# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001752724-25-173992
**Filing Date:** 2025-7
**Character Count:** 61948
**Document Hash:** 053c017b9c3615f62251e6dbffb7152c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-173992.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001752724-25-173992

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Goldman Sachs ETF Trust
- **CENTRAL INDEX KEY:** 0001479026

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 251140753

**BUSINESS ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198
- **BUSINESS PHONE:** (312) 655-4400

**MAIL ADDRESS:**
- **STREET 1:** 200 WEST STREET
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10282-2198

## Series and Classes Contracts Data

### Goldman Sachs Future Health Care Equity ETF (Series ID: S000072296)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000228400 | Goldman Sachs Future Health Care Equity ETF | GDOC            |

## Nport-Ex

GOLDMAN

SACHS

FUTURE

CONSUMER

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Shares

#### Description

#### Value
aa

#### Common

#### Stocks

#### –

#### 98.5%

#### Communication

#### Services

#### –

#### 24.6%
2,438

Alphabet,

Inc.,

Class

C

$

421,408

1,563

CTS

Eventim

AG

&

Co.

KGaA

(Germany)

189,328

2,660

Live

Nation

Entertainment,

Inc.\*

364,925

1,173

Meta

Platforms,

Inc.,

Class

A

759,506

621

Netflix,

Inc.\*

749,690

2,063

ROBLOX

Corp.,

Class

A\*

179,440

625

Sea

Ltd.

ADR

(Singapore)\*

100,231

798

Spotify

Technology

SA\*

530,782

2,718

Tencent

Holdings

Ltd.

(China)

172,683

6,606

Tencent

Music

Entertainment

Group

ADR

(China)

111,245

1,564

T-Mobile

US,

Inc.

378,801

1,494

Walt

Disney

Co.

(The)

168,882

4,126,921

#### Consumer

#### Discretionary

#### –

#### 25.7%
5,548

Amazon.com,

Inc.\*

1,137,396

1,996

Basic-Fit

NV

(Netherlands)\*

(a) 52,344

352,375

Bosideng

International

Holdings

Ltd.

(China)

197,722

1,322

Cava

Group,

Inc.\*

107,439

6,092

Chipotle

Mexican

Grill,

Inc.\*

305,087

1,676

DoorDash,

Inc.,

Class

A\*

349,697

609

Home

Depot,

Inc.

(The)

224,289

LVMH

Moet

Hennessy

Louis

Vuitton

SE

(France)

228,575

7,816

Meituan,

Class

B

(China)\*

(a) 137,550

MercadoLibre,

Inc.

(Brazil)\*

210,190

1,934

Moncler

SpA

(Italy)

120,888

1,248

Planet

Fitness,

Inc.,

Class

A\*

128,332

32,364

Shenzhou

International

Group

Holdings

Ltd.

(China)

235,872

12,636

Sony

Group

Corp.

(Japan)

333,644

177,020

Talabat

Holding

PLC

(United

Arab

Emirates)

69,401

3,854

TJX

Cos.,

Inc.

(The)

489,073

4,327,499

#### Consumer

#### Staples

#### –

#### 5.1%
80,569

Budweiser

Brewing

Co.

APAC

Ltd.

(China)

(a) 84,047

812

elf

Beauty,

Inc.\*

91,342

1,555

Kweichow

Moutai

Co.

Ltd.,

Class

A

(China)

328,634

608

L'Oreal

SA

(France)

257,043

7,674

Proya

Cosmetics

Co.

Ltd.,

Class

A

(China)

94,592

855,658

#### Financials

#### –

#### 6.6%
54,425

Jio

Financial

Services

Ltd.

(India)\*

182,307

1,196

Mastercard,

Inc.,

Class

A

700,378

3,386

Robinhood

Markets,

Inc.,

Class

A\*

223,984

1,106,669

#### Health

#### Care

#### –

#### 3.7%
2,352

Cooper

Cos.,

Inc.

(The)\*

160,594

#### Shares

#### Description

#### Value
aa

#### Common

#### Stocks

#### –
(continued)

#### Health

#### Care

#### –
(continued)

637

Eli

Lilly

&

Co.

$

469,896

630,490

#### Industrials

#### –

#### 1.8%
5,933

Experian

PLC

295,475

#### Information

#### Technology

#### –

#### 25.7%
6,821

Apple,

Inc.

1,369,998

AppLovin

Corp.,

Class

A\*

179,601

7,438

Infineon

Technologies

AG

(Germany)

289,418

3,211

Marvell

Technology,

Inc.

193,270

7,768

NVIDIA

Corp.

1,049,690

4,322

Samsung

Electronics

Co.

Ltd.

(South

Korea)

176,050

3,124

Shopify,

Inc.,

Class

A

(Canada)\*

334,955

22,748

Taiwan

Semiconductor

Manufacturing

Co.

Ltd.

(Taiwan)

734,015

4,326,997

#### Materials

#### –

#### 1.9%
2,864

DSM-Firmenich

AG

(Switzerland)

318,698

#### Real

#### Estate

#### –

#### 1.5%
1,161

American

Tower

Corp.

REIT

249,209

#### Utilities

#### –

#### 1.9%
4,546

NextEra

Energy,

Inc.

321,129

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $14,697,540)
16,558,745

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 1.4%
(b) Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

233,874

4.192%

233,874

(Cost

$233,874)

#### TOTAL

#### INVESTMENTS

#### –

#### 99.9%

#### (Cost

#### $14,931,414)
$

16,792,619

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.1%
9,650

#### NET

#### ASSETS

#### –

#### 100.0%
$

16,802,269

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

\*

Non-income

producing

security.

(a) Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. (b) Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

REIT

—

Real

Estate

Investment

Trust

GOLDMAN

SACHS

FUTURE

HEALTH

CARE

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –

#### 98.1%

#### Canada

#### –

#### 0.6%
3,859

Xenon

Pharmaceuticals,

Inc.

(Health

Care)\*

$

111,332

#### Denmark

#### –

#### 3.2%
9,050

Novo

Nordisk

A/S,

Class

B

(Health

Care)

624,819

#### France

#### –

#### 0.9%
771

Sartorius

Stedim

Biotech

(Health

Care)

169,804

#### Germany

#### –

#### 0.5%
956

BioNTech

SE

ADR

(Health

Care)\*

91,594

#### Japan

#### –

#### 3.8%
4,456

Hoya

Corp.

(Health

Care)

528,532

12,851

Kyowa

Kirin

Co.

Ltd.

(Health

Care)

209,604

738,136

#### Netherlands

#### –

#### 2.4%
823

Argenx

SE

ADR

(Health

Care)\*

471,793

#### Switzerland

#### –

#### 3.3%
940

Lonza

Group

AG

(Health

Care)

651,267

#### United

#### Kingdom

#### –

#### 4.2%
5,683

AstraZeneca

PLC

(Health

Care)

821,561

#### United

#### States

#### –

#### 79.2%
8,033

Abbott

Laboratories

(Health

Care)

1,073,048

6,213

AbbVie,

Inc.

(Health

Care)

1,156,301

2,464

Agilent

Technologies,

Inc.

(Health

Care)

275,771

1,283

Align

Technology,

Inc.

(Health

Care)\*

232,146

1,470

Alnylam

Pharmaceuticals,

Inc.

(Health

Care)\*

447,703

3,944

Apogee

Therapeutics,

Inc.

(Health

Care)\*

144,508

9,685

BioMarin

Pharmaceutical,

Inc.

(Health

Care)\*

562,408

1,301

Blueprint

Medicines

Corp.

(Health

Care)\*

131,856

16,192

Boston

Scientific

Corp.

(Health

Care)\*

1,704,370

10,292

Cooper

Cos.,

Inc.

(The)

(Health

Care)\*

702,738

2,560

CSL

Ltd.

(Health

Care)

406,913

2,591

Danaher

Corp.

(Health

Care)

492,031

2,348

Eli

Lilly

&

Co.

(Health

Care)

1,732,049

2,307

Exact

Sciences

Corp.

(Health

Care)\*

129,838

2,870

Insulet

Corp.

(Health

Care)\*

932,836

1,981

Intuitive

Surgical,

Inc.

(Health

Care)\*

1,094,186

3,115

iRhythm

Technologies,

Inc.

(Health

Care)\*

437,658

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### United

#### States

#### –
(continued)

Madrigal

Pharmaceuticals,

Inc.

(Health

Care)\*

$

84,780

8,889

Merck &

Co.,

Inc.

(Health

Care)

683,031

Mettler-Toledo

International,

Inc.

(Health

Care)\*

256,525

2,655

MoonLake

Immunotherapeutics

(Health

Care)\*

103,572

618

Natera,

Inc.

(Health

Care)\*

97,477

3,965

Neurocrine

Biosciences,

Inc.

(Health

Care)\*

487,774

12,584

Roivant

Sciences

Ltd.

(Health

Care)\*

138,298

3,490

Ultragenyx

Pharmaceutical,

Inc.

(Health

Care)\*

118,765

3,264

UnitedHealth

Group,

Inc.

(Health

Care)

985,434

1,868

Veeva

Systems,

Inc.,

Class

A

(Health

Care)\*

522,480

1,251

West

Pharmaceutical

Services,

Inc.

(Health

Care)

263,773

15,398,269

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $18,646,277)
19,078,575

#### Shares

#### Dividend

#### Rate

#### Value
aa

a

#### Investment

#### Company

#### –

#### 1.9%
(a) Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

366,963

4.192%

366,963

(Cost

$366,963)

#### TOTAL

#### INVESTMENTS

#### –

#### 100.0%

#### (Cost

#### $19,013,240)
$

19,445,538

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.0%
5,411

#### NET

#### ASSETS

#### –

#### 100.0%
$

19,450,949

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

\*

Non-income

producing

security.

(a) Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

PLC

—

Public

Limited

Company

GOLDMAN

SACHS

FUTURE

HEALTH

CARE

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Sector

#### Name

#### %

#### of

#### Market

#### Value
Health

Care

98.1 %

Investment

Company

1.9 #### TOTAL

#### INVESTMENTS
100.0%

GOLDMAN

SACHS

FUTURE

PLANET

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –

#### 97.2%

#### China

#### –

#### 4.3%
4,310

BYD

Co.

Ltd.,

Class

A

(Consumer

Discretionary)

$

210,843

9,466

Contemporary

Amperex

Technology

Co.

Ltd.,

Class

A

(Industrials)

328,605

539,448

#### Denmark

#### –

#### 3.1%
5,424

Novonesis

Novozymes

B,

Class

B

(Materials)

381,205

#### France

#### –

#### 5.5%
8,412

Dassault

Systemes

(Information

Technology)

315,141

5,329

Imerys

SA

(Materials)

177,863

1,507

Legrand

SA

(Industrials)

182,972

675,976

#### Germany

#### –

#### 2.4%
7,799

Infineon

Technologies

AG

(Information

Technology)

303,465

#### Ireland

#### –

#### 1.8%
2,632

Kingspan

Group

PLC

(Industrials)

225,592

#### Italy

#### –

#### 5.2%
70,374

Enel

SpA

(Utilities)

645,928

#### Japan

#### –

#### 7.3%
2,499

Horiba

Ltd.

(Information

Technology)

179,075

727

Keyence

Corp.

(Information

Technology)

306,026

7,491

Kurita

Water

Industries

Ltd.

(Industrials)

280,702

7,111

NIDEC

Corp.

(Industrials)

138,479

904,282

#### Jersey

#### –

#### 1.3%
2,501

Aptiv

PLC

(Consumer

Discretionary)\*

167,092

#### Netherlands

#### –

#### 1.5%
3,571

Arcadis

NV

(Industrials)

184,375

#### Spain

#### –

#### 5.3%
35,997

Iberdrola

SA

(Utilities)

657,119

#### Sweden

#### –

#### –%
18,262

Re:NewCell

AB

(Materials)\*

(a)(b) —

#### Switzerland

#### –

#### 7.8%
4,242

ABB

Ltd.

(Industrials)

240,305

4,447

DSM-Firmenich

AG

(Materials)

494,850

6,127

SIG

Group

AG

(Materials)\*

125,292

Sika

AG

(Materials)

108,038

968,485

#### Shares

#### Description

#### Value
a

#### Common

#### Stocks

#### –
(continued)

#### Taiwan

#### –

#### 2.5%
24,634

Delta

Electronics,

Inc.

(Information

Technology)

$

307,427

#### United

#### States

#### –

#### 49.2%
800

Advanced

Drainage

Systems,

Inc.

(Industrials)

87,968

3,700

AECOM

(Industrials)

406,445

909

Albemarle

Corp.

(Materials)

50,686

4,117

Ball

Corp.

(Materials)

220,589

7,380

Bloom

Energy

Corp.,

Class

A

(Industrials)\*

136,309

5,785

Darling

Ingredients,

Inc.

(Consumer

Staples)\*

180,261

5,802

Docusign,

Inc.

(Information

Technology)\*

514,115

990

Eaton

Corp.

PLC

(Industrials)

316,998

617

Ecolab,

Inc.

(Materials)

163,887

7,056

Energy

Recovery,

Inc.

(Industrials)\*

88,976

4,984

International

Paper

Co.

(Materials)

237,594

2,948

Itron,

Inc.

(Information

Technology)\*

340,789

7,636

NextEra

Energy,

Inc.

(Utilities)

539,407

1,658

Schneider

Electric

SE

(Industrials)

416,635

6,121

Tetra

Tech,

Inc.

(Industrials)

213,868

771

TopBuild

Corp.

(Consumer

Discretionary)\*

218,108

885

Trane

Technologies

PLC

(Industrials)

380,789

2,467

Veralto

Corp.

(Industrials)

249,241

1,865

Waste

Connections,

Inc.

(Industrials)

367,573

2,870

Waste

Management,

Inc.

(Industrials)

691,584

2,188

Xylem,

Inc.

(Industrials)

275,775

6,097,597

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $14,028,867)
12,057,991

#### Shares

#### Dividend

#### Rate

#### Value
aa

a

#### Investment

#### Company

#### –

#### 1.9%
(c) Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

236,645

4.192%

236,645

(Cost

$236,645)

#### TOTAL

#### INVESTMENTS

#### BEFORE

#### SECURITIES

#### LENDING

#### REINVESTMENT

#### VEHICLE

#### (Cost

#### $14,265,512)
12,294,636

GOLDMAN

SACHS

FUTURE

PLANET

EQUITY

ETF

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Shares

#### Dividend

#### Rate

#### Value
a

#### Securities

#### Lending

#### Reinvestment

#### Vehicle

#### –

#### 0.1%
(c) a

a

a

a

Goldman

Sachs

Financial

Square

Government

Fund

-

Institutional

Shares

9,360

4.216%

$

9,360

#### (Cost

#### $9,360)

#### TOTAL

#### INVESTMENTS

#### –

#### 99.2%

#### (Cost

#### $14,274,872)
$

12,303,996

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.8%
96,146

#### NET

#### ASSETS

#### –

#### 100.0%
$

12,400,142

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

\*

Non-income

producing

security.

(a) All

or

a

portion

of

security

is

on

loan.

(b) Significant

unobservable

inputs

were

used

in

the

valuation

of

this

portfolio

security;

i.e.

Level

3. (c) Represents

an

affiliated

issuer.

Investment

Abbreviations:

PLC

—

Public

Limited

Company

#### Sector

#### Name

#### %

#### of

#### Market

#### Value
Industrials

42.4 %

Information

Technology

18.4 Materials

15.9 Utilities

15.0 Consumer

Discretionary

4.9 Investment

Company

1.9 Consumer

Staples

1.4 Securities

Lending

Reinvestment

Vehicle

0.1 #### TOTAL

#### INVESTMENTS
100.0%

GOLDMAN

SACHS

FUTURE

TECH

LEADERS

EQUITY

ETF

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### \*\*End

#### swaps

#### header\*\*

#### Shares

#### Description

#### Value
aa

#### Common

#### Stocks

#### –

#### 98.2%

#### Communication

#### Services

#### –

#### 9.9%
61,495

Capcom

Co.

Ltd.

(Japan)

$

1,832,555

58,408

Cellnex

Telecom

SA

(Spain)\*

(a) 2,235,897

132,433

NetEase,

Inc.

(China)

3,220,661

266,271

Snap,

Inc.,

Class

A\*

2,196,736

6,991

Spotify

Technology

SA\*

4,649,994

126,696

Tencent

Music

Entertainment

Group

ADR

(China)

2,133,560

16,269,403

#### Consumer

#### Discretionary

#### –

#### 7.5%
45,038

BYD

Co.

Ltd.,

Class

H

(China)

2,256,050

11,804

DoorDash,

Inc.,

Class

A\*

2,462,905

813,456

Eternal

Ltd.

(India)\*

2,265,319

1,120

MercadoLibre,

Inc.

(Brazil)\*

2,870,885

38,908

Trip.com

Group

Ltd.

(China)

2,451,116

12,306,275

#### Financials

#### –

#### 3.0%
44,666

Fidelity

National

Information

Services,

Inc.

3,555,860

7,694

Jack

Henry

&

Associates,

Inc.

1,393,922

4,949,782

#### Health

#### Care

#### –

#### 1.2%
17,187

Hoya

Corp.

(Japan)

2,038,570

#### Industrials

#### –

#### 4.6%
16,574

Booz

Allen

Hamilton

Holding

Corp.

1,760,988

126,824

Daifuku

Co.

Ltd.

(Japan)

3,399,669

145,480

Ebara

Corp.

(Japan)

2,345,606

7,506,263

#### Information

#### Technology

#### –

#### 72.0%
72,241

Accton

Technology

Corp.

(Taiwan)

1,795,870

35,371

Advantest

Corp.

(Japan)

1,805,871

43,444

Amphenol

Corp.,

Class

A

3,906,919

8,162

AppLovin

Corp.,

Class

A\*

3,207,666

3,405

ASM

International

NV

(Netherlands)

1,853,908

20,389

Atlassian

Corp.,

Class

A\*

4,233,368

16,182

Cadence

Design

Systems,

Inc.\*

4,645,367

104,076

Chroma

ATE,

Inc.

(Taiwan)

1,165,140

15,794

Cloudflare,

Inc.,

Class

A\*

2,620,067

26,719

Coforge

Ltd.

(India)

2,669,714

27,198

Cognizant

Technology

Solutions

Corp.,

Class

A

2,202,766

6,151

Crowdstrike

Holdings,

Inc.,

Class

A\*

2,899,397

34,645

Datadog,

Inc.,

Class

A\*

4,083,953

234,897

Delta

Electronics,

Inc.

(Taiwan)

2,931,461

71,915

Dynatrace,

Inc.\*

3,884,129

256,179

E

Ink

Holdings,

Inc.

(Taiwan)

1,812,234

12,438

Elastic

NV\*

1,005,861

22,976

Entegris,

Inc.

1,579,370

200,779

Hamamatsu

Photonics

KK

(Japan)

2,161,615

6,656

HubSpot,

Inc.\*

3,926,374

67,128

Jentech

Precision

Industrial

Co.

Ltd.

(Taiwan)

3,035,135

#### Shares

#### Description

#### Value
aa

#### Common

#### Stocks

#### –
(continued)

#### Information

#### Technology

#### –
(continued)

5,563

KLA

Corp.

$

4,210,523

61,521

Klaviyo,

Inc.,

Class

A\*

2,091,714

63,387

Marvell

Technology,

Inc.

3,815,264

90,085

MediaTek,

Inc.

(Taiwan)

3,787,547

35,596

Microchip

Technology,

Inc.

2,065,992

19,969

Micron

Technology,

Inc.

1,886,272

12,060

Monday.com

Ltd.\*

3,587,729

9,572

MongoDB,

Inc.\*

1,807,481

9,049

Motorola

Solutions,

Inc.

3,758,774

105,302

Murata

Manufacturing

Co.

Ltd.

(Japan)

1,555,867

28,832

NAURA

Technology

Group

Co.

Ltd.,

Class

A

(China)

1,675,716

34,854

Persistent

Systems

Ltd.

(India)

2,296,311

77,453

Samsara,

Inc.,

Class

A\*

3,604,663

18,556

Shopify,

Inc.,

Class

A

(Canada)\*

1,989,574

112,490

Silergy

Corp.

(China)

1,313,763

30,368

SK

Hynix,

Inc.

(South

Korea)

4,501,164

27,089

Snowflake,

Inc.,

Class

A\*

5,571,395

3,817

Tyler

Technologies,

Inc.\*

2,202,371

362,974

Unisplendour

Corp.

Ltd.,

Class

A

(China)

1,211,148

48,116

Varonis

Systems,

Inc.\*

2,294,171

457,534

Venustech

Group,

Inc.,

Class

A

(China)

972,037

16,265

Zscaler,

Inc.\*

4,484,260

118,109,921

#### TOTAL

#### COMMON

#### STOCKS

#### (Cost

#### $139,364,465)
161,180,214

#### Shares

#### Dividend

#### Rate

#### Value
aa

#### Investment

#### Company

#### –

#### 1.7%
(b) Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

–

Institutional

Shares

2,751,740

4.192%

2,751,740

(Cost

$2,751,740)

#### TOTAL

#### INVESTMENTS

#### –

#### 99.9%

#### (Cost

#### $142,116,205)
$

163,931,954

#### OTHER

#### ASSETS

#### IN

#### EXCESS

#### OF

#### LIABILITIES

#### –

#### 0.1%
222,267

#### NET

#### ASSETS

#### –

#### 100.0%
$

164,154,221

&nbsp;&nbsp;&nbsp;&nbsp;a

The

percentage

shown

for

each

investment

category

reflects

the

value

of

investments

in

that

category

as

a

percentage

of

net

assets.

\*

Non-income

producing

security.

(a) Exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933. (b) Represents

an

affiliated

issuer.

Investment

Abbreviations:

ADR

—

American

Depositary

Receipt

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

May

31,

2025

(Unaudited)

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
Investment

Valuation

—

The

Funds'

valuation

policy

is

to

value

investments

at

fair

value.

Investments

and

Fair

Value

Measurements

—

U.S.

GAAP

defines

the

fair

value

of

a

financial

instrument

as

the

amount

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date

(i.e.,

the

exit

price);

the

Funds'

policy

is

to

use

the

market

approach.

GAAP

establishes

a

fair

value

hierarchy

that

prioritizes

the

inputs

to

valuation

techniques

used

to

measure

fair

value.

The

hierarchy

gives

the

highest

priority

to

unadjusted

quoted

prices

in

active

markets

for

identical

assets

or

liabilities

(Level

measurements)

and

the

lowest

priority

to

unobservable

inputs

(Level

measurements).

The

level

in

the

fair

value

hierarchy

within

which

the

fair

value

measurement

in

its

entirety

falls

shall

be

determined

based

on

the

lowest

level

input

that

is

significant

to

the

fair

value

measurement

in

its

entirety.

The

levels

used

for

classifying

investments

are

not

necessarily

an

indication

of

the

risk

associated

with

investing

in

these

investments.

The

three

levels

of

the

fair

value

hierarchy

are

described

below:

Level

—

Unadjusted

quoted

prices

in

active

markets

that

are

accessible

at

the

measurement

date

for

identical,

unrestricted

assets

or

liabilities;

Level

—

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

—

Prices

or

valuations

that

require

significant

unobservable

inputs

(including

GSAM's

assumptions

in

determining

fair

value

measurement).

The

Board

of

Trustees

("Trustees")

has

approved

Valuation

Procedures

that

govern

the

valuation

of

the

portfolio

investments

held

by

the

Funds,

including

investments

for

which

market

quotations

are

not

readily

available.

With

respect

to

the

Funds'

investments

that

do

not

have

readily

available

market

quotations,

the

Trustees

have

designated

GSAM

as

the

valuation

designee

to

perform

fair

valuations

pursuant

to

Rule

2a-5

under

the

Act

(the

"Valuation

Designee").

GSAM

has

day-to-day

responsibility

for

implementing

and

maintaining

internal

controls

and

procedures

related

to

the

valuation

of

the

Funds'

investments.

To

assess

the

continuing

appropriateness

of

pricing

sources

and

methodologies,

GSAM

regularly

performs

price

verification

procedures

and

issues

challenges

as

necessary

to

third

party

pricing

vendors

or

brokers,

and

any

differences

are

reviewed

in

accordance

with

the

Valuation

Procedures.

A. Level

and

Level

Fair

Value

Investments

—

The

valuation

techniques

and

significant

inputs

used

in

determining

the

fair

values

for

investments

classified

as

Level

and

Level

are

as

follows:

Equity

Securities

—

Equity

securities

traded

on

a

United

States

("U.S.")

securities

exchange

or

the

NASDAQ

system,

or

those

located

on

certain

foreign

exchanges,

including

but

not

limited

to

the

Americas,

are

valued

daily

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded.

If

there

is

no

sale

or

official

closing

price

or

such

price

is

believed

by

GSAM

to

not

represent

fair

value,

equity

securities

will

be

valued

at

the

valid

closing

bid

price

for

long

positions

and

at

the

valid

closing

ask

price

for

short

positions

(i.e.

where

there

is

sufficient

volume,

during

normal

exchange

trading

hours).

If

no

valid

bid/ask

price

is

available,

the

equity

security

will

be

valued

pursuant

to

the

Valuation

Procedures

and

consistent

with

applicable

regulatory

guidance.

To

the

extent

these

investments

are

actively

traded,

they

are

classified

as

Level

of

the

fair

value

hierarchy,

otherwise

they

are

generally

classified

as

Level

2. Certain

equity

securities

containing

unique

attributes

may

be

classified

as

Level

2. Unlisted

equity

securities

for

which

market

quotations

are

available

are

valued

at

the

last

sale

price

on

the

valuation

date,

or

if

no

sale

occurs,

at

the

last

bid

price

for

long

positions

or

the

last

ask

price

for

short

positions,

and

are

generally

classified

as

Level

2. Money

Market

Funds

—

Investments

in

the

Goldman

Sachs

Financial

Square

Treasury

Obligations

Fund

and

Goldman

Sachs

Financial

Square

Government

Fund

("Underlying

Money

Market

Funds")

are

valued

at

the

NAV

per

share

of

the

Institutional

Share

class

on

the

day

of

valuation.

These

investments

are

generally

classified

as

Level

of

the

fair

value

hierarchy.

For

information

regarding

the

Underlying

Money

Market

Funds'

accounting

policies

and

investment

holdings,

please

see

the

Underlying

Money

Market

Funds'

shareholder

report.

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

B. Level

Fair

Value

Investments

—

To

the

extent

that

significant

inputs

to

valuation

models

and

other

alternative

pricing

sources

are

unobservable,

or

if

quotations

are

not

readily

available,

or

if

GSAM

believes

that

such

quotations

do

not

accurately

reflect

fair

value,

the

fair

value

of

a

Fund's

investments

may

be

determined

under

the

Valuation

Procedures.

GSAM,

consistent

with

its

procedures

and

applicable

regulatory

guidance,

may

make

an

adjustment

to

the

most

recent

valuation

prices

of

either

domestic

or

foreign

securities

in

light

of

significant

events

to

reflect

what

it

believes

to

be

the

fair

value

of

the

securities

at

the

time

of

determining

a

Fund's

NAV.

To

the

extent

investments

are

valued

using

single

source

broker

quotations

obtained

directly

from

the

broker

or

passed

through

from

third

party

pricing

vendors,

such

investments

are

classified

as

Level

investments.

C. Fair

Value

Hierarchy

—

The

following

is

a

summary

of

the

Funds'

investments

classified

in

the

fair

value

hierarchy

as

of

May

31,

2025:

(a) #### Future

#### Consumer

#### Equity

#### ETF

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

2,957,993

$

—

$

—

Europe

1,456,294

—

—

North

America

11,934,268

—

—

South

America

210,190

—

—

Investment

Company

233,874

—

—

#### Total
$

16,792,619

$

—

$

—

€

1.00 €

1.00 €

1.00 (a) #### Future

#### Health

#### Care

#### Equity

#### ETF

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

738,136

$

—

$

—

Europe

2,830,838

—

—

North

America

15,509,601

—

—

Investment

Company

366,963

—

—

#### Total
$

19,445,538

$

—

$

—

€

1.00 €

1.00 €

1.00 (a) #### Future

#### Planet

#### Equity

#### ETF

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

1,751,157

$

—

$

—

Europe

4,209,237

—

—

North

America

6,097,597

—

—

Investment

Company

236,645

—

—

#### Total
$

12,303,996

$

—

$

—

€

1.00 €

1.00 €

1.00 (a) #### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

For

further

information

regarding

security

characteristics,

see

the

Schedules

of

Investments.

D. Securities

Lending

—

The

Funds

may

lend

their

securities

through

a

securities

lending

agent,

the

Bank

of

New

York

Mellon

("BNYM"),

to

certain

qualified

borrowers.

In

accordance

with

the

Funds'

securities

lending

procedures,

the

Funds

receive

cash

collateral

at

least

equal

to

the

market

value

of

the

securities

on

loan.

The

market

value

of

the

loaned

securities

is

determined

at

the

close

of

business

of

the

Funds,

at

their

last

sale

price

or

official

closing

price

on

the

principal

exchange

or

system

on

which

they

are

traded,

and

any

additional

required

collateral

is

delivered

to

the

Funds

on

the

next

business

day.

As

with

other

extensions

of

credit,

the

Funds

may

experience

delay

in

the

recovery

of

their

securities

or

incur

a

loss

should

the

borrower

of

the

securities

breach

its

agreement

with

the

Funds

or

become

insolvent

at

a

time

when

the

collateral

is

insufficient

to

cover

the

cost

of

repurchasing

securities

on

loan.

Dividend

income

received

from

securities

on

loan

may

not

be

subject

to

withholding

taxes

and

therefore

withholding

taxes

paid

may

differ

from

the

amounts

listed

in

the

Statements

of

Operations.

Loans

of

securities

are

terminable

at

any

time

and

as

such

1)

the

remaining

contractual

maturities

of

the

outstanding

securities

lending

transactions

are

considered

to

be

overnight

and

continuous

and

2)

the

borrower,

after

notice,

is

required

to

return

borrowed

securities

within

the

standard

time

period

for

settlement

of

securities

transactions.

The

Funds

invest

the

cash

collateral

received

in

connection

with

securities

lending

transactions

in

the

Goldman

Sachs

Financial

Square

Government

Fund

("Government

Money

Market

Fund"),

an

affiliated

series

of

the

Goldman

Sachs

Trust.

The

Government

Money

Market

Fund

is

registered

under

the

Act

as

an

open

end

investment

company,

is

subject

to

Rule

2a-7

under

the

Act,

and

is

managed

by

GSAM,

for

which

GSAM

may

receive

a

management

fee

of

up

to

0.16%

on

an

annualized

basis

of

the

average

daily

net

assets

of

the

Government

Money

Market

Fund.

In

the

event

of

a

default

by

a

borrower

with

respect

to

any

loan,

BNYM

may

exercise

any

and

all

remedies

provided

under

the

applicable

borrower

agreement

to

make

the

Funds

whole.

These

remedies

include

purchasing

replacement

securities

by

applying

the

collateral

held

from

the

defaulting

broker

against

the

purchase

cost

of

the

replacement

securities.

If

BNYM

is

unable

to

purchase

replacement

securities,

BNYM

will

indemnify

the

Funds

by

paying

the

Funds

an

amount

equal

to

the

market

value

of

the

securities

loaned

minus

the

value

of

cash

collateral

received

from

the

borrower

for

the

loan,

subject

to

an

exclusion

for

any

shortfalls

resulting

from

a

loss

of

value

in

such

cash

collateral

due

to

reinvestment

risk.

The

Funds'

master

netting

agreements

with

certain

borrowers

provide

the

right,

in

the

event

of

a

default

(including

bankruptcy

or

insolvency),

for

the

non-defaulting

party

to

liquidate

the

collateral

and

calculate

net

exposure

to

the

defaulting

party

or

request

additional

collateral.

However,

in

the

event

of

a

default

by

a

borrower,

a

resolution

authority

could

determine

that

such

rights

are

not

enforceable

due

to

the

restrictions

or

prohibitions

against

the

right

of

set-off

that

may

be

imposed

in

accordance

with

a

particular

jurisdiction's

bankruptcy

or

insolvency

laws.

The

Funds'

loaned

securities

were

all

subject

to

enforceable

Securities

Lending

Agreements

and

the

value

of

the

collateral

was

at

least

equal

to

the

value

of

the

cash

received.

#### Future

#### Tech

#### Leaders

#### Equity

#### ETF

#### Investment

#### Type

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Assets
Common

Stock

and/or

Other

Equity

Investments

(a) Asia

$

56,633,699

$

—

$

—

Europe

4,089,805

—

—

North

America

97,585,825

—

—

South

America

2,870,885

—

—

Investment

Company

2,751,740

—

—

#### Total
$

163,931,954

$

—

$

—

€

1.00 €

1.00 €

1.00 (a) Amounts

are

disclosed

by

continent

to

highlight

the

impact

of

time

zone

differences

between

local

market

close

and

the

calculation

of

NAV.

Security

valuations

are

based

on

the

principal

exchange

or

system

on

which

they

are

traded,

which

may

differ

from

country

of

domicile

noted

in

table.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

The

Funds'

risks

include,

but

are

not

limited

to,

the

following:

Foreign

and

Emerging

Countries

Risk

—

Investing

in

foreign

markets

may

involve

special

risks

and

considerations

not

typically

associated

with

investing

in

the

U.S.

Foreign

securities

may

be

subject

to

risk

of

loss

because

of

more

or

less

foreign

government

regulation;

less

public

information;

less

stringent

investor

protections;

less

stringent

accounting,

corporate

governance,

financial

reporting

and

disclosure

standards;

and

less

economic,

political

and

social

stability

in

the

countries

in

which

a

Fund

invests.

The

imposition

of

sanctions,

exchange

controls

(including

repatriation

restrictions),

confiscation

of

assets

and

property,

trade

restrictions

(including

tariffs)

and

other

government

restrictions

by

the

U.S.

or

other

governments,

or

from

problems

in

registration,

settlement

or

custody,

may

also

result

in

losses.

The

type

and

severity

of

sanctions

and

other

similar

measures,

including

counter

sanctions

and

other

retaliatory

actions,

that

may

be

imposed

could

vary

broadly

in

scope,

and

their

impact

is

impossible

to

predict.

For

example,

the

imposition

of

sanctions

and

other

similar

measures

could,

among

other

things,

cause

a

decline

in

the

value

and/or

liquidity

of

securities

issued

by

the

sanctioned

country

or

companies

located

in

or

economically

tied

to

the

sanctioned

country

and

increase

market

volatility

and

disruption

in

the

sanctioned

country

and

throughout

the

world.

Sanctions

and

other

similar

measures

could

limit

or

prevent

a

Fund

from

buying

and

selling

securities

(in

the

sanctioned

country

and

other

markets),

significantly

delay

or

prevent

the

settlement

of

securities

transactions,

and

significantly

impact

a

Fund's

liquidity

and

performance.

Foreign

risk

also

involves

the

risk

of

negative

foreign

currency

exchange

rate

fluctuations,

which

may

cause

the

value

of

securities

denominated

in

such

foreign

currency

(or

other

instruments

through

which

a

Fund

has

exposure

to

foreign

currencies)

to

decline

in

value.

Currency

exchange

rates

may

fluctuate

significantly

over

short

periods

of

time.

To

the

extent

that

a

Fund

also

invests

in

securities

of

issuers

located

in,

or

economically

tied

to,

emerging

markets,

these

risks

may

be

more

pronounced.

Foreign

Custody

Risk

—

The

Funds

invest

in

foreign

securities,

and

as

such

the

Funds

may

hold

such

securities

and

cash

with

foreign

banks,

agents,

and

securities

depositories

appointed

by

a

Fund's

custodian

(each

a

"Foreign

Custodian").

Some

foreign

custodians

may

be

recently

organized

or

new

to

the

foreign

custody

business.

In

some

countries,

Foreign

Custodians

may

be

subject

to

little

or

no

regulatory

oversight

over,

or

independent

evaluation

of,

their

operations.

Further,

the

laws

of

certain

countries

may

place

limitations

on

a

Fund's

ability

to

recover

its

assets

if

a

Foreign

Custodian

enters

bankruptcy.

Investments

in

emerging

markets

may

be

subject

to

even

greater

custody

risks

than

investments

in

more

developed

markets.

Custody

services

in

emerging

market

countries

are

very

often

undeveloped

and

may

be

considerably

less

well

regulated

than

in

more

developed

countries,

and

thus

may

not

afford

the

same

level

of

investor

protection

as

would

apply

in

developed

countries.

Geographic

Risk

—

If

a

Fund

focuses

its

investments

in

securities

of

issuers

located

in

a

particular

country

or

geographic

region,

the

Fund

may

be

subjected,

to

a

greater

extent

than

if

its

investments

were

less

focused,

to

the

risks

of

volatile

economic

cycles

and/

or

conditions

and

developments

that

may

be

particular

to

that

country

or

region,

such

as:

adverse

securities

markets;

adverse

exchange

rates;

adverse

social,

political,

regulatory,

economic,

business,

environmental

or

other

developments;

or

natural

disasters.

Investment

Style

Risk

—

Different

investment

styles

(e.g.,

growth,

value

or

quantitative)

tend

to

shift

in

and

out

of

favor

depending

upon

market

and

economic

conditions

and

investor

sentiment.

The

Fund

may

outperform

or

underperform

other

funds

that

invest

in

similar

asset

classes

but

employ

different

investment

styles.

Issuer

Concentration

Risk

—

The

Funds

may

invest

in

a

relatively

small

number

of

issuers.

As

a

result,

they

may

be

subject

to

greater

risks

than

a

fund

that

invests

in

a

greater

number

of

issuers.

A

change

in

the

value

of

any

single

investment

held

by

the

Funds

may

affect

the

overall

value

of

the

Funds

more

than

it

would

affect

a

mutual

fund

that

holds

more

investments.

In

particular,

the

Funds

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

in

the

Funds

and

may

be

susceptible

to

greater

losses

because

of

these

developments.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Large

Shareholder

Transaction

Risk

—

Certain

shareholders,

including

other

funds

advised

by

the

Investment

Adviser,

may

from

time

to

time

own

a

substantial

amount

of

the

Fund's

Shares.

In

addition,

a

third

party

investor,

the

Investment

Adviser

or

an

affiliate

of

the

Investment

Adviser,

an

authorized

participant,

a

lead

market

maker,

or

another

entity

(i.e.,

a

seed

investor)

may

invest

in

the

Fund

and

hold

its

investment

solely

to

facilitate

commencement

of

the

Fund

or

to

facilitate

the

Fund's

achieving

a

specified

size

or

scale.

Any

such

investment

may

be

held

for

a

limited

period

of

time.

There

can

be

no

assurance

that

any

large

shareholder

would

not

redeem

its

investment,

that

the

size

of

the

Fund

would

be

maintained

at

such

levels

or

that

the

Fund

would

continue

to

meet

applicable

listing

requirements.

Redemptions

by

large

shareholders

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund's

liquidity.

In

addition,

transactions

by

large

shareholders

may

account

for

a

large

percentage

of

the

trading

volume

on

NYSE

Arca

and

may,

therefore,

have

a

material

upward

or

downward

effect

on

the

market

price

of

the

Shares.

Market

and

Credit

Risks

—

In

the

normal

course

of

business,

a

Fund

trades

financial

instruments

and

enters

into

financial

transactions

where

risk

of

potential

loss

exists

due

to

changes

in

the

market

(market

risk).

The

value

of

the

securities

in

which

a

Fund

invests

may

go

up

or

down

in

response

to

the

prospects

of

individual

companies,

particular

sectors

or

governments

and/or

general

economic

conditions

throughout

the

world

due

to

increasingly

interconnected

global

economies

and

financial

markets.

Events

such

as

war,

military

conflict,

geopolitical

disputes,

acts

of

terrorism,

social

or

political

unrest,

natural

disasters,

recessions,

inflation,

rapid

interest

rate

changes,

supply

chain

disruptions,

tariffs

and

other

restrictions

on

trade,

sanctions

or

the

spread

of

infectious

illness

or

other

public

health

threats,

or

the

threat

or

potential

of

one

or

more

such

events

and

developments,

could

also

significantly

impact

a

Fund

and

its

investments.

Additionally,

a

Fund

may

also

be

exposed

to

credit

risk

in

the

event

that

an

issuer

or

guarantor

fails

to

perform

or

that

an

institution

or

entity

with

which

the

Fund

has

unsettled

or

open

transactions

defaults.

Market

Trading

Risk

—

Each

Fund

faces

numerous

market

trading

risks,

including

disruptions

to

creations

and

redemptions,

the

existence

of

extreme

market

volatility

or

potential

lack

of

an

active

trading

market

for

Shares.

If

a

shareholder

purchases

Shares

at

a

time

when

the

market

price

is

at

a

premium

to

the

NAV

or

sells

Shares

at

a

time

when

the

market

price

is

at

a

discount

to

the

NAV,

the

shareholder

may

pay

more

for,

or

receive

less

than,

the

underlying

value

of

the

Shares,

respectively.

The

Investment

Adviser

cannot

predict

whether

Shares

will

trade

below,

at

or

above

their

NAV.

Price

differences

may

be

due,

in

large

part,

to

the

fact

that

supply

and

demand

forces

at

work

in

the

secondary

trading

market

for

Shares

will

be

closely

related

to,

but

not

identical

to,

the

same

forces

influencing

the

prices

of

the

securities

of

a

Fund's

Index

trading

individually

or

in

the

aggregate

at

any

point

in

time.

Mid-Cap

and

Small-Cap

Risk

—

Investments

in

mid-capitalization

and

small-capitalization

companies

involve

greater

risks

than

those

associated

with

larger,

more

established

companies.

These

securities

may

be

subject

to

more

abrupt

or

erratic

price

movements

and

may

lack

sufficient

market

liquidity,

and

these

issuers

often

face

greater

business

risks.

Non-Diversification

Risk

—

The

Funds

are

non-diversified,

meaning

that

they

are

permitted

to

invest

a

larger

percentage

of

their

assets

in

one

or

more

issuers

or

in

fewer

issuers

than

diversified

funds.

Thus,

a

Fund

may

be

more

susceptible

to

adverse

developments

affecting

any

single

issuer

held

in

its

portfolio,

and

may

be

more

susceptible

to

greater

losses

because

of

these

developments.

Seed

Investor

Risk

—

GSAM

and/or

its

affiliates

may

make

payments

to

one

or

more

investors

that

contribute

seed

capital

to

the

Fund.

Such

payments

may

continue

for

a

specified

period

of

time

and/or

until

a

specified

dollar

amount

is

reached.

Those

payments

will

be

made

from

the

assets

of

GSAM

and/or

such

affiliates

(and

not

the

Fund).

There

is

a

risk

that

such

seed

investors

may

redeem

their

investments

in

the

Fund,

particularly

after

payments

from

GSAM

and/or

its

affiliates

have

ceased.

As

with

redemptions

by

other

large

shareholders,

such

redemptions

could

have

a

significant

negative

impact

on

the

Fund,

including

on

the

Fund's

liquidity

and

the

market

price

of

the

Fund's

Shares.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

Goldman

Sachs

Future

Thematic

Equity

ETFs

Schedule

of

Investments

(continued)

May

31,

2025

(Unaudited)

Thematic

Investing

Risk

—

The

Fund's

thematic

investment

strategy

limits

the

universe

of

investment

opportunities

available

to

the

Fund

and

will

affect

the

Fund's

exposure

to

certain

companies,

sectors,

regions,

and

countries,

which

may

result

in

the

Fund

forgoing

opportunities

to

buy

or

sell

certain

securities

when

it

might

otherwise

be

advantageous

to

do

so.

Adhering

to

the

Fund's

thematic

investment

strategy

may

also

affect

the

Fund's

performance

relative

to

similar

funds

that

do

not

seek

to

invest

in

companies

exposed

to

certain

themes.

There

is

no

guarantee

that

the

Investment

Adviser's

views,

security

selection

criteria

or

investment

judgment

will

reflect

the

beliefs

or

values

of

any

particular

investor.

In

addition,

the

Investment

Adviser

is

not

required

to

monitor

on

an

ongoing

basis

whether

a

current

holding

continues

to

be

aligned

with

one

or

more

themes

or

otherwise

associated

with

certain

themes.

The

Fund

is

not

required

to

sell,

and

may

instead

add

to,

positions

in

holdings

that

no

longer

continue

to

be

aligned

with

one

or

more

of

the

Key

Themes

or

associated

with

these

themes.

#### NOTES

#### TO

#### THE

#### SCHEDULE

#### OF

#### INVESTMENTS
(continued)

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Goldman Sachs ETF Trust

- **b. Investment Company Act file number:** 811-23013

- **c. CIK number of Registrant:** 0001479026

- **d. LEI of Registrant:** 549300VEZF7K2ES5WL82

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 200 West Street

  - **City:** New York

  - **State:** NY

  - **Foreign country:** US

  - **Zip / Postal Code:** 10282

  - **Telephone number:** 312-655-4400

**Item A.2. Information about the Series.**

- **a. Name of Series:** Goldman Sachs Future Health Care Equity ETF

- **b. EDGAR series identifier (if any):** S000072296

- **c. LEI of Series:** 5493005ZE64A38F67X14

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $19457294.21

**Total Liabilities:** $6344.83

**Net Assets:** $19450949.38

**Cash Not Reported:** $449.52

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000228400 | -4.91%               | -0.96%               | -2.29%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-27284.41               | $-1025789.19                               |
| Month 2  | $-60530.99               | $-142201.85                                |
| Month 3  | $7151.82                 | $-456580.21                                |

### Schedule of Portfolio Investments

| Name                                                     | Title                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CSL Ltd                                                  | CSL Ltd                                                  | CUSIP: 000000000<br>LEI: 529900ECSECK5ZDQTE14 | Long             | EC               | CORP              | AU        |      2560 | NS      | $406913.14    | 2.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Intuitive Surgical Inc                                   | Intuitive Surgical Inc                                   | CUSIP: 46120E602<br>LEI: 54930052SRG011710797 | Long             | EC               | CORP              | US        |      1981 | NS      | $1094185.54   | 5.63%             |  |  |  | No            |                  1 | On Loan: No      |
| BioMarin Pharmaceutical Inc                              | BioMarin Pharmaceutical Inc                              | CUSIP: 09061G101<br>LEI: NSLL8ITTRR0J5HEMR848 | Long             | EC               | CORP              | US        |      9685 | NS      | $562407.95    | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| BioNTech SE                                              | BioNTech SE                                              | CUSIP: 09075V102<br>LEI: 894500UZJ5LG1F8J1U58 | Long             | EC               | CORP              | DE        |       956 | NS      | $91594.36     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Mettler-Toledo International I                           | Mettler-Toledo International Inc                         | CUSIP: 592688105<br>LEI: 5493000BD5GJNUDIUG10 | Long             | EC               | CORP              | US        |       222 | NS      | $256525.44    | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc                            | Ultragenyx Pharmaceutical Inc                            | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |      3490 | NS      | $118764.70    | 0.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Neurocrine Biosciences Inc                               | Neurocrine Biosciences Inc                               | CUSIP: 64125C109<br>LEI: 549300FECER0XBN49756 | Long             | EC               | CORP              | US        |      3965 | NS      | $487774.30    | 2.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Argenx SE                                                | Argenx SE                                                | CUSIP: 04016X101<br>LEI: 7245009C5FZE6G9ODQ71 | Long             | EC               | CORP              | NL        |       823 | NS      | $471792.98    | 2.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Natera Inc                                               | Natera Inc                                               | CUSIP: 632307104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |       618 | NS      | $97477.14     | 0.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp                                 | Blueprint Medicines Corp                                 | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |      1301 | NS      | $131856.35    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Roivant Sciences Ltd                                     | Roivant Sciences Ltd                                     | CUSIP: 000000000<br>LEI: 549300DL466NY5J6U724 | Long             | EC               | CORP              | US        |     12584 | NS      | $138298.16    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories                                      | Abbott Laboratories                                      | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |      8033 | NS      | $1073048.14   | 5.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Apogee Therapeutics Inc                                  | Apogee Therapeutics Inc                                  | CUSIP: 03770N101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      3944 | NS      | $144508.16    | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc                             | Madrigal Pharmaceuticals Inc                             | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |       308 | NS      | $84780.08     | 0.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp                                   | Boston Scientific Corp                                   | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     16192 | NS      | $1704369.92   | 8.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Alnylam Pharmaceuticals Inc                              | Alnylam Pharmaceuticals Inc                              | CUSIP: 02043Q107<br>LEI: 529900S3ZI14OWRJII50 | Long             | EC               | CORP              | US        |      1470 | NS      | $447703.20    | 2.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Hoya Corp                                                | Hoya Corp                                                | CUSIP: 000000000<br>LEI: 353800X4VR3BHEUCJB42 | Long             | EC               | CORP              | JP        |      4456 | NS      | $528531.41    | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Sartorius Stedim Biotech                                 | Sartorius Stedim Biotech                                 | CUSIP: 000000000<br>LEI: 52990006IVXY7GCSSR39 | Long             | EC               | CORP              | FR        |       771 | NS      | $169804.03    | 0.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Align Technology Inc                                     | Align Technology Inc                                     | CUSIP: 016255101<br>LEI: 549300N5YSE0U3LCP840 | Long             | EC               | CORP              | US        |      1283 | NS      | $232146.02    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Veeva Systems Inc                                        | Veeva Systems Inc                                        | CUSIP: 922475108<br>LEI: 549300YZEXPDB92M2F02 | Long             | EC               | CORP              | US        |      1868 | NS      | $522479.60    | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Goldman Sachs Financial Square Treasury Obligations Fund | Goldman Sachs Financial Square Treasury Obligations Fund | CUSIP: 38141W323<br>LEI: 549300C0TCI4VJPGCS21 | Long             | STIV             | RF                | US        |    366963 | NS      | $366962.62    | 1.89%             |  |  |  | No            |                  1 | On Loan: No      |
| MoonLake Immunotherapeutics                              | MoonLake Immunotherapeutics                              | CUSIP: 61559X104<br>LEI: N/A                  | Long             | EC               | CORP              | CH        |      2655 | NS      | $103571.55    | 0.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Xenon Pharmaceuticals Inc                                | Xenon Pharmaceuticals Inc                                | CUSIP: 98420N105<br>LEI: 549300XV44Q9Z1MIPQ03 | Long             | EC               | CORP              | CA        |      3859 | NS      | $111332.15    | 0.57%             |  |  |  | No            |                  1 | On Loan: No      |
| AstraZeneca PLC                                          | AstraZeneca PLC                                          | CUSIP: 000000000<br>LEI: PY6ZZQWO2IZFZC3IOL08 | Long             | EC               | CORP              | GB        |      5683 | NS      | $821561.18    | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilent Technologies Inc                                 | Agilent Technologies Inc                                 | CUSIP: 00846U101<br>LEI: QUIX8Y7A2WP0XRMW7G29 | Long             | EC               | CORP              | US        |      2464 | NS      | $275770.88    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                                               | AbbVie Inc                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |      6213 | NS      | $1156301.43   | 5.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Cooper Cos Inc/The                                       | Cooper Cos Inc/The                                       | CUSIP: 216648501<br>LEI: QJKMVPIGLH7530PCUE20 | Long             | EC               | CORP              | US        |     10292 | NS      | $702737.76    | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Insulet Corp                                             | Insulet Corp                                             | CUSIP: 45784P101<br>LEI: 549300TZTYD2PYN92D43 | Long             | EC               | CORP              | US        |      2870 | NS      | $932836.10    | 4.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyowa Kirin Co Ltd                                       | Kyowa Kirin Co Ltd                                       | CUSIP: 000000000<br>LEI: 529900TBXKVTQGYA3582 | Long             | EC               | CORP              | JP        |     12851 | NS      | $209604.14    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| West Pharmaceutical Services I                           | West Pharmaceutical Services Inc                         | CUSIP: 955306105<br>LEI: 5493007NKRGM1RJQ1P16 | Long             | EC               | CORP              | US        |      1251 | NS      | $263773.35    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Merck & Co Inc                                           | Merck & Co Inc                                           | CUSIP: 58933Y105<br>LEI: 4YV9Y5M8S0BRK1RP0397 | Long             | EC               | CORP              | US        |      8889 | NS      | $683030.76    | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lonza Group AG                                           | Lonza Group AG                                           | CUSIP: 000000000<br>LEI: 549300EFW4H2TCZ71055 | Long             | EC               | CORP              | CH        |       940 | NS      | $651266.51    | 3.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Danaher Corp                                             | Danaher Corp                                             | CUSIP: 235851102<br>LEI: S4BKK9OTCEWQ3YHPFM11 | Long             | EC               | CORP              | US        |      2591 | NS      | $492030.90    | 2.53%             |  |  |  | No            |                  1 | On Loan: No      |
| UnitedHealth Group Inc                                   | UnitedHealth Group Inc                                   | CUSIP: 91324P102<br>LEI: 549300GHBMY8T5GXDE41 | Long             | EC               | CORP              | US        |      3264 | NS      | $985434.24    | 5.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Eli Lilly & Co                                           | Eli Lilly & Co                                           | CUSIP: 532457108<br>LEI: FRDRIPF3EKNDJ2CQJL29 | Long             | EC               | CORP              | US        |      2348 | NS      | $1732049.16   | 8.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Exact Sciences Corp                                      | Exact Sciences Corp                                      | CUSIP: 30063P105<br>LEI: 549300VM3X1FYD4N9Z14 | Long             | EC               | CORP              | US        |      2307 | NS      | $129837.96    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| iRhythm Technologies Inc                                 | iRhythm Technologies Inc                                 | CUSIP: 450056106<br>LEI: 549300FJI72RJGDQS384 | Long             | EC               | CORP              | US        |      3115 | NS      | $437657.50    | 2.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Novo Nordisk A/S                                         | Novo Nordisk A/S                                         | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |      9050 | NS      | $624819.47    | 3.21%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-22

**Name of Applicant:** Goldman Sachs ETF Trust

**Signature:** Peter Fortner

**Name of Signer:** Peter Fortner

**Title:** Vice President Assistant Treasurer