,216
Haisco
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
1,046,555
565,675
Haitian
International
Holdings
Ltd.
(Industrials)
1,426,205
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
17,000
Hangzhou
Chang
Chuan
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
$
529,980
318,776
Hangzhou
First
Applied
Material
Co.
Ltd.,
Class
A
(Information
Technology)
843,915
110,600
Hangzhou
Silan
Microelectronics
Co.
Ltd.,
Class
A
(Information
Technology)
565,967
272,036
Hansoh
Pharmaceutical
Group
Co.
Ltd.
(Health
Care)
(a)
1,091,282
113,943
Henan
Shenhuo
Coal
Industry
&
Electricity
Power
Co.
Ltd.,
Class
A
(Materials)
489,546
454,777
Hengan
International
Group
Co.
Ltd.
(Consumer
Staples)
1,412,365
56,400
Hengtong
Optic-electric
Co.
Ltd.,
Class
A
(Information
Technology)
643,289
62,753
Hithink
RoyalFlush
Information
Network
Co.
Ltd.,
Class
A
(Financials)
2,113,840
64,930
Hua
Hong
Semiconductor
Ltd.,
Class
H
(Information
Technology)*
(a)
1,336,312
511,138
Huaxia
Bank
Co.
Ltd.,
Class
A
(Financials)
507,249
367,149
Huayu
Automotive
Systems
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
907,359
46,900
Hunan
Yuneng
New
Energy
Battery
Material
Co.
Ltd.,
Class
A
(Industrials)
613,246
77,035
Hundsun
Technologies,
Inc.,
Class
A
(Information
Technology)
276,515
419,685
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
A
(Financials)
448,147
6,530,222
Industrial
&
Commercial
Bank
of
China
Ltd.,
Class
H
(Financials)
5,532,533
532,688
Industrial
Securities
Co.
Ltd.,
Class
A
(Financials)
453,003
104,327
Inner
Mongolia
Dian
Tou
Energy
Corp.
Ltd.,
Class
A
(Energy)
477,549
119,824
Inner
Mongolia
Xingye
Silver&Tin
Mining
Co.
Ltd.,
Class
A
(Materials)
703,549
111,555
Innovent
Biologics,
Inc.
(Health
Care)*
(a)
1,186,377
403,716
JA
Solar
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
543,944
375,803
JD
Logistics,
Inc.
(Industrials)*
(a)
618,075
233,819
JD.com,
Inc.,
Class
A
(Consumer
Discretionary)
3,386,130
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
89,500
Jiangsu
Etern
Co.
Ltd.,
Class
A
(Information
Technology)
$
632,852
166,960
Jiangsu
Hengrui
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
1,239,338
94,700
Jiangsu
Zhongtian
Technology
Co.
Ltd.,
Class
A
(Industrials)
590,908
137,041
Jiangxi
Copper
Co.
Ltd.,
Class
A
(Materials)
881,658
131,367
Jiangxi
Copper
Co.
Ltd.,
Class
H
(Materials)
590,007
129,440
Jinduicheng
Molybdenum
Co.
Ltd.,
Class
A
(Materials)
462,706
588,995
Jinko
Solar
Co.
Ltd.,
Class
A
(Information
Technology)*
510,469
255,200
Kingnet
Network
Co.
Ltd.,
Class
A
(Communication
Services)
605,404
112,100
Kingsoft
Corp.
Ltd.
(Communication
Services)
302,942
485,011
Kuaishou
Technology
(Communication
Services)
(a)
2,818,205
1,291,496
Kunlun
Energy
Co.
Ltd.
(Utilities)
1,179,870
3,897
Kweichow
Moutai
Co.
Ltd.,
Class
A
(Consumer
Staples)
764,248
25,748
Laopu
Gold
Co.
Ltd.,
Class
H
(Consumer
Discretionary)
(b)
1,655,778
183,032
LB
Group
Co.
Ltd.,
Class
A
(Materials)
387,100
1,216,078
Lenovo
Group
Ltd.
(Information
Technology)
3,723,923
802,092
Li
Ning
Co.
Ltd.
(Consumer
Discretionary)
1,862,617
976,078
Longfor
Group
Holdings
Ltd.
(Real
Estate)
(a)
977,647
240,600
LONGi
Green
Energy
Technology
Co.
Ltd.,
Class
A
(Information
Technology)*
494,263
474,104
Meituan,
Class
B
(Consumer
Discretionary)*
(a)
4,443,175
1,844,556
Metallurgical
Corp.
of
China
Ltd.,
Class
A
(Industrials)
772,038
238,623
MINISO
Group
Holding
Ltd.
(Consumer
Discretionary)
787,352
1,122,988
MMG
Ltd.
(Materials)*
1,262,348
19,245
Montage
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
720,110
164,671
NetEase,
Inc.
(Communication
Services)
4,078,220
203,092
New
China
Life
Insurance
Co.
Ltd.,
Class
A
(Financials)
1,793,194
371,470
New
China
Life
Insurance
Co.
Ltd.,
Class
H
(Financials)
2,296,863
818,170
New
Hope
Liuhe
Co.
Ltd.,
Class
A
(Consumer
Staples)
954,730
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
188,758
New
Oriental
Education
&
Technology
Group,
Inc.
(Consumer
Discretionary)
$
877,631
35,800
Ningbo
Deye
Technology
Corp.,
Class
A
(Industrials)
612,282
163,700
Ningxia
Baofeng
Energy
Group
Co.
Ltd.,
Class
A
(Materials)
581,059
342,806
Nongfu
Spring
Co.
Ltd.,
Class
H
(Consumer
Staples)
(a)
1,872,062
67,156
PDD
Holdings,
Inc.
ADR
(Consumer
Discretionary)*
5,670,653
1,811,989
People's
Insurance
Co.
Group
of
China
Ltd.
(The),
Class
H
(Financials)
1,197,604
359,800
PetroChina
Co.
Ltd.,
Class
A
(Energy)
578,430
2,663,960
PetroChina
Co.
Ltd.,
Class
H
(Energy)
3,701,550
723,824
PICC
Property
&
Casualty
Co.
Ltd.,
Class
H
(Financials)
1,343,767
452,405
Ping
An
Bank
Co.
Ltd.,
Class
A
(Financials)
731,320
55,330
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
A
(Financials)
437,799
572,601
Ping
An
Insurance
Group
Co.
of
China
Ltd.,
Class
H
(Financials)
4,387,257
1,261,140
Poly
Developments
and
Holdings
Group
Co.
Ltd.,
Class
A
(Real
Estate)
1,076,216
153,547
Pop
Mart
International
Group
Ltd.
(Consumer
Discretionary)
(a)
(b)
3,397,179
88,952
Qinghai
Salt
Lake
Industry
Co.
Ltd.,
Class
A
(Materials)*
404,803
44,162
Remegen
Co.
Ltd.,
Class
A
(Health
Care)*
757,843
118,522
Remegen
Co.
Ltd.,
Class
H
(Health
Care)*
(a)
1,249,884
16,584
Rockchip
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)
430,871
325,682
SAIC
Motor
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
593,423
349,800
Sailun
Group
Co.
Ltd.,
Class
A
(Consumer
Discretionary)
653,406
768,784
SDIC
Capital
Co.
Ltd.,
Class
A
(Financials)
732,235
54,892
Shandong
Gold
Mining
Co.
Ltd.,
Class
A
(Materials)
234,378
286,872
Shandong
Hongqiao
Aluminum
Industry
Holding
Co.
Ltd.,
Class
A
(Materials)
902,010
80,556
Shandong
Hualu
Hengsheng
Chemical
Co.
Ltd.,
Class
A
(Materials)
350,629
943,686
Shandong
Nanshan
Aluminum
Co.
Ltd.,
Class
A
(Materials)
725,757
384,850
Shandong
Sun
Paper
Industry
JSC
Ltd.,
Class
A
(Materials)
786,041
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
63,939
Shanghai
Allist
Pharmaceuticals
Co.
Ltd.,
Class
A
(Health
Care)
$
848,429
461,501
Shanghai
Electric
Group
Co.
Ltd.,
Class
A
(Industrials)*
550,133
101,776
Shanghai
Electric
Power
Co.
Ltd.,
Class
A
(Utilities)*
335,367
109,884
Shanghai
Fosun
Pharmaceutical
Group
Co.
Ltd.,
Class
A
(Health
Care)
377,848
127,772
Shanghai
International
Airport
Co.
Ltd.,
Class
A
(Industrials)
473,751
111,412
Shanghai
Pharmaceuticals
Holding
Co.
Ltd.,
Class
A
(Health
Care)
271,550
1,110,036
Shanghai
RAAS
Blood
Products
Co.
Ltd.,
Class
A
(Health
Care)
871,750
22,400
Shannon
Semiconductor
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
596,620
523,900
Shenergy
Co.
Ltd.,
Class
A
(Utilities)
799,628
47,044
Shengyi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
978,389
10,000
Shennan
Circuits
Co.
Ltd.,
Class
A
(Information
Technology)
608,464
1,037,412
Shenwan
Hongyuan
Group
Co.
Ltd.,
Class
A
(Financials)
676,628
45,572
Shenzhen
Envicool
Technology
Co.
Ltd.,
Class
A
(Industrials)*
613,338
13,448
Shenzhen
Longsys
Electronics
Co.
Ltd.,
Class
A
(Information
Technology)*
1,096,473
15,671
Shenzhen
Mindray
Bio-Medical
Electronics
Co.
Ltd.,
Class
A
(Health
Care)
351,896
6,100
Shenzhen
Techwinsemi
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
577,391
2,841,737
Sino
Biopharmaceutical
Ltd.
(Health
Care)
1,809,308
108,176
Sinoma
Science
&
Technology
Co.
Ltd.,
Class
A
(Materials)
1,138,324
45,500
Sinomine
Resource
Group
Co.
Ltd.,
Class
A
(Materials)
416,478
549,324
Sinopharm
Group
Co.
Ltd.,
Class
H
(Health
Care)
1,185,924
140,996
Sinotruk
Hong
Kong
Ltd.
(Industrials)
670,313
107,500
Spring
Airlines
Co.
Ltd.,
Class
A
(Industrials)
779,049
98,800
Sunny
Optical
Technology
Group
Co.
Ltd.
(Information
Technology)
1,056,401
13,521
Suzhou
Centec
Communications
Co.
Ltd.,
Class
A
(Information
Technology)*
562,961
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
32,500
Suzhou
Dongshan
Precision
Manufacturing
Co.
Ltd.,
Class
A
(Information
Technology)*
$
1,024,059
11,219
Suzhou
Everbright
Photonics
Co.
Ltd.,
Class
A
(Information
Technology)*
654,976
12,640
Suzhou
Maxwell
Technologies
Co.
Ltd.,
Class
A
(Information
Technology)
466,720
64,198
Suzhou
TFC
Optical
Communication
Co.
Ltd.,
Class
A
(Information
Technology)
4,321,992
107,973
TBEA
Co.
Ltd.,
Class
A
(Industrials)
404,812
2,861,752
TCL
Technology
Group
Corp.,
Class
A
(Information
Technology)
1,811,490
795,153
Tencent
Holdings
Ltd.
(Communication
Services)
43,342,098
974,270
Tingyi
Cayman
Islands
Holding
Corp.
(Consumer
Staples)
1,485,509
780,840
Tongling
Nonferrous
Metals
Group
Co.
Ltd.,
Class
A
(Materials)
796,840
339,748
Trina
Solar
Co.
Ltd.,
Class
A
(Information
Technology)*
774,821
26,570
Trip.com
Group
Ltd.
(Consumer
Discretionary)*
1,250,289
83,200
Tsingtao
Brewery
Co.
Ltd.,
Class
A
(Consumer
Staples)
752,331
16,800
Verisilicon
Microelectronics
Shanghai
Co.
Ltd.,
Class
A
(Information
Technology)*
613,317
30,528
Victory
Giant
Technology
Huizhou
Co.
Ltd.,
Class
A
(Information
Technology)
1,663,871
45,287
Vipshop
Holdings
Ltd.
ADR
(Consumer
Discretionary)
643,981
1,496,062
Want
Want
China
Holdings
Ltd.
(Consumer
Staples)
794,092
213,624
Weichai
Power
Co.
Ltd.,
Class
A
(Industrials)
1,116,546
290,692
Weichai
Power
Co.
Ltd.,
Class
H
(Industrials)
1,544,443
266,805
Western
Mining
Co.
Ltd.,
Class
A
(Materials)
1,204,706
2,173,194
Wintime
Energy
Group
Co.
Ltd.,
Class
A
(Utilities)*
584,965
33,716
WuXi
AppTec
Co.
Ltd.,
Class
H
(Health
Care)
(a)(b)
560,542
151,820
Wuxi
Biologics
Cayman,
Inc.
(Health
Care)*
(a)
645,836
48,752
Xiamen
Tungsten
Co.
Ltd.,
Class
A
(Materials)
392,023
1,557,073
Xiaomi
Corp.,
Class
B
(Information
Technology)*
(a)
5,570,767
4,756,000
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
1,620,246
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
11,400
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
A
(Information
Technology)
$
679,149
22,500
Yangtze
Optical
Fibre
&
Cable
Joint
Stock
Ltd.
Co.,
Class
H
(Information
Technology)
(a)
652,257
243,900
Yankuang
Energy
Group
Co.
Ltd.,
Class
A
(Energy)
786,373
318,000
Yankuang
Energy
Group
Co.
Ltd.,
Class
H
(Energy)
590,767
41,224
Yantai
Jereh
Oilfield
Services
Group
Co.
Ltd.,
Class
A
(Energy)
856,007
202,108
Yealink
Network
Technology
Corp.
Ltd.,
Class
A
(Information
Technology)
1,080,568
41,606
Yum
China
Holdings,
Inc.
(Consumer
Discretionary)
1,820,866
43,244
Yunnan
Baiyao
Group
Co.
Ltd.,
Class
A
(Health
Care)
319,400
58,400
Yunnan
Energy
New
Material
Group
Co.
Ltd.,
Class
A
(Materials)*
608,664
32,296
Yunnan
Tin
Co.
Ltd.,
Class
A
(Materials)
179,118
119,414
Yunnan
Yuntianhua
Co.
Ltd.,
Class
A
(Materials)
541,133
68,232
Zangge
Mining
Co.
Ltd.,
Class
A
(Materials)
778,849
748,008
Zhejiang
Century
Huatong
Group
Co.
Ltd.,
Class
A
(Communication
Services)
1,612,961
162,338
Zhejiang
Chint
Electrics
Co.
Ltd.,
Class
A
(Industrials)
699,632
342,800
Zhejiang
Dahua
Technology
Co.
Ltd.,
Class
A
(Information
Technology)
846,169
37,876
Zhejiang
Huayou
Cobalt
Co.
Ltd.,
Class
A
(Industrials)
306,976
41,735
Zhejiang
Leapmotor
Technology
Co.
Ltd.,
Class
H
(Consumer
Discretionary)*
(a)
209,277
430,474
Zhejiang
Longsheng
Group
Co.
Ltd.,
Class
A
(Materials)
714,332
168,870
Zhejiang
NHU
Co.
Ltd.,
Class
A
(Materials)
733,528
605,031
Zheshang
Securities
Co.
Ltd.,
Class
A
(Financials)
844,714
15,000
Zhongji
Innolight
Co.
Ltd.,
Class
A
(Information
Technology)
2,575,986
659,012
Zhongtai
Securities
Co.
Ltd.,
Class
A
(Financials)
530,215
117,432
Zijin
Mining
Group
Co.
Ltd.,
Class
A
(Materials)
528,678
257,381
Zijin
Mining
Group
Co.
Ltd.,
Class
H
(Materials)
1,076,498
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
China
–
(continued)
586,600
Zoomlion
Heavy
Industry
Science
and
Technology
Co.
Ltd.,
Class
A
(Industrials)
$
625,515
363,984,877
Colombia
–
0.1%
77,516
Grupo
Cibest
SA
(Financials)
1,607,974
Czech
Republic
–
0.2%
12,058
CEZ
AS
(Utilities)
727,551
26,788
Komercni
Banka
AS
(Financials)
1,272,083
190,227
Moneta
Money
Bank
AS
(Financials)
(a)
1,696,089
3,695,723
Egypt
–
0.3%
1,735,958
Commercial
International
Bank
-
Egypt
(CIB)
(Financials)
4,421,341
Greece
–
0.9%
98,708
Allwyn
AG
(Consumer
Discretionary)
1,450,785
371,080
Alpha
Bank
SA
(Financials)
1,693,156
372,691
Eurobank
SA
(Financials)
1,735,734
9,002
GEK
TERNA
SA
(Industrials)
449,189
114,327
Hellenic
Telecommunications
Organization
SA
(Communication
Services)
2,426,801
42,135
JUMBO
SA
(Consumer
Discretionary)
1,144,666
130,394
National
Bank
of
Greece
SA
(Financials)
2,255,823
200,543
Piraeus
Bank
SA
(Financials)*
2,141,318
49,000
Public
Power
Corp.
SA
(Utilities)
1,232,814
14,530,286
Hong
Kong
–
0.1%
92,500
Kingboard
Laminates
Holdings
Ltd.
(Information
Technology)
644,410
11,258
Zijin
Gold
International
Co.
Ltd.
(Materials)*
186,307
830,717
Hungary
–
0.6%
157,157
MOL
Hungarian
Oil
&
Gas
PLC
(Energy)
1,996,334
41,482
OTP
Bank
Nyrt
(Financials)
5,683,650
50,022
Richter
Gedeon
Nyrt
(Health
Care)
2,116,965
9,796,949
India
–
10.3%
356,111
Adani
Power
Ltd.
(Utilities)*
912,281
164,136
Aditya
Birla
Capital
Ltd.
(Financials)*
627,691
13,796
Alkem
Laboratories
Ltd.
(Health
Care)
798,425
188,435
Ambuja
Cements
Ltd.
(Materials)
888,322
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
35,949
APL
Apollo
Tubes
Ltd.
(Materials)
$
692,908
12,955
Apollo
Hospitals
Enterprise
Ltd.
(Health
Care)
1,115,016
171,973
Ashok
Leyland
Ltd.
(Industrials)
281,384
50,946
Astral
Ltd.
(Industrials)
846,347
72,438
AU
Small
Finance
Bank
Ltd.
(Financials)
(a)
750,839
124,765
Aurobindo
Pharma
Ltd.
(Health
Care)
1,873,314
175,179
Axis
Bank
Ltd.
(Financials)
2,372,477
84,230
Bajaj
Finance
Ltd.
(Financials)*
805,283
19,131
Bajaj
Finserv
Ltd.
(Financials)
359,179
19,945
Balkrishna
Industries
Ltd.
(Consumer
Discretionary)
463,039
429,091
Bank
of
Baroda
(Financials)
1,212,747
216,669
Bharat
Electronics
Ltd.
(Industrials)
936,808
60,877
Bharat
Forge
Ltd.
(Consumer
Discretionary)
1,254,194
310,093
Bharat
Petroleum
Corp.
Ltd.
(Energy)
973,039
220,369
Bharti
Airtel
Ltd.
(Communication
Services)
4,242,683
20,485
Britannia
Industries
Ltd.
(Consumer
Staples)
1,122,255
70,309
BSE
Ltd.
(Financials)*
3,068,507
786,101
Canara
Bank
(Financials)
1,082,337
91,317
Cipla
Ltd.
(Health
Care)
1,346,685
281,473
Coal
India
Ltd.
(Energy)
1,356,700
42,266
Colgate-Palmolive
India
Ltd.
(Consumer
Staples)
916,460
20,053
Cummins
India
Ltd.
(Industrials)
1,241,386
7,907
Divi's
Laboratories
Ltd.
(Health
Care)
554,905
122,565
Dr
Reddy's
Laboratories
Ltd.
(Health
Care)
1,681,721
10,562
Eicher
Motors
Ltd.
(Consumer
Discretionary)
797,931
331,016
Eternal
Ltd.
(Consumer
Discretionary)*
873,116
202,174
Federal
Bank
Ltd.
(Financials)
614,928
89,425
Fortis
Healthcare
Ltd.
(Health
Care)
873,965
468,891
FSN
E-Commerce
Ventures
Ltd.
(Consumer
Discretionary)*
1,294,633
581,393
GAIL
India
Ltd.
(Utilities)
1,006,789
25,228
GE
Vernova
T&D
India
Ltd.
(Industrials)
1,367,251
29,060
Grasim
Industries
Ltd.
(Materials)
955,126
95,908
Havells
India
Ltd.
(Industrials)
1,188,048
176,836
HCL
Technologies
Ltd.
(Information
Technology)
2,203,563
57,964
HDFC
Asset
Management
Co.
Ltd.
(Financials)
(a)
1,631,717
1,076,027
HDFC
Bank
Ltd.
(Financials)
8,433,220
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
85,914
HDFC
Life
Insurance
Co.
Ltd.
(Financials)
(a)
$
537,912
19,596
Hero
MotoCorp
Ltd.
(Consumer
Discretionary)
1,011,360
256,440
Hindalco
Industries
Ltd.
(Materials)
3,041,378
300,073
Hindustan
Petroleum
Corp.
Ltd.
(Energy)
1,244,039
2,619
Hitachi
Energy
India
Ltd.
(Industrials)
1,059,868
551,895
ICICI
Bank
Ltd.
(Financials)
7,298,957
114,575
ICICI
Prudential
Life
Insurance
Co.
Ltd.
(Financials)
(a)
607,790
68,157
Indian
Bank
(Financials)
597,629
134,776
Indian
Hotels
Co.
Ltd.
(Consumer
Discretionary)
928,181
662,460
Indian
Oil
Corp.
Ltd.
(Energy)
977,930
204,647
Indus
Towers
Ltd.
(Communication
Services)*
952,255
62,526
IndusInd
Bank
Ltd.
(Financials)*
601,796
342,728
Infosys
Ltd.
(Information
Technology)
4,188,136
17,615
InterGlobe
Aviation
Ltd.
(Industrials)
(a)
816,780
156,239
ITC
Ltd.
(Consumer
Staples)
471,842
51,143
Jindal
Steel
Ltd.
(Materials)
649,893
90,630
JSW
Steel
Ltd.
(Materials)
1,219,212
118,134
Kotak
Mahindra
Bank
Ltd.
(Financials)
477,759
285,561
L&T
Finance
Ltd.
(Financials)
861,492
38,834
Larsen
&
Toubro
Ltd.
(Industrials)
1,666,387
35,961
LTM
Ltd.
(Information
Technology)
(a)
1,537,465
51,181
Lupin
Ltd.
(Health
Care)
1,221,717
45,362
Mahindra
&
Mahindra
Ltd.
(Consumer
Discretionary)
1,454,258
277,217
Malco
Energy
Ltd.
(Utilities)*
(c)
353,160
137,819
Marico
Ltd.
(Consumer
Staples)
1,192,062
6,683
Maruti
Suzuki
India
Ltd.
(Consumer
Discretionary)
923,450
97,069
Mphasis
Ltd.
(Information
Technology)
2,320,869
564
MRF
Ltd.
(Consumer
Discretionary)
732,725
28,476
Multi
Commodity
Exchange
of
India
Ltd.
(Financials)
885,604
51,630
Muthoot
Finance
Ltd.
(Financials)
1,816,778
251,358
National
Aluminium
Co.
Ltd.
(Materials)
1,123,041
129,509
Nestle
India
Ltd.
(Consumer
Staples)
1,937,864
763,674
NHPC
Ltd.
(Utilities)
634,010
2,715,979
NMDC
Ltd.
(Materials)
2,515,568
347,435
NTPC
Ltd.
(Utilities)
1,414,975
36,264
Oberoi
Realty
Ltd.
(Real
Estate)
651,645
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
727,742
Oil
&
Natural
Gas
Corp.
Ltd.
(Energy)
$
2,033,081
22,225
Oracle
Financial
Services
Software
Ltd.
(Information
Technology)
2,331,052
5,280
Page
Industries
Ltd.
(Consumer
Discretionary)
2,122,838
33,601
Persistent
Systems
Ltd.
(Information
Technology)
1,837,197
597,803
Petronet
LNG
Ltd.
(Energy)
1,705,626
34,415
Phoenix
Mills
Ltd.
(The)
(Real
Estate)
641,641
29,091
PI
Industries
Ltd.
(Materials)
849,763
98,535
Pidilite
Industries
Ltd.
(Materials)
1,537,976
11,755
Polycab
India
Ltd.
(Industrials)
1,172,716
402,499
Power
Finance
Corp.
Ltd.
(Financials)
1,815,906
761,019
Punjab
National
Bank
(Financials)
849,538
526,776
REC
Ltd.
(Financials)
1,872,273
494,526
Reliance
Industries
Ltd.
(Energy)
6,877,555
1,413,234
Samvardhana
Motherson
International
Ltd.
(Consumer
Discretionary)
2,168,050
72,226
SBI
Cards
&
Payment
Services
Ltd.
(Financials)
474,715
29,764
SBI
Life
Insurance
Co.
Ltd.
(Financials)
(a)
573,380
5,642
Shree
Cement
Ltd.
(Materials)
1,501,069
134,344
Shriram
Finance
Ltd.
(Financials)
1,339,410
7,419
Solar
Industries
India
Ltd.
(Materials)
1,424,995
11,466
SRF
Ltd.
(Materials)
327,783
209,277
State
Bank
of
India
(Financials)
2,124,492
91,528
Sun
Pharmaceutical
Industries
Ltd.
(Health
Care)
1,733,444
19,278
Supreme
Industries
Ltd.
(Industrials)
720,185
236,612
Swiggy
Ltd.
(Consumer
Discretionary)*
642,339
277,217
Talwandi
Sabo
Power
Ltd.
(Utilities)*
(c)
353,160
65,708
Tata
Communications
Ltd.
(Communication
Services)
1,359,118
95,977
Tata
Consultancy
Services
Ltd.
(Information
Technology)
2,282,131
413,665
Tata
Motors
Ltd.
(Industrials)*
1,652,483
377,771
Tata
Motors
Passenger
Vehicles
Ltd.
(Consumer
Discretionary)
1,566,358
253,487
Tata
Power
Co.
Ltd.
(The)
(Utilities)
1,122,681
1,198,732
Tata
Steel
Ltd.
(Materials)
2,624,845
164,303
Tech
Mahindra
Ltd.
(Information
Technology)
2,566,413
17,448
Titan
Co.
Ltd.
(Consumer
Discretionary)
748,409
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
India
–
(continued)
43,133
Torrent
Pharmaceuticals
Ltd.
(Health
Care)
$
2,002,642
39,814
Trent
Ltd.
(Consumer
Discretionary)
1,770,256
29,809
TVS
Motor
Co.
Ltd.
(Consumer
Discretionary)
1,052,948
9,133
UltraTech
Cement
Ltd.
(Materials)
1,103,843
599,006
Union
Bank
of
India
Ltd.
(Financials)
1,058,538
253,804
UPL
Ltd.
(Materials)
1,722,661
121,731
Varun
Beverages
Ltd.
(Consumer
Staples)
676,568
277,217
Vedanta
Aluminium
Metal
Ltd.
(Materials)*
(c)
353,160
277,217
Vedanta
Iron
and
Steel
Ltd.
(Materials)*
(c)
353,160
395,419
Vedanta
Ltd.
(Materials)
1,467,629
46,530
Voltas
Ltd.
(Industrials)
610,131
378,300
Wipro
Ltd.
(Information
Technology)
813,345
127,127
Zydus
Lifesciences
Ltd.
(Health
Care)
1,442,155
172,322,664
Indonesia
–
0.3%
3,066,601
Astra
International
Tbk
PT
(Industrials)
858,030
2,556,478
Bank
Central
Asia
Tbk
PT
(Financials)
815,441
2,330,926
Bank
Mandiri
Persero
Tbk
PT
(Financials)
532,187
5,218,651
Bank
Rakyat
Indonesia
Persero
Tbk
PT
(Financials)
861,501
5,149,823
Telkom
Indonesia
Persero
Tbk
PT
(Communication
Services)
873,193
286,813
United
Tractors
Tbk
PT
(Energy)
367,946
4,308,298
Kazakhstan
–
–%
70,023
Solidcore
Resources
PLC
(Materials)*
(c)
—
Kuwait
–
0.5%
247,290
Boubyan
Bank
KSCP
(Financials)
523,513
454,413
Gulf
Bank
KSCP
(Financials)
514,042
1,019,418
Kuwait
Finance
House
KSCP
(Financials)
2,569,961
808,645
Mobile
Telecommunications
Co.
KSCP
(Communication
Services)
1,562,927
801,147
National
Bank
of
Kuwait
SAKP
(Financials)
2,203,543
548,705
Warba
Bank
KSCP
(Financials)
493,019
7,867,005
Shares
Description
Value
a
Common
Stocks
–
(continued)
Mexico
–
1.7%
2,387,744
America
Movil
SAB
de
CV,
Series
B
(Communication
Services)
$
3,026,513
54,016
Arca
Continental
SAB
de
CV
(Consumer
Staples)
701,266
1,612,395
Cemex
SAB
de
CV,
Series
CPO
(Materials)
2,122,777
70,205
Coca-Cola
Femsa
SAB
de
CV
(Consumer
Staples)
758,691
369,100
Fibra
Uno
Administracion
SA
de
CV
REIT
(Real
Estate)
638,546
146,123
Fomento
Economico
Mexicano
SAB
de
CV
(Consumer
Staples)
1,741,162
100,017
Gruma
SAB
de
CV,
Class
B
(Consumer
Staples)
(b)
1,677,010
62,244
Grupo
Aeroportuario
del
Centro
Norte
SAB
de
CV
(Industrials)
782,566
22,050
Grupo
Aeroportuario
del
Sureste
SAB
de
CV,
Class
B
(Industrials)
653,555
466,026
Grupo
Bimbo
SAB
de
CV,
Series
A
(Consumer
Staples)
(b)
1,604,127
353,226
Grupo
Financiero
Banorte
SAB
de
CV,
Class
O
(Financials)
3,682,597
88,035
Grupo
Financiero
Inbursa
SAB
de
CV,
Class
O
(Financials)
218,806
192,409
Grupo
Mexico
SAB
de
CV,
Series
B
(Materials)
2,388,226
43,031
Industrias
Penoles
SAB
de
CV
(Materials)
2,502,113
505,358
Kimberly-Clark
de
Mexico
SAB
de
CV,
Class
A
(Consumer
Staples)
1,119,071
1,532,223
Sigma
Foods
SAB
de
CV
(Consumer
Staples)
1,465,870
11,153
Southern
Copper
Corp.
(Materials)
2,133,569
562,022
Wal-Mart
de
Mexico
SAB
de
CV
(Consumer
Staples)
1,698,290
28,914,755
Netherlands
–
–%
40,500
Nebius
Group
NV,
Class
A
(Information
Technology)*
(c)
—
Peru
–
0.2%
20,230
Cia
de
Minas
Buenaventura
SAA
ADR
(Materials)
746,284
7,352
Credicorp
Ltd.
(Financials)
2,519,016
3,265,300
Philippines
–
0.2%
87,930
Ayala
Corp.
(Industrials)
623,243
989,103
Ayala
Land,
Inc.
(Real
Estate)
234,119
69,748
International
Container
Terminal
Services,
Inc.
(Industrials)
852,070
349,871
Metropolitan
Bank
&
Trust
Co.
(Financials)
360,677
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Philippines
–
(continued)
43,875
PLDT,
Inc.
(Communication
Services)
$
818,416
132,360
SM
Investments
Corp.
(Industrials)
1,233,404
4,121,929
Poland
–
1.2%
80,095
Allegro.eu
SA
(Consumer
Discretionary)*
(a)
768,817
11,360
Asseco
Poland
SA
(Information
Technology)
617,118
43,424
Bank
Polska
Kasa
Opieki
SA
(Financials)*
2,900,289
9,525
CD
Projekt
SA
(Communication
Services)
611,716
122,555
Dino
Polska
SA
(Consumer
Staples)*
(a)
1,042,215
11,818
KGHM
Polska
Miedz
SA
(Materials)*
1,140,588
521
LPP
SA
(Consumer
Discretionary)
3,248,158
2,753
mBank
SA
(Financials)*
972,953
76,675
ORLEN
SA
(Energy)
3,001,118
245,610
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
717,476
109,374
Powszechna
Kasa
Oszczednosci
Bank
Polski
SA
(Financials)
3,110,476
113,418
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
2,016,710
20,147,634
Qatar
–
0.6%
995,794
Al
Rayan
Bank
(Financials)
594,851
627,343
Commercial
Bank
PSQC
(The)
(Financials)
723,659
691,374
Dukhan
Bank
(Financials)
658,144
262,340
Industries
Qatar
QSC
(Industrials)
886,235
3,823,412
Mesaieed
Petrochemical
Holding
Co.
(Materials)
1,291,622
265,547
Ooredoo
QPSC
(Communication
Services)
977,295
104,459
Qatar
Fuel
QSC
(Energy)
402,229
449,434
Qatar
Gas
Transport
Co.
Ltd.
(Energy)
535,716
167,497
Qatar
International
Islamic
Bank
QSC
(Financials)
506,033
140,847
Qatar
Islamic
Bank
(Financials)
881,212
618,146
Qatar
National
Bank
QPSC
(Financials)
3,021,972
10,478,968
Romania
–
0.0%
73,859
NEPI
Rockcastle
NV
(Real
Estate)*
646,599
Russia
–
0.0%
1,256,908
Gazprom
PJSC
(Energy)*
(c)
—
1,190,600
GMK
Norilskiy
Nickel
PAO
(Materials)*
(c)
—
Shares
Description
Value
a
Common
Stocks
–
(continued)
Russia
–
(continued)
35,708,229
Inter
RAO
UES
PJSC
(Utilities)*
(c)
$
—
62,206
LUKOIL
PJSC
(Energy)*
(c)
—
824,628
Moscow
Exchange
MICEX-
RTS
PJSC
(Financials)*
(c)
—
839,494
Novolipetsk
Steel
PJSC
(Materials)*
(c)
—
127,440
PhosAgro
PJSC,
GDR
(Materials)*
(c)
—
820
PhosAgro
PJSC
NPV
(Materials)*
(c)
—
112,870
Polyus
PJSC
(Materials)*
(c)
—
90,086
Rosneft
Oil
Co.
PJSC
(Energy)*
(c)
—
1,661,273
Sberbank
of
Russia
PJSC
(Financials)*
(c)
—
152,107
Severstal
PAO
(Materials)*
(c)
—
3,362,523
Surgutneftegas
PJSC
(Energy)*
(c)
—
277,377
Tatneft
PJSC
(Energy)*
(c)
—
1,366
T-Tekhnologii
MKPAO
(Financials)*
(c)
—
159,827
VTB
Bank
PJSC
(Financials)*
(c)
—
—
Saudi
Arabia
–
1.6%
295,018
Al
Rajhi
Bank
(Financials)
5,235,890
112,988
Alinma
Bank
(Financials)
722,622
128,044
Arab
National
Bank
(Financials)
723,374
355,092
Bank
Al-Jazira
(Financials)
1,078,732
289,246
Banque
Saudi
Fransi
(Financials)
1,474,518
58,148
Etihad
Etisalat
Co.
(Communication
Services)
985,507
423,750
Jarir
Marketing
Co.
(Consumer
Discretionary)
1,780,775
135,248
Riyad
Bank
(Financials)
725,869
15,932
SABIC
Agri-Nutrients
Co.
(Materials)
588,863
72,722
Saudi
Arabian
Mining
Co.
(Materials)*
1,204,411
448,318
Saudi
Arabian
Oil
Co.
(Energy)
(a)
3,333,175
127,792
Saudi
Awwal
Bank
(Financials)
1,161,931
47,148
Saudi
Basic
Industries
Corp.
(Materials)
(b)
718,666
136,378
Saudi
Energy
Co.
(Utilities)
612,367
253,964
Saudi
Investment
Bank
(The)
(Financials)
906,869
254,708
Saudi
National
Bank
(The)
(Financials)
2,674,278
192,264
Saudi
Telecom
Co.
(Communication
Services)
2,256,384
45,706
Yanbu
National
Petrochemical
Co.
(Materials)
(b)
414,601
26,598,832
South
Africa
–
2.9%
150,458
Absa
Group
Ltd.
(Financials)
2,203,111
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Africa
–
(continued)
73,227
Bid
Corp.
Ltd.
(Consumer
Staples)
$
1,839,865
105,417
Bidvest
Group
Ltd.
(Industrials)
(b)
1,521,328
16,081
Capitec
Bank
Holdings
Ltd.
(Financials)
4,428,687
118,773
Clicks
Group
Ltd.
(Consumer
Staples)
1,719,796
88,277
Discovery
Ltd.
(Financials)
1,517,189
532,471
FirstRand
Ltd.
(Financials)
3,037,318
87,637
Gold
Fields
Ltd.
(Materials)
3,471,205
75,725
Harmony
Gold
Mining
Co.
Ltd.
(Materials)
1,384,550
78,577
Impala
Platinum
Holdings
Ltd.
(Materials)
1,124,864
247,139
MTN
Group
Ltd.
(Communication
Services)
3,308,392
58,227
Naspers
Ltd.,
Class
N
(Consumer
Discretionary)
3,063,703
71,582
Nedbank
Group
Ltd.
(Financials)
1,146,056
30,530
Northam
Platinum
Holdings
Ltd.
(Materials)
594,931
421,043
OUTsurance
Group
Ltd.
(Financials)
1,841,971
1,111,276
Pepkor
Holdings
Ltd.
(Consumer
Discretionary)
(a)
1,486,953
96,973
Remgro
Ltd.
(Financials)
1,140,676
428,504
Sanlam
Ltd.
(Financials)
2,269,112
154,024
Sasol
Ltd.
(Materials)*
1,914,945
135,199
Shoprite
Holdings
Ltd.
(Consumer
Staples)
2,382,226
229,191
Sibanye
Stillwater
Ltd.
(Materials)
690,611
207,936
Standard
Bank
Group
Ltd.
(Financials)
4,036,720
8,972
Valterra
Platinum
Ltd.
(Materials)
747,893
150,258
Vodacom
Group
Ltd.
(Communication
Services)
1,412,389
48,284,491
South
Korea
–
21.0%
2,288
Alteogen,
Inc.
(Health
Care)*
560,234
18,604
Amorepacific
Corp.
(Consumer
Staples)
1,420,916
10,463
APR
Corp.
(Consumer
Staples)
2,745,930
5,612
Celltrion,
Inc.
(Health
Care)*
718,351
14,759
DB
Insurance
Co.
Ltd.
(Financials)
1,401,468
1,145
Doosan
Co.
Ltd.
(Industrials)
(b)
1,498,301
32,058
Doosan
Enerbility
Co.
Ltd.
(Industrials)*
2,246,400
36,651
Hana
Financial
Group,
Inc.
(Financials)
2,799,290
26,504
Hankook
Tire
&
Technology
Co.
Ltd.
(Consumer
Discretionary)
1,174,829
18,153
Hanmi
Semiconductor
Co.
Ltd.
(Information
Technology)
(b)
3,396,912
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
2,372
Hanwha
Aerospace
Co.
Ltd.
(Industrials)
$
1,846,288
8,991
Hanwha
Ocean
Co.
Ltd.
(Industrials)*
735,627
7,270
Hanwha
Systems
Co.
Ltd.
(Industrials)
506,536
11,561
HD
Hyundai
Co.
Ltd.
(Energy)
2,128,850
2,789
HD
Hyundai
Electric
Co.
Ltd.
(Industrials)
1,948,784
2,628
HD
Hyundai
Heavy
Industries
Co.
Ltd.
(Industrials)
(b)
1,213,728
8,346
HD
Korea
Shipbuilding
&
Offshore
Engineering
Co.
Ltd.
(Industrials)
2,342,640
747
Hyosung
Heavy
Industries
Corp.
(Industrials)
1,826,606
10,949
Hyundai
Glovis
Co.
Ltd.
(Industrials)
1,761,866
6,681
Hyundai
Mobis
Co.
Ltd.
(Consumer
Discretionary)
3,404,783
5,807
Hyundai
Motor
Co.
(Consumer
Discretionary)
2,785,973
6,936
Hyundai
Rotem
Co.
Ltd.
(Industrials)
922,806
131,020
Industrial
Bank
of
Korea
(Financials)
1,756,207
20,113
Kakao
Corp.
(Communication
Services)
559,881
31,707
KB
Financial
Group,
Inc.
(Financials)
3,168,596
28,516
Kia
Corp.
(Consumer
Discretionary)
3,201,664
6,755
Korea
Aerospace
Industries
Ltd.
(Industrials)
754,390
55,248
Korea
Electric
Power
Corp.
(Utilities)
1,426,110
21,157
Korea
Investment
Holdings
Co.
Ltd.
(Financials)
3,334,298
106,936
Korean
Air
Lines
Co.
Ltd.
(Industrials)
1,901,715
10,221
Krafton,
Inc.
(Communication
Services)*
1,746,455
6,951
KT&G
Corp.
(Consumer
Staples)
851,924
26,534
LG
Corp.
(Industrials)
2,581,211
270,252
LG
Display
Co.
Ltd.
(Information
Technology)*
2,885,438
44,253
LG
Electronics,
Inc.
(Consumer
Discretionary)
8,603,934
267,018
LG
Uplus
Corp.
(Communication
Services)
2,857,996
1,202
LIG
Defense&Aerospace
Co.
Ltd.
(Industrials)
638,887
3,248
LS
Electric
Co.
Ltd.
(Industrials)
520,499
27,507
Meritz
Financial
Group,
Inc.
(Financials)*
1,878,215
90,929
Mirae
Asset
Securities
Co.
Ltd.
(Financials)
(b)
3,704,738
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
South
Korea
–
(continued)
9,800
NAVER
Corp.
(Communication
Services)
$
1,521,699
127,036
NH
Investment
&
Securities
Co.
Ltd.
(Financials)
2,545,778
3,725
POSCO
Holdings,
Inc.
(Materials)
1,046,807
18,435
Posco
International
Corp.
(Industrials)
780,460
12,244
Samsung
C&T
Corp.
(Industrials)
3,513,955
8,554
Samsung
Electro-Mechanics
Co.
Ltd.
(Information
Technology)
12,073,230
600,234
Samsung
Electronics
Co.
Ltd.
(Information
Technology)
126,260,238
2,699
Samsung
Fire
&
Marine
Insurance
Co.
Ltd.
(Financials)
1,019,065
69,021
Samsung
Heavy
Industries
Co.
Ltd.
(Industrials)*
1,280,117
5,697
Samsung
Life
Insurance
Co.
Ltd.
(Financials)
1,468,669
2,185
Samsung
SDI
Co.
Ltd.
(Information
Technology)*
997,531
11,290
Samsung
SDS
Co.
Ltd.
(Information
Technology)
2,240,020
1,613
Samyang
Foods
Co.
Ltd.
(Consumer
Staples)
(b)
1,289,758
46,984
Shinhan
Financial
Group
Co.
Ltd.
(Financials)
2,918,183
63,649
SK
hynix,
Inc.
(Information
Technology)
98,535,579
5,874
SK
Square
Co.
Ltd.
(Industrials)*
4,806,000
64,902
SK
Telecom
Co.
Ltd.
(Communication
Services)
4,332,542
126,239
Woori
Financial
Group,
Inc.
(Financials)
2,487,922
10,473
Yuhan
Corp.
(Health
Care)
590,713
351,467,542
Taiwan
–
24.8%
48,292
Accton
Technology
Corp.
(Information
Technology)
3,746,135
191,343
Advantech
Co.
Ltd.
(Information
Technology)
3,023,568
5,504
Alchip
Technologies
Ltd.
(Information
Technology)
775,731
201,094
ASE
Technology
Holding
Co.
Ltd.
(Information
Technology)
3,922,314
21,661
Asia
Vital
Components
Co.
Ltd.
(Information
Technology)
1,842,798
7,771
ASPEED
Technology,
Inc.
(Information
Technology)
4,700,977
66,942
Asustek
Computer,
Inc.
(Information
Technology)
1,626,243
20,291
Bizlink
Holding,
Inc.
(Industrials)
1,350,553
911,184
Cathay
Financial
Holding
Co.
Ltd.
(Financials)
2,492,808
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
343,449
Chailease
Holding
Co.
Ltd.
(Financials)
$
1,178,617
2,166,388
Chang
Hwa
Commercial
Bank
Ltd.
(Financials)
1,400,436
1,993,948
China
Steel
Corp.
(Materials)
1,215,764
52,360
Chroma
ATE,
Inc.
(Information
Technology)
4,212,134
409,358
Chunghwa
Telecom
Co.
Ltd.
(Communication
Services)
1,790,300
1,992,562
CTBC
Financial
Holding
Co.
Ltd.
(Financials)
3,848,303
211,447
Delta
Electronics,
Inc.
(Information
Technology)
16,503,740
1,516,486
E.Sun
Financial
Holding
Co.
Ltd.
(Financials)
1,498,308
34,461
Elite
Material
Co.
Ltd.
(Information
Technology)
5,632,482
31,618
eMemory
Technology,
Inc.
(Information
Technology)
3,441,841
1,268,525
Eva
Airways
Corp.
(Industrials)
1,459,843
132,163
Evergreen
Marine
Corp.
Taiwan
Ltd.
(Industrials)
898,652
755,057
First
Financial
Holding
Co.
Ltd.
(Financials)
661,644
1,067,509
Formosa
Chemicals
&
Fibre
Corp.
(Materials)
1,700,490
39,685
Fortune
Electric
Co.
Ltd.
(Industrials)
1,107,235
911,186
Fubon
Financial
Holding
Co.
Ltd.
(Financials)
3,199,644
143,651
Gigabyte
Technology
Co.
Ltd.
(Information
Technology)
1,696,729
7,184
Global
Unichip
Corp.
(Information
Technology)
1,070,989
35,540
Gold
Circuit
Electronics
Ltd.
(Information
Technology)
1,497,591
933,730
Hon
Hai
Precision
Industry
Co.
Ltd.
(Information
Technology)
8,614,323
8,330
Hon
Precision,
Inc.
(Information
Technology)
2,196,479
88,522
Hotai
Motor
Co.
Ltd.
(Consumer
Discretionary)
1,364,898
1,553,218
Hua
Nan
Financial
Holdings
Co.
Ltd.
(Financials)
1,512,287
1,812,974
Innolux
Corp.
(Information
Technology)*
2,951,642
111,374
International
Games
System
Co.
Ltd.
(Communication
Services)
2,680,755
827,169
Inventec
Corp.
(Information
Technology)
1,853,674
8,655
Jentech
Precision
Industrial
Co.
Ltd.
(Information
Technology)
979,457
2,570,360
KGI
Financial
Holding
Co.
Ltd.
(Financials)
1,846,199
14,990
King
Slide
Works
Co.
Ltd.
(Information
Technology)
2,423,724
90,153
King
Yuan
Electronics
Co.
Ltd.
(Information
Technology)
945,404
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
106,626
Lite-On
Technology
Corp.
(Information
Technology)
$
798,193
27,125
Lotes
Co.
Ltd.
(Information
Technology)
2,294,656
186,305
MediaTek,
Inc.
(Information
Technology)
25,633,256
856,880
Mega
Financial
Holding
Co.
Ltd.
(Financials)
1,094,163
5,000
MPI
Corp.
(Information
Technology)
951,302
335,342
Nan
Ya
Plastics
Corp.
(Materials)
1,050,168
162,352
Novatek
Microelectronics
Corp.
(Information
Technology)
2,472,168
938,924
Pegatron
Corp.
(Information
Technology)
2,652,624
56,095
PharmaEssentia
Corp.
(Health
Care)
1,665,364
273,515
President
Chain
Store
Corp.
(Consumer
Staples)
1,868,516
161,305
Quanta
Computer,
Inc.
(Information
Technology)
1,745,619
174,278
Realtek
Semiconductor
Corp.
(Information
Technology)
3,226,804
210,114
Shanghai
Commercial
&
Savings
Bank
Ltd.
(The)
(Financials)
266,621
1,911,674
SinoPac
Financial
Holdings
Co.
Ltd.
(Financials)
1,830,784
1,254,379
Taishin
Financial
Holding
Co.
Ltd.
(Financials)
935,013
2,684,800
Taiwan
Business
Bank
(Financials)
1,392,731
1,055,445
Taiwan
Cooperative
Financial
Holding
Co.
Ltd.
(Financials)
769,881
128,844
Taiwan
Mobile
Co.
Ltd.
(Communication
Services)
458,607
3,190,104
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Information
Technology)
239,826,816
1,565,678
TCC
Group
Holdings
Co.
Ltd.
(Materials)
1,219,535
67,250
Unimicron
Technology
Corp.
(Information
Technology)
2,264,888
837,535
Uni-President
Enterprises
Corp.
(Consumer
Staples)
1,919,682
1,080,591
United
Microelectronics
Corp.
(Information
Technology)
4,984,610
106,000
Vanguard
International
Semiconductor
Corp.
(Information
Technology)
568,483
147,236
Wan
Hai
Lines
Ltd.
(Industrials)
385,416
4,811
Wiwynn
Corp.
(Information
Technology)
836,248
136,829
Yageo
Corp.
(Information
Technology)
3,223,566
1,161,096
Yuanta
Financial
Holding
Co.
Ltd.
(Financials)
2,209,105
Shares
Description
Value
a
Common
Stocks
–
(continued)
Taiwan
–
(continued)
135,096
Zhen
Ding
Technology
Holding
Ltd.
(Information
Technology)
$
2,221,016
415,630,546
Thailand
–
1.1%
106,411
Advanced
Info
Service
PCL,
NVDR
(Communication
Services)
1,154,189
1,144,749
Bangkok
Dusit
Medical
Services
PCL,
NVDR
(Health
Care)
640,173
121,592
Bumrungrad
Hospital
PCL,
NVDR
(Health
Care)
670,633
340,706
Central
Pattana
PCL,
NVDR
(Real
Estate)
675,235
747,380
Charoen
Pokphand
Foods
PCL,
NVDR
(Consumer
Staples)
436,326
805,230
CP
ALL
PCL,
NVDR
(Consumer
Staples)
1,169,062
457,513
Delta
Electronics
Thailand
PCL,
NVDR
(Information
Technology)
4,962,424
162,960
Kasikornbank
PCL,
NVDR
(Financials)
1,006,451
1,019,672
Krung
Thai
Bank
PCL,
NVDR
(Financials)
1,088,757
2,530,193
Minor
International
PCL,
NVDR
(Consumer
Discretionary)
1,749,250
152,400
PTT
Exploration
&
Production
PCL,
NVDR
(Energy)
662,609
1,470,063
PTT
PCL,
NVDR
(Energy)
1,637,418
198,408
SCB
X
PCL,
NVDR
(Financials)
819,969
153,282
Siam
Cement
PCL
(The),
NVDR
(Materials)
1,069,136
10,128,027
TMBThanachart
Bank
PCL,
NVDR
(Financials)
709,538
1,032,062
True
Corp.
PCL,
NVDR
(Communication
Services)
437,623
18,888,793
Turkey
–
0.5%
664,419
Akbank
TAS
(Financials)
926,590
187,118
Aselsan
Elektronik
Sanayi
Ve
Ticaret
AS
(Industrials)
1,550,423
82,972
BIM
Birlesik
Magazalar
AS
(Consumer
Staples)
(b)
674,382
1,720,017
Eregli
Demir
ve
Celik
Fabrikalari
TAS
(Materials)
1,468,461
233,969
Ford
Otomotiv
Sanayi
AS
(Consumer
Discretionary)
(b)
429,020
69,690
Kiler
Holding
AS
(Industrials)*
134,166
135,171
Turk
Hava
Yollari
AO
(Industrials)
(b)
874,057
516,869
Turkcell
Iletisim
Hizmetleri
AS
(Communication
Services)
(b)
1,137,542
2,058,693
Turkiye
Is
Bankasi
AS,
Class
C
(Financials)
589,457
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Turkey
–
(continued)
116,896
Turkiye
Petrol
Rafinerileri
AS
(Energy)
$
601,651
1,027,364
Yapi
ve
Kredi
Bankasi
AS
(Financials)*
742,342
9,128,091
United
Arab
Emirates
–
1.1%
397,950
Abu
Dhabi
Commercial
Bank
PJSC
(Financials)
1,484,383
434,320
Abu
Dhabi
Islamic
Bank
PJSC
(Financials)
2,419,426
1,325,049
Abu
Dhabi
National
Oil
Co.
for
Distribution
PJSC
(Consumer
Discretionary)
1,417,821
365,042
Air
Arabia
PJSC
(Industrials)
485,020
373,838
Aldar
Properties
PJSC
(Real
Estate)
793,917
802,915
Dubai
Islamic
Bank
PJSC
(Financials)
1,617,700
204,968
Emaar
Development
PJSC
(Real
Estate)
805,842
685,206
Emaar
Properties
PJSC
(Real
Estate)
2,197,674
290,185
Emirates
NBD
Bank
PJSC
(Financials)
2,182,204
386,637
Emirates
Telecommunications
Group
Co.
PJSC
(Communication
Services)
1,899,052
446,809
First
Abu
Dhabi
Bank
PJSC
(Financials)
2,043,751
461,979
Salik
Co.
PJSC
(Industrials)
672,934
18,019,724
United
States
–
0.3%
8,450
Aura
Minerals,
Inc.
(Materials)
652,932
120,084
BeOne
Medicines
Ltd.,
Class
H
(Health
Care)*
2,708,915
25,294
JBS
NV,
Class
A
(Consumer
Staples)
315,416
21,563
Legend
Biotech
Corp.
ADR
(Health
Care)*
585,651
4,262,914
TOTAL
COMMON
STOCKS
(Cost
$914,712,051)
1,604,164,604
Shares
Description
Rate
Value
a
Preferred
Stocks
–
2.1%
Brazil
–
1.0%
67,292
Axia
Energia
SA
(Utilities)
7.05
%
757,371
50,976
Axia
Energia
SA
(Utilities)*
0.00
507,422
544,856
Banco
Bradesco
SA
(Financials)
8.51
1,906,598
296,352
Cia
Energetica
de
Minas
Gerais
(Utilities)
10.44
630,412
310,832
Gerdau
SA
(Materials)
2.99
1,399,242
Shares
Description
Rate
Value
a
Preferred
Stocks
–
(continued)
Brazil
–
(continued)
784,267
Itau
Unibanco
Holding
SA
(Financials)
8.52
%
$
6,208,147
888,184
Itausa
SA
(Financials)
9.50
2,268,660
2
Klabin
SA
(Materials)
8.47
1
382,270
Petroleo
Brasileiro
SA
-
Petrobras
(Energy)
8.52
3,174,121
16,851,974
Chile
–
0.1%
10,321
Sociedad
Quimica
y
Minera
de
Chile
SA,
Class
B
(Materials)
1.21
883,718
Colombia
–
0.1%
118,180
Grupo
Cibest
SA
(Financials)
7.28
1,999,907
Russia
–
0.0%
3,212,489
Surgutneftegas
PJSC,
1/1/1901
(Energy)*
(c)
0.00
—
South
Korea
–
0.9%
5,561
Hyundai
Motor
Co.
(Consumer
Discretionary)
3.68
1,011,091
102,873
Samsung
Electronics
Co.
Ltd.,
1/1/1901
(Information
Technology)
0.83
13,823,346
14,834,437
TOTAL
PREFERRED
STOCKS
(Cost
$18,005,628)
34,570,036
Shares
Description
Value
Exchange-Traded
Fund
–
0.5%
United
States
–
0.5%
331,159
iShares
MSCI
Malaysia
ETF
(b)
(Cost
$9,507,789)
9,461,213
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
2.5%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
41,143,014
3.519%
41,143,014
(Cost
$41,143,014)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$983,368,482)
1,689,338,867
GOLDMAN
SACHS
ACTIVEBETA
®
EMERGING
MARKETS
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
*
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
GDR
—
Global
Depositary
Receipt
NVDR
—
Non-Voting
Depository
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
41
.5
%
Financials
17
.7
Consumer
Discretionary
7
.8
Materials
6
.1
Communication
Services
6
.2
Industrials
5
.4
Consumer
Staples
3
.1
Energy
2
.8
Health
Care
2
.6
Investment
Company
2
.4
Utilities
1
.9
Real
Estate
0
.8
Exchange-Traded
Fund
0
.6
Securities
Lending
Reinvestment
Vehicle
1
.1
TOTAL
INVESTMENTS
100
.0%
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.2%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
19,518,335
3.532%
$
19,518,335
(Cost
$19,518,335)
TOTAL
INVESTMENTS
–
102.1%
(Cost
$1,002,886,817)
$
1,708,857,202
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(2.1)%
(35,420,809)
NET
ASSETS
–
100.0%
$
1,673,436,393
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Emerging
Markets
Index
276
06/19/26
$
24,129,300
$
2,362,029
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
97.5%
Australia
–
0.9%
53,661
Glencore
PLC
(Materials)*
$
410,704
5,732
Rio
Tinto
PLC
(Materials)
615,644
1,026,348
Austria
–
0.6%
450
BAWAG
Group
AG
(Financials)
(a)
80,922
1,808
Erste
Group
Bank
AG
(Financials)
217,314
3,143
OMV
AG
(Energy)
226,116
2,648
Raiffeisen
Bank
International
AG
(Financials)
152,712
677,064
Belgium
–
1.2%
4,885
Ageas
SA/NV
(Financials)
379,657
2,649
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
213,297
204
D’ieteren
Group
(Consumer
Discretionary)
40,803
756
Elia
Group
SA/NV
(Utilities)
117,599
91
Financiere
de
Tubize
SA
(Health
Care)
23,872
3,323
Groupe
Bruxelles
Lambert
NV
(Financials)
313,712
1,169
KBC
Group
NV
(Financials)
155,447
308
Syensqo
SA
(Materials)
24,153
409
UCB
SA
(Health
Care)
120,132
1,388,672
Brazil
–
0.5%
9,896
Yara
International
ASA
(Materials)
538,777
Chile
–
0.1%
2,398
Antofagasta
PLC
(Materials)
132,463
China
–
0.1%
2,115
Prosus
NV
(Consumer
Discretionary)*
96,305
Denmark
–
2.5%
320
Carlsberg
AS,
Class
B
(Consumer
Staples)
43,041
663
Coloplast
A/S,
Class
B
(Health
Care)
40,975
3,045
Danske
Bank
A/S
(Financials)
160,421
4,493
Demant
A/S
(Health
Care)*
175,530
526
Genmab
A/S
(Health
Care)*
139,953
22,220
Novo
Nordisk
A/S,
Class
B
(Health
Care)
1,016,403
2,444
Orsted
AS
(Utilities)*
(a)
62,643
4,882
Pandora
A/S
(Consumer
Discretionary)
458,142
15,799
ROCKWOOL
A/S,
Class
B
(Industrials)
499,308
5,012
Tryg
A/S
(Financials)
118,016
6,731
Vestas
Wind
Systems
A/S
(Industrials)
189,235
2,903,667
Shares
Description
Value
a
Common
Stocks
–
(continued)
Finland
–
2.2%
3,237
Elisa
OYJ
(Communication
Services)
$
155,327
3,320
Fortum
OYJ
(Utilities)
77,679
9,866
Kesko
OYJ,
Class
B
(Consumer
Staples)
239,243
1,988
Kone
OYJ,
Class
B
(Industrials)
118,918
2,064
Metso
Oyj
(Industrials)
39,453
5,001
Neste
OYJ
(Energy)
164,339
33,253
Nokia
OYJ
(Information
Technology)
484,670
19,068
Nordea
Bank
Abp
(Financials)
366,481
6,349
Orion
OYJ,
Class
B
(Health
Care)
530,482
18,510
Sampo
OYJ,
Class
A
(Financials)
195,785
2,348
UPM-
Kymmene
OYJ
(Materials)
(b)
68,610
4,788
Wartsila
OYJ
Abp
(Industrials)
194,999
2,635,986
France
–
12.4%
659
Abivax
SA
(Health
Care)*
87,207
3,533
Accor
SA
(Consumer
Discretionary)
193,897
2,559
Air
Liquide
SA
(Materials)
531,787
1,659
Airbus
SE
(Industrials)
347,894
8,549
Alstom
SA
(Industrials)*
170,993
533
Amundi
SA
(Financials)
(a)
52,216
12,436
AXA
SA
(Financials)
576,570
16,232
Ayvens
SA
(Industrials)
(a)
219,348
2,641
BioMerieux
(Health
Care)
229,141
7,450
BNP
Paribas
SA
(Financials)
808,087
53,985
Bollore
SE
(Energy)
(b)
342,708
14,801
Bouygues
SA
(Industrials)
871,547
9,167
Bureau
Veritas
SA
(Industrials)
278,134
3,684
Capgemini
SE
(Information
Technology)*
438,288
31,666
Carrefour
SA
(Consumer
Staples)
(b)
592,536
4,323
Cie
de
Saint-Gobain
SA
(Industrials)
394,801
3,948
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
145,170
389
Covivio
SA
REIT
(Real
Estate)
25,080
18,222
Credit
Agricole
SA
(Financials)
352,985
2,313
Danone
SA
(Consumer
Staples)
164,487
149
Dassault
Systemes
(Information
Technology)
(b)
3,270
4,759
Eiffage
SA
(Industrials)
692,802
12,307
Engie
SA
(Utilities)
380,153
761
EssilorLuxottica
SA
(Health
Care)
155,542
1,301
Gecina
SA
REIT
(Real
Estate)
111,512
11,695
Getlink
SE
(Industrials)
(b)
256,027
150
Hermes
International
SCA
(Consumer
Discretionary)
283,569
2,425
Ipsen
SA
(Health
Care)
443,156
3,274
Klepierre
SA
REIT
(Real
Estate)
133,797
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
982
Legrand
SA
(Industrials)
$
169,199
1,777
L'Oreal
SA
(Consumer
Staples)
793,283
1,127
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
622,134
13,214
Orange
SA
(Communication
Services)
276,559
1,217
Publicis
Groupe
SA
(Communication
Services)
118,926
5,114
Rexel
SA
(Industrials)
219,674
1,158
Safran
SA
(Industrials)
413,101
145
Sartorius
Stedim
Biotech
(Health
Care)
30,136
8,079
Societe
Generale
SA
(Financials)
675,313
11,745
TotalEnergies
SE
(Energy)
1,030,405
506
Unibail
-
Rodamco
-Westfield
REIT
(Real
Estate)*
58,658
7,548
Veolia
Environnement
SA
(Utilities)
305,907
3,511
Vinci
SA
(Industrials)
512,351
14,508,350
Germany
–
13.2%
2,557
adidas
AG
(Consumer
Discretionary)
497,117
2,677
Allianz
SE
(Financials)
1,192,091
1,674
BASF
SE
(Materials)
99,276
17,489
Bayer
AG
(Health
Care)
745,534
2,336
Beiersdorf
AG
(Consumer
Staples)
188,584
3,310
Brenntag
SE
(Industrials)
218,392
2,862
Commerzbank
AG
(Financials)
123,773
1,383
Continental
AG
(Consumer
Discretionary)
115,167
5,134
Daimler
Truck
Holding
AG
(Industrials)
252,526
22,120
Deutsche
Bank
AG
(Financials)
719,149
388
Deutsche
Boerse
AG
(Financials)
112,108
11,735
Deutsche
Post
AG
(Industrials)
701,141
15,646
Deutsche
Telekom
AG
(Communication
Services)
526,929
8,690
E.ON
SE
(Utilities)
184,563
1,346
Evonik
Industries
AG
(Materials)*
26,404
11,151
Fresenius
Medical
Care
AG
(Health
Care)
483,941
8,896
Fresenius
SE
&
Co.
KGaA
(Health
Care)
376,526
4,521
GEA
Group
AG
(Industrials)
292,542
1,838
Heidelberg
Materials
AG
(Materials)
409,239
2,385
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
173,392
420
HOCHTIEF
AG
(Industrials)
238,492
4,804
Infineon
Technologies
AG
(Information
Technology)
454,705
2,843
Knorr-
Bremse
AG
(Industrials)
344,039
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
11,016
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
$
670,909
1,088
Merck
KGaA
(Health
Care)
166,133
60
MTU
Aero
Engines
AG
(Industrials)
21,936
651
Muenchener
Rueckversicherungs
-
Gesellschaft
AG
in
Muenchen
(Financials)
343,606
4,414
Nemetschek
SE
(Information
Technology)
318,327
727
Rational
AG
(Industrials)
559,078
180
Rheinmetall
AG
(Industrials)
271,680
3,169
RWE
AG
(Utilities)
201,767
6,553
SAP
SE
(Information
Technology)
1,187,278
4,616
Siemens
AG
(Industrials)
1,453,317
5,376
Siemens
Energy
AG
(Industrials)
1,024,091
3,113
Siemens
Healthineers
AG
(Health
Care)
(a)
126,855
749
Talanx
AG
(Financials)
90,027
21,416
Zalando
SE
(Consumer
Discretionary)*
(a)
582,050
15,492,684
Guatemala
–
0.1%
1,136
Millicom
International
Cellular
SA
(Communication
Services)
96,969
Hong
Kong
–
0.2%
16,726
Prudential
PLC
(Financials)
241,579
Ireland
–
0.3%
581
AerCap
Holdings
NV
(Industrials)
80,986
10,587
AIB
Group
PLC
(Financials)
124,780
5,673
Bank
of
Ireland
Group
PLC
(Financials)
115,422
542
Kingspan
Group
PLC
(Industrials)
49,713
370,901
Italy
–
5.3%
12,531
Banca
Mediolanum
SpA
(Financials)
289,683
12,306
Banco
BPM
SpA
(Financials)
193,651
12,825
BPER
Banca
SpA
(Financials)
173,877
3,292
Coca-Cola
HBC
AG
(Consumer
Staples)*
189,213
56,316
Enel
SpA
(Utilities)
632,536
14,709
Eni
SpA
(Energy)
386,720
10,533
FinecoBank
Banca
Fineco
SpA
(Financials)
257,630
5,000
Generali
(Financials)
(b)
225,863
79,716
Intesa
Sanpaolo
SpA
(Financials)
540,194
19,105
Italgas
SpA
(Utilities)
(b)
224,395
1,039
Leonardo
SpA
(Industrials)
65,982
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Italy
–
(continued)
1,528
Moncler
SpA
(Consumer
Discretionary)
$
99,604
15,768
Poste
Italiane
SpA
(Financials)
466,636
2,220
Prysmian
SpA
(Industrials)
383,413
4,422
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
265,753
37,507
Snam
SpA
(Utilities)
274,256
331,700
Telecom
Italia
SpA
(Communication
Services)*
(b)
282,102
18,290
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
210,277
8,741
UniCredit
SpA
(Financials)
757,272
12,579
Unipol
Assicurazioni
SpA
(Financials)
311,784
6,230,841
Ivory
Coast
–
0.2%
4,429
Endeavour
Mining
PLC
(Materials)
274,265
Luxembourg
–
0.7%
1,804
ArcelorMittal
(Materials)
124,879
35,081
CVC
Capital
Partners
PLC
(Financials)
(a)
562,486
1,102
Eurofins
Scientific
SE
(Health
Care)
80,322
767,687
Mexico
–
0.3%
7,976
Fresnillo
PLC
(Materials)
353,286
Netherlands
–
8.4%
8,322
ABN
AMRO
Bank
NV
(Financials)
331,352
59
Adyen
NV
(Financials)*
(a)
64,671
3,006
Akzo
Nobel
NV
(Materials)
230,326
345
Argenx
SE
(Health
Care)*
288,099
183
ASM
International
NV
(Information
Technology)
191,855
2,897
ASML
Holding
NV
(Information
Technology)
4,681,534
3,795
ASR
Nederland
NV
(Financials)
284,758
461
BE
Semiconductor
Industries
NV
(Information
Technology)
152,997
243
Euronext
NV
(Financials)
(a)
39,586
599
EXOR
NV
(Financials)
46,798
5,068
Heineken
Holding
NV
(Consumer
Staples)
366,083
276
Heineken
NV
(Consumer
Staples)
21,599
20,957
ING
Groep
NV
(Financials)
652,970
22,173
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
935,892
40,985
Koninklijke
KPN
NV
(Communication
Services)
213,597
6,073
Koninklijke
Philips
NV
(Health
Care)
162,077
7,468
Magnum
Ice
Cream
Co.
NV
(The)
(Consumer
Staples)*
121,101
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
1,538
Nebius
Group
NV
(Information
Technology)*
$
355,417
6,195
NN
Group
NV
(Financials)
518,193
2,951
Wolters
Kluwer
NV
(Industrials)
210,133
9,869,038
Nigeria
–
0.1%
29,034
Airtel
Africa
PLC
(Communication
Services)
(a)
137,995
Norway
–
1.1%
3,041
Aker
BP
ASA
(Energy)
109,520
2,967
DNB
Bank
ASA
(Financials)
92,333
3,723
Equinor
ASA
(Energy)
135,090
9,051
Gjensidige
Forsikring
ASA
(Financials)
250,306
6,529
Mowi
ASA
(Consumer
Staples)
144,222
18,037
Norsk
Hydro
ASA
(Materials)
221,088
14,554
Orkla
ASA
(Consumer
Staples)
153,889
6,934
Telenor
ASA
(Communication
Services)
113,449
15,307
Var
Energi
ASA
(Energy)
75,464
1,295,361
Portugal
–
0.6%
117,178
Banco
Comercial
Portugues
SA,
Class
R
(Financials)
132,967
25,438
EDP
SA
(Utilities)
129,634
3,227
Galp
Energia
SGPS
SA
(Energy)
70,175
18,450
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
390,989
723,765
Singapore
–
0.1%
2,516
STMicroelectronics
NV
(Information
Technology)
173,080
South
Africa
–
0.2%
4,324
Anglo
American
PLC
(Materials)
232,442
South
Korea
–
0.2%
4,974
Delivery
Hero
SE
(Consumer
Discretionary)*
(b)
214,647
Spain
–
5.9%
662
Acciona
SA
(Utilities)
190,658
4,732
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
686,386
2,840
Aena
SME
SA
(Industrials)
(a)
82,522
699
Amadeus
IT
Group
SA
(Consumer
Discretionary)
44,651
42,020
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
986,100
43,447
Banco
de
Sabadell
SA
(Financials)
147,032
124,284
Banco
Santander
SA
(Financials)
1,555,918
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Spain
–
(continued)
5,407
Bankinter
SA
(Financials)
$
91,270
23,086
CaixaBank
SA
(Financials)
312,507
5,169
EDP
Renewables
SA
(Utilities)
85,473
6,977
Endesa
SA
(Utilities)
291,966
39,665
Iberdrola
SA
(Utilities)
902,599
2,326
Indra
Sistemas
SA
(Information
Technology)
154,391
6,363
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
395,769
53,692
Mapfre
SA
(Financials)
252,002
3,908
Naturgy
Energy
Group
SA
(Utilities)
130,155
9,918
Redeia
Corp.
SA
(Utilities)
170,482
10,248
Repsol
SA
(Energy)
263,574
34,868
Telefonica
SA
(Communication
Services)
(b)
160,234
6,903,689
Sweden
–
4.5%
2,261
AddTech
AB,
Class
B
(Industrials)
80,662
1,861
Alfa
Laval
AB
(Industrials)
104,687
5,763
Assa
Abloy
AB,
Class
B
(Industrials)
207,657
8,247
Atlas
Copco
AB,
Class
A
(Industrials)
158,496
5,814
Atlas
Copco
AB,
Class
B
(Industrials)
98,860
7,854
Beijer
Ref
AB
(Industrials)
109,475
3,543
Boliden
AB
(Materials)
220,947
4,063
Essity
AB,
Class
B
(Consumer
Staples)
114,234
25,092
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(b)
446,089
15,949
Hexagon
AB,
Class
B
(Information
Technology)
147,550
4,936
Industrivarden
AB,
Class
A
(Financials)
280,660
5,320
Industrivarden
AB,
Class
C
(Financials)
291,662
5,578
Indutrade
AB
(Industrials)
116,897
1,755
Investment
AB
Latour,
Class
B
(Industrials)
37,929
7,910
Investor
AB,
Class
B
(Financials)
(b)
326,183
3,938
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
232,444
9,831
Nibe
Industrier
AB,
Class
B
(Industrials)
38,618
975
Saab
AB,
Class
B
(Industrials)
60,116
5,965
Sandvik
AB
(Industrials)
243,232
9,743
Securitas
AB,
Class
B
(Industrials)
162,713
5,118
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
102,490
8,201
Skanska
AB,
Class
B
(Industrials)
222,406
1,861
SKF
AB,
Class
B
(Industrials)
48,958
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
11,259
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
(b)
$
124,135
4,478
Svenska
Handelsbanken
AB,
Class
A
(Financials)
(b)
66,176
6,862
Swedbank
AB,
Class
A
(Financials)
253,723
806
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
38,601
5,344
Tele2
AB,
Class
B
(Communication
Services)
100,302
40,401
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
525,509
17,813
Telia
Co.
AB
(Communication
Services)
95,516
2,520
Trelleborg
AB,
Class
B
(Industrials)
110,099
1,970
Volvo
AB,
Class
B
(Industrials)
69,449
5,236,475
Switzerland
–
9.3%
7,794
ABB
Ltd.
(Industrials)
834,113
8,462
Avolta
AG
(Consumer
Discretionary)*
533,918
1,052
Banque
Cantonale
Vaudoise
(Financials)
158,201
155
Barry
Callebaut
AG
(Consumer
Staples)
238,645
297
Belimo
Holding
AG
(Industrials)
314,352
576
BKW
AG
(Utilities)
109,103
1,092
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
236,051
304
EMS-
Chemie
Holding
AG
(Materials)
277,602
471
Galderma
Group
AG
(Health
Care)*
100,397
819
Geberit
AG
(Industrials)
538,139
1,097
Helvetia
Baloise
Holding
AG
(Financials)
285,008
1,046
Julius
Baer
Group
Ltd.
(Financials)
85,704
1,759
Kuehne
+
Nagel
International
AG
(Industrials)
406,010
4,066
Logitech
International
SA
(Information
Technology)
493,842
311
Lonza
Group
AG
(Health
Care)
199,174
14,234
Nestle
SA
(Consumer
Staples)
1,447,173
399
Partners
Group
Holding
AG
(Financials)
422,413
1,668
Sandoz
Group
AG
(Health
Care)
140,041
295
Schindler
Holding
AG
(Industrials)
96,842
412
Schindler
Holding
AG
Participation
Certificates
(Industrials)
139,205
4,993
SGS
SA
(Industrials)
567,963
959
Sika
AG
(Materials)
188,155
1,034
Sonova
Holding
AG
(Health
Care)
274,728
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
2,532
Straumann
Holding
AG
(Health
Care)
$
306,944
283
Swiss
Life
Holding
AG
(Financials)
308,154
1,141
Swiss
Prime
Site
AG
(Real
Estate)
191,152
307
Swisscom
AG
(Communication
Services)
262,660
16,134
UBS
Group
AG
(Financials)
764,834
421
VAT
Group
AG
(Industrials)
(a)
329,106
817
Zurich
Insurance
Group
AG
(Financials)
582,414
10,832,043
United
Kingdom
–
16.5%
5,743
3i
Group
PLC
(Financials)
176,114
12,535
Admiral
Group
PLC
(Financials)
556,911
11,522
Associated
British
Foods
PLC
(Consumer
Staples)
282,977
10,898
AstraZeneca
PLC
(Health
Care)
2,027,510
28,546
Aviva
PLC
(Financials)
235,951
7,227
BAE
Systems
PLC
(Industrials)
197,073
130,155
Barclays
PLC
(Financials)
803,439
8,785
British
American
Tobacco
PLC
(Consumer
Staples)
543,655
15,851
BT
Group
PLC
(Communication
Services)
44,613
9,299
Bunzl
PLC
(Industrials)
295,065
135,955
Centrica
PLC
(Utilities)
343,614
2,424
Compass
Group
PLC
(Consumer
Discretionary)
77,980
390
Diageo
PLC
(Consumer
Staples)
8,072
33,807
GSK
PLC
(Health
Care)
857,403
6,362
Halma
PLC
(Information
Technology)
401,513
116,362
HSBC
Holdings
PLC
(Financials)
2,185,866
7,023
Imperial
Brands
PLC
(Consumer
Staples)
255,221
19,054
Informa
PLC
(Communication
Services)
208,348
46,364
International
Consolidated
Airlines
Group
SA
(Industrials)
268,304
1,343
Intertek
Group
PLC
(Industrials)
96,308
91,132
J
Sainsbury
PLC
(Consumer
Staples)
363,979
177,818
Kingfisher
PLC
(Consumer
Discretionary)
689,109
10,307
Land
Securities
Group
PLC
REIT
(Real
Estate)
87,389
103,872
Legal
&
General
Group
PLC
(Financials)
379,999
316,603
Lloyds
Banking
Group
PLC
(Financials)
434,874
113,966
M&G
PLC
(Financials)
485,441
37,228
Marks
&
Spencer
Group
PLC
(Consumer
Staples)
178,596
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
11,033
Melrose
Industries
PLC
(Industrials)
$
70,002
20,843
National
Grid
PLC
(Utilities)
335,880
66,355
NatWest
Group
PLC
(Financials)
536,123
2,643
Next
PLC
(Consumer
Discretionary)
470,802
9,624
Pearson
PLC
(Consumer
Discretionary)
144,256
2,535
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
156,877
8,150
RELX
PLC
(Industrials)
269,152
3,098
Rentokil
Initial
PLC
(Industrials)
18,742
40,732
Rolls-Royce
Holdings
PLC
(Industrials)
734,296
44,052
Sage
Group
PLC
(The)
(Information
Technology)
500,217
5,311
Schroders
PLC
(Financials)
41,808
2,596
Severn
Trent
PLC
(Utilities)
103,929
6,821
Smith
&
Nephew
PLC
(Health
Care)
102,150
10,177
Smiths
Group
PLC
(Industrials)
338,014
1,623
Spirax
Group
PLC
(Industrials)
152,375
4,092
SSE
PLC
(Utilities)
128,574
22,306
Standard
Chartered
PLC
(Financials)
599,394
22,263
Standard
Life
PLC
(Financials)
232,873
51,707
Tesco
PLC
(Consumer
Staples)
299,843
10,274
Unilever
PLC
(Consumer
Staples)
582,414
7,204
United
Utilities
Group
PLC
(Utilities)
130,511
465,301
Vodafone
Group
PLC
(Communication
Services)
698,704
18,245
Wise
Group
PLC,
Class
A
(Financials)*
229,702
19,361,962
United
States
–
9.8%
25,276
Aegon
Ltd.
(Financials)
215,674
1,205
Alcon
AG
(Health
Care)
80,349
165
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
(b)
399,856
183
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
(b)
451,764
98,954
BP
PLC
(Energy)
696,004
2,785
Buzzi
SpA
(Materials)
151,123
3,709
Experian
PLC
(Industrials)
128,638
3,427
Ferrovial
NV
(Industrials)
234,749
52,459
Haleon
PLC
(Health
Care)
238,088
4,080
Holcim
AG
(Materials)*
404,266
697
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
107,443
14,582
Novartis
AG
(Health
Care)
2,198,824
2,733
QIAGEN
NV
(Health
Care)
100,925
5,357
Roche
Holding
AG
(Health
Care)
2,257,708
410
Roche
Holding
AG
(Health
Care)
176,625
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
23
.8
%
Industrials
18
.5
Health
Care
12
.6
Information
Technology
8
.8
Consumer
Staples
7
.8
Consumer
Discretionary
6
.2
Utilities
4
.8
Materials
4
.7
Energy
4
.3
Communication
Services
3
.1
Investment
Company
1
.6
Real
Estate
0
.5
Securities
Lending
Reinvestment
Vehicle
3
.3
TOTAL
INVESTMENTS
100
.0%
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
4,821
Sanofi
SA
(Health
Care)
$
423,572
2,958
Schneider
Electric
SE
(Industrials)
931,825
36,726
Shell
PLC
(Energy)
1,543,562
539
Spotify
Technology
SA
(Communication
Services)*
268,250
1,961
Sunbelt
Rentals
Holdings,
Inc.
(Industrials)
154,423
1,760
Swiss
Re
AG
(Financials)
265,121
3,001
Tenaris
SA
(Energy)
91,368
11,520,157
TOTAL
COMMON
STOCKS
(Cost
$87,341,336)
114,236,498
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.4%
Germany
–
0.4%
2,518
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
3.10
%
195,931
4,623
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)*
5.87
176,410
237
Sartorius
AG
(Health
Care)
(b)
0.30
67,787
320
Volkswagen
AG
(Consumer
Discretionary)*
6.92
34,288
TOTAL
PREFERRED
STOCKS
(Cost
$488,032)
474,416
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.7%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,967,105
3.519%
1,967,105
(Cost
$1,967,105)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$89,796,473)
116,678,019
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
3.4%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
3,951,936
3.532%
$
3,951,936
(Cost
$3,951,936)
TOTAL
INVESTMENTS
–
103.0%
(Cost
$93,748,409)
$
120,629,955
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(3.0)%
(3,521,342)
NET
ASSETS
–
100.0%
$
117,108,613
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
ACTIVEBETA
®
EUROPE
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
Europe
Index
46
06/19/26
$
2,320,039
$
71,573
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.1%
Australia
–
5.1%
459,473
ANZ
Group
Holdings
Ltd.
(Financials)
$
11,636,802
683,648
APA
Group
(Utilities)
4,958,200
56,299
Aristocrat
Leisure
Ltd.
(Consumer
Discretionary)
2,029,408
646,851
BHP
Group
Ltd.
(Materials)
28,999,665
129,386
CAR
Group
Ltd.
(Communication
Services)
2,312,437
144,290
Cochlear
Ltd.
(Health
Care)
10,433,578
1,103,579
Coles
Group
Ltd.
(Consumer
Staples)
17,246,232
204,826
Commonwealth
Bank
of
Australia
(Financials)
24,319,388
48,003
Computershare
Ltd.
(Industrials)
1,194,675
49,068
CSL
Ltd.
(Health
Care)
3,410,762
415,407
Evolution
Mining
Ltd.
(Materials)
3,628,470
69,689
Fortescue
Ltd.
(Materials)
1,118,651
1,177,175
Glencore
PLC
(Materials)*
9,009,707
230,721
Insurance
Australia
Group
Ltd.
(Financials)
1,271,589
4,627,283
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
18,044,977
219,665
Lynas
Rare
Earths
Ltd.
(Materials)*
3,032,961
5,273
Macquarie
Group
Ltd.
(Financials)
905,041
929,755
Medibank
Pvt
Ltd.
(Financials)
3,211,003
342,479
National
Australia
Bank
Ltd.
(Financials)
9,198,625
609,703
PLS
Group
Ltd.
(Materials)*
2,833,882
73,706
Pro
Medicus
Ltd.
(Health
Care)
7,013,945
673,012
QBE
Insurance
Group
Ltd.
(Financials)
10,963,020
108,625
REA
Group
Ltd.
(Communication
Services)
11,645,202
37,428
Rio
Tinto
Ltd.
(Materials)
4,998,915
153,650
Rio
Tinto
PLC
(Materials)
16,502,743
175,566
Santos
Ltd.
(Energy)
986,558
1,163,523
Scentre
Group
REIT
(Real
Estate)
3,206,304
59,761
SGH
Ltd.
(Industrials)
1,771,520
520,793
Sigma
Healthcare
Ltd.
(Health
Care)
1,101,650
543,219
Sonic
Healthcare
Ltd.
(Health
Care)
7,629,318
555,784
South32
Ltd.
(Materials)
1,923,455
321,173
Stockland
REIT
(Real
Estate)
947,445
224,431
Suncorp
Group
Ltd.
(Financials)
2,806,491
1,928,549
Telstra
Group
Ltd.
(Communication
Services)
7,229,352
607,478
Transurban
Group
(Industrials)
6,547,467
1,164,801
Vicinity
Ltd.
REIT
(Real
Estate)
2,120,329
33,756
Washington
H
Soul
Pattinson
&
Co.
Ltd.
(Financials)
1,056,504
342,381
Wesfarmers
Ltd.
(Consumer
Discretionary)
19,655,726
Shares
Description
Value
a
Common
Stocks
–
(continued)
Australia
–
(continued)
434,921
Westpac
Banking
Corp.
(Financials)
$
11,265,328
114,596
Woodside
Energy
Group
Ltd.
(Energy)
2,527,974
725,545
Woolworths
Group
Ltd.
(Consumer
Staples)
18,391,111
299,086,410
Austria
–
0.4%
23,282
BAWAG
Group
AG
(Financials)
(a)
4,186,736
66,491
Erste
Group
Bank
AG
(Financials)
7,991,949
81,063
OMV
AG
(Energy)
5,831,877
83,311
Raiffeisen
Bank
International
AG
(Financials)
4,804,605
22,815,167
Belgium
–
0.7%
147,501
Ageas
SA/NV
(Financials)
11,463,621
68,860
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
5,544,581
10,945
D’ieteren
Group
(Consumer
Discretionary)
2,189,169
16,729
Elia
Group
SA/NV
(Utilities)
2,602,272
89,166
Groupe
Bruxelles
Lambert
NV
(Financials)
8,417,835
52,153
KBC
Group
NV
(Financials)
6,934,997
75
Lotus
Bakeries
NV
(Consumer
Staples)
962,735
7,322
Sofina
SA
(Financials)
(b)
1,905,405
7,842
UCB
SA
(Health
Care)
2,303,364
42,323,979
Brazil
–
0.4%
50,653
Wheaton
Precious
Metals
Corp.
(Materials)
6,815,753
279,681
Yara
International
ASA
(Materials)
15,226,915
22,042,668
Canada
–
11.3%
56,131
Agnico
Eagle
Mines
Ltd.
(Materials)
10,328,544
63,549
Alamos
Gold,
Inc.,
Class
A
(Materials)
2,609,220
77,213
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples)
4,365,809
171,067
AltaGas
Ltd.
(Utilities)
6,662,368
63,245
ARC
Resources
Ltd.
(Energy)
1,432,889
127,949
Bank
of
Montreal
(Financials)
20,798,969
279,961
Bank
of
Nova
Scotia
(The)
(Financials)
22,481,424
205,862
Barrick
Mining
Corp.
(Materials)
8,802,056
137,079
BCE,
Inc.
(Communication
Services)
(b)
3,460,933
23,777
Bombardier,
Inc.,
Class
B
(Industrials)*
5,367,797
194,601
Brookfield
Asset
Management
Ltd.,
Class
A
(Financials)
(b)
9,419,618
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
86,517
Brookfield
Corp.
(Financials)
$
3,944,781
33,686
CAE,
Inc.
(Industrials)*
872,747
48,245
Cameco
Corp.
(Energy)
5,425,308
243,126
Canadian
Imperial
Bank
of
Commerce
(Financials)
26,560,220
119,272
Canadian
Natural
Resources
Ltd.
(Energy)
5,428,735
83,184
Canadian
Tire
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
10,682,189
200,052
Canadian
Utilities
Ltd.,
Class
A
(Utilities)
7,203,063
52,625
CCL
Industries,
Inc.,
Class
B
(Materials)
3,401,495
18,385
Celestica,
Inc.
(Information
Technology)*
7,113,636
394,790
Cenovus
Energy,
Inc.
(Energy)
10,907,559
120,187
CGI,
Inc.
(Information
Technology)
8,400,134
8,764
Constellation
Software,
Inc.
(Information
Technology)
17,958,900
32,094
Dollarama,
Inc.
(Consumer
Discretionary)
4,107,417
135,883
Element
Fleet
Management
Corp.
(Industrials)
2,709,670
135,672
Emera,
Inc.
(Utilities)
7,100,977
530,704
Empire
Co.
Ltd.
(Consumer
Staples)
18,834,974
338,653
Enbridge,
Inc.
(Energy)
18,595,124
84,466
Equinox
Gold
Corp.
(Materials)
1,152,743
9,743
Fairfax
Financial
Holdings
Ltd.
(Financials)
15,175,896
12,410
FirstService
Corp.
(Real
Estate)
1,664,997
130,891
Fortis,
Inc.
(Utilities)
7,246,015
18,057
Franco-Nevada
Corp.
(Materials)
4,186,188
152,400
George
Weston
Ltd.
(Consumer
Staples)
10,684,761
60,163
Great-West
Lifeco,
Inc.
(Financials)
(b)
3,514,877
146,773
Hydro
One
Ltd.
(Utilities)
(a)
6,041,181
23,572
iA
Financial
Corp.,
Inc.
(Financials)
2,941,131
114,701
IGM
Financial,
Inc.
(Financials)
6,541,258
39,357
Imperial
Oil
Ltd.
(Energy)
(b)
4,673,242
11,880
Intact
Financial
Corp.
(Financials)
2,335,985
95,966
Keyera
Corp.
(Energy)
3,984,099
342,584
Kinross
Gold
Corp.
(Materials)
10,415,170
412,079
Loblaw
Cos.
Ltd.
(Consumer
Staples)
18,447,905
287,443
Lundin
Gold,
Inc.
(Materials)
19,207,381
384,039
Magna
International,
Inc.
(Consumer
Discretionary)
24,909,357
231,727
Manulife
Financial
Corp.
(Financials)
(b)
8,870,070
58,091
Metro,
Inc.
(Consumer
Staples)
3,730,762
86,719
National
Bank
of
Canada
(Financials)
12,674,679
73,789
Nutrien
Ltd.
(Materials)
5,057,108
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
92,621
Pan
American
Silver
Corp.
(Materials)
$
5,293,493
101,650
Pembina
Pipeline
Corp.
(Energy)
4,745,462
233,740
Power
Corp.
of
Canada
(Financials)
14,139,272
184,719
Rogers
Communications,
Inc.,
Class
B
(Communication
Services)
7,133,716
320,422
Royal
Bank
of
Canada
(Financials)
61,509,487
258,872
Saputo,
Inc.
(Consumer
Staples)
7,937,827
97,795
Shopify,
Inc.,
Class
A
(Information
Technology)*
11,671,791
45,788
Stantec,
Inc.
(Industrials)
3,462,478
76,864
Sun
Life
Financial,
Inc.
(Financials)
(b)
5,528,427
275,639
Suncor
Energy,
Inc.
(Energy)
17,242,069
178,470
TC
Energy
Corp.
(Energy)
11,901,023
316,851
TELUS
Corp.
(Communication
Services)
3,981,482
33,064
TFI
International,
Inc.
(Industrials)
5,104,752
50,565
TMX
Group
Ltd.
(Financials)
1,893,687
30,716
Toromont
Industries
Ltd.
(Industrials)
5,070,241
396,469
Toronto-Dominion
Bank
(The)
(Financials)
45,401,608
203,090
Whitecap
Resources,
Inc.
(Energy)
2,335,266
100,890
WSP
Global,
Inc.
(Industrials)
14,300,593
657,084,035
Chile
–
0.1%
50,667
Antofagasta
PLC
(Materials)
2,798,797
146,046
Lundin
Mining
Corp.
(Materials)
4,365,848
7,164,645
China
–
0.5%
1,748,708
BOC
Hong
Kong
Holdings
Ltd.
(Financials)
10,696,540
50,564
Prosus
NV
(Consumer
Discretionary)*
2,302,403
1,395,100
SITC
International
Holdings
Co.
Ltd.
(Industrials)
6,162,549
3,061,373
Wilmar
International
Ltd.
(Consumer
Staples)
8,617,500
831,736
Yangzijiang
Shipbuilding
Holdings
Ltd.
(Industrials)
2,373,873
30,152,865
Denmark
–
1.4%
17,224
Carlsberg
AS,
Class
B
(Consumer
Staples)
2,316,686
22,859
Coloplast
A/S,
Class
B
(Health
Care)
1,412,737
110,990
Danske
Bank
A/S
(Financials)
5,847,325
146,864
Demant
A/S
(Health
Care)*
5,737,609
17,831
Genmab
A/S
(Health
Care)*
4,744,316
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Denmark
–
(continued)
538,262
Novo
Nordisk
A/S,
Class
B
(Health
Care)
$
24,621,559
51,090
Orsted
AS
(Utilities)*
(a)
1,309,499
139,664
Pandora
A/S
(Consumer
Discretionary)
13,106,517
444,528
ROCKWOOL
A/S,
Class
B
(Industrials)
14,048,759
79,880
Tryg
A/S
(Financials)
1,880,909
201,511
Vestas
Wind
Systems
A/S
(Industrials)
5,665,265
80,691,181
Finland
–
1.3%
58,401
Elisa
OYJ
(Communication
Services)
2,802,374
73,323
Fortum
OYJ
(Utilities)
(b)
1,715,565
209,061
Kesko
OYJ,
Class
B
(Consumer
Staples)
5,069,571
64,874
Kone
OYJ,
Class
B
(Industrials)
(b)
3,880,627
113,914
Neste
OYJ
(Energy)
3,743,367
1,091,457
Nokia
OYJ
(Information
Technology)
15,908,224
733,235
Nordea
Bank
Abp
(Financials)
14,092,544
161,194
Orion
OYJ,
Class
B
(Health
Care)
13,468,354
494,935
Sampo
OYJ,
Class
A
(Financials)
5,235,048
149,054
UPM-Kymmene
OYJ
(Materials)
4,355,425
118,681
Wartsila
OYJ
Abp
(Industrials)
4,833,473
75,104,572
France
–
7.4%
18,400
Abivax
SA
(Health
Care)*
2,434,913
117,670
Accor
SA
(Consumer
Discretionary)
(b)
6,457,930
10,784
Aeroports
de
Paris
SA
(Industrials)
(b)
1,447,206
58,226
Air
Liquide
SA
(Materials)
12,099,982
39,568
Airbus
SE
(Industrials)
8,297,453
348,623
Alstom
SA
(Industrials)*
6,972,997
40,081
Amundi
SA
(Financials)
(a)
3,926,557
369,991
AXA
SA
(Financials)
(b)
17,153,879
606,237
Ayvens
SA
(Industrials)
(a)
8,192,258
73,907
BioMerieux
(Health
Care)
6,412,379
215,750
BNP
Paribas
SA
(Financials)
23,401,992
1,354,023
Bollore
SE
(Energy)
(b)
8,595,627
467,008
Bouygues
SA
(Industrials)
27,499,462
350,656
Bureau
Veritas
SA
(Industrials)
10,639,158
123,512
Capgemini
SE
(Information
Technology)*
14,694,304
966,981
Carrefour
SA
(Consumer
Staples)
(b)
18,094,206
149,929
Cie
de
Saint-Gobain
SA
(Industrials)
13,692,354
200,509
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
7,372,841
35,615
Covivio
SA
REIT
(Real
Estate)
2,296,243
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
(continued)
609,779
Credit
Agricole
SA
(Financials)
(b)
$
11,812,265
34,620
Danone
SA
(Consumer
Staples)
2,461,966
164,446
Eiffage
SA
(Industrials)
23,939,578
252,331
Engie
SA
(Utilities)
7,794,301
13,617
EssilorLuxottica
SA
(Health
Care)
2,783,199
36,702
Gecina
SA
REIT
(Real
Estate)
3,145,822
268,151
Getlink
SE
(Industrials)
(b)
5,870,362
4,638
Hermes
International
SCA
(Consumer
Discretionary)
8,767,956
78,749
Ipsen
SA
(Health
Care)
14,390,949
76,427
Klepierre
SA
REIT
(Real
Estate)
3,123,313
24,720
Legrand
SA
(Industrials)
4,259,264
50,264
L'Oreal
SA
(Consumer
Staples)
22,438,710
26,274
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
14,503,936
346,106
Orange
SA
(Communication
Services)
7,243,745
56,907
Publicis
Groupe
SA
(Communication
Services)
5,560,979
171,988
Rexel
SA
(Industrials)
7,387,825
27,466
Safran
SA
(Industrials)
9,798,136
239,571
Societe
Generale
SA
(Financials)
20,025,429
19,314
Sodexo
SA
(Consumer
Discretionary)
1,063,817
302,999
TotalEnergies
SE
(Energy)
26,582,520
23,625
Unibail-Rodamco-Westfield
REIT
(Real
Estate)*
2,738,726
188,765
Veolia
Environnement
SA
(Utilities)
7,650,307
101,940
Vinci
SA
(Industrials)
14,875,821
427,900,667
Germany
–
7.7%
73,555
adidas
AG
(Consumer
Discretionary)
14,300,125
74,501
Allianz
SE
(Financials)
33,175,929
50,214
BASF
SE
(Materials)
2,977,914
535,924
Bayer
AG
(Health
Care)
22,845,754
77,179
Beiersdorf
AG
(Consumer
Staples)
(b)
6,230,635
128,295
Brenntag
SE
(Industrials)
8,464,828
84,075
Commerzbank
AG
(Financials)
(b)
3,636,009
48,156
Continental
AG
(Consumer
Discretionary)
4,010,125
204,852
Daimler
Truck
Holding
AG
(Industrials)
10,076,052
670,740
Deutsche
Bank
AG
(Financials)
21,806,599
11,443
Deutsche
Boerse
AG
(Financials)
3,306,307
158,969
Deutsche
Lufthansa
AG
(Industrials)
(b)
1,591,668
411,894
Deutsche
Post
AG
(Industrials)
24,609,798
371,808
Deutsche
Telekom
AG
(Communication
Services)
12,521,827
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
201,128
E.ON
SE
(Utilities)
$
4,271,659
168,276
Evonik
Industries
AG
(Materials)*
3,300,977
370,855
Fresenius
Medical
Care
AG
(Health
Care)
16,094,702
301,069
Fresenius
SE
&
Co.
KGaA
(Health
Care)
12,742,840
130,767
GEA
Group
AG
(Industrials)
8,461,597
56,985
Heidelberg
Materials
AG
(Materials)
12,687,953
65,285
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
4,746,288
12,936
HOCHTIEF
AG
(Industrials)
7,345,557
95,272
Infineon
Technologies
AG
(Information
Technology)
9,017,628
96,310
Knorr-Bremse
AG
(Industrials)
11,654,745
341,120
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
20,775,290
34,304
Merck
KGaA
(Health
Care)
5,238,068
17,844
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
9,418,276
137,722
Nemetschek
SE
(Information
Technology)
9,932,176
22,994
Rational
AG
(Industrials)
17,682,862
4,377
Rheinmetall
AG
(Industrials)
6,606,357
88,661
RWE
AG
(Utilities)
5,644,944
154,327
SAP
SE
(Information
Technology)
27,961,092
21,255
Scout24
SE
(Communication
Services)
(a)
1,792,056
106,282
Siemens
AG
(Industrials)
33,462,184
127,354
Siemens
Energy
AG
(Industrials)
24,260,056
92,080
Siemens
Healthineers
AG
(Health
Care)
(a)
3,752,253
32,971
Talanx
AG
(Financials)
3,962,981
649,649
Zalando
SE
(Consumer
Discretionary)*
(a)
17,656,348
448,022,459
Guatemala
–
0.0%
24,002
Millicom
International
Cellular
SA
(Communication
Services)
2,048,811
Hong
Kong
–
2.1%
994,761
AIA
Group
Ltd.
(Financials)
10,439,571
888,938
CK
Asset
Holdings
Ltd.
(Real
Estate)
5,369,424
193,492
CK
Infrastructure
Holdings
Ltd.
(Utilities)
1,465,250
557,807
CLP
Holdings
Ltd.
(Utilities)
5,444,693
95,764
Futu
Holdings
Ltd.
ADR
(Financials)
9,966,160
362,078
Henderson
Land
Development
Co.
Ltd.
(Real
Estate)
1,430,313
3,294,014
HKT
Trust
&
HKT
Ltd.
(Communication
Services)
5,085,560
Shares
Description
Value
a
Common
Stocks
–
(continued)
Hong
Kong
–
(continued)
3,962,493
Hong
Kong
&
China
Gas
Co.
Ltd.
(Utilities)
$
3,625,064
313,997
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
16,017,557
291,456
Hongkong
Land
Holdings
Ltd.
(Real
Estate)
2,220,895
882,959
MTR
Corp.
Ltd.
(Industrials)
3,553,286
422,593
Power
Assets
Holdings
Ltd.
(Utilities)
3,240,595
501,091
Prudential
PLC
(Financials)
7,237,407
2,067,999
Sino
Land
Co.
Ltd.
(Real
Estate)
3,116,221
437,258
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
7,347,702
223,073
Swire
Pacific
Ltd.,
Class
A
(Industrials)
2,322,550
743,318
Techtronic
Industries
Co.
Ltd.
(Industrials)
11,030,174
14,538,918
WH
Group
Ltd.
(Consumer
Staples)
(a)
16,788,374
570,312
Wharf
Real
Estate
Investment
Co.
Ltd.
(Real
Estate)
1,749,343
117,450,139
Indonesia
–
0.2%
198,855
Jardine
Matheson
Holdings
Ltd.
(Industrials)
13,199,995
Ireland
–
0.2%
12,084
AerCap
Holdings
NV
(Industrials)
1,684,389
511,357
AIB
Group
PLC
(Financials)
6,026,958
213,516
Bank
of
Ireland
Group
PLC
(Financials)
4,344,152
13,432
Kingspan
Group
PLC
(Industrials)
1,232,015
13,287,514
Israel
–
0.9%
11,711
Azrieli
Group
Ltd.
(Real
Estate)
1,956,254
196,277
Bank
Hapoalim
BM
(Financials)
5,075,918
264,140
Bank
Leumi
Le-Israel
BM
(Financials)
6,737,645
5,166
Elbit
Systems
Ltd.
(Industrials)
4,667,634
25,741
Enlight
Renewable
Energy
Ltd.
(Utilities)*
2,789,461
29,136
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
1,860,331
201,543
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
2,250,909
40,328
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
3,117,258
6,838
Nova
Ltd.
(Information
Technology)*
3,592,850
44,781
OPC
Energy
Ltd.
(Utilities)*
1,977,523
124,149
Phoenix
Financial
Ltd.
(Financials)
8,298,890
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
127,499
Teva
Pharmaceutical
Industries
Ltd.
ADR
(Health
Care)*
$
4,503,265
23,691
Tower
Semiconductor
Ltd.
(Information
Technology)*
6,808,696
53,636,634
Italy
–
3.2%
492,420
Banca
Mediolanum
SpA
(Financials)
11,383,421
469,212
Banco
BPM
SpA
(Financials)
7,383,677
356,713
BPER
Banca
SpA
(Financials)
4,836,185
70,359
Coca-Cola
HBC
AG
(Consumer
Staples)*
4,044,000
1,308,372
Enel
SpA
(Utilities)
14,695,508
458,799
Eni
SpA
(Energy)
12,062,471
591,333
FinecoBank
Banca
Fineco
SpA
(Financials)
14,463,587
186,502
Generali
(Financials)
(b)
8,424,794
2,529,917
Intesa
Sanpaolo
SpA
(Financials)
17,143,943
561,364
Italgas
SpA
(Utilities)
(b)
6,593,423
54,218
Moncler
SpA
(Consumer
Discretionary)
3,534,248
424,763
Poste
Italiane
SpA
(Financials)
(b)
12,570,384
51,575
Prysmian
SpA
(Industrials)
8,907,454
120,630
Recordati
Industria
Chimica
e
Farmaceutica
SpA
(Health
Care)
7,249,619
633,928
Snam
SpA
(Utilities)
4,635,355
11,550,407
Telecom
Italia
SpA
(Communication
Services)*
(b)
9,823,320
255,681
Terna
-
Rete
Elettrica
Nazionale
(Utilities)
2,939,514
270,997
UniCredit
SpA
(Financials)
23,477,674
450,941
Unipol
Assicurazioni
SpA
(Financials)
11,177,041
185,345,618
Ivory
Coast
–
0.1%
129,313
Endeavour
Mining
PLC
(Materials)
8,007,693
Japan
–
20.7%
270,989
Advantest
Corp.
(Information
Technology)
44,549,168
356,915
Aeon
Co.
Ltd.
(Consumer
Staples)
3,119,839
166,390
AGC,
Inc.
(Industrials)
7,251,799
915,921
Aisin
Corp.
(Consumer
Discretionary)
13,886,396
96,298
Ajinomoto
Co.,
Inc.
(Consumer
Staples)
3,116,573
759,478
ANA
Holdings,
Inc.
(Industrials)
(b)
14,257,805
899,219
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
8,605,818
504,002
Asahi
Kasei
Corp.
(Materials)
5,657,715
537,852
Asics
Corp.
(Consumer
Discretionary)
16,362,945
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
820,397
Astellas
Pharma,
Inc.
(Health
Care)
$
11,765,603
140,120
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
3,204,830
477,874
Bridgestone
Corp.
(Consumer
Discretionary)
10,335,575
250,665
Canon,
Inc.
(Information
Technology)
6,657,526
70,017
Capcom
Co.
Ltd.
(Communication
Services)
1,326,536
188,988
Central
Japan
Railway
Co.
(Industrials)
4,130,217
83,700
Chiba
Bank
Ltd.
(The)
(Financials)
1,222,980
255,183
Chubu
Electric
Power
Co.,
Inc.
(Utilities)
4,688,801
22,100
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
1,095,629
381,733
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
6,643,579
29,600
Daifuku
Co.
Ltd.
(Industrials)
1,359,417
286,724
Daiichi
Life
Group,
Inc.
(Financials)
2,946,670
155,305
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
2,634,595
18,332
Daikin
Industries
Ltd.
(Industrials)
2,681,454
98,273
Daito
Trust
Construction
Co.
Ltd.
(Real
Estate)
1,958,175
117,022
Daiwa
House
Industry
Co.
Ltd.
(Real
Estate)
3,185,962
453,651
Daiwa
Securities
Group,
Inc.
(Financials)
4,276,043
24,449
Disco
Corp.
(Information
Technology)
9,996,767
30,617
East
Japan
Railway
Co.
(Industrials)
656,230
106,925
Ebara
Corp.
(Industrials)
3,817,167
315,382
Eisai
Co.
Ltd.
(Health
Care)
7,892,970
2,393,326
ENEOS
Holdings,
Inc.
(Energy)
19,627,408
23,700
FANUC
Corp.
(Industrials)
1,174,951
22,684
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
11,731,728
12,300
Fuji
Electric
Co.
Ltd.
(Industrials)
1,192,990
293,691
FUJIFILM
Holdings
Corp.
(Information
Technology)
6,128,786
426,898
Fujikura
Ltd.
(Industrials)
12,794,336
412,192
Fujitsu
Ltd.
(Information
Technology)
8,720,791
9,100
Furukawa
Electric
Co.
Ltd.
(Industrials)
2,975,978
203,670
Hankyu
Hanshin
Holdings,
Inc.
(Industrials)
5,991,498
18,156
Hikari
Tsushin,
Inc.
(Industrials)
4,168,615
611,989
Hitachi
Ltd.
(Industrials)
19,860,137
558,100
Honda
Motor
Co.
Ltd.
(Consumer
Discretionary)
5,092,281
109,461
Hoya
Corp.
(Health
Care)
18,620,541
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
212,270
Hulic
Co.
Ltd.
(Real
Estate)
$
2,265,511
61,780
Ibiden
Co.
Ltd.
(Information
Technology)
8,926,063
2,147,406
Idemitsu
Kosan
Co.
Ltd.
(Energy)
18,865,176
156,784
IHI
Corp.
(Industrials)
2,724,687
390,896
Inpex
Corp.
(Energy)
8,849,734
105,660
Isuzu
Motors
Ltd.
(Consumer
Discretionary)
1,558,782
683,138
ITOCHU
Corp.
(Industrials)
8,305,884
162,710
Japan
Exchange
Group,
Inc.
(Financials)
1,994,140
183,656
Japan
Post
Bank
Co.
Ltd.
(Financials)
3,540,676
673,865
Japan
Post
Holdings
Co.
Ltd.
(Financials)
8,754,022
1,313,679
Japan
Post
Insurance
Co.
Ltd.
(Financials)
11,796,621
109,177
Japan
Tobacco,
Inc.
(Consumer
Staples)
4,229,503
957,832
JFE
Holdings,
Inc.
(Materials)
(b)
10,231,757
117,300
JX
Advanced
Metals
Corp.
(Materials)
2,895,105
108,962
Kajima
Corp.
(Industrials)
4,043,210
152,890
Kansai
Electric
Power
Co.,
Inc.
(The)
(Utilities)
2,243,072
141,680
Kao
Corp.
(Consumer
Staples)
5,442,385
116,687
Kawasaki
Heavy
Industries
Ltd.
(Industrials)
2,299,435
410,706
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
(b)
6,501,534
63,500
KDDI
Corp.
(Communication
Services)
1,092,372
11,952
Keyence
Corp.
(Information
Technology)
6,014,666
40,300
Kioxia
Holdings
Corp.
(Information
Technology)*
16,670,362
331,995
Kirin
Holdings
Co.
Ltd.
(Consumer
Staples)
5,669,504
69,812
Komatsu
Ltd.
(Industrials)
2,884,311
12,678
Konami
Group
Corp.
(Communication
Services)
1,507,598
510,489
Kubota
Corp.
(Industrials)
9,113,699
350,695
Kyocera
Corp.
(Information
Technology)
7,673,037
61,407
Lasertec
Corp.
(Information
Technology)
15,480,011
3,566,519
LY
Corp.
(Communication
Services)
9,349,258
63,340
Makita
Corp.
(Industrials)
2,201,919
313,384
Marubeni
Corp.
(Industrials)
10,228,929
42,600
MINEBEA
MITSUMI,
Inc.
(Industrials)
1,220,813
2,752,689
Mitsubishi
Chemical
Group
Corp.
(Materials)
19,833,748
596,376
Mitsubishi
Corp.
(Industrials)
18,975,089
226,326
Mitsubishi
Electric
Corp.
(Industrials)
9,323,738
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
155,799
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
$
3,969,601
1,540,188
Mitsubishi
HC
Capital,
Inc.
(Financials)
12,592,215
365,326
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
8,734,410
1,484,517
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
27,966,998
296,303
Mitsui
&
Co.
Ltd.
(Industrials)
9,846,365
9,900
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
3,210,861
277,617
Mizuho
Financial
Group,
Inc.
(Financials)
12,547,612
486,714
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
13,107,249
183,680
Murata
Manufacturing
Co.
Ltd.
(Information
Technology)
11,105,723
456,700
NEC
Corp.
(Information
Technology)
11,771,092
373,131
NIDEC
Corp.
(Industrials)*
6,544,266
2,303
Nippon
Building
Fund,
Inc.
REIT
(Real
Estate)
1,843,094
245,500
Nippon
Paint
Holdings
Co.
Ltd.
(Materials)
1,629,316
1,127,593
Nippon
Steel
Corp.
(Materials)
(b)
4,013,407
157,125
Nippon
Yusen
KK
(Industrials)
(b)
5,244,080
71,400
Nitori
Holdings
Co.
Ltd.
(Consumer
Discretionary)
1,174,451
167,096
Nitto
Denko
Corp.
(Materials)
3,139,020
1,354,437
Nomura
Holdings,
Inc.
(Financials)
10,933,171
6,607,732
NTT,
Inc.
(Communication
Services)
6,205,515
196,666
Obayashi
Corp.
(Industrials)
4,008,928
53,247
Obic
Co.
Ltd.
(Information
Technology)
1,334,269
644,935
Olympus
Corp.
(Health
Care)
7,233,692
155,245
ORIX
Corp.
(Financials)
6,082,436
145,999
Osaka
Gas
Co.
Ltd.
(Utilities)
4,916,770
533,770
Otsuka
Corp.
(Information
Technology)
9,686,925
117,123
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
8,619,235
679,594
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
3,749,101
127,100
Panasonic
Holdings
Corp.
(Consumer
Discretionary)
2,954,143
2,448,932
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
11,465,475
453,200
Recruit
Holdings
Co.
Ltd.
(Industrials)
30,091,865
448,585
Renesas
Electronics
Corp.
(Information
Technology)
12,680,649
78,500
Resona
Holdings,
Inc.
(Financials)
1,005,721
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
26,200
Resonac
Holdings
Corp.
(Materials)
$
3,080,998
518,522
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
12,647,911
1,561,289
Sanrio
Co.
Ltd.
(Consumer
Discretionary)
8,397,359
597,396
SBI
Holdings,
Inc.
(Financials)
10,920,424
60,065
SCREEN
Holdings
Co.
Ltd.
(Information
Technology)
4,195,759
129,072
Secom
Co.
Ltd.
(Industrials)
5,148,610
406,703
Sekisui
House
Ltd.
(Consumer
Discretionary)
8,566,337
342,067
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
3,995,688
175,895
Shimizu
Corp.
(Industrials)
2,962,890
100,717
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
4,908,364
268,299
Shionogi
&
Co.
Ltd.
(Health
Care)
5,056,203
966,026
Shiseido
Co.
Ltd.
(Consumer
Staples)
17,055,192
4,809,730
SoftBank
Corp.
(Communication
Services)
6,505,025
373,773
SoftBank
Group
Corp.
(Communication
Services)
17,588,627
251,498
Sompo
Holdings,
Inc.
(Financials)
9,412,809
664,112
Sony
Group
Corp.
(Consumer
Discretionary)
14,367,748
264,994
Subaru
Corp.
(Consumer
Discretionary)
4,065,050
490,447
Sumitomo
Corp.
(Industrials)
21,871,244
219,658
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
17,365,387
63,305
Sumitomo
Metal
Mining
Co.
Ltd.
(Materials)
3,616,008
379,486
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
13,871,657
214,220
Sumitomo
Mitsui
Trust
Group,
Inc.
(Financials)
7,366,294
115,140
Sumitomo
Realty
&
Development
Co.
Ltd.
(Real
Estate)
2,688,456
160,018
Suntory
Beverage
&
Food
Ltd.
(Consumer
Staples)
4,351,517
859,694
Suzuki
Motor
Corp.
(Consumer
Discretionary)
10,657,743
39,100
T&D
Holdings,
Inc.
(Financials)
1,030,124
50,232
Taisei
Corp.
(Industrials)
4,420,820
450,729
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
14,491,055
381,685
TDK
Corp.
(Information
Technology)
9,849,626
267,263
Tokio
Marine
Holdings,
Inc.
(Financials)
11,938,609
86,502
Tokyo
Electron
Ltd.
(Information
Technology)
28,484,420
255,075
Tokyo
Gas
Co.
Ltd.
(Utilities)
10,222,869
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
353,262
Toray
Industries,
Inc.
(Materials)
$
2,645,193
741,393
Toyota
Motor
Corp.
(Consumer
Discretionary)
14,167,457
375,020
Toyota
Tsusho
Corp.
(Industrials)
16,325,703
271,262
West
Japan
Railway
Co.
(Industrials)
4,479,001
357,123
Yokogawa
Electric
Corp.
(Information
Technology)
11,219,123
176,845
Yokohama
Financial
Group,
Inc.
(Financials)
1,803,555
235,555
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
11,914,623
1,203,134,308
Luxembourg
–
0.4%
48,170
ArcelorMittal
(Materials)
3,334,497
993,837
CVC
Capital
Partners
PLC
(Financials)
(a)(b)
15,935,090
63,813
Eurofins
Scientific
SE
(Health
Care)
4,651,187
23,920,774
Macau
–
0.1%
651,615
Galaxy
Entertainment
Group
Ltd.
(Consumer
Discretionary)
2,603,999
Mexico
–
0.2%
228,842
Fresnillo
PLC
(Materials)
10,136,255
Netherlands
–
4.9%
285,086
ABN
AMRO
Bank
NV
(Financials)
11,351,089
2,482
Adyen
NV
(Financials)*
(a)
2,720,563
119,834
Akzo
Nobel
NV
(Materials)
9,181,921
8,751
Argenx
SE
(Health
Care)*
7,307,699
3,132
ASM
International
NV
(Information
Technology)
3,283,554
75,932
ASML
Holding
NV
(Information
Technology)
122,705,638
111,988
ASR
Nederland
NV
(Financials)
8,403,014
7,612
BE
Semiconductor
Industries
NV
(Information
Technology)
2,526,277
9,585
Euronext
NV
(Financials)
(a)
1,561,458
59,590
EXOR
NV
(Financials)
4,655,610
177,724
Heineken
Holding
NV
(Consumer
Staples)
12,837,763
11,208
Heineken
NV
(Consumer
Staples)
877,090
687,338
ING
Groep
NV
(Financials)
21,415,797
627,317
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
26,478,184
746,351
Koninklijke
KPN
NV
(Communication
Services)
3,889,685
246,130
Koninklijke
Philips
NV
(Health
Care)
6,568,759
306,432
Magnum
Ice
Cream
Co.
NV
(The)
(Consumer
Staples)*
4,969,086
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Netherlands
–
(continued)
43,497
Nebius
Group
NV
(Information
Technology)*
$
10,051,722
193,566
NN
Group
NV
(Financials)
16,191,225
108,399
Wolters
Kluwer
NV
(Industrials)
7,718,806
284,694,940
New
Zealand
–
0.3%
578,671
Auckland
International
Airport
Ltd.
(Industrials)
2,865,145
195,606
Contact
Energy
Ltd.
(Utilities)
1,117,223
564,805
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
12,609,572
14,011
Xero
Ltd.
(Information
Technology)*
757,783
17,349,723
Nigeria
–
0.1%
686,331
Airtel
Africa
PLC
(Communication
Services)
(a)
3,262,047
Norway
–
0.6%
38,919
Aker
BP
ASA
(Energy)
1,401,644
185,975
DNB
Bank
ASA
(Financials)
5,787,554
78,021
Equinor
ASA
(Energy)
2,830,998
308,307
Gjensidige
Forsikring
ASA
(Financials)
8,526,248
177,254
Mowi
ASA
(Consumer
Staples)
3,915,434
638,041
Norsk
Hydro
ASA
(Materials)
7,820,755
224,324
Orkla
ASA
(Consumer
Staples)
2,371,929
117,311
Telenor
ASA
(Communication
Services)
1,919,362
294,674
Var
Energi
ASA
(Energy)
1,452,758
36,026,682
Poland
–
0.0%
94,809
InPost
SA
(Industrials)*
1,699,391
Portugal
–
0.3%
3,888,710
Banco
Comercial
Portugues
SA,
Class
R
(Financials)
4,412,687
493,999
EDP
SA
(Utilities)
2,517,456
63,490
Galp
Energia
SGPS
SA
(Energy)
1,380,662
511,457
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
10,838,710
19,149,515
Singapore
–
1.7%
776,617
CapitaLand
Ascendas
REIT
(Real
Estate)
1,522,360
1,099,454
CapitaLand
Integrated
Commercial
Trust
REIT
(Real
Estate)
1,956,922
579,656
CapitaLand
Investment
Ltd.
(Real
Estate)
1,154,449
466,721
DBS
Group
Holdings
Ltd.
(Financials)
22,996,627
807,900
Keppel
Ltd.
(Industrials)
6,816,171
823,756
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
15,114,196
Shares
Description
Value
a
Common
Stocks
–
(continued)
Singapore
–
(continued)
46,553
Sea
Ltd.
ADR
(Consumer
Discretionary)*
$
4,214,443
1,515,198
Singapore
Airlines
Ltd.
(Industrials)
8,055,077
1,051,157
Singapore
Exchange
Ltd.
(Financials)
18,033,728
447,631
Singapore
Technologies
Engineering
Ltd.
(Industrials)
3,994,230
855,417
Singapore
Telecommunications
Ltd.
(Communication
Services)
2,910,973
49,353
STMicroelectronics
NV
(Information
Technology)
3,395,080
347,230
United
Overseas
Bank
Ltd.
(Financials)
10,237,071
100,401,327
South
Africa
–
0.1%
62,431
Anglo
American
PLC
(Materials)
3,356,060
South
Korea
–
0.1%
148,457
Delivery
Hero
SE
(Consumer
Discretionary)*
(b)
6,406,491
Spain
–
3.7%
24,631
Acciona
SA
(Utilities)
7,093,814
167,405
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
24,282,432
142,460
Aena
SME
SA
(Industrials)
(a)
4,139,472
52,959
Amadeus
IT
Group
SA
(Consumer
Discretionary)
3,382,963
1,366,875
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
32,076,982
1,583,801
Banco
de
Sabadell
SA
(Financials)
(b)
5,359,833
3,696,044
Banco
Santander
SA
(Financials)
46,270,961
323,993
Bankinter
SA
(Financials)
5,468,984
809,288
CaixaBank
SA
(Financials)
10,955,034
117,686
EDP
Renewables
SA
(Utilities)
1,946,020
185,920
Endesa
SA
(Utilities)
7,780,169
949,080
Iberdrola
SA
(Utilities)
21,596,832
93,332
Indra
Sistemas
SA
(Information
Technology)
6,195,021
182,044
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
11,322,862
1,910,453
Mapfre
SA
(Financials)
(b)
8,966,667
90,639
Naturgy
Energy
Group
SA
(Utilities)
3,018,712
127,911
Redeia
Corp.
SA
(Utilities)
2,198,686
335,390
Repsol
SA
(Energy)
8,626,097
1,483,522
Telefonica
SA
(Communication
Services)
(b)
6,817,456
217,498,997
Sweden
–
2.7%
68,514
AddTech
AB,
Class
B
(Industrials)
2,444,265
71,885
Alfa
Laval
AB
(Industrials)
4,043,762
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
120,275
Assa
Abloy
AB,
Class
B
(Industrials)
$
4,333,847
273,869
Atlas
Copco
AB,
Class
A
(Industrials)
5,263,375
129,154
Atlas
Copco
AB,
Class
B
(Industrials)
2,196,104
334,266
Beijer
Ref
AB
(Industrials)
4,659,252
113,015
Boliden
AB
(Materials)
7,047,793
55,679
Essity
AB,
Class
B
(Consumer
Staples)
1,565,458
702,695
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(b)
12,492,609
456,946
Hexagon
AB,
Class
B
(Information
Technology)
4,227,366
137,383
Industrivarden
AB,
Class
A
(Financials)
7,811,559
161,210
Industrivarden
AB,
Class
C
(Financials)
8,838,112
170,667
Indutrade
AB
(Industrials)
3,576,646
153,801
Investment
AB
Latour,
Class
B
(Industrials)
(b)
3,323,964
254,495
Investor
AB,
Class
B
(Financials)
10,494,568
118,228
L
E
Lundbergforetagen
AB,
Class
B
(Financials)
6,978,503
299,040
Nibe
Industrier
AB,
Class
B
(Industrials)
1,174,687
23,132
Saab
AB,
Class
B
(Industrials)
1,426,264
139,487
Sandvik
AB
(Industrials)
5,687,797
193,653
Securitas
AB,
Class
B
(Industrials)
3,234,104
270,404
Skandinaviska
Enskilda
Banken
AB,
Class
A
(Financials)
5,414,962
252,972
Skanska
AB,
Class
B
(Industrials)
6,860,443
85,761
SKF
AB,
Class
B
(Industrials)
2,256,123
319,064
Svenska
Cellulosa
AB
SCA,
Class
B
(Materials)
(b)
3,517,799
178,536
Svenska
Handelsbanken
AB,
Class
A
(Financials)
(b)
2,638,425
256,777
Swedbank
AB,
Class
A
(Financials)
9,494,346
33,934
Swedish
Orphan
Biovitrum
AB
(Health
Care)*
1,625,171
121,403
Tele2
AB,
Class
B
(Communication
Services)
2,278,628
1,263,436
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
16,433,939
166,445
Telia
Co.
AB
(Communication
Services)
892,502
97,181
Trelleborg
AB,
Class
B
(Industrials)
4,245,831
35,806
Volvo
AB,
Class
B
(Industrials)
1,262,270
157,740,474
Switzerland
–
5.5%
179,630
ABB
Ltd.
(Industrials)
19,223,985
Shares
Description
Value
a
Common
Stocks
–
(continued)
Switzerland
–
(continued)
306,334
Avolta
AG
(Consumer
Discretionary)*
$
19,328,427
24,690
Banque
Cantonale
Vaudoise
(Financials)
(b)
3,712,901
4,682
Barry
Callebaut
AG
(Consumer
Staples)
7,208,608
10,137
Belimo
Holding
AG
(Industrials)
10,729,249
16,928
BKW
AG
(Utilities)
3,206,430
20,829
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
4,502,487
18,581
DSM-Firmenich
AG
(Materials)
1,564,654
11,702
EMS-Chemie
Holding
AG
(Materials)
10,685,835
16,527
Galderma
Group
AG
(Health
Care)*
3,522,841
26,501
Geberit
AG
(Industrials)
17,412,956
336
Givaudan
SA
(Materials)
1,247,072
33,953
Helvetia
Baloise
Holding
AG
(Financials)
8,821,218
60,353
Julius
Baer
Group
Ltd.
(Financials)
4,945,030
62,330
Kuehne
+
Nagel
International
AG
(Industrials)
(b)
14,386,914
128,006
Logitech
International
SA
(Information
Technology)
15,547,155
9,868
Lonza
Group
AG
(Health
Care)
6,319,764
343,357
Nestle
SA
(Consumer
Staples)
34,909,170
13,840
Partners
Group
Holding
AG
(Financials)
(b)
14,652,138
39,424
Sandoz
Group
AG
(Health
Care)
3,309,931
8,005
Schindler
Holding
AG
(Industrials)
2,627,865
9,563
Schindler
Holding
AG
Participation
Certificates
(Industrials)
3,231,115
169,701
SGS
SA
(Industrials)
19,303,801
24,480
Sika
AG
(Materials)
4,802,949
33,280
Sonova
Holding
AG
(Health
Care)
8,842,296
73,547
Straumann
Holding
AG
(Health
Care)
8,915,815
7,622
Swiss
Life
Holding
AG
(Financials)
8,299,479
16,022
Swiss
Prime
Site
AG
(Real
Estate)
2,684,175
6,169
Swisscom
AG
(Communication
Services)
5,278,014
466,444
UBS
Group
AG
(Financials)
22,111,839
14,742
VAT
Group
AG
(Industrials)
(a)
11,524,174
20,966
Zurich
Insurance
Group
AG
(Financials)
14,946,006
317,804,293
United
Kingdom
–
9.3%
199,546
3i
Group
PLC
(Financials)
6,119,257
366,894
Admiral
Group
PLC
(Financials)
16,300,542
405,231
Associated
British
Foods
PLC
(Consumer
Staples)
9,952,342
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
273,576
AstraZeneca
PLC
(Health
Care)
$
50,897,243
851,473
Aviva
PLC
(Financials)
7,037,968
126,643
BAE
Systems
PLC
(Industrials)
3,453,435
3,607,590
Barclays
PLC
(Financials)
22,269,449
192,404
British
American
Tobacco
PLC
(Consumer
Staples)
11,906,816
532,092
BT
Group
PLC
(Communication
Services)
1,497,585
286,172
Bunzl
PLC
(Industrials)
9,080,460
3,759,006
Centrica
PLC
(Utilities)
9,500,545
1,650,661
CK
Hutchison
Holdings
Ltd.
(Industrials)
14,837,710
821,283
GSK
PLC
(Health
Care)
20,829,138
189,867
Halma
PLC
(Information
Technology)
11,982,712
3,287,074
HSBC
Holdings
PLC
(Financials)
61,747,853
131,420
Imperial
Brands
PLC
(Consumer
Staples)
4,775,904
656,396
Informa
PLC
(Communication
Services)
7,177,416
1,758,619
International
Consolidated
Airlines
Group
SA
(Industrials)
10,176,970
36,401
Intertek
Group
PLC
(Industrials)
2,610,353
2,426,511
J
Sainsbury
PLC
(Consumer
Staples)
9,691,437
5,446,689
Kingfisher
PLC
(Consumer
Discretionary)
21,107,883
423,494
Land
Securities
Group
PLC
REIT
(Real
Estate)
3,590,642
3,182,281
Legal
&
General
Group
PLC
(Financials)
11,641,866
9,140,310
Lloyds
Banking
Group
PLC
(Financials)
12,554,787
3,084,507
M&G
PLC
(Financials)
13,138,539
1,249,865
Marks
&
Spencer
Group
PLC
(Consumer
Staples)
5,996,051
308,727
Melrose
Industries
PLC
(Industrials)
1,958,813
454,177
National
Grid
PLC
(Utilities)
(b)
7,318,953
1,887,462
NatWest
Group
PLC
(Financials)
15,249,977
71,153
Next
PLC
(Consumer
Discretionary)
12,674,611
205,828
Pearson
PLC
(Consumer
Discretionary)
3,085,201
63,197
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
3,910,912
281,787
RELX
PLC
(Industrials)
9,305,962
821,113
Rolls-Royce
Holdings
PLC
(Industrials)
14,802,617
1,182,223
Sage
Group
PLC
(The)
(Information
Technology)
13,424,311
98,462
Schroders
PLC
(Financials)
775,096
201,311
Segro
PLC
REIT
(Real
Estate)
1,960,829
49,014
Severn
Trent
PLC
(Utilities)
1,962,234
98,503
Smith
&
Nephew
PLC
(Health
Care)
1,475,155
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
262,577
Smiths
Group
PLC
(Industrials)
$
8,721,107
56,561
Spirax
Group
PLC
(Industrials)
5,310,219
93,510
SSE
PLC
(Utilities)
2,938,154
632,069
Standard
Chartered
PLC
(Financials)
16,984,586
712,624
Standard
Life
PLC
(Financials)
7,454,120
1,366,349
Tesco
PLC
(Consumer
Staples)
7,923,304
191,113
Unilever
PLC
(Consumer
Staples)
10,833,832
106,733
United
Utilities
Group
PLC
(Utilities)
1,933,625
14,738,343
Vodafone
Group
PLC
(Communication
Services)
22,131,359
638,687
Wise
Group
PLC,
Class
A
(Financials)*
8,040,984
540,050,864
United
States
–
5.3%
1,080,485
Aegon
Ltd.
(Financials)
9,219,504
35,193
Alcon
AG
(Health
Care)
2,346,650
5,183
AP
Moller
–
Maersk
A/S,
Class
A
(Industrials)
(b)
12,560,336
5,427
AP
Moller
–
Maersk
A/S,
Class
B
(Industrials)
(b)
13,397,385
2,845,161
BP
PLC
(Energy)
20,011,754
112,209
Buzzi
SpA
(Materials)
6,088,822
133,189
Experian
PLC
(Industrials)
4,619,366
137,409
Ferrovial
NV
(Industrials)
9,412,520
1,150,776
Haleon
PLC
(Health
Care)
5,222,857
115,451
Holcim
AG
(Materials)*
11,439,453
26,158
InterContinental
Hotels
Group
PLC
(Consumer
Discretionary)
4,032,256
393,826
Novartis
AG
(Health
Care)
59,385,140
96,926
QIAGEN
NV
(Health
Care)
3,579,299
11,087
Roche
Holding
AG
(Health
Care)
4,776,200
139,468
Roche
Holding
AG
(Health
Care)
58,778,796
93,123
Sanofi
SA
(Health
Care)
8,181,763
65,784
Schneider
Electric
SE
(Industrials)
20,723,172
842,025
Shell
PLC
(Energy)
35,389,574
15,433
Spotify
Technology
SA
(Communication
Services)*
7,680,696
44,378
Sunbelt
Rentals
Holdings,
Inc.
(Industrials)
3,494,649
53,055
Swiss
Re
AG
(Financials)
7,992,031
93,951
Tenaris
SA
(Energy)
2,860,409
311,192,632
Zambia
–
0.1%
127,275
First
Quantum
Minerals
Ltd.
(Materials)*
3,921,129
TOTAL
COMMON
STOCKS
(Cost
$4,001,712,339)
5,765,714,953
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Rate
Value
a
Preferred
Stocks
–
0.2%
Germany
–
0.2%
60,744
Henkel
AG
&
Co.
KGaA
(Consumer
Staples)
3.10
%
$
4,726,630
167,524
Porsche
Automobil
Holding
SE
(Consumer
Discretionary)*
5.87
6,392,598
9,701
Volkswagen
AG
(Consumer
Discretionary)*
6.92
1,039,457
TOTAL
PREFERRED
STOCKS
(Cost
$12,769,035)
12,158,685
Units
Description
Expiration
Month
Value
aa
Warrant
–
0.0%
Canada
–
0.0%
8,722
Constellation
Software,
Inc.
(Information
Technology)*
(c)
(Cost
$0)
03/40
—
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.1%
(d)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
62,266,133
3.519%
62,266,133
(Cost
$62,266,133)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$4,076,747,507)
5,840,139,771
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
3.8%
(d)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
220,864,212
3.532%
$
220,864,212
(Cost
$220,864,212)
TOTAL
INVESTMENTS
–
104.2%
(Cost
$4,297,611,719)
$
6,061,003,983
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(4.2)%
(245,688,994)
NET
ASSETS
–
100.0%
$
5,815,314,989
  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
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Financials
25.8
%
Industrials
17.6
Information
Technology
9.5
Health
Care
8.8
Consumer
Discretionary
8.1
Consumer
Staples
7.1
Materials
6.0
Energy
4.5
Utilities
3.6
Communication
Services
3.2
Real
Estate
1.2
Investment
Company
1.0
Securities
Lending
Reinvestment
Vehicle
3.6
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
ACTIVEBETA
®
INTERNATIONAL
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
EAFE
E-Mini
Index
242
06/19/26
$
37,646,730
$
678,563
GOLDMAN
SACHS
ACTIVEBETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.1%
Communication
Services
–
5.2%
2,720
Capcom
Co.
Ltd.
(Japan)
$
51,533
16,940
KDDI
Corp.
(Japan)
291,414
1,045
Konami
Group
Corp.
(Japan)
124,266
182,400
LY
Corp.
(Japan)
478,142
8,069
Nintendo
Co.
Ltd.
(Japan)
362,317
411,079
NTT,
Inc.
(Japan)
386,056
362,720
SoftBank
Corp.
(Japan)
490,569
46,888
SoftBank
Group
Corp.
(Japan)
2,206,407
4,390,704
Consumer
Discretionary
–
15.1%
45,308
Aisin
Corp.
(Japan)
686,920
17,200
Asics
Corp.
(Japan)
523,271
9,178
Bandai
Namco
Holdings,
Inc.
(Japan)
209,920
15,682
Bridgestone
Corp.
(Japan)
339,174
5,008
Denso
Corp.
(Japan)
60,024
2,521
Fast
Retailing
Co.
Ltd.
(Japan)
1,303,813
43,936
Honda
Motor
Co.
Ltd.
(Japan)
400,886
2,620
Isuzu
Motors
Ltd.
(Japan)
38,652
10,800
Nissan
Motor
Co.
Ltd.
(Japan)*
26,920
39,750
Pan
Pacific
International
Holdings
Corp.
(Japan)
219,288
28,965
Panasonic
Holdings
Corp.
(Japan)
673,224
63,500
Rakuten
Group,
Inc.
(Japan)*
297,296
14,700
Ryohin
Keikaku
Co.
Ltd.
(Japan)
358,566
41,400
Sanrio
Co.
Ltd.
(Japan)
222,669
15,314
Sekisui
House
Ltd.
(Japan)
322,557
87,933
Sony
Group
Corp.
(Japan)
1,902,389
22,240
Subaru
Corp.
(Japan)
341,165
18,252
Sumitomo
Electric
Industries
Ltd.
(Japan)
1,442,939
40,044
Suzuki
Motor
Corp.
(Japan)
496,431
133,679
Toyota
Motor
Corp.
(Japan)
2,554,504
5,290
Zensho
Holdings
Co.
Ltd.
(Japan)
267,574
12,688,182
Consumer
Staples
–
3.0%
19,758
Aeon
Co.
Ltd.
(Japan)
172,707
8,204
Ajinomoto
Co.,
Inc.
(Japan)
265,513
35,229
Asahi
Group
Holdings
Ltd.
(Japan)
337,153
12,541
Japan
Tobacco,
Inc.
(Japan)
485,837
7,772
Kao
Corp.
(Japan)
298,547
16,614
Kirin
Holdings
Co.
Ltd.
(Japan)
283,719
19,041
Seven
&
i
Holdings
Co.
Ltd.
(Japan)
222,418
17,065
Shiseido
Co.
Ltd.
(Japan)
301,283
6,664
Suntory
Beverage
&
Food
Ltd.
(Japan)
181,220
2,548,397
Energy
–
3.3%
155,595
ENEOS
Holdings,
Inc.
(Japan)
1,276,018
124,392
Idemitsu
Kosan
Co.
Ltd.
(Japan)
1,092,796
19,608
Inpex
Corp.
(Japan)
443,917
2,812,731
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
17.9%
5,448
Chiba
Bank
Ltd.
(The)
(Japan)
$
79,603
53,192
Daiichi
Life
Group,
Inc.
(Japan)
546,656
18,136
Daiwa
Securities
Group,
Inc.
(Japan)
170,947
22,152
Japan
Exchange
Group,
Inc.
(Japan)
271,490
14,289
Japan
Post
Bank
Co.
Ltd.
(Japan)
275,476
33,844
Japan
Post
Holdings
Co.
Ltd.
(Japan)
439,659
78,182
Japan
Post
Insurance
Co.
Ltd.
(Japan)
702,062
61,389
Mitsubishi
HC
Capital,
Inc.
(Japan)
501,902
170,032
Mitsubishi
UFJ
Financial
Group,
Inc.
(Japan)
3,203,254
37,686
Mizuho
Financial
Group,
Inc.
(Japan)
1,703,315
23,550
MS&AD
Insurance
Group
Holdings,
Inc.
(Japan)
634,203
86,215
Nomura
Holdings,
Inc.
(Japan)
695,937
14,057
ORIX
Corp.
(Japan)
550,748
16,785
Resona
Holdings,
Inc.
(Japan)
215,045
30,208
SBI
Holdings,
Inc.
(Japan)
552,204
20,118
Sompo
Holdings,
Inc.
(Japan)
752,956
52,484
Sumitomo
Mitsui
Financial
Group,
Inc.
(Japan)
1,918,490
7,246
Sumitomo
Mitsui
Trust
Group,
Inc.
(Japan)
249,165
10,131
T&D
Holdings,
Inc.
(Japan)
266,910
27,654
Tokio
Marine
Holdings,
Inc.
(Japan)
1,235,301
12,436
Yokohama
Financial
Group,
Inc.
(Japan)
126,829
15,092,152
Health
Care
–
4.8%
35,502
Astellas
Pharma,
Inc.
(Japan)
509,147
6,162
Chugai
Pharmaceutical
Co.
Ltd.
(Japan)
305,487
16,647
Daiichi
Sankyo
Co.
Ltd.
(Japan)
282,400
10,488
Eisai
Co.
Ltd.
(Japan)
262,480
5,338
Hoya
Corp.
(Japan)
908,053
4,300
Kyowa
Kirin
Co.
Ltd.
(Japan)
67,664
23,601
Olympus
Corp.
(Japan)
264,713
7,276
Otsuka
Holdings
Co.
Ltd.
(Japan)
535,450
8,003
Shionogi
&
Co.
Ltd.
(Japan)
150,820
22,804
Takeda
Pharmaceutical
Co.
Ltd.
(Japan)
733,155
3,478
Terumo
Corp.
(Japan)
52,457
4,071,826
Industrials
–
25.2%
6,200
AGC,
Inc.
(Japan)
270,215
38,345
ANA
Holdings,
Inc.
(Japan)
(a)
719,857
6,729
Central
Japan
Railway
Co.
(Japan)
147,058
9,472
Dai
Nippon
Printing
Co.
Ltd.
(Japan)
164,848
2,896
Daifuku
Co.
Ltd.
(Japan)
133,002
2,644
Daikin
Industries
Ltd.
(Japan)
386,743
5,472
East
Japan
Railway
Co.
(Japan)
117,284
GOLDMAN
SACHS
ACTIVEBETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
6,200
Ebara
Corp.
(Japan)
$
221,337
9,087
FANUC
Corp.
(Japan)
450,497
2,028
Fuji
Electric
Co.
Ltd.
(Japan)
196,698
33,600
Fujikura
Ltd.
(Japan)
1,007,008
500
Furukawa
Electric
Co.
Ltd.
(Japan)
163,515
7,938
Hankyu
Hanshin
Holdings,
Inc.
(Japan)
233,518
538
Hikari
Tsushin,
Inc.
(Japan)
123,525
73,293
Hitachi
Ltd.
(Japan)
2,378,489
15,700
IHI
Corp.
(Japan)
272,844
84,065
ITOCHU
Corp.
(Japan)
1,022,098
8,963
Kajima
Corp.
(Japan)
332,586
12,600
Kawasaki
Heavy
Industries
Ltd.
(Japan)
248,296
9,361
Kawasaki
Kisen
Kaisha
Ltd.
(Japan)
(a)
148,186
12,875
Komatsu
Ltd.
(Japan)
531,936
18,597
Kubota
Corp.
(Japan)
332,010
2,465
Makita
Corp.
(Japan)
85,692
25,263
Marubeni
Corp.
(Japan)
824,590
5,004
MINEBEA
MITSUMI,
Inc.
(Japan)
143,403
52,949
Mitsubishi
Corp.
(Japan)
1,684,696
30,401
Mitsubishi
Electric
Corp.
(Japan)
1,252,401
50,881
Mitsubishi
Heavy
Industries
Ltd.
(Japan)
1,216,490
35,750
Mitsui
&
Co.
Ltd.
(Japan)
1,187,999
5,256
NIDEC
Corp.
(Japan)*
92,184
8,368
Nippon
Yusen
KK
(Japan)
(a)
279,284
9,423
Obayashi
Corp.
(Japan)
192,083
21,859
Recruit
Holdings
Co.
Ltd.
(Japan)
1,451,408
5,934
Secom
Co.
Ltd.
(Japan)
236,704
10,100
Shimizu
Corp.
(Japan)
170,131
319
SMC
Corp.
(Japan)
138,489
25,505
Sumitomo
Corp.
(Japan)
1,137,383
3,243
Taisei
Corp.
(Japan)
285,410
23,086
Toyota
Tsusho
Corp.
(Japan)
1,005,000
13,848
West
Japan
Railway
Co.
(Japan)
228,654
21,213,551
Information
Technology
–
17.5%
14,983
Advantest
Corp.
(Japan)
2,463,126
13,829
Canon,
Inc.
(Japan)
367,291
1,716
Disco
Corp.
(Japan)
701,642
8,156
FUJIFILM
Holdings
Corp.
(Japan)
170,201
26,090
Fujitsu
Ltd.
(Japan)
551,989
3,600
Ibiden
Co.
Ltd.
(Japan)
520,133
2,359
Keyence
Corp.
(Japan)
1,187,132
2,500
Kioxia
Holdings
Corp.
(Japan)*
1,034,141
9,968
Kyocera
Corp.
(Japan)
218,095
2,348
Lasertec
Corp.
(Japan)
591,904
24,286
Murata
Manufacturing
Co.
Ltd.
(Japan)
1,468,388
25,842
NEC
Corp.
(Japan)
666,058
1,693
Nomura
Research
Institute
Ltd.
(Japan)
53,409
8,268
Otsuka
Corp.
(Japan)
150,049
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
25,783
Renesas
Electronics
Corp.
(Japan)
$
728,837
3,774
SCREEN
Holdings
Co.
Ltd.
(Japan)
263,628
32,760
TDK
Corp.
(Japan)
845,393
7,351
Tokyo
Electron
Ltd.
(Japan)
2,420,626
11,896
Yokogawa
Electric
Corp.
(Japan)
373,716
14,775,758
Materials
–
4.4%
21,506
Asahi
Kasei
Corp.
(Japan)
241,417
40,661
JFE
Holdings,
Inc.
(Japan)
(a)
434,349
6,700
JX
Advanced
Metals
Corp.
(Japan)
165,364
142,408
Mitsubishi
Chemical
Group
Corp.
(Japan)
1,026,082
600
Mitsui
Kinzoku
Co.
Ltd.
(Japan)
194,598
57,080
Nippon
Steel
Corp.
(Japan)
(a)
203,163
9,475
Nitto
Denko
Corp.
(Japan)
177,995
1,600
Resonac
Holdings
Corp.
(Japan)
188,152
17,552
Shin-Etsu
Chemical
Co.
Ltd.
(Japan)
855,383
3,800
Sumitomo
Metal
Mining
Co.
Ltd.
(Japan)
217,058
5,221
Toray
Industries,
Inc.
(Japan)
39,094
3,742,655
Real
Estate
–
1.2%
5,695
Daito
Trust
Construction
Co.
Ltd.
(Japan)
113,478
6,823
Daiwa
House
Industry
Co.
Ltd.
(Japan)
185,758
14,439
Hulic
Co.
Ltd.
(Japan)
154,104
8,897
Mitsubishi
Estate
Co.
Ltd.
(Japan)
226,687
6,572
Mitsui
Fudosan
Co.
Ltd.
(Japan)
63,185
188
Nippon
Building
Fund,
Inc.
REIT
(Japan)
150,457
5,096
Sumitomo
Realty
&
Development
Co.
Ltd.
(Japan)
118,989
1,012,658
Utilities
–
1.5%
13,793
Chubu
Electric
Power
Co.,
Inc.
(Japan)
253,436
12,928
Kansai
Electric
Power
Co.,
Inc.
(The)
(Japan)
(a)
189,669
10,357
Osaka
Gas
Co.
Ltd.
(Japan)
348,790
12,003
Tokyo
Gas
Co.
Ltd.
(Japan)
481,055
1,272,950
TOTAL
COMMON
STOCKS
(Cost
$58,355,961)
83,621,564
GOLDMAN
SACHS
ACTIVEBETA
®
JAPAN
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.3%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
232,405
3.519%
$
232,405
(Cost
$232,405)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$58,588,366)
83,853,969
a
Securities
Lending
Reinvestment
Vehicle
–
1.7%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
1,472,333
3.532%
1,472,333
(Cost
$1,472,333)
TOTAL
INVESTMENTS
–
101.1%
(Cost
$60,060,699)
$
85,326,302
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.1)%
(946,639)
NET
ASSETS
–
100.0%
$
84,379,663
  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:
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
E-Mini
Topix
Index
Future
32
06/12/26
$
796,432
$
70,091
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
99.9%
Communication
Services
–
10.6%
1,356,676
Alphabet,
Inc.,
Class
A
$
515,998,150
780,686
Alphabet,
Inc.,
Class
C
293,873,631
111,821
AST
SpaceMobile,
Inc.*
(a)
12,681,620
1,686,337
AT&T,
Inc.
41,821,158
165,051
Charter
Communications,
Inc.,
Class
A*
23,775,596
983,860
Comcast
Corp.,
Class
A
24,468,598
75,524
EchoStar
Corp.,
Class
A*
9,756,946
136,715
Electronic
Arts,
Inc.
27,578,150
492,231
Fox
Corp.,
Class
A
31,463,405
522,192
Fox
Corp.,
Class
B
29,968,599
76,785
Live
Nation
Entertainment,
Inc.*
12,931,362
528,495
Meta
Platforms,
Inc.,
Class
A
334,278,372
661,934
Netflix,
Inc.*
56,939,563
372,400
Omnicom
Group,
Inc.
27,077,204
187,359
Reddit,
Inc.,
Class
A*
32,975,184
66,841
ROBLOX
Corp.,
Class
A*
3,151,553
78,390
Take-Two
Interactive
Software,
Inc.*
17,571,902
31,953
TKO
Group
Holdings,
Inc.
6,556,116
34,792
T-Mobile
US,
Inc.
6,524,544
930,785
Verizon
Communications,
Inc.
44,500,831
341,367
Walt
Disney
Co.
(The)
34,761,402
2,087,841
Warner
Bros
Discovery,
Inc.*
56,392,585
1,645,046,471
Consumer
Discretionary
–
10.1%
33,180
Airbnb,
Inc.,
Class
A*
4,423,226
2,177,153
Amazon.com,
Inc.*
589,224,688
5,895
AutoZone,
Inc.*
17,302,945
301,120
Booking
Holdings,
Inc.
50,416,522
35,400
Burlington
Stores,
Inc.*
11,463,582
958,785
Carnival
Corp.
Ltd.
26,903,507
186,387
D.R.
Horton,
Inc.
27,415,664
46,688
Darden
Restaurants,
Inc.
9,520,150
138,426
eBay,
Inc.
15,125,809
99,558
Expedia
Group,
Inc.
22,479,201
140,780
Flutter
Entertainment
PLC*
13,652,844
2,948,919
Ford
Motor
Co.
51,429,147
22,617
Garmin
Ltd.
5,290,569
109,460
General
Motors
Co.
9,111,450
46,381
Hilton
Worldwide
Holdings,
Inc.
15,197,198
191,037
Home
Depot,
Inc.
(The)
60,585,474
82,279
Las
Vegas
Sands
Corp.
4,160,849
173,046
Lowe’s
Cos.,
Inc.
37,094,141
29,753
Marriott
International,
Inc.,
Class
A
11,175,227
93,560
McDonald's
Corp.
26,121,952
311,331
NIKE,
Inc.,
Class
B
14,392,832
2,258
NVR,
Inc.*
13,784,638
374,635
O'Reilly
Automotive,
Inc.*
32,548,289
218,424
PulteGroup,
Inc.
25,813,348
87,364
Ralph
Lauren
Corp.
31,791,760
73,897
Ross
Stores,
Inc.
17,124,152
68,353
Somnigroup
International,
Inc.
4,840,076
316,879
Tapestry,
Inc.
46,093,219
457,634
Tesla,
Inc.*
199,432,321
438,888
TJX
Cos.,
Inc.
(The)
67,917,918
188,656
Tractor
Supply
Co.
5,948,324
79,895
Ulta
Beauty,
Inc.*
40,654,571
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
52,915
Viking
Holdings
Ltd.*
$
4,874,001
183,629
Williams-Sonoma,
Inc.
37,381,355
184,439
Yum!
Brands,
Inc.
27,287,750
1,577,978,699
Consumer
Staples
–
5.5%
407,452
Altria
Group,
Inc.
28,350,510
484,940
Archer-Daniels-Midland
Co.
38,688,513
51,254
Bunge
Global
SA
6,319,618
20,046
Casey's
General
Stores,
Inc.
15,378,088
163,660
Church
&
Dwight
Co.,
Inc.
15,650,806
598,794
Coca-Cola
Co.
(The)
47,310,714
553,230
Colgate-Palmolive
Co.
49,862,620
34,211
Constellation
Brands,
Inc.,
Class
A
4,749,171
90,546
Costco
Wholesale
Corp.
86,590,951
229,408
Dollar
General
Corp.
25,374,819
347,409
Dollar
Tree,
Inc.*
40,452,304
330,023
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
29,355,546
290,804
General
Mills,
Inc.
9,832,083
52,721
Kimberly-Clark
Corp.
5,145,569
1,224,977
Kraft
Heinz
Co.
(The)
29,411,698
694,719
Kroger
Co.
(The)
43,176,786
295,958
Monster
Beverage
Corp.*
26,067,981
224,988
PepsiCo,
Inc.
32,441,020
209,768
Philip
Morris
International,
Inc.
37,208,648
326,594
Procter &
Gamble
Co.
(The)
46,885,835
442,144
Sysco
Corp.
33,518,937
208,918
Target
Corp.
26,547,210
382,327
Tyson
Foods,
Inc.,
Class
A
23,329,593
367,160
US
Foods
Holding
Corp.*
30,052,046
1,136,015
Walmart,
Inc.
131,493,736
863,194,802
Energy
–
2.9%
142,013
Baker
Hughes
Co.
9,071,790
25,222
Cheniere
Energy,
Inc.
5,671,419
223,532
Chevron
Corp.
40,785,649
140,077
ConocoPhillips
15,965,976
678,548
Devon
Energy
Corp.
30,188,601
23,346
Diamondback
Energy,
Inc.
4,470,292
80,384
EOG
Resources,
Inc.
10,721,618
286,396
EQT
Corp.
15,731,732
165,005
Expand
Energy
Corp.
15,342,165
664,481
Exxon
Mobil
Corp.
96,522,510
503,065
Halliburton
Co.
19,544,075
776,636
Kinder
Morgan,
Inc.
24,137,847
116,219
Marathon
Petroleum
Corp.
28,911,801
395,620
Occidental
Petroleum
Corp.
22,403,961
75,601
ONEOK,
Inc.
6,345,948
56,725
Phillips
66
9,976,793
250,550
SLB
Ltd.
13,667,502
42,677
Targa
Resources
Corp.
10,885,622
163,581
TechnipFMC
PLC
(United
Kingdom)
11,192,212
6,697
Texas
Pacific
Land
Corp.
2,631,921
155,335
Valero
Energy
Corp.
38,029,115
223,808
Venture
Global,
Inc.,
Class
A
2,694,648
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
–
(continued)
312,409
Williams
Cos.,
Inc.
(The)
$
22,302,879
457,196,076
Financials
–
10.6%
124,368
Aflac,
Inc.
13,981,451
95,818
Allstate
Corp.
(The)
19,747,132
97,927
American
Express
Co.
30,990,958
153,276
American
International
Group,
Inc.
11,377,677
79,834
Ameriprise
Financial,
Inc.
35,582,812
44,893
Aon
PLC,
Class
A
14,188,882
34,495
Apollo
Global
Management,
Inc.
4,439,851
130,094
Arch
Capital
Group
Ltd.*
11,622,598
1,096,755
Bank
of
America
Corp.
56,592,558
432,643
Bank
of
New
York
Mellon
Corp.
(The)
60,323,413
277,720
Berkshire
Hathaway,
Inc.,
Class
B*
131,772,586
9,597
Blackrock,
Inc.
10,046,907
77,148
Blackstone,
Inc.
9,024,002
114,572
Block,
Inc.*
8,675,392
93,087
Capital
One
Financial
Corp.
17,493,840
46,908
Cboe
Global
Markets,
Inc.
15,646,632
144,359
Charles
Schwab
Corp.
(The)
12,609,759
78,386
Chubb
Ltd.
24,435,268
117,021
Cincinnati
Financial
Corp.
18,421,446
439,309
Citigroup,
Inc.
55,309,003
244,019
Citizens
Financial
Group,
Inc.
15,192,623
74,046
CME
Group,
Inc.
20,254,543
174,271
Fifth
Third
Bancorp
8,701,351
5,115
First
Citizens
BancShares,
Inc.,
Class
A
10,181,459
365,366
Fiserv,
Inc.*
20,665,101
193,505
Global
Payments,
Inc.
14,611,563
209,588
Hartford
Insurance
Group,
Inc.
(The)
26,644,922
419,268
Huntington
Bancshares,
Inc.
6,859,224
50,822
Interactive
Brokers
Group,
Inc.,
Class
A
4,419,989
78,153
Intercontinental
Exchange,
Inc.
11,554,921
573,266
JPMorgan
Chase &
Co.
171,584,246
461,766
KeyCorp
9,849,469
325,245
Loews
Corp.
33,679,120
68,965
M&T
Bank
Corp.
14,904,026
12,171
Markel
Group,
Inc.*
22,097,546
55,819
Marsh
&
McLennan
Cos.,
Inc.
8,929,365
191,463
Mastercard,
Inc.,
Class
A
94,578,893
164,576
MetLife,
Inc.
13,608,789
79,325
Moody's
Corp.
35,954,056
253,637
Morgan
Stanley
52,756,496
93,748
Nasdaq,
Inc.
8,673,565
202,051
Northern
Trust
Corp.
33,429,338
390,405
PayPal
Holdings,
Inc.
17,470,624
65,491
PNC
Financial
Services
Group,
Inc.
(The)
14,481,370
189,837
Principal
Financial
Group,
Inc.
19,670,910
90,920
Progressive
Corp.
(The)
17,311,168
183,038
Prudential
Financial,
Inc.
18,420,944
123,156
Raymond
James
Financial,
Inc.
17,661,802
426,286
Regions
Financial
Corp.
11,936,008
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
45,275
Robinhood
Markets,
Inc.,
Class
A*
$
4,269,433
321,523
State
Street
Corp.
50,041,840
462,535
Synchrony
Financial
33,043,500
230,071
T.
Rowe
Price
Group,
Inc.
24,049,322
72,994
Travelers
Cos.,
Inc.
(The)
21,306,219
241,721
Truist
Financial
Corp.
11,653,369
369,171
US
Bancorp
20,249,029
334,200
Visa,
Inc.,
Class
A
109,069,512
149,964
W
R
Berkley
Corp.
9,528,713
442,373
Wells
Fargo &
Co.
34,301,602
16,588
Willis
Towers
Watson
PLC
4,141,526
1,640,019,663
Health
Care
–
8.4%
148,209
Abbott
Laboratories
12,686,690
271,142
AbbVie,
Inc.
59,033,036
92,780
Agilent
Technologies,
Inc.
12,574,473
88,082
Alnylam
Pharmaceuticals,
Inc.*
26,599,002
42,486
Amgen,
Inc.
14,308,860
24,408
Becton
Dickinson
&
Co.
3,590,905
183,560
Biogen,
Inc.*
35,977,760
113,216
Boston
Scientific
Corp.*
5,469,465
515,659
Bristol-Myers
Squibb
Co.
29,485,382
86,726
Cardinal
Health,
Inc.
17,067,677
52,511
Cencora,
Inc.
14,144,363
425,518
Centene
Corp.*
25,360,873
81,230
Cigna
Group
(The)
22,533,202
332,836
CVS
Health
Corp.
30,281,419
65,271
Danaher
Corp.
11,923,054
87,081
Dexcom,
Inc.*
6,421,353
177,837
Edwards
Lifesciences
Corp.*
15,377,565
43,556
Elevance
Health,
Inc.
17,125,784
164,412
Eli
Lilly
&
Co.
181,675,260
92,460
GE
HealthCare
Technologies,
Inc.
5,763,956
260,082
Gilead
Sciences,
Inc.
34,962,823
20,725
HCA
Healthcare,
Inc.
7,845,241
55,850
Humana,
Inc.
17,057,707
78,099
IDEXX
Laboratories,
Inc.*
44,011,129
95,662
Illumina,
Inc.*
15,589,079
312,069
Incyte
Corp.*
30,189,555
75,524
Insmed,
Inc.*
8,074,271
26,318
Intuitive
Surgical,
Inc.*
11,175,676
122,318
IQVIA
Holdings,
Inc.*
22,287,563
501,997
Johnson &
Johnson
113,114,984
86,818
Labcorp
Holdings,
Inc.
22,577,889
16,985
McKesson
Corp.
12,610,343
248,108
Medtronic
PLC
18,312,851
421,115
Merck &
Co.,
Inc.
49,994,773
35,732
Mettler-Toledo
International,
Inc.*
42,184,485
178,926
Natera,
Inc.*
39,966,701
430,167
Pfizer,
Inc.
11,261,772
138,014
Quest
Diagnostics,
Inc.
26,898,929
26,311
Regeneron
Pharmaceuticals,
Inc.
16,175,477
77,866
ResMed,
Inc.
14,838,924
70,287
REVOLUTION
Medicines,
Inc.*
11,068,797
595,516
Royalty
Pharma
PLC,
Class
A
33,205,972
94,672
STERIS
PLC
20,139,575
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
62,489
Stryker
Corp.
$
19,064,769
73,664
Tenet
Healthcare
Corp.*
12,914,772
35,643
Thermo
Fisher
Scientific,
Inc.
17,554,534
14,884
United
Therapeutics
Corp.*
8,287,709
112,398
UnitedHealth
Group,
Inc.
42,746,083
26,414
Vertex
Pharmaceuticals,
Inc.*
11,821,322
9,608
Waters
Corp.*
3,685,341
155,905
Zimmer
Biomet
Holdings,
Inc.
12,835,659
118,877
Zoetis,
Inc.
9,235,554
1,309,090,338
Industrials
–
8.8%
36,836
3M
Co.
5,640,697
65,821
AerCap
Holdings
NV
(Ireland)
9,174,789
87,509
AMETEK,
Inc.
19,763,908
171,713
API
Group
Corp.*
7,040,233
45,863
ATI,
Inc.*
8,033,363
37,661
Automatic
Data
Processing,
Inc.
8,354,716
69,357
Bloom
Energy
Corp.,
Class
A*
19,766,745
25,203
Boeing
Co.
(The)*
5,825,673
90,985
Broadridge
Financial
Solutions,
Inc.
13,986,214
27,770
BWX
Technologies,
Inc.
5,439,588
106,978
C.H.
Robinson
Worldwide,
Inc.
19,111,620
8,110
Carpenter
Technology
Corp.
3,803,428
108,185
Carrier
Global
Corp.
6,909,776
69,125
Caterpillar,
Inc.
60,544,514
227,811
Cintas
Corp.
39,014,912
10,150
Comfort
Systems
USA,
Inc.
18,556,332
206,001
CSX
Corp.
9,323,605
24,798
Cummins,
Inc.
16,035,131
19,545
Curtiss-Wright
Corp.
14,612,037
8,324
Deere
&
Co.
4,513,106
423,623
Delta
Air
Lines,
Inc.
34,940,425
94,378
Dover
Corp.
19,947,734
15,297
Eaton
Corp.
PLC
6,127,978
36,687
EMCOR
Group,
Inc.
30,333,545
61,554
Emerson
Electric
Co.
8,852,696
61,248
Expeditors
International
of
Washington,
Inc.
9,676,572
1,022,529
Fastenal
Co.
45,195,782
62,612
FedEx
Corp.
25,780,491
115,867
Ferguson
Enterprises,
Inc.
26,182,466
556,426
Fortive
Corp.
32,450,764
25,417
FTAI
Aviation
Ltd.
6,617,062
40,304
GE
Vernova,
Inc.
39,027,169
83,284
General
Dynamics
Corp.
28,884,557
142,667
General
Electric
Co.
46,189,868
61,091
Honeywell
International,
Inc.
14,531,105
68,392
Howmet
Aerospace,
Inc.
17,662,234
23,010
Hubbell,
Inc.
10,897,766
93,285
Illinois
Tool
Works,
Inc.
23,067,515
194,440
Ingersoll
Rand,
Inc.
13,929,682
20,061
ITT,
Inc.
3,911,895
28,267
J.B.
Hunt
Transport
Services,
Inc.
7,813,847
145,792
Johnson
Controls
International
PLC
19,544,876
87,749
L3Harris
Technologies,
Inc.
27,656,730
112,528
Leidos
Holdings,
Inc.
14,381,078
26,758
Lennox
International,
Inc.
13,436,797
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
30,035
Lockheed
Martin
Corp.
$
15,932,066
28,836
MasTec,
Inc.*
10,910,677
41,443
Norfolk
Southern
Corp.
12,638,457
27,541
Northrop
Grumman
Corp.
15,524,311
26,846
nVent
Electric
PLC
4,483,014
157,048
Otis
Worldwide
Corp.
11,125,280
84,590
PACCAR,
Inc.
9,336,198
21,700
Parker-Hannifin
Corp.
18,328,471
32,874
Paychex,
Inc.
3,188,121
26,047
Quanta
Services,
Inc.
18,538,431
85,114
Republic
Services,
Inc.
17,060,250
138,170
Rocket
Lab
Corp.*
19,824,632
14,101
Rockwell
Automation,
Inc.
6,360,397
744,182
Rollins,
Inc.
35,423,063
205,279
RTX
Corp.
36,880,425
75,631
Snap-on,
Inc.
28,074,984
452,012
SS&C
Technologies
Holdings,
Inc.
30,519,850
62,734
Symbotic,
Inc.*
2,912,426
31,466
Trane
Technologies
PLC
14,200,606
2,564
TransDigm
Group,
Inc.
3,226,333
174,853
Uber
Technologies,
Inc.*
12,309,651
26,758
Union
Pacific
Corp.
7,027,721
312,077
United
Airlines
Holdings,
Inc.*
35,826,440
279,523
Veralto
Corp.
22,985,176
25,982
Verisk
Analytics,
Inc.
4,546,590
44,721
Vertiv
Holdings
Co.,
Class
A
14,118,867
48,996
W.W.
Grainger,
Inc.
60,472,823
74,457
Waste
Management,
Inc.
15,744,677
112,257
Westinghouse
Air
Brake
Technologies
Corp.
29,317,038
25,038
Woodward,
Inc.
8,764,051
13,501
XPO,
Inc.*
2,892,589
127,091
Xylem,
Inc.
13,921,548
1,364,906,184
Information
Technology
–
38.2%
136,004
Accenture
PLC,
Class
A
25,442,268
182,387
Adobe,
Inc.*
47,276,534
205,015
Advanced
Micro
Devices,
Inc.*
105,808,241
237,935
Amphenol
Corp.,
Class
A
35,395,211
55,968
Analog
Devices,
Inc.
23,162,357
3,496,241
Apple,
Inc.
1,091,036,966
193,470
Applied
Materials,
Inc.
87,073,108
119,225
AppLovin
Corp.,
Class
A*
73,095,655
103,699
Arista
Networks,
Inc.*
16,536,880
20,367
Astera
Labs,
Inc.*
6,982,826
439,030
Atlassian
Corp.,
Class
A*
47,244,018
122,083
Autodesk,
Inc.*
28,239,019
990,236
Broadcom,
Inc.
442,407,738
48,965
Cadence
Design
Systems,
Inc.*
18,358,447
164,546
CDW
Corp.
20,642,296
45,149
Ciena
Corp.*
26,196,804
760,943
Cisco
Systems,
Inc.
91,632,756
36,617
Cloudflare,
Inc.,
Class
A*
8,854,723
534,593
Cognizant
Technology
Solutions
Corp.,
Class
A
29,806,233
38,566
Coherent
Corp.*
13,940,452
207,857
Corning,
Inc.
37,655,374
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
LARGE
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
18,479
Crowdstrike
Holdings,
Inc.,
Class
A*
$
13,508,149
48,446
Dell
Technologies,
Inc.,
Class
C
20,391,406
42,551
Entegris,
Inc.
5,905,653
433,690
Everpure,
Inc.,
Class
A*
34,482,692
7,003
Fabrinet
(Thailand)*
4,581,082
36,954
Fair
Isaac
Corp.*
46,214,303
123,061
First
Solar,
Inc.*
37,753,884
299,727
Fortinet,
Inc.*
41,353,334
828,200
Hewlett
Packard
Enterprise
Co.
35,645,728
818,047
HP,
Inc.
22,119,991
538,207
Intel
Corp.*
61,721,579
157,169
International
Business
Machines
Corp.
46,804,928
41,218
Intuit,
Inc.
13,665,004
93,591
Jabil,
Inc.
34,119,535
59,731
Keysight
Technologies,
Inc.*
20,208,789
33,619
KLA
Corp.
64,605,968
346,807
Lam
Research
Corp.
110,347,051
20,686
Lumentum
Holdings,
Inc.*
17,685,703
14,192
MACOM
Technology
Solutions
Holdings,
Inc.*
5,174,971
76,898
Marvell
Technology,
Inc.
15,764,090
31,961
Microchip
Technology,
Inc.
3,025,109
175,958
Micron
Technology,
Inc.
170,855,218
1,685,856
Microsoft
Corp.
759,039,805
30,089
MKS,
Inc.
9,756,659
20,649
MongoDB,
Inc.*
6,928,772
4,313
Monolithic
Power
Systems,
Inc.
6,755,064
44,236
Motorola
Solutions,
Inc.
17,839,494
246,110
NetApp,
Inc.
42,894,512
5,810,806
NVIDIA
Corp.
1,226,893,579
22,601
NXP
Semiconductors
NV
(Netherlands)
7,262,831
474,766
ON
Semiconductor
Corp.*
57,266,275
106,760
Oracle
Corp.
24,104,273
349,827
Palantir
Technologies,
Inc.,
Class
A*
54,761,919
30,468
Palo
Alto
Networks,
Inc.*
8,582,531
84,044
PTC,
Inc.*
11,659,424
132,291
Qnity
Electronics,
Inc.
20,637,396
321,238
QUALCOMM,
Inc.
80,637,163
80,736
Roper
Technologies,
Inc.
26,281,990
162,728
Salesforce,
Inc.
31,097,321
25,172
Sandisk
Corp.*
42,666,037
69,626
Seagate
Technology
Holdings
PLC
61,256,955
133,025
ServiceNow,
Inc.*
16,544,319
325,184
Super
Micro
Computer,
Inc.*
14,987,731
7,166
Synopsys,
Inc.*
3,408,293
123,191
TE
Connectivity
PLC
(Switzerland)
26,290,191
50,773
Teledyne
Technologies,
Inc.*
31,470,629
58,016
Teradyne,
Inc.
21,715,969
72,140
Texas
Instruments,
Inc.
22,051,755
340,926
Trimble,
Inc.*
19,231,636
82,744
Twilio,
Inc.,
Class
A*
15,774,316
19,854
Ubiquiti,
Inc.
11,591,956
230,798
VeriSign,
Inc.
65,865,133
165,952
Western
Digital
Corp.
88,155,362
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
70,974
Workday,
Inc.,
Class
A*
$
10,375,689
167,270
Zoom
Communications,
Inc.*
16,992,959
5,963,500,011
Materials
–
1.6%
42,964
Albemarle
Corp.
7,579,709
58,165
CF
Industries
Holdings,
Inc.
6,534,838
314,974
Coeur
Mining,
Inc.
6,085,298
258,248
Corteva,
Inc.
20,215,653
102,973
CRH
PLC
11,202,433
73,347
Dow,
Inc.
2,475,461
308,659
DuPont
de
Nemours,
Inc.
14,945,269
77,648
Ecolab,
Inc.
19,877,888
142,491
Freeport-McMoRan,
Inc.
9,363,083
370,253
International
Paper
Co.
12,392,368
59,803
Linde
PLC
29,763,355
39,816
LyondellBasell
Industries
NV,
Class
A
2,653,736
24,573
Martin
Marietta
Materials,
Inc.
14,292,640
264,758
Newmont
Corp.
29,073,076
13,184
Nucor
Corp.
3,296,000
51,047
Packaging
Corp.
of
America
11,174,699
71,742
PPG
Industries,
Inc.
8,105,411
15,144
Royal
Gold,
Inc.
3,399,525
41,333
Sherwin-Williams
Co.
(The)
12,558,619
37,964
Southern
Copper
Corp.
(Mexico)
7,262,513
16,275
Steel
Dynamics,
Inc.
4,233,941
40,789
Vulcan
Materials
Co.
11,540,024
248,025,539
Real
Estate
–
1.1%
95,814
AvalonBay
Communities,
Inc.
REIT
17,487,013
40,729
CBRE
Group,
Inc.,
Class
A*
5,092,754
16,809
Digital
Realty
Trust,
Inc.
REIT
3,193,710
3,007
Equinix,
Inc.
REIT
3,211,596
218,784
Equity
Residential
REIT
14,319,413
47,086
Essex
Property
Trust,
Inc.
REIT
12,837,527
567,158
Invitation
Homes,
Inc.
REIT
16,589,372
43,262
Prologis,
Inc.
REIT
6,206,799
12,650
Public
Storage
REIT
3,841,679
293,635
Realty
Income
Corp.
REIT
17,993,953
29,516
Simon
Property
Group,
Inc.
REIT
6,048,124
325,521
UDR,
Inc.
REIT
12,011,725
162,648
Ventas,
Inc.
REIT
13,730,744
774,778
VICI
Properties,
Inc.
REIT
21,864,235
86,565
Welltower,
Inc.
REIT
17,774,391
172,203,035
Utilities
–
2.1%
231,436
Alliant
Energy
Corp.
16,573,132
119,558
Ameren
Corp.
12,908,677
92,204
American
Electric
Power
Co.,
Inc.
11,679,481
96,147
Atmos
Energy
Corp.
16,261,342
350,597
CenterPoint
Energy,
Inc.
14,816,229
120,368
CMS
Energy
Corp.
8,735,106
72,063
Consolidated
Edison,
Inc.
7,612,015
10,311
Constellation
Energy
Corp.
2,966,990
98,187
Dominion
Energy,
Inc.
6,572,638
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
LARGE
CAP
EQUITY
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Schedule
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Investments
(continued)
May
31,
2026
(Unaudited)
**End
swaps
header**
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
83,192
DTE
Energy
Co.
$
11,885,641
136,790
Duke
Energy
Corp.
16,788,237
129,154
Edison
International
9,033,031
131,994
Entergy
Corp.
14,393,946
219,657
Evergy,
Inc.
18,020,660
113,465
Eversource
Energy
7,746,255
230,096
Exelon
Corp.
10,501,581
297,710
FirstEnergy
Corp.
13,810,767
184,106
NextEra
Energy,
Inc.
16,019,063
368,675
NiSource,
Inc.
17,040,158
124,532
NRG
Energy,
Inc.
16,697,251
385,817
PG&E
Corp.
6,304,250
297,276
PPL
Corp.
10,520,598
82,388
Public
Service
Enterprise
Group,
Inc.
6,479,816
116,138
Sempra
10,351,380
143,164
Southern
Co.
(The)
13,178,246
57,388
Vistra
Corp.
9,195,279
108,322
WEC
Energy
Group,
Inc.
12,029,158
104,254
Xcel
Energy,
Inc.
8,288,193
326,409,120
TOTAL
COMMON
STOCKS
(Cost
$9,059,850,183)
15,567,569,938
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.1%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
10,904,084
3.519%
10,904,084
(Cost
$10,904,084)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$9,070,754,267)
15,578,474,022
a
Securities
Lending
Reinvestment
Vehicle
–
0.0%
(b)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
5,756,426
3.532%
5,756,426
(Cost
$5,756,426)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$9,076,510,693)
$
15,584,230,448
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
5,740,527
NET
ASSETS
–
100.0%
$
15,589,970,975
  a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
All
or
a
portion
of
security
is
on
loan.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
98.4%
Communication
Services
–
3.1%
29,772
AMC
Global
Media,
Inc.*
$
289,384
51,121
Angi,
Inc.*
299,569
4,117
Atlanta
Braves
Holdings,
Inc.,
Class
A*
220,671
7,538
Atlanta
Braves
Holdings,
Inc.,
Class
C*
373,885
37,110
Bandwidth,
Inc.,
Class
A*
2,411,037
16,173
Boston
Omaha
Corp.,
Class
A*
(a)
208,308
58,556
Bumble,
Inc.,
Class
A*
185,623
2,086
Cable
One,
Inc.*
109,619
59,412
Cargurus,
Inc.*
1,774,042
78,943
Cars.com,
Inc.*
811,534
12,465
Cinemark
Holdings,
Inc.
349,020
49,111
CuriosityStream,
Inc.
140,458
20,257
EchoStar
Corp.,
Class
A*
2,617,002
42,069
EverQuote,
Inc.,
Class
A*
809,408
94,237
EW
Scripps
Co.
(The),
Class
A*
319,463
28,877
Getty
Images
Holdings,
Inc.*
(a)
30,032
8,256
Globalstar,
Inc.*
695,238
64,011
Gogo,
Inc.*
292,530
96,220
Gray
Media,
Inc.
385,842
16,788
Grindr,
Inc.
(Singapore)*
209,850
17,930
Ibotta,
Inc.,
Class
A*
(a)
614,103
22,684
IDT
Corp.,
Class
B
1,251,249
14,537
IMAX
Corp.*
576,828
19,265
John
Wiley
&
Sons,
Inc.,
Class
A
810,671
35,764
Liberty
Latin
America
Ltd.,
Class
A
(Puerto
Rico)*
288,615
53,288
Liberty
Latin
America
Ltd.,
Class
C
(Puerto
Rico)*
436,962
188,677
Lumen
Technologies,
Inc.*
2,073,560
15,331
Madison
Square
Garden
Entertainment
Corp.*
1,081,295
18,315
Magnite,
Inc.*
262,454
18,247
Marcus
Corp.
(The)
345,051
42,181
MediaAlpha,
Inc.,
Class
A*
375,411
186,019
Nextdoor
Holdings,
Inc.*
392,500
34,958
Nexxen
International
Ltd.
(Israel)*
293,647
45,800
Playtika
Holding
Corp.
172,666
33,033
QuinStreet,
Inc.*
413,573
18,202
Scholastic
Corp.
737,181
35,744
Shutterstock,
Inc.
532,228
6,104
Sphere
Entertainment
Co.*
845,282
16,975
Spok
Holdings,
Inc.
179,765
45,217
Stagwell,
Inc.*
316,971
24,154
Telephone
and
Data
Systems,
Inc.
944,663
64,059
TripAdvisor,
Inc.*
716,180
28,531
Uniti
Group,
Inc.*
320,118
173,122
USA
TODAY
Co.,
Inc.*
1,352,083
23,293
Webtoon
Entertainment,
Inc.
(South
Korea)*
(a)
286,271
69,219
Yelp,
Inc.*
1,578,193
15,221
Ziff
Davis,
Inc.*
686,011
30,416,046
Consumer
Discretionary
–
9.8%
4,459
1-800-Flowers.com,
Inc.,
Class
A*
(a)
20,378
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
18,812
Abercrombie
&
Fitch
Co.,
Class
A*
$
1,452,663
9,099
Academy
Sports
&
Outdoors,
Inc.
480,427
19,142
Accel
Entertainment,
Inc.*
227,598
11,799
Acushnet
Holdings
Corp.
1,047,515
37,473
Adient
PLC*
856,633
46,514
American
Eagle
Outfitters,
Inc.
734,921
11,038
American
Outdoor
Brands,
Inc.*
111,870
25,102
American
Public
Education,
Inc.*
1,241,796
45,804
Arko
Corp.
355,439
4,371
Asbury
Automotive
Group,
Inc.*
820,480
12,579
Bassett
Furniture
Industries,
Inc.
188,182
22,473
Beazer
Homes
USA,
Inc.*
570,589
100,580
Bed
Bath
&
Beyond,
Inc.*
(a)
616,555
783
Biglari
Holdings,
Inc.,
Class
B*
227,446
13,359
BJ's
Restaurants,
Inc.*
628,541
71,657
Bloomin'
Brands,
Inc.
604,785
4,356
Boot
Barn
Holdings,
Inc.*
739,954
17,248
Brightstar
Lottery
PLC
193,695
9,310
Brinker
International,
Inc.*
1,325,558
25,805
Buckle,
Inc.
(The)
1,183,675
17,717
Build-A-Bear
Workshop,
Inc.
659,250
45,954
Caleres,
Inc.
669,090
45,100
Callaway
Golf
Co.*
694,540
36,570
Capri
Holdings
Ltd.*
676,911
13,209
Carriage
Services,
Inc.
544,079
17,752
Carter's,
Inc.
685,050
1,904
Cavco
Industries,
Inc.*
1,021,534
8,012
Century
Communities,
Inc.
423,194
7,304
Champion
Homes,
Inc.*
537,794
13,191
Cheesecake
Factory,
Inc.
(The)
871,134
6,557
Citi
Trends,
Inc.*
301,688
129,527
Coursera,
Inc.*
698,151
9,365
Covista,
Inc.*
1,103,197
62,021
Cricut,
Inc.,
Class
A
257,387
46,321
Dana,
Inc.
1,640,227
112,942
Dauch
Corp.*
749,935
13,650
Dine
Brands
Global,
Inc.
428,337
4,896
Dorman
Products,
Inc.*
606,712
34,100
El
Pollo
Loco
Holdings,
Inc.*
507,067
24,774
Ethan
Allen
Interiors,
Inc.
510,840
160,331
EVgo,
Inc.*
355,935
121,950
Figs,
Inc.,
Class
A*
1,434,132
20,029
Fox
Factory
Holding
Corp.*
361,323
26,834
Frontdoor,
Inc.*
1,665,586
50,077
Funko,
Inc.,
Class
A*
284,437
38,298
Garrett
Motion,
Inc.
(Switzerland)
1,254,642
13,560
Genesco,
Inc.*
520,297
39,971
Genius
Sports
Ltd.
(United
Kingdom)*
234,230
19,225
Gentherm,
Inc.*
666,915
14,124
GigaCloud
Technology,
Inc.,
Class
A*
509,029
22,991
G-III
Apparel
Group
Ltd.
743,299
11,515
Gold.com,
Inc.
487,200
1,238
Graham
Holdings
Co.,
Class
B
1,358,445
8,371
Green
Brick
Partners,
Inc.*
563,033
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
3,415
Group
1
Automotive,
Inc.
$
1,080,301
33,538
Groupon,
Inc.*
(a)
678,474
20,207
Haverty
Furniture
Cos.,
Inc.
468,600
23,150
Helen
of
Troy
Ltd.*
628,291
17,717
Hilton
Grand
Vacations,
Inc.*
921,638
3,594
Hovnanian
Enterprises,
Inc.,
Class
A*
396,634
34,082
Inspired
Entertainment,
Inc.*
262,431
5,712
Installed
Building
Products,
Inc.
1,199,406
12,697
JAKKS
Pacific,
Inc.
280,477
8,536
Johnson
Outdoors,
Inc.,
Class
A
382,071
13,786
KB
Home
673,584
36,160
Kohl's
Corp.
519,258
17,084
Kontoor
Brands,
Inc.
1,226,119
3,865
Lakeland
Industries,
Inc.
(a)
41,819
29,658
Latham
Group,
Inc.*
156,594
37,451
Laureate
Education,
Inc.*
1,198,057
19,708
La-Z-Boy,
Inc.
740,627
8,225
LCI
Industries
896,689
37,959
Leggett
&
Platt,
Inc.
389,839
18,009
Life
Time
Group
Holdings,
Inc.*
595,738
39,070
Lincoln
Educational
Services
Corp.*
1,809,722
24,190
Lindblad
Expeditions
Holdings,
Inc.*
555,161
19,511
Lovesac
Co.
(The)*
300,079
6,157
M/I
Homes,
Inc.*
810,384
23,877
Malibu
Boats,
Inc.,
Class
A*
655,662
14,818
MarineMax,
Inc.*
510,332
4,269
Marriott
Vacations
Worldwide
Corp.
362,353
22,346
MasterCraft
Boat
Holdings,
Inc.*
520,438
12,586
Matthews
International
Corp.,
Class
A
334,032
9,306
Meritage
Homes
Corp.
607,123
1,903
Monarch
Casino
&
Resort,
Inc.
228,855
11,054
Monro,
Inc.
181,838
19,477
Motorcar
Parts
of
America,
Inc.*
215,416
20,729
Movado
Group,
Inc.
793,506
3,635
Nathan's
Famous,
Inc.
366,771
46,417
National
Vision
Holdings,
Inc.*
777,485
24,526
OneSpaWorld
Holdings
Ltd.
(Bahamas)
582,492
19,187
Oxford
Industries,
Inc.
856,124
12,683
Patrick
Industries,
Inc.
1,148,065
220,832
Peloton
Interactive,
Inc.,
Class
A*
1,413,325
29,672
Perdoceo
Education
Corp.
960,779
68,978
Petco
Health
&
Wellness
Co.,
Inc.*
207,624
17,895
Phinia,
Inc.
1,382,568
9,645
Polaris,
Inc.
680,648
7,878
Pursuit
Attractions
and
Hospitality,
Inc.*
352,698
11,919
RCI
Hospitality
Holdings,
Inc.
302,385
140,894
RealReal,
Inc.
(The)*
1,358,218
6,973
Red
Rock
Resorts,
Inc.,
Class
A
407,084
47,376
Revolve
Group,
Inc.*
928,570
77,934
Rush
Street
Interactive,
Inc.*
1,974,848
95,491
Sally
Beauty
Holdings,
Inc.*
1,268,120
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Discretionary
–
(continued)
23,670
Savers
Value
Village,
Inc.*
(a)
$
211,847
1,880
Shake
Shack,
Inc.,
Class
A*
120,903
19,835
Shoe
Carnival,
Inc.
351,079
15,035
Signet
Jewelers
Ltd.
1,313,909
166,423
Solid
Power,
Inc.*
550,860
6,273
Sonic
Automotive,
Inc.,
Class
A
518,275
98,032
Sonos,
Inc.*
1,546,945
14,503
Standard
Motor
Products,
Inc.
568,373
30,765
Steven
Madden
Ltd.
1,336,432
137,872
Stitch
Fix,
Inc.,
Class
A*
490,824
3,023
Strategic
Education,
Inc.
232,015
5,946
Strattec
Security
Corp.*
475,442
13,615
Stride,
Inc.*
1,257,754
4,366
Sturm
Ruger
&
Co.,
Inc.
170,667
45,776
Super
Group
SGHC
Ltd.
(Guernsey)
569,911
7,401
Superior
Group
of
Cos.,
Inc.
94,659
28,666
Target
Hospitality
Corp.*
497,642
20,400
Taylor
Morrison
Home
Corp.*
1,193,400
143,806
ThredUp,
Inc.,
Class
A*
668,698
5,310
United
Parks
&
Resorts,
Inc.*
213,090
26,865
Universal
Technical
Institute,
Inc.*
1,005,020
77,015
Upbound
Group,
Inc.
1,479,458
14,310
Urban
Outfitters,
Inc.*
1,039,622
31,460
Victoria's
Secret
&
Co.*
1,730,300
9,181
Visteon
Corp.
1,086,020
39,910
Warby
Parker,
Inc.,
Class
A*
978,593
3,549
Winmark
Corp.
1,343,545
12,676
Winnebago
Industries,
Inc.
376,350
32,867
Wolverine
World
Wide,
Inc.
576,816
19,073
XPEL,
Inc.*
872,018
17,536
Zumiez,
Inc.*
431,912
96,545,051
Consumer
Staples
–
2.7%
9,020
Andersons,
Inc.
(The)
636,722
37,652
B&G
Foods,
Inc.
153,997
18,533
Cal-Maine
Foods,
Inc.
1,384,786
8,428
Central
Garden
&
Pet
Co.*
(a)
324,309
16,631
Central
Garden
&
Pet
Co.,
Class
A*
567,616
22,659
Chefs'
Warehouse,
Inc.
(The)*
1,734,320
23,702
Dole
PLC
331,591
20,763
Fresh
Del
Monte
Produce,
Inc.
667,323
34,013
Grocery
Outlet
Holding
Corp.*
289,451
102,277
Hain
Celestial
Group,
Inc.
(The)*
81,075
148,990
Herbalife
Ltd.*
1,781,920
124,675
Honest
Co.,
Inc.
(The)*
(a)
436,362
15,317
Ingles
Markets,
Inc.,
Class
A
1,354,942
11,853
Interparfums,
Inc.
1,118,568
2,083
J
&
J
Snack
Foods
Corp.
158,558
731
John
B
Sanfilippo
&
Son,
Inc.
54,759
16,349
Lifevantage
Corp.
(a)
128,667
48,773
Mama's
Creations,
Inc.*
673,067
2,248
Marzetti
Company
(The)
251,641
9,249
Medifast,
Inc.*
115,890
14,358
MGP
Ingredients,
Inc.
(a)
253,419
15,300
Mission
Produce,
Inc.*
170,442
26,644
National
Beverage
Corp.*
985,561
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Consumer
Staples
–
(continued)
16,216
Natural
Grocers
by
Vitamin
Cottage,
Inc.
(a)
$
476,102
72,556
Niagen
Bioscience,
Inc.*
280,066
63,063
Nu
Skin
Enterprises,
Inc.,
Class
A
365,135
9,741
PriceSmart,
Inc.
1,655,873
4,685
Seneca
Foods
Corp.,
Class
A*
673,656
17,574
Simply
Good
Foods
Co.
(The)*
202,452
132,145
SkinHealth
Systems,
Inc.*
102,254
9,858
Spectrum
Brands
Holdings,
Inc.
775,726
8,299
Turning
Point
Brands,
Inc.
704,834
55,828
United
Natural
Foods,
Inc.*
2,866,768
8,438
Universal
Corp.
437,679
15,259
USANA
Health
Sciences,
Inc.*
279,240
13,185
Village
Super
Market,
Inc.,
Class
A
612,575
9,934
Vita
Coco
Co.,
Inc.
(The)*
746,341
35,784
Vital
Farms,
Inc.*
(a)
358,198
6,675
WD-40
Co.
1,334,800
13,516
Weis
Markets,
Inc.
986,262
26,512,947
Energy
–
4.3%
26,180
Archrock,
Inc.
876,768
26,625
Ardmore
Shipping
Corp.
(Ireland)
428,130
69,492
Borr
Drilling
Ltd.
(Mexico)*
348,155
13,597
Bristow
Group,
Inc.
566,179
11,289
Cactus,
Inc.,
Class
A
655,214
20,425
California
Resources
Corp.
1,210,998
10,920
Calumet,
Inc.*
387,332
3,358
Centrus
Energy
Corp.,
Class
A*
612,734
192,284
Clean
Energy
Fuels
Corp.*
392,259
34,124
CNX
Resources
Corp.*
1,149,638
21,125
Core
Laboratories,
Inc.
288,779
4,857
Core
Natural
Resources,
Inc.
429,553
12,894
Delek
US
Holdings,
Inc.
573,912
38,859
DHT
Holdings,
Inc.
634,179
7,258
Dorian
LPG
Ltd.
291,917
40,599
Energy
Fuels,
Inc.*
739,714
9,707
Energy
Services
of
America
Corp.
144,925
12,783
Epsilon
Energy
Ltd.
72,352
38,281
Evolution
Petroleum
Corp.
162,311
5,028
Excelerate
Energy,
Inc.,
Class
A
165,622
15,748
FLEX
LNG
Ltd.
(Norway)*
(a)
468,818
4,035
Forum
Energy
Technologies,
Inc.*
202,638
8,961
Golar
LNG
Ltd.
(Cameroon)
445,810
39,452
Granite
Ridge
Resources,
Inc.
191,737
22,173
Green
Plains,
Inc.*
347,451
4,084
Gulfport
Energy
Corp.*
688,522
102,520
Helix
Energy
Solutions
Group,
Inc.*
958,562
16,857
Helmerich
&
Payne,
Inc.
643,095
9,692
Innovex
International,
Inc.*
258,873
8,731
International
Seaways,
Inc.
673,946
16,136
Kodiak
Gas
Services,
Inc.
1,078,692
35,634
Liberty
Energy,
Inc.
1,042,651
16,426
Lightbridge
Corp.*
(a)
188,570
Shares
Description
Value
Common
Stocks
–
(continued)
Energy
–
(continued)
48,597
Magnolia
Oil
&
Gas
Corp.,
Class
A
$
1,329,614
19,082
Murphy
Oil
Corp.
690,578
2,280
Nabors
Industries
Ltd.*
211,196
5,279
NACCO
Industries,
Inc.,
Class
A
267,117
35,851
National
Energy
Services
Reunited
Corp.*
872,972
14,380
Natural
Gas
Services
Group,
Inc.
565,134
24,225
Navigator
Holdings
Ltd.
525,682
20,353
Noble
Corp.
PLC
946,007
115,012
Nordic
American
Tankers
Ltd.
592,312
8,114
Northern
Oil
&
Gas,
Inc.
176,642
22,580
Oceaneering
International,
Inc.*
863,233
79,300
Oil
States
International,
Inc.*
674,050
21,126
Par
Pacific
Holdings,
Inc.*
1,186,436
94,767
Patterson-UTI
Energy,
Inc.
1,062,338
9,079
PBF
Energy,
Inc.,
Class
A
369,515
23,707
Peabody
Energy
Corp.
641,274
59,768
ProPetro
Holding
Corp.*
912,060
20,472
REX
American
Resources
Corp.*
957,271
13,031
Riley
Exploration
Permian,
Inc.
433,411
60,162
RPC,
Inc.
398,272
26,487
SandRidge
Energy,
Inc.
388,564
12,148
Scorpio
Tankers,
Inc.
(Monaco)
905,147
11,263
Seadrill
Ltd.
(Norway)*
531,276
17,765
Select
Water
Solutions,
Inc.
318,526
40,038
SFL
Corp.
Ltd.
(Norway)
442,020
14,687
SM
Energy
Co.
451,038
14,634
Solaris
Oilfield
Infrastructure,
Inc.
1,017,648
42,231
Talos
Energy,
Inc.*
619,529
61,764
Teekay
Corp.
Ltd.
(Bermuda)
708,433
9,397
Teekay
Tankers
Ltd.,
Class
A
(Canada)
661,079
93,285
TETRA
Technologies,
Inc.*
954,306
9,799
Tidewater,
Inc.*
720,129
234,058
Transocean
Ltd.*
1,448,819
58,419
Uranium
Energy
Corp.*
804,430
64,984
VAALCO
Energy,
Inc.
339,216
10,413
Valaris
Ltd.*
964,556
20,984
Vitesse
Energy,
Inc.
362,604
34,013
World
Kinect
Corp.
979,915
43,612,385
Financials
–
16.9%
2,621
1st
Source
Corp.
193,482
38,414
Acadian
Asset
Management,
Inc.
2,777,716
9,514
ACRES
Commercial
Realty
Corp.
REIT*
194,086
54,124
Adamas
Trust,
Inc.
REIT
497,941
17,679
Amalgamated
Financial
Corp.
733,325
33,833
American
Coastal
Insurance
Corp.
353,555
19,022
Ameris
Bancorp
1,603,745
12,874
AMERISAFE,
Inc.
394,588
3,598
Ames
National
Corp.
103,406
18,807
Apollo
Commercial
Real
Estate
Finance,
Inc.
REIT
206,125
37,025
Arbor
Realty
Trust,
Inc.
REIT
212,894
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
9,997
ARMOUR
Residential
REIT,
Inc.
REIT
$
171,449
9,711
Arrow
Financial
Corp.
356,394
40,554
Artisan
Partners
Asset
Management,
Inc.,
Class
A
1,518,342
31,098
Associated
Banc-Corp.
864,835
25,258
Atlantic
Union
Bankshares
Corp.
950,206
7,825
Atlanticus
Holdings
Corp.*
674,671
21,350
Axos
Financial,
Inc.*
1,855,528
32,296
Banc
of
California,
Inc.
620,729
5,814
BancFirst
Corp.
641,226
23,575
Banco
Latinoamericano
de
Comercio
Exterior
SA,
Class
E
(Panama)
1,316,428
31,705
Bancorp,
Inc.
(The)*
1,748,848
3,593
Bank
First
Corp.
499,499
6,892
Bank
of
Hawaii
Corp.
527,927
32,900
Bank
of
NT
Butterfield
&
Son
Ltd.
(The)
(Bermuda)
1,857,534
22,751
BankUnited,
Inc.
1,055,419
8,781
Bankwell
Financial
Group,
Inc.
459,422
8,469
Banner
Corp.
550,485
22,938
BCB
Bancorp,
Inc.
239,473
17,706
Berkshire
Hills
Bancorp,
Inc.
515,068
45,652
BGC
Group,
Inc.,
Class
A
477,063
22,838
Blackstone
Mortgage
Trust,
Inc.,
Class
A
REIT
417,479
17,410
Bread
Financial
Holdings,
Inc.
1,550,709
20,896
Burford
Capital
Ltd.
96,957
7,585
Business
First
Bancshares,
Inc.
216,021
13,383
BV
Financial,
Inc.*
262,708
10,059
Byline
Bancorp,
Inc.
332,852
2,641
C&F
Financial
Corp.
194,774
7,285
Camden
National
Corp.
364,469
10,543
Capital
City
Bank
Group,
Inc.
481,182
44,833
Capitol
Federal
Financial,
Inc.
348,352
3,214
Cass
Information
Systems,
Inc.
147,940
14,705
Cathay
General
Bancorp
847,890
7,222
CB
Financial
Services,
Inc.
258,836
15,585
Central
Pacific
Financial
Corp.
535,501
4,906
Chemung
Financial
Corp.
336,944
18,174
Chimera
Investment
Corp.
REIT
247,530
3,919
ChoiceOne
Financial
Services,
Inc.
123,057
13,317
Citizens
Community
Bancorp,
Inc.
271,667
44,788
Citizens,
Inc.*
(a)
232,450
4,179
City
Holding
Co.
519,491
19,234
Civista
Bancshares,
Inc.
498,161
8,404
CNB
Financial
Corp.
257,751
34,174
CNO
Financial
Group,
Inc.
1,570,979
4,331
Coastal
Financial
Corp.*
308,281
15,420
Cohen
&
Steers,
Inc.
1,076,316
7,844
Community
Financial
System,
Inc.
499,192
3,999
Community
Trust
Bancorp,
Inc.
267,373
17,190
ConnectOne
Bancorp,
Inc.
516,903
7,080
Consumer
Portfolio
Services,
Inc.*
69,809
11,680
Customers
Bancorp,
Inc.*
877,635
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
35,866
CVB
Financial
Corp.
$
730,232
9,597
Dave,
Inc.*
2,711,728
10,204
Dime
Community
Bancshares,
Inc.
381,834
14,535
Donegal
Group,
Inc.,
Class
A
246,659
3,467
Donnelley
Financial
Solutions,
Inc.*
137,605
38,206
Dynex
Capital,
Inc.
REIT
500,117
11,425
Eagle
Bancorp
Montana,
Inc.
253,521
26,765
Eastern
Bankshares,
Inc.
528,073
10,069
ECB
Bancorp,
Inc.*
183,860
44,489
eHealth,
Inc.*
68,958
32,993
Ellington
Financial,
Inc.
REIT
447,715
4,861
Employers
Holdings,
Inc.
211,453
11,589
Enact
Holdings,
Inc.
484,304
3,798
Encore
Capital
Group,
Inc.*
303,574
18,320
Enova
International,
Inc.*
2,958,863
8,434
Enterprise
Financial
Services
Corp.
511,185
8,916
Esquire
Financial
Holdings,
Inc.
979,779
26,119
Essent
Group
Ltd.
1,512,029
25,799
EVERTEC,
Inc.
(Puerto
Rico)
631,302
15,054
Farmers
National
Banc
Corp.
213,466
5,955
FB
Financial
Corp.
313,769
5,267
Federal
Agricultural
Mortgage
Corp.,
Class
C
936,420
2,890
Fidelity
D&D
Bancorp,
Inc.
134,992
18,847
Financial
Institutions,
Inc.
682,827
11,146
Finwise
Bancorp*
160,279
12,544
First
Bancorp
737,963
9,933
First
Bancorp,
Inc.
(The)
289,150
63,398
First
BanCorp.
(Puerto
Rico)
1,520,284
9,047
First
Busey
Corp.
247,616
10,938
First
Business
Financial
Services,
Inc.
629,154
15,186
First
Commonwealth
Financial
Corp.
287,623
7,920
First
Community
Corp/SC
238,075
21,372
First
Financial
Bancorp
657,403
25,743
First
Financial
Bankshares,
Inc.
841,281
9,970
First
Financial
Corp.
689,725
10,677
First
Internet
Bancorp
257,956
18,665
First
Interstate
BancSystem,
Inc.,
Class
A
664,474
19,204
First
Merchants
Corp.
773,921
8,016
First
Mid
Bancshares,
Inc.
353,105
10,421
First
National
Corp.
289,652
7,676
First
United
Corp.
303,509
9,164
FirstCash
Holdings,
Inc.
2,015,255
2,405
Flushing
Financial
Corp.
38,408
20,482
Franklin
BSP
Realty
Trust,
Inc.
REIT
177,579
6,137
Franklin
Financial
Services
Corp.
356,744
6,079
FS
Bancorp,
Inc.
247,476
45,186
Fulton
Financial
Corp.
980,084
8,114
GBank
Financial
Holdings,
Inc.*
241,716
87,560
Genworth
Financial,
Inc.,
Class
A*
749,514
4,504
German
American
Bancorp,
Inc.
196,915
15,316
Glacier
Bancorp,
Inc.
728,276
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
4,411
Great
Southern
Bancorp,
Inc.
$
316,489
8,203
Greene
County
Bancorp,
Inc.
215,247
6,040
HA
Sustainable
Infrastructure
Capital,
Inc.
REIT
247,640
37,568
Hamilton
Insurance
Group
Ltd.,
Class
B
(Bermuda)
1,112,388
25,531
Hancock
Whitney
Corp.
1,739,172
20,197
Hanmi
Financial
Corp.
608,334
7,305
Hanover
Bancorp,
Inc.
169,914
6,159
Hawthorn
Bancshares,
Inc.
225,974
9,023
HCI
Group,
Inc.
1,390,174
11,033
Heritage
Financial
Corp.
300,649
34,369
Heritage
Insurance
Holdings,
Inc.*
745,120
10,044
Hilltop
Holdings,
Inc.
378,860
850
Hingham
Institution
For
Savings
(The)
245,981
10,701
Hippo
Holdings,
Inc.*
276,835
6,855
Home
Bancorp,
Inc.
441,325
37,554
Home
BancShares,
Inc.
1,004,945
6,730
HomeTrust
Bancshares,
Inc.
312,743
30,713
Hope
Bancorp,
Inc.
385,141
12,677
Horace
Mann
Educators
Corp.
579,719
15,309
Horizon
Bancorp,
Inc.
283,982
19,765
Independent
Bank
Corp.
678,335
10,062
Independent
Bank
Corp.
795,703
17,041
International
Bancshares
Corp.
1,229,679
38,199
International
Money
Express,
Inc.*
571,839
24,772
Invesco
Mortgage
Capital,
Inc.
REIT
194,956
1,208
Investors
Title
Co.
283,578
21,179
Jackson
Financial,
Inc.,
Class
A
2,183,767
32,691
James
River
Group
Holdings,
Inc.
(a)
127,822
29,957
Kearny
Financial
Corp.
246,846
14,402
Kingstone
Cos.,
Inc.
214,158
5,976
Lakeland
Financial
Corp.
362,325
6,737
Landmark
Bancorp,
Inc.
191,466
3,739
Lemonade,
Inc.*
216,862
30,059
LendingClub
Corp.*
536,553
9,833
LendingTree,
Inc.*
375,621
9,006
Live
Oak
Bancshares,
Inc.
342,498
67,238
Lument
Finance
Trust,
Inc.
REIT
70,600
27,264
Marex
Group
PLC
(United
Kingdom)
1,443,356
50,773
Marqeta,
Inc.,
Class
A*
206,138
49,458
MBIA,
Inc.*
290,318
20,671
Medallion
Financial
Corp.
201,129
9,288
Mercantile
Bank
Corp.
492,171
17,927
Merchants
Bancorp
845,079
19,439
Mercury
General
Corp.
1,905,605
14,012
Meridian
Corp.
251,936
8,015
Metropolitan
Bank
Holding
Corp.
717,503
23,549
MFA
Financial,
Inc.
REIT
226,070
5,823
Mid
Penn
Bancorp,
Inc.
190,121
8,921
Midland
States
Bancorp,
Inc.
248,004
28,329
Moelis
&
Co.,
Class
A
1,906,258
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
5,849
National
Bank
Holdings
Corp.,
Class
A
$
244,664
9,064
National
Bankshares,
Inc.
318,962
7,855
NBT
Bancorp,
Inc.
363,215
12,490
NCR
Atleos
Corp.*
557,054
1,582
Nelnet,
Inc.,
Class
A
206,562
30,241
NewtekOne,
Inc.
419,745
9,347
Nexpoint
Real
Estate
Finance,
Inc.
REIT
145,907
7,250
Nicolet
Bankshares,
Inc.
1,016,957
24,615
NMI
Holdings,
Inc.*
883,678
9,330
Northeast
Bank
1,173,154
9,619
Northeast
Community
Bancorp,
Inc.
233,165
21,164
Northrim
BanCorp,
Inc.
522,962
28,810
Northwest
Bancshares,
Inc.
407,661
7,124
Norwood
Financial
Corp.
215,359
10,637
Oak
Valley
Bancorp
(a)
350,064
21,076
OceanFirst
Financial
Corp.
396,018
18,769
OFG
Bancorp
(Puerto
Rico)
855,116
5,880
Ohio
Valley
Banc
Corp.
282,534
68,875
Old
National
Bancorp
1,653,689
13,746
Old
Second
Bancorp,
Inc.
293,065
18,198
OP
Bancorp
255,864
46,506
Oportun
Financial
Corp.*
252,062
8,890
OppFi,
Inc.*
(a)
75,476
5,905
Origin
Bancorp,
Inc.
281,432
72,974
Pagseguro
Digital
Ltd.,
Class
A
(Brazil)
682,307
8,275
Palomar
Holdings,
Inc.*
885,756
2,828
Park
National
Corp.
485,172
13,001
Parke
Bancorp,
Inc.
399,521
18,978
Pathward
Financial,
Inc.
1,560,751
24,207
Patria
Investments
Ltd.,
Class
A
(Cayman
Islands)
280,559
45,717
Payoneer
Global,
Inc.*
237,728
16,197
PCB
Bancorp
397,960
13,150
Peapack-Gladstone
Financial
Corp.
568,737
8,983
Pelagos
Insurance
Capital
Ltd
(United
Kingdom)
193,853
5,040
PennyMac
Financial
Services,
Inc.
422,705
15,428
PennyMac
Mortgage
Investment
Trust
REIT
161,377
3,638
Peoples
Bancorp
of
North
Carolina,
Inc.
153,160
9,326
Peoples
Bancorp,
Inc.
324,358
6,513
Peoples
Financial
Services
Corp.
386,937
18,732
Piper
Sandler
Cos.
1,468,776
12,741
PJT
Partners,
Inc.,
Class
A
1,948,099
3,120
Plumas
Bancorp
164,206
9,951
PRA
Group,
Inc.*
151,852
8,528
Preferred
Bank
817,153
6,929
ProAssurance
Corp.*
166,227
38,071
PROG
Holdings,
Inc.
1,399,871
38,484
Provident
Financial
Services,
Inc.
853,960
5,229
QCR
Holdings,
Inc.
481,852
41,273
Radian
Group,
Inc.
1,409,473
13,565
Regional
Management
Corp.
498,649
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
17,256
Renasant
Corp.
$
702,664
6,671
Republic
Bancorp,
Inc.,
Class
A
540,017
4,715
Ridgepost
Capital,
Inc.,
Class
A
(a)
39,040
31,572
Riverview
Bancorp,
Inc.
177,119
18,012
Root,
Inc.,
Class
A*
937,705
7,425
S&T
Bancorp,
Inc.
334,793
3,103
Safety
Insurance
Group,
Inc.
217,737
8,831
SB
Financial
Group,
Inc.
190,750
14,021
Seacoast
Banking
Corp.
of
Florida
424,976
22,307
Security
National
Financial
Corp.,
Class
A*
216,378
11,833
Selective
Insurance
Group,
Inc.
1,024,028
70,608
Selectquote,
Inc.*
70,608
14,458
ServisFirst
Bancshares,
Inc.
1,127,579
21,731
Sezzle,
Inc.*
2,567,518
11,927
Sierra
Bancorp
452,987
18,606
Simmons
First
National
Corp.,
Class
A
399,099
47,740
SiriusPoint
Ltd.*
1,019,249
13,206
Skyward
Specialty
Insurance
Group,
Inc.*
582,649
9,334
Southern
First
Bancshares,
Inc.*
539,225
5,598
Southern
Missouri
Bancorp,
Inc.
386,598
2,321
Southside
Bancshares,
Inc.
76,036
12,137
SR
Bancorp,
Inc.
228,054
12,117
Stellar
Bancorp,
Inc.
452,449
28,895
StepStone
Group,
Inc.,
Class
A
1,424,812
5,357
Stewart
Information
Services
Corp.
348,098
8,142
Stock
Yards
Bancorp,
Inc.
584,107
67,871
StoneCo
Ltd.,
Class
A
(Brazil)
777,123
29,963
StoneX
Group,
Inc.*
3,396,306
11,157
Texas
Capital
Bancshares,
Inc.*
1,110,010
3,183
Timberland
Bancorp,
Inc.
129,166
4,932
Tiptree,
Inc.
89,960
5,040
Tompkins
Financial
Corp.
434,196
13,231
Towne
Bank
450,780
22,483
TPG
RE
Finance
Trust,
Inc.
REIT
188,857
7,179
TriCo
Bancshares
364,693
11,418
TrustCo
Bank
Corp.
591,567
18,039
Trustmark
Corp.
796,602
16,582
UMB
Financial
Corp.
2,176,553
24,805
United
Bankshares,
Inc.
1,076,785
22,086
United
Community
Banks,
Inc.
727,734
8,717
United
Fire
Group,
Inc.
386,425
10,151
Unity
Bancorp,
Inc.
567,035
37,304
Universal
Insurance
Holdings,
Inc.
1,380,994
16,464
Univest
Financial
Corp.
649,340
138,903
Valley
National
Bancorp
1,912,694
11,571
Victory
Capital
Holdings,
Inc.,
Class
A
978,328
7,475
Virginia
National
Bankshares
Corp.
324,340
3,718
Virtus
Investment
Partners,
Inc.
531,786
13,165
WaFd,
Inc.
468,147
4,557
Walker &
Dunlop,
Inc.
228,716
8,087
Washington
Trust
Bancorp,
Inc.
263,394
Shares
Description
Value
Common
Stocks
–
(continued)
Financials
–
(continued)
22,628
Waterstone
Financial,
Inc.
$
418,844
32,467
Webull
Corp.
(Cayman
Islands)*
207,789
17,953
WesBanco,
Inc.
622,071
19,692
West
BanCorp,
Inc.
471,426
9,025
Westamerica
BanCorp
500,797
28,401
Western
New
England
Bancorp,
Inc.
376,881
92,393
WisdomTree,
Inc.
1,760,087
3,131
World
Acceptance
Corp.*
516,897
10,950
WSFS
Financial
Corp.
782,377
165,793,287
Health
Care
–
16.3%
80,266
10X
Genomics,
Inc.,
Class
A*
2,271,929
89,945
ACADIA
Pharmaceuticals,
Inc.*
1,948,209
91,432
Accendra
Health,
Inc.*
259,667
5,149
Acme
United
Corp.
217,288
54,680
AdaptHealth
Corp.*
553,908
59,120
Adaptive
Biotechnologies
Corp.*
895,668
5,605
Addus
HomeCare
Corp.*
513,866
81,574
ADMA
Biologics,
Inc.*
650,961
5,903
Agios
Pharmaceuticals,
Inc.*
173,548
326,417
Akebia
Therapeutics,
Inc.*
332,945
74,423
Aldeyra
Therapeutics,
Inc.*
130,240
30,988
Alignment
Healthcare,
Inc.*
474,736
91,620
Alkermes
PLC*
3,865,448
100,634
Alphatec
Holdings,
Inc.*
779,914
11,873
Alumis,
Inc.*
256,457
33,209
AMN
Healthcare
Services,
Inc.*
962,065
135,550
Amneal
Pharmaceuticals,
Inc.*
1,785,193
49,047
Amphastar
Pharmaceuticals,
Inc.*
924,536
43,655
Amylyx
Pharmaceuticals,
Inc.*
626,449
7,749
AnaptysBio,
Inc.*
431,387
57,598
AngioDynamics,
Inc.*
661,225
13,925
ANI
Pharmaceuticals,
Inc.*
1,093,252
13,535
Anika
Therapeutics,
Inc.*
196,664
4,882
Apogee
Therapeutics,
Inc.*
401,007
64,366
Arbutus
Biopharma
Corp.*
293,509
12,950
Arcturus
Therapeutics
Holdings,
Inc.*
(a)
102,564
16,180
Arcus
Biosciences,
Inc.*
410,001
74,441
Arcutis
Biotherapeutics,
Inc.*
1,597,504
17,992
Arrowhead
Pharmaceuticals,
Inc.*
1,401,757
14,525
Artivion,
Inc.*
322,310
14,334
Arvinas,
Inc.*
128,719
14,405
Astrana
Health,
Inc.*
541,916
46,322
AtriCure,
Inc.*
1,281,730
44,616
Aurinia
Pharmaceuticals,
Inc.
(Canada)*
683,963
80,654
Avadel
Pharmaceuticals
PLC*
(b)
51,619
62,453
Avanos
Medical,
Inc.*
1,548,834
37,696
Aveanna
Healthcare
Holdings,
Inc.*
270,280
18,465
Avita
Medical,
Inc.*
(a)
79,953
16,434
Axogen,
Inc.*
648,814
14,725
Axsome
Therapeutics,
Inc.*
3,452,718
42,115
Azenta,
Inc.*
963,591
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
7,730
Benitec
Biopharma,
Inc.
(Australia)*
$
89,359
10,835
BioAge
Labs,
Inc.*
187,337
213,133
BioCryst
Pharmaceuticals,
Inc.*
1,899,015
31,236
BioLife
Solutions,
Inc.*
778,401
28,343
Bridgebio
Pharma,
Inc.*
1,878,007
2,740
Bright
Minds
Biosciences,
Inc.
(Canada)*
241,312
28,945
BrightSpring
Health
Services,
Inc.*
1,785,328
61,694
Brookdale
Senior
Living,
Inc.*
794,002
10,262
Capricor
Therapeutics,
Inc.*
307,450
73,893
CareDx,
Inc.*
1,686,238
30,376
Castle
Biosciences,
Inc.*
640,326
92,261
Catalyst
Pharmaceuticals,
Inc.*
2,881,311
6,187
Celcuity,
Inc.*
822,129
6,539
Celldex
Therapeutics,
Inc.*
205,521
263,199
Cerus
Corp.*
800,125
7,511
CG
oncology,
Inc.*
467,860
18,263
ClearPoint
Neuro,
Inc.*
(a)
231,392
17,403
Cogent
Biosciences,
Inc.*
608,409
36,154
Collegium
Pharmaceutical,
Inc.*
1,215,136
132,595
Community
Health
Systems,
Inc.*
360,658
46,574
Compass
Therapeutics,
Inc.*
110,846
23,307
Concentra
Group
Holdings
Parent,
Inc.
579,645
21,723
CONMED
Corp.
775,511
96,006
CorMedix,
Inc.*
(a)
810,291
8,563
CorVel
Corp.*
528,765
29,277
Corvus
Pharmaceuticals,
Inc.*
363,328
5,689
Crinetics
Pharmaceuticals,
Inc.*
202,244
7,288
CRISPR
Therapeutics
AG
(Switzerland)*
409,440
38,591
Cross
Country
Healthcare,
Inc.*
505,156
41,651
CryoPort,
Inc.*
653,504
5,216
Cullinan
Therapeutics,
Inc.*
85,751
128,422
Cytek
Biosciences,
Inc.*
538,088
5,851
Cytokinetics,
Inc.*
449,123
46,044
Definitive
Healthcare
Corp.*
42,858
31,411
Definium
Therapeutics,
Inc.*
759,832
35,321
Delcath
Systems,
Inc.*
(a)
380,760
10,205
Denali
Therapeutics,
Inc.*
214,713
5,283
Dianthus
Therapeutics,
Inc.*
491,372
131,735
DocGo,
Inc.*
86,682
9,466
Electromed,
Inc.*
357,058
76,401
Embecta
Corp.
258,235
67,946
Emergent
BioSolutions,
Inc.*
619,668
35,771
Enovis
Corp.*
811,286
14,022
Ensign
Group,
Inc.
(The)
2,350,788
33,055
Entrada
Therapeutics,
Inc.*
233,699
27,794
Erasca,
Inc.*
356,875
213,578
Esperion
Therapeutics,
Inc.*
668,499
27,208
Eton
Pharmaceuticals,
Inc.*
828,484
72,875
Evolus,
Inc.*
478,060
25,575
EyePoint,
Inc.*
347,308
7,749
First
Tracks
Biotherapeutics,
Inc.*
123,674
69,738
Fortrea
Holdings,
Inc.*
1,073,268
53,140
Fulcrum
Therapeutics,
Inc.*
367,729
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
7,679
Fulgent
Genetics,
Inc.*
$
139,297
12,363
GeneDx
Holdings
Corp.*
642,752
10,619
Glaukos
Corp.*
1,097,474
11,051
GRAIL,
Inc.*
792,136
23,993
Guardant
Health,
Inc.*
3,111,652
27,330
Guardian
Pharmacy
Services,
Inc.,
Class
A*
1,058,764
5,317
Haemonetics
Corp.*
360,546
43,435
Harmony
Biosciences
Holdings,
Inc.*
1,372,112
28,159
Harrow,
Inc.*
991,478
82,942
Health
Catalyst,
Inc.*
(a)
114,460
14,915
HealthEquity,
Inc.*
1,312,371
22,298
HealthStream,
Inc.
556,781
52,525
Hims
&
Hers
Health,
Inc.*
1,373,529
5,380
ICU
Medical,
Inc.*
728,398
17,521
Ideaya
Biosciences,
Inc.*
516,344
20,738
ImmunityBio,
Inc.*
(a)
155,950
18,348
Immunome,
Inc.*
400,537
40,903
Indivior
Pharmaceuticals,
Inc.*
1,473,326
6,357
Inhibrx
Biosciences,
Inc.*
661,192
65,873
Innoviva,
Inc.*
1,411,000
8,295
Integer
Holdings
Corp.*
741,407
52,139
Integra
LifeSciences
Holdings
Corp.*
836,310
12,727
Intellia
Therapeutics,
Inc.*
179,069
11,622
iRadimed
Corp.
1,053,651
8,928
iRhythm
Holdings,
Inc.*
1,016,899
73,969
Ironwood
Pharmaceuticals,
Inc.*
264,069
21,091
Joint
Corp.
(The)*
187,710
38,819
Keros
Therapeutics,
Inc.*
436,714
17,304
Kodiak
Sciences,
Inc.*
635,230
65,630
KORU
Medical
Systems,
Inc.*
266,458
4,624
Krystal
Biotech,
Inc.*
1,428,955
75,402
Kura
Oncology,
Inc.*
769,100
5,327
Kymera
Therapeutics,
Inc.*
433,724
14,929
Lantheus
Holdings,
Inc.*
1,482,450
5,050
LeMaitre
Vascular,
Inc.
477,982
14,533
LENSAR,
Inc.*
(a)
84,291
56,925
LifeMD,
Inc.*
243,639
35,201
LifeStance
Health
Group,
Inc.*
271,400
7,952
Ligand
Pharmaceuticals,
Inc.*
1,844,546
18,939
Liquidia
Corp.*
1,171,567
12,890
LivaNova
PLC*
951,282
2,022
Madrigal
Pharmaceuticals,
Inc.*
1,005,480
61,465
MannKind
Corp.*
231,723
5,055
Maze
Therapeutics,
Inc.*
133,755
7,648
MBX
Biosciences,
Inc.*
240,683
11,832
Merit
Medical
Systems,
Inc.*
746,126
6,958
Mesa
Laboratories,
Inc.
709,855
171,785
MiMedx
Group,
Inc.*
632,169
18,177
Mirum
Pharmaceuticals,
Inc.*
1,844,965
3,112
Monopar
Therapeutics,
Inc.*
(a)
202,404
130,295
Myriad
Genetics,
Inc.*
517,271
7,255
National
HealthCare
Corp.
1,337,967
12,112
NeuroPace,
Inc.*
200,332
15,765
Novocure
Ltd.*
268,636
15,935
NRC
Health
311,211
11,173
Nurix
Therapeutics,
Inc.*
198,432
4,860
Nutex
Health,
Inc.*
(a)
627,475
GOLDMAN
SACHS
ACTIVEBETA
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U.S.
SMALL
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Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
3,959
Nuvalent,
Inc.,
Class
A*
$
437,034
64,408
Nuvation
Bio,
Inc.*
307,870
16,085
Nuvectis
Pharma,
Inc.*
(a)
156,829
18,801
Olema
Pharmaceuticals,
Inc.*
247,985
120,925
OmniAb,
Inc.*
326,497
1,368
OmniAb,
Inc.
12.5
Earnout*
(b)
—
1,368
OmniAb,
Inc.
15.00
Earnout*
(b)
—
16,996
Omnicell,
Inc.*
750,203
91,001
Oncology
Institute,
Inc.
(The)*
426,795
327,900
OPKO
Health,
Inc.*
478,734
35,023
Option
Care
Health,
Inc.*
730,930
113,825
OraSure
Technologies,
Inc.*
489,448
86,415
Organogenesis
Holdings,
Inc.*
222,087
53,295
Orthofix
Medical,
Inc.*
494,045
24,488
OrthoPediatrics
Corp.*
420,459
6,385
Oruka
Therapeutics,
Inc.*
373,714
46,867
Pacira
BioSciences,
Inc.*
1,088,252
5,389
PACS
Group,
Inc.*
197,507
4,017
Palvella
Therapeutics,
Inc.*
475,854
41,037
Pediatrix
Medical
Group,
Inc.*
883,937
15,069
Pennant
Group,
Inc.
(The)*
516,113
26,556
Personalis,
Inc.*
302,738
49,552
Phathom
Pharmaceuticals,
Inc.*
475,204
28,763
Phibro
Animal
Health
Corp.,
Class
A
885,613
83,940
Phreesia,
Inc.*
827,648
2,420
Praxis
Precision
Medicines,
Inc.*
846,927
65,610
Precigen,
Inc.*
284,747
21,588
Prestige
Consumer
Healthcare,
Inc.*
1,026,078
18,451
Privia
Health
Group,
Inc.*
396,881
10,820
Procept
Biorobotics
Corp.*
284,891
24,106
Progyny,
Inc.*
616,149
8,339
Protagonist
Therapeutics,
Inc.*
830,231
39,411
PTC
Therapeutics,
Inc.*
2,910,502
55,680
Puma
Biotechnology,
Inc.*
399,226
12,835
QuidelOrtho
Corp.*
167,112
7,936
RadNet,
Inc.*
440,686
35,750
Relay
Therapeutics,
Inc.*
502,287
117,274
Rezolute,
Inc.*
387,004
7,134
Rhythm
Pharmaceuticals,
Inc.*
630,075
23,773
Rigel
Pharmaceuticals,
Inc.*
724,839
2,135
Sanara
Medtech,
Inc.*
48,657
9,750
SANUWAVE
Health,
Inc.*
160,582
33,621
Savara,
Inc.*
174,829
20,087
Schrodinger,
Inc.*
305,322
39,163
Select
Medical
Holdings
Corp.
646,189
51,293
SELLAS
Life
Sciences
Group,
Inc.*
(a)
477,538
54,019
SI-BONE,
Inc.*
761,668
54,001
SIGA
Technologies,
Inc.
252,725
5,028
Sionna
Therapeutics,
Inc.*
215,299
12,695
Spyre
Therapeutics,
Inc.*
933,082
22,102
Stoke
Therapeutics,
Inc.*
683,173
42,019
Supernus
Pharmaceuticals,
Inc.*
1,940,437
27,019
Surgery
Partners,
Inc.*
360,974
8,464
Syndax
Pharmaceuticals,
Inc.*
165,810
31,821
Tactile
Systems
Technology,
Inc.*
783,115
202,997
Talkspace,
Inc.*
1,055,584
Shares
Description
Value
Common
Stocks
–
(continued)
Health
Care
–
(continued)
54,329
Tandem
Diabetes
Care,
Inc.*
$
934,459
32,613
Tango
Therapeutics,
Inc.*
716,834
19,431
Tarsus
Pharmaceuticals,
Inc.*
1,154,201
64,980
Taysha
Gene
Therapies,
Inc.*
381,433
261,035
Teladoc
Health,
Inc.*
1,986,476
50,951
TG
Therapeutics,
Inc.*
1,933,081
53,131
Theravance
Biopharma,
Inc.*
853,284
4,695
TransMedics
Group,
Inc.*
315,504
54,435
Travere
Therapeutics,
Inc.*
2,568,243
18,627
Trevi
Therapeutics,
Inc.*
263,386
14,484
TruBridge,
Inc.*
376,005
7,422
Twist
Bioscience
Corp.*
496,309
7,291
Tyra
Biosciences,
Inc.*
243,592
905
UFP
Technologies,
Inc.*
199,190
21,882
UroGen
Pharma
Ltd.*
615,541
5,421
US
Physical
Therapy,
Inc.
348,353
42,387
Vanda
Pharmaceuticals,
Inc.*
273,396
55,202
Varex
Imaging
Corp.*
564,716
6,131
Vaxcyte,
Inc.*
315,133
25,026
Veracyte,
Inc.*
1,159,705
29,304
Verastem,
Inc.*
(a)
126,886
23,390
Vericel
Corp.*
779,589
52,165
Viemed
Healthcare,
Inc.*
513,304
15,272
Viridian
Therapeutics,
Inc.*
269,093
61,864
Voyager
Therapeutics,
Inc.*
239,414
10,681
Waystar
Holding
Corp.*
212,659
9,276
Xenon
Pharmaceuticals,
Inc.
(Canada)*
507,675
61,391
Xeris
Biopharma
Holdings,
Inc.*
378,169
15,596
Zenas
Biopharma,
Inc.*
286,966
10,887
Zymeworks,
Inc.*
273,590
161,397,537
Industrials
–
19.4%
8,224
AAR
Corp.*
926,187
16,173
ABM
Industries,
Inc.
631,717
123,361
ACCO
Brands
Corp.
488,510
34,622
ACV
Auctions,
Inc.,
Class
A*
227,467
15,066
Aebi
Schmidt
Holding
AG
(Switzerland)
188,024
3,755
AeroVironment,
Inc.*
778,186
3,596
Alamo
Group,
Inc.
541,953
7,318
Albany
International
Corp.,
Class
A
473,401
215,684
Alight,
Inc.,
Class
A
203,239
5,196
Allegiant
Travel
Co.*
476,006
8,443
Alliance
Laundry
Holdings,
Inc.*
213,186
18,025
Allient,
Inc.
1,426,859
8,710
American
Superconductor
Corp.*
443,687
52,871
Amprius
Technologies,
Inc.*
1,072,224
18,668
Apogee
Enterprises,
Inc.
717,038
5,395
ArcBest
Corp.
737,443
31,977
Archer
Aviation,
Inc.,
Class
A*
217,763
11,569
Arcosa,
Inc.
1,466,371
4,136
Argan,
Inc.
2,758,795
60,217
Array
Technologies,
Inc.*
546,770
17,981
Astec
Industries,
Inc.
905,523
17,194
Astronics
Corp.*
1,495,878
11,452
Atkore,
Inc.
948,340
GOLDMAN
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ACTIVEBETA
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U.S.
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CAP
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ETF
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of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
34,714
Atmus
Filtration
Technologies,
Inc.
$
1,623,921
12,066
AZZ,
Inc.
1,635,064
11,879
Barrett
Business
Services,
Inc.
386,543
12,051
BlackSky
Technology,
Inc.*
584,112
34,387
Bloom
Energy
Corp.,
Class
A*
9,800,295
26,568
Blue
Bird
Corp.*
1,800,513
11,224
BlueLinx
Holdings,
Inc.*
583,536
12,453
Boise
Cascade
Co.
868,223
19,272
Bowman
Consulting
Group
Ltd.*
607,646
46,255
BrightView
Holdings,
Inc.*
571,712
9,804
Brink’s
Co.
(The)
1,019,812
9,010
Brookfield
Business
Corp.,
Class
A
(Canada)
(a)
295,798
18,871
Byrna
Technologies,
Inc.*
(a)
117,755
4,766
Casella
Waste
Systems,
Inc.,
Class
A*
391,622
12,012
CBIZ,
Inc.*
398,798
10,489
CECO
Environmental
Corp.*
784,053
7,261
Centuri
Holdings,
Inc.*
223,203
8,446
Chart
Industries,
Inc.*
1,755,248
24,132
Cimpress
PLC
(Ireland)*
2,378,450
41,526
Columbus
McKinnon
Corp.
662,755
141,953
Conduent,
Inc.*
245,579
7,789
Construction
Partners,
Inc.,
Class
A*
907,185
22,526
CoreCivic,
Inc.*
474,848
46,208
Costamare,
Inc.
(Monaco)
710,679
14,966
Covenant
Logistics
Group,
Inc.
594,150
1,563
CRA
International,
Inc.
216,866
3,551
CSW
Industrials,
Inc.
983,520
57,163
Deluxe
Corp.
1,388,489
12,856
Distribution
Solutions
Group,
Inc.*
(a)
347,112
100,690
DNOW,
Inc.*
1,287,825
18,057
Douglas
Dynamics,
Inc.
804,439
7,351
Ducommun,
Inc.*
1,118,969
13,345
DXP
Enterprises,
Inc.*
1,935,826
6,518
Dycom
Industries,
Inc.*
3,324,180
50,568
Energy
Recovery,
Inc.*
413,141
26,060
Enerpac
Tool
Group
Corp.
872,749
12,292
EnerSys
2,802,207
12,543
Ennis,
Inc.
256,630
5,209
Enpro,
Inc.
1,599,111
28,648
Enviri
Corp.*
594,446
67,772
Eos
Energy
Enterprises,
Inc.*
(a)
571,318
6,366
ESCO
Technologies,
Inc.
1,858,235
3,438
EVI
Industries,
Inc.
60,027
4,979
Exponent,
Inc.
290,375
12,918
Federal
Signal
Corp.
1,378,351
17,291
First
Advantage
Corp.*
276,656
19,610
Fluence
Energy,
Inc.*
370,237
33,025
Fluor
Corp.*
1,511,224
17,080
Forrester
Research,
Inc.*
120,414
9,524
Franklin
Covey
Co.*
225,909
14,028
Franklin
Electric
Co.,
Inc.
1,380,075
5,007
GATX
Corp.
846,584
17,683
Genco
Shipping
&
Trading
Ltd.
425,453
12,684
Gencor
Industries,
Inc.*
178,971
13,865
GEO
Group,
Inc.
(The)*
314,320
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
15,986
Gibraltar
Industries,
Inc.*
$
617,859
20,069
Global
Industrial
Co.
610,098
12,967
Gorman-Rupp
Co.
(The)
971,877
11,628
Graham
Corp.*
1,164,428
15,311
Granite
Construction,
Inc.
2,095,157
13,592
Greenbrier
Cos.,
Inc.
(The)
640,319
24,837
Griffon
Corp.
2,185,159
16,259
Healthcare
Services
Group,
Inc.*
334,935
35,084
Heartland
Express,
Inc.
525,909
11,331
Helios
Technologies,
Inc.
941,493
51,151
Hillman
Solutions
Corp.*
381,586
2,686
HireQuest,
Inc.
35,321
42,143
HNI
Corp.
1,314,440
20,698
Hub
Group,
Inc.,
Class
A
859,795
46,296
Hudson
Technologies,
Inc.*
246,295
4,187
Huron
Consulting
Group,
Inc.*
449,642
16,786
Hyster-Yale,
Inc.
609,668
13,951
IBEX
Holdings
Ltd.*
441,410
3,383
ICF
International,
Inc.
232,886
8,156
IES
Holdings,
Inc.*
5,532,623
33,345
Innodata,
Inc.*
3,500,558
10,650
Insperity,
Inc.
367,105
11,371
Insteel
Industries,
Inc.
312,589
39,519
Interface,
Inc.
1,169,762
93,367
Janus
International
Group,
Inc.*
498,580
8,255
JBT
Marel
Corp.
1,109,389
59,604
Joby
Aviation,
Inc.*
709,288
3,115
Kadant,
Inc.
994,246
44,996
Kelly
Services,
Inc.,
Class
A
522,854
26,265
Kennametal,
Inc.
861,492
24,804
Kforce,
Inc.
1,165,540
12,413
Korn
Ferry
868,662
26,807
Kratos
Defense &
Security
Solutions,
Inc.*
1,719,133
610
L
B
Foster
Co.,
Class
A*
25,095
186,949
Legalzoom.com,
Inc.*
1,175,909
3,271
Legence
Corp.,
Class
A*
273,914
2,686
Limbach
Holdings,
Inc.*
208,031
2,943
Lindsay
Corp.
321,640
39,882
LSI
Industries,
Inc.
966,341
49,209
Manitowoc
Co.,
Inc.
(The)*
582,142
18,335
Marten
Transport
Ltd.
316,095
113,190
Masterbrand,
Inc.*
982,489
34,890
Matrix
Service
Co.*
458,106
7,000
Matson,
Inc.
1,269,100
7,893
Maximus,
Inc.
488,814
15,364
Mayville
Engineering
Co.,
Inc.*
412,523
4,169
McGrath
RentCorp
454,379
7,414
Mercury
Systems,
Inc.*
828,144
84,977
Microvast
Holdings,
Inc.*
131,714
15,086
Miller
Industries,
Inc.
722,770
47,012
Millerknoll,
Inc.
760,654
17,622
Mistras
Group,
Inc.*
309,795
11,862
Modine
Manufacturing
Co.*
3,308,430
5,400
Moog,
Inc.,
Class
A
1,943,838
34,220
Mueller
Water
Products,
Inc.,
Class
A
862,686
4,105
MYR
Group,
Inc.*
1,909,071
3,318
National
Presto
Industries,
Inc.
419,959
24,422
Nextpower,
Inc.,
Class
A*
3,819,601
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
42,085
NPK
International,
Inc.*
$
611,074
24,533
NuScale
Power
Corp.*
310,833
13,075
NWPX
Infrastructure,
Inc.*
1,542,327
3,918
Omega
Flex,
Inc.
118,441
14,918
Onterris,
Inc.*
238,837
30,535
OPENLANE,
Inc.*
1,163,383
35,642
Orion
Group
Holdings,
Inc.*
490,434
65,530
Pitney
Bowes,
Inc.
1,055,033
63,186
Planet
Labs
PBC*
3,231,332
4,965
Powell
Industries,
Inc.
1,412,145
12,550
Power
Solutions
International,
Inc.*
(a)
523,084
3,408
Preformed
Line
Products
Co.
1,260,347
18,644
Primoris
Services
Corp.
2,345,042
15,378
Proto
Labs,
Inc.*
1,165,037
43,413
Quanex
Building
Products
Corp.
807,916
52,861
Radiant
Logistics,
Inc.*
448,790
6,558
RCM
Technologies,
Inc.*
141,718
10,958
Red
Cat
Holdings,
Inc.*
(a)
158,891
40,276
Resideo
Technologies,
Inc.*
1,259,430
2,137
Resolute
Holdings
Management,
Inc.*
254,260
41,971
Resources
Connection,
Inc.
189,709
28,259
Rush
Enterprises,
Inc.,
Class
A
1,959,197
12,028
Rush
Enterprises,
Inc.,
Class
B
780,617
18,141
RXO,
Inc.*
464,047
63,519
Safe
Bulkers,
Inc.
(Monaco)
396,994
65,376
Satellogic,
Inc.,
Class
A*
621,726
68,457
Shoals
Technologies
Group,
Inc.,
Class
A*
852,290
12,757
SkyWest,
Inc.*
1,092,637
25,609
Spire
Global,
Inc.*
(a)
584,910
9,730
SPX
Technologies,
Inc.*
2,108,102
2,203
Standex
International
Corp.
610,253
7,587
Sterling
Infrastructure,
Inc.*
6,531,193
43,335
Sunrun,
Inc.*
724,561
5,617
Tecnoglass,
Inc.
242,037
16,130
Tennant
Co.
1,388,954
37,757
Terex
Corp.
2,196,702
19,943
Thermon
Group
Holdings,
Inc.*
1,219,315
28,160
TIC
Solutions,
Inc.*
230,067
56,598
Titan
International,
Inc.*
408,638
27,973
Titan
Machinery,
Inc.*
610,371
11,797
Trinity
Industries,
Inc.
382,695
39,548
TrueBlue,
Inc.*
245,593
27,897
Tutor
Perini
Corp.
1,994,357
15,937
UFP
Industries,
Inc.
1,290,897
764
UniFirst
Corp.
202,781
61,760
Upwork,
Inc.*
544,723
9,556
V2X,
Inc.*
794,390
51,291
Vestis
Corp.*
662,680
5,950
Vicor
Corp.*
1,992,298
10,401
Virco
Mfg.
Corp.
62,718
5,046
VSE
Corp.
934,267
43,219
Wabash
National
Corp.
342,727
10,018
Watts
Water
Technologies,
Inc.,
Class
A
3,095,362
7,282
Werner
Enterprises,
Inc.
302,276
14,076
Willdan
Group,
Inc.*
1,278,664
1,390
Willis
Lease
Finance
Corp.
246,044
Shares
Description
Value
Common
Stocks
–
(continued)
Industrials
–
(continued)
6,557
Worthington
Enterprises,
Inc.
$
372,241
9,587
Xometry,
Inc.,
Class
A*
913,545
33,173
Zurn
Elkay
Water
Solutions
Corp.
1,559,131
190,969,127
Information
Technology
–
16.3%
181,463
8x8,
Inc.*
375,628
37,476
A10
Networks,
Inc.
1,129,527
26,913
ACI
Worldwide,
Inc.*
1,175,291
11,899
ACM
Research,
Inc.,
Class
A*
1,029,977
37,499
Adeia,
Inc.
1,001,973
64,982
ADTRAN
Holdings,
Inc.*
1,075,452
7,980
Advanced
Energy
Industries,
Inc.
2,411,396
5,298
Aehr
Test
Systems*
489,164
11,502
Aeluma,
Inc.*
(a)
248,213
22,872
Aeva
Technologies,
Inc.*
644,533
3,866
Agilysys,
Inc.*
334,641
12,741
Alarm.com
Holdings,
Inc.*
574,747
11,531
Alkami
Technology,
Inc.*
209,518
15,746
Alpha
&
Omega
Semiconductor
Ltd.*
714,081
3,568
Ambarella,
Inc.*
257,538
23,389
Amplitude,
Inc.,
Class
A*
182,902
48,725
Appian
Corp.,
Class
A*
1,140,165
35,705
Applied
Digital
Corp.*
1,688,132
2,890
Applied
Optoelectronics,
Inc.*
457,805
97,212
Arlo
Technologies,
Inc.*
1,296,808
44,516
Arteris,
Inc.*
1,600,350
127,013
Asana,
Inc.,
Class
A*
978,000
13,903
Atomera,
Inc.*
(a)
138,752
37,610
AvePoint,
Inc.*
410,325
6,798
Axcelis
Technologies,
Inc.*
1,022,487
76,831
Backblaze,
Inc.,
Class
A*
636,161
6,927
Badger
Meter,
Inc.
858,255
2,228
Bel
Fuse,
Inc.,
Class
A
545,726
5,627
Bel
Fuse,
Inc.,
Class
B
1,544,724
9,475
Belden,
Inc.
995,633
19,356
Benchmark
Electronics,
Inc.
1,634,808
43,102
BigBear.ai
Holdings,
Inc.*
(a)
217,234
43,572
Bitdeer
Technologies
Group,
Class
A*
762,074
3,308
BK
Technologies
Corp.*
273,075
6,515
Blackbaud,
Inc.*
199,945
6,304
BlackLine,
Inc.*
185,338
286,873
Blend
Labs,
Inc.,
Class
A*
513,503
52,846
Box,
Inc.,
Class
A*
1,424,728
9,607
Braze,
Inc.,
Class
A*
246,227
32,185
C3.ai,
Inc.,
Class
A*
346,632
28,930
Calix,
Inc.*
1,149,968
59,378
Cerence,
Inc.*
763,601
9,126
CEVA,
Inc.*
364,858
50,818
Cipher
Digital
Inc*
1,201,846
57,057
Cleanspark,
Inc.*
1,043,573
13,698
Clear
Secure,
Inc.,
Class
A
759,554
16,446
Clearfield,
Inc.*
776,580
19,380
Clearwater
Analytics
Holdings,
Inc.,
Class
A*
471,709
15,704
Climb
Global
Solutions,
Inc.
339,992
16,156
Cohu,
Inc.*
852,229
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
84,044
Commerce.com,
Inc.,
Series
1*
$
263,058
14,700
Commvault
Systems,
Inc.*
1,745,625
25,445
Consensus
Cloud
Solutions,
Inc.*
874,036
31,666
Core
Scientific,
Inc.*
850,232
66,241
Corsair
Gaming,
Inc.*
804,166
30,999
Credo
Technology
Group
Holding
Ltd.*
7,316,694
13,950
CTS
Corp.
895,730
467
Daily
Journal
Corp.*
241,495
43,565
Daktronics,
Inc.*
900,924
17,273
Diebold
Nixdorf,
Inc.*
1,401,531
13,918
Digi
International,
Inc.*
929,722
83,852
Digital
Turbine,
Inc.*
736,221
11,992
DigitalOcean
Holdings,
Inc.*
1,870,152
13,948
Diodes,
Inc.*
1,469,003
41,870
Domo,
Inc.,
Class
B*
174,598
45,422
D-Wave
Quantum,
Inc.
(Canada)*
1,369,019
21,712
eGain
Corp.*
161,320
8,331
ePlus,
Inc.
683,892
19,915
Everforth,
Inc.*
451,672
32,819
Evolv
Technologies
Holdings,
Inc.*
211,683
92,686
Extreme
Networks,
Inc.*
2,457,106
6,674
Fabrinet
(Thailand)*
4,365,864
9,882
Fastly,
Inc.,
Class
A*
175,554
46,199
Five9,
Inc.*
1,124,946
5,121
FormFactor,
Inc.*
638,025
8,349
Frequency
Electronics,
Inc.*
633,522
30,847
Freshworks,
Inc.,
Class
A*
299,524
27,433
GPGI,
Inc.
333,585
67,812
Grid
Dynamics
Holdings,
Inc.*
488,246
34,824
Hackett
Group,
Inc.
(The)
401,521
79,717
Harmonic,
Inc.*
1,204,524
16,382
Hut
8
Corp.*
2,044,965
7,545
I3
Verticals,
Inc.,
Class
A*
153,616
15,675
Ichor
Holdings
Ltd.*
1,121,076
36,146
Immersion
Corp.
234,226
4,049
Impinj,
Inc.*
611,399
55,229
Information
Services
Group,
Inc.
249,083
8,967
Insight
Enterprises,
Inc.*
953,910
9,839
Intapp,
Inc.*
227,183
6,404
InterDigital,
Inc.
1,614,384
34,501
IonQ,
Inc.*
2,486,487
7,871
Itron,
Inc.*
649,200
28,764
Kimball
Electronics,
Inc.*
745,851
33,461
Knowles
Corp.*
1,251,776
100,319
Kopin
Corp.*
(a)
572,822
10,930
Kulicke
&
Soffa
Industries,
Inc.
(Singapore)
1,113,658
15,525
Life360,
Inc.*
(a)
659,657
29,659
LiveRamp
Holdings,
Inc.*
1,113,992
12,085
MaxLinear,
Inc.*
1,123,059
37,425
Mirion
Technologies,
Inc.*
684,129
38,096
Mitek
Systems,
Inc.*
654,489
53,799
N-able,
Inc.*
199,056
28,038
Napco
Security
Technologies,
Inc.
1,052,266
32,526
NCR
Voyix
Corp.*
233,862
13,115
NETGEAR,
Inc.*
340,859
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
28,568
NetScout
Systems,
Inc.*
$
1,189,000
12,429
NextNav,
Inc.*
256,286
14,298
nLight,
Inc.*
1,059,768
3,277
Novanta,
Inc.*
522,124
6,111
NVE
Corp.
598,511
49,497
OneSpan,
Inc.
714,737
36,934
Ooma,
Inc.*
651,885
3,875
OSI
Systems,
Inc.*
839,906
10,567
Ouster,
Inc.*
486,610
58,852
Pagaya
Technologies
Ltd.,
Class
A*
889,842
74,925
PagerDuty,
Inc.*
745,504
11,623
PAR
Technology
Corp.*
179,459
7,890
PC
Connection,
Inc.
549,065
15,915
PDF
Solutions,
Inc.*
777,129
41,068
Penguin
Solutions,
Inc.*
2,292,826
22,824
Photronics,
Inc.*
738,356
7,985
Plexus
Corp.*
2,142,855
53,998
Porch
Group,
Inc.*
562,659
6,623
Power
Integrations,
Inc.
556,332
13,145
Progress
Software
Corp.*
431,550
12,796
Q2
Holdings,
Inc.*
605,891
10,413
Qualys,
Inc.*
1,138,037
25,896
Rambus,
Inc.*
3,766,832
61,904
Rapid7,
Inc.*
518,756
12,683
Red
Violet,
Inc.*
720,902
80,399
Rezolve
AI
PLC*
(a)
239,589
118,668
Ribbon
Communications,
Inc.*
365,497
47,574
Rigetti
Computing,
Inc.*
1,215,040
25,532
Riot
Platforms,
Inc.*
692,173
7,865
Rogers
Corp.*
1,113,055
15,246
Sanmina
Corp.*
3,959,844
22,574
ScanSource,
Inc.*
1,044,499
21,415
Semtech
Corp.*
3,266,644
4,238
Silicon
Laboratories,
Inc.*
922,189
3,093
SiTime
Corp.*
2,196,649
6,111
SkyWater
Technology,
Inc.*
238,207
22,580
SoundHound
AI,
Inc.,
Class
A*
(a)
203,220
142,059
Sprinklr,
Inc.,
Class
A*
792,689
62,444
Sprout
Social,
Inc.,
Class
A*
467,081
11,195
SPS
Commerce,
Inc.*
635,316
9,257
Synaptics,
Inc.*
1,270,801
48,634
T1
Energy
Inc
(Norway)*
513,575
44,166
Tenable
Holdings,
Inc.*
1,246,806
91,522
Terawulf,
Inc.*
2,339,302
17,967
Thryv
Holdings,
Inc.*
69,712
29,941
TTM
Technologies,
Inc.*
5,201,351
20,954
Turtle
Beach
Corp.*
273,240
16,136
Ultra
Clean
Holdings,
Inc.*
1,380,758
82,106
Unisys
Corp.*
376,867
7,059
Varonis
Systems,
Inc.*
241,065
14,569
Veeco
Instruments,
Inc.*
839,757
1,051
Viant
Technology,
Inc.,
Class
A*
13,369
32,793
Viasat,
Inc.*
2,643,772
43,232
Viavi
Solutions,
Inc.*
2,099,346
12,829
Vishay
Precision
Group,
Inc.*
1,607,602
105,943
Vistance
Networks,
Inc.*
1,322,169
68,294
VTEX,
Class
A
(Brazil)*
257,468
7,420
Vuzix
Corp.*
(a)
34,132
78,771
Weave
Communications,
Inc.*
474,201
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
7,920
Workiva,
Inc.*
$
394,258
159,911
Xerox
Holdings
Corp.
518,112
58,338
Xperi,
Inc.*
463,787
143,126
Yext,
Inc.*
598,267
88,162
Zeta
Global
Holdings
Corp.,
Class
A*
2,018,028
160,743,832
Materials
–
3.7%
19,986
AdvanSix,
Inc.
448,486
1,399
Alpha
Metallurgical
Resources,
Inc.*
278,359
103,167
American
Battery
Technology
Co.*
372,433
24,507
Arq,
Inc.*
(a)
67,639
56,874
Aspen
Aerogels,
Inc.*
363,994
23,888
Avient
Corp.
846,113
3,708
Balchem
Corp.
581,155
12,974
Cabot
Corp.
1,135,355
19,833
Caledonia
Mining
Corp.
PLC
(South
Africa)
471,232
8,956
Century
Aluminum
Co.*
590,827
100,150
Coeur
Mining,
Inc.
1,934,898
30,226
Commercial
Metals
Co.
2,298,687
27,454
Compass
Minerals
International,
Inc.*
876,332
33,100
Constellium
SE*
1,134,006
10,877
Core
Molding
Technologies,
Inc.*
257,676
24,732
Critical
Metals
Corp.
(Austria)*
(a)
276,998
35,978
Dakota
Gold
Corp.*
207,233
59,461
Ecovyst,
Inc.*
784,291
7,719
Flotek
Industries,
Inc.*
153,994
8,100
Greif,
Inc.,
Class
A
512,973
3,703
Hawkins,
Inc.
573,113
11,124
HB
Fuller
Co.
712,826
66,860
Hecla
Mining
Co.
1,188,102
10,464
Idaho
Strategic
Resources,
Inc.*
409,247
8,848
Ingevity
Corp.*
600,071
6,953
Innospec,
Inc.
576,682
25,079
Ivanhoe
Electric,
Inc.*
337,563
5,144
Kaiser
Aluminum
Corp.
936,414
7,556
Knife
River
Corp.*
593,222
20,327
Koppers
Holdings,
Inc.
829,342
15,123
LSB
Industries,
Inc.*
189,642
5,786
Materion
Corp.
1,273,151
45,867
Mativ
Holdings,
Inc.
407,299
21,757
Metallus,
Inc.*
427,525
11,080
Minerals
Technologies,
Inc.
853,382
40,204
Myers
Industries,
Inc.
916,651
78,458
NioCorp
Developments
Ltd.*
452,703
51,790
Novagold
Resources,
Inc.
(Canada)*
443,840
45,856
O-I
Glass,
Inc.*
401,240
38,222
Perimeter
Solutions,
Inc.*
1,233,806
26,148
Perpetua
Resources
Corp.*
707,826
3,854
Quaker
Chemical
Corp.
553,165
15,727
Ramaco
Resources,
Inc.,
Class
A*
245,498
Shares
Description
Value
Common
Stocks
–
(continued)
Materials
–
(continued)
62,651
Rayonier
Advanced
Materials,
Inc.*
$
573,257
40,270
Ryerson
Holding
Corp.
1,151,722
6,173
Sensient
Technologies
Corp.
702,796
4,232
Smith-Midland
Corp.*
135,636
46,519
SSR
Mining,
Inc.
(Canada)*
1,452,323
9,535
Stepan
Co.
503,925
46,876
SunCoke
Energy,
Inc.
422,353
8,832
Sylvamo
Corp.
346,833
10,768
TriMas
Corp.
440,734
14,043
U.S.
Gold
Corp.*
226,654
103,485
United
States
Antimony
Corp.*
(a)
929,295
3,239
United
States
Lime
&
Minerals,
Inc.
369,214
8,735
USA
Rare
Earth,
Inc.*
244,667
3,987
Warrior
Met
Coal,
Inc.
376,931
5,371
Worthington
Steel,
Inc.
226,603
36,557,934
Real
Estate
–
3.7%
19,421
Acadia
Realty
Trust
REIT
427,650
833
Alexander's,
Inc.
REIT
205,010
16,551
American
Assets
Trust,
Inc.
REIT
385,638
31,257
American
Healthcare
REIT,
Inc.
REIT
1,528,155
50,485
Apple
Hospitality
REIT,
Inc.
REIT
741,625
131,497
Brandywine
Realty
Trust
REIT
407,641
33,993
Broadstone
Net
Lease,
Inc.
REIT
687,678
14,813
BRT
Apartments
Corp.
REIT
214,640
41,619
CareTrust
REIT,
Inc.
REIT
1,698,888
19,768
CBL
&
Associates
Properties,
Inc.
REIT
950,643
65,519
Chatham
Lodging
Trust
REIT
710,881
282,965
Compass,
Inc.,
Class
A*
2,328,802
19,011
COPT
Defense
Properties
REIT
609,493
8,969
CTO
Realty
Growth,
Inc.
REIT
184,313
7,669
Curbline
Properties
Corp.
REIT
223,398
51,261
Cushman
&
Wakefield
Ltd.*
637,687
66,170
DiamondRock
Hospitality
Co.
REIT
727,208
26,441
Diversified
Healthcare
Trust
REIT
219,989
102,849
Douglas
Elliman,
Inc.*
185,128
73,158
Douglas
Emmett,
Inc.
REIT
851,559
15,618
Easterly
Government
Properties,
Inc.
REIT
374,520
77,882
Empire
State
Realty
Trust,
Inc.,
Class
A
REIT
446,264
24,930
Essential
Properties
Realty
Trust,
Inc.
REIT
762,359
120,459
eXp
World
Holdings,
Inc.
592,658
12,077
Four
Corners
Property
Trust,
Inc.
REIT
300,717
95,395
Franklin
Street
Properties
Corp.
REIT
50,302
7,562
FRP
Holdings,
Inc.*
174,758
7,022
Getty
Realty
Corp.
REIT
228,426
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
Common
Stocks
–
(continued)
Real
Estate
–
(continued)
20,312
Gladstone
Commercial
Corp.
REIT
$
256,134
40,660
Global
Net
Lease,
Inc.
REIT
380,984
69,515
Hudson
Pacific
Properties,
Inc.
REIT*
832,790
32,467
Independence
Realty
Trust,
Inc.
REIT
526,939
42,740
Industrial
Logistics
Properties
Trust
REIT
383,378
10,030
InvenTrust
Properties
Corp.
REIT
332,294
21,726
JBG
SMITH
Properties
REIT
318,720
29,361
Kite
Realty
Group
Trust
REIT
805,079
9,948
LTC
Properties,
Inc.
REIT
372,155
7,147
LXP
Industrial
Trust
REIT
369,071
26,659
Macerich
Co.
(The)
REIT
600,361
7,769
Marcus
&
Millichap,
Inc.
219,397
10,717
Modiv
Industrial,
Inc.
REIT
194,621
8,632
National
Health
Investors,
Inc.
REIT
632,639
13,026
NET
Lease
Office
Properties
REIT
156,442
31,057
NETSTREIT
Corp.
REIT
629,215
32,088
Newmark
Group,
Inc.,
Class
A
448,269
28,955
Outfront
Media,
Inc.
REIT
933,509
63,446
Pebblebrook
Hotel
Trust
REIT
967,551
12,422
Phillips
Edison
&
Co.,
Inc.
REIT
498,743
86,151
Piedmont
Realty
Trust,
Inc.
REIT*
715,915
24,694
RE/MAX
Holdings,
Inc.,
Class
A*
235,581
194,226
Real
Brokerage,
Inc.
(The)
(Canada)*
(a)
349,607
74,811
RLJ
Lodging
Trust
REIT
727,911
12,586
RMR
Group,
Inc.
(The),
Class
A
251,091
9,071
Ryman
Hospitality
Properties,
Inc.
REIT
1,044,344
40,984
Sabra
Health
Care
REIT,
Inc.
REIT
815,172
215,965
Service
Properties
Trust
REIT
386,577
7,663
Sila
Realty
Trust,
Inc.
REIT
231,729
29,973
SITE
Centers
Corp.
REIT
151,364
7,809
SL
Green
Realty
Corp.
REIT
354,529
7,088
St
Joe
Co.
(The)
451,009
134,072
Summit
Hotel
Properties,
Inc.
REIT
773,595
67,037
Sunstone
Hotel
Investors,
Inc.
REIT
725,340
14,271
Tanger,
Inc.
REIT
514,755
6,720
Terreno
Realty
Corp.
REIT
441,437
12,136
UMH
Properties,
Inc.
REIT
182,283
14,177
Urban
Edge
Properties
REIT
318,132
47,340
Xenia
Hotels
&
Resorts,
Inc.
REIT
822,296
36,206,988
Utilities
–
2.2%
5,059
American
States
Water
Co.
390,909
21,646
Avista
Corp.
897,660
19,110
Black
Hills
Corp.
1,391,590
Shares
Description
Value
Common
Stocks
–
(continued)
Utilities
–
(continued)
34,041
Brookfield
Infrastructure
Corp.,
Class
A
(Canada)
(a)
$
1,413,723
7,001
California
Water
Service
Group
315,745
4,777
Chesapeake
Utilities
Corp.
589,100
16,565
Consolidated
Water
Co.
Ltd.
499,932
27,986
Genie
Energy
Ltd.,
Class
B
388,446
32,815
Hallador
Energy
Co.*
632,017
71,332
Hawaiian
Electric
Industries,
Inc.*
948,716
5,009
MGE
Energy,
Inc.
378,179
54,617
Montauk
Renewables,
Inc.*
95,034
16,907
New
Jersey
Resources
Corp.
934,112
14,021
Northwest
Natural
Holding
Co.
679,878
14,794
Northwestern
Energy
Group,
Inc.
1,044,604
18,361
Oklo,
Inc.*
(a)
1,227,984
15,649
ONE
Gas,
Inc.
1,216,553
12,687
Ormat
Technologies,
Inc.
1,741,037
7,078
Otter
Tail
Corp.
613,379
24,583
Portland
General
Electric
Co.
1,232,100
30,243
Pure
Cycle
Corp.*
313,015
3,158
RGC
Resources,
Inc.
72,792
15,702
Southwest
Gas
Holdings,
Inc.
1,353,669
16,367
Spire,
Inc.
1,346,349
22,468
TXNM
Energy,
Inc.
1,330,330
3,629
Unitil
Corp.
181,559
21,228,412
TOTAL
COMMON
STOCKS
(Cost
$729,746,309)
969,983,546
Units
Description
Expiration
Month
Value
A
Rights
–
0.0%
Health
Care
–
–%
4,104
Chinook
Therapeutics,
Inc.*
(b)
12/25
—
Materials
–
0.0%
15,501
Resolute
Forest
Products*
(b)
09/23
22,012
TOTAL
RIGHTS
(Cost
$0)
22,012
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.4%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
14,285,641
3.519%
14,285,641
(Cost
$14,285,641)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$744,031,950)
984,291,199
GOLDMAN
SACHS
ACTIVEBETA
®
U.S.
SMALL
CAP
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
1.2%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
12,090,600
3.532%
$
12,090,600
(Cost
$12,090,600)
TOTAL
INVESTMENTS
–
101.0%
(Cost
$756,122,550)
$
996,381,799
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(1.0)%
(10,193,883)
NET
ASSETS
–
100.0%
$
986,187,916
  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)
Significant
unobservable
inputs
were
used
in
the
valuation
of
this
portfolio
security;
i.e.
Level
3.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
Russell
2000
E-Mini
Index
100
06/18/26
$
14,621,500
$
1,011,450
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.4%
Australia
–
2.1%
93,187
ALS
Ltd.
(Industrials)
$
1,581,664
17,208
Ampol
Ltd.
(Energy)
415,512
11,945
Anglogold
Ashanti
PLC
(Materials)
1,156,754
27,147
ANZ
Group
Holdings
Ltd.
(Financials)
687,536
81,437
BHP
Group
Ltd.
(Materials)
3,650,989
25,009
Cochlear
Ltd.
(Health
Care)
1,808,395
114,334
Coles
Group
Ltd.
(Consumer
Staples)
1,786,760
24,136
Commonwealth
Bank
of
Australia
(Financials)
2,865,714
254,409
Endeavour
Group
Ltd.
(Consumer
Staples)
527,176
60,340
Evolution
Mining
Ltd.
(Materials)
527,054
171,565
Glencore
PLC
(Materials)*
1,313,102
10,246
IREN
Ltd.
(Information
Technology)*
651,031
23,140
JB
Hi-Fi
Ltd.
(Consumer
Discretionary)
1,240,202
442,583
Lottery
Corp.
Ltd.
(The)
(Consumer
Discretionary)
1,725,937
30,544
Lynas
Rare
Earths
Ltd.
(Materials)*
421,727
32,403
National
Australia
Bank
Ltd.
(Financials)
870,310
12,912
Pro
Medicus
Ltd.
(Health
Care)
1,228,720
48,979
QBE
Insurance
Group
Ltd.
(Financials)
797,843
22,135
Ramsay
Health
Care
Ltd.
(Health
Care)
590,700
14,010
REA
Group
Ltd.
(Communication
Services)
1,501,950
4,469
Rio
Tinto
Ltd.
(Materials)
596,883
14,148
Rio
Tinto
PLC
(Materials)
1,519,563
23,895
Sonic
Healthcare
Ltd.
(Health
Care)
335,597
232,702
Telstra
Group
Ltd.
(Communication
Services)
872,306
31,152
Wesfarmers
Ltd.
(Consumer
Discretionary)
1,788,403
36,040
Westpac
Banking
Corp.
(Financials)
933,508
102,791
Whitehaven
Coal
Ltd.
(Energy)
647,134
48,285
Woodside
Energy
Group
Ltd.
(Energy)
1,065,161
72,469
Woolworths
Group
Ltd.
(Consumer
Staples)
1,836,944
65,292
Worley
Ltd.
(Industrials)
607,890
35,552,465
Austria
–
0.3%
11,826
ANDRITZ
AG
(Industrials)
1,077,808
3,027
BAWAG
Group
AG
(Financials)
(a)
544,337
7,179
Erste
Group
Bank
AG
(Financials)
862,887
6,051
OMV
AG
(Energy)
435,324
3,318
Strabag
SE
(Industrials)
368,222
Shares
Description
Value
a
Common
Stocks
–
(continued)
Austria
–
(continued)
9,266
Vienna
Insurance
Group
AG
Wiener
Versicherung
Gruppe
(Financials)
$
682,298
24,232
voestalpine
AG
(Materials)
1,368,634
22,678
Wienerberger
AG
(Materials)
640,431
5,979,941
Belgium
–
0.1%
1,684
Ackermans
&
van
Haaren
NV
(Industrials)
534,127
9,056
Ageas
SA/NV
(Financials)
703,823
10,628
Anheuser-Busch
InBev
SA/NV
(Consumer
Staples)
855,762
3,315
KBC
Group
NV
(Financials)
440,809
2,534,521
Brazil
–
0.2%
612
MercadoLibre,
Inc.
(Consumer
Discretionary)*
1,037,738
7,599
Wheaton
Precious
Metals
Corp.
(Materials)
1,022,504
16,897
Yara
International
ASA
(Materials)
919,938
2,980,180
Canada
–
2.8%
8,283
Agnico
Eagle
Mines
Ltd.
(Materials)
1,524,137
11,652
Alimentation
Couche-Tard,
Inc.
(Consumer
Staples)
658,832
12,549
Bank
of
Montreal
(Financials)
2,039,924
20,103
Bank
of
Nova
Scotia
(The)
(Financials)
1,614,311
29,639
Barrick
Mining
Corp.
(Materials)
1,267,277
4,375
Bombardier,
Inc.,
Class
B
(Industrials)*
987,682
8,793
Brookfield
Corp.
(Financials)
400,921
5,751
Cameco
Corp.
(Energy)
646,719
17,708
Canadian
Imperial
Bank
of
Commerce
(Financials)
1,934,505
30,560
Canadian
Natural
Resources
Ltd.
(Energy)
1,390,956
3,091
Canadian
Tire
Corp.
Ltd.,
Class
A
(Consumer
Discretionary)
396,935
2,066
Celestica,
Inc.
(Information
Technology)*
799,389
36,425
Cenovus
Energy,
Inc.
(Energy)
1,006,378
1,188
Constellation
Software,
Inc.
(Information
Technology)
2,434,410
12,631
Emera,
Inc.
(Utilities)
661,098
38,437
Empire
Co.
Ltd.
(Consumer
Staples)
1,364,150
20,027
Enbridge,
Inc.
(Energy)
1,099,664
634
Fairfax
Financial
Holdings
Ltd.
(Financials)
987,531
2,351
Franco-Nevada
Corp.
(Materials)
545,037
9,884
George
Weston
Ltd.
(Consumer
Staples)
692,967
6,720
Imperial
Oil
Ltd.
(Energy)
797,931
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Canada
–
(continued)
33,986
Kinross
Gold
Corp.
(Materials)
$
1,033,236
31,254
Loblaw
Cos.
Ltd.
(Consumer
Staples)
1,399,175
28,478
Lundin
Gold,
Inc.
(Materials)
1,902,944
18,196
Magna
International,
Inc.
(Consumer
Discretionary)
1,180,220
18,713
Manulife
Financial
Corp.
(Financials)
(b)
716,298
5,468
National
Bank
of
Canada
(Financials)
799,192
12,492
Pan
American
Silver
Corp.
(Materials)
713,945
14,678
Power
Corp.
of
Canada
(Financials)
887,893
24,943
Royal
Bank
of
Canada
(Financials)
4,788,158
15,705
Shopify,
Inc.,
Class
A
(Information
Technology)*
1,874,385
5,397
Sun
Life
Financial,
Inc.
(Financials)
(b)
388,178
30,505
Suncor
Energy,
Inc.
(Energy)
1,908,182
12,293
TC
Energy
Corp.
(Energy)
819,742
39,677
Toronto-Dominion
Bank
(The)
(Financials)
4,543,608
8,511
WSP
Global,
Inc.
(Industrials)
1,206,387
47,412,297
Chile
–
0.1%
32,133
Lundin
Mining
Corp.
(Materials)
960,573
China
–
0.2%
288,616
BYD
Electronic
International
Co.
Ltd.
(Information
Technology)
1,074,568
400,213
China
Mengniu
Dairy
Co.
Ltd.
(Consumer
Staples)
866,054
355,405
Geely
Automobile
Holdings
Ltd.
(Consumer
Discretionary)
853,436
7,807
Prosus
NV
(Consumer
Discretionary)*
355,487
678,222
Sino
Biopharmaceutical
Ltd.
(Health
Care)
431,818
170,065
SITC
International
Holdings
Co.
Ltd.
(Industrials)
751,225
4,332,588
Denmark
–
0.3%
16,864
Danske
Bank
A/S
(Financials)
888,452
3,014
Genmab
A/S
(Health
Care)*
801,939
58,980
Novo
Nordisk
A/S,
Class
B
(Health
Care)
2,697,904
4,388,295
Finland
–
0.2%
51,616
Nordea
Bank
Abp
(Financials)
992,043
20,717
Orion
OYJ,
Class
B
(Health
Care)
1,730,982
2,723,025
Shares
Description
Value
a
Common
Stocks
–
(continued)
France
–
1.5%
3,177
Air
Liquide
SA
(Materials)
$
660,214
4,647
Airbus
SE
(Industrials)
974,481
29,947
AXA
SA
(Financials)
1,388,432
15,508
BNP
Paribas
SA
(Financials)
1,682,123
21,007
Bouygues
SA
(Industrials)
1,236,983
4,209
Capgemini
SE
(Information
Technology)*
500,747
16,096
Cie
de
Saint-Gobain
SA
(Industrials)
1,469,977
27,552
Cie
Generale
des
Etablissements
Michelin
SCA
(Consumer
Discretionary)
1,013,104
32,721
Credit
Agricole
SA
(Financials)
633,851
6,848
Danone
SA
(Consumer
Staples)
486,989
26,621
Engie
SA
(Utilities)
822,301
3,474
EssilorLuxottica
SA
(Health
Care)
710,056
494
Hermes
International
SCA
(Consumer
Discretionary)
933,888
5,031
L'Oreal
SA
(Consumer
Staples)
2,245,924
3,375
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(Consumer
Discretionary)
1,863,088
43,888
Orange
SA
(Communication
Services)
918,544
3,897
Safran
SA
(Industrials)
1,390,204
21,513
Societe
Generale
SA
(Financials)
1,798,244
39,442
TotalEnergies
SE
(Energy)
3,460,301
6,327
Vinci
SA
(Industrials)
923,282
25,112,733
Germany
–
1.7%
13,093
adidas
AG
(Consumer
Discretionary)
2,545,463
6,021
Allianz
SE
(Financials)
2,681,203
30,037
Bayer
AG
(Health
Care)
1,280,439
5,703
Beiersdorf
AG
(Consumer
Staples)
(b)
460,401
13,335
Commerzbank
AG
(Financials)
(b)
576,701
4,968
Continental
AG
(Consumer
Discretionary)
413,703
16,131
Daimler
Truck
Holding
AG
(Industrials)
793,435
41,112
Deutsche
Bank
AG
(Financials)
1,336,603
48,606
Deutsche
Post
AG
(Industrials)
2,904,106
55,343
Deutsche
Telekom
AG
(Communication
Services)
1,863,853
17,838
E.ON
SE
(Utilities)
378,853
14,413
Fresenius
Medical
Care
AG
(Health
Care)
625,508
2,608
Heidelberg
Materials
AG
(Materials)
580,682
6,946
Knorr-Bremse
AG
(Industrials)
840,555
17,318
Mercedes-Benz
Group
AG
(Consumer
Discretionary)
1,054,721
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Germany
–
(continued)
1,819
Muenchener
Rueckversicherungs-
Gesellschaft
AG
in
Muenchen
(Financials)
$
960,090
683
Rheinmetall
AG
(Industrials)
1,030,875
12,817
RWE
AG
(Utilities)
816,044
13,775
SAP
SE
(Information
Technology)
2,495,766
10,243
Siemens
AG
(Industrials)
3,224,941
13,122
Siemens
Energy
AG
(Industrials)
2,499,650
4,439
Talanx
AG
(Financials)
533,550
29,897,142
Hong
Kong
–
0.6%
143,996
AIA
Group
Ltd.
(Financials)
1,511,173
252,317
Cathay
Pacific
Airways
Ltd.
(Industrials)
428,180
786,678
HK
Electric
Investments
&
HK
Electric
Investments
Ltd.
(Utilities)
647,418
18,536
Hong
Kong
Exchanges
&
Clearing
Ltd.
(Financials)
945,555
67,768
Prudential
PLC
(Financials)
978,793
49,897
Sun
Hung
Kai
Properties
Ltd.
(Real
Estate)
838,471
73,320
Swire
Pacific
Ltd.,
Class
A
(Industrials)
763,380
112,224
Swire
Properties
Ltd.
(Real
Estate)
318,455
130,056
Techtronic
Industries
Co.
Ltd.
(Industrials)
1,929,915
1,044,635
WH
Group
Ltd.
(Consumer
Staples)
(a)
1,206,261
9,567,601
Indonesia
–
0.1%
18,216
Jardine
Matheson
Holdings
Ltd.
(Industrials)
1,209,178
Ireland
–
0.1%
68,831
AIB
Group
PLC
(Financials)
811,256
28,336
Bank
of
Ireland
Group
PLC
(Financials)
576,519
1,387,775
Israel
–
1.2%
33,167
Bank
Hapoalim
BM
(Financials)
857,732
32,872
Bank
Leumi
Le-Israel
BM
(Financials)
838,494
410,045
Bezeq
The
Israeli
Telecommunication
Corp.
Ltd.
(Communication
Services)
1,171,578
1,473
Big
Shopping
Centers
Ltd.
(Real
Estate)
403,368
33,245
Cellebrite
DI
Ltd.
(Information
Technology)*
489,699
12,924
Clal
Insurance
Enterprises
Holdings
Ltd.
(Financials)
1,306,023
2,600
Delek
Group
Ltd.
(Energy)
803,802
Shares
Description
Value
a
Common
Stocks
–
(continued)
Israel
–
(continued)
857
Elbit
Systems
Ltd.
(Industrials)
$
774,325
8,242
Enlight
Renewable
Energy
Ltd.
(Utilities)*
893,157
4,824
First
International
Bank
Of
Israel
Ltd.
(The)
(Financials)
412,633
19,137
Harel
Insurance
Investments
&
Financial
Services
Ltd.
(Financials)
1,221,896
30,142
Israel
Discount
Bank
Ltd.,
Class
A
(Financials)
336,637
4,923
Menora
Mivtachim
Holdings
Ltd.
(Financials)
918,590
159,618
Migdal
Insurance
&
Financial
Holdings
Ltd.
(Financials)*
1,088,052
5,527
Mizrahi
Tefahot
Bank
Ltd.
(Financials)
427,224
20,911
Next
Vision
Stabilized
Systems
Ltd.
(Information
Technology)
2,237,707
15,402
OPC
Energy
Ltd.
(Utilities)*
(b)
680,150
13,597
Phoenix
Financial
Ltd.
(Financials)
908,908
20,368
Plus500
Ltd.
(Financials)
1,216,809
49,983
Shufersal
Ltd.
(Consumer
Staples)
869,525
5,291
Tower
Semiconductor
Ltd.
(Information
Technology)*
1,520,612
20,372
Wix.com
Ltd.
(Information
Technology)*
1,142,054
20,518,975
Italy
–
1.0%
215,204
A2A
SpA
(Utilities)
564,797
34,968
Banca
Mediolanum
SpA
(Financials)
808,366
48,950
Banco
BPM
SpA
(Financials)
770,293
31,225
BPER
Banca
SpA
(Financials)
423,337
113,544
Enel
SpA
(Utilities)
1,275,315
36,619
Eni
SpA
(Energy)
962,765
15,462
FinecoBank
Banca
Fineco
SpA
(Financials)
378,190
12,209
Generali
(Financials)
551,513
274,352
Intesa
Sanpaolo
SpA
(Financials)
1,859,142
7,290
Leonardo
SpA
(Industrials)
462,955
6,626
Moncler
SpA
(Consumer
Discretionary)
431,922
13,442
Poste
Italiane
SpA
(Financials)
397,801
189,720
PRADA
SpA
(Consumer
Discretionary)
887,913
8,333
Prysmian
SpA
(Industrials)
1,439,182
3,058,040
Telecom
Italia
SpA
(Communication
Services)*
(b)
2,600,783
26,399
UniCredit
SpA
(Financials)
2,287,063
28,503
Unipol
Assicurazioni
SpA
(Financials)
706,476
16,807,813
Japan
–
8.0%
23,624
Advantest
Corp.
(Information
Technology)
3,883,662
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
60,823
Aeon
Co.
Ltd.
(Consumer
Staples)
$
531,662
52,545
Aisin
Corp.
(Consumer
Discretionary)
796,641
35,748
ANA
Holdings,
Inc.
(Industrials)
671,103
54,117
Asahi
Group
Holdings
Ltd.
(Consumer
Staples)
517,917
64,969
Asahi
Intecc
Co.
Ltd.
(Health
Care)
1,536,989
61,916
Asics
Corp.
(Consumer
Discretionary)
1,883,656
163,768
Astellas
Pharma,
Inc.
(Health
Care)
2,348,655
28,820
Bandai
Namco
Holdings,
Inc.
(Consumer
Discretionary)
659,172
28,412
BayCurrent,
Inc.
(Industrials)
1,002,335
27,720
Bridgestone
Corp.
(Consumer
Discretionary)
599,535
35,440
Brother
Industries
Ltd.
(Information
Technology)
835,519
22,325
Central
Japan
Railway
Co.
(Industrials)
487,899
45,524
Coca-Cola
Bottlers
Japan
Holdings,
Inc.
(Consumer
Staples)
1,011,486
158,980
CyberAgent,
Inc.
(Communication
Services)
1,291,794
19,194
Dai
Nippon
Printing
Co.
Ltd.
(Industrials)
334,047
85,744
Daiichi
Life
Group,
Inc.
(Financials)
881,193
35,032
Daiichi
Sankyo
Co.
Ltd.
(Health
Care)
594,283
46,445
Daiwa
Securities
Group,
Inc.
(Financials)
437,783
30,960
Dentsu
Group,
Inc.
(Communication
Services)*
584,621
1,732
Disco
Corp.
(Information
Technology)
708,184
23,424
Eisai
Co.
Ltd.
(Health
Care)
586,225
39,713
Electric
Power
Development
Co.
Ltd.
(Utilities)
1,002,118
130,860
ENEOS
Holdings,
Inc.
(Energy)
1,073,169
1,932
Fast
Retailing
Co.
Ltd.
(Consumer
Discretionary)
999,193
34,216
Food
&
Life
Cos.
Ltd.
(Consumer
Discretionary)
2,337,452
33,608
Fujikura
Ltd.
(Industrials)
1,007,248
24,440
Fujitsu
Ltd.
(Information
Technology)
517,080
12,016
Fukuoka
Financial
Group,
Inc.
(Financials)
494,861
3,800
Furukawa
Electric
Co.
Ltd.
(Industrials)
1,242,716
37,156
Haseko
Corp.
(Consumer
Discretionary)
633,115
18,636
Hitachi
Construction
Machinery
Co.
Ltd.
(Industrials)
608,635
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
46,032
Hitachi
Ltd.
(Industrials)
$
1,493,821
15,877
Hoya
Corp.
(Health
Care)
2,700,855
10,864
Ibiden
Co.
Ltd.
(Information
Technology)
1,569,646
109,369
Idemitsu
Kosan
Co.
Ltd.
(Energy)
960,818
30,244
IHI
Corp.
(Industrials)
525,598
45,232
Inpex
Corp.
(Energy)
1,024,035
52,852
ITOCHU
Corp.
(Industrials)
642,597
40,632
J
Front
Retailing
Co.
Ltd.
(Consumer
Discretionary)
553,365
120,651
Japan
Airlines
Co.
Ltd.
(Industrials)
2,076,282
64,768
Japan
Post
Holdings
Co.
Ltd.
(Financials)
841,386
115,176
Japan
Post
Insurance
Co.
Ltd.
(Financials)
1,034,261
53,349
JFE
Holdings,
Inc.
(Materials)
(b)
569,885
33,000
JX
Advanced
Metals
Corp.
(Materials)
814,480
18,836
Kajima
Corp.
(Industrials)
698,940
42,568
Kawasaki
Kisen
Kaisha
Ltd.
(Industrials)
673,857
11,608
Kinden
Corp.
(Industrials)
523,487
8,200
Kioxia
Holdings
Corp.
(Information
Technology)*
3,391,984
68,269
Kyushu
Electric
Power
Co.,
Inc.
(Utilities)
702,889
4,280
Lasertec
Corp.
(Information
Technology)
1,078,940
58,559
Lixil
Corp.
(Industrials)
620,389
206,421
LY
Corp.
(Communication
Services)
541,111
31,060
Marubeni
Corp.
(Industrials)
1,013,806
77,192
MatsukiyoCocokara
&
Co.
(Consumer
Staples)
1,100,976
40,528
Medipal
Holdings
Corp.
(Health
Care)
699,356
39,713
MISUMI
Group,
Inc.
(Industrials)
941,247
140,228
Mitsubishi
Chemical
Group
Corp.
(Materials)
1,010,374
48,272
Mitsubishi
Corp.
(Industrials)
1,535,886
24,644
Mitsubishi
Electric
Corp.
(Industrials)
1,015,236
28,004
Mitsubishi
Estate
Co.
Ltd.
(Real
Estate)
713,514
78,119
Mitsubishi
HC
Capital,
Inc.
(Financials)
638,683
40,328
Mitsubishi
Heavy
Industries
Ltd.
(Industrials)
964,183
172,508
Mitsubishi
UFJ
Financial
Group,
Inc.
(Financials)
3,249,899
24,748
Mitsui
&
Co.
Ltd.
(Industrials)
822,394
57,433
Mitsui
Chemicals,
Inc.
(Materials)
787,047
57,640
Mitsui
Fudosan
Co.
Ltd.
(Real
Estate)
554,168
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
6,844
Mitsui
Kinzoku
Co.
Ltd.
(Materials)
$
2,219,711
31,668
Mizuho
Financial
Group,
Inc.
(Financials)
1,431,316
74,236
MonotaRO
Co.
Ltd.
(Industrials)
880,908
35,132
MS&AD
Insurance
Group
Holdings,
Inc.
(Financials)
946,108
28,720
NEC
Corp.
(Information
Technology)
740,236
36,256
NGK
Corp.
(Industrials)
1,438,488
27,587
NH
Foods
Ltd.
(Consumer
Staples)
1,058,146
45,216
NIDEC
Corp.
(Industrials)*
793,034
7,336
Nintendo
Co.
Ltd.
(Communication
Services)
329,403
52,610
NIPPON
EXPRESS
HOLDINGS,
Inc.
(Industrials)
1,738,024
107,862
Nippon
Steel
Corp.
(Materials)
(b)
383,910
24,908
Nippon
Television
Holdings,
Inc.
(Communication
Services)
444,288
20,876
Nippon
Yusen
KK
(Industrials)
(b)
696,741
87,577
Nomura
Holdings,
Inc.
(Financials)
706,932
165,524
Olympus
Corp.
(Health
Care)
1,856,543
7,128
Open
House
Group
Co.
Ltd.
(Consumer
Discretionary)
387,139
24,948
ORIX
Corp.
(Financials)
977,453
28,251
Osaka
Gas
Co.
Ltd.
(Utilities)
951,402
21,168
Otsuka
Holdings
Co.
Ltd.
(Health
Care)
1,557,781
99,276
Pan
Pacific
International
Holdings
Corp.
(Consumer
Discretionary)
547,674
477,030
Persol
Holdings
Co.
Ltd.
(Industrials)
726,378
262,808
Rakuten
Group,
Inc.
(Consumer
Discretionary)*
1,230,421
47,964
Recruit
Holdings
Co.
Ltd.
(Industrials)
3,184,744
11,600
Resonac
Holdings
Corp.
(Materials)
1,364,106
80,082
Ricoh
Co.
Ltd.
(Information
Technology)
733,712
27,396
Rinnai
Corp.
(Consumer
Discretionary)
583,923
80,412
Ryohin
Keikaku
Co.
Ltd.
(Consumer
Discretionary)
1,961,428
295,832
Sanrio
Co.
Ltd.
(Consumer
Discretionary)
1,591,126
21,892
Sanwa
Holdings
Corp.
(Industrials)
501,265
40,020
SBI
Holdings,
Inc.
(Financials)
731,567
17,312
Seibu
Holdings,
Inc.
(Industrials)
306,622
59,980
Seven
&
i
Holdings
Co.
Ltd.
(Consumer
Staples)
700,627
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
46,520
Shimizu
Corp.
(Industrials)
$
783,613
26,000
Shin-Etsu
Chemical
Co.
Ltd.
(Materials)
1,267,090
79,228
Shiseido
Co.
Ltd.
(Consumer
Staples)
1,398,771
27,620
Shizuoka
Financial
Group,
Inc.
(Financials)
498,128
40,428
SoftBank
Group
Corp.
(Communication
Services)
1,902,419
10,752
Sompo
Holdings,
Inc.
(Financials)
402,415
72,608
Sony
Group
Corp.
(Consumer
Discretionary)
1,570,840
35,440
Subaru
Corp.
(Consumer
Discretionary)
543,655
23,404
Sugi
Holdings
Co.
Ltd.
(Consumer
Staples)
404,671
246,237
Sumitomo
Chemical
Co.
Ltd.
(Materials)
943,865
31,776
Sumitomo
Corp.
(Industrials)
1,417,035
19,652
Sumitomo
Electric
Industries
Ltd.
(Consumer
Discretionary)
1,553,618
42,668
Sumitomo
Mitsui
Financial
Group,
Inc.
(Financials)
1,559,678
22,300
Sumitomo
Mitsui
Trust
Group,
Inc.
(Financials)
766,821
57,740
Sumitomo
Rubber
Industries
Ltd.
(Consumer
Discretionary)
754,802
24,440
Sundrug
Co.
Ltd.
(Consumer
Staples)
556,843
49,696
Suzuki
Motor
Corp.
(Consumer
Discretionary)
616,088
52,444
Sysmex
Corp.
(Health
Care)
460,232
8,552
Taisei
Corp.
(Industrials)
752,645
27,062
Takeda
Pharmaceutical
Co.
Ltd.
(Health
Care)
870,050
103,541
Tohoku
Electric
Power
Co.,
Inc.
(Utilities)
654,652
29,756
Tokio
Marine
Holdings,
Inc.
(Financials)
1,329,197
50,920
Tokyo
Century
Corp.
(Financials)
755,531
8,252
Tokyo
Electron
Ltd.
(Information
Technology)
2,717,318
19,452
Tokyo
Gas
Co.
Ltd.
(Utilities)
779,595
113,548
Toyota
Motor
Corp.
(Consumer
Discretionary)
2,169,816
28,004
Toyota
Tsusho
Corp.
(Industrials)
1,219,095
38,856
Trend
Micro,
Inc.
(Information
Technology)
1,466,955
71,064
Tsuruha
Holdings,
Inc.
(Consumer
Staples)
880,097
34,908
Yamazaki
Baking
Co.
Ltd.
(Consumer
Staples)
686,801
8,960
Yokohama
Rubber
Co.
Ltd.
(The)
(Consumer
Discretionary)
404,070
25,456
Zensho
Holdings
Co.
Ltd.
(Consumer
Discretionary)
1,287,592
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Japan
–
(continued)
103,408
ZOZO,
Inc.
(Consumer
Discretionary)
$
643,223
137,903,720
Luxembourg
–
0.1%
149,532
CVC
Capital
Partners
PLC
(Financials)
(a)
2,397,582
Mexico
–
0.1%
42,273
Fresnillo
PLC
(Materials)
1,872,427
Netherlands
–
1.3%
28,833
ABN
AMRO
Bank
NV
(Financials)
1,148,025
2,169
Argenx
SE
ADR
(Health
Care)*
1,813,262
6,963
ASML
Holding
NV
(Information
Technology)
11,252,164
9,416
Heineken
Holding
NV
(Consumer
Staples)
680,158
61,632
ING
Groep
NV
(Financials)
1,920,305
54,736
Koninklijke
Ahold
Delhaize
NV
(Consumer
Staples)
2,310,331
7,108
Nebius
Group
NV
(Information
Technology)*
1,642,588
2,883
NXP
Semiconductors
NV
(Information
Technology)
926,452
21,693,285
New
Zealand
–
0.1%
260,576
a2
Milk
Co.
Ltd.
(The)
(Consumer
Staples)
1,021,845
56,499
Fisher
&
Paykel
Healthcare
Corp.
Ltd.
(Health
Care)
1,261,370
2,283,215
Norway
–
0.3%
4,306
Aker
ASA,
Class
A
(Industrials)
580,959
15,559
DNB
Bank
ASA
(Financials)
484,197
53,384
DOF
Group
ASA
(Energy)
691,347
14,370
Gjensidige
Forsikring
ASA
(Financials)
397,403
68,198
Norsk
Hydro
ASA
(Materials)
835,934
14,146
Protector
Forsikring
ASA
(Financials)
699,703
66,761
TOMRA
Systems
ASA
(Industrials)
701,933
4,391,476
Poland
–
0.5%
14,706
Asseco
Poland
SA
(Information
Technology)
798,886
95,348
Dino
Polska
SA
(Consumer
Staples)*
(a)
810,845
34,007
InPost
SA
(Industrials)*
609,554
7,994
KGHM
Polska
Miedz
SA
(Materials)*
771,523
279
LPP
SA
(Consumer
Discretionary)
1,739,417
42,977
ORLEN
SA
(Energy)
1,682,152
215,889
PGE
Polska
Grupa
Energetyczna
SA
(Utilities)*
630,655
Shares
Description
Value
a
Common
Stocks
–
(continued)
Poland
–
(continued)
49,036
Powszechny
Zaklad
Ubezpieczen
SA
(Financials)
$
871,920
7,914,952
Portugal
–
0.1%
382,643
Banco
Comercial
Portugues
SA,
Class
R
(Financials)
434,202
37,921
Jeronimo
Martins
SGPS
SA
(Consumer
Staples)
803,615
1,237,817
Singapore
–
0.5%
38,930
DBS
Group
Holdings
Ltd.
(Financials)
1,918,188
80,804
Keppel
Ltd.
(Industrials)
681,735
48,386
Oversea-Chinese
Banking
Corp.
Ltd.
(Financials)
887,782
229,129
SATS
Ltd.
(Industrials)
691,690
292,901
Seatrium
Ltd.
(Industrials)
486,886
149,207
Singapore
Airlines
Ltd.
(Industrials)
793,212
66,774
Singapore
Exchange
Ltd.
(Financials)
1,145,580
55,173
Singapore
Technologies
Engineering
Ltd.
(Industrials)
492,311
96,275
Singapore
Telecommunications
Ltd.
(Communication
Services)
327,623
22,755
United
Overseas
Bank
Ltd.
(Financials)
670,865
133,262
UOL
Group
Ltd.
(Real
Estate)
1,060,579
9,156,451
South
Korea
–
0.1%
92,656
Coupang,
Inc.
(Consumer
Discretionary)*
1,538,090
Spain
–
0.8%
9,184
ACS
Actividades
de
Construccion
y
Servicios
SA
(Industrials)
1,332,158
129,221
Banco
Bilbao
Vizcaya
Argentaria
SA
(Financials)
3,032,479
322,550
Banco
Santander
SA
(Financials)
4,038,020
68,517
CaixaBank
SA
(Financials)
927,489
10,363
Endesa
SA
(Utilities)
433,659
74,488
Iberdrola
SA
(Utilities)
1,695,015
22,727
Industria
de
Diseno
Textil
SA
(Consumer
Discretionary)
1,413,585
33,585
Repsol
SA
(Energy)
863,793
119,415
Telefonica
SA
(Communication
Services)
548,766
14,284,964
Sweden
–
0.6%
22,827
Avanza
Bank
Holding
AB
(Financials)
856,144
21,869
Axfood
AB
(Consumer
Staples)
624,812
28,896
Boliden
AB
(Materials)
1,802,000
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
(continued)
75,773
H
&
M
Hennes
&
Mauritz
AB,
Class
B
(Consumer
Discretionary)
(b)
$
1,347,103
33,925
Nordnet
AB
publ
(Financials)
(b)
1,186,773
7,224
Saab
AB,
Class
B
(Industrials)
445,415
29,154
Sandvik
AB
(Industrials)
1,188,799
40,636
Securitas
AB,
Class
B
(Industrials)
678,642
12,761
Skanska
AB,
Class
B
(Industrials)
346,070
24,251
Svenska
Handelsbanken
AB,
Class
A
(Financials)
358,384
19,883
Swedbank
AB,
Class
A
(Financials)
735,175
20,786
Tele2
AB,
Class
B
(Communication
Services)
390,135
98,376
Telefonaktiebolaget
LM
Ericsson,
Class
B
(Information
Technology)
1,279,610
11,239,062
Switzerland
–
1.2%
28,260
ABB
Ltd.
(Industrials)
3,024,382
5,058
Cie
Financiere
Richemont
SA
(Consumer
Discretionary)
1,093,359
1,761
Galderma
Group
AG
(Health
Care)*
375,369
1,985
Geberit
AG
(Industrials)
1,304,280
8,233
Kuehne
+
Nagel
International
AG
(Industrials)
(b)
1,900,328
35,315
Nestle
SA
(Consumer
Staples)
3,590,483
1,394
Partners
Group
Holding
AG
(Financials)
1,475,801
15,976
SGS
SA
(Industrials)
1,817,299
10,567
Straumann
Holding
AG
(Health
Care)
1,280,996
281
Swiss
Life
Holding
AG
(Financials)
305,977
6,516
TE
Connectivity
PLC
(Information
Technology)
1,390,580
30,434
UBS
Group
AG
(Financials)
1,442,728
1,803
Zurich
Insurance
Group
AG
(Financials)
1,285,302
20,286,884
United
Kingdom
–
2.7%
10,406
3i
Group
PLC
(Financials)
319,109
31,827
Admiral
Group
PLC
(Financials)
1,414,025
20,178
Associated
British
Foods
PLC
(Consumer
Staples)
495,565
28,486
AstraZeneca
PLC
(Health
Care)
5,299,657
37,114
BAE
Systems
PLC
(Industrials)
1,012,064
303,309
Barclays
PLC
(Financials)
1,872,309
31,374
British
American
Tobacco
PLC
(Consumer
Staples)
1,941,563
139,601
Centrica
PLC
(Utilities)
352,829
133,908
CK
Hutchison
Holdings
Ltd.
(Industrials)
1,203,692
91,154
GSK
PLC
(Health
Care)
2,311,821
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
Kingdom
–
(continued)
315,125
HSBC
Holdings
PLC
(Financials)
$
5,919,639
8,852
Imperial
Brands
PLC
(Consumer
Staples)
321,689
199,570
International
Consolidated
Airlines
Group
SA
ADR
(Industrials)
2,315,012
173,983
J
Sainsbury
PLC
(Consumer
Staples)
694,885
534,092
Kingfisher
PLC
(Consumer
Discretionary)
2,069,799
314,001
Legal
&
General
Group
PLC
(Financials)
1,148,722
887,470
Lloyds
Banking
Group
PLC
(Financials)
1,218,996
96,339
M&G
PLC
(Financials)
410,359
184,305
Marks
&
Spencer
Group
PLC
(Consumer
Staples)
884,177
40,208
National
Grid
PLC
(Utilities)
647,942
179,477
NatWest
Group
PLC
(Financials)
1,450,106
12,214
Next
PLC
(Consumer
Discretionary)
2,175,702
7,553
Reckitt
Benckiser
Group
PLC
(Consumer
Staples)
467,413
26,879
RELX
PLC
(Industrials)
887,674
133,091
Rolls-Royce
Holdings
PLC
(Industrials)
2,399,298
134,773
Sage
Group
PLC
(The)
(Information
Technology)
1,530,367
33,599
Smith
&
Nephew
PLC
(Health
Care)
503,170
9,565
Smiths
Group
PLC
(Industrials)
317,687
53,325
Standard
Chartered
PLC
(Financials)
1,432,918
36,549
Standard
Life
PLC
(Financials)
382,306
175,192
Tesco
PLC
(Consumer
Staples)
1,015,919
16,547
Unilever
PLC
(Consumer
Staples)
938,018
937,886
Vodafone
Group
PLC
(Communication
Services)
1,408,346
46,762,778
United
States
–
70.5%
7,524
3M
Co.
(Industrials)
1,152,150
28,605
Abbott
Laboratories
(Health
Care)
2,448,588
34,019
AbbVie,
Inc.
(Health
Care)
7,406,617
9,676
Accenture
PLC,
Class
A
(Information
Technology)
1,810,089
10,981
Adobe,
Inc.
(Information
Technology)*
2,846,385
31,289
Advanced
Micro
Devices,
Inc.
(Information
Technology)*
16,148,253
5,762
Aflac,
Inc.
(Financials)
647,764
4,803
Airbnb,
Inc.,
Class
A
(Consumer
Discretionary)*
640,288
13,743
Allstate
Corp.
(The)
(Financials)
2,832,295
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
6,698
Alnylam
Pharmaceuticals,
Inc.
(Health
Care)*
$
2,022,662
113,555
Alphabet,
Inc.,
Class
A
(Communication
Services)
43,189,509
98,966
Alphabet,
Inc.,
Class
C
(Communication
Services)
37,253,771
38,543
Altria
Group,
Inc.
(Consumer
Staples)
2,681,822
185,847
Amazon.com,
Inc.
(Consumer
Discretionary)*
50,297,632
6,156
American
Electric
Power
Co.,
Inc.
(Utilities)
779,781
11,860
American
Express
Co.
(Financials)
3,753,334
12,080
American
International
Group,
Inc.
(Financials)
896,698
3,978
Ameriprise
Financial,
Inc.
(Financials)
1,773,034
7,740
Amgen,
Inc.
(Health
Care)
2,606,755
25,230
Amphenol
Corp.,
Class
A
(Information
Technology)
3,753,215
8,295
Analog
Devices,
Inc.
(Information
Technology)
3,432,886
4,044
Aon
PLC,
Class
A
(Financials)
1,278,147
398
AP
Moller
-
Maersk
A/S,
Class
A
(Industrials)
964,502
407
AP
Moller
-
Maersk
A/S,
Class
B
(Industrials)
(b)
1,004,742
280,432
Apple,
Inc.
(Information
Technology)
87,511,610
15,359
Applied
Materials,
Inc.
(Information
Technology)
6,912,472
8,065
AppLovin
Corp.,
Class
A
(Information
Technology)*
4,944,571
10,478
Arch
Capital
Group
Ltd.
(Financials)*
936,105
24,238
Archer-Daniels-Midland
Co.
(Consumer
Staples)
1,933,708
20,177
Arista
Networks,
Inc.
(Information
Technology)*
3,217,626
131,623
AT&T,
Inc.
(Communication
Services)
3,264,250
1,825
Atmos
Energy
Corp.
(Utilities)
308,662
6,321
Autodesk,
Inc.
(Information
Technology)*
1,462,111
2,265
Automatic
Data
Processing,
Inc.
(Industrials)
502,468
462
AutoZone,
Inc.
(Consumer
Discretionary)*
1,356,058
17,843
Baker
Hughes
Co.
(Energy)
1,139,811
124,604
Bank
of
America
Corp.
(Financials)
6,429,566
16,378
Bank
of
New
York
Mellon
Corp.
(The)
(Financials)
2,283,585
3,340
Becton
Dickinson
&
Co.
(Health
Care)
491,381
24,679
Berkshire
Hathaway,
Inc.,
Class
B
(Financials)*
11,709,692
4,975
Biogen,
Inc.
(Health
Care)*
975,100
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
2,113
Blackrock,
Inc.
(Financials)
$
2,212,057
13,166
Blackstone,
Inc.
(Financials)
1,540,027
9,847
Boeing
Co.
(The)
(Industrials)*
2,276,134
22,100
Booking
Holdings,
Inc.
(Consumer
Discretionary)
3,700,203
20,567
Boston
Scientific
Corp.
(Health
Care)*
993,592
389,437
BP
PLC
(Energy)
2,739,148
31,321
Bristol-Myers
Squibb
Co.
(Health
Care)
1,790,935
88,987
Broadcom,
Inc.
(Information
Technology)
39,756,722
5,058
Cadence
Design
Systems,
Inc.
(Information
Technology)*
1,896,396
5,601
Capital
One
Financial
Corp.
(Financials)
1,052,596
6,530
Cardinal
Health,
Inc.
(Health
Care)
1,285,104
27,453
Carnival
Corp.
Ltd.
(Consumer
Discretionary)
770,331
10,325
Carvana
Co.
(Consumer
Discretionary)*
753,725
8,525
Caterpillar,
Inc.
(Industrials)
7,466,792
3,857
CBRE
Group,
Inc.,
Class
A
(Real
Estate)*
482,279
3,143
Cencora,
Inc.
(Health
Care)
846,598
25,143
Centene
Corp.
(Health
Care)*
1,498,523
9,333
CenterPoint
Energy,
Inc.
(Utilities)
394,413
32,975
Charles
Schwab
Corp.
(The)
(Financials)
2,880,366
8,075
Charter
Communications,
Inc.,
Class
A
(Communication
Services)*
1,163,204
2,598
Cheniere
Energy,
Inc.
(Energy)
584,186
33,217
Chevron
Corp.
(Energy)
6,060,774
15,264
Chipotle
Mexican
Grill,
Inc.
(Consumer
Discretionary)*
486,311
6,992
Chubb
Ltd.
(Financials)
2,179,616
2,819
Ciena
Corp.
(Information
Technology)*
1,635,668
6,407
Cigna
Group
(The)
(Health
Care)
1,777,302
4,677
Cincinnati
Financial
Corp.
(Financials)
736,253
8,982
Cintas
Corp.
(Industrials)
1,538,257
78,100
Cisco
Systems,
Inc.
(Information
Technology)
9,404,802
39,250
Citigroup,
Inc.
(Financials)
4,941,575
17,148
Citizens
Financial
Group,
Inc.
(Financials)
1,067,634
6,341
Cloudflare,
Inc.,
Class
A
(Information
Technology)*
1,533,381
6,089
CME
Group,
Inc.
(Financials)
1,665,585
61,312
Coca-Cola
Co.
(The)
(Consumer
Staples)
4,844,261
10,185
Cognizant
Technology
Solutions
Corp.,
Class
A
(Information
Technology)
567,865
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
3,721
Coherent
Corp.
(Information
Technology)*
$
1,345,030
2,177
Coinbase
Global,
Inc.,
Class
A
(Financials)*
411,518
29,946
Colgate-Palmolive
Co.
(Consumer
Staples)
2,699,033
52,858
Comcast
Corp.,
Class
A
(Communication
Services)
1,314,578
762
Comfort
Systems
USA,
Inc.
(Industrials)
1,393,096
16,864
ConocoPhillips
(Energy)
1,922,159
2,756
Constellation
Energy
Corp.
(Utilities)
793,039
15,618
Corning,
Inc.
(Information
Technology)
2,829,357
1,151
Corpay,
Inc.
(Financials)*
416,432
10,022
Corteva,
Inc.
(Materials)
784,522
8,729
Costco
Wholesale
Corp.
(Consumer
Staples)
8,347,717
8,544
CRH
PLC
(Materials)
929,502
4,013
Crowdstrike
Holdings,
Inc.,
Class
A
(Information
Technology)*
2,933,503
27,612
CSX
Corp.
(Industrials)
1,249,719
3,694
Cummins,
Inc.
(Industrials)
2,388,651
34,736
CVS
Health
Corp.
(Health
Care)
3,160,281
5,247
D.R.
Horton,
Inc.
(Consumer
Discretionary)
771,781
6,499
Danaher
Corp.
(Health
Care)
1,187,172
4,510
Datadog,
Inc.,
Class
A
(Information
Technology)*
1,115,549
2,893
Deere
&
Co.
(Industrials)
1,568,527
5,148
Dell
Technologies,
Inc.,
Class
C
(Information
Technology)
2,166,845
15,811
Delta
Air
Lines,
Inc.
(Industrials)
1,304,091
43,032
Devon
Energy
Corp.
(Energy)
1,914,494
19,259
Dexcom,
Inc.
(Health
Care)*
1,420,159
5,192
Diamondback
Energy,
Inc.
(Energy)
994,164
8,168
Dollar
General
Corp.
(Consumer
Staples)
903,462
16,742
Dollar
Tree,
Inc.
(Consumer
Staples)*
1,949,438
4,842
DoorDash,
Inc.,
Class
A
(Consumer
Discretionary)*
771,282
9,131
Duke
Energy
Corp.
(Utilities)
1,120,648
6,266
Eaton
Corp.
PLC
(Industrials)
2,510,160
19,987
eBay,
Inc.
(Consumer
Discretionary)
2,183,979
3,261
Ecolab,
Inc.
(Materials)
834,816
7,481
Edwards
Lifesciences
Corp.
(Health
Care)*
646,882
7,104
Electronic
Arts,
Inc.
(Communication
Services)
1,433,019
3,223
Elevance
Health,
Inc.
(Health
Care)
1,267,251
17,147
Eli
Lilly
&
Co.
(Health
Care)
18,947,435
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
6,735
Emerson
Electric
Co.
(Industrials)
$
968,628
7,874
Entergy
Corp.
(Utilities)
858,660
9,798
EOG
Resources,
Inc.
(Energy)
1,306,857
1,066
Equinix,
Inc.
REIT
(Real
Estate)
1,138,531
17,976
Estee
Lauder
Cos.,
Inc.
(The),
Class
A
(Consumer
Staples)
1,598,965
2,933
Everest
Group
Ltd.
(Financials)
950,380
7,564
Exelon
Corp.
(Utilities)
345,221
7,688
Expedia
Group,
Inc.
(Consumer
Discretionary)
1,735,874
76,528
Exxon
Mobil
Corp.
(Energy)
11,116,457
2,216
Fair
Isaac
Corp.
(Information
Technology)*
2,771,307
54,383
Fastenal
Co.
(Industrials)
2,403,729
5,790
FedEx
Corp.
(Industrials)
2,384,033
5,927
Ferguson
Enterprises,
Inc.
(Industrials)
1,339,324
10,098
Ferrovial
NV
(Industrials)
691,713
14,543
Fifth
Third
Bancorp
(Financials)
726,132
13,316
FirstEnergy
Corp.
(Utilities)
617,729
15,486
Fiserv,
Inc.
(Financials)*
875,888
132,433
Ford
Motor
Co.
(Consumer
Discretionary)
2,309,632
19,398
Fortinet,
Inc.
(Information
Technology)*
2,676,342
6,523
Fortive
Corp.
(Industrials)
380,421
13,317
Fox
Corp.,
Class
A
(Communication
Services)
851,223
13,265
Fox
Corp.,
Class
B
(Communication
Services)
761,278
20,455
Freeport-McMoRan,
Inc.
(Materials)
1,344,098
2,862
Garmin
Ltd.
(Consumer
Discretionary)
669,479
5,226
GE
Vernova,
Inc.
(Industrials)
5,060,440
3,544
General
Dynamics
Corp.
(Industrials)
1,229,130
18,986
General
Electric
Co.
(Industrials)
6,146,907
20,476
General
Motors
Co.
(Consumer
Discretionary)
1,704,422
25,359
Gilead
Sciences,
Inc.
(Health
Care)
3,409,010
23,091
Halliburton
Co.
(Energy)
897,085
8,578
Hartford
Insurance
Group,
Inc.
(The)
(Financials)
1,090,521
2,541
HCA
Healthcare,
Inc.
(Health
Care)
961,870
25,347
Hewlett
Packard
Enterprise
Co.
(Information
Technology)
1,090,935
2,354
Hilton
Worldwide
Holdings,
Inc.
(Consumer
Discretionary)
771,312
6,839
Holcim
AG
(Materials)*
677,642
19,545
Home
Depot,
Inc.
(The)
(Consumer
Discretionary)
6,198,501
8,274
Honeywell
International,
Inc.
(Industrials)
1,968,054
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
6,539
Howmet
Aerospace,
Inc.
(Industrials)
$
1,688,697
21,895
HP,
Inc.
(Information
Technology)
592,041
4,326
Humana,
Inc.
(Health
Care)
1,321,247
39,554
Huntington
Bancshares,
Inc.
(Financials)
647,103
10,915
ICON
PLC
(Health
Care)*
1,485,204
3,656
IDEXX
Laboratories,
Inc.
(Health
Care)*
2,060,266
3,174
Illinois
Tool
Works,
Inc.
(Industrials)
784,867
83,235
Intel
Corp.
(Information
Technology)*
9,545,390
7,442
Interactive
Brokers
Group,
Inc.,
Class
A
(Financials)
647,231
3,911
Intercontinental
Exchange,
Inc.
(Financials)
578,241
16,721
International
Business
Machines
Corp.
(Information
Technology)
4,979,514
4,557
Intuit,
Inc.
(Information
Technology)
1,510,782
4,787
Intuitive
Surgical,
Inc.
(Health
Care)*
2,032,752
2,816
IQVIA
Holdings,
Inc.
(Health
Care)*
513,103
11,244
Johnson
Controls
International
PLC
(Industrials)
1,507,371
47,143
Johnson &
Johnson
(Health
Care)
10,622,732
52,537
JPMorgan
Chase &
Co.
(Financials)
15,724,849
3,613
Keysight
Technologies,
Inc.
(Information
Technology)*
1,222,386
5,091
Kimberly-Clark
Corp.
(Consumer
Staples)
496,882
28,989
Kinder
Morgan,
Inc.
(Energy)
900,978
3,211
KLA
Corp.
(Information
Technology)
6,170,611
34,445
Kraft
Heinz
Co.
(The)
(Consumer
Staples)
827,024
33,556
Kroger
Co.
(The)
(Consumer
Staples)
2,085,505
3,310
L3Harris
Technologies,
Inc.
(Industrials)
1,043,246
28,504
Lam
Research
Corp.
(Information
Technology)
9,069,403
3,270
Leidos
Holdings,
Inc.
(Industrials)
417,906
6,502
Linde
PLC
(Materials)
3,235,980
4,635
Lockheed
Martin
Corp.
(Industrials)
2,458,636
9,743
Loews
Corp.
(Financials)
1,008,888
12,931
Lowe’s
Cos.,
Inc.
(Consumer
Discretionary)
2,771,889
18,533
Lululemon
Athletica,
Inc.
(Consumer
Discretionary)*
2,431,159
1,381
Lumentum
Holdings,
Inc.
(Information
Technology)*
1,180,700
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
3,722
M&T
Bank
Corp.
(Financials)
$
804,361
7,099
Marathon
Petroleum
Corp.
(Energy)
1,766,018
447
Markel
Group,
Inc.
(Financials)*
811,569
6,208
Marsh
&
McLennan
Cos.,
Inc.
(Financials)
993,094
15,932
Marvell
Technology,
Inc.
(Information
Technology)
3,266,060
17,138
Mastercard,
Inc.,
Class
A
(Financials)
8,465,829
10,373
McDonald's
Corp.
(Consumer
Discretionary)
2,896,142
1,923
McKesson
Corp.
(Health
Care)
1,427,712
21,820
Medtronic
PLC
(Health
Care)
1,610,534
44,850
Merck &
Co.,
Inc.
(Health
Care)
5,324,592
42,491
Meta
Platforms,
Inc.,
Class
A
(Communication
Services)
26,875,982
7,711
MetLife,
Inc.
(Financials)
637,623
1,224
Mettler-Toledo
International,
Inc.
(Health
Care)*
1,445,030
21,857
Micron
Technology,
Inc.
(Information
Technology)
21,223,147
140,160
Microsoft
Corp.
(Information
Technology)
63,105,638
11,902
Monday.com
Ltd.
(Information
Technology)*
995,245
1,827
MongoDB,
Inc.
(Information
Technology)*
613,050
764
Monolithic
Power
Systems,
Inc.
(Information
Technology)
1,196,584
23,093
Monster
Beverage
Corp.
(Consumer
Staples)*
2,034,031
4,381
Moody's
Corp.
(Financials)
1,985,688
24,113
Morgan
Stanley
(Financials)
5,015,504
2,486
Motorola
Solutions,
Inc.
(Information
Technology)
1,002,554
9,208
NetApp,
Inc.
(Information
Technology)
1,604,862
77,964
Netflix,
Inc.
(Communication
Services)*
6,706,463
26,184
Newmont
Corp.
(Materials)
2,875,265
25,699
NextEra
Energy,
Inc.
(Utilities)
2,236,070
24,836
NIKE,
Inc.,
Class
B
(Consumer
Discretionary)
1,148,168
2,192
Norfolk
Southern
Corp.
(Industrials)
668,472
5,189
Northern
Trust
Corp.
(Financials)
858,520
2,184
Northrop
Grumman
Corp.
(Industrials)
1,231,077
39,114
Novartis
AG
(Health
Care)
5,898,012
462,079
NVIDIA
Corp.
(Information
Technology)
97,563,360
82
NVR,
Inc.
(Consumer
Discretionary)*
500,594
20,911
Occidental
Petroleum
Corp.
(Energy)
1,184,190
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
11,868
ON
Semiconductor
Corp.
(Information
Technology)*
$
1,431,518
6,510
ONEOK,
Inc.
(Energy)
546,449
26,564
Oracle
Corp.
(Information
Technology)
5,997,620
25,963
O'Reilly
Automotive,
Inc.
(Consumer
Discretionary)*
2,255,665
6,731
Otis
Worldwide
Corp.
(Industrials)
476,824
6,199
PACCAR,
Inc.
(Industrials)
684,184
43,407
Palantir
Technologies,
Inc.,
Class
A
(Information
Technology)*
6,794,932
10,476
Palo
Alto
Networks,
Inc.
(Information
Technology)*
2,950,984
1,855
Parker-Hannifin
Corp.
(Industrials)
1,566,789
13,772
PayPal
Holdings,
Inc.
(Financials)
616,297
31,089
PepsiCo,
Inc.
(Consumer
Staples)
4,482,723
77,627
Pfizer,
Inc.
(Health
Care)
2,032,275
26,853
Philip
Morris
International,
Inc.
(Consumer
Staples)
4,763,185
5,351
Phillips
66
(Energy)
941,134
5,817
PNC
Financial
Services
Group,
Inc.
(The)
(Financials)
1,286,255
7,479
Principal
Financial
Group,
Inc.
(Financials)
774,974
39,822
Procter &
Gamble
Co.
(The)
(Consumer
Staples)
5,716,846
12,639
Progressive
Corp.
(The)
(Financials)
2,406,466
7,891
Prologis,
Inc.
REIT
(Real
Estate)
1,132,122
10,757
Prudential
Financial,
Inc.
(Financials)
1,082,584
5,088
PulteGroup,
Inc.
(Consumer
Discretionary)
601,300
21,519
QUALCOMM,
Inc.
(Information
Technology)
5,401,699
2,507
Quanta
Services,
Inc.
(Industrials)
1,784,307
1,783
Quest
Diagnostics,
Inc.
(Health
Care)
347,507
10,378
Realty
Income
Corp.
REIT
(Real
Estate)
635,964
14,196
Reddit,
Inc.,
Class
A
(Communication
Services)*
2,498,496
2,822
Regeneron
Pharmaceuticals,
Inc.
(Health
Care)
1,734,909
25,326
Regions
Financial
Corp.
(Financials)
709,128
2,540
ResMed,
Inc.
(Health
Care)
484,048
12,438
Robinhood
Markets,
Inc.,
Class
A
(Financials)*
1,172,903
9,903
ROBLOX
Corp.,
Class
A
(Communication
Services)*
466,926
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
14,015
Roche
Holding
AG
(Health
Care)
$
5,906,623
2,876
Roche
Holding
AG
(Health
Care)
1,238,960
1,699
Rockwell
Automation,
Inc.
(Industrials)
766,351
29,052
Rollins,
Inc.
(Industrials)
1,382,875
1,347
Roper
Technologies,
Inc.
(Information
Technology)
438,489
9,307
Ross
Stores,
Inc.
(Consumer
Discretionary)
2,156,711
2,543
Royal
Caribbean
Cruises
Ltd.
(Consumer
Discretionary)
723,814
16,882
Royalty
Pharma
PLC,
Class
A
(Health
Care)
941,340
23,890
RTX
Corp.
(Industrials)
4,292,077
3,369
S&P
Global,
Inc.
(Financials)
1,428,456
15,021
Salesforce,
Inc.
(Information
Technology)
2,870,513
2,917
Sandisk
Corp.
(Information
Technology)*
4,944,257
8,954
Sanofi
SA
(Health
Care)
786,696
6,120
Schneider
Electric
SE
(Industrials)
1,927,913
7,002
Seagate
Technology
Holdings
PLC
(Information
Technology)
6,160,360
8,526
Sempra
(Utilities)
759,922
16,510
ServiceNow,
Inc.
(Information
Technology)*
2,053,349
89,480
Shell
PLC
(Energy)
3,760,766
2,808
Sherwin-Williams
Co.
(The)
(Materials)
853,183
3,478
Simon
Property
Group,
Inc.
REIT
(Real
Estate)
712,677
17,145
SLB
Ltd.
(Energy)
935,260
4,019
Snowflake,
Inc.
(Information
Technology)*
1,027,055
10,577
Southern
Co.
(The)
(Utilities)
973,613
1,996
Spotify
Technology
SA
(Communication
Services)*
993,369
7,198
SS&C
Technologies
Holdings,
Inc.
(Industrials)
486,009
7,194
Starbucks
Corp.
(Consumer
Discretionary)
713,357
10,909
State
Street
Corp.
(Financials)
1,697,877
4,648
Stryker
Corp.
(Health
Care)
1,418,058
4,867
Swiss
Re
AG
(Financials)
733,149
16,277
Synchrony
Financial
(Financials)
1,162,829
2,106
Synopsys,
Inc.
(Information
Technology)*
1,001,656
25,269
Sysco
Corp.
(Consumer
Staples)
1,915,643
5,854
T.
Rowe
Price
Group,
Inc.
(Financials)
611,919
4,272
Take-Two
Interactive
Software,
Inc.
(Communication
Services)*
957,612
4,451
Targa
Resources
Corp.
(Energy)
1,135,317
14,793
Target
Corp.
(Consumer
Staples)
1,879,747
GOLDMAN
SACHS
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
18,409
Tenaris
SA
(Energy)
$
560,476
5,168
Teradyne,
Inc.
(Information
Technology)
1,934,434
58,260
Tesla,
Inc.
(Consumer
Discretionary)*
25,389,125
16,835
Texas
Instruments,
Inc.
(Information
Technology)
5,146,123
5,259
Thermo
Fisher
Scientific,
Inc.
(Health
Care)
2,590,110
29,211
TJX
Cos.,
Inc.
(The)
(Consumer
Discretionary)
4,520,402
5,312
T-Mobile
US,
Inc.
(Communication
Services)
996,159
16,791
Tractor
Supply
Co.
(Consumer
Discretionary)
529,420
3,422
Trane
Technologies
PLC
(Industrials)
1,544,349
586
TransDigm
Group,
Inc.
(Industrials)
737,376
6,027
Travelers
Cos.,
Inc.
(The)
(Financials)
1,759,221
25,150
Truist
Financial
Corp.
(Financials)
1,212,482
8,770
Tyson
Foods,
Inc.,
Class
A
(Consumer
Staples)
535,145
33,764
Uber
Technologies,
Inc.
(Industrials)*
2,376,986
1,596
Ubiquiti,
Inc.
(Information
Technology)
931,841
4,132
Ulta
Beauty,
Inc.
(Consumer
Discretionary)*
2,102,568
6,030
Union
Pacific
Corp.
(Industrials)
1,583,719
10,625
United
Airlines
Holdings,
Inc.
(Industrials)*
1,219,750
6,643
United
Parcel
Service,
Inc.,
Class
B
(Industrials)
708,742
706
United
Rentals,
Inc.
(Industrials)
702,943
16,146
UnitedHealth
Group,
Inc.
(Health
Care)
6,140,485
26,503
US
Bancorp
(Financials)
1,453,690
8,998
Valero
Energy
Corp.
(Energy)
2,202,890
12,361
Ventas,
Inc.
REIT
(Real
Estate)
1,043,516
8,513
VeriSign,
Inc.
(Information
Technology)
2,429,440
80,565
Verizon
Communications,
Inc.
(Communication
Services)
3,851,813
4,177
Vertex
Pharmaceuticals,
Inc.
(Health
Care)*
1,869,375
6,774
Vertiv
Holdings
Co.,
Class
A
(Industrials)
2,138,620
35,025
Visa,
Inc.,
Class
A
(Financials)
11,430,759
3,798
Vistra
Corp.
(Utilities)
608,554
5,543
W
R
Berkley
Corp.
(Financials)
352,202
2,241
W.W.
Grainger,
Inc.
(Industrials)
2,765,932
98,466
Walmart,
Inc.
(Consumer
Staples)
11,397,439
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
27,333
Walt
Disney
Co.
(The)
(Communication
Services)
$
2,783,319
70,516
Warner
Bros
Discovery,
Inc.
(Communication
Services)*
1,904,637
3,012
Waste
Management,
Inc.
(Industrials)
636,918
60,470
Wells
Fargo &
Co.
(Financials)
4,688,844
9,787
Welltower,
Inc.
REIT
(Real
Estate)
2,009,565
8,469
Western
Digital
Corp.
(Information
Technology)
4,498,817
15,552
Williams
Cos.,
Inc.
(The)
(Energy)
1,110,257
3,016
Workday,
Inc.,
Class
A
(Information
Technology)*
440,909
7,827
Xcel
Energy,
Inc.
(Utilities)
622,247
9,491
Yum!
Brands,
Inc.
(Consumer
Discretionary)
1,404,193
6,080
Zimmer
Biomet
Holdings,
Inc.
(Health
Care)
500,566
8,018
Zoetis,
Inc.
(Health
Care)
622,918
3,954
Zoom
Communications,
Inc.,
Class
A
(Information
Technology)*
401,687
1,210,928,732
TOTAL
COMMON
STOCKS
(Cost
$1,413,119,849)
1,705,256,537
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.4%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
-
Institutional
Shares
6,730,749
3.519%
6,730,749
(Cost
$6,730,749)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$1,419,850,598)
1,711,987,286
a
Securities
Lending
Reinvestment
Vehicle
–
0.6%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
10,818,275
3.532%
10,818,275
(Cost
$10,818,275)
TOTAL
INVESTMENTS
–
100.4%
(Cost
$1,430,668,873)
$
1,722,805,561
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.4)%
(6,493,268)
NET
ASSETS
–
100.0%
$
1,716,312,293
  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
ACTIVEBETA
®
WORLD
EQUITY
ETF
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Additional
Investment
Information 
**End
swaps
header**
**End
swaps
header**
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Information
Technology
31.1
%
Financials
14.9
Consumer
Discretionary
10.4
Industrials
10.3
Communication
Services
9.0
Health
Care
8.9
Consumer
Staples
5.9
Energy
3.7
Materials
2.8
Utilities
1.4
Real
Estate
0.6
Investment
Company
0.4
Securities
Lending
Reinvestment
Vehicle
0.6
TOTAL
INVESTMENTS
100.0%
FUTURES
CONTRACTS
—
At
May
31,
2026,
the
Fund
had
the
following
futures
contracts:
Description
Number
of
Contracts
Expiration
Date
Notional
Amount
Unrealized
Appreciation/
(Depreciation)
Long
position
contracts:
MSCI
EAFE
E-Mini
Index
18
06/19/26
$
2,800,170
$
72,361
S&P
500
E-Mini
Index
18
06/18/26
6,836,175
419,045
Total
Futures
Contracts
$
491,406
Goldman
Sachs
ActiveBeta
®
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,
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
Investment
Company
Act
of
1940
(the
“Valuation
Designee”).
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
and
consistent
with
applicable
regulatory
guidance.
To
the
extent
these
investments
are
actively
traded,
they
are
classified
as
Level
1
of
the
fair
value
hierarchy,
otherwise
they
are
generally
classified
as
Level
2.
Certain
equity
securities
containing
unique
attributes
may
be
classified
as
Level
2.
Unlisted
equity
securities
for
which
market
quotations
are
available
are
valued
at
the
last
sale
price
on
the
valuation
date,
or
if
no
sale
occurs,
at
the
last
bid
price
for
long
positions
or
the
last
ask
price
for
short
positions,
and
are
generally
classified
as
Level
2.
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Underlying
Funds
(including
Money
Market
Funds)
—
Underlying
funds
(“Underlying
Funds”)
include
exchange-traded
funds
(“ETFs”)
and
other
investment
companies.
Investments
in
the
Underlying
Funds
(except
ETFs)
are
valued
at
the
net
asset
value
(“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
at
SEC.gov.
Derivative
Contracts
—
A
derivative
is
an
instrument
whose
value
is
derived
from
underlying
assets,
indices,
reference
rates
or
a
combination
of
these
factors.
A
Fund
enters
into
derivative
transactions
to
hedge
against
changes
in
interest
rates,
securities
prices,
and/or
currency
exchange
rates,
to
increase
total
return,
or
to
gain
access
to
certain
markets
or
attain
exposure
to
other
underliers.
For
financial
reporting
purposes,
cash
collateral
that
has
been
pledged
to
cover
obligations
of
a
Fund
and
cash
collateral
received,
if
any,
is
reported
separately
on
the
Statements
of
Assets
and
Liabilities
as
either
due
to
broker/receivable
for
collateral
on
certain
derivative
contracts.
Non-cash
collateral
pledged
by
a
Fund,
if
any,
is
noted
in
the
Schedules
of
Investments.
Exchange-traded
derivatives,
including
futures
and
options
contracts,
are
generally
valued
at
the
last
sale
or
settlement
price
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
options
without
settlement
prices
are
generally
valued
at
the
last
bid
price
for
long
positions
and
the
last
ask
price
for
short
positions
on
the
exchange
where
they
are
principally
traded.
Exchange-traded
derivatives
typically
fall
within
Level
1
of
the
fair
value
hierarchy.
Over-the-counter
(“OTC”)
and
centrally
cleared
derivatives
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.
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.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
the
Valuation
Procedures.
GSAM,
consistent
with
its
procedures
and
applicable
regulatory
guidance,
may
make
an
adjustment
to
the
most
recent
valuation
prices
of
either
domestic
or
foreign
securities
in
light
of
significant
events
to
reflect
what
it
believes
to
be
the
fair
value
of
the
securities
at
the
time
of
determining
a
Fund’s
NAV.
To
the
extent
investments
are
valued
using
single
source
broker
quotations
obtained
directly
from
the
broker
or
passed
through
from
third
party
pricing
vendors,
such
investments
are
classified
as
Level
3
investments.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
and
derivatives
classified
in
the
fair
value
hierarchy
as
of
May
31,
2026:
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
ActiveBeta
®
Emerging
Markets
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
52,705,832
$
—
$
—
Asia
1,383,346,553
33,723,230
1,412,640
Europe
48,817,191
—
—
North
America
33,177,669
—
—
Oceania
4,968,330
—
—
South
America
61,731,314
18,851,881
—
Exchange-Traded
Fund
9,461,213
—
—
Investment
Company
41,143,014
—
—
Securities
Lending
Reinvestment
Vehicle
19,518,335
—
—
Total
$
1,654,869,451
$
52,575,111
$
1,412,640
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
2,362,029
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
ActiveBeta
®
Europe
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
644,702
$
—
$
—
Asia
725,611
—
—
Europe
98,866,833
805,768
—
North
America
11,970,412
—
—
Oceania
1,026,348
—
—
South
America
671,240
—
—
Investment
Company
1,967,105
—
—
Securities
Lending
Reinvestment
Vehicle
3,951,936
—
—
Total
$
119,824,187
$
805,768
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
71,573
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
ActiveBeta
®
International
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
18,546,929
$
—
$
—
Asia
1,526,985,758
—
—
Europe
2,882,725,998
23,509,774
—
North
America
980,461,733
—
—
Oceania
316,436,133
—
—
South
America
29,207,313
—
—
Investment
Company
62,266,133
—
—
Securities
Lending
Reinvestment
Vehicle
220,864,212
—
—
Total
$
6,037,494,209
$
23,509,774
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
678,563
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
ActiveBeta
®
Japan
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
83,621,564
$
—
$
—
Investment
Company
232,405
—
—
Securities
Lending
Reinvestment
Vehicle
1,472,333
—
—
Total
$
85,326,302
$
—
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
70,091
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
ActiveBeta
®
U.S.
Large
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
4,581,082
$
—
$
—
Europe
53,920,023
—
—
North
America
15,509,068,833
—
—
Investment
Company
10,904,084
—
—
Securities
Lending
Reinvestment
Vehicle
5,756,426
—
—
Total
$
15,584,230,448
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
ActiveBeta
®
U.S.
Small
Cap
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Africa
$
917,042
$
—
$
—
Asia
6,269,290
—
—
Europe
11,345,543
—
—
North
America
949,593,795
—
73,631
Oceania
89,359
—
—
South
America
1,716,898
—
—
Investment
Company
14,285,641
—
—
Securities
Lending
Reinvestment
Vehicle
12,090,600
—
—
Total
$
996,308,168
$
—
$
73,631
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
1,011,450
$
—
$
—
€
1.00
€
1.00
€
1.00
(a)
ActiveBeta
®
World
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
184,226,603
$
—
$
—
Europe
217,892,020
1,148,025
—
North
America
1,260,213,456
—
—
Oceania
37,835,680
—
—
South
America
3,940,753
—
—
Investment
Company
6,730,749
—
—
Securities
Lending
Reinvestment
Vehicle
10,818,275
—
—
Total
$
1,721,657,536
$
1,148,025
$
—
€
1.00
€
1.00
€
1.00
Derivative
Type
Assets
Futures
Contracts
(b)
$
491,406
$
—
$
—
€
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
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
(“BNY”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNY
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
BNY
is
unable
to
purchase
replacement
securities,
BNY
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
a
Fund,
the
Investment
Adviser
nor
the
Index
Provider
can
offer
assurances
that
the
Index’s
calculation
methodology
or
sources
of
information
will
provide
a
correct
valuation
of
securities,
nor
can
they
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Depositary
Receipts
Risk
—
Foreign
securities
may
trade
in
the
form
of
depositary
receipts,
which
include
American
Depositary
Receipts
(“ADRs”)
and
Global
Depositary
Receipts
(“GDRs”)
(collectively
“Depositary
Receipts”).
To
the
extent
a
Fund
acquires
Depositary
Receipts
through
banks
which
do
not
have
a
contractual
relationship
with
the
foreign
issuer
of
the
security
underlying
the
Depositary
Receipts
to
issue
and
service
such
unsponsored
Depositary
Receipts,
there
may
be
an
increased
possibility
that
the
Fund
would
not
become
aware
of
and
be
able
to
respond
to
corporate
actions
such
as
stock
splits
or
rights
offerings
involving
the
foreign
issuer
in
a
timely
manner.
In
addition,
the
lack
of
information
may
result
in
inefficiencies
in
the
valuation
of
such
instruments.
Investment
in
Depositary
Receipts
does
not
eliminate
all
the
risks
inherent
in
investing
in
securities
of
non-U.S.
issuers.
The
market
value
of
Depositary
Receipts
is
dependent
upon
the
market
value
of
the
underlying
securities
and
fluctuations
in
the
relative
value
of
the
currencies
in
which
the
Depositary
Receipts
and
the
underlying
securities
are
quoted.
The
issuers
of
Depositary
Receipts
may
discontinue
issuing
new
Depositary
Receipts
and
withdraw
existing
Depositary
Receipts
at
any
time,
which
may
result
in
costs
and
delays
in
the
distribution
of
the
underlying
assets
to
the
Fund
and
may
negatively
impact
the
Fund’s
performance.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Foreign
Risk
—
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
the
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscations,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
United
States
and
other
governments,
or
from
problems
in
share
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
the
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
the
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
the
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
Geographic
and
Sector
Risk
—
If
a
Fund
invests
a
significant
portion
of
its
total
assets
in
certain
issuers
within
the
same
state,
geographic
region
or
economic
sector,
an
adverse
economic,
business,
political,
environmental
or
other
development
affecting
that
state,
region
or
sector
may
affect
the
value
of
the
Fund’s
investments
more
than
if
its
investments
were
not
so
focused.
Index
Risk
—
GSAM
(the
“Index
Provider”)
constructs
each
Fund’s
index
(an
“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
its
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
an
Index
is
rebalanced
and
a
Fund
in
turn
rebalances
its
portfolio
to
attempt
to
increase
the
correlation
between
the
Fund’s
portfolio
and
its
Index,
any
transaction
costs
and
market
exposure
arising
from
such
portfolio
rebalancing
may
be
borne
directly
by
the
Fund
and
its
shareholders.
The
Index
Provider
may
utilize
third
party
data
in
constructing
each
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
Provider
for
a
period
of
time
or
at
all,
which
may
have
an
adverse
impact
on
the
applicable
Fund
and
its
shareholders.
In
addition,
neither
a
Fund,
the
Investment
Adviser,
the
Calculation
Agent
nor
the
Index
Provider
can
guarantee
the
availability
or
timeliness
of
the
production
of
the
Index.
Industry
Concentration
Risk
—
In
following
its
methodology,
an
Index
from
time
to
time
may
be
concentrated
to
a
significant
degree
in
securities
of
issuers
located
in
a
single
industry
or
group
of
industries.
To
the
extent
that
an
Index
concentrates
in
the
securities
of
issuers
in
a
particular
industry
or
group
of
industries,
a
Fund
also
may
concentrate
its
investments
to
approximately
the
same
extent.
By
concentrating
its
investments
in
an
industry
or
group
of
industries,
a
Fund
may
face
more
risks
than
if
it
were
diversified
broadly
over
numerous
industries
or
groups
of
industries.
If
an
Index
is
not
concentrated
in
a
particular
industry
or
group
of
industries,
a
Fund
will
not
concentrate
in
a
particular
industry
or
group
of
industries.
Investment
Style
Risk
—
Different
investment
styles
(e.g.,
“growth”,
“value”
or
“quantitative”)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
A
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
ActiveBeta
®
ETFS
Schedule
of
Investments
(continued)
May
31,
2026
(Unaudited)
Large
Shareholder
Transaction
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
a
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
a
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
a
Fund
or
to
facilitate
a
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
a
Fund
would
be
maintained
at
such
levels
or
that
a
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
a
Fund,
including
on
a
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
Cboe
or
NYSE
Arca
and
may,
therefore,
have
a
material
upward
or
downward
effect
on
the
market
price
of
the
Shares.
Market
and
Credit
Risks
—
In
the
normal
course
of
business,
a
Fund
trades
financial
instruments
and
enters
into
financial
transactions
where
risk
of
potential
loss
exists
due
to
changes
in
the
market
(market
risk).
The
value
of
the
securities
in
which
a
Fund
invests
may
go
up
or
down
in
response
to
the
prospects
of
individual
companies,
particular
sectors
or
governments
and/or
general
economic
conditions
throughout
the
world
due
to
increasingly
interconnected
global
economies
and
financial
markets.
Events
such
as
war,
military
conflict,
geopolitical
disputes,
acts
of
terrorism,
social
or
political
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
tariffs
and
other
restrictions
on
trade,
sanctions
or
the
spread
of
infectious
illness
or
other
public
health
threats,
or
the
threat
or
potential
of
one
or
more
such
events
and
developments,
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
Market
Trading
Risk
—
Each
Fund
faces
numerous
market
trading
risks,
including
disruptions
to
creations
and
redemptions,
the
existence
of
extreme
market
volatility
or
potential
lack
of
an
active
trading
market
for
Shares.
If
a
shareholder
purchases
Shares
at
a
time
when
the
market
price
is
at
a
premium
to
the
NAV
or
sells
Shares
at
a
time
when
the
market
price
is
at
a
discount
to
the
NAV,
the
shareholder
may
pay
more
for,
or
receive
less
than,
the
underlying
value
of
the
Shares,
respectively.
The
Investment
Adviser
cannot
predict
whether
Shares
will
trade
below,
at
or
above
their
NAV.
Price
differences
may
be
due,
in
large
part,
to
the
fact
that
supply
and
demand
forces
at
work
in
the
secondary
trading
market
for
Shares
will
be
closely
related
to,
but
not
identical
to,
the
same
forces
influencing
the
prices
of
the
securities
of
a
Fund’s
Index
trading
individually
or
in
the
aggregate
at
any
point
in
time.
Mid-Cap
and
Small-Cap
Risk
—
Investments
in
mid-capitalization
and
small-capitalization
companies
involve
greater
risks
than
those
associated
with
larger,
more
established
companies.
These
securities
may
be
subject
to
more
abrupt
or
erratic
price
movements
and
may
lack
sufficient
market
liquidity,
and
these
issuers
often
face
greater
business
risks.
Stock
Risk
—
Stock
prices
have
historically
risen
and
fallen
in
periodic
cycles.
U.S.
and
foreign
stock
markets
have
experienced
periods
of
substantial
price
volatility
in
the
past
and
may
do
so
again
in
the
future.
Tracking
Error
Risk
—
Tracking
error
is
the
divergence
of
a
Fund’s
performance
from
that
of
its
Index.
The
performance
of
a
Fund
may
diverge
from
that
of
its
Index
for
a
number
of
reasons.
Tracking
error
may
occur
because
of
transaction
costs,
a
Fund’s
holding
of
cash,
differences
in
accrual
of
dividends,
changes
to
its
Index
or
the
need
to
meet
new
or
existing
regulatory
requirements.
Unlike
a
Fund,
the
returns
of
an
Index
are
not
reduced
by
investment
and
other
operating
expenses,
including
the
trading
costs
associated
with
implementing
changes
to
its
portfolio
of
investments.
Tracking
error
risk
may
be
heightened
during
times
of
market
volatility
or
other
unusual
market
conditions.
Valuation
Risk
—
The
sale
price
the
Fund
could
receive
for
a
security
may
differ
from
the
Fund’s
valuation
of
the
security,
particularly
for
securities
that
trade
in
low
volume
or
volatile
markets
or
that
are
valued
using
a
fair
value
methodology.
The
Fund
relies
on
various
sources
to
calculate
its
NAV.
The
information
may
be
provided
by
third
parties
that
are
believed
to
be
reliable,
but
the
information
may
not
be
accurate
due
to
errors
by
such
pricing
sources,
technological
issues
or
otherwise.
NAV
calculation
may
also
be
impacted
by
operational
risks
arising
from
factors
such
as
failures
in
systems
and
technology.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)