Entrepreneurial finance HW

Goldman Sachs Funds

Annual Report August 31, 2018

JUST U.S. Large Cap Equity ETF

Goldman Sachs JUST U.S. Large Cap Equity ETF

T A B L E O F C O N T E N T S

Investment Process 1

Portfolio Results and Fund Basics 3

Schedule of Investments 8

Financial Statements 13

Financial Highlights 16

Notes to Financial Statements 17

Report of Independent Registered Public Accounting Firm 24

Other Information 25

NOT FDIC-INSURED May Lose Value No Bank Guarantee

I N V E S T M E N T P R O C E S S

Goldman Sachs JUST U.S. Large Cap Equity ETF

Principal Investment Strategies The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide

investment results that closely correspond, before fees and expenses, to the performance of the

JUST US Large Cap Diversified Index (the “Index”).

The Fund seeks to achieve its investment objective by investing at least 80% of its assets

(exclusive of collateral held from securities lending) in securities included in its underlying

index, in depositary receipts representing securities included in its underlying index and in

underlying stocks in respect of depositary receipts included in its underlying index.

The Index is designed to deliver exposure to equity securities of large capitalization U.S.

issuers that engage in “just business behavior” based on rankings produced by JUST Capital

Foundation, Inc. (the “Index Provider”). The Index Provider publishes an annual ranking of

issuers in the Russell 1000® Index (the “Reference Index”) based on its quantitative

performance assessment of seven issue areas: how they treat their workers, their customers,

the communities they interact with, the environment, and their shareholders, their commitment

to making quality and beneficial products, and job creation.

The Index Provider seeks to encourage greater accountability in the business community and

drive positive change among large publicly-traded U.S. corporations by (a) defining business

behaviors that the American public cares most about (through extensive qualitative and

quantitative survey research), (b) developing metrics that correspond to these issues in

accordance with a robust, transparent methodology, (c) ranking the largest publicly-traded

U.S. companies on the basis of these metrics, and (d) developing tools and products that allow

investors to direct capital towards more “just” companies.

The Index is a market capitalization-weighted index that consists of the top-ranked 50% of

companies in the Reference Index by industry, based on the most recent rankings by the Index

Provider. On the annual Index reconstitution date, Index constituent weights are adjusted such

that the Index is industry neutral and matches the Reference Index’s industry weights, based

on the Industry Classification Benchmark (“ICB”) industry classification.

As of May 10, 2018, the Index consisted of 437 securities with a market capitalization range

of between approximately $1.8 billion and $927 billion. The Index is reconstituted annually in

December and rebalanced in March, June and September on dates corresponding to the

rebalance dates for the Reference Index. The components of the Index may change over time.

The Index Provider determines whether an issuer is a U.S. issuer by reference to the index

methodology of the Reference Index. FTSE Russell, which constructs the Reference Index,

will deem an issuer to be a U.S. issuer if it is incorporated in, has a stated headquarters in, and

trades in the U.S.; if any of these do not match, the Reference Index methodology provides for

consideration of certain additional factors.

Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors.

The Fund seeks to invest in the Index components in approximately the same weighting that

such components have within the Index at the applicable time. However, under various

circumstances, it may not be possible or practicable to purchase all of the securities in the

Index in the approximate Index weight. In these circumstances, the Fund may purchase a

sample of securities in the Index. There may also be instances in which the Investment

Adviser may choose to underweight or overweight a security in the Fund’s Index, purchase

1

I N V E S T M E N T P R O C E S S

securities not in the Fund’s Index that the Investment Adviser believes are appropriate to

substitute for certain securities in such Index or utilize various combinations of other available

investment techniques.

The Index is calculated by Frank Russell Company (“Russell” or the “Calculation Agent”) in

accordance with the methodology and constituent list developed and provided by the Index

Provider.

The Fund may concentrate its investments (i.e., hold more than 25% of its total assets) in a

particular industry or group of industries to the extent that the Index is concentrated. The

degree to which components of the Index represent certain sectors or industries may change

over time.

The Fund may lend securities representing up to one-third of the value of the Fund’s total

assets (including the value of any collateral received).

For a complete overview of and more in-depth information about the Index Provider’s

processes, please view its Full Ranking Methodology and Survey Research Appendices at

https://justcapital.com/methodology/full-ranking-methodology/.

* * *

At the end of the Reporting Period, i.e., from Fund commencement on June 7, 2018 through

August 31, 2018, we believed a focus on just business behavior via a data-driven approach

may provide a suitable core U.S. equity allocation for investors seeking to encourage greater

accountability in the business community through their investments. The Fund’s data-driven

approach collects and analyzes data from a diverse range of sources, utilizing more than

120,000 data points across 85 unique metrics to score the performance of Russell 1000® Index

companies. These companies are scored across a variety of issues, including worker treatment,

customer concerns and environment impacts to provide broad market exposure.

2

P O R T F O L I O R E S U L T S

Goldman Sachs JUST U.S. Large Cap Equity ETF

Investment Objective

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) seeks to provide investment results that closely

correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index (the “Index”).

Portfolio Management Discussion and Analysis Below, the Goldman Sachs Quantitative Investment Strategies Team discusses the Fund’s performance and positioning

for the period from its commencement of operations on June 7, 2018 through August 31, 2018 (the “Reporting

Period”).

Q How did the Fund perform during the Reporting Period?

A During the Reporting Period, the Fund returned 5.11% based on net asset value (“NAV”) and 5.10% based on market

price1. The Index returned 5.17%, and the Russell 1000®

Index (Total Return, USD) (“Russell 1000® Index”), a

market-cap based index against which the performance of the

Fund is measured, returned 5.11% during the same period.

The Fund had an NAV of $40.08 on the date of inception and

ended the Reporting Period with an NAV of $42.13 per share. The

Fund’s market price on August 31, 2018 was $42.13 per share.

Q What key factors were responsible for the Fund’s performance during the Reporting Period?

A The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of

the Index. The Fund’s performance reflects Fund expenses,

including management fees and brokerage expenses. The

Fund’s relative performance also reflects the impact of any

cash held in the Fund as well as any other differences

between the Fund’s holdings and the constituents of the

Index. The Index is unmanaged, and Index returns do not

reflect fees and expenses, which would reduce returns.

The Index’s performance is compared to that of the Russell

1000® Index below. Given the Fund’s investment objective of attempting to track the Index, the Fund does not follow traditional methods of active investment management, which may involve buying and selling securities based upon analysis of economic and market factors. The Fund does not follow a strategy of seeking to outperform the Russell 1000® Index.

During the Reporting Period, the Index posted solid absolute

gains that modestly outperformed the Russell 1000® Index.

The Fund closely tracked the Russell 1000® Index during the

Reporting Period, as measured by NAV.

Q Which sectors contributed most positively to the Index’s relative performance during the Reporting Period, and which detracted most?

A Index constituents in the information technology, consumer discretionary and health care sectors contributed most

positively to the Index’s results relative to the Russell 1000®

Index during the Reporting Period. Index constituents in the

industrials, real estate and telecommunication services

sectors detracted most from the Index’s results relative to the

Russell 1000® Index during the Reporting Period.

Q Which individual stock positions contributed the most to the Index’s relative returns during the Reporting Period?

A Relative to the Russell 1000® Index, overweight positions in information technology giant Apple, e-commerce retailing

leader Amazon.com and software behemoth Microsoft

contributed most positively (4.71%, 4.61% and 3.58% of

Fund net assets as of August 31, 2018, respectively). Each of

these companies posted a double-digit positive return within

the Index during the Reporting Period.

Q Which individual positions detracted from the Index’s results during the Reporting Period?

A Relative to the Russell 1000® Index, underweight positions in media company Comcast, medical equipment and device

manufacturer Illumina and drug developer Vertex

1 The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for period from commencement of investment operations to the first day of secondary market trading to calculate the market price returns.

3

P O R T F O L I O R E S U L T S

Pharmaceuticals detracted most (0.00%2, 0.00%2 and 0.00%2

of Fund net assets as of August 31, 2018, respectively). Each

of these companies generated gains within the Russell 1000®

Index but were not components of the Index during the

Reporting Period.

Q How did the Fund use derivatives and similar instruments during the Reporting Period?

A The Fund did not invest in derivatives or similar instruments during the Reporting Period. The Fund does not employ

derivatives as a source of alpha generation, although it may

use them to equitize excess cash.

Q What was the Fund’s sector positioning relative to the Index and the Russell 1000® Index at the end of the Reporting Period?3

Sector Name Fund4

JUST US Large Cap Diversified Index

Russell 1000® Index

Information Technology 27.4% 27.5% 26.2%

Financials 14.8 14.9 13.9

Health Care 13.4 13.4 14.2

Consumer Discretionary 12.7 12.8 13.0

Industrials 10.2 10.2 9.9

Consumer Staples 7.0 7.0 6.3

Energy 5.7 5.7 5.7

Materials 2.7 2.7 2.8

Utilities 2.7 2.7 2.8

Telecommunication Services 1.8 1.8 1.9 Real Estate 1.2 1.2 3.4

2 Some weights are 0.00% at August 31, 2018 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Reporting Period as they did not meet the Fund’s investment criteria.

3 Sector classifications for securities may differ between the above listing and the Schedule of Investments due to differing classification methodologies. The classification methodology used for the above listing is as set forth by GICS. The Fund’s composition may differ over time. Consequently, the Fund’s overall sector allocations may differ from percentages contained in the chart above. The percentage shown for each investment category reflects the value of investments in that category as a percentage of market value (excluding investments in the securities lending reinvestment vehicle, if any). Investments in the securities lending vehicle represented less than 0.05% of the Fund’s net assets as of August 31, 2018. Figures above may not sum to 100% due to rounding.

4 The Fund seeks to provide investment results that closely correspond, before fees and expenses, to the performance of the JUST US Large Cap Diversified Index.

4

F U N D B A S I C S

Goldman Sachs JUST U.S. Large Cap Equity ETF as of August 31, 2018

ETF TICKER

JUST

Assets Under Management

$272.8 Million

427

Number of Holdings

F U N D S N A P S H O T

As of August 31, 2018

Market Price1 $42.13 Net Asset Value (NAV)1 $42.13

1 The Market Price is the price at which the Fund’s shares are trading on the NYSE Arca, Inc. The Market Price of the Fund’s shares will fluctuate and, at the time of sale, shares may be worth more or less than the original investment or the Fund’s then current net asset value (“NAV”). The NAV is the market value of one share of the Fund. This amount is derived by dividing the total value of all the securities in the Fund’s portfolio, plus other assets, less any liabilities, by the number of Fund shares outstanding. Fund shares are not individually redeemable and are issued and redeemed by the Fund at their NAV only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Information regarding how often shares of the Fund traded on NYSE Arca at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund can be found at www.GSAMFUNDS.com.

P E R F O R M A N C E R E V I E W

June 7, 2018– August 31, 2018

Fund Total Return (based on NAV)2

Fund Total Return (based on Market Price)2

JUST US Large Cap Diversified

Index3 Russell 1000® Index4

Shares 5.11% 5.10% 5.17% 5.11%

2 Total returns are calculated assuming purchase of a share at the market price or NAV on the first day and sale of a share at the market price or NAV on the last day of each period reported. The Total Returns based on NAV and Market Price assume the reinvestment of dividends and do not reflect brokerage commissions in connection with the purchase or sale of Fund shares, which if included would lower the performance shown above. The NAV used in the Total Return calculation assumes all management fees and operating expenses incurred by the Fund. Market Price returns are based upon the last trade at 4:00 pm EST and do not reflect the returns you would receive if you traded shares at other times. The first day of secondary market trading is typically several days after the date on which the Fund commenced investment operations; therefore, the NAV of the Fund is used as a proxy for the period from inception of investment operations to the first day of secondary market trading to calculate the Market Price returns. Total returns for periods less than one full year are not annualized.

3 “JUST” and “JUST Capital” are trademarks of JUST Capital Foundation, Inc. or its affiliates and have been licensed for use in connection with the issuance and distribution of the Goldman Sachs JUST U.S. Large Cap Equity ETF. JUST Capital Foundation, Inc. and its affiliates do not in any way recommend the purchase, sale or holding of any security based on the JUST US Large Cap Diversified Index including the Goldman Sachs JUST U.S. Large Cap Equity ETF, or have any involvement in their operations or distribution. JUST Capital Foundation, Inc., its affiliates, calculation agent, and data providers expressly disclaim all representations, warranties, and liabilities relating to or in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose). Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index. Russell does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. In no event shall any Russell party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation, lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index.

4 The Russell 1000® Index is an index of approximately 1,000 of the largest companies in the U.S. equity market. The Russell 1000® is a subset of the Russell 3000® Index. It represents the top companies by market capitalization. The Russell 1000® typically comprises approximately 90% of the total market capitalization of all listed U.S. stocks. It is considered a bellwether index for large cap investing.

The returns set forth in the tables above represent past performance. Past performance does not guarantee future results. The Fund’s investment returns and principal value will fluctuate so that an investor’s shares, when sold or redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance quoted above. Please visit our web site at www.GSAMFUNDS.com to obtain the most recent month-end returns. Returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale or redemption of Fund shares.

5

F U N D B A S I C S

E X P E N S E R A T I O S 5

Expense Ratio

Shares 0.20%

5 The expense ratio of the Fund is as set forth above according to the most recent publicly available Prospectus for the Fund and may differ from the expense ratio disclosed on the Financial Highlights in this report.

T O P T E N H O L D I N G S A S O F 8 / 3 1 / 1 8 6

Holding % of Net Assets Line of Business

Apple, Inc. 4.7% Information Technology Amazon.com, Inc. 4.6 Consumer Discretionary Microsoft Corp. 3.6 Information Technology JPMorgan Chase & Co. 2.1 Financials Facebook, Inc., Class A 1.8 Information Technology Johnson & Johnson 1.7 Health Care Bank of America Corp. 1.6 Financials Exxon Mobil Corp. 1.6 Energy Alphabet, Inc., Class C 1.6 Information Technology Alphabet, Inc., Class A 1.5 Information Technology

6 The top 10 holdings may not be representative of the Fund’s future investments.

6

F U N D B A S I C S

Industry Terms

Alpha: The excess returns of a fund relative to the return of a benchmark index is the fund’s alpha.

7

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Schedule of Investments August 31, 2018

Shares Description Value

Common Stocks – 99.6%

Consumer Discretionary – 12.7% 6,246 Amazon.com, Inc.* $ 12,571,387 3,886 Aptiv PLC 342,007 3,748 Aramark 153,968

848 AutoNation, Inc.* 38,457 415 AutoZone, Inc.* 318,255

3,710 Best Buy Co., Inc. 295,168 740 Booking Holdings, Inc.* 1,444,147

3,072 BorgWarner, Inc. 134,461 2,730 CarMax, Inc.* 213,076 6,227 Carnival Corp. 382,898 2,359 Discovery, Inc., Class A*(a) 65,651 5,292 Discovery, Inc., Class C* 135,687 1,848 Expedia Group, Inc. 241,164

57,360 Ford Motor Co. 543,773 3,355 Gap, Inc. (The) 101,824 1,305 Garmin Ltd. 88,923

19,249 General Motors Co. 693,926 2,099 Genuine Parts Co. 209,585 3,208 H&R Block, Inc. 86,808 5,263 Hanesbrands, Inc. 92,313 1,677 Hasbro, Inc. 166,543 4,290 Hilton Worldwide Holdings, Inc. 332,990

670 Hyatt Hotels Corp., Class A 51,831 5,896 Interpublic Group of Cos., Inc. (The) 137,672

683 John Wiley & Sons, Inc., Class A 44,088 2,566 Kohl’s Corp. 202,996 3,563 L Brands, Inc. 94,170 5,483 Las Vegas Sands Corp. 358,698

975 Lear Corp. 158,145 4,157 Lennar Corp., Class A 214,792

230 Lennar Corp., Class B 9,701 2,115 Live Nation Entertainment, Inc.* 105,073

12,692 Lowe’s Cos., Inc. 1,380,255 1,444 Lululemon Athletica, Inc.* 223,719 4,694 Macy’s, Inc. 171,566 4,495 Marriott International, Inc., Class A 568,483 5,051 Mattel, Inc.*(a) 77,937 7,974 MGM Resorts International 231,166 6,405 Netflix, Inc.* 2,354,990

18,445 NIKE, Inc., Class B 1,516,179 1,806 Nordstrom, Inc. 113,507 3,457 Omnicom Group, Inc. 239,639 1,236 O’Reilly Automotive, Inc.* 414,579

543 Penske Automotive Group, Inc. 28,578 575 Pool Corp. 94,449

3,810 PulteGroup, Inc. 106,490 1,121 PVH Corp. 160,482 2,590 Royal Caribbean Cruises Ltd. 317,482

20,640 Starbucks Corp. 1,103,208 4,229 Tapestry, Inc. 214,368 8,241 Target Corp. 721,088 1,896 Tiffany & Co. 232,544 2,068 Toll Brothers, Inc. 74,924 1,870 Tractor Supply Co. 165,084 1,596 TripAdvisor, Inc.*(a) 86,679

875 Ulta Beauty, Inc.* 227,500 4,750 VF Corp. 437,618

Shares Description Value

Common Stocks – (continued)

Consumer Discretionary – (continued) 157 Viacom, Inc., Class A $ 5,291

5,422 Viacom, Inc., Class B 158,756 436 Visteon Corp.* 48,130

22,906 Walt Disney Co. (The) 2,565,930 821 Wayfair, Inc., Class A* 110,975

1,018 Whirlpool Corp. 127,230 1,504 Wyndham Destinations, Inc. 66,477 1,504 Wyndham Hotels & Resorts, Inc. 85,352 1,577 Wynn Resorts Ltd. 233,932

34,694,764

Consumer Staples – 7.0% 8,207 Archer-Daniels-Midland Co. 413,633

754 Brown-Forman Corp., Class A 39,691 4,502 Brown-Forman Corp., Class B 235,094 2,602 Campbell Soup Co. 102,649 1,903 Clorox Co. (The) 275,897

56,237 Coca-Cola Co. (The) 2,506,483 12,525 Colgate-Palmolive Co. 831,785 2,307 Constellation Brands, Inc., Class A 480,317 6,714 Costco Wholesale Corp. 1,565,235 3,198 Estee Lauder Cos., Inc. (The), Class A 448,104 8,714 General Mills, Inc. 400,931 2,061 Hershey Co. (The) 207,172 3,985 Hormel Foods Corp. 156,013 1,056 Ingredion, Inc. 106,730 1,614 JM Smucker Co. (The) 166,855 3,646 Kellogg Co. 261,746 5,122 Kimberly-Clark Corp. 591,796 1,786 McCormick & Co., Inc. 223,036 2,550 Molson Coors Brewing Co., Class B 170,187

21,290 Mondelez International, Inc., Class A 909,509 20,826 PepsiCo, Inc. 2,332,720 37,011 Procter & Gamble Co. (The) 3,070,062 7,313 Sysco Corp. 547,159

12,997 Walgreens Boots Alliance, Inc. 891,074 21,921 Walmart, Inc. 2,101,347

19,035,225

Energy – 5.7% 1,795 Andeavor 274,258 3,074 Antero Resources Corp.* 56,900

990 Apergy Corp.* 44,768 5,304 Baker Hughes a GE Co. 174,873 2,660 Cheniere Energy, Inc.* 178,034

24,289 Chevron Corp. 2,877,275 1,201 Cimarex Energy Co. 101,460 2,480 Concho Resources, Inc.* 340,132

14,929 ConocoPhillips 1,096,236 1,110 Continental Resources, Inc.* 73,204 6,659 Devon Energy Corp. 285,871 7,367 EOG Resources, Inc. 871,000

54,030 Exxon Mobil Corp. 4,331,585 11,129 Halliburton Co. 443,936 1,350 Helmerich & Payne, Inc. 88,519 3,462 Hess Corp. 233,131 2,063 HollyFrontier Corp. 153,735

8 The accompanying notes are an integral part of these financial statements.

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Shares Description Value

Common Stocks – (continued)

Energy – (continued) 3,026 Kosmos Energy Ltd. (Ghana)* $ 27,355

10,844 Marathon Oil Corp. 233,254 4,869 National Oilwell Varco, Inc. 229,184 5,221 ONEOK, Inc. 344,116 5,362 Phillips 66 635,451 3,011 QEP Resources, Inc.* 30,020

17,674 Schlumberger Ltd. 1,116,290 1,409 SM Energy Co. 42,397 5,486 Valero Energy Corp. 646,690

15,561 Williams Cos., Inc. (The) 460,450 5,053 WPX Energy, Inc.* 96,361

15,486,485

Financials – 14.8% 11,333 Aflac, Inc. 524,038

219 Alleghany Corp. 138,360 5,204 Allstate Corp. (The) 523,366 9,792 American Express Co. 1,037,756

13,328 American International Group, Inc. 708,650 2,139 Ameriprise Financial, Inc. 303,652 3,618 Aon PLC 526,636 2,670 Arthur J Gallagher & Co. 192,614 1,632 Assured Guaranty Ltd. 66,488

140,191 Bank of America Corp. 4,336,108 614 Bank of Hawaii Corp. 51,042

13,862 Bank of New York Mellon Corp. (The) 722,903 11,546 BB&T Corp. 596,466 1,826 BlackRock, Inc. 874,764 7,184 Capital One Financial Corp. 711,863

17,818 Charles Schwab Corp. (The) 904,976 37,841 Citigroup, Inc. 2,695,793 5,034 CME Group, Inc. 879,591

422 CNA Financial Corp. 18,948 2,541 Comerica, Inc. 247,697 1,402 Commerce Bancshares, Inc. 99,626

844 Cullen/Frost Bankers, Inc. 93,591 5,163 Discover Financial Services 403,334 1,717 Eaton Vance Corp. 90,537

361 Erie Indemnity Co., Class A 44,594 579 FactSet Research Systems, Inc. 132,817

10,155 Fifth Third Bancorp 298,862 2,376 First Republic Bank 241,378 5,247 Goldman Sachs Group, Inc. (The)(b) 1,247,789

624 Hanover Insurance Group, Inc. (The) 76,434 5,294 Hartford Financial Services Group, Inc.

(The) 266,659 16,235 Huntington Bancshares, Inc. 263,169 6,007 Invesco Ltd. 144,769

50,257 JPMorgan Chase & Co. 5,758,447 15,657 KeyCorp 329,893 1,242 Legg Mason, Inc. 38,750 3,234 Lincoln National Corp. 212,086 7,521 Marsh & McLennan Cos., Inc. 636,502

12,799 MetLife, Inc. 587,346 2,474 Moody’s Corp. 440,421

19,825 Morgan Stanley 968,055 278 Morningstar, Inc. 39,565

Shares Description Value

Common Stocks – (continued)

Financials – (continued) 1,304 MSCI, Inc. $ 235,059 3,108 Northern Trust Corp. 333,986 6,960 PNC Financial Services Group, Inc. (The) 999,038 1,554 Popular, Inc. (Puerto Rico) 78,228 4,189 Principal Financial Group, Inc. 231,191 8,594 Progressive Corp. (The) 580,353 6,226 Prudential Financial, Inc. 611,704 1,949 Raymond James Financial, Inc. 181,335

16,636 Regions Financial Corp. 323,737 958 Reinsurance Group of America, Inc. 136,850

3,723 S&P Global, Inc. 770,847 801 Signature Bank 92,708

5,374 State Street Corp. 467,054 783 SVB Financial Group* 252,713

3,498 T Rowe Price Group, Inc. 405,383 735 TFS Financial Corp.(a) 11,348

3,999 Travelers Cos., Inc. (The) 526,268 3,104 Unum Group 114,476

22,806 US Bancorp 1,234,033 2,502 Voya Financial, Inc. 125,275 1,351 Webster Financial Corp. 88,328

65,156 Wells Fargo & Co. 3,810,323 1,403 WR Berkley Corp. 109,799 3,738 XL Group Ltd. (Bermuda) 214,524

40,410,895

Health Care – 13.4% 21,911 Abbott Laboratories 1,464,531 20,338 AbbVie, Inc. 1,952,041 4,098 Aetna, Inc. 820,706 4,645 Agilent Technologies, Inc. 313,723

651 Agios Pharmaceuticals, Inc.* 52,549 8,481 Amgen, Inc. 1,694,589 3,274 Anthem, Inc. 866,726 6,407 Baxter International, Inc. 476,489 2,695 Biogen, Inc.* 952,656

20,948 Bristol-Myers Squibb Co. 1,268,401 4,767 Cardinal Health, Inc. 248,790 9,263 Celgene Corp.* 874,890 2,596 Centene Corp.* 380,262 3,025 Cigna Corp. 569,729

15,613 CVS Health Corp. 1,174,722 1,736 DaVita, Inc.* 120,287 2,861 DENTSPLY SIRONA, Inc. 114,211 2,684 Edwards Lifesciences Corp.* 387,140

12,336 Eli Lilly & Co. 1,303,298 16,577 Gilead Sciences, Inc. 1,255,376 3,549 HCA Healthcare, Inc. 475,956 1,965 Henry Schein, Inc.* 152,641

843 Hill-Rom Holdings, Inc. 81,999 1,763 Humana, Inc. 587,537 1,096 IDEXX Laboratories, Inc.* 278,428 2,247 Incyte Corp.* 166,076

34,384 Johnson & Johnson 4,631,181 3,163 McKesson Corp. 407,236

17,331 Medtronic PLC 1,670,882 34,488 Merck & Co., Inc. 2,365,532

The accompanying notes are an integral part of these financial statements. 9

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Schedule of Investments (continued) August 31, 2018

Shares Description Value

Common Stocks – (continued)

Health Care – (continued) 355 Mettler-Toledo International, Inc.* $ 207,483

1,136 Neurocrine Biosciences, Inc.* 139,671 74,309 Pfizer, Inc. 3,085,310 1,020 Regeneron Pharmaceuticals, Inc.* 414,885 1,799 ResMed, Inc. 200,427 1,367 Seattle Genetics, Inc.* 104,931

494 TESARO, Inc.* 16,030 5,137 Thermo Fisher Scientific, Inc. 1,228,257

548 United Therapeutics Corp.* 67,399 12,241 UnitedHealth Group, Inc. 3,286,219 1,174 Varian Medical Systems, Inc.* 131,512

996 Waters Corp.* 188,722 569 WellCare Health Plans, Inc.* 172,162 939 West Pharmaceutical Services, Inc. 109,910

36,461,502

Industrials – 10.1% 8,316 3M Co. 1,754,011

961 AGCO Corp. 57,333 1,843 Alaska Air Group, Inc. 124,384 6,493 American Airlines Group, Inc. 262,837 2,047 AO Smith Corp. 118,890 6,230 Arconic, Inc. 139,427 7,919 Boeing Co. (The) 2,714,554 1,437 BWX Technologies, Inc. 88,117 8,367 Caterpillar, Inc. 1,161,758 3,110 Copart, Inc.* 200,004

12,002 CSX Corp. 890,068 2,198 Cummins, Inc. 311,676 4,665 Deere & Co. 670,827 9,947 Delta Air Lines, Inc. 581,700 2,180 Dover Corp. 187,197

568 Dun & Bradstreet Corp. (The) 81,179 6,295 Eaton Corp. PLC 523,366 9,046 Emerson Electric Co. 694,100 1,772 Equifax, Inc. 237,395 3,570 FedEx Corp. 870,901 2,021 Fluor Corp. 116,026 2,093 Fortune Brands Home & Security, Inc. 110,887 3,732 General Dynamics Corp. 721,769

124,286 General Electric Co. 1,608,261 2,380 Graco, Inc. 111,884 1,287 Hexcel Corp. 85,096

786 Hubbell, Inc. 99,319 625 Huntington Ingalls Industries, Inc. 152,794

1,101 IDEX Corp. 168,684 5,767 IHS Markit Ltd.* 317,185 4,885 Illinois Tool Works, Inc. 678,429 3,569 Ingersoll-Rand PLC 361,504 1,259 ITT, Inc. 74,419 1,899 Jacobs Engineering Group, Inc. 138,038 1,256 JB Hunt Transport Services, Inc. 151,662

13,314 Johnson Controls International PLC 502,870 528 Lennox International, Inc. 117,644

3,578 Lockheed Martin Corp. 1,146,427 948 ManpowerGroup, Inc. 88,856

4,455 Masco Corp. 169,156

Shares Description Value

Common Stocks – (continued)

Industrials – (continued) 643 MSC Industrial Direct Co., Inc., Class A $ 54,964

5,471 Nielsen Holdings PLC 142,246 4,073 Norfolk Southern Corp. 708,050 2,332 Northrop Grumman Corp. 696,079

951 Old Dominion Freight Line, Inc. 144,932 1,577 Owens Corning 89,290 1,907 Parker-Hannifin Corp. 334,869 4,140 Raytheon Co. 825,682 1,803 Rockwell Automation, Inc. 326,271 2,360 Rockwell Collins, Inc. 320,842 1,463 Roper Technologies, Inc. 436,515

750 Ryder System, Inc. 57,630 822 Snap-on, Inc. 145,313

8,267 Southwest Airlines Co. 506,767 2,272 Stanley Black & Decker, Inc. 319,284

981 Terex Corp. 38,014 989 Timken Co. (The) 48,115

11,112 Union Pacific Corp. 1,673,689 9,953 United Parcel Service, Inc., Class B 1,223,025 1,205 United Rentals, Inc.* 187,823 1,177 USG Corp.* 50,729 2,311 Verisk Analytics, Inc.* 275,217

659 WW Grainger, Inc. 233,332 2,581 Xylem, Inc. 195,924

27,625,236

Information Technology – 27.4% 9,273 Accenture PLC, Class A 1,567,786

11,071 Activision Blizzard, Inc. 798,219 5,644 Adobe Systems, Inc.* 1,487,250

10,413 Advanced Micro Devices, Inc.* 262,095 1,899 Akamai Technologies, Inc.* 142,691

697 Alliance Data Systems Corp. 166,290 3,427 Alphabet, Inc., Class A* 4,221,379 3,491 Alphabet, Inc., Class C* 4,252,701 4,232 Analog Devices, Inc. 418,333

56,459 Apple, Inc. 12,851,762 12,047 Applied Materials, Inc. 518,262 1,254 Arrow Electronics, Inc.* 97,223 2,518 Autodesk, Inc.* 388,653 6,349 Automatic Data Processing, Inc. 931,716 1,691 Avnet, Inc. 81,844 2,041 Booz Allen Hamilton Holding Corp. 104,418 1,694 Broadridge Financial Solutions, Inc. 228,927 3,599 CA, Inc. 157,636

55,352 Cisco Systems, Inc. 2,644,165 1,551 Citrix Systems, Inc.* 176,845 6,698 Cognizant Technology Solutions Corp.,

Class A 525,324 931 Dolby Laboratories, Inc., Class A 65,347

14,360 eBay, Inc.* 497,000 4,424 Electronic Arts, Inc.* 501,726

703 F5 Networks, Inc.* 132,951 27,292 Facebook, Inc., Class A* 4,796,023 1,043 First Solar, Inc.* 54,319 5,902 Fiserv, Inc.* 472,573 1,016 Gartner, Inc.* 152,156

10 The accompanying notes are an integral part of these financial statements.

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Shares Description Value

Common Stocks – (continued)

Information Technology – (continued) 921 Guidewire Software, Inc.* $ 92,625

17,812 Hewlett Packard Enterprise Co. 294,432 53,546 Intel Corp. 2,593,233 10,548 International Business Machines Corp. 1,545,071 2,800 Intuit, Inc. 614,516

519 IPG Photonics Corp.* 91,074 2,408 Jabil, Inc. 71,180 1,106 Jack Henry & Associates, Inc. 175,235 3,958 Juniper Networks, Inc. 112,526 2,692 Keysight Technologies, Inc.* 174,684 1,789 KLA-Tencor Corp. 207,900 1,637 Leidos Holdings, Inc. 115,850

13,626 Mastercard, Inc., Class A 2,937,221 13,278 Micron Technology, Inc.* 697,361 86,993 Microsoft Corp. 9,771,924 1,857 Motorola Solutions, Inc. 238,365 1,589 National Instruments Corp. 75,875 3,079 NetApp, Inc. 267,288 6,682 NVIDIA Corp. 1,875,504

32,975 Oracle Corp. 1,601,926 4,625 Paychex, Inc. 338,781

17,128 PayPal Holdings, Inc.* 1,581,428 17,014 QUALCOMM, Inc. 1,169,032 3,665 Sabre Corp. 95,693 8,096 salesforce.com, Inc.* 1,236,097 3,283 Square, Inc., Class A* 291,005 7,094 Symantec Corp. 143,015 1,700 Synopsys, Inc.* 173,638 1,655 Take-Two Interactive Software, Inc.* 221,042 1,382 Teradata Corp.* 57,312

11,240 Texas Instruments, Inc. 1,263,376 2,592 Total System Services, Inc. 251,787 8,112 Twitter, Inc.* 285,380

339 Ultimate Software Group, Inc. (The)* 104,978 1,210 VeriSign, Inc.* 191,918

26,518 Visa, Inc., Class A 3,895,229 788 VMware, Inc., Class A* 120,769

3,434 Western Digital Corp. 217,166 591 WEX, Inc.* 112,420

1,661 Workday, Inc., Class A* 256,691 3,209 Xerox Corp. 89,403 2,918 Xilinx, Inc. 227,108 1,694 Zillow Group, Inc., Class C* 82,413

74,655,085

Materials – 2.7% 2,993 Air Products & Chemicals, Inc. 497,706 1,503 Albemarle Corp. 143,567

891 AptarGroup, Inc. 93,297 846 Ashland Global Holdings, Inc. 71,233

1,198 Avery Dennison Corp. 126,006 4,952 Ball Corp. 207,390 1,303 Bemis Co., Inc. 64,212 1,848 Celanese Corp., Series A 215,902 1,859 Crown Holdings, Inc.* 79,584

848 Domtar Corp. 43,163 31,671 DowDuPont, Inc. 2,221,087

Shares Description Value

Common Stocks – (continued)

Materials – (continued) 1,940 Eastman Chemical Co. $ 188,238 3,471 Ecolab, Inc. 522,316

19,722 Freeport-McMoRan, Inc. 277,094 2,967 Huntsman Corp. 90,464 1,074 International Flavors & Fragrances, Inc. 139,931 5,645 International Paper Co. 288,685 4,378 LyondellBasell Industries NV, Class A 493,751

105 NewMarket Corp. 42,109 2,328 Owens-Illinois, Inc.* 41,136 3,916 Praxair, Inc. 619,472 2,313 Sealed Air Corp. 92,774 1,204 Sherwin-Williams Co. (The) 548,518 1,411 Sonoco Products Co. 79,072 1,120 Southern Copper Corp. (Peru) 48,877 3,083 Steel Dynamics, Inc. 140,986

496 Westlake Chemical Corp. 46,907

7,423,477

Real Estate – 1.2% 6,504 American Tower Corp. REIT 969,877 4,706 CBRE Group, Inc., Class A* 229,700

506 CoreSite Realty Corp., Class A REIT 58,934 6,143 Crown Castle International Corp. REIT 700,486 1,090 EPR Properties REIT 76,496 1,179 Equinix, Inc. REIT 514,197 1,808 Extra Space Storage, Inc. REIT 166,716

573 Howard Hughes Corp. (The)* 74,702 675 Jones Lang Lasalle, Inc. 102,951

1,877 Realogy Holdings Corp. 40,149 2,438 Uniti Group, Inc. REIT 50,759

11,221 Weyerhaeuser Co. REIT 389,481

3,374,448

Telecommunication Services – 1.9% 75,937 AT&T, Inc. 2,425,428 6,709 Sprint Corp.* 40,992 3,198 T-Mobile US, Inc.* 211,196

43,143 Verizon Communications, Inc. 2,345,685

5,023,301

Utilities – 2.7% 8,296 American Electric Power Co., Inc. 595,072 1,828 Atmos Energy Corp. 168,596 7,254 CenterPoint Energy, Inc. 201,589 4,731 CMS Energy Corp. 232,954 5,233 Consolidated Edison, Inc. 413,041 3,042 DTE Energy Co. 338,088 5,345 Edison International 351,327 3,042 Entergy Corp. 254,281 5,326 Eversource Energy 332,502

16,222 Exelon Corp. 709,064 1,362 National Fuel Gas Co. 75,632 7,920 NextEra Energy, Inc. 1,347,192 6,089 NiSource, Inc. 164,829 8,689 PG&E Corp. 401,258

11,771 PPL Corp. 350,069 8,483 Public Service Enterprise Group, Inc. 444,085

The accompanying notes are an integral part of these financial statements. 11

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Schedule of Investments (continued) August 31, 2018

Shares Description Value

Common Stocks – (continued)

Utilities – (continued) 4,443 Sempra Energy $ 515,743 1,394 Vectren Corp. 99,253 8,551 Xcel Energy, Inc. 410,876

7,405,451

T O T A L I N V E S T M E N T S B E F O R E S E C U R I T I E S L E N D I N G R E I N V E S T M E N T V E H I C L E (Cost $259,867,296) $271,595,869

Shares Distribution

Rate Value

Securities Lending Reinvestment Vehicle – 0.0%(b)

Goldman Sachs Financial Square Government Fund – Institutional Shares

75,906 1.879% $ 75,906 (Cost $75,906)

T O T A L I N V E S T M E N T S – 9 9 . 6 % (Cost $259,943,202) $271,671,775

O T H E R A S S E T S I N E X C E S S O F L I A B I L I T I E S – 0 . 4 % 1,133,655

NET ASSETS – 100.0% $272,805,430

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. * Non-income producing security.

(a) All or a portion of security is on loan.

(b) Represents an affiliated issuer.

Investment Abbreviations: PLC—Public Limited Company REIT—Real Estate Investment Trust

12 The accompanying notes are an integral part of these financial statements.

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Statement of Assets and Liabilities August 31, 2018

JUST U.S. Large Cap Equity ETF

Assets:

Investments in unaffiliated issuers, at value (cost $258,644,856)(a) $270,348,080

Investments in affiliated issuers, at value (cost $1,222,440) 1,247,789

Investments in securities lending reinvestment vehicle, at value which equals cost 75,906

Cash 747,252

Receivables:

Dividends 507,575

Securities lending income 105

Total assets 272,926,707

Liabilities:

Payables:

Upon return of securities loaned 75,906

Management fees 45,371

Total liabilities 121,277

Net Assets:

Paid-in capital 260,101,111

Undistributed net investment income 1,052,344

Accumulated net realized loss (76,598)

Net unrealized gain 11,728,573

NET ASSETS $272,805,430

S H A R E S I S S U E D A N D O U T S T A N D I N G

Shares outstanding no par value (unlimited shares authorized): 6,475,000

Net asset value per share: $ 42.13

(a) Includes loaned securities having a market value of $74,570.

The accompanying notes are an integral part of these financial statements. 13

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Statement of Operations For the Period Ended August 31, 2018(a)

JUST U.S. Large Cap Equity ETF

Investment income:

Dividends — unaffiliated issuers $ 1,163,515

Dividends — affiliated issuers 4,198

Securities lending income 254

Total investment income 1,167,967

Expenses:

Management fees 111,885

Trustee fees 3,738

Total expenses 115,623

N E T I N V E S T M E N T I N C O M E 1,052,344

Realized and unrealized gain (loss):

Net realized loss from:

Investments — unaffiliated issuers (76,598)

Net unrealized gain on:

Investments — unaffiliated issuers 11,703,224

Investments — affiliated issuers 25,349

Net realized and unrealized gain 11,651,975

N E T I N C R E A S E I N N E T A S S E T S R E S U L T I N G F R O M O P E R A T I O N S $12,704,319

(a) For the period June 7, 2018 (commencement of operations) through August 31, 2018.

14 The accompanying notes are an integral part of these financial statements.

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Statement of Changes in Net Assets For the Period Ended August 31, 2018(a)

JUST U.S. Large Cap Equity ETF

From operations:

Net investment income $ 1,052,344

Net realized loss (76,598)

Net unrealized gain 11,728,573

Net increase in net assets resulting from operations 12,704,319

From share transactions:

Proceeds from sales of shares 260,101,111

Net increase in net assets resulting from share transactions 260,101,111

T O T A L I N C R E A S E 272,805,430

Net assets:

Beginning of period $ —

End of period $272,805,430

Undistributed net investment income $ 1,052,344

(a) For the period June 7, 2018 (commencement of operations) through August 31, 2018.

The accompanying notes are an integral part of these financial statements. 15

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Financial Highlights Selected Data for a Share Outstanding Throughout the Period

JUST U.S. Large Cap Equity ETF

For the Period June 7, 2018*

to August 31, 2018

Per Share Operating Performance:

Net asset value, beginning of period $ 40.08

Net investment income(a) 0.17

Net realized and unrealized gain 1.88

Total gain from investment operations 2.05

Net asset value, end of period $ 42.13

Market price, end of period $ 42.13

Total Return at Net Asset Value(b) 5.11%

Net assets, end of period (in 000’s) $272,805

Ratio of total expenses to average net assets 0.20%(c)

Ratio of net investment income to average net assets 1.84%(c)

Portfolio turnover rate(d) 2%

* Commencement of operations. (a) Calculated based on the average shares outstanding methodology. (b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of

the period. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. Total returns for periods less than one full year are not annualized.

(c) Annualized. (d) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements and excludes portfolio securities received or delivered as a result of in-kind

transactions. If such transactions were included, the Fund’s portfolio turnover rate may be higher.

16 The accompanying notes are an integral part of these financial statements.

G O L D M A N S A C H S E T F T R U S T

Notes to Financial Statements August 31, 2018

1 . O R G A N I Z A T I O N

Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a series of the Goldman Sachs ETF Trust (the “Trust”) which is

an open-end diversified management investment company, registered under the Investment Company Act of 1940, as amended (the

“Act”), consisting of multiple series. The Trust was organized as a Delaware statutory trust on December 16, 2009.

The investment objective of the Fund is to provide investment results that closely correspond, before fees and expenses, to the

performance of the JUST US Large Cap Diversified Index (the “Index”).

Goldman Sachs Asset Management, L.P. (“GSAM”), an affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”), serves as

investment adviser to the Fund pursuant to a management agreement (the “Agreement”) with the Trust. The Fund is an exchange-

traded fund (“ETF”). Shares of the Fund are listed and traded on the NYSE Arca, Inc. (“NYSE Arca”). Market prices for the

Fund’s shares may be different from its net asset value (“NAV”). The Fund issues and redeems shares at its NAV only in blocks of

a specified number of shares, or multiples thereof, referred to as “Creation Units”. Creation Units are issued and redeemed

principally in-kind for a basket of securities and a cash amount. Shares generally trade in the secondary market in quantities less

than a Creation Unit at market prices that change throughout the day. Only those that have entered into an authorized participant

agreement with ALPS Distributors, Inc. (the “Distributor”) may do business directly with the Fund.

2 . S I G N I F I C A N T A C C O U N T I N G P O L I C I E S

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of

America (“GAAP”) and require management to make estimates and assumptions that may affect the reported amounts and

disclosures. Actual results may differ from those estimates and assumptions.

A. Investment Valuation — The Fund’s valuation policy is to value investments at fair value.

B. Investment Income and Investments — Investment income includes interest income, dividend income, and securities lending income, if any. Interest income is accrued daily and adjusted for amortization of premiums and accretion of discounts.

Dividend income is recognized on ex-dividend date or, for certain foreign securities, as soon as such information is obtained

subsequent to the ex-dividend date. Investment transactions are reflected on trade date. Realized gains and losses are calculated

using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Distributions

received from the Fund’s investments in U.S. real estate investment trusts (“REITs”) may be characterized as ordinary income, net

capital gain or a return of capital. A return of capital is recorded by the Fund as a reduction to the cost basis of the REIT.

C. Expenses — Expenses incurred directly by the Fund are charged to the Fund, and certain expenses incurred by the Trust that may not solely relate to the Fund are allocated to the Fund and the other applicable funds of the Trust on a straight-line and/or pro-

rata basis, depending upon the nature of the expenses, and are accrued daily.

D. Federal Taxes and Distributions to Shareholders — It is the Fund’s policy to comply with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), applicable to regulated investment companies and to distribute each

year substantially all of its investment company taxable income and capital gains to its shareholders. Accordingly, the Fund is not

required to make any provisions for the payment of federal income tax. Distributions to shareholders are recorded on the ex-

dividend date. Income and capital gains distributions, if any, are declared and paid quarterly and annually, respectively.

Net capital losses, if any, are carried forward to future fiscal years and may be used to the extent allowed by the Code to offset

any future capital gains. Losses that are carried forward will retain their character as either short-term or long-term capital losses.

Utilization of capital loss carryforwards will reduce the requirement of future capital gains distributions.

The characterization of distributions to shareholders for financial reporting purposes is determined in accordance with federal

income tax rules, which may differ from GAAP. The source of the Fund’s distributions may be shown in the accompanying

financial statements as either from net investment income, net realized gain or capital. Certain components of the Fund’s net assets

on the Statement of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

17

G O L D M A N S A C H S E T F T R U S T

Notes to Financial Statements (continued) August 31, 2018

3 . I N V E S T M E N T S A N D F A I R V A L U E M E A S U R E M E N T S

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 Fund’s 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 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).

Changes in valuation techniques may result in transfers into or out of an assigned level within the hierarchy. In accordance with the

Fund’s policy, transfers between different levels of the fair value hierarchy resulting from such changes are deemed to have

occurred as of the beginning of the reporting period.

The Board of Trustees (“Trustees”) has approved Valuation Procedures that govern the valuation of the portfolio investments

held by the Fund, including investments for which market quotations are not readily available. The Trustees have delegated to

GSAM day-to-day responsibility for implementing and maintaining internal controls and procedures related to the valuation of the

Fund’s 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 are valued at the last bid price for long positions and at the last

ask price for short positions. 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.

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, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund (“Underlying Fund”) are valued at the NAV of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of

the fair value hierarchy. For information regarding the Underlying 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 the Fund’s investments may be determined under Valuation Procedures approved by the

Trustees. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent

valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value

of the securities at the time of determining the Fund’s NAV. Significant events which could affect a large number of securities in a

particular market may include, but are not limited to: significant fluctuations in U.S. or foreign markets; market dislocations;

18

G O L D M A N S A C H S E T F T R U S T

3 . I N V E S T M E N T S A N D F A I R V A L U E M E A S U R E M E N T S ( c o n t i n u e d )

market disruptions; or unscheduled market closings. Significant events which could also affect a single issuer may include, but are

not limited to: corporate actions such as reorganizations, mergers and buy-outs; ratings downgrades; and bankruptcies. At

August 31, 2018 the Fund did not hold Level 3 securities.

C. Fair Value Hierarchy — The following is a summary of the Fund’s investments classified in the fair value hierarchy as of August 31, 2018:

JUST U.S. Large Cap Equity ETF

Investment Type Level 1 Level 2 Level 3

Assets

Common Stock and/or Other Equity Investments(a)

North America $271,519,637 $ — $ —

South America 48,877 — —

Africa 27,355 — —

Securities Lending Reinvestment Vehicle 75,906 — —

Total $271,671,775 $ — $ —

(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 the table.

For further information regarding security characteristics, see the Schedule of Investments.

4 . A G R E E M E N T S A N D A F F I L I A T E D T R A N S A C T I O N S

A. Management Agreement — Under the Agreement, GSAM manages the Fund, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and

administration of the Fund’s business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily

and paid monthly, equal to an annual percentage rate of the Fund’s average daily net assets.

The Fund operates under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying

substantially all the expenses of the Fund, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes,

acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings, litigation, indemnification and

extraordinary expenses. As the Fund directly pays fees and expenses of the independent Trustees, the management fee collected by

GSAM will be reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

For the period August 31, 2018, the unitary management fee rate with GSAM was 0.20%.

B. Other Transactions with Affiliates — The Fund may purchase securities from, or sell securities to, an affiliated fund provided the affiliation is solely due to having a common investment adviser, common officers, or common trustees. The following

table provides information about the Fund’s investment in The Goldman Sachs Group, Inc. for the period ended August 31, 2018:

Beginning value as of

June 7, 2018*

Purchases at Cost

Proceeds from Sales

Realized Gain

Change in Unrealized

Appreciation

Ending value as of August 31,

2018

Shares as of August 31,

2018 Dividend Income

$— $1,222,440 $— $— $25,349 $1,247,789 5,247 $4,198

* Commencement of operations.

19

G O L D M A N S A C H S E T F T R U S T

Notes to Financial Statements (continued) August 31, 2018

5 . C R E A T I O N A N D R E D E M P T I O N O F C R E A T I O N U N I T S

The Trust issues and redeems shares of the Fund only in Creation Units on a continuous basis through the Distributor, without an

initial sales load, at NAV next determined after receipt, on any Business Day (as defined in the Statement of Additional

Information), of an order in proper form. Shares of the Fund may only be purchased or redeemed by certain financial institutions

(each an “Authorized Participant”). An Authorized Participant is either (1) a “Participating Party” or other participant in the

clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation; or (2) a

Depository Trust Company participant; which, in either case, must have executed an agreement with the Distributor. Retail

investors will typically not qualify as an Authorized Participant or have the resources to buy and sell whole Creation Units.

Therefore, they will be unable to purchase or redeem the shares directly from the Fund. Rather, most retail investors will

purchase shares in the secondary market at market prices with the assistance of a broker and may be subject to customary

brokerage commissions or fees. Fixed creation and redemption transaction fees are imposed in connection with creations and

redemptions.

Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the Fund for

certain transaction costs (e.g. taxes on currency or other financial transactions, and brokerage costs) and market impact expenses

relating to investing in portfolio securities. Such variable charges, if any, are included in “Proceeds from sale of shares” in the

Statement of Changes in Net Assets.

Share activity for the period ended August 31, 2018, is as follows:

JUST U.S. Large Cap Equity ETF

Shares Dollars

Fund Share Activity(1)

Shares Sold 6,475,000 $260,101,111

NET INCREASE IN SHARES 6,475,000 $260,101,111

(1) For the period June 7, 2018 (commencement of operations) through August 31, 2018

6 . P O R T F O L I O S E C U R I T I E S T R A N S A C T I O N S

The cost of purchases and proceeds from sales of long-term securities for the period ended August 31, 2018, were as follows:

Fund Purchases Sales

JUST U.S. Large Cap Equity ETF $9,912,769 $4,884,053

The purchase and sales from in-kind creation and redemption transactions for the period ended August 31, 2018, were as

follows:

Fund Purchases Sales

JUST U.S. Large Cap Equity ETF $255,111,499 $—

7 . S E C U R I T I E S L E N D I N G

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 20

G O L D M A N S A C H S E T F T R U S T

7 . S E C U R I T I E S L E N D I N G ( c o n t i n u e d )

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 loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Fund’s overnight and continuous agreements which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2018 are disclosed as “Payable upon return of securities loaned” on the Statement of Assets and Liabilities.

Both the Fund and BNYM received compensation relating to the lending of the Fund’s securities. The amounts earned, if any, by the Fund for the period ended August 31, 2018, are reported under Investment Income on the Statement of Operations.

The following table provides information about the Fund’s investment in the Government Money Market Fund for the period ended August 31, 2018:

Beginning value as of

June 7, 2018*

Purchases at Cost

Proceeds from Sales

Ending value as of August 31,

2018

$— $1,232,753 $(1,156,847) $75,906

* Commencement of operations.

8 . T A X I N F O R M A T I O N

There is no distribution paid during the period ended August 31, 2018. As of August 31, 2018, the components of accumulated earnings (losses) on a tax-basis were as follows:

JUST U.S. Large Cap Equity ETF

Undistributed ordinary income — net $ 1,052,344

Total undistributed earnings $ 1,052,344

Capital loss carryforwards:

Perpetual Short-term $ (9,850)

Unrealized gains (losses) — net $11,661,825

Total accumulated earnings (losses) net $12,704,319

21

G O L D M A N S A C H S E T F T R U S T

Notes to Financial Statements (continued) August 31, 2018

8 . T A X I N F O R M A T I O N ( c o n t i n u e d )

As of August 31, 2018, the Fund’s aggregate security unrealized gains and losses based on cost for U.S. federal income tax

purposes were as follows:

JUST U.S. Large Cap Equity ETF

Tax Cost $260,009,950

Gross unrealized gain 16,987,040

Gross unrealized loss (5,325,215)

Net unrealized gains $ 11,661,825

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales.

GSAM has reviewed the Fund’s tax positions for all open tax years (the current year) and has concluded that no provision for

income tax is required in the Fund’s financial statements. Such open tax year remains subject to examination and adjustment by tax

authorities.

9 . O T H E R R I S K S

The Fund’s risks include, but are not limited to, the following:

Index Risk — JUST Capital Foundation, Inc. (the “Index Provider”) constructs the Fund’s Index in accordance with a rules-based methodology. The Fund will be negatively affected by general declines in the securities and asset classes represented in its Index.

In addition, because the Fund is not “actively” managed, unless a specific security is removed from its Index, the 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 the Fund’s ability to adjust its exposure to the required levels in order to track the Index. The Fund also

does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, the 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 the Index, but it does not guarantee the accuracy or availability of such third party data.

The Index is new and has a limited performance history. Errors in index data, index computation or the construction of the 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 the Fund, the

Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of

the Index.

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). 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 the

Fund’s Index trading individually or in the aggregate at any point in time.

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

22

G O L D M A N S A C H S E T F T R U S T

9 . O T H E R R I S K S ( c o n t i n u e d )

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 its 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.

1 0 . I N D E M N I F I C A T I O N S

Under the Trust’s organizational documents, its Trustees, officers, employees and agents are indemnified, to the extent permitted

by the Act and state law, against certain liabilities that may arise out of performance of their duties to the Fund. Additionally, in the

course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund’s maximum exposure

under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet

occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

1 1 . S U B S E Q U E N T E V E N T S

In September 2018, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2018-13 — Fair Value

Measurement (Topic 820) Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement. The

amendments in the ASU modify fair value measurement disclosures. The amendments are effective for the Fund’s fiscal year

beginning after December 15, 2019. GSAM is currently evaluating the impact, if any, of the amendments.

Other than noted above, subsequent events after the Statement of Assets and Liabilities date have been evaluated and GSAM

has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

23

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs JUST U.S. Large Cap Equity ETF:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Goldman Sachs JUST U.S. Large Cap Equity ETF (one of the funds constituting Goldman Sachs ETF Trust, referred to hereafter as the “Fund”) as of August 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2018, the results of its operations, changes in its net assets, and the financial highlights for the period June 7, 2018 (commencement of operations) through August 31, 2018 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts October 26, 2018

We have served as the auditor of one or more investment companies in the Goldman Sachs fund complex since 2000.

24

G O L D M A N S A C H S E T F T R U S T

Fund Expenses — Period Ended 8/31/2018 (Unaudited)

As a shareholder you incur ongoing costs, which may include management fees; distribution and service (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in Shares of the Fund and to compare these costs with the ongoing costs of investing in other exchange-traded funds.

The example is based on an investment of $1,000 invested at the beginning of the period from June 7, 2018 (commencement of operations) and held for the period ended August 31, 2018, which represents a period of 86 days of a 365 day year (or less where indicated).

Actual Expenses — The first line in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes — The second line in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual net expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

JUST U.S. Large Cap Equity ETF*

Beginning Account Value

6/7/18

Ending Account Value

8/31/18 Expenses Paid**

Actual based on NAV $1,000 $1,051.10 $0.48 Hypothetical 5% return $1,000 $1,011.31+ $0.47

+ Hypothetical expenses are based on the Fund’s actual annualized net expense ratios and an assumed rate of return of 5% per year before expenses.

* The Fund commenced operations on June 7, 2018. Expenses are calculated using the Fund’s annualized expense ratio, multiplied by the ending value for the period, multiplied by 86/365, which represents a period of 86 days of a 365 day year (to reflect the Fund’s commencement of operation).

** The Expenses for the Fund are calculated using the Fund’s annualized net expense ratio, which represents the ongoing expenses as a percentage of net assets for the period ended August 31, 2018. Expenses are calculated by multiplying the annualized net expense ratio by the average account value for the period; then multiplying the result by the number of days in the most recent fiscal year; and then dividing that result by the number of days in the fiscal year.

The annualized net expense ratio for the period is as follows:

Fund

JUST U.S. Large Cap Equity ETF 0.20%

25

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)

Background

The Goldman Sachs JUST U.S. Large Cap Equity ETF (the “Fund”) is a newly-organized investment portfolio of Goldman

Sachs ETF Trust (the “Trust”) that commenced investment operations on June 7, 2018. At a meeting held on March 13-14, 2018

(the “Meeting”) in connection with the Fund’s organization, the Board of Trustees, including all of the Trustees present who are

not parties to the Fund’s investment management agreement (the “Management Agreement”) or “interested persons” (as defined in

the Investment Company Act of 1940, as amended) of any party thereto (the “Independent Trustees”) approved the Management

Agreement with Goldman Sachs Asset Management, L.P. (the “Investment Adviser”).

At the Meeting, the Trustees reviewed the Management Agreement with respect to the Fund, including information regarding

the terms of the Management Agreement; the nature, extent and quality of the Investment Adviser’s anticipated services; the fees

and expenses to be paid by the Fund; a comparison of the Fund’s proposed management fee and anticipated expenses with those

paid by other similar exchange-traded funds (“ETFs”); the Investment Adviser’s proposal to limit certain expenses of the Fund that

exceed a specified level; potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with

the Fund; and potential benefits to be derived by the Fund from its relationship with the Investment Adviser. Various information

was also provided at prior meetings at which the Fund was discussed.

In connection with the Meeting, the Trustees received written materials and oral presentations on the topics covered, and were

advised by their independent legal counsel regarding their responsibilities under applicable law. In evaluating the Management

Agreement at the Meeting, the Trustees relied upon information included in a presentation made by the Investment Adviser at the

Meeting and information received at prior Board meetings, as well as on their knowledge of the Investment Adviser resulting from

their meetings and other interactions over time.

Nature, Extent, and Quality of the Services Provided Under the Management Agreement As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Investment

Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be

provided to the Fund by the Investment Adviser and its affiliates. The Trustees considered that under the Management Agreement,

the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays all of the Fund’s ordinary operating

expenses, excluding payments under the Fund’s 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses,

brokerage fees, costs of holding shareholder meetings, litigation, indemnification and extraordinary expenses. The Trustees also

considered information about the Fund’s structure, investment objective, strategies and other characteristics. In particular, they

noted that the Fund would operate as a passively-managed ETF that would seek to track an index developed and maintained by a

third-party service provider. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser

who would be providing services to the Fund. In particular, the Trustees considered the Investment Adviser’s extensive experience

in managing quantitative investment strategies. The Trustees concluded that the Investment Adviser would be able to commit

substantial financial and other resources to the Fund. They also considered that although the Fund was new (and therefore had no

performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to exchange-

traded funds and has extensive experience managing other types of registered investment companies.

Unitary Fee Structure and Profitability The Trustees considered the contractual fee rates payable by the Fund, noting that the Management Agreement provides for a

unitary fee structure, pursuant to which the Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays

all of the Fund’s ordinary operating expenses. They noted that license fees would be payable by the Investment Adviser to Frank

Russell Company for the use of its index and to JUST Capital Foundation, Inc. for use of certain trademarks and trade names. In

addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both

advisory and administrative services that were directed to the needs and operations of the Fund as an ETF. The Trustees also

considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment

management firms. The comparisons of the Fund’s fee rate and expense ratio were prepared by the Investment Adviser and a third-

party provider of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund’s management

fee and net expense ratios to those of relevant peer funds. The Trustees concluded that the comparisons were useful in evaluating

the reasonableness of the management fee and total expenses paid by the Fund. The Trustees recognized that there was not yet profitability data to evaluate for the Fund, but considered the Investment

Adviser’s representations that (i) such data would be provided after the Fund commenced operations, and (ii) the Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

26

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)

Economies of Scale The Trustees noted that the Fund will not have management fee breakpoints. They considered the Fund’s projected asset

levels and information comparing the fee rates charged by the Investment Adviser with fee rates charged to other ETFs in the

Fund’s peer group.

Other Benefits to the Investment Adviser and Its Affiliates The Trustees also considered the other benefits expected to be derived by the Investment Adviser and its affiliates from their

relationships with the Fund, including: (a) the Investment Adviser’s ability to leverage the infrastructure designed to service the

Fund on behalf of its other clients; (b) the Investment Adviser’s ability to cross-market other products and services to Fund

shareholders; (c) the Investment Adviser’s ability to negotiate better pricing with custodians on behalf of its other clients, as a

result of the relationship with the Fund; and (d) the possibility that the working relationship between the Investment Adviser and

the Fund’s third party service providers may cause those service providers to be open to doing business with other areas of

Goldman Sachs & Co. LLC (“Goldman Sachs”).

Other Benefits to the Fund and Its Shareholders The Trustees also noted that the Fund is expected to receive certain potential benefits as a result of its relationship with the

Investment Adviser, including: (a) enhanced servicing from vendors because of the volume of business generated by the

Investment Adviser and its affiliates; (b) the Investment Adviser’s ability to hire and retain qualified personnel to provide services

to the Fund because of the reputation of the Goldman Sachs organization; and (c) the Fund’s access to certain affiliated distribution

channels.

Conclusion In connection with their consideration of the Management Agreement, the Trustees gave weight to each of the factors

described above, but did not identify any particular factor as controlling their decision. After deliberation and consideration of all

of the information provided, including the factors described above, the Trustees concluded, in the exercise of their business

judgment, that the unitary fee paid by the Fund was reasonable in light of the services to be provided to it by the Investment

Adviser, the Investment Adviser’s costs, and the Fund’s reasonably foreseeable asset levels. The Trustees unanimously concluded

that the engagement of the Investment Adviser likely would benefit the Fund and its shareholders and that the Management

Agreement should be approved with respect to the Fund until March 14, 2020.

27

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Trustees and Officers (Unaudited) Independent Trustees

Name, Address and Age1

Position(s) Held with the Trust

Term of Office and Length of Time Served2

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustee3

Other Directorships Held by Trustee4

Lawrence W. Stranghoener Age: 64

Chairman of the Board of Trustees

Trustee Since 2015; Chairman Since 2017

Mr. Stranghoener is retired. He is Director, Kennametal, Inc. (a global manufacturer and distributor of tooling and industrial materials) (2003-Present); Director, Aleris Corporation and Aleris International, Inc. (a producer of aluminum rolled products) (2011-Present); and was formerly Interim Chief Executive Officer (2014); and Executive Vice President and Chief Financial Officer (2004-2014), Mosaic Company (a fertilizer manufacturing company). Chairman of the Board of Trustees — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

32 Kennametal Inc. (a global manufacturer and distributor of tooling and industrial materials)

Caroline Dorsa Age: 59

Trustee Since 2016 Ms. Dorsa is retired. She is Director, Biogen Inc. (a biotechnology company) (2010-Present); Director, Intellia Therapeutics Inc. (a gene- editing company) (2015-Present); and Director, Illumina, Inc. (a life sciences company) (2017-Present). She was formerly Executive Vice President and Chief Financial Officer, Public Service Enterprise Group, Inc. (a generation and energy services company) (2009-2015); Senior Vice President, Merck & Co, Inc. (a pharmaceutical company) (2008-2009 and 1987-2007); Senior Vice President and Chief Financial Officer, Gilead Sciences, Inc. (a pharmaceutical company) (2007-2008); and Senior Vice President and Chief Financial Officer, Avaya, Inc. (a technology company) (2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

32 Biogen Inc. (a biotechnology company); Intellia Therapeutics Inc. (a gene-editing company); Illumina, Inc. (a life sciences company)

Linda A. Lang Age: 60

Trustee Since 2016 Ms. Lang is retired. She is Chair of the Board of Directors (2016-present), and Member of the Board of Directors, WD-40 Company (2004-Present); and was formerly Chairman and Chief Executive Officer (2005-2014); and Director, President and Chief Operating Officer, Jack in the Box, Inc. (a restaurant company) (2003-2005). Previously, Ms. Lang served as an Advisory Board Member of Goldman Sachs MLP Income Opportunities Fund and Goldman Sachs MLP and Energy Renaissance Fund (February 2016- March 2016). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

32 WD-40 Company (a global consumer products company)

Michael Latham Age: 52

Trustee Since 2015 Mr. Latham is retired. Formerly, he held senior management positions with the iShares exchange-traded fund business, including Chairman (2011-2014); Global Head (2010-2011); U.S. Head (2007-2010); and Chief Operating Officer (2003-2007). Trustee — Goldman Sachs ETF Trust; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

32 None

28

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Trustees and Officers (Unaudited) (continued) Interested Trustee*

Name, Address and Age1

Position(s) Held with the Trust

Term of Office and Length of Time Served2

Principal Occupation(s) During Past 5 Years

Number of Portfolios in Fund Complex Overseen by Trustee3

Other Directorships Held by Trustee4

James A. McNamara Age: 55

Trustee and President

Since 2014 Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000-December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998). President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

152 None

* This person is considered to be an “Interested Trustee” because he holds a position with Goldman Sachs and own securities issued by The Goldman Sachs Group, Inc. The Interested Trustee holds comparable positions with certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

1 Each Trustee may be contacted by writing to the Trustee, c/o Goldman Sachs, 200 West Street, New York, New York, 10282, Attn: Caroline L. Kraus. Information is provided as of August 31, 2018.

2 Each Trustee holds office for an indefinite term until the earliest of: (a) the election of his or her successor; (b) the date the Trustee resigns, retires or is removed by the Board of Trustees or shareholders, in accordance with the Trust’s Declaration of Trust; or (c) the termination of the Trust.

3 The Goldman Sachs Fund Complex includes certain other companies listed above for each respective Trustee. As of August 31, 2018, Goldman Sachs ETF Trust consisted of 26 portfolios (14 of which offered shares to the public); Goldman Sachs Trust consisted of 89 portfolios (88 of which offered shares to the public); Goldman Sachs Variable Insurance Trust consisted of 13 portfolios; Goldman Sachs Trust II consisted of 19 portfolios (17 of which offered shares to the public); and Goldman Sachs MLP Income Opportunities Fund, Goldman Sachs MLP and Energy Renaissance Fund, Goldman Sachs Private Markets Fund 2018 LLC, Goldman Sachs Private Markets Fund 2018 (A) LLC and Goldman Sachs Private Markets Fund 2018 (B) LLC each consisted of one portfolio.

4 This column includes only directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e., “public companies”) or other investment companies registered under the Act.

Additional information about the Trustees is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States of America): 1-800-526-7384.

29

G O L D M A N S A C H S J U S T U . S . L A R G E C A P E Q U I T Y E T F

Trustees and Officers (Unaudited) (continued) Officers of the Trust*

Name, Address and Age1

Positions Held with the Trust

Term of Office and Length of Time Served2 Principal Occupation(s) During Past 5 Years

James A. McNamara 200 West Street New York, NY 10282 Age: 55

Trustee and President

Since 2014 Advisory Director, Goldman Sachs (January 2018-Present); Managing Director, Goldman Sachs (January 2000– December 2017); Director of Institutional Fund Sales, GSAM (April 1998-December 2000); and Senior Vice President and Manager, Dreyfus Institutional Service Corporation (January 1993-April 1998).

President and Trustee — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Caroline L. Kraus 200 West Street New York, NY 10282 Age: 41

Secretary Since 2014 Managing Director, Goldman Sachs (January 2016 – Present); Vice President, Goldman Sachs (August 2006-December 2015); Associate General Counsel, Goldman Sachs (2012- Present); Assistant General Counsel, Goldman Sachs (August 2006-December 2011); and Associate, Weil, Gotshal & Manges, LLP (2002-2006).

Secretary — Goldman Sachs ETF Trust; Goldman Sachs Trust (previously Assistant Secretary (2012)); Goldman Sachs Variable Insurance Trust (previously Assistant Secretary (2012)); Goldman Sachs Trust II; Goldman Sachs BDC, Inc.; Goldman Sachs Private Middle Market Credit LLC; Goldman Sachs Middle Market Lending Corp.; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Scott M. McHugh 200 West Street New York, NY 10282 Age: 46

Treasurer, Senior Vice President and Principal Financial Officer

Since 2014 Managing Director, Goldman Sachs (January 2016-Present); Vice President, Goldman Sachs (February 2007-December 2015); Assistant Treasurer of certain mutual funds administered by DWS Scudder (2005-2007); and Director (2005-2007), Vice President (2000-2005), and Assistant Vice President (1998-2000), Deutsche Asset Management or its predecessor (1998-2007).

Treasurer, Senior Vice President and Principal Financial Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

Joseph F. DiMaria 30 Hudson Street Jersey City, NJ 07302 Age: 50

Assistant Treasurer and Principal Accounting Officer

Since 2017 Managing Director, Goldman Sachs (November 2015-Present) and Vice President – Mutual Fund Administration, Columbia Management Investment Advisers, LLC (May 2010- October 2015).

Assistant Treasurer and Principal Accounting Officer — Goldman Sachs ETF Trust; Goldman Sachs Trust; Goldman Sachs Variable Insurance Trust; Goldman Sachs Trust II; Goldman Sachs MLP Income Opportunities Fund; Goldman Sachs MLP and Energy Renaissance Fund; Goldman Sachs Private Markets Fund 2018 LLC; Goldman Sachs Private Markets Fund 2018 (A) LLC; and Goldman Sachs Private Markets Fund 2018 (B) LLC.

* Represents a partial list of officers of the Trust. Additional information about all the officers is available in the Fund’s Statement of Additional Information, which can be obtained from Goldman Sachs free of charge by calling this toll-free number (in the United States): 1-800-621-2550.

1 Information is provided as of August 31, 2018. 2 Officers hold office at the pleasure of the Board of Trustees or until their successors are duly elected and qualified. Each officer holds comparable positions with

certain other companies of which Goldman Sachs, GSAM or an affiliate thereof is the investment adviser, administrator and/or distributor.

30

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F U N D S P R O F I L E

Goldman Sachs ETFs

THE GOLDMAN

SACHS ADVANTAGE

Our goal is to deliver:

Global Resources and Global Research

Team Approach

Disciplined Processes

Strong, Consistent

Investment Results

Thoughtful Solutions

Risk Management

Innovative,

Value-Added

Investment Products

Dedicated Service Teams

Excellence and Integrity

Outstanding

Client Service

Goldman Sachs is a premier financial services firm, known since 1869 for creating thoughtful and customized investment solutions in complex global markets.

Today, the Investment Management Division of Goldman Sachs serves a diverse set of clients worldwide, including private institutions, public entities and individuals. With approximately $1.30 trillion in assets under supervision as of June 30, 2018, Goldman Sachs Asset Management (“GSAM”) has portfolio management teams located around the world and our investment professionals bring firsthand knowledge of local markets to every investment decision. Assets under supervision includes assets under management and other client assets for which Goldman Sachs does not have full discretion. GSAM leverages the resources of Goldman Sachs & Co. LLC. subject to legal, internal and regulatory restrictions.

G O L D M A N S A C H S E X C H A N G E - T R A D E D F U N D S Goldman Sachs ActiveBeta® Emerging Markets Equity ETF

Goldman Sachs ActiveBeta® Europe Equity ETF Goldman Sachs ActiveBeta® International Equity ETF

Goldman Sachs ActiveBeta® Japan Equity ETF Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

Goldman Sachs Hedge Industry VIP ETF Goldman Sachs JUST U.S. Large Cap Equity ETF Goldman Sachs Access Treasury 0-1 Year ETF

Goldman Sachs Access Investment Grade Corporate Bond ETF Goldman Sachs Access High Yield Corporate Bond ETF

INDEX DISCLAIMERS Neither JUST Capital Foundation, Inc. (“JUST Capital”) nor any of its affiliates (collectively, the “JUST Parties”) in any way sells, sponsors, supports, promotes, or endorses the Goldman Sachs JUST U.S. Large Cap Equity ETF (the “GS ETF”), or has involvement in its operations or distribution. The JUST US Large Cap Diversified Index (the “JUST Index”) has been licensed by Russell on an “as is” basis to Goldman Sachs Asset Management L.P. (“Goldman Sachs”) in connection with Goldman Sachs’ sponsorship of the GS ETF, and JUST Capital’s only relationship with Goldman Sachs is the licensing of certain trademarks and trade names of JUST Capital or its affiliates. The JUST Parties and any other person or entity involved in or related to compiling, computing, or creating the JUST Index expressly disclaim all representations, warranties, and liabilities relating to or in connection with the GS ETF (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability, and fitness for a particular purpose).

No JUST Party makes any claim, prediction, warranty, or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST Index, the GS ETF, or any of the data included in either of the foregoing, (ii) the level at which the JUST Index or GS ETF is said to stand at any particular time on any particular day or otherwise, (iii) the suitability of the JUST Index for the purpose to which it is being put in connection with the GS ETF, or (iv) the advisability of investing in securities generally or in any index or ETF, including those provided by Goldman Sachs.

No JUST Party has provided, nor will any provide, any financial or investment advice or recommendation in relation to the JUST Index or the GS ETF to Goldman Sachs Asset Management or to its clients. No JUST Party shall be (i) liable (whether in negligence or otherwise) to any person for any error in the JUST Index or (ii) under any obligation to advise any person of any error therein. Without limiting any of the foregoing, in no event shall any JUST Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits), or any other damages in connection with the JUST Index or the GS ETF.

Data and information regarding the JUST Index is proprietary to JUST Capital or its licensors, and reproduction of such data and information is prohibited except with the prior written permission of JUST Capital. JUST Index® and JUST Capital Index® are trademarks of JUST Capital and have been licensed for use by Goldman Sachs Asset Management L.P. by JUST Capital and/or its agent.

Frank Russell Company (“Russell”) acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index and does not in any way sponsor, support, promote or endorse the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF. The JUST US Large Cap Diversified Index was provided on an “as is” basis. Russell, its affiliates and any other person or entity involved in or related to compiling, computing or creating the JUST US Large Cap Diversified Index (collectively, the “Russell Parties”) expressly disclaim all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose).

Russell does not make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the JUST US Large Cap Diversified Index (upon which the Goldman Sachs JUST U.S. Large Cap Equity ETF is based), (ii) the figure at which the JUST US Large Cap Diversified Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the JUST US Large Cap Diversified Index for the purpose to which it is being put in connection with the Goldman Sachs JUST U.S. Large Cap Equity ETF.

Russell has not provided and will not provide any financial or investment advice or recommendation in relation to the JUST US Large Cap Diversified Index to Goldman Sachs Asset Management or to its clients. The JUST US Large Cap Diversified Index is calculated by Russell or its agent as calculation agent. Russell shall not be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Without limiting any of the foregoing, in no event shall any Russell Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including without limitation lost profits) or any other damages in connection with the JUST US Large Cap Diversified Index or the Goldman Sachs JUST U.S. Large Cap Equity ETF.

TRUSTEES Lawrence W. Stranghoener, Chairman Caroline Dorsa Linda A. Lang Michael Latham James A. McNamara

OFFICERS James A. McNamara, President Scott M. McHugh, Treasurer, Senior Vice President and Principal Financial Officer Joseph F. DiMaria, Assistant Treasurer and Principal Accounting Officer Caroline L. Kraus, Secretary

THE BANK OF NEW YORK MELLON Transfer Agent

ALPS DISTRIBUTORS, INC. Distributor

GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser

Visit our Website at www.GSAMFUNDS.com to obtain the most recent month-end returns.

Goldman Sachs Asset Management, L.P., 200 West Street, New York, New York 10282

The Fund is recently or newly organized and has limited operating history. The reports concerning the Fund included in this shareholder report may contain certain forward-looking statements about the factors that may affect the performance of the Fund in the future. These statements are based on Fund management’s predictions and expectations concerning certain future events and their expected impact on the Fund, such as performance of the economy as a whole and of specific industry sectors, changes in the levels of interest rates, the impact of developing world events, and other factors that may influence the future performance of the Fund. Management believes these forward-looking statements to be reasonable, although they are inherently uncertain and difficult to predict. Actual events may cause adjustments in portfolio management strategies from those currently expected to be employed. A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies relating to portfolio securities for the most recent 12-month period ended June 30, are available (i) without charge, upon request by calling 1-800-621-2550; and (ii) on the Securities and Exchange Commission (“SEC’’) web site at http://www.sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Qs. The Fund’s Form N-Qs are available on the SEC’s web site at http://www.sec.gov within 60 days after the Fund’s first and third fiscal quarters. The Fund’s Form N-Qs may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C., and information on the operation of the Public Reference Room may also be obtained by calling 1-800-SEC-0330. Form N-Qs may be obtained upon request and without charge by calling 1-800-621-2550.

Fund holdings and allocations shown are as of August 31, 2018 and may not be representative of future investments. Fund holdings should not be relied on in making investment decisions and should not be construed as research or investment advice regarding particular securities. Current and future holdings are subject to risk. ETF Fund shares are not individually redeemable and are issued and redeemed by the Fund at their net asset value (“NAV”) only in large, specified blocks of shares called creation units. Shares otherwise can be bought and sold only through exchange trading at market price (not NAV). Shares may trade at a premium or discount to their NAV in the secondary market. Brokerage commissions will reduce returns. The Global Industry Classification Standard (GICS) was developed by and is the exclusive property and a service mark of Morgan Stanley Capital International Inc. (MSCI) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (S&P) and is licensed for use by Goldman Sachs. Neither MSCI, S&P nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages. Economic and market forecasts presented herein reflect our judgment as of the date of this presentation and are subject to change without notice. These forecasts do not take into account the specific investment objectives, restrictions, tax and financial situation or other needs of any specific client. Actual data will vary and may not be reflected here. These forecasts are subject to high levels of uncertainty that may affect actual performance. Accordingly, these forecasts should be viewed as merely representative of a broad range of possible outcomes. These forecasts are estimated, based on assumptions, and are subject to significant revision and may change materially as economic and market conditions change. Goldman Sachs has no obligation to provide updates or changes to these forecasts. Case studies and examples are for illustrative purposes only. This material is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus or summary prospectus, if applicable. Investors should consider the Fund’s objective, risks, and charges and expenses, and read the summary prospectus, if available, and/or the prospectus carefully before investing or sending money. The summary prospectus, if available, and the Prospectus contain this and other information about the Fund and may be obtained from your authorized dealer or from Goldman Sachs & Co. LLC by calling 1-800-621-2550. The Fund is recently or newly organized and has limited operating history.

ActiveBeta® is a registered trademark of GSAM. ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management. ©2018 Goldman Sachs. All rights reserved. 144631-OTU-854840 JUSTUSLCEETFAR-18/731