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Goldman Sachs ETF Trust II NPORT-PMonthly portfolio investment report

Filed: 24 Jan 24, 5:24pm

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GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

91.9%

Australia

–

4.7%

9,318

AGL

Energy

Ltd.

(Utilities)

$

58,261

8,966

Allkem

Ltd.

(Materials)*

51,126

3,742

Ampol

Ltd.

(Energy)

84,929

46,865

ANZ

Group

Holdings

Ltd.

(Financials)

757,270

20,026

APA

Group

(Utilities)

113,263

9,231

Aristocrat

Leisure

Ltd.

(Consumer

Discretionary)

248,436

2,994

ASX

Ltd.

(Financials)

115,299

18,597

Atlas

Arteria

Ltd.

(Industrials)

71,518

28,850

Aurizon

Holdings

Ltd.

(Industrials)

67,525

79,127

BHP

Group

Ltd.

(Materials)

2,429,137

7,089

BlueScope

Steel

Ltd.

(Materials)

97,674

21,669

Brambles

Ltd.

(Industrials)

191,664

5,260

CAR

Group

Ltd.

(Communication

Services)

96,887

7,307

Charter

Hall

Group

REIT

(Real

Estate)

50,387

1,021

Cochlear

Ltd.

(Health

Care)

184,841

20,225

Coles

Group

Ltd.

(Consumer

Staples)

205,578

26,094

Commonwealth

Bank

of

Australia

(Financials)

1,810,789

8,215

Computershare

Ltd.

(Industrials)

128,603

16,568

Dexus

REIT

(Real

Estate)

77,337

921

Domino’s

Pizza

Enterprises

Ltd.

(Consumer

Discretionary)

32,854

2,455

EBOS

Group

Ltd.

(Health

Care)

56,104

21,203

Endeavour

Group

Ltd.

(Consumer

Staples)

69,309

28,036

Evolution

Mining

Ltd.

(Materials)

76,030

2,757

Flutter

Entertainment

PLC

(Consumer

Discretionary)*

430,919

24,627

Fortescue

Ltd.

(Materials)

408,060

145,219

Glencore

PLC

(Materials)

812,206

28,688

Goodman

Group

REIT

(Real

Estate)

432,741

29,937

GPT

Group

(The)

REIT

(Real

Estate)

81,781

4,343

IDP

Education

Ltd.

(Consumer

Discretionary)

65,252

10,315

IGO

Ltd.

(Materials)

58,682

38,057

Insurance

Australia

Group

Ltd.

(Financials)

149,888

10,812

Lendlease

Corp.

Ltd.

(Real

Estate)

47,530

34,744

Lottery

Corp.

Ltd.

(The)

(Consumer

Discretionary)

105,970

14,542

Lynas

Rare

Earths

Ltd.

(Materials)*

63,831

5,656

Macquarie

Group

Ltd.

(Financials)

633,973

42,977

Medibank

Pvt

Ltd.

(Financials)

98,596

2,626

Mineral

Resources

Ltd.

(Materials)

106,507

Shares

Description

Value

a

Common

Stocks

–

(continued)

Australia

–

(continued)

61,689

Mirvac

Group

REIT

(Real

Estate)

$

84,260

48,765

National

Australia

Bank

Ltd.

(Financials)

918,275

17,550

Northern

Star

Resources

Ltd.

(Materials)

148,133

7,127

Orica

Ltd.

(Materials)

73,813

26,668

Origin

Energy

Ltd.

(Utilities)

145,702

43,035

Pilbara

Minerals

Ltd.

(Materials)

103,865

762

Pro

Medicus

Ltd.

(Health

Care)

44,669

26,797

Qantas

Airways

Ltd.

(Industrials)*

94,169

23,268

QBE

Insurance

Group

Ltd.

(Financials)

237,126

2,827

Ramsay

Health

Care

Ltd.

(Health

Care)

92,148

783

REA

Group

Ltd.

(Communication

Services)

80,601

4,630

Reece

Ltd.

(Industrials)

59,372

5,784

Rio

Tinto

Ltd.

(Materials)

479,539

16,678

Rio

Tinto

PLC

(Materials)

1,139,920

50,651

Santos

Ltd.

(Energy)

232,067

80,961

Scentre

Group

REIT

(Real

Estate)

142,255

5,380

SEEK

Ltd.

(Communication

Services)

85,185

2,422

Seven

Group

Holdings

Ltd.

(Industrials)

51,614

7,024

Sonic

Healthcare

Ltd.

(Health

Care)

135,852

70,555

South32

Ltd.

(Materials)

144,087

37,343

Stockland

REIT

(Real

Estate)

102,260

19,718

Suncorp

Group

Ltd.

(Financials)

182,644

180,073

Telstra

Group

Ltd.

(Communication

Services)

456,098

6,156

TPG

Telecom

Ltd.

(Communication

Services)

19,266

48,029

Transurban

Group

(Industrials)

412,720

11,309

Treasury

Wine

Estates

Ltd.

(Consumer

Staples)

80,233

60,309

Vicinity

Ltd.

REIT

(Real

Estate)

75,777

3,638

Washington

H

Soul

Pattinson

&

Co.

Ltd.

(Financials)

80,808

17,552

Wesfarmers

Ltd.

(Consumer

Discretionary)

612,850

54,513

Westpac

Banking

Corp.

(Financials)

772,416

12,828

Whitehaven

Coal

Ltd.

(Energy)

60,730

2,672

WiseTech

Global

Ltd.

(Information

Technology)

118,348

29,600

Woodside

Energy

Group

Ltd.

(Energy)

608,415

18,862

Woolworths

Group

Ltd.

(Consumer

Staples)

436,475

5,806

Worley

Ltd.

(Industrials)

65,290

3,480

Yancoal

Australia

Ltd.

(Energy)

(a)

11,139

19,158,878

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Austria

–

0.2%

1,119

ANDRITZ

AG

(Industrials)

$

60,754

1,226

BAWAG

Group

AG

(Financials)*

(a)

63,942

532

CA

Immobilien

Anlagen

AG

(Real

Estate)

17,414

5,105

Erste

Group

Bank

AG

(Financials)

206,705

557

EVN

AG

(Utilities)

16,409

7,580

Mondi

PLC

(Materials)

135,014

2,207

OMV

AG

(Energy)

94,276

2,338

Raiffeisen

Bank

International

AG

(Financials)

39,030

2,131

Telekom

Austria

AG

(Communication

Services)*

16,904

508

Verbund

AG

(Utilities)

48,499

553

Vienna

Insurance

Group

AG

Wiener

Versicherung

Gruppe

(Financials)

15,839

1,756

voestalpine

AG

(Materials)

49,470

1,679

Wienerberger

AG

(Materials)

47,961

812,217

Belgium

–

0.5%

346

Ackermans

&

van

Haaren

NV

(Industrials)

57,270

2,367

Ageas

SA/NV

(Financials)

101,962

13,328

Anheuser-Busch

InBev

SA/NV

(Consumer

Staples)

837,775

1,795

Azelis

Group

NV

(Industrials)

40,189

793

Colruyt

Group

N.V.

(Consumer

Staples)

34,203

327

D’ieteren

Group

(Consumer

Discretionary)

55,873

440

Elia

Group

SA/NV

(Utilities)

47,744

1,424

Groupe

Bruxelles

Lambert

NV

(Financials)

112,956

3,901

KBC

Group

NV

(Financials)

223,886

2,224

Proximus

SADP

(Communication

Services)

21,369

235

Sofina

SA

(Financials)

52,359

1,091

Solvay

SA

(Materials)

126,360

1,876

UCB

SA

(Health

Care)

138,862

3,171

Umicore

SA

(Materials)

84,871

2,541

Warehouses

De

Pauw

CVA

REIT

(Real

Estate)

71,475

2,007,154

Bermuda

–

0.0%

2,598

Liberty

Global

Ltd.,

Class

A

(Communication

Services)*

41,568

3,435

Liberty

Global

Ltd.,

Class

C

(Communication

Services)*

57,845

99,413

Brazil

–

1.3%

68,820

Ambev

SA

(Consumer

Staples)

191,017

8,338

Atacadao

SA

(Consumer

Staples)

19,170

88,052

B3

SA

–

Brasil

Bolsa

Balcao

(Financials)

237,436

22,902

Banco

Bradesco

SA

(Financials)

66,307

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

23,307

Banco

BTG

Pactual

SA

(Financials)

$

167,942

13,421

Banco

do

Brasil

SA

(Financials)

147,673

5,870

Banco

Santander

Brasil

SA

(Financials)

36,894

10,553

BB

Seguridade

Participacoes

SA

(Financials)

66,969

8,131

Caixa

Seguridade

Participacoes

SA

(Financials)

18,843

15,689

CCR

SA

(Industrials)

43,069

18,113

Centrais

Eletricas

Brasileiras

SA

(Utilities)

150,053

5,342

Cia

de

Saneamento

Basico

do

Estado

de

Sao

Paulo

(Utilities)

73,173

4,381

Cia

Energetica

de

Minas

Gerais

(Utilities)

13,803

11,666

Cia

Paranaense

de

Energia

(Utilities)

20,791

9,442

Cia

Siderurgica

Nacional

SA

(Materials)

31,433

18,355

Cosan

SA

(Energy)

66,055

2,950

CPFL

Energia

SA

(Utilities)

22,160

7,515

CSN

Mineracao

SA

(Materials)

10,909

4,661

Energisa

SA

(Utilities)

49,877

9,431

Eneva

SA

(Utilities)*

24,265

2,748

Engie

Brasil

Energia

SA

(Utilities)

24,236

15,277

Equatorial

Energia

SA

(Utilities)

105,496

73,680

Hapvida

Participacoes

e

Investimentos

SA

(Health

Care)*

(a)

65,281

6,321

Hypera

SA

(Health

Care)

43,291

7,075

Itau

Unibanco

Holding

SA

(Financials)

38,386

13,063

Klabin

SA

(Materials)

59,776

13,326

Localiza

Rent

a

Car

SA

(Industrials)

162,217

14,981

Lojas

Renner

SA

(Consumer

Discretionary)

49,722

45,861

Magazine

Luiza

SA

(Consumer

Discretionary)*

18,782

4,198

Multiplan

Empreendimentos

Imobiliarios

SA

(Real

Estate)

23,142

13,181

Natura

&

Co.

Holding

SA

(Consumer

Staples)*

44,068

3,092

Neoenergia

SA

(Utilities)

12,143

35,888

NU

Holdings

Ltd.,

Class

A

(Financials)*

292,128

3,128

Pagseguro

Digital

Ltd.,

Class

A

(Financials)*

31,530

57,797

Petroleo

Brasileiro

SA

(Energy)

441,775

2,828

Porto

Seguro

SA

(Financials)

16,054

11,233

PRIO

SA

(Energy)*

104,604

19,640

Raia

Drogasil

SA

(Consumer

Staples)

111,813

15,383

Rede

D’Or

Sao

Luiz

SA

(Health

Care)

(a)

82,962

19,022

Rumo

SA

(Industrials)

88,317

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Brazil

–

(continued)

21,100

Sendas

Distribuidora

SA

(Consumer

Staples)

$

55,314

3,765

StoneCo

Ltd.,

Class

A

(Financials)*

58,734

10,818

Suzano

SA

(Materials)

117,957

6,379

Telefonica

Brasil

SA

(Communication

Services)

68,236

12,552

TIM

SA

(Communication

Services)

43,874

8,161

TOTVS

SA

(Information

Technology)

55,115

11,367

Ultrapar

Participacoes

SA

(Energy)

58,192

61,264

Vale

SA

(Materials)

917,299

17,518

Vibra

Energia

SA

(Consumer

Discretionary)

82,933

23,160

WEG

SA

(Industrials)

160,543

7,062

Wheaton

Precious

Metals

Corp.

(Materials)

345,587

6,013

XP,

Inc.,

Class

A

(Financials)

140,043

2,399

Yara

International

ASA

(Materials)

81,526

5,458,915

Canada

–

6.8%

7,712

Agnico

Eagle

Mines

Ltd.

(Materials)

414,367

5,623

Air

Canada

(Industrials)*

73,115

10,795

Algonquin

Power

&

Utilities

Corp.

(Utilities)

66,640

11,400

Alimentation

Couche-Tard,

Inc.

(Consumer

Staples)

650,780

4,388

AltaGas

Ltd.

(Utilities)

89,323

9,495

ARC

Resources

Ltd.

(Energy)

151,545

11,132

Bank

of

Montreal

(Financials)

914,469

18,703

Bank

of

Nova

Scotia

(The)

(Financials)

837,314

27,222

Barrick

Gold

Corp.

(Materials)

478,646

14,236

BCE,

Inc.

(Communication

Services)

560,998

5,458

Brookfield

Asset

Management

Ltd.,

Class

A

(Financials)

191,252

23,084

Brookfield

Corp.

(Financials)

814,840

4,961

CAE,

Inc.

(Industrials)*

98,719

6,738

Cameco

Corp.

(Energy)

309,654

2,623

Canadian

Apartment

Properties

REIT

(Real

Estate)

89,436

14,325

Canadian

Imperial

Bank

of

Commerce

(Financials)

592,715

9,037

Canadian

National

Railway

Co.

(Industrials)

1,049,501

16,818

Canadian

Natural

Resources

Ltd.

(Energy)

1,123,929

14,534

Canadian

Pacific

Kansas

City

Ltd.

(Industrials)

1,047,186

832

Canadian

Tire

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

86,615

1,937

Canadian

Utilities

Ltd.,

Class

A

(Utilities)

43,430

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

2,256

CCL

Industries,

Inc.,

Class

B

(Materials)

$

93,062

21,203

Cenovus

Energy,

Inc.

(Energy)

376,411

3,230

CGI,

Inc.

(Information

Technology)*

328,682

4,313

Choice

Properties

Real

Estate

Investment

Trust

REIT

(Real

Estate)

41,862

311

Constellation

Software,

Inc.

(Information

Technology)

731,091

4,305

Dollarama,

Inc.

(Consumer

Discretionary)

312,909

4,264

Emera,

Inc.

(Utilities)

149,980

2,343

Empire

Co.

Ltd.

(Consumer

Staples)

63,731

33,135

Enbridge,

Inc.

(Energy)

1,157,898

365

Fairfax

Financial

Holdings

Ltd.

(Financials)

335,770

604

FirstService

Corp.

(Real

Estate)

94,860

7,555

Fortis,

Inc.

(Utilities)

302,902

2,972

Franco-Nevada

Corp.

(Materials)

333,138

953

George

Weston

Ltd.

(Consumer

Staples)

111,863

2,598

GFL

Environmental,

Inc.

(Industrials)

74,615

2,681

Gildan

Activewear,

Inc.

(Consumer

Discretionary)

97,128

4,270

Great-West

Lifeco,

Inc.

(Financials)

136,586

4,931

Hydro

One

Ltd.

(Utilities)

(a)

137,181

1,606

iA

Financial

Corp.,

Inc.

(Financials)

107,327

1,406

IGM

Financial,

Inc.

(Financials)

34,936

2,784

Imperial

Oil

Ltd.

(Energy)

156,977

2,729

Intact

Financial

Corp.

(Financials)

423,283

8,958

Ivanhoe

Mines

Ltd.,

Class

A

(Materials)*

80,010

3,564

Keyera

Corp.

(Energy)

89,820

18,973

Kinross

Gold

Corp.

(Materials)

111,947

2,268

Loblaw

Cos.

Ltd.

(Consumer

Staples)

195,712

4,143

Magna

International,

Inc.

(Consumer

Discretionary)

223,551

28,802

Manulife

Financial

Corp.

(Financials)

564,633

3,587

Metro,

Inc.

(Consumer

Staples)

179,925

5,247

National

Bank

of

Canada

(Financials)

347,981

3,960

Northland

Power,

Inc.

(Utilities)

64,430

7,743

Nutrien

Ltd.

(Materials)

414,491

1,037

Onex

Corp.

(Financials)

70,204

4,159

Open

Text

Corp.

(Information

Technology)

166,532

5,670

Pan

American

Silver

Corp.

(Materials)

88,907

8,583

Pembina

Pipeline

Corp.

(Energy)

287,334

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Canada

–

(continued)

8,284

Power

Corp.

of

Canada

(Financials)

$

229,424

2,406

Quebecor,

Inc.,

Class

B

(Communication

Services)

53,431

2,829

RB

Global,

Inc.

(Industrials)

179,962

4,387

Restaurant

Brands

International,

Inc.

(Consumer

Discretionary)

312,269

4,705

RioCan

Real

Estate

Investment

Trust

REIT

(Real

Estate)

60,623

5,786

Rogers

Communications,

Inc.,

Class

B

(Communication

Services)

249,346

21,631

Royal

Bank

of

Canada

(Financials)

1,956,259

3,811

Saputo,

Inc.

(Consumer

Staples)

74,148

18,026

Shopify,

Inc.,

Class

A

(Information

Technology)*

1,314,209

9,150

Sun

Life

Financial,

Inc.

(Financials)

(b)

462,410

20,433

Suncor

Energy,

Inc.

(Energy)

674,243

16,195

TC

Energy

Corp.

(Energy)

607,857

7,150

Teck

Resources

Ltd.,

Class

B

(Materials)

269,578

22,415

TELUS

Corp.

(Communication

Services)

401,399

1,210

TFI

International,

Inc.

(Industrials)

143,288

2,212

Thomson

Reuters

Corp.

(Industrials)

309,290

28,520

Toronto-Dominion

Bank

(The)

(Financials)

1,740,417

4,954

Tourmaline

Oil

Corp.

(Energy)

239,981

860

West

Fraser

Timber

Co.

Ltd.

(Materials)

62,427

1,937

WSP

Global,

Inc.

(Industrials)

268,338

27,781,042

Chile

–

0.2%

5,112

Antofagasta

PLC

(Materials)

91,152

687,589

Banco

de

Chile

(Financials)

77,602

1,384

Banco

de

Credito

e

Inversiones

SA

(Financials)

37,339

971,888

Banco

Santander

Chile

(Financials)

47,914

19,980

Cencosud

SA

(Consumer

Staples)

37,283

1,981

Cia

Cervecerias

Unidas

SA

(Consumer

Staples)

12,185

237,329

Cia

Sud

Americana

de

Vapores

SA

(Industrials)

13,833

18,270

Empresas

CMPC

SA

(Materials)

35,503

6,529

Empresas

Copec

SA

(Energy)

48,544

298,869

Enel

Americas

SA

(Utilities)*

34,956

381,204

Enel

Chile

SA

(Utilities)

24,155

18,535

Falabella

SA

(Consumer

Discretionary)*

43,469

6,984,965

Latam

Airlines

Group

SA

(Industrials)*

68,389

Shares

Description

Value

a

Common

Stocks

–

(continued)

Chile

–

(continued)

10,224

Lundin

Mining

Corp.

(Materials)

$

70,882

643,206

China

–

7.7%

6,600

360

Security

Technology,

Inc.,

Class

A

(Information

Technology)*

8,022

2,100

37

Interactive

Entertainment

Network

Technology

Group

Co.

Ltd.,

Class

A

(Communication

Services)

6,514

200

3peak,

Inc.,

Class

A

(Information

Technology)

4,532

700

Accelink

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,680

232

ACM

Research

Shanghai,

Inc.,

Class

A

(Information

Technology)

3,723

575

Advanced

Micro-Fabrication

Equipment

Inc

China,

Class

A

(Information

Technology)

13,681

1,200

AECC

Aero-Engine

Control

Co.

Ltd.,

Class

A

(Industrials)

3,447

2,500

AECC

Aviation

Power

Co.

Ltd.,

Class

A

(Industrials)

12,589

84,800

Agricultural

Bank

of

China

Ltd.,

Class

A

(Financials)

43,463

441,671

Agricultural

Bank

of

China

Ltd.,

Class

H

(Financials)

163,429

8,800

Aier

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

21,023

600

AIMA

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,413

7,100

Air

China

Ltd.,

Class

A

(Industrials)*

8,024

26,791

Air

China

Ltd.,

Class

H

(Industrials)*

18,043

2,655

Airtac

International

Group

(Industrials)

92,211

1,700

Aisino

Corp.,

Class

A

(Information

Technology)

2,635

7,525

Akeso,

Inc.

(Health

Care)*

(a)

48,029

248,079

Alibaba

Group

Holding

Ltd.

(Consumer

Discretionary)*

2,310,762

79,107

Alibaba

Health

Information

Technology

Ltd.

(Consumer

Staples)*

44,971

12,400

Aluminum

Corp.

of

China

Ltd.,

Class

A

(Materials)

9,620

59,049

Aluminum

Corp.

of

China

Ltd.,

Class

H

(Materials)

29,183

387

Amlogic

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

3,316

6,000

Angang

Steel

Co.

Ltd.,

Class

A

(Materials)

2,151

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

22,177

Angang

Steel

Co.

Ltd.,

Class

H

(Materials)

$

4,543

800

Angel

Yeast

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,090

3,700

Anhui

Conch

Cement

Co.

Ltd.,

Class

A

(Materials)

11,917

18,589

Anhui

Conch

Cement

Co.

Ltd.,

Class

H

(Materials)

43,508

1,300

Anhui

Gujing

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

47,070

2,000

Anhui

Jianghuai

Automobile

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)*

4,940

600

Anhui

Kouzi

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,968

600

Anhui

Yingjia

Distillery

Co.

Ltd.,

Class

A

(Consumer

Staples)

6,316

300

Anjoy

Foods

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,801

300

Anker

Innovations

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,713

19,990

ANTA

Sports

Products

Ltd.

(Consumer

Discretionary)

208,466

1,100

Apeloa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

2,569

900

Asia

-

Potash

International

Investment

Guangzhou

Co.

Ltd.,

Class

A

(Materials)*

3,421

392

ASR

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,676

300

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

A

(Health

Care)

6,050

433

Asymchem

Laboratories

Tianjin

Co.

Ltd.,

Class

H

(Health

Care)

(a)

5,943

500

Autobio

Diagnostics

Co.

Ltd.,

Class

A

(Health

Care)

3,595

1,053

Autohome,

Inc.

ADR

(Communication

Services)

28,757

1,800

Avary

Holding

Shenzhen

Co.

Ltd.,

Class

A

(Information

Technology)

5,432

8,300

AVIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)

3,801

36,850

AviChina

Industry

&

Technology

Co.

Ltd.,

Class

H

(Industrials)

16,702

600

AVICOPTER

PLC,

Class

A

(Industrials)

3,144

5,200

BAIC

BluePark

New

Energy

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

4,719

4,397

Baidu,

Inc.

ADR

(Communication

Services)*

521,748

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

5,600

Baiyin

Nonferrous

Group

Co.

Ltd.,

Class

A

(Materials)

$

2,102

19,900

Bank

of

Beijing

Co.

Ltd.,

Class

A

(Financials)

12,624

3,700

Bank

of

Changsha

Co.

Ltd.,

Class

A

(Financials)

3,518

3,500

Bank

of

Chengdu

Co.

Ltd.,

Class

A

(Financials)

5,543

39,100

Bank

of

China

Ltd.,

Class

A

(Financials)

21,847

1,305,578

Bank

of

China

Ltd.,

Class

H

(Financials)

479,752

1,400

Bank

of

Chongqing

Co.

Ltd.,

Class

A

(Financials)

1,427

36,900

Bank

of

Communications

Co.

Ltd.,

Class

A

(Financials)

30,177

114,259

Bank

of

Communications

Co.

Ltd.,

Class

H

(Financials)

67,441

3,400

Bank

of

Guiyang

Co.

Ltd.,

Class

A

(Financials)

2,423

5,500

Bank

of

Hangzhou

Co.

Ltd.,

Class

A

(Financials)

7,656

14,500

Bank

of

Jiangsu

Co.

Ltd.,

Class

A

(Financials)

13,442

9,700

Bank

of

Nanjing

Co.

Ltd.,

Class

A

(Financials)

9,807

6,100

Bank

of

Ningbo

Co.

Ltd.,

Class

A

(Financials)

19,579

13,300

Bank

of

Shanghai

Co.

Ltd.,

Class

A

(Financials)

10,970

3,400

Bank

of

Suzhou

Co.

Ltd.,

Class

A

(Financials)

3,090

6,600

Bank

of

Zhengzhou

Co.

Ltd.,

Class

A

(Financials)*

1,904

19,300

Baoshan

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

16,811

7,900

BBMG

Corp.,

Class

A

(Materials)

2,235

776

BeiGene

Ltd.

ADR

(Health

Care)*

145,065

200

BeiGene

Ltd.,

Class

A

(Health

Care)*

4,272

6,900

Beijing

Capital

Eco-

Environment

Protection

Group

Co.

Ltd.,

Class

A

(Utilities)

2,609

400

Beijing

Compass

Technology

Development

Co.

Ltd.,

Class

A

(Financials)*

3,244

3,900

Beijing

Dabeinong

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,976

500

Beijing

Easpring

Material

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,867

600

Beijing

E-Hualu

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

2,843

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,700

Beijing

Enlight

Media

Co.

Ltd.,

Class

A

(Communication

Services)

$

3,006

7,446

Beijing

Enterprises

Holdings

Ltd.

(Utilities)

24,692

61,869

Beijing

Enterprises

Water

Group

Ltd.

(Utilities)

12,437

200

Beijing

Huafeng

Test

&

Control

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,489

4,400

Beijing

Jingneng

Power

Co.

Ltd.,

Class

A

(Utilities)

1,836

429

Beijing

Kingsoft

Office

Software,

Inc.,

Class

A

(Information

Technology)

18,128

1,600

Beijing

New

Building

Materials

PLC,

Class

A

(Industrials)

5,234

2,400

Beijing

Oriental

Yuhong

Waterproof

Technology

Co.

Ltd.,

Class

A

(Materials)

7,236

3,400

Beijing

Originwater

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,419

200

Beijing

Roborock

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

8,374

1,800

Beijing

Shiji

Information

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

2,690

3,400

Beijing

Shougang

Co.

Ltd.,

Class

A

(Materials)*

1,743

1,500

Beijing

Tiantan

Biological

Products

Corp.

Ltd.,

Class

A

(Health

Care)

6,728

1,300

Beijing

Tongrentang

Co.

Ltd.,

Class

A

(Health

Care)

9,676

1,800

Beijing

Ultrapower

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,120

700

Beijing

United

Information

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,334

700

Beijing

Wantai

Biological

Pharmacy

Enterprise

Co.

Ltd.,

Class

A

(Health

Care)

4,786

2,600

Beijing

Yanjing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,623

38,400

Beijing-Shanghai

High

Speed

Railway

Co.

Ltd.,

Class

A

(Industrials)

27,156

7,500

Beiqi

Foton

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,203

400

Bethel

Automotive

Safety

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,370

400

Betta

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

3,192

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

400

BGI

Genomics

Co.

Ltd.,

Class

A

(Health

Care)

$

2,874

3,824

Bilibili,

Inc.,

Class

Z

(Communication

Services)*

44,016

432

Bloomage

Biotechnology

Corp.

Ltd.,

Class

A

(Health

Care)

4,308

2,300

Bluefocus

Intelligent

Communications

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

2,371

1,100

Bluestar

Adisseo

Co.,

Class

A

(Materials)

1,212

3,272

BOC

Aviation

Ltd.

(Industrials)

(a)

23,544

56,025

BOC

Hong

Kong

Holdings

Ltd.

(Financials)

149,920

2,600

BOC

International

China

Co.

Ltd.,

Class

A

(Financials)

3,921

35,300

BOE

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

19,131

1,000

BTG

Hotels

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,421

26,595

Budweiser

Brewing

Co.

APAC

Ltd.

(Consumer

Staples)

(a)

47,059

1,700

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

47,410

15,580

BYD

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

418,908

11,811

BYD

Electronic

International

Co.

Ltd.

(Information

Technology)

53,911

1,600

By-health

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,100

8,472

C&D

International

Investment

Group

Ltd.

(Real

Estate)

17,312

2,500

Caida

Securities

Co.

Ltd.,

Class

A

(Financials)

2,713

4,300

Caitong

Securities

Co.

Ltd.,

Class

A

(Financials)

4,853

2,695

CALB

Group

Co.

Ltd.

(Consumer

Discretionary)*

(a)

6,418

375

Cambricon

Technologies

Corp.

Ltd.,

Class

A

(Information

Technology)*

7,867

800

Canmax

Technologies

Co.

Ltd.,

Class

A

(Materials)

2,700

546

Cathay

Biotech,

Inc.,

Class

A

(Materials)

4,156

3,700

CECEP

Solar

Energy

Co.

Ltd.,

Class

A

(Utilities)

2,886

6,000

CECEP

Wind-Power

Corp.,

Class

A

(Utilities)

2,588

800

CETC

Cyberspace

Security

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,565

14,400

CGN

Power

Co.

Ltd.,

Class

A

(Utilities)

6,110

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

166,441

CGN

Power

Co.

Ltd.,

Class

H

(Utilities)

(a)

$

40,064

400

Changchun

High

&

New

Technology

Industry

Group,

Inc.,

Class

A

(Health

Care)

9,012

5,100

Changjiang

Securities

Co.

Ltd.,

Class

A

(Financials)

3,971

300

Changzhou

Xingyu

Automotive

Lighting

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

6,057

1,800

Chaozhou

Three-Circle

Group

Co.

Ltd.,

Class

A

(Information

Technology)

7,391

800

Chengxin

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

2,437

1,500

Chifeng

Jilong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)*

2,922

900

China

Automotive

Engineering

Research

Institute

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,712

2,400

China

Baoan

Group

Co.

Ltd.,

Class

A

(Industrials)

3,929

140,651

China

Cinda

Asset

Management

Co.

Ltd.,

Class

H

(Financials)

13,686

4,900

China

CITIC

Bank

Corp.

Ltd.,

Class

A

(Financials)

3,698

162,794

China

CITIC

Bank

Corp.

Ltd.,

Class

H

(Financials)

73,578

3,600

China

Coal

Energy

Co.

Ltd.,

Class

A

(Energy)

4,704

32,902

China

Coal

Energy

Co.

Ltd.,

Class

H

(Energy)

27,888

37,334

China

Communications

Services

Corp.

Ltd.,

Class

H

(Industrials)

15,918

9,000

China

Construction

Bank

Corp.,

Class

A

(Financials)

8,066

1,470,279

China

Construction

Bank

Corp.,

Class

H

(Financials)

850,884

4,200

China

CSSC

Holdings

Ltd.,

Class

A

(Industrials)

16,257

9,900

China

Eastern

Airlines

Corp.

Ltd.,

Class

A

(Industrials)*

5,823

31,943

China

Eastern

Airlines

Corp.

Ltd.,

Class

H

(Industrials)*

10,306

30,600

China

Energy

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

9,127

96,069

China

Energy

Engineering

Corp.

Ltd.,

Class

H

(Industrials)

9,225

3,300

China

Enterprise

Co.

Ltd.,

Class

A

(Real

Estate)

1,502

43,700

China

Everbright

Bank

Co.

Ltd.,

Class

A

(Financials)

17,686

114,700

China

Everbright

Bank

Co.

Ltd.,

Class

H

(Financials)

32,749

55,011

China

Everbright

Environment

Group

Ltd.

(Industrials)

18,102

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

52,262

China

Feihe

Ltd.

(Consumer

Staples)

(a)

$

30,647

1,700

China

Film

Co.

Ltd.,

Class

A

(Communication

Services)*

2,928

6,400

China

First

Heavy

Industries

Co.

Ltd.,

Class

A

(Industrials)*

2,599

4,200

China

Galaxy

Securities

Co.

Ltd.,

Class

A

(Financials)

7,358

54,137

China

Galaxy

Securities

Co.

Ltd.,

Class

H

(Financials)

28,974

42,367

China

Gas

Holdings

Ltd.

(Utilities)

38,839

3,600

China

Great

Wall

Securities

Co.

Ltd.,

Class

A

(Financials)

4,179

3,000

China

Greatwall

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

4,688

1,300

China

Green

Electricity

Investment

of

Tianjin

Co.

Ltd.,

Class

A

(Real

Estate)

1,842

37,395

China

Hongqiao

Group

Ltd.

(Materials)

30,499

1,500

China

International

Capital

Corp.

Ltd.,

Class

A

(Financials)

8,528

23,327

China

International

Capital

Corp.

Ltd.,

Class

H

(Financials)

(a)

36,916

2,100

China

International

Marine

Containers

Group

Co.

Ltd.,

Class

A

(Industrials)

2,317

104,975

China

Jinmao

Holdings

Group

Ltd.

(Real

Estate)

11,962

3,700

China

Jushi

Co.

Ltd.,

Class

A

(Materials)

5,736

15,363

China

Lesso

Group

Holdings

Ltd.

(Industrials)

8,498

2,000

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

8,413

116,177

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

157,376

5,822

China

Literature

Ltd.

(Communication

Services)*

(a)

19,866

52,481

China

Longyuan

Power

Group

Corp.

Ltd.,

Class

H

(Utilities)

39,309

19,436

China

Medical

System

Holdings

Ltd.

(Health

Care)

37,377

46,420

China

Mengniu

Dairy

Co.

Ltd.

(Consumer

Staples)*

145,614

19,400

China

Merchants

Bank

Co.

Ltd.,

Class

A

(Financials)

78,214

59,083

China

Merchants

Bank

Co.

Ltd.,

Class

H

(Financials)

206,518

7,600

China

Merchants

Energy

Shipping

Co.

Ltd.,

Class

A

(Energy)

6,396

2,300

China

Merchants

Expressway

Network

&

Technology

Holdings

Co.

Ltd.,

Class

A

(Industrials)

3,173

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

19,497

China

Merchants

Port

Holdings

Co.

Ltd.

(Industrials)

$

24,963

6,900

China

Merchants

Securities

Co.

Ltd.,

Class

A

(Financials)

13,595

7,128

China

Merchants

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

5,832

7,200

China

Merchants

Shekou

Industrial

Zone

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)

10,506

33,400

China

Minsheng

Banking

Corp.

Ltd.,

Class

A

(Financials)

18,007

108,583

China

Minsheng

Banking

Corp.

Ltd.,

Class

H

(Financials)

36,286

66,878

China

National

Building

Material

Co.

Ltd.,

Class

H

(Materials)

29,799

5,700

China

National

Chemical

Engineering

Co.

Ltd.,

Class

A

(Industrials)

5,284

700

China

National

Medicines

Corp.

Ltd.,

Class

A

(Health

Care)

2,995

17,800

China

National

Nuclear

Power

Co.

Ltd.,

Class

A

(Utilities)

17,523

800

China

National

Software

&

Service

Co.

Ltd.,

Class

A

(Information

Technology)

3,854

3,400

China

Northern

Rare

Earth

Group

High-Tech

Co.

Ltd.,

Class

A

(Materials)

9,446

1,300

China

Oilfield

Services

Ltd.,

Class

A

(Energy)

2,716

28,459

China

Oilfield

Services

Ltd.,

Class

H

(Energy)

30,608

57,929

China

Overseas

Land

&

Investment

Ltd.

(Real

Estate)

107,101

20,046

China

Overseas

Property

Holdings

Ltd.

(Real

Estate)

16,324

6,400

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

A

(Financials)

21,590

39,444

China

Pacific

Insurance

Group

Co.

Ltd.,

Class

H

(Financials)

83,329

29,500

China

Petroleum

&

Chemical

Corp.,

Class

A

(Energy)

22,597

374,905

China

Petroleum

&

Chemical

Corp.,

Class

H

(Energy)

192,965

4,800

China

Petroleum

Engineering

Corp.,

Class

A

(Energy)

2,138

75,788

China

Power

International

Development

Ltd.

(Utilities)

27,849

4,618

China

Railway

Construction

Heavy

Industry

Corp.

Ltd.,

Class

A

(Industrials)

2,664

19,300

China

Railway

Group

Ltd.,

Class

A

(Industrials)

15,243

63,556

China

Railway

Group

Ltd.,

Class

H

(Industrials)

27,911

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

5,728

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

A

(Information

Technology)

$

3,489

27,070

China

Railway

Signal

&

Communication

Corp.

Ltd.,

Class

H

(Information

Technology)

(a)

8,214

900

China

Rare

Earth

Resources

And

Technology

Co.

Ltd.,

Class

A

(Materials)

3,525

24,358

China

Resources

Beer

Holdings

Co.

Ltd.

(Consumer

Staples)

109,778

34,427

China

Resources

Cement

Holdings

Ltd.

(Materials)

7,934

14,011

China

Resources

Gas

Group

Ltd.

(Utilities)

43,951

45,034

China

Resources

Land

Ltd.

(Real

Estate)

164,907

1,038

China

Resources

Microelectronics

Ltd.,

Class

A

(Information

Technology)

6,826

9,425

China

Resources

Mixc

Lifestyle

Services

Ltd.

(Real

Estate)

(a)

35,659

25,973

China

Resources

Pharmaceutical

Group

Ltd.

(Health

Care)

(a)

16,228

28,009

China

Resources

Power

Holdings

Co.

Ltd.

(Utilities)

54,008

900

China

Resources

Sanjiu

Medical

&

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

6,123

100,444

China

Ruyi

Holdings

Ltd.

(Communication

Services)*

(b)

22,763

400

China

Science

Publishing

&

Media

Ltd.,

Class

A

(Communication

Services)

1,601

6,000

China

Shenhua

Energy

Co.

Ltd.,

Class

A

(Energy)

26,458

52,732

China

Shenhua

Energy

Co.

Ltd.,

Class

H

(Energy)

172,503

1,700

China

South

Publishing

&

Media

Group

Co.

Ltd.,

Class

A

(Communication

Services)

2,571

10,500

China

Southern

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

9,043

27,099

China

Southern

Airlines

Co.

Ltd.,

Class

H

(Industrials)*

13,011

2,700

China

Southern

Power

Grid

Energy

Efficiency

&

Clean

Energy

Co.

Ltd.,

Class

A

(Industrials)

2,034

1,500

China

Southern

Power

Grid

Energy

Storage

Co.

Ltd.,

Class

A

(Utilities)

2,017

39,500

China

State

Construction

Engineering

Corp.

Ltd.,

Class

A

(Industrials)

27,491

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

27,854

China

State

Construction

International

Holdings

Ltd.

(Industrials)

$

32,311

900

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

A

(Energy)

988

28,896

China

Suntien

Green

Energy

Corp.

Ltd.,

Class

H

(Energy)

9,619

21,881

China

Taiping

Insurance

Holdings

Co.

Ltd.

(Financials)

19,835

26,900

China

Three

Gorges

Renewables

Group

Co.

Ltd.,

Class

A

(Utilities)

17,328

1,800

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

22,472

1,400

China

Tourism

Group

Duty

Free

Corp.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)(b)

15,236

681,772

China

Tower

Corp.

Ltd.,

Class

H

(Communication

Services)

(a)

70,706

29,900

China

United

Network

Communications

Ltd.,

Class

A

(Communication

Services)

18,381

9,100

China

Vanke

Co.

Ltd.,

Class

A

(Real

Estate)

14,578

34,671

China

Vanke

Co.

Ltd.,

Class

H

(Real

Estate)

35,025

4,800

China

XD

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,099

21,900

China

Yangtze

Power

Co.

Ltd.,

Class

A

(Utilities)

70,015

500

China

Zhenhua

Group

Science

&

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,525

20,200

China

Zheshang

Bank

Co.

Ltd.,

Class

A

(Financials)

7,157

39,703

China

Zheshang

Bank

Co.

Ltd.,

Class

H

(Financials)

10,828

800

Chinalin

Securities

Co.

Ltd.,

Class

A

(Financials)

1,540

2,183

Chindata

Group

Holdings

Ltd.

ADR

(Information

Technology)*

(b)

18,381

500

Chongqing

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,989

21,900

Chongqing

Changan

Automobile

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

62,501

8,300

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

4,731

37,131

Chongqing

Rural

Commercial

Bank

Co.

Ltd.,

Class

H

(Financials)

13,739

500

Chongqing

Taiji

Industry

Group

Co.

Ltd.,

Class

A

(Health

Care)*

3,612

1,700

Chongqing

Water

Group

Co.

Ltd.,

Class

A

(Utilities)

1,383

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,200

Chongqing

Zhifei

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

$

20,093

27,436

Chow

Tai

Fook

Jewellery

Group

Ltd.

(Consumer

Discretionary)

39,835

1,400

CIMC

Vehicles

Group

Co.

Ltd.,

Class

A

(Industrials)

2,178

99,328

CITIC

Ltd.

(Industrials)

93,601

1,700

Citic

Pacific

Special

Steel

Group

Co.

Ltd.,

Class

A

(Materials)

3,395

11,400

CITIC

Securities

Co.

Ltd.,

Class

A

(Financials)

34,243

30,427

CITIC

Securities

Co.

Ltd.,

Class

H

(Financials)

63,189

16,600

CMOC

Group

Ltd.,

Class

A

(Materials)

12,111

57,046

CMOC

Group

Ltd.,

Class

H

(Materials)

32,576

600

CNGR

Advanced

Material

Co.

Ltd.,

Class

A

(Materials)

4,131

5,700

CNOOC

Energy

Technology

&

Services

Ltd.,

Class

A

(Energy)

2,315

5,100

CNPC

Capital

Co.

Ltd.,

Class

A

(Financials)

4,107

4,100

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

95,883

9,300

COSCO

SHIPPING

Development

Co.

Ltd.,

Class

A

(Industrials)

3,034

3,200

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

A

(Energy)

5,906

20,363

COSCO

SHIPPING

Energy

Transportation

Co.

Ltd.,

Class

H

(Energy)

19,763

12,000

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

A

(Industrials)

16,821

49,542

COSCO

SHIPPING

Holdings

Co.

Ltd.,

Class

H

(Industrials)

45,671

205,807

Country

Garden

Holdings

Co.

Ltd.

(Real

Estate)*

23,189

33,857

Country

Garden

Services

Holdings

Co.

Ltd.

(Real

Estate)

31,992

22,900

CRRC

Corp.

Ltd.,

Class

A

(Industrials)

16,676

68,681

CRRC

Corp.

Ltd.,

Class

H

(Industrials)

27,700

2,800

CSC

Financial

Co.

Ltd.,

Class

A

(Financials)

10,108

14,289

CSC

Financial

Co.

Ltd.,

Class

H

(Financials)

(a)

13,410

900

CSPC

Innovation

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,331

130,296

CSPC

Pharmaceutical

Group

Ltd.

(Health

Care)

117,612

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,300

CSSC

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

$

3,348

14,200

Daqin

Railway

Co.

Ltd.,

Class

A

(Industrials)

14,437

1,100

DaShenLin

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,005

8,100

Datang

International

Power

Generation

Co.

Ltd.,

Class

A

(Utilities)

2,836

44,542

Datang

International

Power

Generation

Co.

Ltd.,

Class

H

(Utilities)

6,730

3,000

DHC

Software

Co.

Ltd.,

Class

A

(Information

Technology)

2,680

1,000

Do-Fluoride

New

Materials

Co.

Ltd.,

Class

A

(Materials)

2,099

600

Dong-E-E-Jiao

Co.

Ltd.,

Class

A

(Health

Care)

4,235

2,600

Dongfang

Electric

Corp.

Ltd.,

Class

A

(Industrials)

5,305

5,344

Dongfang

Electric

Corp.

Ltd.,

Class

H

(Industrials)

4,790

40,871

Dongfeng

Motor

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

20,513

400

Dongguan

Yiheda

Automation

Co.

Ltd.,

Class

A

(Industrials)

1,580

3,000

Dongxing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,626

7,133

East

Buy

Holding

Ltd.

(Consumer

Discretionary)*

(a)

26,531

14,800

East

Money

Information

Co.

Ltd.,

Class

A

(Financials)

30,342

200

Eastroc

Beverage

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

5,522

5,200

Easyhome

New

Retail

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,600

500

Ecovacs

Robotics

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,992

800

Edifier

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,995

500

Empyrean

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

6,883

11,897

ENN

Energy

Holdings

Ltd.

(Utilities)

82,560

2,200

ENN

Natural

Gas

Co.

Ltd.,

Class

A

(Utilities)

4,939

700

Eoptolink

Technology,

Inc.

Ltd.,

Class

A

(Information

Technology)

4,539

43,205

ESR

Group

Ltd.

(Real

Estate)

(a)

55,539

1,900

Eve

Energy

Co.

Ltd.,

Class

A

(Industrials)

11,225

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,600

Everbright

Securities

Co.

Ltd.,

Class

A

(Financials)

$

8,192

9,589

Everdisplay

Optronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

3,612

3,700

Fangda

Carbon

New

Material

Co.

Ltd.,

Class

A

(Industrials)*

2,995

21,022

Far

East

Horizon

Ltd.

(Financials)

15,423

1,141

Farasis

Energy

Gan

Zhou

Co.

Ltd.,

Class

A

(Industrials)*

2,994

2,300

FAW

Jiefang

Group

Co.

Ltd.,

Class

A

(Industrials)*

3,185

1,100

Fiberhome

Telecommunication

Technologies

Co.

Ltd.,

Class

A

(Information

Technology)

2,745

3,900

First

Capital

Securities

Co.

Ltd.,

Class

A

(Financials)

3,337

1,500

Flat

Glass

Group

Co.

Ltd.,

Class

A

(Information

Technology)

5,316

6,621

Flat

Glass

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

10,885

13,500

Focus

Media

Information

Technology

Co.

Ltd.,

Class

A

(Communication

Services)

12,364

4,000

Foshan

Haitian

Flavouring

&

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

21,347

32,770

Fosun

International

Ltd.

(Industrials)

18,671

7,800

Founder

Securities

Co.

Ltd.,

Class

A

(Financials)

9,481

9,600

Foxconn

Industrial

Internet

Co.

Ltd.,

Class

A

(Information

Technology)

20,300

2,100

Fujian

Funeng

Co.

Ltd.,

Class

A

(Utilities)

2,511

400

Fujian

Kuncai

Material

Technology

Co.

Ltd.,

Class

A

(Materials)*

3,110

1,200

Fujian

Sunner

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,050

12,388

Full

Truck

Alliance

Co.

Ltd.

ADR

(Industrials)*

92,786

1,900

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

10,020

9,534

Fuyao

Glass

Industry

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

(a)

44,739

1,709

GalaxyCore,

Inc.,

Class

A

(Information

Technology)

4,913

500

Gan

&

Lee

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)*

3,732

1,500

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

A

(Materials)

8,192

6,341

Ganfeng

Lithium

Group

Co.

Ltd.,

Class

H

(Materials)

(a)

20,297

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

100

G-bits

Network

Technology

Xiamen

Co.

Ltd.,

Class

A

(Communication

Services)

$

3,589

16,800

GD

Power

Development

Co.

Ltd.,

Class

A

(Utilities)

9,293

1,715

GDS

Holdings

Ltd.

ADR

(Information

Technology)*

17,579

89,877

Geely

Automobile

Holdings

Ltd.

(Consumer

Discretionary)

97,929

4,800

GEM

Co.

Ltd.,

Class

A

(Materials)

3,791

4,200

Gemdale

Corp.,

Class

A

(Real

Estate)

3,011

17,976

Genscript

Biotech

Corp.

(Health

Care)*

49,944

5,500

GF

Securities

Co.

Ltd.,

Class

A

(Financials)

11,099

15,922

GF

Securities

Co.

Ltd.,

Class

H

(Financials)

19,917

5,868

Giant

Biogene

Holding

Co.

Ltd.

(Consumer

Staples)*

(a)

26,935

1,900

Giant

Network

Group

Co.

Ltd.,

Class

A

(Communication

Services)

3,217

600

GigaDevice

Semiconductor,

Inc.,

Class

A

(Information

Technology)

7,906

400

Ginlong

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,733

1,300

Glodon

Co.

Ltd.,

Class

A

(Information

Technology)

3,566

3,200

GoerTek,

Inc.,

Class

A

(Information

Technology)

8,066

12,156

Goldwind

Science

&

Technology

Co.

Ltd.

(Industrials)

5,572

3,200

Goldwind

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,899

400

Gongniu

Group

Co.

Ltd.,

Class

A

(Industrials)

5,477

200

GoodWe

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,020

1,700

Gotion

High-tech

Co.

Ltd.,

Class

A

(Industrials)*

5,273

2,600

Great

Wall

Motor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

9,794

36,434

Great

Wall

Motor

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

52,526

5,200

Gree

Electric

Appliances

Inc

of

Zhuhai,

Class

A

(Consumer

Discretionary)

23,994

10,000

Greenland

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)*

3,459

16,330

Greentown

China

Holdings

Ltd.

(Real

Estate)

17,375

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,300

GRG

Banking

Equipment

Co.

Ltd.,

Class

A

(Information

Technology)

$

3,929

2,100

Guangdong

Electric

Power

Development

Co.

Ltd.,

Class

A

(Utilities)*

1,503

1,500

Guangdong

Haid

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

9,284

44,693

Guangdong

Investment

Ltd.

(Utilities)

31,015

300

Guangdong

Kinlong

Hardware

Products

Co.

Ltd.,

Class

A

(Industrials)

1,889

2,300

Guangdong

No

2

Hydropower

Engineering

Co.

Ltd.,

Class

A

(Industrials)

1,620

6,100

Guanghui

Energy

Co.

Ltd.,

Class

A

(Energy)

6,202

3,000

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,167

43,953

Guangzhou

Automobile

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

20,372

2,200

Guangzhou

Baiyun

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

3,398

1,300

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

A

(Health

Care)

5,489

3,455

Guangzhou

Baiyunshan

Pharmaceutical

Holdings

Co.

Ltd.,

Class

H

(Health

Care)

9,533

2,500

Guangzhou

Development

Group,

Inc.,

Class

A

(Energy)

1,912

400

Guangzhou

Great

Power

Energy

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,540

2,200

Guangzhou

Haige

Communications

Group,

Inc.

Co.,

Class

A

(Information

Technology)

3,900

400

Guangzhou

Kingmed

Diagnostics

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,697

3,400

Guangzhou

Port

Co.

Ltd.,

Class

A

(Industrials)

1,481

700

Guangzhou

Shiyuan

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,439

1,800

Guangzhou

Tinci

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

6,100

3,300

Guangzhou

Yuexiu

Capital

Holdings

Group

Co.

Ltd.,

Class

A

(Financials)

2,934

2,200

Guolian

Securities

Co.

Ltd.,

Class

A

(Financials)*

3,589

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,539

Guolian

Securities

Co.

Ltd.,

Class

H

(Financials)*

$

3,048

4,900

Guosen

Securities

Co.

Ltd.,

Class

A

(Financials)

6,519

7,000

Guotai

Junan

Securities

Co.

Ltd.,

Class

A

(Financials)

14,802

12,049

Guotai

Junan

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

13,915

4,100

Guoyuan

Securities

Co.

Ltd.,

Class

A

(Financials)

3,956

2,970

H

World

Group

Ltd.

ADR

(Consumer

Discretionary)*

108,643

26,535

Haidilao

International

Holding

Ltd.

(Consumer

Discretionary)

(a)

52,796

5,900

Haier

Smart

Home

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

18,276

36,248

Haier

Smart

Home

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

105,120

40,400

Hainan

Airlines

Holding

Co.

Ltd.,

Class

A

(Industrials)*

8,203

10,700

Hainan

Airport

Infrastructure

Co.

Ltd.,

Class

A

(Real

Estate)*

6,098

200

Hainan

Drinda

New

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,385

500

Haisco

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)*

1,699

9,805

Haitian

International

Holdings

Ltd.

(Industrials)

24,982

9,100

Haitong

Securities

Co.

Ltd.,

Class

A

(Financials)

12,387

41,369

Haitong

Securities

Co.

Ltd.,

Class

H

(Financials)

23,200

1,000

Han’s

Laser

Technology

Industry

Group

Co.

Ltd.,

Class

A

(Industrials)

3,064

1,100

Hang

Zhou

Great

Star

Industrial

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,360

900

Hangcha

Group

Co.

Ltd.,

Class

A

(Industrials)

2,808

600

Hangjin

Technology

Co.

Ltd.,

Class

A

(Materials)

2,879

2,900

Hangzhou

Binjiang

Real

Estate

Group

Co.

Ltd.,

Class

A

(Real

Estate)

3,135

600

Hangzhou

Chang

Chuan

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,386

1,700

Hangzhou

First

Applied

Material

Co.

Ltd.,

Class

A

(Information

Technology)

5,530

600

Hangzhou

Lion

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,700

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

900

Hangzhou

Oxygen

Plant

Group

Co.

Ltd.,

Class

A

(Materials)

$

3,969

900

Hangzhou

Robam

Appliances

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,928

1,300

Hangzhou

Silan

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

4,398

700

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

A

(Health

Care)

6,088

1,935

Hangzhou

Tigermed

Consulting

Co.

Ltd.,

Class

H

(Health

Care)

(a)

10,207

16,879

Hansoh

Pharmaceutical

Group

Co.

Ltd.

(Health

Care)

(a)

34,189

600

Haohua

Chemical

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

2,493

900

Hebei

Hengshui

Laobaigan

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,903

200

Hebei

Sinopack

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

2,706

1,100

Hebei

Yangyuan

Zhihui

Beverage

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,471

800

Hefei

Meiya

Optoelectronic

Technology,

Inc.,

Class

A

(Industrials)

2,216

1,700

Heilongjiang

Agriculture

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,004

2,100

Henan

Shenhuo

Coal

&

Power

Co.

Ltd.,

Class

A

(Materials)

4,638

2,800

Henan

Shuanghui

Investment

&

Development

Co.

Ltd.,

Class

A

(Consumer

Staples)

10,234

9,183

Hengan

International

Group

Co.

Ltd.

(Consumer

Staples)

33,509

1,500

Hengdian

Group

DMEGC

Magnetics

Co.

Ltd.,

Class

A

(Information

Technology)

2,842

5,100

Hengli

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

10,020

2,300

Hengtong

Optic-electric

Co.

Ltd.,

Class

A

(Information

Technology)

4,010

3,400

Hengyi

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

3,266

9,700

Hesteel

Co.

Ltd.,

Class

A

(Materials)

2,948

900

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,774

5,232

Hisense

Home

Appliances

Group

Co.

Ltd.,

Class

H

(Consumer

Discretionary)

12,889

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,200

Hisense

Visual

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

3,932

500

Hithink

RoyalFlush

Information

Network

Co.

Ltd.,

Class

A

(Financials)

9,836

3,500

HLA

Group

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

3,715

500

Hongfa

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,038

2,100

Hongta

Securities

Co.

Ltd.,

Class

A

(Financials)

2,300

600

Hoshine

Silicon

Industry

Co.

Ltd.,

Class

A

(Materials)

4,173

500

Hoyuan

Green

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,318

12,566

Hua

Hong

Semiconductor

Ltd.

(Information

Technology)*

(a)

29,057

4,400

Huaan

Securities

Co.

Ltd.,

Class

A

(Financials)

3,001

8,000

Huadian

Power

International

Corp.

Ltd.,

Class

A

(Utilities)

5,736

25,629

Huadian

Power

International

Corp.

Ltd.,

Class

H

(Utilities)

10,501

1,600

Huadong

Medicine

Co.

Ltd.,

Class

A

(Health

Care)

9,139

4,600

Huafon

Chemical

Co.

Ltd.,

Class

A

(Materials)

4,419

900

Huagong

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

3,729

2,300

Huaibei

Mining

Holdings

Co.

Ltd.,

Class

A

(Materials)

5,102

1,700

Hualan

Biological

Engineering,

Inc.,

Class

A

(Health

Care)

5,754

400

Huali

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,678

4,300

Huaneng

Lancang

River

Hydropower,

Inc.,

Class

A

(Utilities)

5,022

8,200

Huaneng

Power

International,

Inc.,

Class

A

(Utilities)*

8,853

64,374

Huaneng

Power

International,

Inc.,

Class

H

(Utilities)*

33,463

6,800

Huatai

Securities

Co.

Ltd.,

Class

A

(Financials)

13,646

21,061

Huatai

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

26,372

2,400

Huaxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,669

12,200

Huaxia

Bank

Co.

Ltd.,

Class

A

(Financials)

9,909

300

Huaxia

Eye

Hospital

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,644

1,300

Huaxin

Cement

Co.

Ltd.,

Class

A

(Materials)

2,425

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,900

Huayu

Automotive

Systems

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

7,066

3,700

Hubei

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

2,155

500

Hubei

Feilihua

Quartz

Glass

Co.

Ltd.,

Class

A

(Materials)

2,910

900

Hubei

Jumpcan

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

4,024

1,000

Hubei

Xingfa

Chemicals

Group

Co.

Ltd.,

Class

A

(Materials)

2,634

500

Huizhou

Desay

Sv

Automotive

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

9,090

1,500

Humanwell

Healthcare

Group

Co.

Ltd.,

Class

A

(Health

Care)

5,592

1,795

Hunan

Changyuan

Lico

Co.

Ltd.,

Class

A

(Materials)

1,875

6,400

Hunan

Valin

Steel

Co.

Ltd.,

Class

A

(Materials)

4,956

400

Hunan

Yuneng

New

Energy

Battery

Material

Co.

Ltd.,

Class

A

(Industrials)

1,864

1,800

Hundsun

Technologies,

Inc.,

Class

A

(Information

Technology)

7,570

5,500

Hygeia

Healthcare

Holdings

Co.

Ltd.

(Health

Care)

(a)

33,872

1,400

IEIT

Systems

Co.

Ltd.,

Class

A

(Information

Technology)

6,907

2,200

Iflytek

Co.

Ltd.,

Class

A

(Information

Technology)

13,787

800

IKD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,586

200

Imeik

Technology

Development

Co.

Ltd.,

Class

A

(Health

Care)

8,529

58,000

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

A

(Financials)

39,067

1,079,066

Industrial

&

Commercial

Bank

of

China

Ltd.,

Class

H

(Financials)

516,716

19,500

Industrial

Bank

Co.

Ltd.,

Class

A

(Financials)

39,868

8,100

Industrial

Securities

Co.

Ltd.,

Class

A

(Financials)

6,897

500

Ingenic

Semiconductor

Co.

Ltd.,

Class

A

(Information

Technology)

4,765

42,700

Inner

Mongolia

BaoTou

Steel

Union

Co.

Ltd.,

Class

A

(Materials)*

9,149

1,900

Inner

Mongolia

Dian

Tou

Energy

Corp.

Ltd.,

Class

A

(Energy)

3,882

1,400

Inner

Mongolia

ERDOS

Resources

Co.

Ltd.,

Class

A

(Materials)

1,790

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

7,900

Inner

Mongolia

Junzheng

Energy

&

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

$

4,292

6,100

Inner

Mongolia

MengDian

HuaNeng

Thermal

Power

Corp.

Ltd.,

Class

A

(Utilities)

3,255

5,900

Inner

Mongolia

Yili

Industrial

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

22,514

3,400

Inner

Mongolia

Yuan

Xing

Energy

Co.

Ltd.,

Class

A

(Materials)

3,023

2,000

Innovation

New

Material

Technology

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,389

19,092

Innovent

Biologics,

Inc.

(Health

Care)*

(a)

111,956

7,270

iQIYI,

Inc.

ADR

(Communication

Services)*

32,642

900

Isoftstone

Information

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

5,045

3,100

JA

Solar

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

8,639

800

Jafron

Biomedical

Co.

Ltd.,

Class

A

(Health

Care)

2,683

800

Jason

Furniture

Hangzhou

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,199

1,700

JCET

Group

Co.

Ltd.,

Class

A

(Information

Technology)

7,270

600

JCHX

Mining

Management

Co.

Ltd.,

Class

A

(Materials)

2,948

15,500

JD

Health

International,

Inc.

(Consumer

Staples)*

(a)

73,925

28,209

JD

Logistics,

Inc.

(Industrials)*

(a)

34,637

38,223

JD.com,

Inc.,

Class

A

(Consumer

Discretionary)

522,181

5,100

Jiangsu

Eastern

Shenghong

Co.

Ltd.,

Class

A

(Materials)

7,228

1,400

Jiangsu

Expressway

Co.

Ltd.,

Class

A

(Industrials)

1,998

19,201

Jiangsu

Expressway

Co.

Ltd.,

Class

H

(Industrials)

17,283

1,200

Jiangsu

Guoxin

Corp.

Ltd.,

Class

A

(Utilities)

1,133

1,200

Jiangsu

Hengli

Hydraulic

Co.

Ltd.,

Class

A

(Industrials)

9,461

5,900

Jiangsu

Hengrui

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

39,675

1,200

Jiangsu

King's

Luck

Brewery

JSC

Ltd.,

Class

A

(Consumer

Staples)

9,046

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

900

Jiangsu

Nhwa

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

$

3,244

300

Jiangsu

Pacific

Quartz

Co.

Ltd.,

Class

A

(Information

Technology)

3,607

2,000

Jiangsu

Phoenix

Publishing

&

Media

Corp.

Ltd.,

Class

A

(Communication

Services)

2,818

500

Jiangsu

Xinquan

Automotive

Trim

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,577

1,400

Jiangsu

Yanghe

Brewery

Joint-Stock

Co.

Ltd.,

Class

A

(Consumer

Staples)

22,865

400

Jiangsu

Yangnong

Chemical

Co.

Ltd.,

Class

A

(Materials)

3,622

400

Jiangsu

Yoke

Technology

Co.

Ltd.,

Class

A

(Materials)

3,449

900

Jiangsu

Yuyue

Medical

Equipment

&

Supply

Co.

Ltd.,

Class

A

(Health

Care)

4,304

3,200

Jiangsu

Zhongtian

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,817

1,900

Jiangxi

Copper

Co.

Ltd.,

Class

A

(Materials)

4,712

16,954

Jiangxi

Copper

Co.

Ltd.,

Class

H

(Materials)

24,052

1,600

Jiangxi

Special

Electric

Motor

Co.

Ltd.,

Class

A

(Industrials)*

2,326

2,500

Jinduicheng

Molybdenum

Co.

Ltd.,

Class

A

(Materials)

3,322

6,121

Jinko

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

7,612

300

JiuGui

Liquor

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,000

3,100

Jizhong

Energy

Resources

Co.

Ltd.,

Class

A

(Energy)

3,034

1,100

JL

Mag

Rare-Earth

Co.

Ltd.,

Class

A

(Industrials)

3,048

1,800

Joincare

Pharmaceutical

Group

Industry

Co.

Ltd.,

Class

A

(Health

Care)

3,189

600

Joinn

Laboratories

China

Co.

Ltd.,

Class

A

(Health

Care)

2,236

1,572

Joinn

Laboratories

China

Co.

Ltd.,

Class

H

(Health

Care)

(a)

2,745

3,640

Jointown

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,828

700

Jonjee

Hi-Tech

Industrial

And

Commercial

Holding

Co.

Ltd.,

Class

A

(Consumer

Staples)*

3,204

600

Juewei

Food

Co.

Ltd.,

Class

A

(Consumer

Staples)

2,660

2,100

Juneyao

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

4,002

4,330

Kanzhun

Ltd.

ADR

(Communication

Services)*

71,575

13,898

KE

Holdings,

Inc.

ADR

(Real

Estate)

221,395

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

200

Keboda

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

2,106

1,800

Keda

Industrial

Group

Co.

Ltd.,

Class

A

(Industrials)

2,518

43,563

Kingdee

International

Software

Group

Co.

Ltd.

(Information

Technology)*

60,573

2,500

Kingfa

Sci

&

Tech

Co.

Ltd.,

Class

A

(Materials)

2,650

2,000

Kingnet

Network

Co.

Ltd.,

Class

A

(Communication

Services)

3,271

14,890

Kingsoft

Corp.

Ltd.

(Communication

Services)

47,661

31,724

Kuaishou

Technology

(Communication

Services)*

(a)

234,367

2,000

Kuang-Chi

Technologies

Co.

Ltd.,

Class

A

(Industrials)

3,907

57,713

Kunlun

Energy

Co.

Ltd.

(Utilities)

53,351

1,100

Kunlun

Tech

Co.

Ltd.,

Class

A

(Communication

Services)*

4,983

1,200

Kweichow

Moutai

Co.

Ltd.,

Class

A

(Consumer

Staples)

301,050

1,500

Lao

Feng

Xiang

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

13,517

2,200

LB

Group

Co.

Ltd.,

Class

A

(Materials)

5,317

109,808

Lenovo

Group

Ltd.

(Information

Technology)

135,673

4,600

Lens

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

8,413

1,700

Lepu

Medical

Technology

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

4,088

700

Levima

Advanced

Materials

Corp.,

Class

A

(Materials)

1,838

15,533

Li

Auto,

Inc.,

Class

A

(Consumer

Discretionary)*

289,965

36,839

Li

Ning

Co.

Ltd.

(Consumer

Discretionary)

102,589

16,000

Liaoning

Port

Co.

Ltd.,

Class

A

(Industrials)

3,361

3,500

Lifan

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,142

6,500

Lingyi

iTech

Guangdong

Co.,

Class

A

(Information

Technology)

6,089

600

Livzon

Pharmaceutical

Group,

Inc.,

Class

A

(Health

Care)

2,942

2,302

Livzon

Pharmaceutical

Group,

Inc.,

Class

H

(Health

Care)

6,882

31,550

Longfor

Group

Holdings

Ltd.

(Real

Estate)

(a)

55,907

7,100

LONGi

Green

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

21,108

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,000

Longshine

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

$

2,385

10,836

Lufax

Holding

Ltd.

ADR

(Financials)

9,199

1,800

Luxi

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

2,506

6,600

Luxshare

Precision

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

29,419

1,400

Luzhou

Laojiao

Co.

Ltd.,

Class

A

(Consumer

Staples)

40,681

1,700

Mango

Excellent

Media

Co.

Ltd.,

Class

A

(Communication

Services)

6,144

500

Maxscend

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

9,698

2,700

Meihua

Holdings

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,611

3,600

Meinian

Onehealth

Healthcare

Holdings

Co.

Ltd.,

Class

A

(Health

Care)*

3,121

71,181

Meituan,

Class

B

(Consumer

Discretionary)*

(a)

825,704

16,800

Metallurgical

Corp.

of

China

Ltd.,

Class

A

(Industrials)

7,293

45,113

Metallurgical

Corp.

of

China

Ltd.,

Class

H

(Industrials)

8,549

12,118

Microport

Scientific

Corp.

(Health

Care)*

19,425

2,100

Ming

Yang

Smart

Energy

Group

Ltd.,

Class

A

(Industrials)

3,961

7,403

MINISO

Group

Holding

Ltd.

(Consumer

Discretionary)

49,715

4,200

Minmetals

Capital

Co.

Ltd.,

Class

A

(Financials)

2,847

11,105

Minth

Group

Ltd.

(Consumer

Discretionary)

24,058

1,058

Montage

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

8,738

5,100

Muyuan

Foods

Co.

Ltd.,

Class

A

(Consumer

Staples)

27,910

5,800

Nanjing

Iron

&

Steel

Co.

Ltd.,

Class

A

(Materials)

3,013

1,400

Nanjing

King-Friend

Biochemical

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,066

3,400

Nanjing

Securities

Co.

Ltd.,

Class

A

(Financials)

3,871

7,600

NARI

Technology

Co.

Ltd.,

Class

A

(Industrials)

23,425

2,541

National

Silicon

Industry

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

6,284

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

500

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(Information

Technology)

$

16,423

2,200

NavInfo

Co.

Ltd.,

Class

A

(Information

Technology)*

3,019

27,696

NetEase,

Inc.

(Communication

Services)

625,175

1,600

New

China

Life

Insurance

Co.

Ltd.,

Class

A

(Financials)

7,002

14,425

New

China

Life

Insurance

Co.

Ltd.,

Class

H

(Financials)

28,627

4,200

New

Hope

Liuhe

Co.

Ltd.,

Class

A

(Consumer

Staples)*

5,882

2,350

New

Oriental

Education

&

Technology

Group,

Inc.

ADR

(Consumer

Discretionary)*

191,243

1,300

Ninestar

Corp.,

Class

A

(Information

Technology)

5,032

400

Ningbo

Deye

Technology

Co.

Ltd.,

Class

A

(Industrials)

3,532

1,300

Ningbo

Joyson

Electronic

Corp.,

Class

A

(Consumer

Discretionary)

3,579

600

Ningbo

Orient

Wires

&

Cables

Co.

Ltd.,

Class

A

(Industrials)

3,445

419

Ningbo

Ronbay

New

Energy

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,290

1,300

Ningbo

Sanxing

Medical

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,550

2,100

Ningbo

Shanshan

Co.

Ltd.,

Class

A

(Materials)

3,929

1,000

Ningbo

Tuopu

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

10,319

900

Ningbo

Xusheng

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,611

5,500

Ningbo

Zhoushan

Port

Co.

Ltd.,

Class

A

(Industrials)

2,780

6,200

Ningxia

Baofeng

Energy

Group

Co.

Ltd.,

Class

A

(Materials)

12,737

20,837

NIO,

Inc.

ADR

(Consumer

Discretionary)*

151,485

28,141

Nongfu

Spring

Co.

Ltd.,

Class

H

(Consumer

Staples)

(a)

160,697

1,300

North

Industries

Group

Red

Arrow

Co.

Ltd.,

Class

A

(Industrials)

2,705

4,050

NXP

Semiconductors

NV

(Information

Technology)

826,524

5,700

Offcn

Education

Technology

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

3,895

4,100

Offshore

Oil

Engineering

Co.

Ltd.,

Class

A

(Energy)

3,692

3,000

OFILM

Group

Co.

Ltd.,

Class

A

(Information

Technology)*

4,260

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,604

Onewo,

Inc.,

Class

H

(Real

Estate)

$

4,960

500

Oppein

Home

Group,

Inc.,

Class

A

(Consumer

Discretionary)

5,531

6,900

Orient

Securities

Co.

Ltd.,

Class

A

(Financials)

8,416

13,168

Orient

Securities

Co.

Ltd.,

Class

H

(Financials)

(a)

5,833

3,200

Oriental

Pearl

Group

Co.

Ltd.,

Class

A

(Communication

Services)

3,616

800

Ovctek

China,

Inc.,

Class

A

(Health

Care)

2,731

6,400

Pacific

Securities

Co.

Ltd.

(The),

Class

A

(Financials)*

3,406

8,100

Pangang

Group

Vanadium

Titanium

&

Resources

Co.

Ltd.,

Class

A

(Materials)*

3,845

10,071

PDD

Holdings,

Inc.

ADR

(Consumer

Discretionary)*

1,484,868

1,000

People.cn

Co.

Ltd.,

Class

A

(Communication

Services)

4,756

9,100

People’s

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

A

(Financials)

6,435

137,115

People's

Insurance

Co.

Group

of

China

Ltd.

(The),

Class

H

(Financials)

44,416

1,800

Perfect

World

Co.

Ltd.,

Class

A

(Communication

Services)

3,179

23,000

PetroChina

Co.

Ltd.,

Class

A

(Energy)

23,126

329,415

PetroChina

Co.

Ltd.,

Class

H

(Energy)

216,368

1,400

Pharmaron

Beijing

Co.

Ltd.,

Class

A

(Health

Care)

6,548

4,496

Pharmaron

Beijing

Co.

Ltd.,

Class

H

(Health

Care)

(a)

10,880

107,717

PICC

Property

&

Casualty

Co.

Ltd.,

Class

H

(Financials)

125,090

18,300

Ping

An

Bank

Co.

Ltd.,

Class

A

(Financials)

24,807

10,100

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

A

(Financials)

57,706

96,603

Ping

An

Insurance

Group

Co.

of

China

Ltd.,

Class

H

(Financials)

445,272

2,200

Pingdingshan

Tianan

Coal

Mining

Co.

Ltd.,

Class

A

(Energy)

3,617

200

Piotech,

Inc.,

Class

A

(Information

Technology)

7,492

11,200

Poly

Developments

and

Holdings

Group

Co.

Ltd.,

Class

A

(Real

Estate)

16,092

2,272

Poly

Property

Services

Co.

Ltd.,

Class

H

(Real

Estate)

8,741

10,776

Pop

Mart

International

Group

Ltd.

(Consumer

Discretionary)

(a)

32,354

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

24,000

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

A

(Financials)

$

14,754

174,998

Postal

Savings

Bank

of

China

Co.

Ltd.,

Class

H

(Financials)

(a)

77,749

16,200

Power

Construction

Corp.

of

China

Ltd.,

Class

A

(Industrials)

11,320

23,292

Prosus

NV

(Consumer

Discretionary)*

772,583

200

Pylon

Technologies

Co.

Ltd.,

Class

A

(Industrials)

2,855

642

Qi

An

Xin

Technology

Group,

Inc.,

Class

A

(Information

Technology)*

4,046

700

Qingdao

Sentury

Tire

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

2,695

5,100

Qinghai

Salt

Lake

Industry

Co.

Ltd.,

Class

A

(Materials)*

11,320

1,100

Range

Intelligent

Computing

Technology

Group

Co.

Ltd.,

Class

A

(Industrials)

4,159

416

Raytron

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,931

2,800

Red

Star

Macalline

Group

Corp.

Ltd.,

Class

A

(Real

Estate)

1,666

249

Remegen

Co.

Ltd.,

Class

A

(Health

Care)*

2,427

2,273

Remegen

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

13,140

1,100

Risen

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

2,486

300

Rockchip

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

2,765

7,900

Rongsheng

Petrochemical

Co.

Ltd.,

Class

A

(Materials)

11,893

200

Ruijie

Networks

Co.

Ltd.,

Class

A

(Information

Technology)

1,072

7,300

SAIC

Motor

Corp.

Ltd.,

Class

A

(Consumer

Discretionary)

15,211

2,800

Sailun

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,184

4,600

Sanan

Optoelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

8,941

400

Sangfor

Technologies,

Inc.,

Class

A

(Information

Technology)*

4,728

17,007

Sany

Heavy

Equipment

International

Holdings

Co.

Ltd.

(Industrials)

17,681

8,000

Sany

Heavy

Industry

Co.

Ltd.,

Class

A

(Industrials)

15,292

3,100

Satellite

Chemical

Co.

Ltd.,

Class

A

(Materials)*

6,928

5,800

SDIC

Capital

Co.

Ltd.,

Class

A

(Financials)

5,604

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

6,600

SDIC

Power

Holdings

Co.

Ltd.,

Class

A

(Utilities)

$

11,461

5,100

Sealand

Securities

Co.

Ltd.,

Class

A

(Financials)

2,600

2,100

Seazen

Holdings

Co.

Ltd.,

Class

A

(Real

Estate)*

3,770

282,965

SenseTime

Group,

Inc.,

Class

B

(Information

Technology)*

(a)(b)

49,272

1,400

Seres

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)*

14,839

4,600

SF

Holding

Co.

Ltd.,

Class

A

(Industrials)

27,223

400

SG

Micro

Corp.,

Class

A

(Information

Technology)

5,023

2,300

Shaanxi

Beiyuan

Chemical

Industry

Group

Co.

Ltd.,

Class

A

(Materials)

1,588

8,600

Shaanxi

Coal

Industry

Co.

Ltd.,

Class

A

(Energy)

23,460

2,300

Shaanxi

Energy

Investment

Co.

Ltd.,

Class

A

(Utilities)

2,780

200

Shaanxi

Huaqin

Technology

Industry

Co.

Ltd.,

Class

A

(Materials)

4,148

3,400

Shan

Xi

Hua

Yang

Group

New

Energy

Co.

Ltd.,

Class

A

(Energy)

4,233

3,400

Shandong

Gold

Mining

Co.

Ltd.,

Class

A

(Materials)

11,046

12,216

Shandong

Gold

Mining

Co.

Ltd.,

Class

H

(Materials)

(a)

24,118

700

Shandong

Himile

Mechanical

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,914

1,700

Shandong

Hi-speed

Co.

Ltd.,

Class

A

(Industrials)

1,612

53,152

Shandong

Hi-Speed

Holdings

Group

Ltd.

(Financials)*

41,036

2,000

Shandong

Hualu

Hengsheng

Chemical

Co.

Ltd.,

Class

A

(Materials)

8,360

1,400

Shandong

Linglong

Tyre

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,903

11,000

Shandong

Nanshan

Aluminum

Co.

Ltd.,

Class

A

(Materials)

4,436

700

Shandong

Sinocera

Functional

Material

Co.

Ltd.,

Class

A

(Materials)

2,509

2,600

Shandong

Sun

Paper

Industry

JSC

Ltd.,

Class

A

(Materials)

4,373

38,066

Shandong

Weigao

Group

Medical

Polymer

Co.

Ltd.,

Class

H

(Health

Care)

36,115

200

Shandong

Weigao

Orthopaedic

Device

Co.

Ltd.,

Class

A

(Health

Care)

1,201

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,700

Shanghai

Aiko

Solar

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

$

3,852

1,000

Shanghai

Bairun

Investment

Holding

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

3,610

4,900

Shanghai

Baosight

Software

Co.

Ltd.,

Class

A

(Information

Technology)

28,819

200

Shanghai

BOCHU

Electronic

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

6,304

8,300

Shanghai

Construction

Group

Co.

Ltd.,

Class

A

(Industrials)

2,906

700

Shanghai

Daimay

Automotive

Interior

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,570

10,500

Shanghai

Electric

Group

Co.

Ltd.,

Class

A

(Industrials)*

6,484

41,181

Shanghai

Electric

Group

Co.

Ltd.,

Class

H

(Industrials)*

8,805

2,600

Shanghai

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)

3,204

100

Shanghai

Flyco

Electrical

Appliance

Co.

Ltd.,

Class

A

(Consumer

Staples)

764

2,000

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

7,814

7,454

Shanghai

Fosun

Pharmaceutical

Group

Co.

Ltd.,

Class

H

(Health

Care)

16,492

495

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,102

4,213

Shanghai

Fudan

Microelectronics

Group

Co.

Ltd.,

Class

H

(Information

Technology)

(b)

8,846

2,300

Shanghai

International

Airport

Co.

Ltd.,

Class

A

(Industrials)*

11,556

6,400

Shanghai

International

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

4,508

900

Shanghai

Jinjiang

International

Hotels

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

4,273

713

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

A

(Health

Care)*

4,501

2,522

Shanghai

Junshi

Biosciences

Co.

Ltd.,

Class

H

(Health

Care)*

(a)

7,572

2,000

Shanghai

Lingang

Holdings

Corp.

Ltd.,

Class

A

(Real

Estate)

3,075

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

7,300

Shanghai

Lujiazui

Finance

&

Trade

Zone

Development

Co.

Ltd.,

Class

A

(Real

Estate)

$

9,180

900

Shanghai

M&G

Stationery,

Inc.,

Class

A

(Industrials)

5,007

4,118

Shanghai

MicroPort

MedBot

Group

Co.

Ltd.

(Health

Care)*

10,571

400

Shanghai

Moons'

Electric

Co.

Ltd.,

Class

A

(Industrials)

4,201

2,100

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

A

(Health

Care)

5,282

11,264

Shanghai

Pharmaceuticals

Holding

Co.

Ltd.,

Class

H

(Health

Care)

16,326

27,600

Shanghai

Pudong

Development

Bank

Co.

Ltd.,

Class

A

(Financials)

26,475

1,900

Shanghai

Putailai

New

Energy

Technology

Co.

Ltd.,

Class

A

(Materials)

6,106

6,300

Shanghai

RAAS

Blood

Products

Co.

Ltd.,

Class

A

(Health

Care)

7,014

9,100

Shanghai

Rural

Commercial

Bank

Co.

Ltd.,

Class

A

(Financials)

7,302

3,600

Shanghai

Yuyuan

Tourist

Mart

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,252

1,500

Shanghai

Zhangjiang

High-Tech

Park

Development

Co.

Ltd.,

Class

A

(Real

Estate)

4,779

2,000

Shanghai

Zhonggu

Logistics

Co.

Ltd.,

Class

A

(Industrials)

2,585

1,800

Shanxi

Coal

International

Energy

Group

Co.

Ltd.,

Class

A

(Industrials)

4,608

5,300

Shanxi

Coking

Coal

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

7,222

2,800

Shanxi

Lu’an

Environmental

Energy

Development

Co.

Ltd.,

Class

A

(Energy)

8,575

4,000

Shanxi

Meijin

Energy

Co.

Ltd.,

Class

A

(Materials)*

4,050

3,400

Shanxi

Securities

Co.

Ltd.,

Class

A

(Financials)

2,657

5,300

Shanxi

Taigang

Stainless

Steel

Co.

Ltd.,

Class

A

(Materials)

2,865

1,100

Shanxi

Xinghuacun

Fen

Wine

Factory

Co.

Ltd.,

Class

A

(Consumer

Staples)

36,794

300

Shede

Spirits

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,214

4,600

Shenergy

Co.

Ltd.,

Class

A

(Utilities)

3,859

2,200

Shengyi

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

5,277

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

500

Shennan

Circuits

Co.

Ltd.,

Class

A

(Information

Technology)

$

5,118

19,700

Shenwan

Hongyuan

Group

Co.

Ltd.,

Class

A

(Financials)

12,442

700

Shenzhen

Capchem

Technology

Co.

Ltd.,

Class

A

(Materials)

4,376

300

Shenzhen

Dynanonic

Co.

Ltd.,

Class

A

(Materials)

2,714

3,800

Shenzhen

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)

3,251

1,600

Shenzhen

Fastprint

Circuit

Tech

Co.

Ltd.,

Class

A

(Information

Technology)

3,513

400

Shenzhen

Goodix

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

4,075

100

Shenzhen

Han's

CNC

Technology

Co.

Ltd.,

Class

A

(Industrials)

533

800

Shenzhen

Hepalink

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

1,419

2,500

Shenzhen

Inovance

Technology

Co.

Ltd.,

Class

A

(Industrials)

23,110

1,500

Shenzhen

Kaifa

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,592

1,000

Shenzhen

Kangtai

Biological

Products

Co.

Ltd.,

Class

A

(Health

Care)

4,498

300

Shenzhen

Kedali

Industry

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,699

500

Shenzhen

Kstar

Science

And

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,778

300

Shenzhen

Longsys

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,907

1,100

Shenzhen

Mindray

Bio-Medical

Electronics

Co.

Ltd.,

Class

A

(Health

Care)

44,806

4,200

Shenzhen

MTC

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,388

700

Shenzhen

New

Industries

Biomedical

Engineering

Co.

Ltd.,

Class

A

(Health

Care)

6,887

7,700

Shenzhen

Overseas

Chinese

Town

Co.

Ltd.,

Class

A

(Real

Estate)*

3,720

1,000

Shenzhen

Salubris

Pharmaceuticals

Co.

Ltd.,

Class

A

(Health

Care)

4,697

300

Shenzhen

SC

New

Energy

Technology

Corp.,

Class

A

(Information

Technology)

2,954

1,100

Shenzhen

SED

Industry

Co.

Ltd.,

Class

A

(Information

Technology)

3,001

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

800

Shenzhen

Sunlord

Electronics

Co.

Ltd.,

Class

A

(Information

Technology)

$

3,039

755

Shenzhen

Transsion

Holdings

Co.

Ltd.,

Class

A

(Information

Technology)

11,701

900

Shenzhen

YUTO

Packaging

Technology

Co.

Ltd.,

Class

A

(Materials)

3,288

12,312

Shenzhou

International

Group

Holdings

Ltd.

(Consumer

Discretionary)

123,588

200

Shijiazhuang

Shangtai

Technology

Co.

Ltd.,

Class

A

(Industrials)

1,158

1,600

Shijiazhuang

Yiling

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,628

1,700

Shuangliang

Eco-Energy

Systems

Co.

Ltd.,

Class

A

(Industrials)

2,045

402

SICC

Co.

Ltd.,

Class

A

(Information

Technology)*

4,104

4,300

Sichuan

Changhong

Electric

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,462

3,700

Sichuan

Chuantou

Energy

Co.

Ltd.,

Class

A

(Utilities)

7,399

8,300

Sichuan

Hebang

Biotechnology

Co.

Ltd.,

Class

A

(Materials)

2,720

1,400

Sichuan

Kelun

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

5,623

6,800

Sichuan

Road

and

Bridge

Group

Co.

Ltd.,

Class

A

(Industrials)

7,351

500

Sichuan

Swellfun

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,095

1,100

Sichuan

Yahua

Industrial

Group

Co.

Ltd.,

Class

A

(Materials)

1,956

700

Sieyuan

Electric

Co.

Ltd.,

Class

A

(Industrials)

4,856

305

Sinocelltech

Group

Ltd.,

Class

A

(Health

Care)*

2,135

3,500

Sinolink

Securities

Co.

Ltd.,

Class

A

(Financials)

4,686

2,500

Sinoma

International

Engineering

Co.,

Class

A

(Industrials)

3,280

1,600

Sinoma

Science

&

Technology

Co.

Ltd.,

Class

A

(Materials)

3,764

6,800

Sinomach

Heavy

Equipment

Group

Co.

Ltd.,

Class

A

(Industrials)*

2,771

700

Sinomine

Resource

Group

Co.

Ltd.,

Class

A

(Materials)

3,372

7,300

Sinopec

Oilfield

Service

Corp.,

Class

A

(Energy)*

1,912

5,700

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

A

(Materials)*

2,331

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

51,214

Sinopec

Shanghai

Petrochemical

Co.

Ltd.,

Class

H

(Materials)*

$

7,344

21,084

Sinopharm

Group

Co.

Ltd.,

Class

H

(Health

Care)

52,317

3,600

Sinotrans

Ltd.,

Class

A

(Industrials)

2,420

28,998

Sinotrans

Ltd.,

Class

H

(Industrials)

10,581

10,411

Sinotruk

Hong

Kong

Ltd.

(Industrials)

21,594

500

Skshu

Paint

Co.

Ltd.,

Class

A

(Materials)*

3,782

27,891

Smoore

International

Holdings

Ltd.

(Consumer

Staples)

(a)(b)

24,319

2,400

Songcheng

Performance

Development

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,532

400

Sonoscape

Medical

Corp.,

Class

A

(Health

Care)

2,911

4,700

SooChow

Securities

Co.

Ltd.,

Class

A

(Financials)

5,048

6,200

Southwest

Securities

Co.

Ltd.,

Class

A

(Financials)

3,577

2,600

SPIC

Industry-Finance

Holdings

Co.

Ltd.,

Class

A

(Financials)

1,478

900

Spring

Airlines

Co.

Ltd.,

Class

A

(Industrials)*

6,689

200

StarPower

Semiconductor

Ltd.,

Class

A

(Information

Technology)

5,273

3,000

State

Grid

Yingda

Co.

Ltd.,

Class

A

(Industrials)

2,033

1,400

Sungrow

Power

Supply

Co.

Ltd.,

Class

A

(Industrials)

16,311

10,528

Sunny

Optical

Technology

Group

Co.

Ltd.

(Information

Technology)

99,952

500

Sunresin

New

Materials

Co.

Ltd.,

Class

A

(Materials)

3,521

1,700

Sunwoda

Electronic

Co.

Ltd.,

Class

A

(Industrials)

3,621

731

SUPCON

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,484

1,600

Suzhou

Dongshan

Precision

Manufacturing

Co.

Ltd.,

Class

A

(Information

Technology)

4,174

300

Suzhou

Maxwell

Technologies

Co.

Ltd.,

Class

A

(Industrials)

4,537

400

Suzhou

TFC

Optical

Communication

Co.

Ltd.,

Class

A

(Information

Technology)

4,106

6,828

TAL

Education

Group

ADR

(Consumer

Discretionary)*

85,555

1,200

Talkweb

Information

System

Co.

Ltd.,

Class

A

(Communication

Services)*

2,773

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,500

Tangshan

Jidong

Cement

Co.

Ltd.,

Class

A

(Materials)

$

2,433

5,600

TangShan

Port

Group

Co.

Ltd.,

Class

A

(Industrials)

2,855

1,400

Tasly

Pharmaceutical

Group

Co.

Ltd.,

Class

A

(Health

Care)

3,002

4,700

TBEA

Co.

Ltd.,

Class

A

(Industrials)

9,168

17,700

TCL

Technology

Group

Corp.,

Class

A

(Information

Technology)*

10,361

3,800

TCL

Zhonghuan

Renewable

Energy

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

8,876

95,892

Tencent

Holdings

Ltd.

(Communication

Services)

4,014,786

9,848

Tencent

Music

Entertainment

Group

ADR

(Communication

Services)*

83,806

400

Thunder

Software

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

4,492

3,900

Tian

Di

Science

&

Technology

Co.

Ltd.,

Class

A

(Industrials)

2,813

8,100

Tianfeng

Securities

Co.

Ltd.,

Class

A

(Financials)*

3,618

500

Tianjin

Pharmaceutical

Da

Re

Tang

Group

Corp.

Ltd.,

Class

A

(Health

Care)

2,513

2,300

Tianma

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

3,501

409

Tianneng

Battery

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,695

1,400

Tianqi

Lithium

Corp.,

Class

A

(Materials)

9,818

2,203

Tianqi

Lithium

Corp.,

Class

H

(Materials)

(b)

10,761

4,300

Tianshan

Aluminum

Group

Co.

Ltd.,

Class

A

(Materials)

3,637

3,000

Tianshui

Huatian

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,756

29,137

Tingyi

Cayman

Islands

Holding

Corp.

(Consumer

Staples)

36,672

1,700

Titan

Wind

Energy

Suzhou

Co.

Ltd.,

Class

A

(Industrials)*

2,973

1,500

Toly

Bread

Co.

Ltd.,

Class

A

(Consumer

Staples)

1,748

18,939

Tongcheng

Travel

Holdings

Ltd.

(Consumer

Discretionary)*

34,870

1,400

TongFu

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)

4,450

1,900

Tonghua

Dongbao

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,182

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

2,200

Tongkun

Group

Co.

Ltd.,

Class

A

(Materials)*

$

4,187

9,900

Tongling

Nonferrous

Metals

Group

Co.

Ltd.,

Class

A

(Materials)

4,215

4,200

Tongwei

Co.

Ltd.,

Class

A

(Information

Technology)

14,410

300

Topchoice

Medical

Corp.,

Class

A

(Health

Care)*

3,442

43,732

Topsports

International

Holdings

Ltd.

(Consumer

Discretionary)

(a)

35,555

14,654

TravelSky

Technology

Ltd.,

Class

H

(Consumer

Discretionary)

24,729

2,022

Trina

Solar

Co.

Ltd.,

Class

A

(Information

Technology)

7,634

8,756

Trip.com

Group

Ltd.

ADR

(Consumer

Discretionary)*

308,036

3,100

Tsinghua

Tongfang

Co.

Ltd.,

Class

A

(Information

Technology)*

3,516

700

Tsingtao

Brewery

Co.

Ltd.,

Class

A

(Consumer

Staples)

7,309

9,691

Tsingtao

Brewery

Co.

Ltd.,

Class

H

(Consumer

Staples)

64,025

800

Unigroup

Guoxin

Microelectronics

Co.

Ltd.,

Class

A

(Information

Technology)*

8,117

18,747

Uni-President

China

Holdings

Ltd.

(Consumer

Staples)

12,001

2,700

Unisplendour

Corp.

Ltd.,

Class

A

(Information

Technology)*

7,641

1,400

Universal

Scientific

Industrial

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)

2,923

200

Vanchip

Tianjin

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

1,843

900

Venustech

Group,

Inc.,

Class

A

(Information

Technology)

3,229

467

Verisilicon

Microelectronics

Shanghai

Co.

Ltd.,

Class

A

(Information

Technology)*

3,492

5,625

Vipshop

Holdings

Ltd.

ADR

(Consumer

Discretionary)*

90,169

1,500

Walvax

Biotechnology

Co.

Ltd.,

Class

A

(Health

Care)

5,197

2,000

Wanda

Film

Holding

Co.

Ltd.,

Class

A

(Communication

Services)*

3,504

1,100

Wangfujing

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,674

2,900

Wanhua

Chemical

Group

Co.

Ltd.,

Class

A

(Materials)

32,752

67,308

Want

Want

China

Holdings

Ltd.

(Consumer

Staples)

39,384

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,104

Weibo

Corp.

ADR

(Communication

Services)

$

11,161

6,300

Weichai

Power

Co.

Ltd.,

Class

A

(Industrials)

13,145

30,530

Weichai

Power

Co.

Ltd.,

Class

H

(Industrials)

56,132

800

Weihai

Guangwei

Composites

Co.

Ltd.,

Class

A

(Materials)

2,790

6,100

Wens

Foodstuffs

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

16,452

2,200

Western

Mining

Co.

Ltd.,

Class

A

(Materials)

3,950

4,200

Western

Securities

Co.

Ltd.,

Class

A

(Financials)

3,882

604

Western

Superconducting

Technologies

Co.

Ltd.,

Class

A

(Materials)

4,438

15,021

Wharf

Holdings

Ltd.

(The)

(Real

Estate)

39,042

1,100

Will

Semiconductor

Co.

Ltd.

Shanghai,

Class

A

(Information

Technology)

16,673

32,572

Wilmar

International

Ltd.

(Consumer

Staples)

88,593

1,200

Wingtech

Technology

Co.

Ltd.,

Class

A

(Information

Technology)*

8,105

400

Winner

Medical

Co.

Ltd.,

Class

A

(Health

Care)

2,171

2,000

Winning

Health

Technology

Group

Co.

Ltd.,

Class

A

(Health

Care)

2,126

20,900

Wintime

Energy

Group

Co.

Ltd.,

Class

A

(Utilities)*

4,156

4,900

Wuchan

Zhongda

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,170

4,000

Wuhan

Guide

Infrared

Co.

Ltd.,

Class

A

(Information

Technology)

4,347

300

Wuhan

Jingce

Electronic

Group

Co.

Ltd.,

Class

A

(Information

Technology)

3,492

3,600

Wuliangye

Yibin

Co.

Ltd.,

Class

A

(Consumer

Staples)

75,191

1,800

WUS

Printed

Circuit

Kunshan

Co.

Ltd.,

Class

A

(Information

Technology)

5,210

2,400

WuXi

AppTec

Co.

Ltd.,

Class

A

(Health

Care)

27,761

5,584

WuXi

AppTec

Co.

Ltd.,

Class

H

(Health

Care)

(a)

65,418

290

Wuxi

Autowell

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

3,698

56,920

Wuxi

Biologics

Cayman,

Inc.

(Health

Care)*

(a)

317,020

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

1,500

Wuxi

Lead

Intelligent

Equipment

Co.

Ltd.,

Class

A

(Industrials)

$

5,495

11,100

XCMG

Construction

Machinery

Co.

Ltd.,

Class

A

(Industrials)

8,596

2,800

Xiamen

C

&

D,

Inc.,

Class

A

(Industrials)

3,713

200

Xiamen

Faratronic

Co.

Ltd.,

Class

A

(Information

Technology)

2,633

1,300

Xiamen

Tungsten

Co.

Ltd.,

Class

A

(Materials)

3,129

2,100

Xiangcai

Co.

Ltd.,

Class

A

(Real

Estate)

2,311

1,200

Xiangtan

Electric

Manufacturing

Co.

Ltd.,

Class

A

(Industrials)*

2,470

247,621

Xiaomi

Corp.,

Class

B

(Information

Technology)*

(a)

495,223

8,000

Xinhu

Zhongbao

Co.

Ltd.,

Class

A

(Real

Estate)

2,610

1,329

Xinjiang

Daqo

New

Energy

Co.

Ltd.,

Class

A

(Information

Technology)

5,730

3,200

Xinjiang

Tianshan

Cement

Co.

Ltd.,

Class

A

(Materials)

3,110

24,806

Xinyi

Glass

Holdings

Ltd.

(Industrials)

28,553

71,394

Xinyi

Solar

Holdings

Ltd.

(Information

Technology)

41,043

17,441

XPeng,

Inc.,

Class

A

(Consumer

Discretionary)*

150,063

18,115

Yadea

Group

Holdings

Ltd.

(Consumer

Discretionary)

(a)

34,002

500

Yangzhou

Yangjie

Electronic

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

2,623

41,667

Yangzijiang

Shipbuilding

Holdings

Ltd.

(Industrials)

45,270

3,500

Yankuang

Energy

Group

Co.

Ltd.,

Class

A

(Energy)

10,072

34,059

Yankuang

Energy

Group

Co.

Ltd.,

Class

H

(Energy)

63,319

1,000

Yantai

Jereh

Oilfield

Services

Group

Co.

Ltd.,

Class

A

(Energy)

4,152

1,000

Yealink

Network

Technology

Corp.

Ltd.,

Class

A

(Information

Technology)

4,506

900

Yifeng

Pharmacy

Chain

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,804

1,600

Yihai

Kerry

Arawana

Holdings

Co.

Ltd.,

Class

A

(Consumer

Staples)

7,822

2,600

Yintai

Gold

Co.

Ltd.,

Class

A

(Materials)

5,389

600

Yongan

Futures

Co.

Ltd.,

Class

A

(Financials)

1,370

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

8,500

Yonghui

Superstores

Co.

Ltd.,

Class

A

(Consumer

Staples)*

$

3,630

500

YongXing

Special

Materials

Technology

Co.

Ltd.,

Class

A

(Materials)

3,079

3,200

Yonyou

Network

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

7,488

4,300

Youngor

Group

Co.

Ltd.,

Class

A

(Real

Estate)

4,083

4,720

YSB,

Inc.

(Health

Care)*

12,050

3,200

YTO

Express

Group

Co.

Ltd.,

Class

A

(Industrials)

5,893

25,862

Yuexiu

Property

Co.

Ltd.

(Real

Estate)

23,576

2,700

Yunda

Holding

Co.

Ltd.,

Class

A

(Industrials)

3,248

3,200

Yunnan

Aluminium

Co.

Ltd.,

Class

A

(Materials)

5,767

1,700

Yunnan

Baiyao

Group

Co.

Ltd.,

Class

A

(Health

Care)

11,982

400

Yunnan

Botanee

Bio-

Technology

Group

Co.

Ltd.,

Class

A

(Consumer

Staples)

4,003

4,700

Yunnan

Chihong

Zinc&Germanium

Co.

Ltd.,

Class

A

(Materials)

3,317

900

Yunnan

Energy

New

Material

Co.

Ltd.,

Class

A

(Materials)

7,420

1,500

Yunnan

Tin

Co.

Ltd.,

Class

A

(Materials)

2,899

1,700

Yunnan

Yuntianhua

Co.

Ltd.,

Class

A

(Materials)

3,742

2,100

Yutong

Bus

Co.

Ltd.,

Class

A

(Industrials)

3,958

1,393

Zai

Lab

Ltd.

ADR

(Health

Care)*

38,015

1,500

Zangge

Mining

Co.

Ltd.,

Class

A

(Materials)

5,025

600

Zhangzhou

Pientzehuang

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

21,237

22,378

Zhaojin

Mining

Industry

Co.

Ltd.,

Class

H

(Materials)

28,996

4,900

Zhefu

Holding

Group

Co.

Ltd.,

Class

A

(Industrials)

2,511

6,900

Zhejiang

Century

Huatong

Group

Co.

Ltd.,

Class

A

(Communication

Services)*

5,392

100

Zhejiang

Cfmoto

Power

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

1,327

5,100

Zhejiang

China

Commodities

City

Group

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

5,678

2,000

Zhejiang

Chint

Electrics

Co.

Ltd.,

Class

A

(Industrials)

6,142

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

3,100

Zhejiang

Dahua

Technology

Co.

Ltd.,

Class

A

(Information

Technology)

$

8,391

500

Zhejiang

Dingli

Machinery

Co.

Ltd.,

Class

A

(Industrials)

3,403

18,474

Zhejiang

Expressway

Co.

Ltd.,

Class

H

(Industrials)

(b)

11,708

1,900

Zhejiang

Hailiang

Co.

Ltd.,

Class

A

(Materials)

2,951

1,400

Zhejiang

Huahai

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,068

1,600

Zhejiang

Huayou

Cobalt

Co.

Ltd.,

Class

A

(Materials)

7,192

1,200

Zhejiang

Jingsheng

Mechanical

&

Electrical

Co.

Ltd.,

Class

A

(Information

Technology)

7,254

3,300

Zhejiang

Jinke

Tom

Culture

Industry

Co.

Ltd.,

Class

A

(Communication

Services)*

2,241

800

Zhejiang

Jiuzhou

Pharmaceutical

Co.

Ltd.,

Class

A

(Health

Care)

3,076

2,500

Zhejiang

Juhua

Co.

Ltd.,

Class

A

(Materials)

5,563

10,221

Zhejiang

Leapmotor

Technology

Co.

Ltd.

(Consumer

Discretionary)*

(a)(b)

52,477

3,000

Zhejiang

Longsheng

Group

Co.

Ltd.,

Class

A

(Materials)

3,617

2,900

Zhejiang

NHU

Co.

Ltd.,

Class

A

(Health

Care)

6,912

3,300

Zhejiang

Sanhua

Intelligent

Controls

Co.

Ltd.,

Class

A

(Industrials)

13,365

800

Zhejiang

Shuanghuan

Driveline

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

3,109

400

Zhejiang

Supor

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

2,927

1,600

Zhejiang

Weiming

Environment

Protection

Co.

Ltd.,

Class

A

(Industrials)

3,964

1,500

Zhejiang

Weixing

New

Building

Materials

Co.

Ltd.,

Class

A

(Industrials)

3,142

9,100

Zhejiang

Zheneng

Electric

Power

Co.

Ltd.,

Class

A

(Utilities)*

5,913

1,400

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

A

(Industrials)

2,333

3,798

Zhengzhou

Coal

Mining

Machinery

Group

Co.

Ltd.,

Class

H

(Industrials)

3,705

3,600

Zheshang

Securities

Co.

Ltd.,

Class

A

(Financials)

5,293

Shares

Description

Value

a

Common

Stocks

–

(continued)

China

–

(continued)

10,863

ZhongAn

Online

P&C

Insurance

Co.

Ltd.,

Class

H

(Financials)*

(a)

$

27,400

680

Zhongfu

Shenying

Carbon

Fiber

Co.

Ltd.,

Class

A

(Materials)

2,912

800

Zhongji

Innolight

Co.

Ltd.,

Class

A

(Information

Technology)

10,634

4,500

Zhongjin

Gold

Corp.

Ltd.,

Class

A

(Materials)

6,787

11,035

Zhongsheng

Group

Holdings

Ltd.

(Consumer

Discretionary)

26,421

6,100

Zhongtai

Securities

Co.

Ltd.,

Class

A

(Financials)

6,142

1,050

Zhuhai

CosMX

Battery

Co.

Ltd.,

Class

A

(Industrials)

3,114

2,000

Zhuhai

Huafa

Properties

Co.

Ltd.,

Class

A

(Real

Estate)

2,098

594

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

A

(Industrials)

3,202

7,992

Zhuzhou

CRRC

Times

Electric

Co.

Ltd.,

Class

H

(Industrials)

25,275

2,500

Zhuzhou

Kibing

Group

Co.

Ltd.,

Class

A

(Industrials)

2,748

19,400

Zijin

Mining

Group

Co.

Ltd.,

Class

A

(Materials)

33,089

89,257

Zijin

Mining

Group

Co.

Ltd.,

Class

H

(Materials)

141,480

7,710

ZJLD

Group,

Inc.

(Consumer

Staples)*

(a)

10,839

6,600

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

A

(Industrials)

5,961

21,811

Zoomlion

Heavy

Industry

Science

and

Technology

Co.

Ltd.,

Class

H

(Industrials)

11,617

3,700

ZTE

Corp.,

Class

A

(Information

Technology)

13,280

11,871

ZTE

Corp.,

Class

H

(Information

Technology)

25,899

6,420

ZTO

Express

Cayman,

Inc.

ADR

(Industrials)

143,294

31,686,079

Colombia

–

0.0%

3,609

Bancolombia

SA

(Financials)

28,232

74,349

Ecopetrol

SA

(Energy)

46,205

6,922

Interconexion

Electrica

SA

ESP

(Utilities)

25,879

100,316

Czech

Republic

–

0.0%

2,519

CEZ

AS

(Utilities)

111,634

1,166

Komercni

banka

AS

(Financials)

36,166

147,800

Denmark

–

1.9%

41

AP

Moller

–

Maersk

A/S,

Class

A

(Industrials)

63,662

52

AP

Moller

–

Maersk

A/S,

Class

B

(Industrials)

82,188

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Denmark

–

(continued)

1,422

Carlsberg

AS,

Class

B

(Consumer

Staples)

$

176,472

1,602

Chr

Hansen

Holding

A/S

(Materials)

128,382

1,924

Coloplast

A/S,

Class

B

(Health

Care)

227,507

10,455

Danske

Bank

A/S

(Financials)

271,123

1,329

Demant

A/S

(Health

Care)*

56,481

2,764

DSV

A/S

(Industrials)

416,836

1,011

Genmab

A/S

(Health

Care)*

319,731

49,540

Novo

Nordisk

A/S,

Class

B

(Health

Care)

5,042,341

3,195

Novozymes

A/S,

Class

B

(Materials)

166,035

2,946

Orsted

AS

(Utilities)

(a)

138,997

1,384

Pandora

A/S

(Consumer

Discretionary)

187,189

4,976

Tryg

A/S

(Financials)

107,557

15,707

Vestas

Wind

Systems

A/S

(Industrials)*

435,732

7,820,233

Egypt

–

0.0%

4,589

Abou

Kir

Fertilizers

&

Chemical

Industries

(Materials)

11,784

36,753

Commercial

International

Bank

-

Egypt

(CIB)

(Financials)

91,823

14,109

EFG

Holding

S.A.E.

(Financials)*

8,429

7,842

ElSewedy

Electric

Co.

(Industrials)

6,903

2,872

Ezz

Steel

Co.

SAE

(Materials)*

7,061

611

Misr

Fertilizers

Production

Co.

SAE

(Materials)

10,954

8,047

Telecom

Egypt

Co.

(Communication

Services)

9,373

146,327

Faroe

Islands

–

0.0%

780

Bakkafrost

P/F

(Consumer

Staples)

37,810

Finland

–

0.7%

2,193

Elisa

OYJ

(Communication

Services)

98,296

6,772

Fortum

OYJ

(Utilities)

95,206

1,640

Huhtamaki

OYJ

(Materials)

63,631

4,232

Kesko

OYJ,

Class

B

(Consumer

Staples)

81,061

5,177

Kone

OYJ,

Class

B

(Industrials)

230,407

10,867

Metso

Corp.

(Industrials)

107,069

6,699

Neste

OYJ

(Energy)

254,948

82,457

Nokia

OYJ

(Information

Technology)

289,520

49,724

Nordea

Bank

Abp

(Financials)

559,249

1,669

Orion

OYJ,

Class

B

(Health

Care)

66,359

6,899

Sampo

OYJ,

Class

A

(Financials)

302,229

Shares

Description

Value

a

Common

Stocks

–

(continued)

Finland

–

(continued)

8,903

Stora

Enso

OYJ,

Class

R

(Materials)

$

115,694

8,241

UPM-Kymmene

OYJ

(Materials)

288,456

7,621

Wartsila

OYJ

Abp

(Industrials)

105,271

2,657,396

France

–

5.3%

3,090

Adevinta

ASA

(Communication

Services)*

32,050

430

Aeroports

de

Paris

SA

(Industrials)

53,063

7,957

Air

Liquide

SA

(Materials)

1,508,912

9,140

Airbus

SE

(Industrials)

1,358,276

27,772

AXA

SA

(Financials)

866,487

660

BioMerieux

(Health

Care)

71,120

16,741

BNP

Paribas

SA

(Financials)

1,055,233

12,482

Bollore

SE

(Communication

Services)

71,432

3,036

Bouygues

SA

(Industrials)

115,642

2,469

Capgemini

SE

(Information

Technology)

506,458

8,730

Carrefour

SA

(Consumer

Staples)

165,693

7,262

Cie

de

Saint-Gobain

SA

(Industrials)

473,909

10,480

Cie

Generale

des

Etablissements

Michelin

(Consumer

Discretionary)

352,304

17,300

Credit

Agricole

SA

(Financials)

226,928

9,841

Danone

SA

(Consumer

Staples)

633,191

10,596

Dassault

Systemes

(Information

Technology)

496,731

27,322

Engie

SA

(Utilities)

474,532

4,476

EssilorLuxottica

SA

(Health

Care)

855,245

506

Hermes

International

SCA

(Consumer

Discretionary)

1,051,303

1,113

Kering

(Consumer

Discretionary)

478,107

3,999

Legrand

SA

(Industrials)

385,804

3,498

L'Oreal

SA

(Consumer

Staples)

1,645,175

4,056

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(Consumer

Discretionary)

3,109,801

29,225

Orange

SA

(Communication

Services)

(b)

360,455

3,028

Pernod

Ricard

SA

(Consumer

Staples)

523,826

5,532

Safran

SA

(Industrials)

971,911

382

Sartorius

Stedim

Biotech

(Health

Care)

86,028

11,663

Societe

Generale

SA

(Financials)

293,641

1,266

Sodexo

SA

(Consumer

Discretionary)

135,923

1,518

Thales

SA

(Industrials)

226,829

35,010

TotalEnergies

SE

(Energy)

2,378,296

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

France

–

(continued)

7,569

Vinci

SA

(Industrials)

$

927,434

21,891,739

Germany

–

4.4%

2,587

adidas

AG

(Consumer

Discretionary)

542,349

6,273

Allianz

SE

(Financials)

1,578,335

13,956

BASF

SE

(Materials)

649,981

15,338

Bayer

AG

(Health

Care)

524,819

4,749

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

495,313

1,528

Beiersdorf

AG

(Consumer

Staples)

214,569

1,452

BioNTech

SE

ADR

(Health

Care)*

149,461

575

Carl

Zeiss

Meditec

AG

(Health

Care)

51,646

1,686

Continental

AG

(Consumer

Discretionary)

130,648

6,710

Daimler

Truck

Holding

AG

(Industrials)

218,394

30,417

Deutsche

Bank

AG

(Financials)

379,206

2,867

Deutsche

Boerse

AG

(Financials)

545,243

14,757

Deutsche

Post

AG

(Industrials)

693,003

50,402

Deutsche

Telekom

AG

(Communication

Services)

1,208,485

34,550

E.ON

SE

(Utilities)

449,920

3,156

Evonik

Industries

AG

(Materials)

59,056

3,121

Fresenius

Medical

Care

AG

&

Co.

KGaA

(Health

Care)

128,142

6,423

Fresenius

SE

&

Co.

KGaA

(Health

Care)

203,867

938

Hannover

Rueck

SE

(Financials)

224,136

99

Hapag-Lloyd

AG

(Industrials)

(a)

12,401

2,057

Heidelberg

Materials

AG

(Materials)

167,881

1,502

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

105,016

20,332

Infineon

Technologies

AG

(Information

Technology)

788,650

1,038

Knorr-Bremse

AG

(Industrials)

65,122

12,274

Mercedes-Benz

Group

AG

(Consumer

Discretionary)

797,905

2,017

Merck

KGaA

(Health

Care)

352,450

838

MTU

Aero

Engines

AG

(Industrials)

171,668

2,127

Muenchener

Rueckversicherungs-

Gesellschaft

AG

in

Muenchen

(Financials)

906,957

1,571

Puma

SE

(Consumer

Discretionary)

101,442

11,613

RWE

AG

(Utilities)

498,855

15,979

SAP

SE

(Information

Technology)

2,536,399

11,555

Siemens

AG

(Industrials)

1,941,580

Shares

Description

Value

a

Common

Stocks

–

(continued)

Germany

–

(continued)

7,872

Siemens

Energy

AG

(Industrials)*

$

93,450

4,206

Siemens

Healthineers

AG

(Health

Care)

(a)

242,951

2,073

Symrise

AG

(Materials)

233,423

703

Talanx

AG

(Financials)

51,085

450

Volkswagen

AG

(Consumer

Discretionary)

58,428

10,862

Vonovia

SE

(Real

Estate)

302,451

17,874,687

Greece

–

0.1%

31,688

Alpha

Services

and

Holdings

SA

(Financials)*

53,937

37,974

Eurobank

Ergasias

Services

and

Holdings

SA

(Financials)*

70,064

2,730

Hellenic

Telecommunications

Organization

SA

(Communication

Services)

40,123

1,642

JUMBO

SA

(Consumer

Discretionary)

43,070

915

Motor

Oil

Hellas

Corinth

Refineries

SA

(Energy)

24,759

1,631

Mytilineos

SA

(Industrials)

65,382

8,567

National

Bank

of

Greece

SA

(Financials)*

58,721

3,070

OPAP

SA

(Consumer

Discretionary)

49,240

10,038

Piraeus

Financial

Holdings

SA

(Financials)*

35,705

3,292

Public

Power

Corp.

SA

(Utilities)*

38,792

1,060

Star

Bulk

Carriers

Corp.

(Industrials)

22,536

845

Terna

Energy

SA

(Utilities)

14,466

516,795

Guatemala

–

0.0%

2,034

Millicom

International

Cellular

SA

SDR

(Communication

Services)*

34,366

Hong

Kong

–

1.2%

180,736

AIA

Group

Ltd.

(Financials)

1,559,685

9,466

Cathay

Pacific

Airways

Ltd.

(Industrials)*

9,550

29,616

CK

Asset

Holdings

Ltd.

(Real

Estate)

140,490

9,542

CK

Infrastructure

Holdings

Ltd.

(Utilities)

47,281

29,604

CLP

Holdings

Ltd.

(Utilities)

230,266

4,735

DFI

Retail

Group

Holdings

Ltd.

(Consumer

Staples)

10,512

1,118

Futu

Holdings

Ltd.

ADR

(Financials)*

60,283

27,156

Hang

Lung

Properties

Ltd.

(Real

Estate)

36,299

11,250

Hang

Seng

Bank

Ltd.

(Financials)

124,595

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Hong

Kong

–

(continued)

20,677

Henderson

Land

Development

Co.

Ltd.

(Real

Estate)

$

56,257

35,542

HK

Electric

Investments

&

HK

Electric

Investments

Ltd.

(Utilities)

20,432

56,726

HKT

Trust

&

HKT

Ltd.

(Communication

Services)

60,501

142,872

Hong

Kong

&

China

Gas

Co.

Ltd.

(Utilities)

98,232

18,625

Hong

Kong

Exchanges

&

Clearing

Ltd.

(Financials)

661,031

16,126

Hongkong

Land

Holdings

Ltd.

(Real

Estate)

51,926

3,082

Jardine

Matheson

Holdings

Ltd.

(Industrials)

118,996

39,795

Link

REIT

(Real

Estate)

196,675

24,441

MTR

Corp.

Ltd.

(Industrials)

87,621

21,512

New

World

Development

Co.

Ltd.

(Real

Estate)

32,005

2,060

Orient

Overseas

International

Ltd.

(Industrials)

24,780

3,824

Polestar

Automotive

Holding

UK

PLC,

Class

A,

ADR

(Consumer

Discretionary)*

(b)

8,451

21,288

Power

Assets

Holdings

Ltd.

(Utilities)

111,069

42,960

Prudential

PLC

(Financials)

469,345

154,034

Sino

Biopharmaceutical

Ltd.

(Health

Care)

75,732

52,914

Sino

Land

Co.

Ltd.

(Real

Estate)

53,318

22,730

Sun

Hung

Kai

Properties

Ltd.

(Real

Estate)

223,071

6,436

Swire

Pacific

Ltd.,

Class

A

(Real

Estate)

41,779

12,007

Swire

Pacific

Ltd.,

Class

B

(Real

Estate)

12,837

16,527

Swire

Properties

Ltd.

(Real

Estate)

32,122

21,293

Techtronic

Industries

Co.

Ltd.

(Industrials)

216,193

119,287

WH

Group

Ltd.

(Consumer

Staples)

(a)

76,671

24,159

Wharf

Real

Estate

Investment

Co.

Ltd.

(Real

Estate)

76,248

5,024,253

Hungary

–

0.1%

6,943

MOL

Hungarian

Oil

&

Gas

PLC

(Energy)

55,264

3,552

OTP

Bank

Nyrt

(Financials)

147,620

2,182

Richter

Gedeon

Nyrt

(Health

Care)

54,978

257,862

India

–

4.7%

832

ABB

India

Ltd.

(Industrials)

44,095

1,085

ACC

Ltd.

(Materials)

24,402

4,520

Adani

Energy

Solutions

Ltd.

(Utilities)*

47,298

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,868

Adani

Enterprises

Ltd.

(Industrials)

$

137,677

4,850

Adani

Green

Energy

Ltd.

(Utilities)*

59,833

11,312

Adani

Ports

&

Special

Economic

Zone

Ltd.

(Industrials)

111,975

12,327

Adani

Power

Ltd.

(Utilities)*

63,783

4,346

Adani

Total

Gas

Ltd.

(Utilities)

36,939

2,462

Adani

Wilmar

Ltd.

(Consumer

Staples)*

10,057

7,771

Aditya

Birla

Capital

Ltd.

(Financials)*

15,655

488

Alkem

Laboratories

Ltd.

(Health

Care)

27,641

9,517

Ambuja

Cements

Ltd.

(Materials)

50,128

2,597

APL

Apollo

Tubes

Ltd.

(Materials)

52,556

1,581

Apollo

Hospitals

Enterprise

Ltd.

(Health

Care)

104,819

22,549

Ashok

Leyland

Ltd.

(Industrials)

49,522

6,356

Asian

Paints

Ltd.

(Materials)

237,789

1,864

Astral

Ltd.

(Industrials)

43,579

7,185

AU

Small

Finance

Bank

Ltd.

(Financials)

(a)

63,877

4,434

Aurobindo

Pharma

Ltd.

(Health

Care)

55,379

2,263

Avenue

Supermarts

Ltd.

(Consumer

Staples)*

(a)

107,182

35,582

Axis

Bank

Ltd.

(Financials)

458,355

1,067

Bajaj

Auto

Ltd.

(Consumer

Discretionary)

77,927

4,150

Bajaj

Finance

Ltd.

(Financials)

354,414

5,968

Bajaj

Finserv

Ltd.

(Financials)

119,763

420

Bajaj

Holdings

&

Investment

Ltd.

(Financials)

37,048

1,267

Balkrishna

Industries

Ltd.

(Consumer

Discretionary)

39,143

11,941

Bandhan

Bank

Ltd.

(Financials)

(a)

32,375

16,251

Bank

of

Baroda

(Financials)

38,409

11,908

Bank

of

India

(Financials)

14,815

3,841

Berger

Paints

India

Ltd.

(Materials)

26,456

55,762

Bharat

Electronics

Ltd.

(Industrials)

97,557

4,004

Bharat

Forge

Ltd.

(Consumer

Discretionary)

53,787

20,014

Bharat

Heavy

Electricals

Ltd.

(Industrials)

40,907

15,110

Bharat

Petroleum

Corp.

Ltd.

(Energy)

78,944

37,562

Bharti

Airtel

Ltd.

(Communication

Services)

457,039

7,032

Biocon

Ltd.

(Health

Care)

20,094

137

Bosch

Ltd.

(Consumer

Discretionary)

35,484

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

1,860

Britannia

Industries

Ltd.

(Consumer

Staples)

$

108,233

5,701

Canara

Bank

(Financials)

27,553

10,048

CG

Power

&

Industrial

Solutions

Ltd.

(Industrials)

54,148

6,219

Cholamandalam

Investment

and

Finance

Co.

Ltd.

(Financials)

83,333

8,385

Cipla

Ltd.

(Health

Care)

121,893

32,589

Coal

India

Ltd.

(Energy)

133,707

2,094

Colgate-Palmolive

India

Ltd.

(Consumer

Staples)

55,146

4,316

Container

Corp.

Of

India

Ltd.

(Industrials)

40,161

2,133

Cummins

India

Ltd.

(Industrials)

48,830

9,299

Dabur

India

Ltd.

(Consumer

Staples)

59,996

1,263

Dalmia

Bharat

Ltd.

(Materials)

33,585

1,163

Deepak

Nitrite

Ltd.

(Materials)

30,627

4,801

Delhivery

Ltd.

(Industrials)*

22,519

1,986

Divi's

Laboratories

Ltd.

(Health

Care)

90,227

9,735

DLF

Ltd.

(Real

Estate)

73,059

1,900

Dr.

Reddy's

Laboratories

Ltd.

(Health

Care)

131,874

2,170

Eicher

Motors

Ltd.

(Consumer

Discretionary)

101,402

9,566

Embassy

Office

Parks

REIT

(Real

Estate)

36,956

16,091

FSN

E-Commerce

Ventures

Ltd.

(Consumer

Discretionary)*

33,921

42,375

GAIL

India

Ltd.

(Utilities)

67,023

3,894

General

Insurance

Corp.

of

India

(Financials)

(a)

14,921

963

Gland

Pharma

Ltd.

(Health

Care)*

(a)

20,493

5,910

Godrej

Consumer

Products

Ltd.

(Consumer

Staples)

71,450

1,812

Godrej

Properties

Ltd.

(Real

Estate)*

40,777

4,854

Grasim

Industries

Ltd.

(Materials)

116,729

540

Gujarat

Fluorochemicals

Ltd.

(Materials)

18,462

2,739

Gujarat

Gas

Ltd.

(Utilities)

14,226

3,450

Havells

India

Ltd.

(Industrials)

53,891

16,536

HCL

Technologies

Ltd.

(Information

Technology)

265,885

1,238

HDFC

Asset

Management

Co.

Ltd.

(Financials)

(a)

44,084

43,543

HDFC

Bank

Ltd.

(Financials)

813,908

15,281

HDFC

Life

Insurance

Co.

Ltd.

(Financials)

(a)

126,572

2,047

Hero

MotoCorp

Ltd.

(Consumer

Discretionary)

93,743

22,760

Hindalco

Industries

Ltd.

(Materials)

140,732

2,610

Hindustan

Aeronautics

Ltd.

(Industrials)

74,481

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

10,051

Hindustan

Petroleum

Corp.

Ltd.

(Energy)*

$

41,870

13,973

Hindustan

Unilever

Ltd.

(Consumer

Staples)

426,518

34

Honeywell

Automation

India

Ltd.

(Information

Technology)

14,944

80,836

ICICI

Bank

Ltd.

(Financials)

906,274

3,705

ICICI

Lombard

General

Insurance

Co.

Ltd.

(Financials)

(a)

65,753

6,021

ICICI

Prudential

Life

Insurance

Co.

Ltd.

(Financials)

(a)

40,620

44,744

IDFC

First

Bank

Ltd.

(Financials)*

45,713

3,784

Indian

Bank

(Financials)

18,009

13,316

Indian

Hotels

Co.

Ltd.

(Consumer

Discretionary)

67,335

58,905

Indian

Oil

Corp.

Ltd.

(Energy)

78,934

4,724

Indian

Railway

Catering

&

Tourism

Corp.

Ltd.

(Industrials)

39,979

27,832

Indian

Railway

Finance

Corp.

Ltd.

(Financials)

(a)

24,914

5,499

Indraprastha

Gas

Ltd.

(Utilities)

25,657

13,121

Indus

Towers

Ltd.

(Communication

Services)*

29,013

8,966

IndusInd

Bank

Ltd.

(Financials)

157,626

1,081

Info

Edge

India

Ltd.

(Communication

Services)

59,771

56,038

Infosys

Ltd.

(Information

Technology)

977,815

1,701

InterGlobe

Aviation

Ltd.

(Industrials)*

(a)

55,182

46,569

ITC

Ltd.

(Consumer

Staples)

243,361

4,744

Jindal

Stainless

Ltd.

(Materials)

28,517

5,982

Jindal

Steel

&

Power

Ltd.

(Materials)

48,118

52,930

Jio

Financial

Services

Ltd.

(Financials)*

145,600

5,830

JSW

Energy

Ltd.

(Utilities)

28,547

14,805

JSW

Steel

Ltd.

(Materials)

142,220

6,000

Jubilant

Foodworks

Ltd.

(Consumer

Discretionary)

40,352

17,059

Kotak

Mahindra

Bank

Ltd.

(Financials)

359,094

428

L&T

Technology

Services

Ltd.

(Industrials)

(a)

24,476

10,753

Larsen

&

Toubro

Ltd.

(Industrials)

400,908

3,478

Life

Insurance

Corp.

of

India

(Financials)

28,339

307

Linde

India

Ltd.

(Materials)

21,140

1,437

LTIMindtree

Ltd.

(Information

Technology)

(a)

95,406

3,775

Lupin

Ltd.

(Health

Care)

57,983

3,786

Macrotech

Developers

Ltd.

(Real

Estate)

(a)

40,028

9,000

Mahindra

&

Mahindra

Financial

Services

Ltd.

(Financials)

29,603

13,833

Mahindra

&

Mahindra

Ltd.

(Consumer

Discretionary)

273,322

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

532

Mankind

Pharma

Ltd.

(Health

Care)*

$

12,105

8,200

Marico

Ltd.

(Consumer

Staples)

52,965

2,058

Maruti

Suzuki

India

Ltd.

(Consumer

Discretionary)

261,803

3,475

Max

Financial

Services

Ltd.

(Financials)*

42,470

11,557

Max

Healthcare

Institute

Ltd.

(Health

Care)

88,111

478

Mazagon

Dock

Shipbuilders

Ltd.

(Industrials)

11,537

1,311

Mphasis

Ltd.

(Information

Technology)

37,017

35

MRF

Ltd.

(Consumer

Discretionary)

46,873

1,675

Muthoot

Finance

Ltd.

(Financials)

29,765

560

Nestle

India

Ltd.

(Consumer

Staples)

162,749

43,318

NHPC

Ltd.

(Utilities)

28,257

18,052

NMDC

Ltd.

(Materials)

39,289

73,865

NTPC

Ltd.

(Utilities)

231,443

1,845

Oberoi

Realty

Ltd.

(Real

Estate)

30,992

60,456

Oil

&

Natural

Gas

Corp.

Ltd.

(Energy)

141,328

3,163

One

97

Communications

Ltd.

(Financials)*

33,220

364

Oracle

Financial

Services

Software

Ltd.

(Information

Technology)

17,507

81

Page

Industries

Ltd.

(Consumer

Discretionary)

36,190

1,091

Patanjali

Foods

Ltd.

(Consumer

Staples)

18,318

3,714

PB

Fintech

Ltd.

(Financials)*

37,100

783

Persistent

Systems

Ltd.

(Information

Technology)

60,090

11,784

Petronet

LNG

Ltd.

(Energy)

28,657

1,270

PI

Industries

Ltd.

(Materials)

57,427

2,394

Pidilite

Industries

Ltd.

(Materials)

73,271

685

Polycab

India

Ltd.

(Industrials)

43,271

22,817

Power

Finance

Corp.

Ltd.

(Financials)

91,631

70,659

Power

Grid

Corp.

of

India

Ltd.

(Utilities)

177,042

149

Procter

&

Gamble

Hygiene

&

Health

Care

Ltd.

(Consumer

Staples)

30,803

34,605

Punjab

National

Bank

(Financials)

32,201

8,840

Rail

Vikas

Nigam

Ltd.

(Industrials)

17,406

19,598

REC

Ltd.

(Financials)

81,946

53,470

Reliance

Industries

Ltd.

(Energy)

1,524,362

32,214

Samvardhana

Motherson

International

Ltd.

(Consumer

Discretionary)

35,558

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,602

SBI

Cards

&

Payment

Services

Ltd.

(Financials)

$

40,789

6,961

SBI

Life

Insurance

Co.

Ltd.

(Financials)

(a)

119,802

635

Schaeffler

India

Ltd.

(Industrials)

21,611

155

Shree

Cement

Ltd.

(Materials)

49,704

3,732

Shriram

Finance

Ltd.

(Financials)

89,825

1,399

Siemens

Ltd.

(Industrials)

61,359

382

Solar

Industries

India

Ltd.

(Materials)

28,807

4,271

Sona

Blw

Precision

Forgings

Ltd.

(Consumer

Discretionary)

(a)

28,578

2,295

SRF

Ltd.

(Materials)

65,151

27,868

State

Bank

of

India

(Financials)

188,725

22,715

Steel

Authority

of

India

Ltd.

(Materials)

25,141

16,831

Sun

Pharmaceutical

Industries

Ltd.

(Health

Care)

247,408

915

Supreme

Industries

Ltd.

(Materials)

48,619

154,260

Suzlon

Energy

Ltd.

(Industrials)*

75,378

1,762

Tata

Communications

Ltd.

(Communication

Services)

36,036

15,819

Tata

Consultancy

Services

Ltd.

(Information

Technology)

661,565

9,395

Tata

Consumer

Products

Ltd.

(Consumer

Staples)

105,983

548

Tata

Elxsi

Ltd.

(Information

Technology)

54,231

26,945

Tata

Motors

Ltd.

(Consumer

Discretionary)

228,242

7,219

Tata

Motors

Ltd.,

Class

A

(Consumer

Discretionary)

41,361

26,666

Tata

Power

Co.

Ltd.

(The)

(Utilities)

85,664

126,034

Tata

Steel

Ltd.

(Materials)

193,297

9,704

Tech

Mahindra

Ltd.

(Information

Technology)

142,074

577

Thermax

Ltd.

(Industrials)

17,540

5,808

Titan

Co.

Ltd.

(Consumer

Discretionary)

243,105

1,454

Torrent

Pharmaceuticals

Ltd.

(Health

Care)

37,077

2,849

Trent

Ltd.

(Consumer

Discretionary)

95,213

1,583

Tube

Investments

of

India

Ltd.

(Consumer

Discretionary)

63,900

3,604

TVS

Motor

Co.

Ltd.

(Consumer

Discretionary)

80,577

1,796

UltraTech

Cement

Ltd.

(Materials)

193,906

23,145

Union

Bank

of

India

Ltd.

(Financials)

29,933

1,085

United

Breweries

Ltd.

(Consumer

Staples)

21,426

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

India

–

(continued)

4,672

United

Spirits

Ltd.

(Consumer

Staples)

$

58,760

8,168

UPL

Ltd.

(Materials)

55,892

7,253

Varun

Beverages

Ltd.

(Consumer

Staples)

96,105

577

Vedant

Fashions

Ltd.

(Consumer

Discretionary)

9,482

17,575

Vedanta

Ltd.

(Materials)

49,178

126,480

Vodafone

Idea

Ltd.

(Communication

Services)*

19,792

3,624

Voltas

Ltd.

(Industrials)

35,980

21,910

Wipro

Ltd.

(Information

Technology)

108,520

671

WNS

Holdings

Ltd.

ADR

(Industrials)*

39,911

199,375

Yes

Bank

Ltd.

(Financials)*

46,261

59,677

Zomato

Ltd.

(Consumer

Discretionary)*

84,835

3,972

Zydus

Lifesciences

Ltd.

(Health

Care)

30,366

19,344,004

Indonesia

–

0.5%

172,925

Adaro

Energy

Indonesia

Tbk

PT

(Energy)

29,211

103,841

Adaro

Minerals

Indonesia

Tbk

PT

(Materials)*

8,871

205,247

Amman

Mineral

Internasional

PT

(Materials)*

95,279

132,150

Aneka

Tambang

Tbk

(Materials)

14,825

315,211

Astra

International

Tbk

PT

(Industrials)

109,745

817,218

Bank

Central

Asia

Tbk

PT

(Financials)

472,891

567,386

Bank

Mandiri

Persero

Tbk

PT

(Financials)

214,004

234,238

Bank

Negara

Indonesia

Persero

Tbk

PT

(Financials)

79,665

1,097,236

Bank

Rakyat

Indonesia

Persero

Tbk

PT

(Financials)

373,173

423,775

Barito

Pacific

Tbk

PT

(Materials)

28,552

107,930

Chandra

Asri

Petrochemical

Tbk

PT

(Materials)

20,528

114,573

Charoen

Pokphand

Indonesia

Tbk

PT

(Consumer

Staples)

38,413

355,413

Dayamitra

Telekomunikasi

PT

(Communication

Services)

16,499

241,304

Elang

Mahkota

Teknologi

Tbk

PT

(Communication

Services)

10,035

11,847,947

GoTo

Gojek

Tokopedia

Tbk

PT

(Consumer

Discretionary)*

74,097

7,189

Gudang

Garam

Tbk

PT

(Consumer

Staples)

9,792

40,182

Indah

Kiat

Pulp

&

Paper

Tbk

PT

(Materials)

22,734

24,410

Indocement

Tunggal

Prakarsa

Tbk

PT

(Materials)

16,053

35,673

Indofood

CBP

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

26,565

Shares

Description

Value

a

Common

Stocks

–

(continued)

Indonesia

–

(continued)

68,870

Indofood

Sukses

Makmur

Tbk

PT

(Consumer

Staples)

$

28,529

20,763

Indosat

Tbk

PT

(Communication

Services)

12,751

298,268

Kalbe

Farma

Tbk

PT

(Health

Care)

31,058

54,012

Mayora

Indah

Tbk

PT

(Consumer

Staples)

8,880

165,004

Merdeka

Battery

Materials

Tbk

PT

(Materials)*

6,755

192,229

Merdeka

Copper

Gold

Tbk

PT

(Materials)*

31,357

25,207

Pantai

Indah

Kapuk

Dua

Tbk

PT

(Materials)*

7,638

301,148

Sarana

Menara

Nusantara

Tbk

PT

(Communication

Services)

19,416

51,760

Semen

Indonesia

Persero

Tbk

PT

(Materials)

21,692

296,093

Sumber

Alfaria

Trijaya

Tbk

PT

(Consumer

Staples)

54,790

740,998

Telkom

Indonesia

Persero

Tbk

PT

(Communication

Services)

179,636

86,711

Tower

Bersama

Infrastructure

Tbk

PT

(Communication

Services)

11,461

124,872

Trimegah

Bangun

Persada

Tbk

PT

(Materials)

8,172

89,947

Unilever

Indonesia

Tbk

PT

(Consumer

Staples)

21,167

22,192

United

Tractors

Tbk

PT

(Energy)

31,335

33,071

Vale

Indonesia

Tbk

PT

(Materials)

9,595

2,145,164

Ireland

–

0.3%

2,818

AerCap

Holdings

NV

(Industrials)*

192,244

19,229

AIB

Group

PLC

(Financials)

89,252

16,477

Bank

of

Ireland

Group

PLC

(Financials)

154,431

2,449

Kerry

Group

PLC,

Class

A

(Consumer

Staples)

198,324

2,390

Kingspan

Group

PLC

(Industrials)

189,843

2,918

Ryanair

Holdings

PLC

ADR

(Industrials)*

344,966

4,039

Smurfit

Kappa

Group

PLC

(Materials)

153,362

1,322,422

Israel

–

0.5%

907

Airport

City

Ltd.

(Real

Estate)*

14,238

3,393

Amot

Investments

Ltd.

(Real

Estate)

17,311

603

Ashtrom

Group

Ltd.

(Industrials)

8,582

575

Azrieli

Group

Ltd.

(Real

Estate)

33,397

19,402

Bank

Hapoalim

BM

(Financials)

164,162

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Israel

–

(continued)

22,877

Bank

Leumi

Le-Israel

BM

(Financials)

$

171,696

31,446

Bezeq

The

Israeli

Telecommunication

Corp.

Ltd.

(Communication

Services)

40,767

179

Big

Shopping

Centers

Ltd.

(Real

Estate)*

16,049

387

Camtek

Ltd.

(Information

Technology)*

24,940

1,430

Check

Point

Software

Technologies

Ltd.

(Information

Technology)*

208,780

146

Delek

Group

Ltd.

(Energy)

18,892

389

Elbit

Systems

Ltd.

(Industrials)

77,579

4,076

Energix-Renewable

Energies

Ltd.

(Utilities)

12,915

1,822

Enlight

Renewable

Energy

Ltd.

(Utilities)*

31,522

104

Fattal

Holdings

1998

Ltd.

(Consumer

Discretionary)*

10,696

814

First

International

Bank

Of

Israel

Ltd.

(The)

(Financials)

32,633

1,070

Global-e

Online

Ltd.

(Consumer

Discretionary)*

36,647

1,732

Harel

Insurance

Investments

&

Financial

Services

Ltd.

(Financials)

12,938

10,958

ICL

Group

Ltd.

(Materials)

55,142

59

Israel

Corp.

Ltd.

(Materials)*

14,802

19,313

Israel

Discount

Bank

Ltd.,

Class

A

(Financials)

93,192

395

Melisron

Ltd.

(Real

Estate)

27,513

9,205

Mivne

Real

Estate

KD

Ltd.

(Real

Estate)

24,290

2,362

Mizrahi

Tefahot

Bank

Ltd.

(Financials)

84,355

988

Nice

Ltd.

(Information

Technology)*

190,113

451

Nova

Ltd.

(Information

Technology)*

57,330

1,597

OPC

Energy

Ltd.

(Utilities)*

9,782

2,570

Phoenix

Holdings

Ltd.

(The)

(Financials)

24,568

1,251

Plus500

Ltd.

(Financials)

22,821

2,230

Shapir

Engineering

and

Industry

Ltd.

(Industrials)

13,347

786

Strauss

Group

Ltd.

(Consumer

Staples)*

15,078

17,400

Teva

Pharmaceutical

Industries

Ltd.

(Health

Care)*

169,370

1,728

Tower

Semiconductor

Ltd.

(Information

Technology)*

47,468

862

Wix.com

Ltd.

(Information

Technology)*

87,493

1,870,408

Italy

–

1.4%

24,431

A2A

SpA

(Utilities)

52,594

2,046

Amplifon

SpA

(Health

Care)

63,690

Shares

Description

Value

a

Common

Stocks

–

(continued)

Italy

–

(continued)

16,026

Assicurazioni

Generali

SpA

(Financials)

$

332,321

3,189

Banca

Mediolanum

SpA

(Financials)

28,414

21,485

Banco

BPM

SpA

(Financials)

118,946

7,646

Davide

Campari-Milano

NV

(Consumer

Staples)

83,592

355

DiaSorin

SpA

(Health

Care)

33,675

119,889

Enel

SpA

(Utilities)

848,440

33,116

Eni

SpA

(Energy)

548,063

2,038

Ferrari

NV

(Consumer

Discretionary)

735,143

9,525

FinecoBank

Banca

Fineco

SpA

(Financials)

128,506

10,979

Hera

SpA

(Utilities)

34,740

4,888

Infrastrutture

Wireless

Italiane

SpA

(Communication

Services)

(a)

60,373

1,132

Interpump

Group

SpA

(Industrials)

52,740

242,201

Intesa

Sanpaolo

SpA

(Financials)

698,058

6,252

Leonardo

SpA

(Industrials)

95,979

9,441

Mediobanca

Banca

di

Credito

Finanziario

SpA

(Financials)

110,994

3,029

Moncler

SpA

(Consumer

Discretionary)

168,155

7,637

Nexi

SpA

(Financials)*

(a)

59,579

3,960

Pirelli

&

C

SpA

(Consumer

Discretionary)

(a)

19,694

7,162

Poste

Italiane

SpA

(Financials)

(a)

77,176

8,050

PRADA

SpA

(Consumer

Discretionary)

44,268

3,991

Prysmian

SpA

(Industrials)

153,847

1,533

Recordati

Industria

Chimica

e

Farmaceutica

SpA

(Health

Care)

73,881

31,966

Snam

SpA

(Utilities)

161,242

520

Stevanato

Group

SpA

(Health

Care)

13,723

169,248

Telecom

Italia

SpA

(Communication

Services)*

49,232

94,713

Telecom

Italia

SpA-RSP

(Communication

Services)*

28,078

21,905

Terna

-

Rete

Elettrica

Nazionale

(Utilities)

176,768

26,777

UniCredit

SpA

(Financials)

729,972

6,569

UnipolSai

Assicurazioni

SpA

(Financials)

16,270

5,798,153

Japan

–

14.7%

1,438

ABC-Mart,

Inc.

(Consumer

Discretionary)

23,739

5,966

Acom

Co.

Ltd.

(Financials)

14,064

11,450

Advantest

Corp.

(Information

Technology)

362,549

12,222

Aeon

Co.

Ltd.

(Consumer

Staples)

253,063

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

1,441

Aeon

Mall

Co.

Ltd.

(Real

Estate)

$

16,761

3,177

AGC,

Inc.

(Industrials)

115,402

3,175

Air

Water,

Inc.

(Materials)

41,697

2,274

Aisin

Corp.

(Consumer

Discretionary)

83,847

8,166

Ajinomoto

Co.,

Inc.

(Consumer

Staples)

305,241

2,947

Alfresa

Holdings

Corp.

(Health

Care)

47,394

5,307

Amada

Co.

Ltd.

(Industrials)

53,219

6,974

ANA

Holdings,

Inc.

(Industrials)*

143,976

7,430

Asahi

Group

Holdings

Ltd.

(Consumer

Staples)

274,161

3,352

Asahi

Intecc

Co.

Ltd.

(Health

Care)

64,995

21,193

Asahi

Kasei

Corp.

(Materials)

147,155

2,634

Asics

Corp.

(Consumer

Discretionary)

94,253

27,884

Astellas

Pharma,

Inc.

(Health

Care)

339,037

2,053

Azbil

Corp.

(Information

Technology)

66,269

9,051

Bandai

Namco

Holdings,

Inc.

(Consumer

Discretionary)

180,181

2,029

BayCurrent

Consulting,

Inc.

(Industrials)

68,294

8,558

Bridgestone

Corp.

(Consumer

Discretionary)

353,006

3,949

Brother

Industries

Ltd.

(Information

Technology)

66,674

1,219

Calbee,

Inc.

(Consumer

Staples)

22,832

15,622

Canon,

Inc.

(Information

Technology)

402,293

2,611

Capcom

Co.

Ltd.

(Communication

Services)

88,008

14,541

Central

Japan

Railway

Co.

(Industrials)

349,177

11,411

Chiba

Bank

Ltd.

(The)

(Financials)

85,408

11,300

Chubu

Electric

Power

Co.,

Inc.

(Utilities)

139,650

9,983

Chugai

Pharmaceutical

Co.

Ltd.

(Health

Care)

352,361

2,205

Coca-Cola

Bottlers

Japan

Holdings,

Inc.

(Consumer

Staples)

30,211

17,503

Concordia

Financial

Group

Ltd.

(Financials)

82,155

299

Cosmos

Pharmaceutical

Corp.

(Consumer

Staples)

31,652

6,494

CyberAgent,

Inc.

(Communication

Services)

39,297

3,708

Dai

Nippon

Printing

Co.

Ltd.

(Industrials)

104,166

5,338

Daifuku

Co.

Ltd.

(Industrials)

100,488

15,067

Dai-ichi

Life

Holdings,

Inc.

(Financials)

314,008

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

29,915

Daiichi

Sankyo

Co.

Ltd.

(Health

Care)

$

809,416

4,245

Daikin

Industries

Ltd.

(Industrials)

636,169

936

Daito

Trust

Construction

Co.

Ltd.

(Real

Estate)

103,202

9,676

Daiwa

House

Industry

Co.

Ltd.

(Real

Estate)

274,830

35

Daiwa

House

REIT

Investment

Corp.

REIT

(Real

Estate)

62,455

22,331

Daiwa

Securities

Group,

Inc.

(Financials)

144,317

27,803

Denso

Corp.

(Consumer

Discretionary)

435,189

3,104

Dentsu

Group,

Inc.

(Communication

Services)

83,671

1,391

Disco

Corp.

(Information

Technology)

301,939

5,689

East

Japan

Railway

Co.

(Industrials)

307,664

1,450

Ebara

Corp.

(Industrials)

82,105

4,414

Eisai

Co.

Ltd.

(Health

Care)

229,068

2,639

Electric

Power

Development

Co.

Ltd.

(Utilities)

41,013

43,421

ENEOS

Holdings,

Inc.

(Energy)

171,646

14,684

FANUC

Corp.

(Industrials)

408,631

2,607

Fast

Retailing

Co.

Ltd.

(Consumer

Discretionary)

661,118

2,125

Fuji

Electric

Co.

Ltd.

(Industrials)

89,134

4,772

FUJIFILM

Holdings

Corp.

(Information

Technology)

279,538

2,967

Fujitsu

Ltd.

(Information

Technology)

423,871

2,874

Fukuoka

Financial

Group,

Inc.

(Financials)

66,740

75

GLP

J

REIT

(Real

Estate)

70,873

690

GMO

Payment

Gateway,

Inc.

(Financials)

40,639

3,436

Hakuhodo

DY

Holdings,

Inc.

(Communication

Services)

25,927

2,194

Hamamatsu

Photonics

KK

(Information

Technology)

86,908

3,686

Hankyu

Hanshin

Holdings,

Inc.

(Industrials)

111,476

4,000

Haseko

Corp.

(Consumer

Discretionary)

49,203

301

Hikari

Tsushin,

Inc.

(Industrials)

46,809

460

Hirose

Electric

Co.

Ltd.

(Information

Technology)

51,497

1,125

Hisamitsu

Pharmaceutical

Co.,

Inc.

(Health

Care)

35,142

1,623

Hitachi

Construction

Machinery

Co.

Ltd.

(Industrials)

42,102

14,306

Hitachi

Ltd.

(Industrials)

995,280

79,432

Honda

Motor

Co.

Ltd.

(Consumer

Discretionary)

810,788

1,700

Hoshizaki

Corp.

(Industrials)

54,150

5,408

Hoya

Corp.

(Health

Care)

609,628

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

7,923

Hulic

Co.

Ltd.

(Real

Estate)

$

78,675

1,944

Ibiden

Co.

Ltd.

(Information

Technology)

92,982

3,699

Idemitsu

Kosan

Co.

Ltd.

(Energy)

101,486

2,302

IHI

Corp.

(Industrials)

44,472

2,496

Iida

Group

Holdings

Co.

Ltd.

(Consumer

Discretionary)

37,313

14,562

Inpex

Corp.

(Energy)

205,869

5,324

Isetan

Mitsukoshi

Holdings

Ltd.

(Consumer

Discretionary)

60,178

9,425

Isuzu

Motors

Ltd.

(Consumer

Discretionary)

124,670

873

Ito

En

Ltd.

(Consumer

Staples)

26,544

19,397

ITOCHU

Corp.

(Industrials)

752,866

1,336

Itochu

Techno-Solutions

Corp.

(Information

Technology)

38,995

3,916

J

Front

Retailing

Co.

Ltd.

(Consumer

Discretionary)

35,879

6,703

Japan

Airlines

Co.

Ltd.

(Industrials)

127,454

8,253

Japan

Exchange

Group,

Inc.

(Financials)

168,538

109

Japan

Metropolitan

Fund

Invest

REIT

(Real

Estate)

72,625

6,054

Japan

Post

Bank

Co.

Ltd.

(Financials)

59,768

32,973

Japan

Post

Holdings

Co.

Ltd.

(Financials)

290,955

2,868

Japan

Post

Insurance

Co.

Ltd.

(Financials)

53,641

17,299

Japan

Tobacco,

Inc.

(Consumer

Staples)

444,776

8,271

JFE

Holdings,

Inc.

(Materials)

121,966

3,536

JGC

Holdings

Corp.

(Industrials)

39,741

3,142

JSR

Corp.

(Materials)

86,480

3,518

JTEKT

Corp.

(Consumer

Discretionary)

32,257

6,906

Kajima

Corp.

(Industrials)

109,148

11,444

Kansai

Electric

Power

Co.,

Inc.

(The)

(Utilities)

152,576

3,066

Kansai

Paint

Co.

Ltd.

(Materials)

46,705

7,053

Kao

Corp.

(Consumer

Staples)

271,748

2,456

Kawasaki

Heavy

Industries

Ltd.

(Industrials)

55,870

1,983

Kawasaki

Kisen

Kaisha

Ltd.

(Industrials)

69,603

24,048

KDDI

Corp.

(Communication

Services)

752,339

1,684

Keihan

Holdings

Co.

Ltd.

(Industrials)

42,056

4,083

Keikyu

Corp.

(Industrials)

34,855

1,726

Keio

Corp.

(Industrials)

49,771

2,465

Keisei

Electric

Railway

Co.

Ltd.

(Industrials)

99,377

1,619

Kewpie

Corp.

(Consumer

Staples)

28,255

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,870

Keyence

Corp.

(Information

Technology)

$

1,229,847

2,400

Kikkoman

Corp.

(Consumer

Staples)

147,164

2,951

Kintetsu

Group

Holdings

Co.

Ltd.

(Industrials)

82,760

12,733

Kirin

Holdings

Co.

Ltd.

(Consumer

Staples)

179,753

796

Kobayashi

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

36,721

2,220

Kobe

Bussan

Co.

Ltd.

(Consumer

Staples)

58,625

1,777

Koei

Tecmo

Holdings

Co.

Ltd.

(Communication

Services)

21,762

3,764

Koito

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

56,943

13,992

Komatsu

Ltd.

(Industrials)

357,005

1,493

Konami

Group

Corp.

(Communication

Services)

73,875

526

Kose

Corp.

(Consumer

Staples)

37,235

16,592

Kubota

Corp.

(Industrials)

237,822

5,096

Kuraray

Co.

Ltd.

(Materials)

51,861

1,767

Kurita

Water

Industries

Ltd.

(Industrials)

62,607

5,194

Kyocera

Corp.

(Information

Technology)

287,746

3,907

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

64,405

7,259

Kyushu

Electric

Power

Co.,

Inc.

(Utilities)*

48,640

2,207

Kyushu

Railway

Co.

(Industrials)

46,145

1,224

Lasertec

Corp.

(Information

Technology)

273,555

701

Lawson,

Inc.

(Consumer

Staples)

34,714

4,004

Lion

Corp.

(Consumer

Staples)

35,047

4,372

Lixil

Corp.

(Industrials)

53,395

40,808

LY

Corp.

(Communication

Services)

118,862

6,383

M3,

Inc.

(Health

Care)

105,588

3,808

Makita

Corp.

(Industrials)

101,076

26,177

Marubeni

Corp.

(Industrials)

408,498

2,792

Marui

Group

Co.

Ltd.

(Financials)

44,656

5,546

MatsukiyoCocokara

&

Co.

(Consumer

Staples)

95,794

8,981

Mazda

Motor

Corp.

(Consumer

Discretionary)

95,894

1,340

McDonald's

Holdings

Co.

Japan

Ltd.

(Consumer

Discretionary)

57,195

16,621

Mebuki

Financial

Group,

Inc.

(Financials)

50,031

2,882

Medipal

Holdings

Corp.

(Health

Care)

45,618

4,138

MEIJI

Holdings

Co.

Ltd.

(Consumer

Staples)

95,812

1,714

Mercari,

Inc.

(Consumer

Discretionary)*

32,805

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

6,044

MINEBEA

MITSUMI,

Inc.

(Industrials)

$

115,005

4,471

MISUMI

Group,

Inc.

(Industrials)

72,584

22,238

Mitsubishi

Chemical

Group

Corp.

(Materials)

145,686

19,167

Mitsubishi

Corp.

(Industrials)

892,779

30,591

Mitsubishi

Electric

Corp.

(Industrials)

415,716

17,694

Mitsubishi

Estate

Co.

Ltd.

(Real

Estate)

238,956

2,846

Mitsubishi

Gas

Chemical

Co.,

Inc.

(Materials)

45,000

12,993

Mitsubishi

HC

Capital,

Inc.

(Financials)

84,760

5,048

Mitsubishi

Heavy

Industries

Ltd.

(Industrials)

282,321

10,187

Mitsubishi

Motors

Corp.

(Consumer

Discretionary)

33,172

178,500

Mitsubishi

UFJ

Financial

Group,

Inc.

(Financials)

1,515,321

23,337

Mitsui

&

Co.

Ltd.

(Industrials)

851,173

2,791

Mitsui

Chemicals,

Inc.

(Materials)

81,709

14,185

Mitsui

Fudosan

Co.

Ltd.

(Real

Estate)

333,144

5,640

Mitsui

OSK

Lines

Ltd.

(Industrials)

154,930

1,585

Miura

Co.

Ltd.

(Industrials)

30,728

39,391

Mizuho

Financial

Group,

Inc.

(Financials)

669,329

3,878

MonotaRO

Co.

Ltd.

(Industrials)

39,164

6,640

MS&AD

Insurance

Group

Holdings,

Inc.

(Financials)

248,514

28,875

Murata

Manufacturing

Co.

Ltd.

(Information

Technology)

563,203

3,088

Nagoya

Railroad

Co.

Ltd.

(Industrials)

45,212

3,964

NEC

Corp.

(Information

Technology)

220,945

6,956

Nexon

Co.

Ltd.

(Communication

Services)

150,474

4,543

NGK

Insulators

Ltd.

(Industrials)

55,437

1,523

NH

Foods

Ltd.

(Consumer

Staples)

45,267

1,993

Nichirei

Corp.

(Consumer

Staples)

43,464

7,487

NIDEC

Corp.

(Industrials)

283,811

5,115

Nikon

Corp.

(Consumer

Discretionary)

49,287

17,967

Nintendo

Co.

Ltd.

(Communication

Services)

840,044

25

Nippon

Building

Fund,

Inc.

REIT

(Real

Estate)

105,016

1,298

NIPPON

EXPRESS

HOLDINGS,

Inc.

(Industrials)

70,864

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

13,883

Nippon

Paint

Holdings

Co.

Ltd.

(Materials)

$

103,722

35

Nippon

Prologis

REIT,

Inc.

REIT

(Real

Estate)

66,385

2,931

Nippon

Sanso

Holdings

Corp.

(Materials)

76,985

957

Nippon

Shinyaku

Co.

Ltd.

(Health

Care)

34,510

13,324

Nippon

Steel

Corp.

(Materials)

311,571

836,798

Nippon

Telegraph

&

Telephone

Corp.

(Communication

Services)

979,807

2,543

Nippon

Television

Holdings,

Inc.

(Communication

Services)

24,787

7,713

Nippon

Yusen

KK

(Industrials)

207,336

2,038

Nissan

Chemical

Corp.

(Materials)

74,346

34,325

Nissan

Motor

Co.

Ltd.

(Consumer

Discretionary)

135,340

4,014

Nisshin

Seifun

Group,

Inc.

(Consumer

Staples)

55,621

949

Nissin

Foods

Holdings

Co.

Ltd.

(Consumer

Staples)

94,139

3,018

Niterra

Co.

Ltd.

(Consumer

Discretionary)

70,083

1,277

Nitori

Holdings

Co.

Ltd.

(Consumer

Discretionary)

147,364

2,310

Nitto

Denko

Corp.

(Materials)

164,302

47,060

Nomura

Holdings,

Inc.

(Financials)

193,320

1,622

Nomura

Real

Estate

Holdings,

Inc.

(Real

Estate)

39,542

67

Nomura

Real

Estate

Master

Fund,

Inc.

REIT

(Real

Estate)

76,955

6,061

Nomura

Research

Institute

Ltd.

(Information

Technology)

170,225

7,628

NSK

Ltd.

(Industrials)

39,994

9,687

NTT

Data

Group

Corp.

(Information

Technology)

117,750

10,792

Obayashi

Corp.

(Industrials)

91,068

452

OBIC

Business

Consultants

Co.

Ltd.

(Information

Technology)

20,665

1,016

Obic

Co.

Ltd.

(Information

Technology)

155,972

4,986

Odakyu

Electric

Railway

Co.

Ltd.

(Industrials)

70,135

14,587

Oji

Holdings

Corp.

(Materials)

54,190

19,573

Olympus

Corp.

(Health

Care)

286,773

2,924

Omron

Corp.

(Information

Technology)

122,609

6,864

Ono

Pharmaceutical

Co.

Ltd.

(Health

Care)

126,336

1,176

Open

House

Group

Co.

Ltd.

(Consumer

Discretionary)

32,837

523

Oracle

Corp.

Japan

(Information

Technology)

40,454

17,194

Oriental

Land

Co.

Ltd.

(Consumer

Discretionary)

584,434

17,943

ORIX

Corp.

(Financials)

327,522

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

43

Orix

JREIT,

Inc.

REIT

(Real

Estate)

$

50,727

6,412

Osaka

Gas

Co.

Ltd.

(Utilities)

124,913

1,726

Otsuka

Corp.

(Information

Technology)

70,460

6,911

Otsuka

Holdings

Co.

Ltd.

(Health

Care)

265,950

5,963

Pan

Pacific

International

Holdings

Corp.

(Consumer

Discretionary)

129,235

34,673

Panasonic

Holdings

Corp.

(Consumer

Discretionary)

358,844

28,920

Persol

Holdings

Co.

Ltd.

(Industrials)

49,845

1,297

Pola

Orbis

Holdings,

Inc.

(Consumer

Staples)

13,673

1,364

Rakus

Co.

Ltd.

(Information

Technology)

24,589

22,162

Rakuten

Group,

Inc.

(Consumer

Discretionary)

87,802

22,473

Recruit

Holdings

Co.

Ltd.

(Industrials)

836,837

18,832

Renesas

Electronics

Corp.

(Information

Technology)*

331,648

37,048

Resona

Holdings,

Inc.

(Financials)

192,589

2,779

Resonac

Holdings

Corp.

(Materials)

51,882

8,888

Ricoh

Co.

Ltd.

(Information

Technology)

72,566

1,711

Rinnai

Corp.

(Consumer

Discretionary)

34,779

5,481

Rohm

Co.

Ltd.

(Information

Technology)

104,756

3,092

Rohto

Pharmaceutical

Co.

Ltd.

(Consumer

Staples)

64,628

4,043

Ryohin

Keikaku

Co.

Ltd.

(Consumer

Discretionary)

63,899

5,724

Santen

Pharmaceutical

Co.

Ltd.

(Health

Care)

54,168

3,791

SBI

Holdings,

Inc.

(Financials)

82,239

1,464

SCREEN

Holdings

Co.

Ltd.

(Information

Technology)

106,655

2,252

SCSK

Corp.

(Information

Technology)

41,495

3,242

Secom

Co.

Ltd.

(Industrials)

225,768

2,430

Sega

Sammy

Holdings,

Inc.

(Consumer

Discretionary)

35,299

3,503

Seibu

Holdings,

Inc.

(Industrials)

42,284

4,320

Seiko

Epson

Corp.

(Information

Technology)

64,229

5,888

Sekisui

Chemical

Co.

Ltd.

(Consumer

Discretionary)

83,659

9,321

Sekisui

House

Ltd.

(Consumer

Discretionary)

190,979

11,911

Seven

&

i

Holdings

Co.

Ltd.

(Consumer

Staples)

442,730

9,516

Seven

Bank

Ltd.

(Financials)

19,330

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

7,069

SG

Holdings

Co.

Ltd.

(Industrials)

$

102,208

4,355

Sharp

Corp.

(Consumer

Discretionary)*

27,267

4,279

Shimadzu

Corp.

(Information

Technology)

111,002

371

Shimamura

Co.

Ltd.

(Consumer

Discretionary)

41,546

1,225

Shimano,

Inc.

(Consumer

Discretionary)

188,554

8,517

Shimizu

Corp.

(Industrials)

55,975

30,594

Shin-Etsu

Chemical

Co.

Ltd.

(Materials)

1,078,607

1,000

Shinko

Electric

Industries

Co.

Ltd.

(Information

Technology)

37,332

4,579

Shionogi

&

Co.

Ltd.

(Health

Care)

216,135

6,112

Shiseido

Co.

Ltd.

(Consumer

Staples)

163,968

8,615

Shizuoka

Financial

Group,

Inc.

(Financials)

69,696

879

SMC

Corp.

(Industrials)

442,666

43,642

SoftBank

Corp.

(Communication

Services)

530,931

15,226

SoftBank

Group

Corp.

(Communication

Services)

620,019

5,562

Sohgo

Security

Services

Co.

Ltd.

(Industrials)

32,235

3,488

Sojitz

Corp.

(Industrials)

77,695

5,081

Sompo

Holdings,

Inc.

(Financials)

232,234

19,232

Sony

Group

Corp.

(Consumer

Discretionary)

1,667,766

1,384

Square

Enix

Holdings

Co.

Ltd.

(Communication

Services)

48,045

2,344

Stanley

Electric

Co.

Ltd.

(Consumer

Discretionary)

43,381

9,578

Subaru

Corp.

(Consumer

Discretionary)

169,811

536

Sugi

Holdings

Co.

Ltd.

(Consumer

Staples)

23,255

5,347

SUMCO

Corp.

(Information

Technology)

80,168

22,488

Sumitomo

Chemical

Co.

Ltd.

(Materials)

57,424

18,376

Sumitomo

Corp.

(Industrials)

385,332

11,383

Sumitomo

Electric

Industries

Ltd.

(Consumer

Discretionary)

141,214

1,800

Sumitomo

Heavy

Industries

Ltd.

(Industrials)

42,968

4,000

Sumitomo

Metal

Mining

Co.

Ltd.

(Materials)

116,129

20,406

Sumitomo

Mitsui

Financial

Group,

Inc.

(Financials)

1,001,838

5,191

Sumitomo

Mitsui

Trust

Holdings,

Inc.

(Financials)

195,196

6,641

Sumitomo

Realty

&

Development

Co.

Ltd.

(Real

Estate)

187,503

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

2,750

Sumitomo

Rubber

Industries

Ltd.

(Consumer

Discretionary)

$

31,800

1,066

Sundrug

Co.

Ltd.

(Consumer

Staples)

32,268

1,967

Suntory

Beverage

&

Food

Ltd.

(Consumer

Staples)

61,843

6,196

Suzuki

Motor

Corp.

(Consumer

Discretionary)

252,350

2,478

Sysmex

Corp.

(Health

Care)

137,129

8,432

T&D

Holdings,

Inc.

(Financials)

124,710

2,604

Taisei

Corp.

(Industrials)

88,617

764

Taisho

Pharmaceutical

Holdings

Co.

Ltd.

(Health

Care)

44,904

1,928

Taiyo

Yuden

Co.

Ltd.

(Information

Technology)

50,001

23,840

Takeda

Pharmaceutical

Co.

Ltd.

(Health

Care)

671,651

2,115

TBS

Holdings,

Inc.

(Communication

Services)

39,293

5,922

TDK

Corp.

(Information

Technology)

275,200

11,210

Terumo

Corp.

(Health

Care)

357,755

1,927

THK

Co.

Ltd.

(Industrials)

38,498

3,701

TIS,

Inc.

(Information

Technology)

78,283

3,259

Tobu

Railway

Co.

Ltd.

(Industrials)

80,574

147

Toei

Animation

Co.

Ltd.

(Communication

Services)

15,283

1,692

Toho

Co.

Ltd.

(Communication

Services)

58,725

7,247

Tohoku

Electric

Power

Co.,

Inc.

(Utilities)

46,418

29,692

Tokio

Marine

Holdings,

Inc.

(Financials)

732,685

644

Tokyo

Century

Corp.

(Financials)

25,667

23,264

Tokyo

Electric

Power

Co.

Holdings,

Inc.

(Utilities)*

99,281

7,060

Tokyo

Electron

Ltd.

(Information

Technology)

1,147,337

6,446

Tokyo

Gas

Co.

Ltd.

(Utilities)

149,426

8,596

Tokyu

Corp.

(Industrials)

100,912

9,338

Tokyu

Fudosan

Holdings

Corp.

(Real

Estate)

57,733

4,058

TOPPAN

Holdings,

Inc.

(Industrials)

95,085

23,608

Toray

Industries,

Inc.

(Materials)

122,499

6,505

Toshiba

Corp.

(Industrials)*

202,408

4,708

Tosoh

Corp.

(Materials)

62,642

2,399

TOTO

Ltd.

(Industrials)

61,616

1,434

Toyo

Suisan

Kaisha

Ltd.

(Consumer

Staples)

76,339

1,142

Toyota

Boshoku

Corp.

(Consumer

Discretionary)

19,698

2,593

Toyota

Industries

Corp.

(Industrials)

223,019

Shares

Description

Value

a

Common

Stocks

–

(continued)

Japan

–

(continued)

177,746

Toyota

Motor

Corp.

(Consumer

Discretionary)

$

3,359,903

3,637

Toyota

Tsusho

Corp.

(Industrials)

201,488

2,065

Trend

Micro,

Inc.

(Information

Technology)

104,958

594

Tsuruha

Holdings,

Inc.

(Consumer

Staples)

49,984

6,451

Unicharm

Corp.

(Consumer

Staples)

207,841

48

United

Urban

Investment

Corp.

REIT

(Real

Estate)

47,079

3,115

USS

Co.

Ltd.

(Consumer

Discretionary)

60,958

1,444

Welcia

Holdings

Co.

Ltd.

(Consumer

Staples)

25,240

3,712

West

Japan

Railway

Co.

(Industrials)

146,813

328

Workman

Co.

Ltd.

(Consumer

Discretionary)

10,250

4,144

Yakult

Honsha

Co.

Ltd.

(Consumer

Staples)

92,587

10,198

Yamada

Holdings

Co.

Ltd.

(Consumer

Discretionary)

29,559

2,548

Yamaha

Corp.

(Consumer

Discretionary)

59,652

4,773

Yamaha

Motor

Co.

Ltd.

(Consumer

Discretionary)

121,944

4,809

Yamato

Holdings

Co.

Ltd.

(Industrials)

85,504

2,081

Yamazaki

Baking

Co.

Ltd.

(Consumer

Staples)

45,537

4,087

Yaskawa

Electric

Corp.

(Industrials)

156,834

3,761

Yokogawa

Electric

Corp.

(Information

Technology)

71,259

2,063

Yokohama

Rubber

Co.

Ltd.

(The)

(Consumer

Discretionary)

45,897

1,335

Zensho

Holdings

Co.

Ltd.

(Consumer

Discretionary)

74,175

1,837

ZOZO,

Inc.

(Consumer

Discretionary)

38,831

60,463,303

Jordan

–

0.0%

2,478

Hikma

Pharmaceuticals

PLC

(Health

Care)

54,067

Kuwait

–

0.2%

23,581

Agility

Public

Warehousing

Co.

KSC

(Industrials)*

41,243

20,420

Boubyan

Bank

KSCP

(Financials)

38,558

34,215

Gulf

Bank

KSCP

(Financials)

28,037

161,245

Kuwait

Finance

House

KSCP

(Financials)

365,054

9,930

Mabanee

Co

KPSC

(Real

Estate)

26,952

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Kuwait

–

(continued)

32,962

Mobile

Telecommunications

Co.

KSCP

(Communication

Services)

$

52,205

116,529

National

Bank

of

Kuwait

SAKP

(Financials)

334,018

886,067

Luxembourg

–

0.1%

7,159

ArcelorMittal

(Materials)

180,360

2,024

Eurofins

Scientific

SE

(Health

Care)

117,839

2,125

Reinet

Investments

SCA

(Financials)

49,620

347,819

Macau

–

0.1%

29,026

Galaxy

Entertainment

Group

Ltd.

(Consumer

Discretionary)

150,142

37,857

Sands

China

Ltd.

(Consumer

Discretionary)*

92,870

243,012

Mexico

–

0.8%

75,717

Alfa

SAB

de

CV,

Class

A

(Industrials)

55,225

502,777

America

Movil

SAB

de

CV,

Series

B

(Communication

Services)

454,689

7,327

Arca

Continental

SAB

de

CV

(Consumer

Staples)

74,803

27,613

Becle

SAB

de

CV

(Consumer

Staples)

46,828

236,007

Cemex

SAB

de

CV,

Series

CPO

(Materials)*

163,982

8,253

Coca-Cola

Femsa

SAB

de

CV

(Consumer

Staples)

69,353

3,102

El

Puerto

de

Liverpool

SAB

de

CV

(Consumer

Discretionary)

18,064

44,971

Fibra

Uno

Administracion

SA

de

CV

REIT

(Real

Estate)

72,356

33,742

Fomento

Economico

Mexicano

SAB

de

CV

(Consumer

Staples)

429,032

2,896

Fresnillo

PLC

(Materials)

21,367

2,841

Gruma

SAB

de

CV,

Class

B

(Consumer

Staples)

52,641

5,953

Grupo

Aeroportuario

del

Pacifico

SAB

de

CV,

Class

B

(Industrials)

90,661

2,858

Grupo

Aeroportuario

del

Sureste

SAB

de

CV,

Class

B

(Industrials)

67,466

21,251

Grupo

Bimbo

SAB

de

CV,

Series

A

(Consumer

Staples)

107,212

7,682

Grupo

Carso

SAB

de

CV,

Series

A1

(Industrials)

70,565

7,099

Grupo

Comercial

Chedraui

SA

de

CV

(Consumer

Staples)

41,728

813

Grupo

Elektra

SAB

DE

CV

(Financials)

55,475

45,019

Grupo

Financiero

Banorte

SAB

de

CV,

Class

O

(Financials)

418,560

Shares

Description

Value

a

Common

Stocks

–

(continued)

Mexico

–

(continued)

30,771

Grupo

Financiero

Inbursa

SAB

de

CV,

Class

O

(Financials)*

$

75,194

48,760

Grupo

Mexico

SAB

de

CV,

Series

B

(Materials)

223,457

2,948

Industrias

Penoles

SAB

de

CV

(Materials)*

43,232

25,152

Kimberly-Clark

de

Mexico

SAB

de

CV,

Class

A

(Consumer

Staples)

50,879

14,308

Orbia

Advance

Corp.

SAB

de

CV

(Materials)

30,549

77,779

Wal-Mart

de

Mexico

SAB

de

CV

(Consumer

Staples)

304,866

3,038,184

Netherlands

–

3.0%

469

Adyen

NV

(Financials)*

(a)

548,059

2,663

Akzo

Nobel

NV

(Materials)

204,729

873

Argenx

SE

ADR

(Health

Care)*

393,383

718

ASM

International

NV

(Information

Technology)

368,751

6,161

ASML

Holding

NV

(Information

Technology)

4,187,974

1,553

EXOR

NV

(Financials)

151,317

1,411

HAL

Trust

(Financials)

179,203

1,730

Heineken

Holding

NV

(Consumer

Staples)

134,586

4,487

Heineken

NV

(Consumer

Staples)

410,755

54,883

ING

Groep

NV

(Financials)

771,171

1,443

JDE

Peet’s

NV

(Consumer

Staples)

38,763

14,982

Koninklijke

Ahold

Delhaize

NV

(Consumer

Staples)

434,173

51,666

Koninklijke

KPN

NV

(Communication

Services)

177,405

12,318

Koninklijke

Philips

NV

(Health

Care)*

252,272

104,484

Shell

PLC

(Energy)

3,386,153

11,999

Universal

Music

Group

NV

(Communication

Services)

317,353

3,874

Wolters

Kluwer

NV

(Industrials)

533,860

12,489,907

New

Zealand

–

0.2%

10,612

a2

Milk

Co.

Ltd.

(The)

(Consumer

Staples)*

27,201

18,837

Auckland

International

Airport

Ltd.

(Industrials)

92,147

12,181

Contact

Energy

Ltd.

(Utilities)

58,609

8,563

Fisher

&

Paykel

Healthcare

Corp.

Ltd.

(Health

Care)

124,607

12,677

Infratil

Ltd.

(Industrials)

76,342

1,301

Mainfreight

Ltd.

(Industrials)

54,240

10,245

Mercury

NZ

Ltd.

(Utilities)

39,422

19,873

Meridian

Energy

Ltd.

(Utilities)

64,012

9,420

Ryman

Healthcare

Ltd.

(Health

Care)

31,419

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

New

Zealand

–

(continued)

28,514

Spark

New

Zealand

Ltd.

(Communication

Services)

$

91,317

1,983

Xero

Ltd.

(Information

Technology)*

135,493

794,809

Norway

–

0.4%

348

Aker

ASA,

Class

A

(Industrials)

21,841

4,790

Aker

BP

ASA

(Energy)

137,806

11,580

AutoStore

Holdings

Ltd.

(Industrials)*

(a)

19,279

13,873

DNB

Bank

ASA

(Financials)

265,264

13,670

Equinor

ASA

(Energy)

441,471

2,246

Frontline

PLC

(Energy)

44,362

2,845

Gjensidige

Forsikring

ASA

(Financials)

48,064

1,313

Kongsberg

Gruppen

ASA

(Industrials)

56,570

4,215

Leroy

Seafood

Group

ASA

(Consumer

Staples)

16,526

6,912

Mowi

ASA

(Consumer

Staples)

123,314

2,590

Nordic

Semiconductor

ASA

(Information

Technology)*

23,692

20,399

Norsk

Hydro

ASA

(Materials)

118,812

12,413

Orkla

ASA

(Consumer

Staples)

91,714

1,021

Salmar

ASA

(Consumer

Staples)

56,152

1,076

Schibsted

ASA,

Class

A

(Communication

Services)

26,564

1,499

Schibsted

ASA,

Class

B

(Communication

Services)

34,767

1,132

Seadrill

Ltd.

(Energy)*

50,463

2,673

SpareBank

1

SR-Bank

ASA

(Financials)

29,461

6,830

Storebrand

ASA

(Financials)

59,120

10,051

Telenor

ASA

(Communication

Services)

108,447

3,665

TOMRA

Systems

ASA

(Industrials)

36,144

6,121

Var

Energi

ASA

(Energy)

19,666

1,594

Wallenius

Wilhelmsen

ASA

(Industrials)

13,945

1,843,444

Philippines

–

0.2%

138,710

ACEN

Corp.

(Utilities)

11,999

3,896

Ayala

Corp.

(Industrials)

46,620

94,039

Ayala

Land,

Inc.

(Real

Estate)

52,875

31,080

Bank

of

the

Philippine

Islands

(Financials)

57,858

33,093

BDO

Unibank,

Inc.

(Financials)

79,617

12,771

International

Container

Terminal

Services,

Inc.

(Industrials)

49,666

47,012

JG

Summit

Holdings,

Inc.

(Industrials)

32,618

7,035

Jollibee

Foods

Corp.

(Consumer

Discretionary)

28,728

4,630

Manila

Electric

Co.

(Utilities)

30,038

Shares

Description

Value

a

Common

Stocks

–

(continued)

Philippines

–

(continued)

28,267

Metropolitan

Bank

&

Trust

Co.

(Financials)

$

25,445

1,358

PLDT,

Inc.

(Communication

Services)

31,521

7,633

SM

Investments

Corp.

(Industrials)

112,659

179,025

SM

Prime

Holdings,

Inc.

(Real

Estate)

104,208

13,692

Universal

Robina

Corp.

(Consumer

Staples)

27,882

691,734

Poland

–

0.2%

7,380

Allegro.eu

SA

(Consumer

Discretionary)*

(a)

53,525

2,754

Bank

Pekao

SA

(Financials)

97,005

199

Budimex

SA

(Industrials)

27,679

1,086

CD

Projekt

SA

(Communication

Services)

(b)

29,625

3,815

Cyfrowy

Polsat

SA

(Communication

Services)*

12,267

752

Dino

Polska

SA

(Consumer

Staples)*

(a)

84,015

2,725

InPost

SA

(Industrials)*

32,200

2,144

KGHM

Polska

Miedz

SA

(Materials)

61,952

206

mBank

SA

(Financials)*

29,127

9,082

ORLEN

SA

(Energy)

134,378

13,796

PGE

Polska

Grupa

Energetyczna

SA

(Utilities)*

29,070

13,392

Powszechna

Kasa

Oszczednosci

Bank

Polski

SA

(Financials)*

159,519

8,874

Powszechny

Zaklad

Ubezpieczen

SA

(Financials)

101,411

523

Santander

Bank

Polska

SA

(Financials)*

65,115

916,888

Portugal

–

0.1%

115,090

Banco

Comercial

Portugues

SA,

Class

R

(Financials)*

38,702

43,787

EDP

–

Energias

de

Portugal

SA

(Utilities)

209,593

7,438

Galp

Energia

SGPS

SA

(Energy)

110,819

4,291

Jeronimo

Martins

SGPS

SA

(Consumer

Staples)

106,279

3,356

Navigator

Co

SA

(The)

(Materials)

13,805

479,198

Qatar

–

0.2%

52,917

Commercial

Bank

PSQC

(The)

(Financials)

77,464

27,421

Dukhan

Bank

(Financials)

29,085

31,020

Industries

Qatar

QSC

(Industrials)

106,495

108,366

Masraf

Al

Rayan

QSC

(Financials)

73,990

68,200

Mesaieed

Petrochemical

Holding

Co.

(Materials)

31,450

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Qatar

–

(continued)

10,984

Ooredoo

QPSC

(Communication

Services)

$

31,042

7,646

Qatar

Electricity

&

Water

Co.

QSC

(Utilities)

35,448

9,201

Qatar

Fuel

QSC

(Energy)

40,231

55,501

Qatar

Gas

Transport

Co.

Ltd.

(Energy)

49,388

17,452

Qatar

International

Islamic

Bank

QSC

(Financials)

48,076

25,614

Qatar

Islamic

Bank

(Financials)

133,663

69,320

Qatar

National

Bank

QPSC

(Financials)

298,908

955,240

Saudi

Arabia

–

1.1%

2,077

ACWA

Power

Co.

(Utilities)

126,785

2,002

Advanced

Petrochemical

Co.

(Materials)

19,959

30,601

Al

Rajhi

Bank

(Financials)

623,195

15,300

Alinma

Bank

(Financials)

146,006

3,863

Almarai

Co.

JSC

(Consumer

Staples)

57,458

10,457

Arab

National

Bank

(Financials)

66,898

396

Arabian

Internet

&

Co.mmunications

Services

Co.

(Information

Technology)

32,871

7,699

Bank

AlBilad

(Financials)

78,498

9,221

Banque

Saudi

Fransi

(Financials)

91,927

1,165

Bupa

Arabia

for

Cooperative

Insurance

Co.

(Financials)

61,922

1,148

Co.

for

Cooperative

Insurance

(The)

(Financials)

37,700

1,320

Dr

Sulaiman

Al

Habib

Medical

Services

Group

Co.

(Health

Care)

99,224

412

Elm

Co.

(Information

Technology)

81,774

5,928

Etihad

Etisalat

Co.

(Communication

Services)

73,004

9,240

Jarir

Marketing

Co.

(Consumer

Discretionary)

35,911

1,492

Mouwasat

Medical

Services

Co.

(Health

Care)

44,782

612

Nahdi

Medical

Co.

(Consumer

Staples)

22,154

6,564

Rabigh

Refining

&

Petrochemical

Co.

(Energy)*

19,072

22,951

Riyad

Bank

(Financials)

163,346

3,642

SABIC

Agri-Nutrients

Co.

(Materials)

133,584

5,646

Sahara

International

Petrochemical

Co.

(Materials)

48,687

18,911

Saudi

Arabian

Mining

Co.

(Materials)*

200,880

68,387

Saudi

Arabian

Oil

Co.

(Energy)

(a)

605,211

796

Saudi

Aramco

Base

Oil

Co.

(Materials)

29,111

15,633

Saudi

Awwal

Bank

(Financials)

144,808

Shares

Description

Value

a

Common

Stocks

–

(continued)

Saudi

Arabia

–

(continued)

14,052

Saudi

Basic

Industries

Corp.

(Materials)

$

296,659

12,284

Saudi

Electricity

Co.

(Utilities)

59,136

5,811

Saudi

Industrial

Investment

Group

(Materials)

34,883

11,549

Saudi

Kayan

Petrochemical

Co.

(Materials)*

34,849

45,902

Saudi

National

Bank

(The)

(Financials)

427,636

749

Saudi

Tadawul

Group

Holding

Co.

(Financials)

36,497

28,103

Saudi

Telecom

Co.

(Communication

Services)

288,034

4,112

Savola

Group

(The)

(Consumer

Staples)

41,103

4,330

Yanbu

National

Petrochemical

Co.

(Materials)

43,456

4,307,020

Singapore

–

0.9%

55,425

CapitaLand

Ascendas

REIT

REIT

(Real

Estate)

117,943

70,935

CapitaLand

Integrated

Commercial

Trust

REIT

(Real

Estate)

96,734

37,474

CapitaLand

Investment

Ltd.

(Real

Estate)

85,079

6,930

City

Developments

Ltd.

(Real

Estate)

32,505

28,539

DBS

Group

Holdings

Ltd.

(Financials)

678,726

43,743

Frasers

Logistics

&

Commercial

Trust

REIT

(Real

Estate)

36,382

89,085

Genting

Singapore

Ltd.

(Consumer

Discretionary)

61,077

28,930

Grab

Holdings

Ltd.,

Class

A

(Industrials)*

87,947

3,557

Hafnia

Ltd.

(Energy)

21,879

1,489

Jardine

Cycle

&

Carriage

Ltd.

(Industrials)

31,820

4,357

Keppel

REIT

(Real

Estate)

2,824

21,651

Keppel

Corp.

Ltd.

(Industrials)

108,206

21,002

Keppel

DC

REIT

(Real

Estate)

28,955

32,078

Mapletree

Industrial

Trust

REIT

(Real

Estate)

54,801

51,404

Mapletree

Logistics

Trust

REIT

(Real

Estate)

62,011

35,834

Mapletree

Pan

Asia

Commercial

Trust

REIT

(Real

Estate)

36,785

14,065

Olam

Group

Ltd.

(Consumer

Staples)

10,750

50,133

Oversea-Chinese

Banking

Corp.

Ltd.

(Financials)

471,053

13,648

SATS

Ltd.

(Industrials)*

27,100

5,680

Sea

Ltd.

ADR

(Communication

Services)*

205,730

1,007,749

Seatrium

Ltd.

(Industrials)*

79,285

14,087

Sembcorp

Industries

Ltd.

(Utilities)

54,254

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Singapore

–

(continued)

20,673

Singapore

Airlines

Ltd.

(Industrials)

$

98,207

12,771

Singapore

Exchange

Ltd.

(Financials)

90,237

23,853

Singapore

Technologies

Engineering

Ltd.

(Industrials)

66,308

111,515

Singapore

Telecommunications

Ltd.

(Communication

Services)

193,016

10,156

STMicroelectronics

NV

(Information

Technology)

481,534

20,879

United

Overseas

Bank

Ltd.

(Financials)

425,840

8,254

UOL

Group

Ltd.

(Real

Estate)

36,489

4,248

Venture

Corp.

Ltd.

(Information

Technology)

39,883

3,823,360

South

Africa

–

0.8%

11,979

Absa

Group

Ltd.

(Financials)

109,840

1,673

African

Rainbow

Minerals

Ltd.

(Materials)

16,043

875

Anglo

American

Platinum

Ltd.

(Materials)

36,830

18,027

Anglo

American

PLC

(Materials)

488,832

5,636

Aspen

Pharmacare

Holdings

Ltd.

(Health

Care)

55,060

5,214

Bid

Corp.

Ltd.

(Consumer

Staples)

113,709

5,331

Bidvest

Group

Ltd.

(The)

(Industrials)

66,327

1,521

Capitec

Bank

Holdings

Ltd.

(Financials)

157,374

3,801

Clicks

Group

Ltd.

(Consumer

Staples)

59,199

8,355

Discovery

Ltd.

(Financials)

58,657

3,785

Exxaro

Resources

Ltd.

(Energy)

37,501

78,121

FirstRand

Ltd.

(Financials)

277,979

13,734

Gold

Fields

Ltd.

(Materials)

206,416

13,548

Impala

Platinum

Holdings

Ltd.

(Materials)

54,785

3,306

Investec

Ltd.

(Financials)

21,014

881

Kumba

Iron

Ore

Ltd.

(Materials)

27,535

26,250

MTN

Group

Ltd.

(Communication

Services)

142,595

4,858

MultiChoice

Group

(Communication

Services)*

17,345

2,883

Naspers

Ltd.,

Class

N

(Consumer

Discretionary)*

528,456

6,807

Nedbank

Group

Ltd.

(Financials)

76,799

5,169

Northam

Platinum

Holdings

Ltd.

(Materials)

33,185

76,576

Old

Mutual

Ltd.

(Financials)

46,471

13,279

OUTsurance

Group

Ltd.

(Financials)

29,081

25,116

Pepkor

Holdings

Ltd.

(Consumer

Discretionary)

(a)

24,679

7,969

Remgro

Ltd.

(Financials)

61,065

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Africa

–

(continued)

25,675

Sanlam

Ltd.

(Financials)

$

92,010

9,072

Sasol

Ltd.

(Materials)

100,295

7,401

Shoprite

Holdings

Ltd.

(Consumer

Staples)

100,431

43,956

Sibanye

Stillwater

Ltd.

(Materials)

48,247

21,088

Standard

Bank

Group

Ltd.

(Financials)

222,809

9,306

Vodacom

Group

Ltd.

(Communication

Services)

47,635

14,072

Woolworths

Holdings

Ltd.

(Consumer

Discretionary)

50,125

3,408,329

South

Korea

–

3.3%

561

Alteogen,

Inc.

(Health

Care)*

34,787

457

Amorepacific

Corp.

(Consumer

Staples)

45,801

395

AMOREPACIFIC

Group

(Consumer

Staples)

8,481

122

BGF

retail

Co.

Ltd.

(Consumer

Staples)

12,832

4,289

BNK

Financial

Group,

Inc.

(Financials)

23,836

1,553

Celltrion

Healthcare

Co.

Ltd.

(Health

Care)

89,678

279

Celltrion

Pharm,

Inc.

(Health

Care)*

17,322

1,705

Celltrion,

Inc.

(Health

Care)

215,281

1,073

Cheil

Worldwide,

Inc.

(Communication

Services)

16,276

69

Chunbo

Co.

Ltd.

(Materials)

5,765

124

CJ

CheilJedang

Corp.

(Consumer

Staples)

29,699

206

CJ

Corp.

(Industrials)

14,690

161

CJ

ENM

Co.

Ltd.

(Communication

Services)*

9,559

141

CJ

Logistics

Corp.

(Industrials)

12,361

356

CosmoAM&T

Co.

Ltd.

(Information

Technology)*

45,447

849

Coway

Co.

Ltd.

(Consumer

Discretionary)

32,903

362

CS

Wind

Corp.

(Industrials)

15,011

3,129

Daewoo

Engineering

&

Construction

Co.

Ltd.

(Industrials)*

11,253

556

DB

HiTek

Co.

Ltd.

(Information

Technology)

26,676

685

DB

Insurance

Co.

Ltd.

(Financials)

44,440

3,120

Delivery

Hero

SE

(Consumer

Discretionary)*

(a)

99,080

444

DL

E&C

Co.

Ltd.

(Industrials)

13,181

504

Dongsuh

Cos.,

Inc.

(Consumer

Staples)

7,161

769

Doosan

Bobcat,

Inc.

(Industrials)

27,180

109

Doosan

Co.

Ltd.

(Industrials)

7,781

6,745

Doosan

Enerbility

Co.

Ltd.

(Industrials)*

82,604

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

633

Doosan

Fuel

Cell

Co.

Ltd.

(Industrials)*

$

11,923

715

Ecopro

BM

Co.

Ltd.

(Industrials)

151,851

303

Ecopro

Co.

Ltd.

(Materials)

175,673

296

E-MART,

Inc.

(Consumer

Staples)

17,391

242

F&F

Co.

Ltd.

(Consumer

Discretionary)

16,113

688

Fila

Holdings

Corp.

(Consumer

Discretionary)

20,398

85

Green

Cross

Corp.

(Health

Care)

7,550

1,007

GS

Engineering

&

Construction

Corp.

(Industrials)

12,652

702

GS

Holdings

Corp.

(Industrials)

22,472

653

GS

Retail

Co.

Ltd.

(Consumer

Staples)

12,071

4,502

Hana

Financial

Group,

Inc.

(Financials)

145,338

416

Hanjin

Kal

Corp.

(Industrials)

17,380

1,075

Hankook

Tire

&

Technology

Co.

Ltd.

(Consumer

Discretionary)

37,787

98

Hanmi

Pharm

Co.

Ltd.

(Health

Care)

23,358

304

Hanmi

Science

Co.

Ltd.

(Health

Care)

8,436

660

Hanmi

Semiconductor

Co.

Ltd.

(Information

Technology)

32,536

2,515

Hanon

Systems

(Consumer

Discretionary)

14,133

144

Hansol

Chemical

Co.

Ltd.

(Materials)

22,435

142

Hanssem

Co.

Ltd.

(Consumer

Discretionary)

5,668

524

Hanwha

Aerospace

Co.

Ltd.

(Industrials)

51,135

560

Hanwha

Corp.

(Industrials)

11,112

4,277

Hanwha

Life

Insurance

Co.

Ltd.

(Financials)*

9,166

3,076

Hanwha

Ocean

Co.

Ltd.

(Industrials)*

65,089

1,625

Hanwha

Solutions

Corp.

(Materials)*

42,069

982

Hanwha

Systems

Co.

Ltd.

(Industrials)

12,254

660

HD

Hyundai

Co.

Ltd.

(Energy)

30,848

300

HD

Hyundai

Heavy

Industries

Co.

Ltd.

(Industrials)*

29,113

1,969

HD

Hyundai

Infracore

Co.

Ltd.

(Industrials)

11,919

700

HD

Korea

Shipbuilding

&

Offshore

Engineering

Co.

Ltd.

(Industrials)*

60,605

492

Hite

Jinro

Co.

Ltd.

(Consumer

Staples)

8,428

503

HL

Mando

Co.

Ltd.

(Consumer

Discretionary)

13,899

1,772

HLB,

Inc.

(Health

Care)*

43,814

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

3,815

HMM

Co.

Ltd.

(Industrials)

$

45,804

478

Hotel

Shilla

Co.

Ltd.

(Consumer

Discretionary)

24,305

96

Hugel,

Inc.

(Health

Care)*

11,340

282

HYBE

Co.

Ltd.

(Communication

Services)*

47,104

39

Hyosung

Advanced

Materials

Corp.

(Materials)

11,925

38

Hyosung

TNC

Corp.

(Materials)

11,237

104

Hyundai

Autoever

Corp.

(Information

Technology)

14,913

211

Hyundai

Department

Store

Co.

Ltd.

(Consumer

Discretionary)

8,308

330

Hyundai

Elevator

Co.

Ltd.

(Industrials)

11,331

1,139

Hyundai

Engineering

&

Construction

Co.

Ltd.

(Industrials)

31,650

293

Hyundai

Glovis

Co.

Ltd.

(Industrials)

39,448

912

Hyundai

Marine

&

Fire

Insurance

Co.

Ltd.

(Financials)

22,055

358

Hyundai

Mipo

Dockyard

Co.

Ltd.

(Industrials)*

22,504

973

Hyundai

Mobis

Co.

Ltd.

(Consumer

Discretionary)

172,706

2,115

Hyundai

Motor

Co.

(Consumer

Discretionary)

302,131

1,136

Hyundai

Rotem

Co.

Ltd.

(Industrials)*

23,378

1,312

Hyundai

Steel

Co.

(Materials)

35,796

3,929

Industrial

Bank

of

Korea

(Financials)

36,027

430

JYP

Entertainment

Corp.

(Communication

Services)

31,996

4,714

Kakao

Corp.

(Communication

Services)

184,519

633

Kakao

Games

Corp.

(Communication

Services)*

12,928

3,358

KakaoBank

Corp.

(Financials)

68,193

364

Kakaopay

Corp.

(Financials)*

13,006

1,798

Kangwon

Land,

Inc.

(Consumer

Discretionary)

21,601

5,828

KB

Financial

Group,

Inc.

(Financials)

236,707

65

KCC

Corp.

(Materials)

10,505

203

KEPCO

Engineering

&

Construction

Co.,

Inc.

(Industrials)

9,630

341

KEPCO

Plant

Service

&

Engineering

Co.

Ltd.

(Industrials)

9,198

3,858

Kia

Corp.

(Consumer

Discretionary)

256,871

220

KIWOOM

Securities

Co.

Ltd.

(Financials)

15,739

1,103

Korea

Aerospace

Industries

Ltd.

(Industrials)

39,626

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

4,035

Korea

Electric

Power

Corp.

(Utilities)*

$

58,954

435

Korea

Gas

Corp.

(Utilities)*

8,379

648

Korea

Investment

Holdings

Co.

Ltd.

(Financials)

30,086

143

Korea

Zinc

Co.

Ltd.

(Materials)

54,478

2,892

Korean

Air

Lines

Co.

Ltd.

(Industrials)

50,324

450

Krafton,

Inc.

(Communication

Services)*

74,294

999

KT

Corp.

(Communication

Services)

25,979

1,752

KT&G

Corp.

(Consumer

Staples)

119,774

459

Kum

Yang

Co.

Ltd.

(Materials)*

45,646

258

Kumho

Petrochemical

Co.

Ltd.

(Materials)

25,597

385

L&F

Co.

Ltd.

(Information

Technology)

52,610

155

LEENO

Industrial,

Inc.

(Information

Technology)

24,004

734

LG

Chem

Ltd.

(Materials)

285,032

1,389

LG

Corp.

(Industrials)

90,544

3,490

LG

Display

Co.

Ltd.

(Information

Technology)*

33,868

1,681

LG

Electronics,

Inc.

(Consumer

Discretionary)

133,813

633

LG

Energy

Solution

Ltd.

(Industrials)*

222,996

147

LG

H&H

Co.

Ltd.

(Consumer

Staples)

37,999

220

LG

Innotek

Co.

Ltd.

(Information

Technology)

40,584

3,362

LG

Uplus

Corp.

(Communication

Services)

27,362

286

Lotte

Chemical

Corp.

(Materials)

34,183

425

Lotte

Corp.

(Industrials)

9,224

339

Lotte

Energy

Materials

Corp.

(Information

Technology)

11,824

172

Lotte

Shopping

Co.

Ltd.

(Consumer

Discretionary)

10,199

269

LS

Corp.

(Industrials)

17,660

1,643

Meritz

Financial

Group,

Inc.

(Financials)*

70,679

3,882

Mirae

Asset

Securities

Co.

Ltd.

(Financials)

21,574

2,120

NAVER

Corp.

(Communication

Services)

341,790

215

NCSoft

Corp.

(Communication

Services)

43,662

339

Netmarble

Corp.

(Communication

Services)*

(a)

15,608

2,069

NH

Investment

&

Securities

Co.

Ltd.

(Financials)

16,454

50

NongShim

Co.

Ltd.

(Consumer

Staples)

15,715

199

OCI

Holdings

Co.

Ltd.

(Materials)

15,239

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

349

Orion

Corp.

(Consumer

Staples)

$

31,839

3,798

Pan

Ocean

Co.

Ltd.

(Industrials)

13,321

462

Pearl

Abyss

Corp.

(Communication

Services)*

13,536

795

Posco

DX

Co.

Ltd.

(Information

Technology)

35,309

445

POSCO

Future

M

Co.

Ltd.

(Industrials)

111,927

1,113

POSCO

Holdings,

Inc.

(Materials)

416,679

806

Posco

International

Corp.

(Industrials)

35,735

281

S-1

Corp.

(Industrials)

13,112

275

Samsung

Biologics

Co.

Ltd.

(Health

Care)*

(a)

154,536

1,260

Samsung

C&T

Corp.

(Industrials)

116,512

368

Samsung

Card

Co.

Ltd.

(Financials)

9,413

862

Samsung

Electro-Mechanics

Co.

Ltd.

(Information

Technology)

97,348

75,869

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

4,281,102

2,437

Samsung

Engineering

Co.

Ltd.

(Industrials)*

47,695

485

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

97,741

10,178

Samsung

Heavy

Industries

Co.

Ltd.

(Industrials)*

62,954

1,191

Samsung

Life

Insurance

Co.

Ltd.

(Financials)

64,620

801

Samsung

SDI

Co.

Ltd.

(Information

Technology)

293,045

571

Samsung

SDS

Co.

Ltd.

(Information

Technology)

74,531

975

Samsung

Securities

Co.

Ltd.

(Financials)

29,624

568

SD

Biosensor,

Inc.

(Health

Care)

5,001

7,034

Shinhan

Financial

Group

Co.

Ltd.

(Financials)

201,182

110

Shinsegae,

Inc.

(Consumer

Discretionary)

14,503

439

SK

Biopharmaceuticals

Co.

Ltd.

(Health

Care)*

29,297

373

SK

Bioscience

Co.

Ltd.

(Health

Care)*

19,660

154

SK

Chemicals

Co.

Ltd.

(Materials)

7,675

8,395

SK

Hynix,

Inc.

(Information

Technology)

871,287

421

SK

IE

Technology

Co.

Ltd.

(Materials)*

(a)

23,169

888

SK

Innovation

Co.

Ltd.

(Energy)*

98,495

1,722

SK

Networks

Co.

Ltd.

(Industrials)

7,568

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

South

Korea

–

(continued)

1,554

SK

Square

Co.

Ltd.

(Industrials)*

$

61,430

1,674

SK

Telecom

Co.

Ltd.

(Communication

Services)

67,731

560

SK,

Inc.

(Industrials)

71,012

291

SKC

Co.

Ltd.

(Materials)

21,879

647

S-Oil

Corp.

(Energy)

34,202

66

Soulbrain

Co.

Ltd.

(Materials)

14,170

1,732

SSANGYONG

C&E

Co.

Ltd.

(Materials)

8,095

185

Studio

Dragon

Corp.

(Communication

Services)*

7,758

287

Wemade

Co.

Ltd.

(Communication

Services)

11,924

497

WONIK

IPS

Co.

Ltd.

(Information

Technology)

13,098

10,136

Woori

Financial

Group,

Inc.

(Financials)

102,291

818

Yuhan

Corp.

(Health

Care)

38,866

13,673,188

Spain

–

1.5%

3,185

ACS

Actividades

de

Construccion

y

Servicios

SA

(Industrials)

127,364

1,148

Aena

SME

SA

(Industrials)

(a)

197,845

7,015

Amadeus

IT

Group

SA

(Consumer

Discretionary)

480,829

92,933

Banco

Bilbao

Vizcaya

Argentaria

SA

(Financials)

862,502

248,266

Banco

Santander

SA

(Financials)

1,029,627

58,940

CaixaBank

SA

(Financials)

265,662

8,888

Cellnex

Telecom

SA

(Communication

Services)*

(a)

339,807

896

Corp

ACCIONA

Energias

Renovables

SA

(Utilities)

26,631

4,633

EDP

Renovaveis

SA

(Utilities)

84,672

4,938

Endesa

SA

(Utilities)

103,366

4,637

Grifols

SA

(Health

Care)*

65,596

90,243

Iberdrola

SA

(Utilities)

1,117,076

17,324

Industria

de

Diseno

Textil

SA

(Consumer

Discretionary)

715,071

1,962

Naturgy

Energy

Group

SA

(Utilities)

(b)

58,699

6,305

Redeia

Corp.

SA

(Utilities)

105,805

19,933

Repsol

SA

(Energy)

305,355

80,646

Telefonica

SA

(Communication

Services)

347,924

6,233,831

Sweden

–

2.0%

2,758

AAK

AB

(Consumer

Staples)

56,061

3,752

AddTech

AB,

Class

B

(Industrials)

69,856

4,402

Alfa

Laval

AB

(Industrials)

164,421

15,158

Assa

Abloy

AB,

Class

B

(Industrials)

388,683

39,520

Atlas

Copco

AB,

Class

A

(Industrials)

610,591

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

23,480

Atlas

Copco

AB,

Class

B

(Industrials)

$

310,225

1,862

Avanza

Bank

Holding

AB

(Financials)

36,551

1,653

Axfood

AB

(Consumer

Staples)

41,266

5,870

Beijer

Ref

AB

(Industrials)

65,036

4,195

Boliden

AB

(Materials)

112,052

6,344

Castellum

AB

(Real

Estate)

77,583

3,283

Electrolux

AB,

Class

B

(Consumer

Discretionary)*

32,348

5,441

Elekta

AB,

Class

B

(Health

Care)

42,474

12,688

Embracer

Group

AB

(Communication

Services)*

(b)

27,903

9,696

Epiroc

AB,

Class

A

(Industrials)

180,987

5,886

Epiroc

AB,

Class

B

(Industrials)

92,737

6,977

EQT

AB

(Financials)

164,790

9,407

Essity

AB,

Class

B

(Consumer

Staples)

235,650

2,790

Evolution

AB

(Consumer

Discretionary)

(a)

289,521

3,465

Fabege

AB

(Real

Estate)

31,050

10,043

Fastighets

AB

Balder,

Class

B

(Real

Estate)*

59,287

3,416

Getinge

AB,

Class

B

(Health

Care)

72,696

9,564

H

&

M

Hennes

&

Mauritz

AB,

Class

B

(Consumer

Discretionary)

153,242

30,114

Hexagon

AB,

Class

B

(Information

Technology)

301,460

1,424

Holmen

AB,

Class

B

(Materials)

59,779

6,027

Husqvarna

AB,

Class

B

(Industrials)

46,082

2,439

Industrivarden

AB,

Class

A

(Financials)

73,411

2,028

Industrivarden

AB,

Class

C

(Financials)

61,118

4,196

Indutrade

AB

(Industrials)

92,098

2,118

Investment

AB

Latour,

Class

B

(Industrials)

47,478

7,488

Investor

AB,

Class

A

(Financials)

153,992

28,318

Investor

AB,

Class

B

(Financials)

588,582

3,738

Kinnevik

AB,

Class

B

(Financials)*

34,937

706

L

E

Lundbergforetagen

AB,

Class

B

(Financials)

34,374

3,538

Lifco

AB,

Class

B

(Industrials)

76,879

23,024

Nibe

Industrier

AB,

Class

B

(Industrials)

136,138

1,209

Saab

AB,

Class

B

(Industrials)

62,210

3,172

Sagax

AB,

Class

B

(Real

Estate)

72,014

16,337

Sandvik

AB

(Industrials)

322,722

7,888

Securitas

AB,

Class

B

(Industrials)

71,090

24,752

Skandinaviska

Enskilda

Banken

AB,

Class

A

(Financials)

299,986

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Sweden

–

(continued)

5,203

Skanska

AB,

Class

B

(Industrials)

$

83,664

5,821

SKF

AB,

Class

B

(Industrials)

109,489

3,460

SSAB

AB,

Class

A

(Materials)

26,230

9,965

SSAB

AB,

Class

B

(Materials)

73,776

9,326

Svenska

Cellulosa

AB

SCA,

Class

B

(Materials)

138,704

22,860

Svenska

Handelsbanken

AB,

Class

A

(Financials)

216,845

554

Svenska

Handelsbanken

AB,

Class

B

(Financials)

6,429

2,841

Sweco

AB,

Class

B

(Industrials)

34,079

15,555

Swedbank

AB,

Class

A

(Financials)

285,528

3,627

Swedish

Orphan

Biovitrum

AB

(Health

Care)*

86,393

8,682

Tele2

AB,

Class

B

(Communication

Services)

68,155

45,430

Telefonaktiebolaget

LM

Ericsson,

Class

B

(Information

Technology)

225,267

35,416

Telia

Co.

AB

(Communication

Services)

84,156

1,659

Thule

Group

AB

(Consumer

Discretionary)

(a)

40,656

3,268

Trelleborg

AB,

Class

B

(Industrials)

101,544

2,984

Volvo

AB,

Class

A

(Industrials)

70,565

23,305

Volvo

AB,

Class

B

(Industrials)

540,989

7,459

Volvo

Car

AB,

Class

B

(Consumer

Discretionary)*

24,323

8,066,152

Switzerland

–

3.0%

25,240

ABB

Ltd.

(Industrials)

1,007,510

7,675

Alcon,

Inc.

(Health

Care)

581,837

7,865

Cie

Financiere

Richemont

SA

(Consumer

Discretionary)

987,704

4,102

DSM-Firmenich

AG

(Materials)

388,804

515

Geberit

AG

(Industrials)

289,852

144

Givaudan

SA

(Materials)

541,853

799

Kuehne

+

Nagel

International

AG

(Industrials)

232,657

1,157

Lonza

Group

AG

(Health

Care)

450,266

31,209

Novartis

AG

(Health

Care)

3,055,040

336

Partners

Group

Holding

AG

(Financials)

445,334

310

Schindler

Holding

AG

(Industrials)

66,809

635

Schindler

Holding

AG

Participation

Certificates

(Industrials)

142,949

2,316

SGS

SA

(Industrials)

197,894

2,274

Sika

AG

(Materials)

620,313

1,663

Straumann

Holding

AG

(Health

Care)

229,976

439

Swatch

Group

AG

(The)

–

Bearer

(Consumer

Discretionary)

115,865

Shares

Description

Value

a

Common

Stocks

–

(continued)

Switzerland

–

(continued)

829

Swatch

Group

AG

(The)

–

Registered

(Consumer

Discretionary)

$

41,853

397

Swisscom

AG

(Communication

Services)

233,027

48,914

UBS

Group

AG

(Financials)

1,385,489

2,264

Zurich

Insurance

Group

AG

(Financials)

1,140,136

12,155,168

Taiwan

–

4.3%

7,883

Accton

Technology

Corp.

(Information

Technology)

134,495

46,009

Acer,

Inc.

(Information

Technology)

51,841

6,768

Advantech

Co.

Ltd.

(Information

Technology)

76,584

1,119

Alchip

Technologies

Ltd.

(Information

Technology)

111,399

57,534

ASE

Technology

Holding

Co.

Ltd.

(Information

Technology)

235,735

40,373

Asia

Cement

Corp.

(Materials)

53,891

4,642

Asia

Vital

Components

Co.

Ltd.

(Information

Technology)

45,766

473

ASMedia

Technology,

Inc.

(Information

Technology)

21,803

471

ASPEED

Technology,

Inc.

(Information

Technology)

44,401

10,955

Asustek

Computer,

Inc.

(Information

Technology)

137,989

90,751

AUO

Corp.

(Information

Technology)*

47,496

10,256

Catcher

Technology

Co.

Ltd.

(Information

Technology)

63,854

162,000

Cathay

Financial

Holding

Co.

Ltd.

(Financials)*

241,133

23,595

Chailease

Holding

Co.

Ltd.

(Financials)

140,482

92,414

Chang

Hwa

Commercial

Bank

Ltd.

(Financials)

52,656

33,982

Cheng

Shin

Rubber

Industry

Co.

Ltd.

(Consumer

Discretionary)

51,180

9,414

Chicony

Electronics

Co.

Ltd.

(Information

Technology)

48,064

44,880

China

Airlines

Ltd.

(Industrials)

30,313

253,262

China

Development

Financial

Holding

Corp.

(Financials)*

102,959

190,072

China

Steel

Corp.

(Materials)

159,407

6,327

Chroma

ATE,

Inc.

(Information

Technology)

43,544

59,347

Chunghwa

Telecom

Co.

Ltd.

(Communication

Services)

227,016

62,602

Compal

Electronics,

Inc.

(Information

Technology)

61,921

283,866

CTBC

Financial

Holding

Co.

Ltd.

(Financials)

248,519

29,995

Delta

Electronics,

Inc.

(Information

Technology)

303,887

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

14,163

E

Ink

Holdings,

Inc.

(Information

Technology)

$

82,965

234,744

E.Sun

Financial

Holding

Co.

Ltd.

(Financials)

192,364

3,544

Eclat

Textile

Co.

Ltd.

(Consumer

Discretionary)

67,272

4,567

Elite

Material

Co.

Ltd.

(Information

Technology)

55,552

965

eMemory

Technology,

Inc.

(Information

Technology)

77,688

41,855

Eva

Airways

Corp.

(Industrials)

41,935

15,796

Evergreen

Marine

Corp.

Taiwan

Ltd.

(Industrials)

56,631

46,988

Far

Eastern

New

Century

Corp.

(Industrials)

46,025

25,089

Far

EasTone

Telecommunications

Co.

Ltd.

(Communication

Services)

66,577

9,950

Feng

TAY

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

58,445

168,969

First

Financial

Holding

Co.

Ltd.

(Financials)

149,822

69,264

Formosa

Chemicals

&

Fibre

Corp.

(Materials)

142,341

21,787

Formosa

Petrochemical

Corp.

(Energy)

59,280

84,549

Formosa

Plastics

Corp.

(Materials)

218,680

1,547

Formosa

Sumco

Technology

Corp.

(Information

Technology)

8,121

15,489

Foxconn

Technology

Co.

Ltd.

(Information

Technology)

26,426

131,492

Fubon

Financial

Holding

Co.

Ltd.

(Financials)

271,065

5,043

Giant

Manufacturing

Co.

Ltd.

(Consumer

Discretionary)

30,671

8,415

Gigabyte

Technology

Co.

Ltd.

(Information

Technology)

67,342

1,371

Global

Unichip

Corp.

(Information

Technology)

72,412

3,314

Globalwafers

Co.

Ltd.

(Information

Technology)

61,952

5,043

Gold

Circuit

Electronics

Ltd.

(Information

Technology)

36,805

27,712

Highwealth

Construction

Corp.

(Real

Estate)

36,325

4,357

Hiwin

Technologies

Corp.

(Industrials)

31,869

186,398

Hon

Hai

Precision

Industry

Co.

Ltd.

(Information

Technology)

605,614

4,996

Hotai

Motor

Co.

Ltd.

(Consumer

Discretionary)

113,545

155,558

Hua

Nan

Financial

Holdings

Co.

Ltd.

(Financials)

110,793

133,365

Innolux

Corp.

(Information

Technology)*

53,790

49,281

Inventec

Corp.

(Information

Technology)

66,886

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

1,487

Largan

Precision

Co.

Ltd.

(Information

Technology)

$

113,762

34,734

Lite-On

Technology

Corp.

(Information

Technology)

122,303

1,405

Lotes

Co.

Ltd.

(Information

Technology)

41,646

27,397

Macronix

International

Co.

Ltd.

(Information

Technology)

25,257

23,486

MediaTek,

Inc.

(Information

Technology)

710,444

168,332

Mega

Financial

Holding

Co.

Ltd.

(Financials)

212,840

3,427

Merida

Industry

Co.

Ltd.

(Consumer

Discretionary)

20,569

11,182

Micro-Star

International

Co.

Ltd.

(Information

Technology)

65,682

1,231

momo.com,

Inc.

(Consumer

Discretionary)

20,412

87,530

Nan

Ya

Plastics

Corp.

(Materials)

190,806

3,354

Nan

Ya

Printed

Circuit

Board

Corp.

(Information

Technology)

26,626

18,187

Nanya

Technology

Corp.

(Information

Technology)

43,663

2,964

Nien

Made

Enterprise

Co.

Ltd.

(Consumer

Discretionary)

32,353

8,840

Novatek

Microelectronics

Corp.

(Information

Technology)

144,598

4,854

Oneness

Biotech

Co.

Ltd.

(Health

Care)

31,852

30,433

Pegatron

Corp.

(Information

Technology)

79,102

3,895

PharmaEssentia

Corp.

(Health

Care)*

45,446

2,602

Phison

Electronics

Corp.

(Information

Technology)

40,271

4,713

Polaris

Group

(Health

Care)*

10,907

36,130

Pou

Chen

Corp.

(Consumer

Discretionary)

35,737

47,385

Powerchip

Semiconductor

Manufacturing

Corp.

(Information

Technology)

45,656

10,433

Powertech

Technology,

Inc.

(Information

Technology)

37,404

8,638

President

Chain

Store

Corp.

(Consumer

Staples)

74,518

36,877

Quanta

Computer,

Inc.

(Information

Technology)

239,630

7,088

Realtek

Semiconductor

Corp.

(Information

Technology)

101,986

26,743

Ruentex

Development

Co.

Ltd.

(Real

Estate)*

30,647

11,090

Ruentex

Industries

Ltd.

(Consumer

Discretionary)*

22,365

70,946

Shanghai

Commercial

&

Savings

Bank

Ltd.

(The)

(Financials)

102,422

209,574

Shin

Kong

Financial

Holding

Co.

Ltd.

(Financials)*

60,444

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

8,345

Sino-American

Silicon

Products,

Inc.

(Information

Technology)

$

48,884

168,288

SinoPac

Financial

Holdings

Co.

Ltd.

(Financials)

101,813

19,823

Synnex

Technology

International

Corp.

(Information

Technology)

43,720

29,554

TA

Chen

Stainless

Pipe

(Materials)

36,564

203,304

Taishin

Financial

Holding

Co.

Ltd.

(Financials)

119,093

97,412

Taiwan

Business

Bank

(Financials)

42,095

96,879

Taiwan

Cement

Corp.

(Materials)

108,384

166,055

Taiwan

Cooperative

Financial

Holding

Co.

Ltd.

(Financials)

143,252

10,551

Taiwan

Fertilizer

Co.

Ltd.

(Materials)

21,514

32,670

Taiwan

High

Speed

Rail

Corp.

(Industrials)

31,478

26,923

Taiwan

Mobile

Co.

Ltd.

(Communication

Services)

84,802

373,779

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Information

Technology)

6,903,665

32,018

Tatung

Co.

Ltd.

(Industrials)*

41,355

27,331

Teco

Electric

and

Machinery

Co.

Ltd.

(Industrials)

40,857

7,703

Tripod

Technology

Corp.

(Information

Technology)

47,589

20,373

Unimicron

Technology

Corp.

(Information

Technology)

115,430

73,897

Uni-President

Enterprises

Corp.

(Consumer

Staples)

172,679

180,160

United

Microelectronics

Corp.

(Information

Technology)

282,005

14,077

Vanguard

International

Semiconductor

Corp.

(Information

Technology)

35,959

1,537

VisEra

Technologies

Co.

Ltd.

(Information

Technology)

15,080

1,111

Voltronic

Power

Technology

Corp.

(Industrials)

57,257

43,645

Walsin

Lihwa

Corp.

(Industrials)

54,347

5,999

Walsin

Technology

Corp.

(Information

Technology)

26,212

22,043

Wan

Hai

Lines

Ltd.

(Industrials)

32,952

5,497

Win

Semiconductors

Corp.

(Information

Technology)

30,265

44,020

Winbond

Electronics

Corp.

(Information

Technology)

39,948

42,099

Wistron

Corp.

(Information

Technology)

123,305

1,468

Wiwynn

Corp.

(Information

Technology)

82,704

Shares

Description

Value

a

Common

Stocks

–

(continued)

Taiwan

–

(continued)

24,686

WPG

Holdings

Ltd.

(Information

Technology)

$

61,320

7,730

WT

Microelectronics

Co.

Ltd.

(Information

Technology)

29,322

6,077

Yageo

Corp.

(Information

Technology)

116,910

27,431

Yang

Ming

Marine

Transport

Corp.

(Industrials)

36,879

172,574

Yuanta

Financial

Holding

Co.

Ltd.

(Financials)

143,628

5,540

Yulon

Finance

Corp.

(Financials)

33,605

9,513

Yulon

Motor

Co.

Ltd.

(Consumer

Discretionary)

23,417

10,006

Zhen

Ding

Technology

Holding

Ltd.

(Information

Technology)

33,150

17,736,315

Thailand

–

0.5%

16,828

Advanced

Info

Service

PCL,

NVDR

(Communication

Services)

104,286

66,913

Airports

of

Thailand

PCL,

NVDR

(Industrials)*

113,178

125,717

Asset

World

Corp.

PCL,

NVDR

(Consumer

Discretionary)

13,223

16,070

B

Grimm

Power

PCL,

NVDR

(Utilities)

11,535

15,857

Bangkok

Bank

PCL,

NVDR

(Financials)

68,066

106,983

Bangkok

Dusit

Medical

Services

PCL,

NVDR

(Health

Care)

79,832

122,397

Bangkok

Expressway

&

Metro

PCL,

NVDR

(Industrials)

27,139

4,100

Bangkok

Life

Assurance

PCL,

NVDR

(Financials)

2,296

65,762

Banpu

PCL,

NVDR

(Energy)

13,927

16,099

Berli

Jucker

PCL,

NVDR

(Consumer

Staples)

12,013

123,703

BTS

Group

Holdings

PCL,

NVDR

(Industrials)

25,495

8,116

Bumrungrad

Hospital

PCL,

NVDR

(Health

Care)

51,450

5,044

Carabao

Group

PCL,

NVDR

(Consumer

Staples)

11,722

26,218

Central

Pattana

PCL,

NVDR

(Real

Estate)

50,494

8,895

Central

Plaza

Hotel

PCL,

NVDR

(Consumer

Discretionary)*

10,683

48,795

Central

Retail

Corp.

PCL,

NVDR

(Consumer

Discretionary)

52,363

61,119

Charoen

Pokphand

Foods

PCL,

NVDR

(Consumer

Staples)

34,575

13,366

Com7

PCL,

NVDR

(Consumer

Discretionary)

8,701

84,605

CP

ALL

PCL,

NVDR

(Consumer

Staples)

125,065

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

22,501

CP

Axtra

PCL,

NVDR

(Consumer

Staples)

$

17,270

5,856

Delta

Electronics

Thailand

PCL,

NVDR

(Information

Technology)

12,943

3,809

Electricity

Generating

PCL,

NVDR

(Utilities)

13,968

24,617

Energy

Absolute

PCL,

NVDR

(Utilities)

31,141

10,972

Global

Power

Synergy

PCL,

NVDR

(Utilities)

14,192

74,209

Gulf

Energy

Development

PCL,

NVDR

(Utilities)

97,040

76,469

Home

Product

Center

PCL,

NVDR

(Consumer

Discretionary)

25,651

26,847

Indorama

Ventures

PCL,

NVDR

(Materials)

18,698

14,306

Intouch

Holdings

PCL,

NVDR

(Communication

Services)

28,366

166,800

IRPC

PCL,

NVDR

(Energy)

9,389

9,969

JMT

Network

Services

PCL,

NVDR

(Financials)

7,368

22,882

Kasikornbank

PCL,

NVDR

(Financials)

83,260

9,955

KCE

Electronics

PCL,

NVDR

(Information

Technology)

14,857

74,466

Krung

Thai

Bank

PCL,

NVDR

(Financials)

38,527

14,578

Krungthai

Card

PCL,

NVDR

(Financials)

19,374

83,289

Land

&

Houses

PCL,

NVDR

(Real

Estate)

18,231

52,318

Minor

International

PCL,

NVDR

(Consumer

Discretionary)

40,528

10,839

Muangthai

Capital

PCL,

NVDR

(Financials)

13,480

19,867

Ngern

Tid

Lor

PCL,

NVDR

(Financials)

12,933

25,543

Osotspa

PCL,

NVDR

(Consumer

Staples)

16,628

21,514

PTT

Exploration

&

Production

PCL,

NVDR

(Energy)

92,655

29,655

PTT

Global

Chemical

PCL,

NVDR

(Materials)

32,456

43,428

PTT

Oil

&

Retail

Business

PCL,

NVDR

(Consumer

Discretionary)

24,567

152,167

PTT

PCL,

NVDR

(Energy)

150,318

10,022

Ratch

Group

PCL,

NVDR

(Utilities)

9,259

16,479

SCB

X

PCL,

NVDR

(Financials)

46,494

18,809

SCG

Packaging

PCL,

NVDR

(Materials)

20,586

6,327

Siam

Cement

PCL

(The),

NVDR

(Materials)

51,620

Shares

Description

Value

a

Common

Stocks

–

(continued)

Thailand

–

(continued)

26,161

Siam

Global

House

PCL,

NVDR

(Consumer

Discretionary)

$

12,494

12,178

Srisawad

Corp.

PCL,

NVDR

(Financials)

15,319

135,154

Thai

Beverage

PCL

(Consumer

Staples)

50,635

39,177

Thai

Life

Insurance

PCL,

NVDR

(Financials)

10,859

17,754

Thai

Oil

PCL,

NVDR

(Energy)

25,992

38,188

Thai

Union

Group

PCL,

NVDR

(Consumer

Staples)

15,958

7,394

Tisco

Financial

Group

PCL,

NVDR

(Financials)

20,441

621,592

TMBThanachart

Bank

PCL,

NVDR

(Financials)

27,212

7,976

TOA

Paint

Thailand

PCL,

NVDR

(Materials)

4,807

158,525

True

Corp.

PCL,

NVDR

(Communication

Services)

25,236

127,554

WHA

Corp.

PCL,

NVDR

(Real

Estate)

18,130

2,004,925

Turkey

–

0.3%

1,426

AG

Anadolu

Grubu

Holding

AS

(Industrials)

9,410

10,358

Ahlatci

Dogal

Gaz

Dagitim

Enerji

VE

Yatirim

AS

(Utilities)*

4,412

42,470

Akbank

TAS

(Financials)

49,518

613

Akcansa

Cimento

AS

(Materials)

3,123

4,866

Akfen

Yenilenebilir

Enerji

AS

(Utilities)*

2,985

1,775

Aksa

Akrilik

Kimya

Sanayii

AS

(Consumer

Discretionary)

5,309

3,939

Aksa

Enerji

Uretim

AS

(Utilities)

4,699

2,284

Alarko

Holding

AS

(Industrials)

7,980

1,126

Alfa

Solar

Enerji

Sanayi

VE

Ticaret

AS

(Information

Technology)

4,031

2,706

Anadolu

Anonim

Turk

Sigorta

Sirketi

(Financials)*

6,171

3,066

Anadolu

Efes

Biracilik

Ve

Malt

Sanayii

AS

(Consumer

Staples)

11,785

1,011

Anadolu

Hayat

Emeklilik

AS

(Financials)

1,438

239

Anadolu

Isuzu

Otomotiv

Sanayi

Ve

Ticaret

AS,

Class

C

(Industrials)

1,930

1,541

Arcelik

AS

(Consumer

Discretionary)

7,259

18,488

Aselsan

Elektronik

Sanayi

Ve

Ticaret

AS

(Industrials)

31,296

3,300

Astor

Transformator

Enerji

Turizm

Insaat

Ve

Petrol

Sanayi

Ticaret

AS

(Industrials)

12,547

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

1,747

Aydem

Yenilenebilir

Enerji

AS

(Utilities)*

$

1,326

829

Aygaz

AS

(Utilities)

3,859

1,680

Baskent

Dogalgaz

Dagitim

Gayrimenkul

Yatirim

Ortakligi

AS

(Utilities)

1,063

6,709

Bera

Holding

AS

(Industrials)

3,246

1,129

Bien

Yapi

Urunleri

Sanayi

Turizm

ve

Ticaret

AS

(Industrials)*

1,906

6,430

BIM

Birlesik

Magazalar

AS

(Consumer

Staples)

68,641

428

Borusan

Birlesik

Boru

Fabrikalari

Sanayi

ve

Ticaret

AS

(Materials)*

9,991

62

Borusan

Yatirim

ve

Pazarlama

AS

(Financials)

4,938

6

Bosch

Fren

Sistemleri

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,421

612

Brisa

Bridgestone

Sabanci

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

1,877

6,083

Can2

Termik

AS

(Utilities)*

4,031

39

Celebi

Hava

Servisi

AS

(Industrials)

1,254

6,651

Cimsa

Cimento

Sanayi

VE

Ticaret

AS

(Materials)

7,944

1,129

Coca-Cola

Icecek

AS

(Consumer

Staples)

15,858

451

CW

Enerji

Muhendislik

Ticaret

VE

Sanayi

AS

(Industrials)*

4,689

601

DAP

Gayrimenkul

Gelistirme

AS

(Real

Estate)*

787

559

Deva

Holding

AS

(Health

Care)

1,584

14,592

Dogan

Sirketler

Grubu

Holding

AS

(Consumer

Discretionary)

6,676

688

Dogu

Aras

Enerji

Yatirimlari

AS

(Utilities)

1,471

1,185

Dogus

Otomotiv

Servis

ve

Ticaret

AS

(Consumer

Discretionary)

10,071

304

Eczacibasi

Yatirim

Holding

Ortakligi

AS

(Industrials)

3,514

17

EGE

Endustri

VE

Ticaret

AS

(Consumer

Discretionary)

6,775

2,022

EIS

Eczacibasi

Ilac

ve

Sinai

ve

Finansal

Yatirimlar

Sanayi

ve

Ticaret

AS

(Consumer

Staples)

3,377

30,244

Emlak

Konut

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)

7,726

3,711

Enerjisa

Enerji

AS

(Utilities)

(a)

6,117

609

Enerya

Enerji

AS

(Utilities)*

2,955

8,329

Enka

Insaat

ve

Sanayi

AS

(Industrials)

10,150

25,994

Eregli

Demir

ve

Celik

Fabrikalari

TAS

(Materials)*

36,903

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

943

Europower

Enerji

VE

Otomasyon

Teknolojileri

Sanayi

Ticaret

AS

(Industrials)*

$

5,576

986

Ford

Otomotiv

Sanayi

AS

(Consumer

Discretionary)

28,741

1,264

GEN

Ilac

VE

Saglik

Urunleri

Sanayi

VE

Ticaret

AS

(Health

Care)

2,431

1,839

Girisim

Elektrik

Taahhut

Ticaret

Ve

Sanayi

AS

(Industrials)*

5,239

1,222

Gubre

Fabrikalari

TAS

(Materials)*

16,095

16,077

Haci

Omer

Sabanci

Holding

AS

(Financials)

33,963

16,371

Hektas

Ticaret

TAS

(Materials)*

12,653

585

Investco

Holding

AS

(Financials)*

6,985

6,164

Is

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)*

4,444

8,075

Is

Yatirim

Menkul

Degerler

AS

(Financials)

8,659

2,154

Izdemir

Enerji

Elektrik

Uretim

AS

(Utilities)*

2,591

7,284

Izmir

Demir

Celik

Sanayi

AS

(Materials)*

1,454

291

Jantsa

Jant

Sanayi

Ve

Ticaret

AS

(Industrials)

1,454

1,707

Kaleseramik

Canakkale

Kalebodur

Seramik

Sanayi

AS

(Industrials)*

4,423

2,953

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

A

(Materials)

2,372

1,529

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

B

(Materials)

1,067

11,204

Kardemir

Karabuk

Demir

Celik

Sanayi

ve

Ticaret

AS,

Class

D

(Materials)

9,592

1,655

Kayseri

Seker

Fabrikasi

AS

(Consumer

Staples)

2,321

3,828

Kiler

Holding

AS

(Industrials)*

4,585

1,030

Kimteks

Poliuretan

Sanayi

VE

Ticaret

AS

(Materials)

2,437

10,456

KOC

Holding

AS

(Industrials)

51,280

2,452

Kocaer

Celik

Sanayi

Ve

Ticaret

AS

(Materials)

2,590

1,317

Kontrolmatik

Enerji

Ve

Muhendislik

AS

(Industrials)

11,629

12

Konya

Cimento

Sanayii

AS

(Materials)*

3,871

883

Kordsa

Teknik

Tekstil

AS

(Consumer

Discretionary)

2,566

15,096

Koza

Altin

Isletmeleri

AS

(Materials)

12,160

2,588

Koza

Anadolu

Metal

Madencilik

Isletmeleri

AS

(Materials)*

4,951

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

1,043

Logo

Yazilim

Sanayi

Ve

Ticaret

AS

(Information

Technology)

$

2,856

4,475

Margun

Enerji

Uretim

Sanayi

VE

Ticaret

AS

(Utilities)

2,373

2,250

Mavi

Giyim

Sanayi

Ve

Ticaret

AS,

Class

B

(Consumer

Discretionary)

(a)

7,908

3,770

MIA

Teknoloji

AS

(Information

Technology)*

5,120

1,400

Migros

Ticaret

AS

(Consumer

Staples)

17,456

1,077

MLP

Saglik

Hizmetleri

AS

(Health

Care)*

(a)

5,599

406

Nuh

Cimento

Sanayi

AS

(Materials)

4,563

17,407

ODAS

Elektrik

Uretim

ve

Sanayi

Ticaret

AS

(Utilities)*

6,594

515

Otokar

Otomotiv

Ve

Savunma

Sanayi

A.S.

(Industrials)*

7,885

4,876

Oyak

Cimento

Fabrikalari

AS

(Materials)*

11,019

655

Pegasus

Hava

Tasimaciligi

AS

(Industrials)*

16,005

978

Penta

Teknoloji

Urunleri

Dagitim

Ticaret

AS

(Information

Technology)*

712

19,510

Petkim

Petrokimya

Holding

AS

(Materials)*

14,606

8

Politeknik

Metal

Sanayi

ve

Ticaret

AS

(Materials)

4,639

12,423

Qua

Granite

Hayal

(Industrials)*

2,502

6,374

Sarkuysan

Elektrolitik

Bakir

Sanayi

ve

Ticaret

AS

(Industrials)

6,632

20,970

Sasa

Polyester

Sanayi

AS

(Materials)*

36,253

191

SDT

Uzay

VE

Savunma

Teknolojileri

AS

(Industrials)

2,065

1,455

Selcuk

Ecza

Deposu

Ticaret

ve

Sanayi

A.S.

(Health

Care)

2,799

2,360

Smart

Gunes

Enerjisi

Teknolojileri

ArGE

Uretim

Sanayi

ve

Ticaret

AS

(Information

Technology)*

5,374

4,315

Sok

Marketler

Ticaret

AS

(Consumer

Staples)

8,757

2,787

TAV

Havalimanlari

Holding

AS

(Industrials)*

11,205

2,891

Tekfen

Holding

AS

(Industrials)

4,519

1,930

Tofas

Turk

Otomobil

Fabrikasi

AS

(Consumer

Discretionary)

15,954

3,296

Torunlar

Gayrimenkul

Yatirim

Ortakligi

AS

REIT

(Real

Estate)

3,854

10,861

Turk

Hava

Yollari

AO

(Industrials)*

94,486

7,323

Turk

Telekomunikasyon

AS

(Communication

Services)*

6,066

Shares

Description

Value

a

Common

Stocks

–

(continued)

Turkey

–

(continued)

393

Turk

Traktor

ve

Ziraat

Makineleri

AS

(Industrials)

$

9,406

18,666

Turkcell

Iletisim

Hizmetleri

AS

(Communication

Services)*

37,426

9,606

Turkiye

Halk

Bankasi

AS

(Financials)*

4,322

50,942

Turkiye

Is

Bankasi

AS,

Class

C

(Financials)

37,855

13,976

Turkiye

Petrol

Rafinerileri

AS

(Energy)

74,065

3,210

Turkiye

Sigorta

AS

(Financials)

4,241

16,957

Turkiye

Sinai

Kalkinma

Bankasi

AS

(Financials)*

4,185

23,392

Turkiye

Sise

ve

Cam

Fabrikalari

AS

(Industrials)

39,938

2,250

Ulker

Biskuvi

Sanayi

AS

(Consumer

Staples)*

6,679

232

Verusa

Holding

AS

(Financials)

2,155

4,865

Vestel

Beyaz

Esya

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)

2,791

2,058

Vestel

Elektronik

Sanayi

ve

Ticaret

AS

(Consumer

Discretionary)*

4,262

51,160

Yapi

ve

Kredi

Bankasi

AS

(Financials)

34,045

2,564

Yayla

Agro

Gida

Sanayi

VE

Nakliyat

AS

(Consumer

Staples)

1,271

515

YEO

Teknoloji

Enerji

VE

Endustri

AS

(Industrials)*

3,847

13,863

Ziraat

Gayrimenkul

Yatirim

Ortakligi

AS

(Real

Estate)

2,446

22,136

Zorlu

Enerji

Elektrik

Uretim

AS

(Utilities)*

3,905

1,221,812

United

Arab

Emirates

–

0.6%

45,485

Abu

Dhabi

Commercial

Bank

PJSC

(Financials)

104,044

22,829

Abu

Dhabi

Islamic

Bank

PJSC

(Financials)

63,410

47,274

Abu

Dhabi

National

Energy

Co.

PJSC

(Utilities)

41,838

45,175

Abu

Dhabi

National

Oil

Co.

for

Distribution

PJSC

(Consumer

Discretionary)

46,746

27,656

ADNOC

Drilling

Co.

PJSC

(Energy)

28,919

119,832

Adnoc

Gas

PLC

(Energy)

107,032

57,398

Aldar

Properties

PJSC

(Real

Estate)

89,405

21,639

Alpha

Dhabi

Holding

PJSC

(Industrials)*

115,612

47,228

Borouge

PLC

(Materials)

32,409

140,516

Dubai

Electricity

&

Water

Authority

PJSC

(Utilities)

96,809

45,509

Dubai

Islamic

Bank

PJSC

(Financials)

68,408

96,971

Emaar

Properties

PJSC

(Real

Estate)

200,425

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Arab

Emirates

–

(continued)

38,373

Emirates

NBD

Bank

PJSC

(Financials)

$

183,910

54,312

Emirates

Telecommunications

Group

Co.

PJSC

(Communication

Services)

285,740

68,994

First

Abu

Dhabi

Bank

PJSC

(Financials)

257,770

5,589

International

Holding

Co.

PJSC

(Industrials)*

608,021

58,350

Multiply

Group

PJSC

(Industrials)*

55,772

2,386,270

United

Kingdom

–

6.5%

14,722

3i

Group

PLC

(Financials)

415,985

2,980

Admiral

Group

PLC

(Financials)

101,896

4,667

Allfunds

Group

PLC

(Financials)

29,484

6,831

Ashtead

Group

PLC

(Industrials)

411,891

5,400

Associated

British

Foods

PLC

(Consumer

Staples)

162,563

23,387

AstraZeneca

PLC

(Health

Care)

2,997,984

14,227

Auto

Trader

Group

PLC

(Communication

Services)

(a)

130,541

42,714

Aviva

PLC

(Financials)

225,758

14,550

B&M

European

Value

Retail

SA

(Consumer

Discretionary)

105,655

47,594

BAE

Systems

PLC

(Industrials)

632,643

237,330

Barclays

PLC

(Financials)

423,752

15,284

Barratt

Developments

PLC

(Consumer

Discretionary)

99,414

1,643

Berkeley

Group

Holdings

PLC

(Consumer

Discretionary)

96,427

243,698

BP

PLC

(Energy)

1,478,070

32,007

British

American

Tobacco

PLC

(Consumer

Staples)

1,017,845

98,392

BT

Group

PLC

(Communication

Services)

153,084

5,244

Bunzl

PLC

(Industrials)

199,292

5,778

Burberry

Group

PLC

(Consumer

Discretionary)

107,050

87,244

Centrica

PLC

(Utilities)

164,621

41,458

CK

Hutchison

Holdings

Ltd.

(Industrials)

207,813

14,938

CNH

Industrial

NV

(Industrials)

158,751

3,167

Coca-Cola

Europacific

Partners

PLC

(Consumer

Staples)

192,047

27,055

Compass

Group

PLC

(Consumer

Discretionary)

686,034

25,919

ConvaTec

Group

PLC

(Health

Care)

(a)

73,762

2,176

Croda

International

PLC

(Materials)

123,521

1,542

DCC

PLC

(Industrials)

104,281

35,061

Diageo

PLC

(Consumer

Staples)

1,226,594

20,961

DS

Smith

PLC

(Materials)

77,112

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

9,962

Entain

PLC

(Consumer

Discretionary)

$

101,244

5,890

Halma

PLC

(Information

Technology)

158,897

5,552

Hargreaves

Lansdown

PLC

(Financials)

50,493

309,322

HSBC

Holdings

PLC

(Financials)

2,357,742

13,484

Imperial

Brands

PLC

(Consumer

Staples)

315,199

21,854

Informa

PLC

(Communication

Services)

205,559

2,501

InterContinental

Hotels

Group

PLC

(Consumer

Discretionary)

193,641

4,543

Intermediate

Capital

Group

PLC

(Financials)

89,949

28,890

International

Consolidated

Airlines

Group

SA

ADR

(Industrials)*

110,215

2,512

Intertek

Group

PLC

(Industrials)

126,726

27,421

J

Sainsbury

PLC

(Consumer

Staples)

99,246

39,235

JD

Sports

Fashion

PLC

(Consumer

Discretionary)

78,006

29,603

Kingfisher

PLC

(Consumer

Discretionary)

82,222

10,573

Land

Securities

Group

PLC

REIT

(Real

Estate)

83,549

92,677

Legal

&

General

Group

PLC

(Financials)

269,025

1,003,836

Lloyds

Banking

Group

PLC

(Financials)

552,420

5,617

London

Stock

Exchange

Group

PLC

(Financials)

633,292

34,799

M&G

PLC

(Financials)

92,161

20,883

Melrose

Industries

PLC

(Industrials)

137,102

57,464

National

Grid

PLC

(Utilities)

747,471

85,526

NatWest

Group

PLC

(Financials)

225,097

1,868

Next

PLC

(Consumer

Discretionary)

187,528

9,262

Ocado

Group

PLC

(Consumer

Staples)*

70,351

11,166

Pearson

PLC

(Consumer

Discretionary)

132,479

5,018

Persimmon

PLC

(Consumer

Discretionary)

79,502

11,752

Phoenix

Group

Holdings

PLC

(Financials)

69,210

11,164

Reckitt

Benckiser

Group

PLC

(Consumer

Staples)

762,903

29,474

RELX

PLC

(Industrials)

1,134,304

39,129

Rentokil

Initial

PLC

(Industrials)

212,358

12,780

Rightmove

PLC

(Communication

Services)

88,110

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

Kingdom

–

(continued)

131,395

Rolls-Royce

Holdings

PLC

(Industrials)*

$

447,121

15,926

Sage

Group

PLC

(The)

(Information

Technology)

227,926

13,826

Schroders

PLC

(Financials)

70,292

18,148

Segro

PLC

REIT

(Real

Estate)

186,599

4,119

Severn

Trent

PLC

(Utilities)

135,628

13,635

Smith

&

Nephew

PLC

(Health

Care)

176,669

5,465

Smiths

Group

PLC

(Industrials)

114,016

1,147

Spirax-Sarco

Engineering

PLC

(Industrials)

134,285

17,013

SSE

PLC

(Utilities)

394,677

8,598

St

James's

Place

PLC

(Financials)

70,598

36,704

Standard

Chartered

PLC

(Financials)

303,512

55,447

Taylor

Wimpey

PLC

(Consumer

Discretionary)

90,935

111,383

Tesco

PLC

(Consumer

Staples)

402,994

38,913

Unilever

PLC

(Consumer

Staples)

1,856,929

10,646

United

Utilities

Group

PLC

(Utilities)

147,038

380,305

Vodafone

Group

PLC

(Communication

Services)

343,417

4,050

Weir

Group

PLC

(The)

(Industrials)

96,031

3,031

Whitbread

PLC

(Consumer

Discretionary)

118,605

9,207

Wise

PLC,

Class

A

(Financials)*

91,007

16,754

WPP

PLC

(Communication

Services)

149,910

26,808,060

United

States

–

4.4%

512

BRP,

Inc.

(Consumer

Discretionary)

31,645

7,489

CSL

Ltd.

(Health

Care)

1,302,125

633

CyberArk

Software

Ltd.

(Information

Technology)*

126,138

14,347

Experian

PLC

(Industrials)

527,260

7,355

Ferrovial

SE

(Industrials)

254,875

63,896

GSK

PLC

(Health

Care)

1,148,141

79,370

Haleon

PLC

(Consumer

Staples)

331,629

8,000

Holcim

AG

(Materials)*

591,570

1,270

ICON

PLC

(Health

Care)*

339,014

1,127

Inmode

Ltd.

(Health

Care)*

26,766

6,872

James

Hardie

Industries

PLC

CDI

(Materials)*

221,992

10,580

JBS

SA

(Consumer

Staples)

49,787

409

Monday.com

Ltd.

(Information

Technology)*

73,555

41,624

Nestle

SA

(Consumer

Staples)

4,755,729

1,192

Parade

Technologies

Ltd.

(Information

Technology)

41,018

10,966

Roche

Holding

AG

(Health

Care)

2,976,855

Shares

Description

Value

a

Common

Stocks

–

(continued)

United

States

–

(continued)

448

Roche

Holding

AG

(Health

Care)

$

128,699

17,261

Sanofi

SA

(Health

Care)

1,609,510

8,405

Schneider

Electric

SE

(Industrials)

1,546,363

34,017

Stellantis

NV

(Consumer

Discretionary)

738,682

4,508

Swiss

Re

AG

(Financials)

535,278

7,321

Tenaris

SA

(Energy)

125,810

4,008

Waste

Connections,

Inc.

(Industrials)

543,298

18,025,739

Zambia

–

0.0%

8,703

First

Quantum

Minerals

Ltd.

(Materials)

71,313

TOTAL

COMMON

STOCKS

(Cost

$293,751,307)

377,761,793

Shares

Description

Rate

Value

a

Preferred

Stocks

–

0.9%

Brazil

–

0.4%

81,067

Banco

Bradesco

SA

(Financials)

6.20

%

267,415

2,976

Braskem

SA

(Materials)*

0.00

11,543

3,818

Centrais

Eletricas

Brasileiras

SA,

Class

B

(Utilities)

3.33

34,733

22,600

Cia

Energetica

de

Minas

Gerais

(Utilities)

9.98

50,724

16,136

Cia

Paranaense

de

Energia

(Utilities)

3.54

30,949

17,971

Gerdau

SA

(Materials)

14.87

79,612

75,605

Itau

Unibanco

Holding

SA

(Financials)

4.73

484,234

84,404

Itausa

SA

(Financials)

6.73

166,849

71,300

Petroleo

Brasileiro

SA

(Energy)

8.81

519,110

18,902

Raizen

SA

(Energy)

6.21

13,988

1,659,157

Chile

–

0.0%

2,148

Sociedad

Quimica

y

Minera

de

Chile

SA,

Class

B

(Industrials)

14.40

109,608

Colombia

–

0.0%

7,104

Bancolombia

SA

(Financials)

12.35

48,704

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Rate

Value

a

Preferred

Stocks

–

(continued)

Germany

–

0.3%

918

Bayerische

Motoren

Werke

AG

(Consumer

Discretionary)

9.76

%

$

87,242

1,778

Dr.

Ing

hc

F

Porsche

AG

(Consumer

Discretionary)

(a)

1.20

163,075

2,574

Henkel

AG

&

Co.

KGaA

(Consumer

Staples)

2.56

202,773

2,391

Porsche

Automobil

Holding

SE

(Consumer

Discretionary)

5.71

117,032

386

Sartorius

AG

(Health

Care)

0.49

124,454

2,858

Volkswagen

AG

(Consumer

Discretionary)

26.14

331,856

1,026,432

South

Korea

–

0.2%

42

Doosan

Co.

Ltd.

(Industrials)

3.90

1,732

541

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.36

45,959

342

Hyundai

Motor

Co.

(Consumer

Discretionary)

8.40

28,656

121

LG

Chem

Ltd.

(Materials)

3.28

28,980

270

LG

Electronics,

Inc.

(Consumer

Discretionary)

1.60

9,794

12,831

Samsung

Electronics

Co.

Ltd.

(Information

Technology)

2.50

575,836

50

Samsung

Fire

&

Marine

Insurance

Co.

Ltd.

(Financials)

7.31

7,313

22

Samsung

SDI

Co.

Ltd.

(Information

Technology)

0.45

4,229

702,499

Spain

–

0.0%

4,108

Grifols

SA,

Class

B

(Health

Care)*

0.00

40,138

TOTAL

PREFERRED

STOCKS

(Cost

$3,494,204)

3,586,538

Shares

Description

Value

a

Exchange-Traded

Funds

–

6.9%

United

States

–

6.9%

68,023

iShares

MSCI

Malaysia

ETF

$

1,444,809

205,000

Vanguard

FTSE

All-World

ex-

US

ETF,

Class

U

11,139,700

342,000

Vanguard

FTSE

Developed

Markets

ETF

15,718,320

TOTAL

EXCHANGE-TRADED

FUNDS

(Cost

$23,968,903)

28,302,829

Units

Description

Expiration

Month

Value

A

Rights

–

0.0%

China

–

0.0%

7,020

Zhejiang

Expressway

Co.

Ltd.*

03/24

791

Taiwan

–

0.0%

33

Wistron

Corp.

12/23

—

765

WT

Microelectronics

Co.

Ltd.

01/24

—

—

Thailand

–

0.0%

810

Siam

Cement

PCL

(The),

NVDR

12/23

—

TOTAL

RIGHTS

(Cost

$0)

791

aa

Warrant

–

0.0%

Canada

–

0.0%

309

Constellation

Software,

Inc.

(Information

Technology)*

(Cost

$0)

08/28

—

Shares

Dividend

Rate

Value

aa

a

Investment

Company

–

0.1%

(c)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

591,111

5.260%

591,111

(Cost

$591,111)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$321,805,525)

410,243,062

GOLDMAN

SACHS

MARKETBETA

®

TOTAL

INTERNATIONAL

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

**End

swaps

header**

Shares

Dividend

Rate

Value

a

Securities

Lending

Reinvestment

Vehicle

–

0.3%

(c)

a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,164,110

5.259%

$

1,164,110

(Cost

$1,164,110)

TOTAL

INVESTMENTS

–

100.1%

(Cost

$322,969,635)

$

411,407,172

LIABILITIES

IN

EXCESS

OF

OTHER

ASSETS

–

(0.1)%

(280,847)

NET

ASSETS

–

100.0%

$

411,126,325

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

CVA

—

Dutch

Certification

NVDR

—

Non-Voting

Depository

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

SDR

—

Swedish

Depositary

Receipt

Sector

Name

%

of

Market

Value

Financials

19.3

%

Industrials

12.7

Information

Technology

11.4

Consumer

Discretionary

10.8

Health

Care

8.5

Consumer

Staples

7.4

Materials

7.1

Exchange-Traded

Fund

6.9

Energy

5.3

Communication

Services

5.3

Utilities

3.0

Real

Estate

1.9

Investment

Company

0.1

Securities

Lending

Reinvestment

Vehicle

0.3

TOTAL

INVESTMENTS

100.0%

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

MSCI

Emerging

Markets

Index

15

12/15/23

$

740,325

$

8,599

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

99.6%

Communication

Services

–

8.3%

199,806

Alphabet,

Inc.,

Class

A*

$

26,480,289

173,536

Alphabet,

Inc.,

Class

C*

23,239,941

240,337

AT&T,

Inc.

3,982,384

150

Cable

One,

Inc.

79,812

3,344

Charter

Communications,

Inc.,

Class

A*

1,338,035

137,132

Comcast

Corp.,

Class

A

5,744,459

9,098

Electronic

Arts,

Inc.

1,255,615

2,571

Endeavor

Group

Holdings,

Inc.,

Class

A

62,501

8,374

Fox

Corp.,

Class

A

247,368

4,348

Fox

Corp.,

Class

B

120,266

7,365

Frontier

Communications

Parent,

Inc.*

161,220

2,483

IAC,

Inc.*

118,762

12,910

Interpublic

Group

of

Cos.,

Inc.

(The)

396,853

3,839

Iridium

Communications,

Inc.

146,266

558

Liberty

Broadband

Corp.,

Class

A*

46,281

3,879

Liberty

Broadband

Corp.,

Class

C*

322,422

765

Liberty

Media

Corp.-Liberty

Formula

One,

Class

A*

43,857

6,495

Liberty

Media

Corp.-Liberty

Formula

One,

Class

C*

413,472

4,965

Liberty

Media

Corp.-Liberty

SiriusXM*

134,005

2,473

Liberty

Media

Corp.-Liberty

SiriusXM,

Class

A*

66,623

4,907

Live

Nation

Entertainment,

Inc.*

413,268

9,326

Match

Group,

Inc.*

301,976

74,055

Meta

Platforms,

Inc.,

Class

A*

24,227,093

14,592

Netflix,

Inc.*

6,916,170

5,381

New

York

Times

Co.

(The),

Class

A

252,853

12,800

News

Corp.,

Class

A

282,112

3,534

News

Corp.,

Class

B

81,423

1,120

Nexstar

Media

Group,

Inc.

158,962

6,584

Omnicom

Group,

Inc.

530,868

16,375

Paramount

Global,

Class

B

235,309

19,495

Pinterest,

Inc.,

Class

A*

664,195

1,565

Playtika

Holding

Corp.*

13,600

15,624

ROBLOX

Corp.,

Class

A*

614,179

4,139

Roku,

Inc.*

431,284

21,431

Sirius

XM

Holdings,

Inc.

(a)

100,297

34,094

Snap,

Inc.,

Class

A*

471,520

4,523

Spotify

Technology

SA*

837,253

5,638

Take-Two

Interactive

Software,

Inc.*

891,932

1,819

TKO

Group

Holdings,

Inc.

140,663

17,423

T-Mobile

US,

Inc.

2,621,290

14,834

Trade

Desk,

Inc.

(The),

Class

A*

1,045,204

141,376

Verizon

Communications,

Inc.

5,418,942

61,450

Walt

Disney

Co.

(The)*

5,695,800

75,062

Warner

Bros

Discovery,

Inc.*

784,398

4,190

Warner

Music

Group

Corp.,

Class

A

138,731

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Communication

Services

–

(continued)

9,531

ZoomInfo

Technologies,

Inc.*

$

136,960

117,806,713

Consumer

Discretionary

–

10.8%

12,043

ADT,

Inc.

70,692

1,988

Advance

Auto

Parts,

Inc.

100,971

14,086

Airbnb,

Inc.,

Class

A*

1,779,625

302,659

Amazon.com,

Inc.*

44,215,453

9,483

Aptiv

PLC*

785,572

8,322

Aramark

233,099

689

Asbury

Automotive

Group,

Inc.*

144,566

2,568

Autoliv,

Inc.

(Sweden)

266,096

959

AutoNation,

Inc.*

129,724

608

AutoZone,

Inc.*

1,586,837

7,650

Bath

&

Body

Works,

Inc.

249,543

6,538

Best

Buy

Co.,

Inc.

463,806

1,191

Booking

Holdings,

Inc.*

3,722,709

7,835

BorgWarner,

Inc.

263,961

2,422

Boyd

Gaming

Corp.

143,019

1,925

Bright

Horizons

Family

Solutions,

Inc.*

168,322

2,340

Brunswick

Corp.

184,556

2,178

Burlington

Stores,

Inc.*

369,367

6,920

Caesars

Entertainment,

Inc.*

309,462

3,819

Capri

Holdings

Ltd.*

184,992

5,309

CarMax,

Inc.*

339,457

33,476

Carnival

Corp.*

504,149

2,835

Carvana

Co.*

88,792

3,953

Chewy,

Inc.,

Class

A*

68,861

921

Chipotle

Mexican

Grill,

Inc.*

2,028,272

1,046

Choice

Hotels

International,

Inc.

115,353

2,252

Churchill

Downs,

Inc.

260,714

1,176

Columbia

Sportswear

Co.

92,116

36,717

Coupang,

Inc.

(South

Korea)*

561,036

2,040

Crocs,

Inc.*

215,444

10,333

D.R.

Horton,

Inc.

1,319,214

4,053

Darden

Restaurants,

Inc.

634,173

870

Deckers

Outdoor

Corp.*

577,654

2,069

Dick's

Sporting

Goods,

Inc.

269,177

277

Dillard's,

Inc.,

Class

A

96,144

1,182

Domino's

Pizza,

Inc.

464,396

8,844

DoorDash,

Inc.,

Class

A*

831,159

14,286

DraftKings,

Inc.,

Class

A*

546,297

1,045

Duolingo,

Inc.*

221,843

1,368

Dutch

Bros,

Inc.,

Class

A*

36,567

17,950

eBay,

Inc.

736,129

4,095

Etsy,

Inc.*

310,442

4,774

Expedia

Group,

Inc.*

650,123

1,829

Five

Below,

Inc.*

344,693

3,514

Floor

&

Decor

Holdings,

Inc.,

Class

A*

322,269

131,941

Ford

Motor

Co.

1,353,715

1,416

Fox

Factory

Holding

Corp.*

88,514

8,928

GameStop

Corp.,

Class

A*

(a)

129,902

5,121

Garmin

Ltd.

625,991

46,611

General

Motors

Co.

1,472,908

7,834

Gentex

Corp.

238,232

4,626

Genuine

Parts

Co.

614,240

4,898

H&R

Block,

Inc.

222,467

4,807

Harley-Davidson,

Inc.

144,162

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

4,300

Hasbro,

Inc.

$

199,563

8,738

Hilton

Worldwide

Holdings,

Inc.

1,463,790

33,758

Home

Depot,

Inc.

(The)

10,582,795

1,507

Hyatt

Hotels

Corp.,

Class

A

172,943

3,501

International

Game

Technology

PLC

93,582

10,983

Las

Vegas

Sands

Corp.

506,536

1,981

Lear

Corp.

264,959

4,407

Leggett

&

Platt,

Inc.

100,788

8,311

Lennar

Corp.,

Class

A

1,063,143

358

Lennar

Corp.,

Class

B

41,077

3,242

Levi

Strauss

&

Co.,

Class

A

50,219

3,036

Light

&

Wonder,

Inc.*

268,443

903

Lithia

Motors,

Inc.

241,092

8,524

LKQ

Corp.

379,574

19,693

Lowe’s

Cos.,

Inc.

3,915,559

28,129

Lucid

Group,

Inc.*

(a)

118,704

3,730

Lululemon

Athletica,

Inc.*

1,666,564

9,088

Macy’s,

Inc.

144,136

8,759

Marriott

International,

Inc.,

Class

A

1,775,449

1,135

Marriott

Vacations

Worldwide

Corp.

82,742

11,812

Mattel,

Inc.*

224,428

24,514

McDonald's

Corp.

6,909,026

1,499

MercadoLibre,

Inc.

(Brazil)*

2,429,070

9,326

MGM

Resorts

International

367,817

2,980

Mobileye

Global,

Inc.,

Class

A

(Israel)*

122,329

1,763

Mohawk

Industries,

Inc.*

155,691

667

Murphy

USA,

Inc.

246,490

13,023

Newell

Brands,

Inc.

99,365

40,999

NIKE,

Inc.,

Class

B

4,520,960

14,019

Norwegian

Cruise

Line

Holdings

Ltd.*

214,070

103

NVR,

Inc.*

634,005

2,021

O'Reilly

Automotive,

Inc.*

1,985,390

4,997

Penn

Entertainment,

Inc.*

122,726

615

Penske

Automotive

Group,

Inc.

91,819

2,773

Planet

Fitness,

Inc.,

Class

A*

188,398

1,798

Polaris,

Inc.

148,281

1,275

Pool

Corp.

442,833

7,325

PulteGroup,

Inc.

647,677

2,021

PVH

Corp.

197,613

1,326

Ralph

Lauren

Corp.

171,558

503

RH*

135,795

22,549

Rivian

Automotive,

Inc.,

Class

A*

377,921

11,233

Ross

Stores,

Inc.

1,464,559

7,419

Royal

Caribbean

Cruises

Ltd.*

797,246

4,935

Service

Corp.

International

302,367

1,658

SharkNinja,

Inc.

77,926

4,467

Skechers

USA,

Inc.,

Class

A*

263,151

37,805

Starbucks

Corp.

3,754,036

7,630

Tapestry,

Inc.

241,642

5,611

Tempur

Sealy

International,

Inc.

226,236

92,398

Tesla,

Inc.*

22,182,912

2,243

Texas

Roadhouse,

Inc.

252,472

1,711

Thor

Industries,

Inc.

169,509

38,621

TJX

Cos.,

Inc.

(The)

3,402,896

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Discretionary

–

(continued)

3,636

Toll

Brothers,

Inc.

$

312,296

1,060

TopBuild

Corp.*

313,527

3,677

Tractor

Supply

Co.

746,468

1,644

Ulta

Beauty,

Inc.*

700,328

1,283

Vail

Resorts,

Inc.

278,809

4,642

Valvoline,

Inc.

158,942

12,381

VF

Corp.

207,134

942

Visteon

Corp.*

111,787

2,939

Wayfair,

Inc.,

Class

A*

163,996

6,486

Wendy's

Co.

(The)

121,613

1,795

Whirlpool

Corp.

195,476

2,020

Williams-Sonoma,

Inc.

378,831

983

Wingstop,

Inc.

236,274

2,826

Wyndham

Hotels

&

Resorts,

Inc.

218,563

3,247

Wynn

Resorts

Ltd.

274,112

13,589

Yum

China

Holdings,

Inc.

(China)

586,773

9,413

Yum!

Brands,

Inc.

1,181,802

154,783,580

Consumer

Staples

–

6.1%

13,951

Albertsons

Cos.,

Inc.,

Class

A

303,713

60,000

Altria

Group,

Inc.

2,522,400

17,926

Archer-Daniels-Midland

Co.

1,321,684

4,476

BJ's

Wholesale

Club

Holdings,

Inc.*

289,060

316

Boston

Beer

Co.,

Inc.

(The),

Class

A*

112,104

1,643

Brown-Forman

Corp.,

Class

A

98,958

10,276

Brown-Forman

Corp.,

Class

B

603,612

5,020

Bunge

Global

SA

551,547

6,422

Campbell

Soup

Co.

258,036

1,249

Casey's

General

Stores,

Inc.

343,975

3,834

Celsius

Holdings,

Inc.*

189,821

8,201

Church

&

Dwight

Co.,

Inc.

792,463

4,156

Clorox

Co.

(The)

595,763

130,826

Coca-Cola

Co.

(The)

7,645,472

159

Coca-Cola

Consolidated,

Inc.

116,789

27,884

Colgate-Palmolive

Co.

2,196,423

15,967

Conagra

Brands,

Inc.

451,706

5,287

Constellation

Brands,

Inc.,

Class

A

1,271,471

14,873

Costco

Wholesale

Corp.

8,815,822

11,997

Coty,

Inc.,

Class

A*

136,766

5,293

Darling

Ingredients,

Inc.*

232,204

7,332

Dollar

General

Corp.

961,372

6,982

Dollar

Tree,

Inc.*

862,905

1,726

elf

Beauty,

Inc.*

203,823

7,197

Estee

Lauder

Cos.,

Inc.

(The),

Class

A

918,985

6,542

Flowers

Foods,

Inc.

136,139

19,644

General

Mills,

Inc.

1,250,537

4,941

Hershey

Co.

(The)

928,513

9,713

Hormel

Foods

Corp.

297,121

2,214

Ingredion,

Inc.

226,913

605

Inter

Parfums,

Inc.

75,722

3,314

J

M

Smucker

Co.

(The)

363,645

8,705

Kellanova

457,361

58,273

Kenvue,

Inc.

1,191,100

30,416

Keurig

Dr

Pepper,

Inc.

960,233

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Consumer

Staples

–

(continued)

11,315

Kimberly-Clark

Corp.

$

1,400,005

26,503

Kraft

Heinz

Co.

(The)

930,520

23,842

Kroger

Co.

(The)

1,055,485

4,791

Lamb

Weston

Holdings,

Inc.

479,244

647

Lancaster

Colony

Corp.

107,337

8,445

McCormick

&

Co.,

Inc.

547,489

5,870

Molson

Coors

Beverage

Co.,

Class

B

361,240

45,672

Mondelez

International,

Inc.,

Class

A

3,245,452

17,071

Monster

Beverage

Corp.*

941,466

46,291

PepsiCo,

Inc.

7,790,312

5,101

Performance

Food

Group

Co.*

331,820

52,140

Philip

Morris

International,

Inc.

4,867,790

1,336

Pilgrim's

Pride

Corp.*

34,148

1,707

Post

Holdings,

Inc.*

145,829

79,192

Procter &

Gamble

Co.

(The)

12,157,556

1,823

Reynolds

Consumer

Products,

Inc.

47,836

17,020

Sysco

Corp.

1,228,333

15,496

Target

Corp.

2,073,520

9,451

Tyson

Foods,

Inc.,

Class

A

442,685

7,659

US

Foods

Holding

Corp.*

335,694

23,951

Walgreens

Boots

Alliance,

Inc.

477,583

47,732

Walmart,

Inc.

7,431,395

84,116,897

Energy

–

4.2%

11,315

Antero

Midstream

Corp.

150,716

9,306

Antero

Resources

Corp.*

219,901

10,323

APA

Corp.

371,628

34,014

Baker

Hughes

Co.

1,147,972

6,594

ChampionX

Corp.

193,336

8,080

Cheniere

Energy,

Inc.

1,471,772

3,744

Chesapeake

Energy

Corp.

300,681

58,409

Chevron

Corp.

8,387,532

1,351

Chord

Energy

Corp.

219,051

2,738

Civitas

Resources,

Inc.

188,073

40,671

ConocoPhillips

4,700,347

25,055

Coterra

Energy,

Inc.

657,694

21,412

Devon

Energy

Corp.

962,898

5,721

Diamondback

Energy,

Inc.

883,380

3,264

DT

Midstream,

Inc.

186,995

8,302

EnLink

Midstream

LLC*

113,488

19,621

EOG

Resources,

Inc.

2,414,756

13,776

EQT

Corp.

550,489

135,942

Exxon

Mobil

Corp.

13,966,681

30,234

Halliburton

Co.

1,119,565

3,235

Helmerich

&

Payne,

Inc.

117,204

9,313

Hess

Corp.

1,309,035

1,874

Hess

Midstream

LP,

Class

A

60,980

4,588

HF

Sinclair

Corp.

240,778

65,871

Kinder

Morgan,

Inc.

1,157,353

6,033

Magnolia

Oil

&

Gas

Corp.,

Class

A

129,710

20,685

Marathon

Oil

Corp.

526,020

13,434

Marathon

Petroleum

Corp.

2,004,218

3,687

Matador

Resources

Co.

213,404

4,981

Murphy

Oil

Corp.

213,037

2,773

New

Fortress

Energy,

Inc.

106,705

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Energy

–

(continued)

3,656

Noble

Corp.

PLC

$

168,688

13,133

NOV,

Inc.

247,163

23,467

Occidental

Petroleum

Corp.

1,388,073

19,534

ONEOK,

Inc.

1,344,916

8,106

Ovintiv,

Inc.

359,420

3,732

PBF

Energy,

Inc.,

Class

A

165,701

8,539

Permian

Resources

Corp.

112,202

14,948

Phillips

66

1,926,648

7,815

Pioneer

Natural

Resources

Co.

1,810,267

7,989

Range

Resources

Corp.

259,642

47,845

Schlumberger

NV

2,489,854

1,569

Scorpio

Tankers,

Inc.

(Monaco)

86,122

3,982

SM

Energy

Co.

149,126

36,349

Southwestern

Energy

Co.*

239,540

7,475

Targa

Resources

Corp.

676,114

14,730

TechnipFMC

PLC

(United

Kingdom)

305,206

259

Texas

Pacific

Land

Corp.

433,035

22,725

Transocean

Ltd.*

144,531

11,822

Valero

Energy

Corp.

1,482,006

2,122

Viper

Energy,

Inc.

65,400

2,373

Weatherford

International

PLC*

215,207

40,902

Williams

Cos.,

Inc.

(The)

1,504,785

59,859,045

Financials

–

12.8%

1,159

Affiliated

Managers

Group,

Inc.

157,102

18,033

Aflac,

Inc.

1,491,509

20,284

AGNC

Investment

Corp.

REIT

178,905

8,796

Allstate

Corp.

(The)

1,212,704

9,083

Ally

Financial,

Inc.

265,405

19,876

American

Express

Co.

3,394,224

2,628

American

Financial

Group,

Inc.

300,617

23,903

American

International

Group,

Inc.

1,573,056

3,445

Ameriprise

Financial,

Inc.

1,217,842

16,482

Annaly

Capital

Management,

Inc.

REIT

297,830

6,793

Aon

PLC,

Class

A

2,231,433

13,607

Apollo

Global

Management,

Inc.

1,251,844

12,000

Arch

Capital

Group

Ltd.*

1,004,280

4,967

Ares

Management

Corp.,

Class

A

557,546

7,125

Arthur

J

Gallagher

&

Co.

1,774,125

1,778

Assurant,

Inc.

298,739

2,603

Axis

Capital

Holdings

Ltd.

146,653

232,987

Bank

of

America

Corp.

7,103,774

25,340

Bank

of

New

York

Mellon

Corp.

(The)

1,224,429

3,629

Bank

OZK

151,910

43,438

Berkshire

Hathaway,

Inc.,

Class

B*

15,637,680

4,983

BlackRock,

Inc.

3,743,379

23,611

Blackstone,

Inc.

2,653,168

18,379

Block,

Inc.*

1,165,780

14,630

Blue

Owl

Capital,

Inc.

197,212

948

BOK

Financial

Corp.

68,038

7,953

Brown

&

Brown,

Inc.

594,407

12,682

Capital

One

Financial

Corp.

1,416,072

6,465

Carlyle

Group,

Inc.

(The)

221,620

3,533

Cboe

Global

Markets,

Inc.

643,677

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

46,422

Charles

Schwab

Corp.

(The)

$

2,846,597

13,874

Chubb

Ltd.

3,183,112

5,197

Cincinnati

Financial

Corp.

534,200

63,589

Citigroup,

Inc.

2,931,453

16,228

Citizens

Financial

Group,

Inc.

442,538

12,060

CME

Group,

Inc.

2,633,422

738

CNA

Financial

Corp.

31,092

5,227

Coinbase

Global,

Inc.,

Class

A*

651,911

4,393

Comerica,

Inc.

198,651

4,052

Commerce

Bancshares,

Inc.

204,910

5,365

Corebridge

Financial,

Inc.

112,826

284

Credit

Acceptance

Corp.*

129,788

2,013

Cullen/Frost

Bankers,

Inc.

197,858

8,374

Discover

Financial

Services

778,782

2,845

Dlocal

Ltd.

(Uruguay)*

49,076

4,713

East

West

Bancorp,

Inc.

296,542

11,629

Equitable

Holdings,

Inc.

356,894

846

Erie

Indemnity

Co.,

Class

A

250,111

3,490

Essent

Group

Ltd.

168,707

1,578

Euronet

Worldwide,

Inc.*

137,633

1,183

Evercore,

Inc.,

Class

A

174,552

1,116

Everest

Group

Ltd.

458,174

1,282

FactSet

Research

Systems,

Inc.

581,336

8,707

Fidelity

National

Financial,

Inc.

390,422

19,878

Fidelity

National

Information

Services,

Inc.

1,165,646

22,821

Fifth

Third

Bancorp

660,668

3,316

First

American

Financial

Corp.

197,634

340

First

Citizens

BancShares,

Inc.,

Class

A

499,083

4,610

First

Financial

Bankshares,

Inc.

121,012

18,497

First

Horizon

Corp.

236,577

20,396

Fiserv,

Inc.*

2,663,922

2,409

FleetCor

Technologies,

Inc.*

579,365

9,567

Franklin

Resources,

Inc.

237,262

3,717

Glacier

Bancorp,

Inc.

125,003

8,755

Global

Payments,

Inc.

1,019,432

3,147

Globe

Life,

Inc.

387,490

11,129

Goldman

Sachs

Group,

Inc.

(The)

(b)

3,800,999

1,189

Hanover

Insurance

Group,

Inc.

(The)

147,793

10,243

Hartford

Financial

Services

Group,

Inc.

(The)

800,593

1,708

Houlihan

Lokey,

Inc.

183,986

48,324

Huntington

Bancshares,

Inc.

544,128

3,415

Interactive

Brokers

Group,

Inc.,

Class

A

265,824

18,632

Intercontinental

Exchange,

Inc.

2,121,067

14,774

Invesco

Ltd.

210,825

2,434

Jack

Henry

&

Associates,

Inc.

386,251

5,534

Janus

Henderson

Group

PLC

144,935

6,325

Jefferies

Financial

Group,

Inc.

224,158

97,507

JPMorgan

Chase &

Co.

15,218,892

31,352

KeyCorp

388,451

735

Kinsale

Capital

Group,

Inc.

257,323

21,725

KKR

&

Co.,

Inc.

1,647,624

3,657

Lazard

Ltd.,

Class

A

109,637

5,647

Lincoln

National

Corp.

134,286

6,169

Loews

Corp.

433,619

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

2,545

LPL

Financial

Holdings,

Inc.

$

565,753

5,553

M&T

Bank

Corp.

711,728

444

Markel

Group,

Inc.*

638,956

1,237

MarketAxess

Holdings,

Inc.

297,028

16,603

Marsh

&

McLennan

Cos.,

Inc.

3,310,970

28,191

Mastercard,

Inc.,

Class

A

11,666,282

21,216

MetLife,

Inc.

1,349,974

5,331

Moody's

Corp.

1,945,602

43,356

Morgan

Stanley

3,439,865

882

Morningstar,

Inc.

249,923

2,612

MSCI,

Inc.

1,360,460

11,513

Nasdaq,

Inc.

642,886

22,635

New

York

Community

Bancorp,

Inc.

212,995

6,983

Northern

Trust

Corp.

553,403

9,719

Old

National

Bancorp

144,716

8,848

Old

Republic

International

Corp.

259,335

3,955

OneMain

Holdings,

Inc.

167,296

36,885

PayPal

Holdings,

Inc.*

2,124,945

2,521

Pinnacle

Financial

Partners,

Inc.

182,949

13,384

PNC

Financial

Services

Group,

Inc.

(The)

1,792,921

2,359

Popular,

Inc.

(Puerto

Rico)

174,071

1,211

Primerica,

Inc.

253,717

8,152

Principal

Financial

Group,

Inc.

601,862

19,630

Progressive

Corp.

(The)

3,219,909

3,041

Prosperity

Bancshares,

Inc.

183,403

12,263

Prudential

Financial,

Inc.

1,199,076

6,340

Raymond

James

Financial,

Inc.

666,651

31,498

Regions

Financial

Corp.

525,387

2,226

Reinsurance

Group

of

America,

Inc.

362,972

1,695

RenaissanceRe

Holdings

Ltd.

(Bermuda)

363,340

16,155

Rithm

Capital

Corp.

REIT

167,689

1,352

RLI

Corp.

183,331

18,012

Robinhood

Markets,

Inc.,

Class

A*

158,506

4,079

Rocket

Cos.,

Inc.,

Class

A*

38,098

3,239

Ryan

Specialty

Holdings,

Inc.*

148,573

10,776

S&P

Global,

Inc.

4,480,984

3,679

SEI

Investments

Co.

215,847

2,004

Selective

Insurance

Group,

Inc.

203,787

1,892

Shift4

Payments,

Inc.,

Class

A*

124,531

29,057

SoFi

Technologies,

Inc.*

211,825

2,525

SouthState

Corp.

186,976

9,898

Starwood

Property

Trust,

Inc.

REIT

196,673

10,694

State

Street

Corp.

778,737

3,445

Stifel

Financial

Corp.

210,214

13,975

Synchrony

Financial

452,231

4,878

Synovus

Financial

Corp.

150,194

7,418

T.

Rowe

Price

Group,

Inc.

742,764

1,728

TFS

Financial

Corp.

22,827

11,691

Toast,

Inc.,

Class

A*

173,845

2,117

TPG,

Inc.

74,095

3,831

Tradeweb

Markets,

Inc.,

Class

A

371,224

7,737

Travelers

Cos.,

Inc.

(The)

1,397,457

44,681

Truist

Financial

Corp.

1,436,047

4,439

United

Bankshares,

Inc.

146,975

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Financials

–

(continued)

6,575

Unum

Group

$

282,725

49,734

US

Bancorp

1,895,860

2,846

UWM

Holdings

Corp.

15,511

14,382

Valley

National

Bancorp

130,876

54,401

Visa,

Inc.,

Class

A

13,963,649

3,543

Voya

Financial,

Inc.

253,360

6,803

W

R

Berkley

Corp.

493,558

5,821

Webster

Financial

Corp.

261,072

122,278

Wells

Fargo &

Co.

5,452,376

3,628

Western

Alliance

Bancorp

185,826

12,532

Western

Union

Co.

(The)

145,747

1,431

WEX,

Inc.*

252,686

3,556

Willis

Towers

Watson

PLC

875,843

2,042

Wintrust

Financial

Corp.

174,938

4,896

Zions

Bancorp

NA

174,444

180,829,308

Health

Care

–

12.4%

3,303

10X

Genomics,

Inc.,

Class

A*

143,747

58,192

Abbott

Laboratories

6,068,844

59,292

AbbVie,

Inc.

8,442,588

3,008

Acadia

Healthcare

Co.,

Inc.*

219,554

9,915

Agilent

Technologies,

Inc.

1,267,137

6,979

agilon

health,

Inc.*

74,117

2,407

Align

Technology,

Inc.*

514,617

4,169

Alnylam

Pharmaceuticals,

Inc.*

701,434

17,908

Amgen,

Inc.

4,828,713

3,235

Apellis

Pharmaceuticals,

Inc.*

174,269

21,909

Avantor,

Inc.*

464,033

1,281

Bausch

+

Lomb

Corp.*

19,740

16,962

Baxter

International,

Inc.

611,989

9,746

Becton

Dickinson

&

Co.

2,301,810

4,837

Biogen,

Inc.*

1,132,245

6,231

BioMarin

Pharmaceutical,

Inc.*

567,519

686

Bio-Rad

Laboratories,

Inc.,

Class

A*

209,175

5,245

Bio-Techne

Corp.

329,910

49,046

Boston

Scientific

Corp.*

2,741,181

70,607

Bristol-Myers

Squibb

Co.

3,486,574

3,317

Bruker

Corp.

215,904

8,426

Cardinal

Health,

Inc.

902,256

6,047

Catalent,

Inc.*

234,926

5,658

Cencora,

Inc.

1,150,667

18,415

Centene

Corp.*

1,356,817

1,690

Charles

River

Laboratories

International,

Inc.*

333,065

493

Chemed

Corp.

279,531

9,890

Cigna

Group

(The)

2,599,883

1,657

Cooper

Cos.,

Inc.

(The)

558,276

305

CorVel

Corp.*

63,702

43,062

CVS

Health

Corp.

2,926,063

22,160

Danaher

Corp.

4,948,550

1,809

DaVita,

Inc.*

183,541

7,076

DENTSPLY

SIRONA,

Inc.

224,663

12,983

Dexcom,

Inc.*

1,499,796

4,124

Doximity,

Inc.,

Class

A*

95,883

20,221

Edwards

Lifesciences

Corp.*

1,369,164

16,468

Elanco

Animal

Health,

Inc.*

193,993

7,947

Elevance

Health,

Inc.

3,810,507

28,429

Eli

Lilly

&

Co.

16,802,676

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

3,307

Encompass

Health

Corp.

$

215,517

1,807

Ensign

Group,

Inc.

(The)

193,475

5,472

Envista

Holdings

Corp.*

124,160

6,007

Exact

Sciences

Corp.*

384,448

10,332

Exelixis,

Inc.*

225,341

12,254

GE

HealthCare

Technologies,

Inc.

838,909

41,891

Gilead

Sciences,

Inc.

3,208,851

3,919

Globus

Medical,

Inc.,

Class

A*

176,041

4,384

Halozyme

Therapeutics,

Inc.*

169,266

6,942

HCA

Healthcare,

Inc.

1,738,832

2,802

HealthEquity,

Inc.*

187,790

4,368

Henry

Schein,

Inc.*

291,477

8,220

Hologic,

Inc.*

586,086

4,192

Humana,

Inc.

2,032,533

2,766

IDEXX

Laboratories,

Inc.*

1,288,458

5,311

Illumina,

Inc.*

541,456

6,267

Incyte

Corp.*

340,549

963

Inspire

Medical

Systems,

Inc.*

139,933

2,326

Insulet

Corp.*

439,823

2,387

Integra

LifeSciences

Holdings

Corp.*

93,546

3,140

Intra-Cellular

Therapies,

Inc.*

192,702

11,711

Intuitive

Surgical,

Inc.*

3,640,247

4,692

Ionis

Pharmaceuticals,

Inc.*

232,113

6,086

IQVIA

Holdings,

Inc.*

1,303,013

2,105

Jazz

Pharmaceuticals

PLC*

248,874

80,962

Johnson &

Johnson

12,521,583

1,194

Karuna

Therapeutics,

Inc.*

228,305

2,969

Laboratory

Corp.

of

America

Holdings

644,006

2,248

Lantheus

Holdings,

Inc.*

161,002

1,656

Masimo

Corp.*

155,267

4,553

McKesson

Corp.

2,142,460

780

Medpace

Holdings,

Inc.*

211,162

44,736

Medtronic

PLC

3,546,223

85,295

Merck &

Co.,

Inc.

8,741,032

729

Mettler-Toledo

International,

Inc.*

796,017

11,143

Moderna,

Inc.*

865,811

1,939

Molina

Healthcare,

Inc.*

708,821

3,506

Natera,

Inc.*

196,161

3,187

Neurocrine

Biosciences,

Inc.*

371,572

5,670

Option

Care

Health,

Inc.*

168,682

8,565

Organon

&

Co.

96,956

1,231

Penumbra,

Inc.*

273,393

4,526

Perrigo

Co.

PLC

137,862

189,846

Pfizer,

Inc.

5,784,608

7,627

QIAGEN

NV*

313,927

3,746

Quest

Diagnostics,

Inc.

514,064

1,623

QuidelOrtho

Corp.*

111,549

5,059

R1

RCM,

Inc.*

53,524

3,478

Regeneron

Pharmaceuticals,

Inc.*

2,865,211

1,740

Repligen

Corp.*

273,615

4,879

ResMed,

Inc.

769,565

4,203

Revvity,

Inc.

373,647

17,380

Roivant

Sciences

Ltd.*

166,153

12,626

Royalty

Pharma

PLC,

Class

A

341,786

2,942

Sarepta

Therapeutics,

Inc.*

239,126

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Health

Care

–

(continued)

4,642

Seagen,

Inc.*

$

989,721

1,213

Shockwave

Medical,

Inc.*

211,729

3,309

STERIS

PLC

664,910

10,636

Stryker

Corp.

3,151,766

1,579

Teleflex,

Inc.

356,364

3,328

Tenet

Healthcare

Corp.*

229,665

12,955

Thermo

Fisher

Scientific,

Inc.

6,422,571

1,536

United

Therapeutics

Corp.*

368,640

31,191

UnitedHealth

Group,

Inc.

17,247,687

2,017

Universal

Health

Services,

Inc.,

Class

B

277,297

4,870

Veeva

Systems,

Inc.,

Class

A*

848,890

8,654

Vertex

Pharmaceuticals,

Inc.*

3,070,526

40,233

Viatris,

Inc.

369,339

1,975

Waters

Corp.*

554,205

2,482

West

Pharmaceutical

Services,

Inc.

870,586

7,017

Zimmer

Biomet

Holdings,

Inc.

816,147

15,534

Zoetis,

Inc.

2,744,392

175,850,024

Industrials

–

9.2%

18,495

3M

Co.

1,832,300

4,120

A

O

Smith

Corp.

310,483

1,046

Acuity

Brands,

Inc.

187,506

2,301

Advanced

Drainage

Systems,

Inc.

278,674

4,654

AECOM

413,554

2,092

AGCO

Corp.

237,505

3,469

Air

Lease

Corp.

134,563

4,280

Alaska

Air

Group,

Inc.*

161,827

2,944

Allegion

PLC

312,329

21,681

American

Airlines

Group,

Inc.*

269,495

7,731

AMETEK,

Inc.

1,200,083

7,080

API

Group

Corp.*

214,878

1,278

Applied

Industrial

Technologies,

Inc.

204,569

1,603

ASGN,

Inc.*

143,052

1,280

Atkore,

Inc.*

166,272

13,892

Automatic

Data

Processing,

Inc.

3,194,049

668

Avis

Budget

Group,

Inc.*

122,144

2,321

Axon

Enterprise,

Inc.*

533,528

18,745

Boeing

Co.

(The)*

4,341,904

4,319

Booz

Allen

Hamilton

Holding

Corp.

540,436

3,934

Broadridge

Financial

Solutions,

Inc.

762,488

4,135

Builders

FirstSource,

Inc.*

554,545

3,065

BWX

Technologies,

Inc.

239,162

3,876

C.H.

Robinson

Worldwide,

Inc.

318,026

757

CACI

International,

Inc.,

Class

A*

242,959

1,667

Carlisle

Cos.,

Inc.

467,443

28,050

Carrier

Global

Corp.

1,457,478

17,311

Caterpillar,

Inc.

4,340,214

5,004

Ceridian

HCM

Holding,

Inc.*

344,776

1,404

Chart

Industries,

Inc.*

182,562

2,908

Cintas

Corp.

1,608,851

13,961

Clarivate

PLC*

108,337

1,697

Clean

Harbors,

Inc.*

274,337

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,181

Comfort

Systems

USA,

Inc.

$

228,618

1,402

Concentrix

Corp.

131,774

28,504

Copart,

Inc.*

1,431,471

3,581

Core

&

Main,

Inc.,

Class

A*

125,442

67,286

CSX

Corp.

2,173,338

4,762

Cummins,

Inc.

1,067,450

1,285

Curtiss-Wright

Corp.

274,862

9,061

Deere

&

Co.

3,301,919

21,539

Delta

Air

Lines,

Inc.

795,435

4,052

Donaldson

Co.,

Inc.

246,524

4,683

Dover

Corp.

661,052

8,166

Dun

&

Bradstreet

Holdings,

Inc.

86,478

13,332

Eaton

Corp.

PLC

3,035,563

1,581

EMCOR

Group,

Inc.

335,994

19,159

Emerson

Electric

Co.

1,703,235

4,091

Equifax,

Inc.

890,652

5,398

ExlService

Holdings,

Inc.*

153,141

4,946

Expeditors

International

of

Washington,

Inc.

595,202

1,682

Exponent,

Inc.

129,447

19,175

Fastenal

Co.

1,149,925

7,746

FedEx

Corp.

2,004,897

6,506

Ferguson

PLC

1,114,738

4,397

Flowserve

Corp.

168,229

11,873

Fortive

Corp.

819,000

4,228

Fortune

Brands

Innovations,

Inc.

289,322

1,119

FTI

Consulting,

Inc.*

246,695

1,177

GATX

Corp.

128,293

2,060

Generac

Holdings,

Inc.*

241,164

7,588

General

Dynamics

Corp.

1,874,008

36,370

General

Electric

Co.

4,429,866

5,689

Genpact

Ltd.

193,198

5,608

Graco,

Inc.

453,014

3,921

GXO

Logistics,

Inc.*

220,595

1,416

HEICO

Corp.

242,179

2,503

HEICO

Corp.,

Class

A

343,937

4,578

Hertz

Global

Holdings,

Inc.*

38,181

2,825

Hexcel

Corp.

195,801

22,374

Honeywell

International,

Inc.

4,383,514

13,738

Howmet

Aerospace,

Inc.

722,619

1,797

Hubbell,

Inc.

539,100

1,310

Huntington

Ingalls

Industries,

Inc.

310,496

2,537

IDEX

Corp.

511,662

10,194

Illinois

Tool

Works,

Inc.

2,469,089

13,584

Ingersoll

Rand,

Inc.

970,305

1,210

Insperity,

Inc.

137,638

2,755

ITT,

Inc.

298,284

2,761

J.B.

Hunt

Transport

Services,

Inc.

511,530

4,220

Jacobs

Solutions,

Inc.

536,700

11,271

Joby

Aviation,

Inc.*

(a)

67,175

22,914

Johnson

Controls

International

PLC

1,209,859

4,511

KBR,

Inc.

233,083

5,056

Knight-Swift

Transportation

Holdings,

Inc.

271,912

6,349

L3Harris

Technologies,

Inc.

1,211,453

1,199

Landstar

System,

Inc.

207,007

4,589

Leidos

Holdings,

Inc.

492,491

1,069

Lennox

International,

Inc.

434,720

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

1,892

Lincoln

Electric

Holdings,

Inc.

$

374,730

8,512

Lockheed

Martin

Corp.

3,811,418

10,846

Lyft,

Inc.,

Class

A*

127,224

1,678

ManpowerGroup,

Inc.

124,524

7,552

Masco

Corp.

457,274

2,118

MasTec,

Inc.*

128,436

2,025

Maximus,

Inc.

169,067

6,457

MDU

Resources

Group,

Inc.

123,587

1,777

Middleby

Corp.

(The)*

224,311

1,240

MSA

Safety,

Inc.

215,934

1,542

MSC

Industrial

Direct

Co.,

Inc.,

Class

A

150,222

1,378

NEXTracker,

Inc.,

Class

A*

56,002

1,716

Nordson

Corp.

403,843

7,645

Norfolk

Southern

Corp.

1,667,833

5,099

Northrop

Grumman

Corp.

2,422,841

5,429

nVent

Electric

PLC

289,094

3,207

Old

Dominion

Freight

Line,

Inc.

1,247,715

2,181

Oshkosh

Corp.

212,189

13,894

Otis

Worldwide

Corp.

1,191,966

3,005

Owens

Corning

407,418

17,343

PACCAR,

Inc.

1,592,434

4,292

Parker-Hannifin

Corp.

1,859,209

1,368

Parsons

Corp.*

85,213

10,821

Paychex,

Inc.

1,319,837

1,721

Paycom

Software,

Inc.

312,637

2,131

Paycor

HCM,

Inc.*

45,199

1,424

Paylocity

Holding

Corp.*

223,098

5,522

Pentair

PLC

356,390

17,979

Plug

Power,

Inc.*

(a)

72,635

4,827

Quanta

Services,

Inc.

908,972

959

RBC

Bearings,

Inc.*

247,173

2,217

Regal

Rexnord

Corp.

265,597

6,935

Republic

Services,

Inc.

1,122,360

3,522

Robert

Half,

Inc.

288,734

3,858

Rockwell

Automation,

Inc.

1,062,648

10,487

Rollins,

Inc.

427,240

49,090

RTX

Corp.

3,999,853

890

Saia,

Inc.*

347,447

1,785

Science

Applications

International

Corp.

209,577

5,093

Sensata

Technologies

Holding

PLC

165,573

1,427

Simpson

Manufacturing

Co.,

Inc.

238,266

1,490

SiteOne

Landscape

Supply,

Inc.*

209,822

1,751

Snap-on,

Inc.

480,982

19,951

Southwest

Airlines

Co.

510,147

7,312

SS&C

Technologies

Holdings,

Inc.

411,373

5,096

Stanley

Black

&

Decker,

Inc.

463,226

3,094

Stericycle,

Inc.*

145,325

1,775

Tetra

Tech,

Inc.

280,716

6,555

Textron,

Inc.

502,506

2,174

Timken

Co.

(The)

157,398

3,479

Toro

Co.

(The)

288,757

7,654

Trane

Technologies

PLC

1,725,288

1,737

TransDigm

Group,

Inc.

1,672,505

6,488

TransUnion

380,975

3,644

Trex

Co.,

Inc.*

256,064

1,857

TriNet

Group,

Inc.*

215,282

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Industrials

–

(continued)

65,500

Uber

Technologies,

Inc.*

$

3,692,890

2,027

UFP

Industries,

Inc.

222,220

287

U-Haul

Holding

Co.*

16,247

3,387

U-Haul

Holding

Co.

183,406

20,474

Union

Pacific

Corp.

4,612,178

10,974

United

Airlines

Holdings,

Inc.*

432,376

24,377

United

Parcel

Service,

Inc.,

Class

B

3,695,797

2,303

United

Rentals,

Inc.

1,096,274

687

Valmont

Industries,

Inc.

150,845

4,848

Verisk

Analytics,

Inc.

1,170,453

11,653

Vertiv

Holdings

Co.,

Class

A*

508,770

1,362

W.W.

Grainger,

Inc.

1,070,791

13,659

Waste

Management,

Inc.

2,335,552

1,114

Watsco,

Inc.

425,804

907

Watts

Water

Technologies,

Inc.,

Class

A

174,607

1,503

WESCO

International,

Inc.

234,243

5,982

Westinghouse

Air

Brake

Technologies

Corp.

697,262

6,467

WillScot

Mobile

Mini

Holdings

Corp.*

269,803

1,874

Woodward,

Inc.

253,327

3,812

XPO,

Inc.*

328,899

7,987

Xylem,

Inc.

839,673

131,807,108

Information

Technology

–

28.2%

22,328

Accenture

PLC,

Class

A

7,438,350

15,295

Adobe,

Inc.*

9,345,398

53,770

Advanced

Micro

Devices,

Inc.*

6,514,773

5,018

Akamai

Technologies,

Inc.*

579,730

2,461

Allegro

MicroSystems,

Inc.

(Japan)*

66,988

1,766

Altair

Engineering,

Inc.,

Class

A*

127,964

3,992

Amdocs

Ltd.

334,410

3,649

Amkor

Technology,

Inc.

102,792

19,858

Amphenol

Corp.,

Class

A

1,806,879

16,956

Analog

Devices,

Inc.

3,109,391

2,907

ANSYS,

Inc.*

852,798

612

Appfolio,

Inc.,

Class

A*

115,821

498,079

Apple,

Inc.

94,610,106

28,174

Applied

Materials,

Inc.

4,219,902

5,984

AppLovin

Corp.,

Class

A*

224,280

7,947

Arista

Networks,

Inc.*

1,746,035

1,894

Arrow

Electronics,

Inc.*

224,553

941

Aspen

Technology,

Inc.*

177,153

5,094

Atlassian

Corp.,

Class

A*

972,699

7,181

Autodesk,

Inc.*

1,568,546

6,847

Bentley

Systems,

Inc.,

Class

B

356,455

3,389

BILL

Holdings,

Inc.*

221,878

13,574

Broadcom,

Inc.

12,565,859

9,079

Cadence

Design

Systems,

Inc.*

2,481,018

5,871

CCC

Intelligent

Solutions

Holdings,

Inc.*

68,573

4,522

CDW

Corp.

953,599

4,954

Ciena

Corp.*

227,141

137,048

Cisco

Systems,

Inc.

6,630,382

9,511

Cloudflare,

Inc.,

Class

A*

733,774

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

5,801

Cognex

Corp.

$

218,698

17,048

Cognizant

Technology

Solutions

Corp.,

Class

A

1,199,838

4,392

Coherent

Corp.*

161,582

7,022

Confluent,

Inc.,

Class

A*

149,007

25,838

Corning,

Inc.

736,125

7,326

Crowdstrike

Holdings,

Inc.,

Class

A*

1,736,189

9,624

Datadog,

Inc.,

Class

A*

1,121,870

8,279

Dell

Technologies,

Inc.,

Class

C

628,128

6,742

DocuSign,

Inc.*

290,580

1,985

Dolby

Laboratories,

Inc.,

Class

A

170,968

3,826

DoubleVerify

Holdings,

Inc.*

127,023

8,660

Dropbox,

Inc.,

Class

A*

244,039

6,842

DXC

Technology

Co.*

158,255

7,903

Dynatrace,

Inc.*

423,206

2,650

Elastic

NV*

212,954

4,457

Enphase

Energy,

Inc.*

450,246

5,003

Entegris,

Inc.

522,313

1,884

EPAM

Systems,

Inc.*

486,430

2,023

F5,

Inc.*

346,317

1,214

Fabrinet

(Thailand)*

196,547

822

Fair

Isaac

Corp.*

894,007

3,404

First

Solar,

Inc.*

537,083

2,344

Five9,

Inc.*

178,660

14,794

Flex

Ltd.*

376,507

22,744

Fortinet,

Inc.*

1,195,425

5,325

Freshworks,

Inc.,

Class

A*

106,607

2,573

Gartner,

Inc.*

1,118,843

20,821

Gen

Digital,

Inc.

459,728

2,603

Gitlab,

Inc.,

Class

A*

125,829

2,548

GLOBALFOUNDRIES,

Inc.*

136,802

1,389

Globant

SA*

306,691

4,911

GoDaddy,

Inc.,

Class

A*

491,395

2,704

Guidewire

Software,

Inc.*

270,238

3,570

HashiCorp,

Inc.,

Class

A*

76,469

43,275

Hewlett

Packard

Enterprise

Co.

731,780

33,114

HP,

Inc.

971,565

1,589

HubSpot,

Inc.*

784,855

3,774

Informatica,

Inc.,

Class

A*

94,690

140,234

Intel

Corp.

6,268,460

30,523

International

Business

Machines

Corp.

4,839,727

9,159

Intuit,

Inc.

5,234,002

980

IPG

Photonics

Corp.*

93,845

4,215

Jabil,

Inc.

486,074

10,672

Juniper

Networks,

Inc.

303,618

5,977

Keysight

Technologies,

Inc.*

812,215

4,607

KLA

Corp.

2,509,064

4,502

Lam

Research

Corp.

3,223,072

4,570

Lattice

Semiconductor

Corp.*

267,574

821

Littelfuse,

Inc.

191,129

1,815

MACOM

Technology

Solutions

Holdings,

Inc.*

152,424

2,058

Manhattan

Associates,

Inc.*

459,037

28,806

Marvell

Technology,

Inc.

1,605,358

17,977

Microchip

Technology,

Inc.

1,500,001

36,684

Micron

Technology,

Inc.

2,792,386

246,563

Microsoft

Corp.

93,425,186

406

MicroStrategy,

Inc.,

Class

A*

202,310

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,114

MKS

Instruments,

Inc.

$

174,511

2,284

MongoDB,

Inc.*

949,550

1,548

Monolithic

Power

Systems,

Inc.

849,419

5,621

Motorola

Solutions,

Inc.

1,814,852

7,130

NetApp,

Inc.

651,611

1,194

Novanta,

Inc.*

172,461

7,880

Nutanix,

Inc.,

Class

A*

339,549

79,762

NVIDIA

Corp.

37,304,687

5,064

Okta,

Inc.*

339,541

14,471

ON

Semiconductor

Corp.*

1,032,216

1,631

Onto

Innovation,

Inc.*

229,987

52,266

Oracle

Corp.

6,073,832

61,263

Palantir

Technologies,

Inc.,

Class

A*

1,228,323

10,121

Palo

Alto

Networks,

Inc.*

2,986,606

4,201

Procore

Technologies,

Inc.*

248,237

3,934

PTC,

Inc.*

619,054

9,674

Pure

Storage,

Inc.,

Class

A*

322,241

3,302

Qorvo,

Inc.*

318,643

37,419

QUALCOMM,

Inc.

4,828,922

1,208

Qualys,

Inc.*

223,287

3,631

Rambus,

Inc.*

245,710

3,574

Roper

Technologies,

Inc.

1,923,706

31,628

Salesforce,

Inc.*

7,967,093

5,233

Samsara,

Inc.,

Class

A*

144,117

1,908

Sanmina

Corp.*

95,610

6,478

Seagate

Technology

Holdings

PLC

512,410

7,635

SentinelOne,

Inc.,

Class

A*

145,752

6,837

ServiceNow,

Inc.*

4,688,404

1,046

Silicon

Laboratories,

Inc.*

110,217

5,342

Skyworks

Solutions,

Inc.

517,800

4,284

Smartsheet,

Inc.,

Class

A*

181,556

9,203

Snowflake,

Inc.,

Class

A*

1,727,219

1,880

SolarEdge

Technologies,

Inc.*

149,234

5,124

Splunk,

Inc.*

776,491

1,220

SPS

Commerce,

Inc.*

210,182

1,535

Super

Micro

Computer,

Inc.*

419,776

1,309

Synaptics,

Inc.*

132,523

5,088

Synopsys,

Inc.*

2,763,954

1,625

TD

SYNNEX

Corp.

160,290

10,580

TE

Connectivity

Ltd.

1,385,980

1,565

Teledyne

Technologies,

Inc.*

630,632

3,798

Tenable

Holdings,

Inc.*

157,199

5,198

Teradyne,

Inc.

479,412

30,391

Texas

Instruments,

Inc.

4,641,010

8,293

Trimble,

Inc.*

384,795

5,822

Twilio,

Inc.,

Class

A*

376,567

1,397

Tyler

Technologies,

Inc.*

571,149

13,055

UiPath,

Inc.,

Class

A*

257,967

8,302

Unity

Software,

Inc.*

244,992

1,466

Universal

Display

Corp.

248,047

3,037

VeriSign,

Inc.*

644,451

10,746

Western

Digital

Corp.*

519,139

4,160

Wolfspeed,

Inc.*

153,338

6,872

Workday,

Inc.,

Class

A*

1,860,388

1,720

Zebra

Technologies

Corp.,

Class

A*

407,606

8,540

Zoom

Video

Communications,

Inc.,

Class

A*

579,268

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Information

Technology

–

(continued)

2,934

Zscaler,

Inc.*

$

579,553

398,881,284

Materials

–

2.6%

7,361

Air

Products

and

Chemicals,

Inc.

1,991,519

3,931

Albemarle

Corp.

476,712

5,950

Alcoa

Corp.

159,817

48,542

Amcor

PLC

460,178

14,114

Anglogold

Ashanti

PLC

(United

Kingdom)

271,695

2,190

AptarGroup,

Inc.

277,889

1,716

Ashland,

Inc.

137,143

2,673

Avery

Dennison

Corp.

519,899

7,416

Axalta

Coating

Systems

Ltd.*

233,382

10,418

Ball

Corp.

576,011

3,999

Berry

Global

Group,

Inc.

264,414

3,648

Celanese

Corp.

505,832

6,527

CF

Industries

Holdings,

Inc.

490,504

16,926

Cleveland-Cliffs,

Inc.*

290,450

3,885

Commercial

Metals

Co.

176,107

23,890

Corteva,

Inc.

1,079,828

23,228

CRH

PLC

1,457,557

4,005

Crown

Holdings,

Inc.

344,470

23,767

Dow,

Inc.

1,229,942

14,112

DuPont

de

Nemours,

Inc.

1,009,572

1,179

Eagle

Materials,

Inc.

213,458

3,982

Eastman

Chemical

Co.

333,811

8,484

Ecolab,

Inc.

1,626,637

4,170

FMC

Corp.

223,762

47,990

Freeport-McMoRan,

Inc.

1,790,987

10,221

Graphic

Packaging

Holding

Co.

231,710

5,775

Huntsman

Corp.

142,065

8,568

International

Flavors

&

Fragrances,

Inc.

645,856

11,551

International

Paper

Co.

426,694

16,440

Linde

PLC

6,802,379

6,005

Livent

Corp.*

82,629

2,390

Louisiana-Pacific

Corp.

145,766

8,568

LyondellBasell

Industries

NV,

Class

A

814,817

2,074

Martin

Marietta

Materials,

Inc.

963,560

11,123

Mosaic

Co.

(The)

399,204

4,816

MP

Materials

Corp.*

76,430

26,703

Newmont

Corp.

1,073,194

8,429

Nucor

Corp.

1,432,677

4,213

Olin

Corp.

198,601

2,982

Packaging

Corp.

of

America

501,006

7,904

PPG

Industries,

Inc.

1,122,289

1,963

Reliance

Steel

&

Aluminum

Co.

540,335

2,205

Royal

Gold,

Inc.

268,569

4,281

RPM

International,

Inc.

440,643

4,809

Sealed

Air

Corp.

160,524

7,962

Sherwin-Williams

Co.

(The)

2,219,806

2,826

Silgan

Holdings,

Inc.

117,901

3,267

Sonoco

Products

Co.

180,208

2,867

Southern

Copper

Corp.

(Mexico)

206,223

5,226

Steel

Dynamics,

Inc.

622,573

7,530

United

States

Steel

Corp.

270,327

4,458

Vulcan

Materials

Co.

952,050

1,085

Westlake

Corp.

139,303

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Materials

–

(continued)

8,575

Westrock

Co.

$

353,033

37,671,948

Real

Estate

–

2.7%

3,188

Agree

Realty

Corp.

REIT

188,762

5,759

Alexandria

Real

Estate

Equities,

Inc.

REIT

630,035

11,194

American

Homes

4

Rent,

Class

A

REIT

406,006

15,657

American

Tower

Corp.

REIT

3,268,868

9,064

Americold

Realty

Trust,

Inc.

REIT

255,877

5,010

Apartment

Income

REIT

Corp.

REIT

155,911

4,759

AvalonBay

Communities,

Inc.

REIT

823,022

5,265

Boston

Properties,

Inc.

REIT

299,736

10,057

Brixmor

Property

Group,

Inc.

REIT

216,427

3,545

Camden

Property

Trust

REIT

319,972

10,405

CBRE

Group,

Inc.,

Class

A*

821,579

13,631

CoStar

Group,

Inc.*

1,131,918

14,518

Crown

Castle,

Inc.

REIT

1,702,671

7,497

CubeSmart

REIT

298,081

10,171

Digital

Realty

Trust,

Inc.

REIT

1,411,531

1,505

EastGroup

Properties,

Inc.

REIT

261,494

3,135

Equinix,

Inc.

REIT

2,555,056

5,965

Equity

LifeStyle

Properties,

Inc.

REIT

424,112

12,527

Equity

Residential

REIT

712,035

2,143

Essex

Property

Trust,

Inc.

REIT

457,445

7,022

Extra

Space

Storage,

Inc.

REIT

914,054

2,477

Federal

Realty

Investment

Trust

REIT

236,776

4,410

First

Industrial

Realty

Trust,

Inc.

REIT

207,491

8,444

Gaming

and

Leisure

Properties,

Inc.

REIT

394,588

12,682

Healthcare

Realty

Trust,

Inc.

REIT

193,654

18,351

Healthpeak

Properties,

Inc.

REIT

317,839

23,642

Host

Hotels

&

Resorts,

Inc.

REIT

413,026

19,238

Invitation

Homes,

Inc.

REIT

641,780

9,722

Iron

Mountain,

Inc.

REIT

623,666

1,589

Jones

Lang

LaSalle,

Inc.*

247,121

3,888

Kilroy

Realty

Corp.

REIT

128,226

20,313

Kimco

Realty

Corp.

REIT

392,447

2,918

Lamar

Advertising

Co.,

Class

A

REIT

295,564

19,828

Medical

Properties

Trust,

Inc.

REIT

96,166

3,899

Mid-America

Apartment

Communities,

Inc.

REIT

485,348

2,706

National

Storage

Affiliates

Trust

REIT

89,812

469

NET

Lease

Office

Properties

REIT*

7,668

6,123

NNN

REIT,

Inc.

REIT

248,716

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Real

Estate

–

(continued)

8,214

Omega

Healthcare

Investors,

Inc.

REIT

$

260,795

30,988

Prologis,

Inc.

REIT

3,561,451

5,315

Public

Storage

REIT

1,375,309

4,942

Rayonier,

Inc.

REIT

151,621

23,822

Realty

Income

Corp.

REIT

1,285,435

6,025

Regency

Centers

Corp.

REIT

378,250

6,933

Rexford

Industrial

Realty,

Inc.

REIT

341,242

3,598

SBA

Communications

Corp.

REIT

888,562

10,888

Simon

Property

Group,

Inc.

REIT

1,359,802

4,728

Spirit

Realty

Capital,

Inc.

REIT

195,266

6,027

STAG

Industrial,

Inc.

REIT

216,068

4,144

Sun

Communities,

Inc.

REIT

535,985

10,226

UDR,

Inc.

REIT

341,548

13,490

Ventas,

Inc.

REIT

618,382

34,014

VICI

Properties,

Inc.

REIT

1,016,678

7,043

W.P.

Carey,

Inc.

REIT

438,356

17,433

Welltower,

Inc.

REIT

1,553,280

24,581

Weyerhaeuser

Co.

REIT

770,614

1,878

Zillow

Group,

Inc.,

Class

A*

73,974

5,140

Zillow

Group,

Inc.,

Class

C*

210,432

37,847,530

Utilities

–

2.3%

22,424

AES

Corp.

(The)

385,917

8,452

Alliant

Energy

Corp.

427,418

8,796

Ameren

Corp.

682,482

17,309

American

Electric

Power

Co.,

Inc.

1,376,931

6,538

American

Water

Works

Co.,

Inc.

861,970

4,969

Atmos

Energy

Corp.

565,522

2,384

Avangrid,

Inc.

73,594

6,018

Brookfield

Renewable

Corp.,

Class

A

(a)

159,718

21,207

CenterPoint

Energy,

Inc.

599,522

1,100

Clearway

Energy,

Inc.,

Class

A

26,037

2,753

Clearway

Energy,

Inc.,

Class

C

68,742

9,779

CMS

Energy

Corp.

555,056

11,599

Consolidated

Edison,

Inc.

1,045,186

10,903

Constellation

Energy

Corp.

1,319,699

28,096

Dominion

Energy,

Inc.

1,273,873

6,891

DTE

Energy

Co.

717,422

25,894

Duke

Energy

Corp.

2,389,498

12,872

Edison

International

862,295

7,086

Entergy

Corp.

718,591

8,881

Essential

Utilities,

Inc.

316,252

7,624

Evergy,

Inc.

389,129

11,703

Eversource

Energy

695,275

33,389

Exelon

Corp.

1,285,810

18,283

FirstEnergy

Corp.

675,374

1,691

IDACORP,

Inc.

163,181

2,954

National

Fuel

Gas

Co.

150,034

3,114

NextEra

Energy

Partners

LP

73,304

68,005

NextEra

Energy,

Inc.

3,978,972

13,862

NiSource,

Inc.

355,422

7,490

NRG

Energy,

Inc.

358,322

6,723

OGE

Energy

Corp.

235,641

Shares

Description

Value

aa

Common

Stocks

–

(continued)

Utilities

–

(continued)

82,447

PG&E

Corp.*

$

1,415,615

3,806

Pinnacle

West

Capital

Corp.

285,222

24,789

PPL

Corp.

647,489

16,770

Public

Service

Enterprise

Group,

Inc.

1,046,951

21,157

Sempra

1,541,711

36,586

Southern

Co.

(The)

2,596,874

2,385

Southwest

Gas

Holdings,

Inc.

140,977

6,994

UGI

Corp.

153,798

12,047

Vistra

Corp.

426,584

10,595

WEC

Energy

Group,

Inc.

885,954

18,502

Xcel

Energy,

Inc.

1,125,662

33,053,026

TOTAL

COMMON

STOCKS

(Cost

$477,192,331)

1,412,506,463

Shares

Dividend

Rate

Value

aa

Investment

Company

–

0.2%

(b)

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,707,264

5.260%

2,707,264

(Cost

$2,707,264)

TOTAL

INVESTMENTS

BEFORE

SECURITIES

LENDING

REINVESTMENT

VEHICLE

(Cost

$479,899,595)

1,415,213,727

a

Securities

Lending

Reinvestment

Vehicle

–

0.1%

(b)

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

1,668,918

5.259%

1,668,918

(Cost

$1,668,918)

TOTAL

INVESTMENTS

–

99.9%

(Cost

$481,568,513)

$

1,416,882,645

OTHER

ASSETS

IN

EXCESS

OF

LIABILITIES

–

0.1%

931,901

NET

ASSETS

–

100.0%

$

1,417,814,546

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:

LP

—

Limited

Partnership

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

MARKETBETA

®

U.S.

1000

EQUITY

ETF

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Additional

Investment

Information

FUTURES

CONTRACTS

—

At

November

30,

2023,

the

Portfolio

had

the

following

futures

contracts:

Description

Number

of

Contracts

Expiration

Date

Notional

Amount

Unrealized

Appreciation/

(Depreciation)

Long

position

contracts:

E-Mini

Russell

1000

Index

28

12/15/23

$

3,510,360

$

10,851

Goldman

Sachs

MarketBeta®

ETFs

II

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.

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.

Goldman

Sachs

MarketBeta®

ETFs

II

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Exchange-traded

derivatives,

including

futures

and

options

contracts,

are

generally

valued

at

the

last

sale

or

settlement

price

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

options

without

settlement

prices

are

generally

valued

at

the

last

bid

price

for

long

positions

and

the

last

ask

price

for

short

positions

on

the

exchange

where

they

are

principally

traded.

Exchange-traded

derivatives

typically

fall

within

Level

1

of

the

fair

value

hierarchy.

Over-the-counter

(“OTC”)

and

centrally

cleared

derivatives

are

valued

using

market

transactions

and

other

market

evidence,

including

market-based

inputs

to

models,

calibration

to

market-clearing

transactions,

broker

or

dealer

quotations,

or

other

alternative

pricing

sources.

Where

models

are

used,

the

selection

of

a

particular

model

to

value

OTC

and

centrally

cleared

derivatives

depends

upon

the

contractual

terms

of,

and

specific

risks

inherent

in,

the

instrument,

as

well

as

the

availability

of

pricing

information

in

the

market.

Valuation

models

require

a

variety

of

inputs,

including

contractual

terms,

market

prices,

yield

curves,

credit

curves,

measures

of

volatility,

voluntary

and

involuntary

prepayment

rates,

loss

severity

rates

and

correlations

of

such

inputs.

For

OTC

and

centrally

cleared

derivatives

that

trade

in

liquid

markets,

model

inputs

can

generally

be

verified

and

model

selection

does

not

involve

significant

management

judgment.

OTC

and

centrally

cleared

derivatives

are

classified

within

Level

2

of

the

fair

value

hierarchy

when

significant

inputs

are

corroborated

by

market

evidence.

i.

Futures

Contracts

—

Futures

contracts

are

contracts

to

buy

or

sell

a

standardized

quantity

of

a

specified

commodity

or

security.

Upon

entering

into

a

futures

contract,

a

Fund

deposits

cash

or

securities

in

an

account

on

behalf

of

the

broker

in

an

amount

sufficient

to

meet

the

initial

margin

requirement.

Subsequent

payments

are

made

or

received

by

a

Fund

equal

to

the

daily

change

in

the

contract

value

and

are

recorded

as

variation

margin

receivable

or

payable

with

a

corresponding

offset

to

unrealized

gains

or

losses.

Underlying

Funds

(including

Money

Market

Funds)

—

Underlying

funds

(“Underlying

Funds”)

include

exchange-traded

funds

(“ETFs”)

and

other

investment

companies.

Investments

in

the

Underlying

Funds

(except

ETFs)

are

valued

at

the

NAV

per

share

on

the

day

of

valuation.

ETFs

are

valued

daily

at

the

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

the

investment

is

traded.

Because

the

Funds

invest

in

Underlying

Funds

that

fluctuate

in

value,

the

Funds’

shares

will

correspondingly

fluctuate

in

value.

Underlying

Funds

are

generally

classified

as

Level

1

of

the

fair

value

hierarchy.

To

the

extent

that

underlying

ETFs

are

actively

traded,

they

are

classified

as

Level

1

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2.

For

information

regarding

an

Underlying

Fund’s

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Fund’s

shareholder

report.

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:

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

II

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

Goldman

Sachs

MarketBeta®

Total

International

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Africa

$

3,625,969

$

—

$

—

Asia

166,573,581

2,645,930

—

Europe

130,687,948

863,357

—

North

America

48,722,386

256,358

—

Oceania

19,953,687

—

—

South

America

6,312,045

1,707,861

—

Exchange-Traded

Fund

28,302,829

—

—

Investment

Company

591,111

—

—

Securities

Lending

Reinvestment

Vehicle

1,164,110

—

—

Total

$

405,933,666

$

5,473,506

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

8,599

$

—

$

—

€

1.00

€

1.00

€

1.00

1.00

1.00

1.00

MarketBeta®

U.S.

1000

Equity

ETF

Investment

Type

Level

1

Level

2

Level

3

Assets

Common

Stock

and/or

Other

Equity

Investments

(a)

Asia

$

1,533,673

$

—

$

—

Europe

929,119

—

—

North

America

1,407,565,525

—

—

South

America

2,478,146

—

—

Investment

Company

2,707,264

—

—

Securities

Lending

Reinvestment

Vehicle

1,668,918

—

—

Total

$

1,416,882,645

$

—

$

—

€

1.00

€

1.00

€

1.00

Derivative

Type

Assets

Futures

Contracts

(b)

$

10,851

$

—

$

—

€

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.

The

Fund

utilizes

fair

value

model

prices

provided

by

an

independent

third-party

fair

value

service

for

certain

international

equity

securities

resulting

in

a

level

2

classification.

(b)

Amount

shown

represents

unrealized

gain

(loss)

at

period

end.

(c)

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

MarketBeta®

ETFs

II

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Securities

Lending

—

The

Fund

may

lend

its

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

(“BNYM”),

to

certain

qualified

borrowers.

In

accordance

with

the

Fund’s

securities

lending

procedures,

the

Fund

receives

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

Fund,

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

Fund

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Fund

may

experience

delay

in

the

recovery

of

its

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Fund

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

Statement

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

Fund

invests

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

(“Government

Money

Market

Fund”),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Fund

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

Fund

by

paying

the

Fund

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

Fund’s

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

Fund’s

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

amount

of

the

Fund’s

overnight

and

continuous

agreements,

which

represent

the

gross

amounts

of

recognized

liabilities

for

securities

lending

transactions

outstanding

as

of

November

30,

2023,

are

disclosed

as

“Payable

upon

return

of

securities

loaned”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

The

Funds’

risks

include,

but

are

not

limited

to,

the

following:

Calculation

Methodology

Risk

—

The

Index

relies

on

various

sources

of

information

to

assess

the

criteria

of

issuers

included

in

the

Index,

(or

a

Reference

Index

if

applicable)

including

fundamental

information

that

may

be

based

on

assumptions

and

estimates.

Neither

the

Fund,

the

Investment

Adviser,

nor

the

Index

Provider

can

offer

assurances

that

the

Index’s

calculation

methodology

or

sources

of

information

will

provide

a

correct

valuation

of

securities,

nor

can

they

guarantee

the

availability

or

timeliness

of

the

production

of

the

Index.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

II

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Depositary

Receipts

Risk

—

Foreign

securities

may

trade

in

the

form

of

depositary

receipts,

which

include

American

Depositary

Receipts

(“ADRs”)

and

Global

Depositary

Receipts

(“GDRs”)

(collectively

“Depositary

Receipts”).

To

the

extent

the

Fund

acquires

Depositary

Receipts

through

banks

which

do

not

have

a

contractual

relationship

with

the

foreign

issuer

of

the

security

underlying

the

Depositary

Receipts

to

issue

and

service

such

unsponsored

Depositary

Receipts,

there

may

be

an

increased

possibility

that

the

Fund

would

not

become

aware

of

and

be

able

to

respond

to

corporate

actions

such

as

stock

splits

or

rights

offerings

involving

the

foreign

issuer

in

a

timely

manner.

In

addition,

the

lack

of

information

may

result

in

inefficiencies

in

the

valuation

of

such

instruments.

Investment

in

Depositary

Receipts

does

not

eliminate

all

the

risks

inherent

in

investing

in

securities

of

non-U.S.

issuers.

The

market

value

of

Depositary

Receipts

is

dependent

upon

the

market

value

of

the

underlying

securities

and

fluctuations

in

the

relative

value

of

the

currencies

in

which

the

Depositary

Receipts

and

the

underlying

securities

are

quoted.

The

issuers

of

Depositary

Receipts

may

discontinue

issuing

new

Depositary

Receipts

and

withdraw

existing

Depositary

Receipts

at

any

time,

which

may

result

in

costs

and

delays

in

the

distribution

of

the

underlying

assets

to

the

Fund

and

may

negatively

impact

the

Fund’s

performance.

Derivatives

Risk

—

The

Funds’

use

of

derivatives

and

other

similar

instruments

(collectively

referred

to

in

this

paragraph

as

“derivatives”)

may

result

in

loss,

including

due

to

adverse

market

movements.

Derivatives,

which

may

pose

risks

in

addition

to

and

greater

than

those

associated

with

investing

directly

in

securities,

currencies

or

other

assets

and

instruments,

may

increase

market

exposure

and

be

illiquid

or

less

liquid,

volatile,

difficult

to

price

and

leveraged

so

that

small

changes

in

the

value

of

the

underlying

assets

or

instruments

may

produce

disproportionate

losses

to

the

Funds.

Certain

derivatives

are

also

subject

to

counterparty

risk,

which

is

the

risk

that

the

other

party

in

the

transaction

will

not,

or

lacks

the

capacity

or

authority

to,

fulfill

its

contractual

obligations,

liquidity

risk,

which

includes

the

risk

that

the

Funds

will

not

be

able

to

exit

the

derivative

when

it

is

advantageous

to

do

so,

and

risks

arising

from

margin

requirements,

which

include

the

risk

that

the

Fund

will

be

required

to

pay

additional

margin

or

set

aside

additional

collateral

to

maintain

open

derivative

positions.

The

use

of

derivatives

is

a

highly

specialized

activity

that

involves

investment

techniques

and

risks

different

from

those

associated

with

investments

in

more

traditional

securities

and

instruments.

Losses

from

derivatives

can

also

result

from

a

lack

of

correlation

between

changes

in

the

value

of

derivative

instruments

and

the

portfolio

assets

(if

any)

being

hedged.

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

the

Fund’s

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Geographic

Risk

—

If

the

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

II

Schedule

of

Investments

(continued)

November

30,

2023

(Unaudited)

Index

Risk

—

Solactive

AG

(the

“Index

Provider”)

constructs

each

Fund’s

Index

in

accordance

with

a

rules-based

methodology.

The

Funds

will

be

negatively

affected

by

general

declines

in

the

securities

and

asset

classes

represented

in

its

Index.

In

addition,

because

the

Funds

are

not

“actively”

managed,

unless

a

specific

security

is

removed

from

an

Index,

a

Fund

generally

would

not

sell

a

security

because

the

security’s

issuer

was

in

financial

trouble.

Market

disruptions

and

regulatory

restrictions

could

have

an

adverse

effect

on

a

Fund’s

ability

to

adjust

its

exposure

to

the

required

levels

in

order

to

track

the

Index.

A

Fund

also

does

not

attempt

to

take

defensive

positions

under

any

market

conditions,

including

declining

markets.

Therefore,

a

Fund’s

performance

could

be

lower

than

funds

that

may

actively

shift

their

portfolio

assets

to

take

advantage

of

market

opportunities

or

to

lessen

the

impact

of

a

market

decline

or

a

decline

in

the

value

of

one

or

more

issuers.

The

Index

Provider

relies

on

third

party

data

it

believes

to

be

reliable

in

constructing

each

Index,

but

it

does

not

guarantee

the

accuracy

or

availability

of

such

third

party

data.

Errors

in

index

data,

index

computation

or

the

construction

of

an

Index

in

accordance

with

its

methodology

may

occur

from

time

to

time

and

may

not

be

identified

and

corrected

by

the

Index

Provider

for

a

period

of

time

or

at

all,

which

may

have

an

adverse

impact

on

the

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

—

Concentrating

Fund

investments

in

a

limited

number

of

issuers

conducting

business

in

the

same

industry

or

group

of

industries

will

subject

the

Fund

to

a

greater

risk

of

loss

as

a

result

of

adverse

economic,

business,

political,

environmental

or

other

developments

than

if

its

investments

were

diversified

across

different

industries.

Large

Shareholder

Transactions

Risk

–

A

Fund

may

experience

adverse

effects

when

certain

large

shareholders,

such

as

other

funds,

institutional

investors

(including

those

trading

by

use

of

non-discretionary

mathematical

formulas),

financial

intermediaries

(who

may

make

investment

decisions

on

behalf

of

underlying

clients

and/or

include

a

Fund

in

their

investment

model),

individuals,

accounts

and

Goldman

Sachs

affiliates,

purchase

or

redeem

large

amounts

of

shares

of

a

Fund.

Such

large

shareholder

redemptions,

which

may

occur

rapidly

or

unexpectedly,

may

cause

a

Fund

to

sell

portfolio

securities

at

times

when

it

would

not

otherwise

do

so,

which

may

negatively

impact

a

Fund’s

NAV

and

liquidity.

These

transactions

may

also

accelerate

the

realization

of

taxable

income

to

shareholders

if

such

sales

of

investments

resulted

in

gains,

and

may

also

increase

transaction

costs.

In

addition,

a

large

redemption

could

result

in

a

Fund’s

current

expenses

being

allocated

over

a

smaller

asset

base,

leading

to

an

increase

in

the

Fund’s

expense

ratio.

Similarly,

large

Fund

share

purchases

may

adversely

affect

a

Fund’s

performance

to

the

extent

that

the

Fund

is

delayed

in

investing

new

cash

or

otherwise

maintains

a

larger

cash

position

than

it

ordinarily

would.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

the

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

the

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,

acts

of

terrorism,

social

unrest,

natural

disasters,

the

spread

of

infectious

illness

or

other

public

health

threats

could

also

significantly

impact

the

Fund

and

its

investments.

Additionally,

the

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

—

The

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

sustain

losses.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund’s

Index

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Mid-Cap

Risk

—

Investments

in

mid-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

Goldman

Sachs

MarketBeta®

ETFs

II

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).

Seed

investors

may

contribute

cash

and/or

securities

in

kind

and

such

seed

investment

may

constitute

all

or

a

majority

of

the

assets

in

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.

The

form

of

a

seed

investor’s

contribution

and

any

redemption

activity

by

a

seed

investor

can

affect,

including

adversely,

the

tax

efficiency

of

the

Fund.

For

more

information,

see

the

section

entitled

Tax

Advantaged

Product

Structure

in

the

Prospectus.

Tracking

Error

Risk

—

Tracking

error

is

the

divergence

of

the

Fund’s

performance

from

that

of

its

Index.

The

performance

of

the

Fund

may

diverge

from

that

of

its

Index

for

a

number

of

reasons.

Tracking

error

may

occur

because

of

transaction

costs,

the

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

the

Fund,

the

returns

of

the

Index

are

not

reduced

by

investment

and

other

operating

expenses,

including

the

trading

costs

associated

with

implementing

changes

to

its

portfolio

of

investments.

Tracking

error

risk

may

be

heightened

during

times

of

market

volatility

or

other

unusual

market

conditions.

NOTES

TO

THE

SCHEDULE

OF

INVESTMENTS

(continued)

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