GOLDMAN
SACHS
FUTURE
CONSUMER
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
98.7%
Communication
Services
–
31.5%
41,078
Alphabet,
Inc.,
Class
C*
$
5,501,166
41,884
Bumble,
Inc.,
Class
A*
580,512
24,079
CTS
Eventim
AG
&
Co.
KGaA
(Germany)
1,649,920
13,068
Electronic
Arts,
Inc.
1,803,515
22,861
Live
Nation
Entertainment,
Inc.*
1,925,353
13,721
Meta
Platforms,
Inc.,
Class
A*
4,488,825
4,873
NAVER
Corp.
(South
Korea)
785,633
56,283
NetEase,
Inc.
(China)
1,270,463
10,232
Sea
Ltd.
ADR
(Singapore)*
370,603
50,109
Tencent
Holdings
Ltd.
(China)
2,097,953
16,585
T-Mobile
US,
Inc.
2,495,213
21,225
Walt
Disney
Co.
(The)*
1,967,345
24,936,501
Consumer
Discretionary
–
28.3%
41,686
Amazon.com,
Inc.*
6,089,908
12,142
Basic-Fit
NV
(Netherlands)*
(a)(b)
346,836
408
Chipotle
Mexican
Grill,
Inc.*
898,518
5,261
Etsy,
Inc.*
398,836
22,705
Foot
Locker,
Inc.
611,446
2,991
LVMH
Moet
Hennessy
Louis
Vuitton
SE
(France)
2,293,248
102,230
Meituan,
Class
B
(China)*
(b)
1,185,875
1,383
MercadoLibre,
Inc.
(Brazil)*
2,241,096
29,050
Moncler
SpA
(Italy)
1,612,716
22,443
NIKE,
Inc.,
Class
B
2,474,790
337,424
Samsonite
International
SA*
(b)
985,016
122,166
Shenzhou
International
Group
Holdings
Ltd.
(China)
1,226,305
8,153
TJX
Cos.,
Inc.
(The)
718,361
2,963
Ulta
Beauty,
Inc.*
1,262,208
22,345,159
Consumer
Staples
–
4.3%
442,376
Budweiser
Brewing
Co.
APAC
Ltd.
(China)
(b)
782,766
150,664
Davide
Campari-Milano
NV
(Italy)
1,647,183
4,843
Oddity
Tech
Ltd.,
Class
A
(Israel)*
(a)
165,049
57,477
Proya
Cosmetics
Co.
Ltd.,
Class
A
(China)
832,254
3,427,252
Financials
–
6.5%
412,060
Jio
Financial
Services
Ltd.
(India)*
1,133,497
9,761
Mastercard,
Inc.,
Class
A
4,039,395
5,172,892
Health
Care
–
0.8%
6,285
Illumina,
Inc.
*
640,756
Industrials
–
2.7%
57,792
Experian
PLC
2,123,888
Information
Technology
–
13.3%
10,038
Apple,
Inc.
1,906,718
14,243
ARM
Holdings
PLC
ADR*
875,944
379,972
Locaweb
Servicos
de
Internet
SA
(Brazil)
(b)
469,163
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
7,838
NVIDIA
Corp.
$
3,665,833
195,335
Taiwan
Semiconductor
Manufacturing
Co.
Ltd.
(Taiwan)
3,607,820
10,525,478
Materials
–
4.6%
32,470
Ball
Corp.
1,795,266
19,494
DSM-Firmenich
AG
(Switzerland)
1,847,717
3,642,983
Real
Estate
–
2.8%
10,732
American
Tower
Corp.
REIT
2,240,627
Utilities
–
3.9%
67,541
EDP
Renovaveis
SA
(Spain)
1,234,375
30,865
NextEra
Energy,
Inc.
1,805,911
3,040,286
TOTAL
COMMON
STOCKS
(Cost
$84,652,541)
78,095,822
Shares
Dividend
Rate
Value
aa
Investment
Company
–
1.3%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,011,610
5.260%
1,011,610
(Cost
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$85,664,151)
79,107,432
a
Securities
Lending
Reinvestment
Vehicle
–
0.6%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
513,705
5.259%
513,705
(Cost
$513,705)
TOTAL
INVESTMENTS
–
100.6%
(Cost
$86,177,856)
$
79,621,137
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.6)%
(489,840)
NET
ASSETS
–
100.0%
$
79,131,297
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)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
FUTURE
HEALTH
CARE
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
99.2%
Denmark
–
3.7%
11,627
Genmab
A/S
ADR
(Health
Care)*
$
367,530
4,939
Novo
Nordisk
A/S,
Class
B
(Health
Care)
502,707
870,237
France
–
0.8%
812
Sartorius
Stedim
Biotech
(Health
Care)
182,865
Italy
–
0.5%
4,326
Stevanato
Group
SpA
(Health
Care)
114,163
Japan
–
5.7%
18,629
Chugai
Pharmaceutical
Co.
Ltd.
(Health
Care)
657,531
4,224
Hoya
Corp.
(Health
Care)
476,159
13,548
Kyowa
Kirin
Co.
Ltd.
(Health
Care)
223,333
1,357,023
Netherlands
–
1.0%
515
Argenx
SE
ADR
(Health
Care)*
232,064
Switzerland
–
0.5%
341
Lonza
Group
AG
(Health
Care)
132,706
United
Kingdom
–
5.3%
9,296
AstraZeneca
PLC
(Health
Care)
1,191,656
24,108
Oxford
Nanopore
Technologies
PLC
(Health
Care)*
59,086
1,250,742
United
States
–
81.7%
2,877
Agilent
Technologies,
Inc.
(Health
Care)
367,680
4,288
Alexandria
Real
Estate
Equities,
Inc.
REIT
(Real
Estate)
469,107
1,406
Align
Technology,
Inc.
(Health
Care)*
300,603
1,929
Alnylam
Pharmaceuticals,
Inc.
(Health
Care)*
324,554
2,376
Axonics,
Inc.
(Health
Care)*
133,032
3,633
Biogen,
Inc.
(Health
Care)*
850,413
9,659
BioMarin
Pharmaceutical,
Inc.
(Health
Care)*
879,742
23,454
Boston
Scientific
Corp.
(Health
Care)*
1,310,844
11,769
Bristol-Myers
Squibb
Co.
(Health
Care)
581,153
2,133
Cooper
Cos.,
Inc.
(The)
(Health
Care)
718,650
4,037
CSL
Ltd.
(Health
Care)
701,920
1,436
Cytokinetics,
Inc.
(Health
Care)*
48,077
3,258
Danaher
Corp.
(Health
Care)
727,544
6,613
Dexcom,
Inc.
(Health
Care)*
763,934
3,435
Edwards
Lifesciences
Corp.
(Health
Care)*
232,584
3,541
Eli
Lilly
&
Co.
(Health
Care)
2,092,873
Shares
Description
Value
a
Common
Stocks
–
(continued)
United
States
–
(continued)
5,681
Exact
Sciences
Corp.
(Health
Care)*
$
363,584
9,516
Gilead
Sciences,
Inc.
(Health
Care)
728,926
7,657
Halozyme
Therapeutics,
Inc.
(Health
Care)*
295,637
846
Humana,
Inc.
(Health
Care)
410,191
591
IDEXX
Laboratories,
Inc.
(Health
Care)*
275,300
1,028
Illumina,
Inc.
(Health
Care)*
104,804
4,274
Insulet
Corp.
(Health
Care)*
808,171
3,461
Intuitive
Surgical,
Inc.
(Health
Care)*
1,075,817
856
iRhythm
Technologies,
Inc.
(Health
Care)*
73,000
524
Karuna
Therapeutics,
Inc.
(Health
Care)*
100,194
466
Mettler-Toledo
International,
Inc.
(Health
Care)*
508,839
2,736
MoonLake
Immunotherapeutics
(Health
Care)*
120,138
6,032
Neurocrine
Biosciences,
Inc.
(Health
Care)*
703,271
2,456
Novanta,
Inc.
(Information
Technology)*
354,745
3,350
Seagen,
Inc.
(Health
Care)*
714,253
683
Shockwave
Medical,
Inc.
(Health
Care)*
119,218
3,609
Ultragenyx
Pharmaceutical,
Inc.
(Health
Care)*
140,210
1,667
Veeva
Systems,
Inc.,
Class
A
(Health
Care)*
290,575
668
West
Pharmaceutical
Services,
Inc.
(Health
Care)
234,308
6,282
Zimmer
Biomet
Holdings,
Inc.
(Health
Care)
730,659
3,161
Zoetis,
Inc.
(Health
Care)
558,454
19,213,004
TOTAL
COMMON
STOCKS
(Cost
$25,792,371)
23,352,804
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
0.8%
(a)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
185,698
5.260%
185,698
(Cost
$185,698)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$25,978,069)
$
23,538,502
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.0)%
(8,007)
NET
ASSETS
–
100.0%
$
23,530,495
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
GOLDMAN
SACHS
FUTURE
HEALTH
CARE
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
*
Non-income
producing
security.
(a)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Sector
Name
%
of
Market
Value
Health
Care
95.7
%
Real
Estate
2.0
Information
Technology
1.5
Investment
Company
0.8
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
FUTURE
PLANET
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
a
Common
Stocks
–
98.1%
Belgium
–
1.1%
19,384
Umicore
SA
(Materials)
$
518,807
China
–
3.5%
51,493
Contemporary
Amperex
Technology
Co.
Ltd.,
Class
A
(Industrials)
1,204,220
639,311
Xinyi
Solar
Holdings
Ltd.
(Information
Technology)
367,528
1,571,748
Denmark
–
5.4%
12,971
Chr
Hansen
Holding
A/S
(Materials)
1,039,479
18,937
Novozymes
A/S,
Class
B
(Materials)
984,104
8,792
Orsted
AS
(Utilities)
(a)
414,822
2,438,405
France
–
3.3%
23,118
Dassault
Systemes
(Information
Technology)
1,083,751
14,064
Imerys
SA
(Materials)
410,025
1,493,776
Germany
–
3.7%
43,333
Infineon
Technologies
AG
(Information
Technology)
1,680,827
Ireland
–
2.3%
3,606
Carbon
Revolution
PLC
(Consumer
Cyclical)*
100,399
11,806
Kingspan
Group
PLC
(Industrials)
937,775
1,038,174
Italy
–
4.2%
266,744
Enel
SpA
(Utilities)
1,887,714
Japan
–
11.1%
8,104
Daikin
Industries
Ltd.
(Industrials)
1,214,490
19,534
Horiba
Ltd.
(Information
Technology)
1,315,656
2,385
Keyence
Corp.
(Information
Technology)
1,022,016
28,433
Kurita
Water
Industries
Ltd.
(Industrials)
1,007,421
12,987
NIDEC
Corp.
(Industrials)
492,300
5,051,883
Netherlands
–
1.8%
20,694
Aalberts
NV
(Industrials)
818,949
Norway
–
0.8%
350,625
Aker
Carbon
Capture
ASA
(Industrials)*
329,520
50,164
Circa
Group
AS
(Materials)*
16,196
345,716
Spain
–
4.2%
152,752
Iberdrola
SA
(Utilities)
1,890,846
Shares
Description
Value
a
Common
Stocks
–
(continued)
Sweden
–
0.0%
19,232
Re:NewCell
AB
(Materials)*
$
14,692
Switzerland
–
8.1%
26,009
ABB
Ltd.
(Industrials)
1,038,207
18,285
DSM-Firmenich
AG
(Materials)
1,733,123
3,317
Sika
AG
(Materials)
904,827
3,676,157
Taiwan
–
2.0%
89,345
Delta
Electronics,
Inc.
(Information
Technology)
905,176
United
Kingdom
–
3.2%
395,856
DS
Smith
PLC
(Materials)
1,456,296
United
States
–
43.4%
3,004
Albemarle
Corp.
(Materials)
364,295
8,655
Aptiv
PLC
(Consumer
Discretionary)*
716,980
26,706
Ball
Corp.
(Materials)
1,476,575
44,025
Bloom
Energy
Corp.,
Class
A
(Industrials)*
635,721
18,229
Danimer
Scientific,
Inc.
(Materials)*
(b)
19,870
21,925
Darling
Ingredients,
Inc.
(Consumer
Staples)*
961,850
20,817
DocuSign,
Inc.
(Information
Technology)*
897,213
5,135
Ecolab,
Inc.
(Materials)
984,534
25,115
Energy
Recovery,
Inc.
(Industrials)*
478,692
14,651
Itron,
Inc.
(Information
Technology)*
987,184
25,191
NextEra
Energy,
Inc.
(Utilities)
1,473,925
36,927
Nuvve
Holding
Corp.
(Industrials)*
5,982
117,957
Oatly
Group
AB
ADR
(Consumer
Staples)*
(b)
107,341
8,450
Schneider
Electric
SE
(Industrials)
1,554,642
42,879
Shoals
Technologies
Group,
Inc.,
Class
A
(Industrials)*
593,874
10,063
SolarEdge
Technologies,
Inc.
(Information
Technology)*
798,801
4,701
Trane
Technologies
PLC
(Industrials)
1,059,652
5,930
Veralto
Corp.
(Industrials)*
458,093
6,996
Waste
Connections,
Inc.
(Industrials)
947,888
10,495
Waste
Management,
Inc.
(Industrials)
1,794,540
39,978
Westrock
Co.
(Materials)
1,645,894
7,722
Wolfspeed,
Inc.
(Information
Technology)*
284,633
13,378
Xylem,
Inc.
(Industrials)
1,406,429
19,654,608
TOTAL
COMMON
STOCKS
(Cost
$64,924,043)
44,443,774
GOLDMAN
SACHS
FUTURE
PLANET
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
aa
a
Investment
Company
–
1.6%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
741,275
5.260%
$
741,275
(Cost
$741,275)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$65,665,318)
45,185,049
a
Securities
Lending
Reinvestment
Vehicle
–
0.3%
(c)
a
a
a
a
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
132,441
5.259%
132,441
(Cost
$132,441)
TOTAL
INVESTMENTS
–
100.0%
(Cost
$65,797,759)
$
45,317,490
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.0%
12,570
NET
ASSETS
–
100.0%
$
45,330,060
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
Sector
Name
%
of
Market
Value
Industrials
35.3
%
Materials
25.5
Information
Technology
20.6
Utilities
12.5
Consumer
Staples
2.4
Investment
Company
1.6
Consumer
Discretionary
1.6
Consumer
Cyclical
0.2
Securities
Lending
Reinvestment
Vehicle
0.3
TOTAL
INVESTMENTS
100.0%
GOLDMAN
SACHS
FUTURE
REAL
ESTATE
AND
INFRASTRUCTURE
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Description
Value
aa
Common
Stocks
–
99.2%
Communication
Services
–
2.4%
14,439
Cellnex
Telecom
SA
(Spain)*
(a)
$
552,034
Energy
–
2.5%
3,152
Cheniere
Energy,
Inc.
574,137
Health
Care
–
1.6%
44,963
Chartwell
Retirement
Residences
(Canada)
360,142
Industrials
–
11.8%
129,971
Enav
SpA
(Italy)
(a)
464,574
12,119
Ferrovial
SE
419,964
2,033
Norfolk
Southern
Corp.
443,519
113,243
Transurban
Group
(Australia)
973,112
3,361
Vinci
SA
(France)
411,825
2,712,994
Materials
–
1.3%
737
Linde
PLC
304,948
Real
Estate
–
55.3%
5,431
Alexandria
Real
Estate
Equities,
Inc.
REIT
594,151
9,720
American
Homes
4
Rent,
Class
A
REIT
352,544
4,220
American
Tower
Corp.
REIT
881,052
16,365
Americold
Realty
Trust,
Inc.
REIT
461,984
3,466
AvalonBay
Communities,
Inc.
REIT
599,410
30,078
Big
Yellow
Group
PLC
REIT
(United
Kingdom)
412,377
17,790
CTP
NV
(Netherlands)
(a)
285,725
4,223
Digital
Realty
Trust,
Inc.
REIT
586,068
1,077
Equinix,
Inc.
REIT
877,766
8,659
Equity
LifeStyle
Properties,
Inc.
REIT
615,655
4,457
Extra
Space
Storage,
Inc.
REIT
580,168
15,074
Goodman
Group
REIT
(Australia)
227,382
66
Hoshino
Resorts
REIT,
Inc.
REIT
(Japan)
270,099
14,415
Invitation
Homes,
Inc.
REIT
480,884
181
Nippon
Prologis
REIT,
Inc.
REIT
(Japan)
343,304
11,438
Prologis,
Inc.
REIT
1,314,569
2,345
SBA
Communications
Corp.
REIT
579,121
44,204
Segro
PLC
REIT
(United
Kingdom)
454,508
5,770
Terreno
Realty
Corp.
REIT
329,525
37,372
UNITE
Group
PLC
(The)
REIT
(United
Kingdom)
459,391
9,012
Ventas,
Inc.
REIT
413,110
20,110
VICI
Properties,
Inc.
REIT
601,088
13,080
Vonovia
SE
(Germany)
364,211
7,225
Welltower,
Inc.
REIT
643,748
12,727,840
Utilities
–
24.3%
16,792
AES
Corp.
(The)
288,990
4,187
Ameren
Corp.
324,870
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Utilities
–
(continued)
2,793
American
Water
Works
Co.,
Inc.
$
368,229
7,743
CMS
Energy
Corp.
439,493
21,596
Engie
SA
(France)
375,082
8,083
Eversource
Energy
480,211
61,086
National
Grid
PLC
(United
Kingdom)
794,585
15,009
NextEra
Energy,
Inc.
878,177
11,670
Severn
Trent
PLC
(United
Kingdom)
384,263
11,280
Veolia
Environnement
SA
(France)
355,813
5,236
WEC
Energy
Group,
Inc.
437,834
7,561
Xcel
Energy,
Inc.
460,011
5,587,558
TOTAL
COMMON
STOCKS
(Cost
$24,736,907)
22,819,653
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.6%
(b)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
146,266
5.260%
146,266
(Cost
$146,266)
TOTAL
INVESTMENTS
–
99.8%
(Cost
$24,883,173)
$
22,965,919
OTHER
ASSETS
IN
EXCESS
OF
LIABILITIES
–
0.2%
47,855
NET
ASSETS
–
100.0%
$
23,013,774
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
GOLDMAN
SACHS
FUTURE
TECH
LEADERS
EQUITY
ETF
Schedule
of
Investments
November
30,
2023
(Unaudited)
Shares
Description
Value
aa
Common
Stocks
–
99.1%
Communication
Services
–
11.0%
69,036
Cellnex
Telecom
SA
(Spain)*
(a)
$
2,639,395
20,521
Electronic
Arts,
Inc.
2,832,103
48,908
Match
Group,
Inc.*
1,583,641
14,737
NAVER
Corp.
(South
Korea)
2,375,922
138,672
NetEase,
Inc.
(China)
3,130,209
192,648
Snap,
Inc.,
Class
A*
2,664,322
38,727
Trade
Desk,
Inc.
(The),
Class
A*
2,728,704
17,954,296
Consumer
Discretionary
–
6.3%
18,666
Etsy,
Inc.*
1,415,069
2,451
MercadoLibre,
Inc.
(Brazil)*
3,971,748
36,798
Mobileye
Global,
Inc.,
Class
A
(Israel)*
1,510,558
48,212
Trip.com
Group
Ltd.
(China)*
1,695,071
1,098,980
Zomato
Ltd.
(India)*
1,562,276
10,154,722
Financials
–
2.7%
49,486
Fidelity
National
Information
Services,
Inc.
2,901,859
9,589
Jack
Henry
&
Associates,
Inc.
1,521,678
4,423,537
Health
Care
–
1.0%
14,227
Hoya
Corp.
(Japan)
1,603,767
Industrials
–
1.7%
142,039
Daifuku
Co.
Ltd.
(Japan)
2,673,890
Information
Technology
–
74.9%
12,230
Analog
Devices,
Inc.
2,242,737
4,781
ANSYS,
Inc.*
1,402,554
56,095
AppLovin
Corp.,
Class
A*
2,102,441
14,914
Arista
Networks,
Inc.*
3,276,755
28,297
ARM
Holdings
PLC
ADR*
(b)
1,740,266
5,629
ASM
International
NV
(Netherlands)
2,890,947
5,519
Atlassian
Corp.,
Class
A*
1,053,853
14,501
Cadence
Design
Systems,
Inc.*
3,962,688
7,674
CDW
Corp.
1,618,293
285,041
Chroma
ATE,
Inc.
(Taiwan)
1,961,710
39,969
Datadog,
Inc.,
Class
A*
4,659,186
292,844
Delta
Electronics,
Inc.
(Taiwan)
2,966,873
28,783
DocuSign,
Inc.*
1,240,547
74,748
Dynatrace,
Inc.*
4,002,755
11,980
Enphase
Energy,
Inc.*
1,210,220
27,564
Entegris,
Inc.
2,877,682
30,731
Hamamatsu
Photonics
KK
(Japan)
1,217,308
7,914
HubSpot,
Inc.*
3,908,962
63,872
Infineon
Technologies
AG
(Germany)
2,477,507
122,520
Jentech
Precision
Industrial
Co.
Ltd.
(Taiwan)
2,541,388
13,964
Keysight
Technologies,
Inc.*
1,897,568
1,686,207
Kingdee
International
Software
Group
Co.
Ltd.
(China)*
2,344,623
8,469
KLA
Corp.
4,612,387
17,910
Klaviyo,
Inc.,
Class
A*
(b)
530,673
258,420
Luxshare
Precision
Industry
Co.
Ltd.,
Class
A
(China)
1,151,871
Shares
Description
Value
aa
Common
Stocks
–
(continued)
Information
Technology
–
(continued)
78,837
Marvell
Technology,
Inc.
$
4,393,586
98,909
MediaTek,
Inc.
(Taiwan)
2,991,966
44,592
Micron
Technology,
Inc.
3,394,343
34,249
MKS
Instruments,
Inc.
2,827,255
10,389
Monday.com
Ltd.*
1,868,358
4,221
MongoDB,
Inc.*
1,754,839
15,222
Motorola
Solutions,
Inc.
4,914,727
116,076
Murata
Manufacturing
Co.
Ltd.
(Japan)
2,264,045
12,706
Palo
Alto
Networks,
Inc.*
3,749,414
14,229
Persistent
Systems
Ltd.
(India)
1,091,987
24,767
Procore
Technologies,
Inc.*
1,463,482
105,471
Sangfor
Technologies,
Inc.,
Class
A
(China)*
1,246,569
26,414
Shopify,
Inc.,
Class
A
(Canada)*
1,923,468
151,402
Silergy
Corp.
(China)
2,059,726
15,561
Snowflake,
Inc.,
Class
A*
2,920,489
25,609
Tokyo
Electron
Ltd.
(Japan)
4,161,777
119,316
UiPath,
Inc.,
Class
A*
2,357,684
320,510
Unimicron
Technology
Corp.
(Taiwan)
1,815,950
2,527,695
United
Microelectronics
Corp.
(Taiwan)
3,956,603
577,231
Venustech
Group,
Inc.,
Class
A
(China)
2,070,951
17,272
Workday,
Inc.,
Class
A*
4,675,876
17,188
Zscaler,
Inc.*
3,395,146
121,190,035
Real
Estate
–
1.5%
9,896
SBA
Communications
Corp.
REIT
2,443,916
TOTAL
COMMON
STOCKS
(Cost
$164,674,900)
160,444,163
Shares
Dividend
Rate
Value
aa
Investment
Company
–
0.9%
(c)
Goldman
Sachs
Financial
Square
Treasury
Obligations
Fund
–
Institutional
Shares
1,380,721
5.260%
1,380,721
(Cost
$1,380,721)
TOTAL
INVESTMENTS
BEFORE
SECURITIES
LENDING
REINVESTMENT
VEHICLE
(Cost
$166,055,621)
161,824,884
GOLDMAN
SACHS
FUTURE
TECH
LEADERS
EQUITY
ETF
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
**End
swaps
header**
Shares
Dividend
Rate
Value
a
Securities
Lending
Reinvestment
Vehicle
–
0.4%
(c)
Goldman
Sachs
Financial
Square
Government
Fund
-
Institutional
Shares
710,279
5.259%
$
710,279
(Cost
$710,279)
TOTAL
INVESTMENTS
–
100.4%
(Cost
$166,765,900)
$
162,535,163
LIABILITIES
IN
EXCESS
OF
OTHER
ASSETS
–
(0.4)%
(703,186)
NET
ASSETS
–
100.0%
$
161,831,977
a
The
percentage
shown
for
each
investment
category
reflects
the
value
of
investments
in
that
category
as
a
percentage
of
net
assets.
*
Non-income
producing
security.
(a)
Exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933.
(b)
All
or
a
portion
of
security
is
on
loan.
(c)
Represents
an
affiliated
issuer.
Investment
Abbreviations:
ADR
—
American
Depositary
Receipt
PLC
—
Public
Limited
Company
REIT
—
Real
Estate
Investment
Trust
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
November
30,
2023
(Unaudited)
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
Investment
Valuation
—
The
Funds’
valuation
policy
is
to
value
investments
at
fair
value.
Investments
and
Fair
Value
Measurements
—
U.S.
GAAP
defines
the
fair
value
of
a
financial
instrument
as
the
amount
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date
(i.e.,
the
exit
price);
the
Funds’
policy
is
to
use
the
market
approach.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
to
valuation
techniques
used
to
measure
fair
value.
The
hierarchy
gives
the
highest
priority
to
unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
(Level
1
measurements)
and
the
lowest
priority
to
unobservable
inputs
(Level
3
measurements).
The
level
in
the
fair
value
hierarchy
within
which
the
fair
value
measurement
in
its
entirety
falls
shall
be
determined
based
on
the
lowest
level
input
that
is
significant
to
the
fair
value
measurement
in
its
entirety.
The
levels
used
for
classifying
investments
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
these
investments.
The
three
levels
of
the
fair
value
hierarchy
are
described
below:
Level
1
—
Unadjusted
quoted
prices
in
active
markets
that
are
accessible
at
the
measurement
date
for
identical,
unrestricted
assets
or
liabilities;
Level
2
—
Quoted
prices
in
markets
that
are
not
active
or
financial
instruments
for
which
significant
inputs
are
observable
(including,
but
not
limited
to,
quoted
prices
for
similar
investments,
interest
rates,
foreign
exchange
rates,
volatility
and
credit
spreads),
either
directly
or
indirectly;
Level
3
—
Prices
or
valuations
that
require
significant
unobservable
inputs
(including
GSAM’s
assumptions
in
determining
fair
value
measurement).
The
Board
of
Trustees
(“Trustees”)
has
approved
Valuation
Procedures
that
govern
the
valuation
of
the
portfolio
investments
held
by
the
Funds,
including
investments
for
which
market
quotations
are
not
readily
available.
With
respect
to
the
Funds’
investments
that
do
not
have
readily
available
market
quotations,
the
Trustees
have
designated
the
Adviser
as
the
valuation
designee
to
perform
fair
valuations
pursuant
to
rule
2a-5
under
the
Investment
Company
Action
of
1940
(“Valuation
Designee”)
GSAM
has
day-to-day
responsibility
for
implementing
and
maintaining
internal
controls
and
procedures
related
to
the
valuation
of
the
Funds’
investments.
To
assess
the
continuing
appropriateness
of
pricing
sources
and
methodologies,
GSAM
regularly
performs
price
verification
procedures
and
issues
challenges
as
necessary
to
third
party
pricing
vendors
or
brokers,
and
any
differences
are
reviewed
in
accordance
with
the
Valuation
Procedures.
A.
Level
1
and
Level
2
Fair
Value
Investments
—
The
valuation
techniques
and
significant
inputs
used
in
determining
the
fair
values
for
investments
classified
as
Level
1
and
Level
2
are
as
follows:
Equity
Securities
—
Equity
securities
traded
on
a
United
States
(“U.S.”)
securities
exchange
or
the
NASDAQ
system,
or
those
located
on
certain
foreign
exchanges,
including
but
not
limited
to
the
Americas,
are
valued
daily
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded.
If
there
is
no
sale
or
official
closing
price
or
such
price
is
believed
by
GSAM
to
not
represent
fair
value,
equity
securities
will
be
valued
at
the
valid
closing
bid
price
for
long
positions
and
at
the
valid
closing
ask
price
for
short
positions
(i.e.
where
there
is
sufficient
volume,
during
normal
exchange
trading
hours).
If
no
valid
bid/ask
price
is
available,
the
equity
security
will
be
valued
pursuant
to
the
Valuation
Procedures
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.
Money
Market
Funds
—
Investments
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Underlying
Money
Market
Fund”)
are
valued
at
the
NAV
per
share
of
the
Institutional
Share
class
on
the
day
of
valuation.
These
investments
are
generally
classified
as
Level
1
of
the
fair
value
hierarchy.
For
information
regarding
the
Underlying
Money
Market
Fund’s
accounting
policies
and
investment
holdings,
please
see
the
Underlying
Money
Market
Fund’s
shareholder
report.
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
B.
Level
3
Fair
Value
Investments
—
To
the
extent
that
significant
inputs
to
valuation
models
and
other
alternative
pricing
sources
are
unobservable,
or
if
quotations
are
not
readily
available,
or
if
GSAM
believes
that
such
quotations
do
not
accurately
reflect
fair
value,
the
fair
value
of
a
Fund’s
investments
may
be
determined
under
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.
C.
Fair
Value
Hierarchy
—
The
following
is
a
summary
of
the
Funds’
investments
classified
in
the
fair
value
hierarchy
as
of
November
30,
2023:
Future
Consumer
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
13,458,218
$
—
$
—
Europe
10,631,995
—
—
North
America
51,295,350
—
—
South
America
2,710,259
—
—
Investment
Company
1,011,610
—
—
Securities
Lending
Reinvestment
Vehicle
513,705
—
—
Total
$
79,621,137
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Future
Health
Care
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
1,357,023
$
—
$
—
Europe
2,782,777
—
—
North
America
19,213,004
—
—
Investment
Company
185,698
—
—
Total
$
23,538,502
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Future
Planet
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
7,528,807
$
—
$
—
Europe
17,159,960
100,399
—
North
America
19,654,608
—
—
Investment
Company
741,275
—
—
Securities
Lending
Reinvestment
Vehicle
132,441
—
—
Total
$
45,217,091
$
100,399
$
—
€
1.00
€
1.00
€
1.00
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
For
further
information
regarding
security
characteristics,
see
the
Schedules
of
Investments.
D.
Securities
Lending
—
The
Funds
may
lend
their
securities
through
a
securities
lending
agent,
the
Bank
of
New
York
Mellon
(“BNYM”),
to
certain
qualified
borrowers.
In
accordance
with
the
Funds’
securities
lending
procedures,
the
Funds
receive
cash
collateral
at
least
equal
to
the
market
value
of
the
securities
on
loan.
The
market
value
of
the
loaned
securities
is
determined
at
the
close
of
business
of
the
Funds,
at
their
last
sale
price
or
official
closing
price
on
the
principal
exchange
or
system
on
which
they
are
traded,
and
any
additional
required
collateral
is
delivered
to
the
Funds
on
the
next
business
day.
As
with
other
extensions
of
credit,
the
Funds
may
experience
delay
in
the
recovery
of
their
securities
or
incur
a
loss
should
the
borrower
of
the
securities
breach
its
agreement
with
the
Funds
or
become
insolvent
at
a
time
when
the
collateral
is
insufficient
to
cover
the
cost
of
repurchasing
securities
on
loan.
Dividend
income
received
from
securities
on
loan
may
not
be
subject
to
withholding
taxes
and
therefore
withholding
taxes
paid
may
differ
from
the
amounts
listed
in
the
Statements
of
Operations.
Loans
of
securities
are
terminable
at
any
time
and
as
such
1)
the
remaining
contractual
maturities
of
the
outstanding
securities
lending
transactions
are
considered
to
be
overnight
and
continuous
and
2)
the
borrower,
after
notice,
is
required
to
return
borrowed
securities
within
the
standard
time
period
for
settlement
of
securities
transactions.
The
Funds
invest
the
cash
collateral
received
in
connection
with
securities
lending
transactions
in
the
Goldman
Sachs
Financial
Square
Government
Fund
(“Government
Money
Market
Fund”),
an
affiliated
series
of
the
Goldman
Sachs
Trust.
The
Government
Money
Market
Fund
is
registered
under
the
Act
as
an
open
end
investment
company,
is
subject
to
Rule
2a-7
under
the
Act,
and
is
managed
by
GSAM,
for
which
GSAM
may
receive
a
management
fee
of
up
to
0.16%
on
an
annualized
basis
of
the
average
daily
net
assets
of
the
Government
Money
Market
Fund.
€
1.00
€
1.00
€
1.00
Future
Real
Estate
and
Infrastructure
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
613,403
$
—
$
—
Europe
5,314,388
—
—
North
America
15,691,368
—
—
Oceania
1,200,494
—
—
Investment
Company
146,266
—
—
Total
$
22,965,919
$
—
$
—
€
1.00
€
1.00
€
1.00
1.00
1.00
1.00
Future
Tech
Leaders
Equity
ETF
Investment
Type
Level
1
Level
2
Level
3
Assets
Common
Stock
and/or
Other
Equity
Investments
(a)
Asia
$
48,395,040
$
—
$
—
Europe
8,007,849
—
—
North
America
100,069,526
—
—
South
America
3,971,748
—
—
Investment
Company
1,380,721
—
—
Securities
Lending
Reinvestment
Vehicle
710,279
—
—
Total
$
162,535,163
$
—
$
—
€
1.00
€
1.00
€
1.00
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.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
In
the
event
of
a
default
by
a
borrower
with
respect
to
any
loan,
BNYM
may
exercise
any
and
all
remedies
provided
under
the
applicable
borrower
agreement
to
make
the
Funds
whole.
These
remedies
include
purchasing
replacement
securities
by
applying
the
collateral
held
from
the
defaulting
broker
against
the
purchase
cost
of
the
replacement
securities.
If
BNYM
is
unable
to
purchase
replacement
securities,
BNYM
will
indemnify
the
Funds
by
paying
the
Funds
an
amount
equal
to
the
market
value
of
the
securities
loaned
minus
the
value
of
cash
collateral
received
from
the
borrower
for
the
loan,
subject
to
an
exclusion
for
any
shortfalls
resulting
from
a
loss
of
value
in
such
cash
collateral
due
to
reinvestment
risk.
The
Funds’
master
netting
agreements
with
certain
borrowers
provide
the
right,
in
the
event
of
a
default
(including
bankruptcy
or
insolvency),
for
the
non-defaulting
party
to
liquidate
the
collateral
and
calculate
net
exposure
to
the
defaulting
party
or
request
additional
collateral.
However,
in
the
event
of
a
default
by
a
borrower,
a
resolution
authority
could
determine
that
such
rights
are
not
enforceable
due
to
the
restrictions
or
prohibitions
against
the
right
of
set-off
that
may
be
imposed
in
accordance
with
a
particular
jurisdiction’s
bankruptcy
or
insolvency
laws.
The
Funds’
loaned
securities
were
all
subject
to
enforceable
Securities
Lending
Agreements,
and
the
value
of
the
collateral
was
at
least
equal
to
the
value
of
the
cash
received.
The
amounts
of
the
Funds’
overnight
and
continuous
agreements,
which
represent
the
gross
amounts
of
recognized
liabilities
for
securities
lending
transactions
outstanding
as
of
August
31,
2022,
are
disclosed
as
“Payable
upon
return
of
securities
loaned”
on
the
Statements
of
Assets
and
Liabilities,
where
applicable.
The
Funds’
risks
include,
but
are
not
limited
to,
the
following:
Foreign
and
Emerging
Countries
Risk
—
Investing
in
foreign
markets
may
involve
special
risks
and
considerations
not
typically
associated
with
investing
in
the
U.S.
Foreign
securities
may
be
subject
to
risk
of
loss
because
of
more
or
less
foreign
government
regulation;
less
public
information;
less
stringent
investor
protections;
less
stringent
accounting,
corporate
governance,
financial
reporting
and
disclosure
standards;
and
less
economic,
political
and
social
stability
in
the
countries
in
which
a
Fund
invests.
The
imposition
of
sanctions,
exchange
controls
(including
repatriation
restrictions),
confiscation
of
assets
and
property,
trade
restrictions
(including
tariffs)
and
other
government
restrictions
by
the
U.S.
or
other
governments,
or
from
problems
in
registration,
settlement
or
custody,
may
also
result
in
losses.
The
type
and
severity
of
sanctions
and
other
similar
measures,
including
counter
sanctions
and
other
retaliatory
actions,
that
may
be
imposed
could
vary
broadly
in
scope,
and
their
impact
is
impossible
to
predict.
For
example,
the
imposition
of
sanctions
and
other
similar
measures
could,
among
other
things,
cause
a
decline
in
the
value
and/or
liquidity
of
securities
issued
by
the
sanctioned
country
or
companies
located
in
or
economically
tied
to
the
sanctioned
country
and
increase
market
volatility
and
disruption
in
the
sanctioned
country
and
throughout
the
world.
Sanctions
and
other
similar
measures
could
limit
or
prevent
a
Fund
from
buying
and
selling
securities
(in
the
sanctioned
country
and
other
markets),
significantly
delay
or
prevent
the
settlement
of
securities
transactions,
and
significantly
impact
a
Fund’s
liquidity
and
performance.
Foreign
risk
also
involves
the
risk
of
negative
foreign
currency
exchange
rate
fluctuations,
which
may
cause
the
value
of
securities
denominated
in
such
foreign
currency
(or
other
instruments
through
which
a
Fund
has
exposure
to
foreign
currencies)
to
decline
in
value.
Currency
exchange
rates
may
fluctuate
significantly
over
short
periods
of
time.
To
the
extent
that
a
Fund
also
invests
in
securities
of
issuers
located
in,
or
economically
tied
to,
emerging
markets,
these
risks
may
be
more
pronounced.
Foreign
Custody
Risk
—
If
a
Fund
invests
in
foreign
securities,
the
Fund
may
hold
such
securities
and
cash
with
foreign
banks,
agents,
and
securities
depositories
appointed
by
the
Fund’s
custodian
(each
a
“Foreign
Custodian”).
Some
foreign
custodians
may
be
recently
organized
or
new
to
the
foreign
custody
business.
In
some
countries,
Foreign
Custodians
may
be
subject
to
little
or
no
regulatory
oversight
over,
or
independent
evaluation
of,
their
operations.
Further,
the
laws
of
certain
countries
may
place
limitations
on
a
Fund’s
ability
to
recover
its
assets
if
a
Foreign
Custodian
enters
bankruptcy.
Investments
in
emerging
markets
may
be
subject
to
even
greater
custody
risks
than
investments
in
more
developed
markets.
Custody
services
in
emerging
market
countries
are
very
often
undeveloped
and
may
be
considerably
less
well
regulated
than
in
more
developed
countries,
and
thus
may
not
afford
the
same
level
of
investor
protection
as
would
apply
in
developed
countries.
Geographic
Risk
—
If
a
Fund
focuses
its
investment
in
securities
of
issuers
located
in
a
particular
country
or
geographic
region,
the
Fund
may
be
subjected,
to
a
greater
extent
than
if
its
investments
were
less
focused,
to
the
risks
of
volatile
economic
cycles
and/or
conditions
and
developments
that
may
be
particular
to
that
country
or
region,
such
as:
adverse
securities
markets;
adverse
exchange
rates;
adverse
social,
political,
regulatory,
economic,
business,
environmental
or
other
developments;
or
natural
disasters.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Investments
Style
Risk
—
Different
investment
styles
(e.g.,
“growth”,
“value”,
or
“quantitative”)
tend
to
shift
in
and
out
of
favor
depending
upon
market
and
economic
conditions
and
investor
sentiment.
The
Fund
may
outperform
or
underperform
other
funds
that
invest
in
similar
asset
classes
but
employ
different
investment
styles.
Issuer
Concentration
Risk
—
The
Fund’s
portfolio
may
be
comprised
of
a
relatively
small
number
of
companies
in
comparison
to
other
funds.
This
relatively
small
number
of
issuers
may
subject
the
Fund
to
greater
risks,
because
a
decline
in
the
value
of
any
single
investment
held
by
the
Fund
may
adversely
affect
the
Fund’s
overall
value
more
than
it
would
affect
that
of
a
fund
holding
a
greater
number
of
investments.
Large
Shareholder
Transactions
Risk
—
Certain
shareholders,
including
other
funds
advised
by
the
Investment
Adviser,
may
from
time
to
time
own
a
substantial
amount
of
the
Fund’s
Shares.
In
addition,
a
third
party
investor,
the
Investment
Advisor,
or
an
affiliate
of
the
Investment
Adviser,
an
authorized
participant,
a
lead
market
maker,
or
another
entity
(i.e.,
a
seed
investor)
may
invest
in
the
Fund
and
hold
its
investment
solely
to
facilitate
commencement
of
the
Fund
or
to
facilitate
the
Fund’s
achieving
a
specified
size
or
scale.
Any
such
investment
may
be
held
for
a
limited
period
of
time.
There
can
be
no
assurance
that
any
large
shareholder
would
not
redeem
its
investment,
that
the
size
of
the
Fund
would
be
maintained
at
such
levels
or
that
the
Fund
would
continue
to
meet
applicable
listing
requirements.
Redemptions
by
large
shareholders
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity.
In
addition,
transactions
by
large
shareholders
may
account
for
a
large
percentage
of
the
trading
volume
on
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,
acts
of
terrorism,
social
unrest,
natural
disasters,
recessions,
inflation,
rapid
interest
rate
changes,
supply
chain
disruptions,
sanctions,
the
spread
of
infectious
illness
or
other
public
health
threats
could
also
significantly
impact
a
Fund
and
its
investments.
Additionally,
a
Fund
may
also
be
exposed
to
credit
risk
in
the
event
that
an
issuer
or
guarantor
fails
to
perform
or
that
an
institution
or
entity
with
which
the
Fund
has
unsettled
or
open
transactions
defaults.
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
portfolio
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.
Non-Diversification
Risk
—
The
Funds
are
non-diversified,
meaning
that
they
are
permitted
to
invest
a
larger
percentage
of
their
assets
in
one
or
more
issuers
or
in
fewer
issuers
than
diversified
mutual
funds.
Thus,
a
Fund
may
be
more
susceptible
to
adverse
developments
affecting
any
single
issuer
held
in
its
portfolio,
and
may
be
more
susceptible
to
greater
losses
because
of
these
developments.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)
Goldman
Sachs
Future
Thematic
Equity
ETFs
Schedule
of
Investments
(continued)
November
30,
2023
(Unaudited)
Seed
Investor
Risk
—
GSAM
and/or
its
affiliates
may
make
payments
to
one
or
more
investors
that
contribute
seed
capital
to
the
fund.
Such
payments
may
continue
for
a
specified
period
of
time
and/or
until
a
specified
dollar
amount
is
reached.
Those
payments
will
be
made
from
the
assets
of
GSAM
and/or
such
affiliates
(and
not
the
Fund).
There
is
a
risk
that
such
seed
investors
may
redeem
their
investments
in
the
Fund,
particularly
after
payments
from
GSAM
and/or
its
affiliates
have
ceased.
As
with
redemptions
by
other
large
shareholders,
such
redemptions
could
have
a
significant
negative
impact
on
the
Fund,
including
on
the
Fund’s
liquidity
and
the
market
price
of
the
Fund’s
Shares.
For
more
information,
see
the
section
entitled
Tax
Advantaged
Product
Structure
in
the
Prospectus.
Thematic
Investing
Risk
—
The
Fund’s
thematic
investment
strategy
limits
the
universe
of
investment
opportunities
available
to
the
Fund
and
will
affect
the
Fund’s
exposure
to
certain
companies,
sectors,
regions,
and
countries,
which
may
result
in
the
Fund
forgoing
opportunities
to
buy
or
sell
certain
securities
when
it
might
otherwise
be
advantageous
to
do
so.
Adhering
to
the
Fund’s
thematic
investment
strategy
may
also
affect
the
Fund’s
performance
relative
to
similar
funds
that
do
not
seek
to
invest
in
companies
exposed
to
certain
themes.
There
is
no
guarantee
that
the
Investment
Adviser’s
views,
security
selection
criteria
or
investment
judgement
will
reflect
the
beliefs
or
values
of
any
particular
investor.
In
addition,
the
Investment
Advisor
is
not
required
to
monitor
on
an
ongoing
basis
whether
a
current
holding
continues
to
be
aligned
with
one
or
more
themes
or
otherwise
associated
with
certain
themes.
The
Fund
is
not
required
to
sell,
and
may
instead
add
to,
positions
in
holdings
that
no
longer
continue
to
be
aligned
with
one
or
more
of
the
Key
Themes
or
associated
with
these
themes.
NOTES
TO
THE
SCHEDULE
OF
INVESTMENTS
(continued)