# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001193125-25-264162
**Filing Date:** 2025-11
**Character Count:** 4038634
**Document Hash:** 38dd77fe3fa0c78a658f7faa4aaf947a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-264162.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001193125-25-264162

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**EFFECTIVENESS DATE**: 20251104

**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:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23013
- **FILM NUMBER:** 251447761

**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 ActiveBeta(R) International Equity ETF (Series ID: S000048289)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000152545 | Goldman Sachs ActiveBeta(R) International Equity ETF | GSIE            |

### Goldman Sachs ActiveBeta(R) Emerging Markets Equity ETF (Series ID: S000048292)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000152548 | Goldman Sachs ActiveBeta(R) Emerging Markets Equity ETF | GEM             |

### Goldman Sachs ActiveBeta(R) Europe Equity ETF (Series ID: S000048293)

| Class ID   | Class Name                                    | Ticker Symbol   |
|:---|:---|:---|
| C000152549 | Goldman Sachs ActiveBeta(R) Europe Equity ETF | GSEU            |

### Goldman Sachs ActiveBeta(R) Japan Equity ETF (Series ID: S000048294)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000152550 | Goldman Sachs ActiveBeta(R) Japan Equity ETF | GSJY            |

### Goldman Sachs ActiveBeta(R) U.S. Large Cap Equity ETF (Series ID: S000048295)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000152551 | Goldman Sachs ActiveBeta(R) U.S. Large Cap Equity ETF | GSLC            |

### Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF (Series ID: S000048296)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000152552 | Goldman Sachs ActiveBeta(R) U.S. Small Cap Equity ETF | GSSC            |

### Goldman Sachs Hedge Industry VIP ETF (Series ID: S000053625)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000168500 | Goldman Sachs Hedge Industry VIP ETF | GVIP            |

### Goldman Sachs Access Treasury 0-1 Year ETF (Series ID: S000054796)

| Class ID   | Class Name                                 | Ticker Symbol   |
|:---|:---|:---|
| C000172210 | Goldman Sachs Access Treasury 0-1 Year ETF | GBIL            |

### Goldman Sachs Access Investment Grade Corporate Bond ETF (Series ID: S000057838)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000186809 | Goldman Sachs Access Investment Grade Corporate Bond ETF | GIGB            |

### Goldman Sachs Access High Yield Corporate Bond ETF (Series ID: S000057842)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000186813 | Goldman Sachs Access High Yield Corporate Bond ETF | GHYB            |

### Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (Series ID: S000058070)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000190083 | Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | GSEW            |

### Goldman Sachs JUST U.S. Large Cap Equity ETF (Series ID: S000061377)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000198662 | Goldman Sachs JUST U.S. Large Cap Equity ETF | JUST            |

### Goldman Sachs Access Emerging Markets USD Bond ETF (Series ID: S000062192)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000201200 | Goldman Sachs Access Emerging Markets USD Bond ETF | GEMD            |

### Goldman Sachs Access Inflation Protected USD Bond ETF (Series ID: S000062388)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000202360 | Goldman Sachs Access Inflation Protected USD Bond ETF | GTIP            |

### Goldman Sachs Ultra Short Bond ETF (Series ID: S000064104)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000207250 | Goldman Sachs Ultra Short Bond ETF | GSST            |

### Goldman Sachs MarketBeta International Equity ETF (Series ID: S000066532)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000214553 | Goldman Sachs MarketBeta International Equity ETF | GSID            |

### Goldman Sachs MarketBeta Emerging Markets Equity ETF (Series ID: S000066533)

| Class ID   | Class Name                                           | Ticker Symbol   |
|:---|:---|:---|
| C000214554 | Goldman Sachs MarketBeta Emerging Markets Equity ETF | GSEE            |

### Goldman Sachs MarketBeta U.S. Equity ETF (Series ID: S000066535)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000214556 | Goldman Sachs MarketBeta U.S. Equity ETF | GSUS            |

### Goldman Sachs Access U.S. Aggregate Bond ETF (Series ID: S000066919)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000215322 | Goldman Sachs Access U.S. Aggregate Bond ETF | GCOR            |

### Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (Series ID: S000066921)

| Class ID   | Class Name                                                        | Ticker Symbol   |
|:---|:---|:---|
| C000215324 | Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | GSIG            |

### Goldman Sachs Innovate Equity ETF (Series ID: S000068597)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000219502 | Goldman Sachs Innovate Equity ETF | GINN            |

### Goldman Sachs Future Tech Leaders Equity ETF (Series ID: S000071430)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000226526 | Goldman Sachs Future Tech Leaders Equity ETF | GTEK            |

### 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            |

### Goldman Sachs ActiveBeta(R) World Low Vol Plus Equity ETF (Series ID: S000075069)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000233873 | Goldman Sachs ActiveBeta(R) World Low Vol Plus Equity ETF | GLOV            |

### Goldman Sachs Access Municipal Bond ETF (Series ID: S000077734)

| Class ID   | Class Name                              | Ticker Symbol   |
|:---|:---|:---|
| C000238223 | Goldman Sachs Access Municipal Bond ETF | GMUN            |

### Goldman Sachs Small Cap Equity ETF (Series ID: S000081978)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000245144 | Goldman Sachs Small Cap Equity ETF | GSC             |

### Goldman Sachs MarketBeta(R) Russell 1000 Growth Equity ETF (Series ID: S000083005)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000246478 | Goldman Sachs MarketBeta(R) Russell 1000 Growth Equity ETF | GGUS            |

### Goldman Sachs MarketBeta(R) Russell 1000 Value Equity ETF (Series ID: S000083006)

| Class ID   | Class Name                                                | Ticker Symbol   |
|:---|:---|:---|
| C000246479 | Goldman Sachs MarketBeta(R) Russell 1000 Value Equity ETF | GVUS            |

### Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (Series ID: S000084202)

| Class ID   | Class Name                                                          | Ticker Symbol   |
|:---|:---|:---|
| C000248475 | Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | GPRF            |

### Goldman Sachs Ultra Short Municipal Income ETF (Series ID: S000085808)

| Class ID   | Class Name                                     | Ticker Symbol   |
|:---|:---|:---|
| C000251203 | Goldman Sachs Ultra Short Municipal Income ETF | GUMI            |

### Goldman Sachs Dynamic California Municipal Income ETF (Series ID: S000085812)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000251207 | Goldman Sachs Dynamic California Municipal Income ETF | GCAL            |

### Goldman Sachs Dynamic New York Municipal Income ETF (Series ID: S000085813)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000251208 | Goldman Sachs Dynamic New York Municipal Income ETF | GMNY            |

### Goldman Sachs Municipal Income ETF (Series ID: S000085814)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000251209 | Goldman Sachs Municipal Income ETF | GMUB            |

### Goldman Sachs U.S. Large Cap Buffer 1 ETF (Series ID: S000088426)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000254693 | Goldman Sachs U.S. Large Cap Buffer 1 ETF | GBXA            |

### Goldman Sachs U.S. Large Cap Buffer 2 ETF (Series ID: S000088427)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000254694 | Goldman Sachs U.S. Large Cap Buffer 2 ETF | GBXB            |

### Goldman Sachs U.S. Large Cap Buffer 3 ETF (Series ID: S000088428)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000254695 | Goldman Sachs U.S. Large Cap Buffer 3 ETF | GBXC            |

### Goldman Sachs India Equity ETF (Series ID: S000089154)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000255663 | Goldman Sachs India Equity ETF | GIND            |

### Goldman Sachs Core Bond ETF (Series ID: S000092493)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000260524 | Goldman Sachs Core Bond ETF | GBND            |

### Goldman Sachs Corporate Bond ETF (Series ID: S000092494)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000260525 | Goldman Sachs Corporate Bond ETF | GIGL            |

?xml version='1.0' encoding='ASCII'? Goldman Sachs ETF Trust

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number 811-23013

### Goldman Sachs ETF Trust

#### (Exact name of registrant as specified in charter)

#### 200 West Street,

#### New York, New York 10282

#### (Address of principal executive offices) (Zip code)

#### Copies to:

---

| | |
|:---|:---|
| **Robert Griffith, Esq.**<br> **Goldman Sachs & Co. LLC**<br> **200 West Street**<br> **New York, NY 10282** | **Stephen H. Bier, Esq.**<br> **Dechert LLP**<br> **1095 Avenue of the Americas**<br> **New York, NY 10036** |

---

#### (Name and address of agents for service)

#### Registrant's telephone number, including area code: (312) 655-4400

#### Date of fiscal year end: August 31

#### Date of reporting period: August 31, 2025
ITEM 1. REPORTS TO STOCKHOLDERS.

The Annual Report to Shareholders is filed herewith.

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Emerging Markets USD Bond ETF

# Cboe BZX Exchange, Inc.: GEMD

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Emerging Markets USD Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GEMD | $36 | 0.35% |

---

## How did the Fund perform and what affected its performance?
The performance of global fixed income markets was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of U.S. Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After U.S. inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The FTSE Goldman Sachs Emerging Markets USD Bond Index ("Index") generated positive returns during the Period, driven by narrowing credit spreads and a weakening U.S. dollar. The credibility of emerging markets central banks' monetary policies, along with compelling yields and robust fundamentals, helped boost the performance of sovereign and corporate emerging markets bonds.

* The difference in yields between global sovereign emerging markets debt and U.S. Treasury securities tightened approximately 97 basis points, from 322 basis points to 225 basis points, which supported the performance of emerging markets debt broadly.

* Low net leverage, positive ratings momentum and emerging markets' economic growth further bolstered the asset class. Net leverage amongst emerging markets corporate bonds was near decade-low levels, despite a slight uptick in the latter part of the Period.

* From a regional perspective, the Index's exposure to Africa and the Middle East drove most of its positive performance, while Western Europe and Central Asia also contributed, albeit to a lesser extent.

* Among countries, the Index's top contributors were Turkey, Ecuador and Colombia.

* The top performing Index constituent was Petróleos Mexicanos, a Mexican state-owned petroleum corporation (0.57% of Fund net assets as of August 31, 2025).

Top Detractors from Performance:

* The Index's gains were limited by pockets of volatility in certain emerging markets regions.

* Among countries, Argentina, Ukraine and Senegal were the weakest, though positive, Index performers.

Goldman Sachs Access Emerging Markets USD Bond ETF

GEMD

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g03x15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs Emerging Markets USD Bond Index** | **Bloomberg Global Aggregate Index** |
| **2/15/22** | $10000 | $10000 | $10000 |
| **8/22** | $8389 | $8294 | $9405 |
| **8/23** | $8686 | $8631 | $9457 |
| **8/24** | $9735 | $9693 | $10164 |
| **8/25** | $10322 | $10284 | $10519 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced February 15, 2022) | 6.03% | 0.90% |
| FTSE Goldman Sachs Emerging Markets USD Bond Index | 6.10% | 0.79% |
| Bloomberg Global Aggregate Index | 3.49% | 1.44% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Global Aggregate Index.

Goldman Sachs Access Emerging Markets USD Bond ETF

GEMD

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $31210456 |
| # of Portfolio Holdings as of Period End | 170 |
| Portfolio Turnover Rate for the Period | 17% |
| Total Net Advisory Fees Paid for the Period | $163418 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees and elimination of associated fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Government | 86.0 |
| Energy | 8.2 |
| Basic Materials | 1.6 |
| Financial | 1.4 |
| Utilities | 0.6 |
| Industrial | 0.6 |
| Investment Company | 0.1 |

---

Goldman Sachs Access Emerging Markets USD Bond ETF

GEMD

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+Emerging+Markets+USD+Bond+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Emerging Markets USD Bond ETF

381430388-AR-0825 GEMD

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access High Yield Corporate Bond ETF

# NYSE Arca, Inc.: GHYB

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access High Yield Corporate Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GHYB | $25 | 0.24% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The FTSE Goldman Sachs High Yield Corporate Bond Index ("Index") produced positive returns, as credit spreads narrowed. 

* The difference in yields between high yield corporate bonds and comparable duration U.S. Treasury securities tightened approximately 33 basis points, from 305 basis points to 272 basis points, which bolstered the performance of high yield corporate bonds. At the end of the Period, this spread remained well below longer-term historical averages.

* Solid corporate earnings, macroeconomic data that signaled resilient U.S. economic growth, steady investment inflows to high yield corporate bond funds, improved credit quality, healthy liquidity levels and an active primary market supported the performance of the Index.

* The Index benefited from its lower credit quality, as default activity within the high yield corporate bond market remained well below longer-term averages.

* From a sector perspective, communications, consumer cyclical and consumer non-cyclical contributed most positively to Index returns.

* Regarding individual securities, Index returns were boosted by the high yield debt of pharmaceutical company Bausch Health, cable and telecommunications provider CSC Holdings and telecommunications and mass media company Charter Communications (1.05%, 1.44% and 2.76% of Fund net assets as of August 31, 2025, respectively). 

Top Detractors from Performance:

* Among sectors, banking, other industrial and brokerage were the weakest, albeit positive, performers in the Index.

* The Index's performance was dampened by the high yield debt of New Fortress Energy, an integrated gas-to-power infrastructure company; Israel-based Nova, which designs and manufactures process control systems for semiconductors; and Warner Bros. Discovery, an entertainment conglomerate (0.08%, 0.01% and 0.20% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs Access High Yield Corporate Bond ETF

GHYB

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g61f02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs High Yield Corporate Bond Index** | **Bloomberg High Yield Very Liquid Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/5/17** | $10000 | $10000 | $10000 | $10000 |
| **8/18** | $10250 | $10298 | $10260 | $9869 |
| **8/19** | $10988 | $11064 | $10997 | $10873 |
| **8/20** | $11533 | $11583 | $11451 | $11576 |
| **8/21** | $12346 | $12427 | $12455 | $11567 |
| **8/22** | $10979 | $11159 | $11050 | $10234 |
| **8/23** | $11762 | $11992 | $11845 | $10113 |
| **8/24** | $13165 | $13464 | $13330 | $10851 |
| **8/25** | $14278 | $14589 | $14394 | $11192 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced September 5, 2017) | 8.45% | 4.36% | 4.55% |
| FTSE Goldman Sachs High Yield Corporate Bond Index | 8.36% | 4.72% | 4.84% |
| Bloomberg High Yield Very Liquid Index (Total Return, USD, Unhedged) | 7.98% | 4.68% | 4.66% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.42% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access High Yield Corporate Bond ETF

GHYB

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $95890648 |
| # of Portfolio Holdings as of Period End | 669 |
| Portfolio Turnover Rate for the Period | 28% |
| Total Net Advisory Fees Paid for the Period | $281076 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Cyclical | 17.6 |
| Energy | 8.2 |
| Consumer Noncyclical | 8.1 |
| Communications | 7.0 |
| Financial Company | 5.9 |
| Healthcare | 5.1 |
| Capital Goods | 5.3 |
| Electric | 3.2 |
| Broadcasting | 3.0 |
| Other | 35.5 |

---

Goldman Sachs Access High Yield Corporate Bond ETF

GHYB

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds/detail/PV102746/381430453/goldman-sachs-access-high-yield-corporate-bond-etf for full disclaimer.

BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively, "Bloomberg"). BARCLAYS<sup>®</sup> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access High Yield Corporate Bond ETF

381430453-AR-0825 GHYB

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Inflation Protected USD Bond ETF

# Cboe BZX Exchange, Inc.: GTIP

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Inflation Protected USD Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GTIP | $12 | 0.12% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The performance of Treasury inflation protected securities ("TIPS") was shaped by declining inflation-adjusted yields and persistent levels of inflation that remained high enough to sustain the breakeven inflation rate. 

* The FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index ("Index") generated a positive return during the Period, as investors favored TIPS for the attractive inflation-adjusted income they offered. 

* Longer-term TIPS offered historically elevated inflation-adjusted yields, reflecting a steep increase in the term premium amid heightened U.S. fiscal uncertainty. 

* The Index benefited most from the one- to two-year and three- to five-year segments of the U.S. Treasury yield curve. 

Top Detractors from Performance:

* The 10-year and longer segment of the U.S. Treasury yield curve detracted from the Index's returns. 

Goldman Sachs Access Inflation Protected USD Bond ETF

GTIP

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g22h77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **10/2/18** | $10000 | $10000 | $10000 |
| **8/19** | $10861 | $10871 | $11086 |
| **8/20** | $11794 | $11818 | $11803 |
| **8/21** | $12457 | $12497 | $11794 |
| **8/22** | $11699 | $11745 | $10435 |
| **8/23** | $11274 | $11330 | $10311 |
| **8/24** | $11962 | $12032 | $11064 |
| **8/25** | $12523 | $12608 | $11411 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced October 2, 2018) | 4.69% | 1.21% | 3.31% |
| FTSE Goldman Sachs Treasury Inflation Protected USD Bond Index | 4.79% | 1.30% | 3.41% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.93% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access Inflation Protected USD Bond ETF

GTIP

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $177118594 |
| # of Portfolio Holdings as of Period End | 32 |
| Portfolio Turnover Rate for the Period | 45% |
| Total Net Advisory Fees Paid for the Period | $147974 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Government | 99.3 |
| Other | 0.1 |

---

Goldman Sachs Access Inflation Protected USD Bond ETF

GTIP

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+Inflation+Protected+USD+Bond+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Inflation Protected USD Bond ETF

381430362-AR-0825 GTIP

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

# NYSE Arca, Inc.: GSIG

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSIG | $11 | 0.11% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* Investment grade corporate bonds recorded gains during the Period, propelled by risk-on investor sentiment and generally supportive credit fundamentals.

* New issuance was well absorbed by the market, and trading volumes remained at healthy levels, which largely kept a lid on volatility.

* The FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index ("Index") generated positive returns, as credit spreads tightened. Short-term investment grade corporate bond spreads narrowed by approximately 9 basis points, from 68 basis points to 59 basis points.

* The Index benefited from the relatively higher coupon income offered by shorter-term investment grade corporate bonds. One- to five-year maturities outperformed longer-term maturities during the Period.

* From a sector perspective, banking, consumer non-cyclical and technology contributed positively to performance.

* The bonds of large financial companies, including Morgan Stanley, JPMorgan, Bank of America and Citigroup added to the Index's returns (3.02%, 2.83%, 3.02% and 2.42% of Fund net assets as of August 31, 2025, respectively). 

Top Detractors from Performance:

* There were no maturity, industry or issuer categories that detracted from the Index's performance. 

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

GSIG

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g35g22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/7/20** | $10000 | $10000 | $10000 |
| **8/20** | $10070 | $10077 | $10031 |
| **8/21** | $10181 | $10212 | $10023 |
| **8/22** | $9539 | $9584 | $8868 |
| **8/23** | $9741 | $9805 | $8763 |
| **8/24** | $10486 | $10587 | $9403 |
| **8/25** | $11076 | $11196 | $9698 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced July 7, 2020) | 5.63% | 1.92% | 2.00% |
| FTSE Goldman Sachs US Investment-Grade Corporate Bond 1-5 Years Index | 5.75% | 2.12% | 2.21% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | -0.60% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

GSIG

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $11953020 |
| # of Portfolio Holdings as of Period End | 501 |
| Portfolio Turnover Rate for the Period | 37% |
| Total Net Advisory Fees Paid for the Period | $6982 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Banks | 31.9 |
| Consumer Cyclical | 8.8 |
| Consumer Noncyclical | 7.3 |
| Technology | 7.1 |
| Energy | 7.0 |
| Electric | 6.5 |
| REITs and Real Estate | 4.8 |
| Capital Goods | 4.0 |
| Financial Company | 3.4 |
| Wireless | 2.5 |
| Other | 15.1 |

---

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

GSIG

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not

accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+Investment+Grade+Corporate+1-5+Year+Bond+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF

38149W507-AR-0825 GSIG

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Investment Grade Corporate Bond ETF

# NYSE Arca, Inc.: GIGB

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Investment Grade Corporate Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIGB | $11 | 0.11% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* Investment grade corporate bonds recorded gains during the Period, propelled by risk-on investor sentiment and generally supportive credit fundamentals. 

* New issuance was well absorbed by the market, and trading volumes remained at healthy levels, which largely kept a lid on volatility.

* The FTSE Goldman Sachs Investment Grade Corporate Bond Index ("Index") generated positive returns, as credit spreads tightened. Investment grade corporate bond spreads narrowed by approximately 14 basis points, from 93 basis points to 79 basis points.

* Yield curve positioning bolstered Index performance, as intermediate-term investment grade corporate bonds significantly outpaced longer-term investment grade corporate bonds.

* The Index was helped by its lower credit quality, given that BBB-rated issues tended to outperform those of higher quality during the Period.

* The banking and consumer non-cyclical sectors contributed positively to Index performance.

* The bonds of large financial companies, including JPMorgan, Bank of America, Morgan Stanley and Citigroup added to the Index's returns (2.34%, 2.99%, 2.52% and 2.03% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index returns were dampened by positions in Warner Bros. Discovery, an entertainment conglomerate; Microsoft, a technology company; and United Health Group, a health care insurer, (0.27%, 0.60% and 1.18% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs Access Investment Grade Corporate Bond ETF

GIGB

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g11y05.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs Investment Grade Corporate Bond Index** | **Bloomberg US Corporate Investment Grade Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/6/17** | $10000 | $10000 | $10000 | $10000 |
| **8/17** | $10119 | $10126 | $10142 | $10095 |
| **8/18** | $10011 | $10041 | $10040 | $9989 |
| **8/19** | $11347 | $11403 | $11378 | $11005 |
| **8/20** | $12252 | $12333 | $12232 | $11717 |
| **8/21** | $12505 | $12615 | $12541 | $11708 |
| **8/22** | $10634 | $10750 | $10671 | $10359 |
| **8/23** | $10724 | $10840 | $10766 | $10236 |
| **8/24** | $11687 | $11834 | $11766 | $10983 |
| **8/25** | $12132 | $12294 | $12227 | $11328 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced June 6, 2017) | 3.81% | -0.20% | 2.37% |
| FTSE Goldman Sachs Investment Grade Corporate Bond Index | 3.89% | -0.06% | 2.54% |
| Bloomberg US Corporate Investment Grade Index | 3.91% | -0.01% | 2.47% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.52% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access Investment Grade Corporate Bond ETF

GIGB

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $674497066 |
| # of Portfolio Holdings as of Period End | 1668 |
| Portfolio Turnover Rate for the Period | 10% |
| Total Net Advisory Fees Paid for the Period | $808450 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective January 31, 2025, the Fund changed its principal investment strategy to reflect its underlying index's updated index methodology.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Banks | 23.4 |
| Consumer Noncyclical | 8.7 |
| Electric | 9.4 |
| Technology | 7.5 |
| Consumer Cyclical | 7.1 |
| Energy | 6.9 |
| Healthcare | 3.8 |
| Wireless | 3.5 |
| Capital Goods | 3.2 |
| REITs and Real Estate | 2.8 |
| Other | 22.3 |

---

Goldman Sachs Access Investment Grade Corporate Bond ETF

GIGB

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+Investment+Grade+Corporate+Bond+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Investment Grade Corporate Bond ETF

381430479-AR-0825 GIGB

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Municipal Bond ETF

# NYSE Arca, Inc.: GMUN

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Municipal Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMUN | $12 | 0.12% |

---

## How did the Fund perform and what affected its performance?
Municipal bond performance was driven primarily by supply/demand dynamics. The market saw record amounts of new issuance along with fluctuating demand for longer duration municipal securities. Uncertainty about U.S. tax policy in early 2025 was another notable influence. Overall, shorter-maturity municipal bonds generated gains, amid a drop in short-term yields. Longer-term maturities recorded negative returns, driven by the steepening of the municipal yield curve.

Top Contributors to Performance:

* The Bloomberg Municipal 1-17 Year ex-AMT ("Index") benefited from the one- to seven-year segment of the municipal yield curve.

* On the security level, the Index was helped by state obligation bonds, transportation-related bonds, industrial revenue bonds and local municipal bonds.

* Regarding states, California, New York and Texas credits added to Index returns, with positive contributions by State of California general obligation bonds, New York State Dormitory Authority bonds, and California Community Choice Financing Authority bonds.

Top Detractors from Performance:

* The Index's performance was hampered by the seven- to 10-year maturity segment of the municipal yield curve as well as by maturities beyond 10 years.

* Guam was the only U.S. state/territory that detracted from Index performance.

* In terms of issuers, the largest detractor was the Los Angeles Department of Water, followed by the Florida Development Finance Corporation and the Intermountain Power Agency.

Goldman Sachs Access Municipal Bond ETF

GMUN

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown. After the close of business on June 30, 2025, the Board of Trustees of the Goldman Sachs Trust, at the recommendation of the Fund's investment adviser, approved a change in the Fund's underlying index from the Bloomberg Goldman Sachs Community Municipal Index to the Bloomberg Municipal 1-17 Year ex AMT Index.

### Fund Performance
![Growth of 10K Chart](g80414g81j92.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg Municipal 1-17 Year ex AMT Index** | **Bloomberg Goldman Sachs Community Municipal Index (Total Return, Unhedged, USD)** | **Bloomberg U.S. Aggregate Bond Index** |
| **3/7/23** | $10000 | $10000 | $10000 | $10000 |
| **8/23** | $10023 | $10081 | $10072 | $10138 |
| **8/24** | $10410 | $10599 | $10539 | $10878 |
| **8/25** | $10667 | $10801 | $10820 | $11220 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced March 7, 2023) | 2.47% | 2.63% |
| Bloomberg Municipal 1-17 Year ex AMT Index | 1.90% | 3.14% |
| Bloomberg Goldman Sachs Community Municipal Index (Total Return, Unhedged, USD) | 2.66% | 3.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | 4.73% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access Municipal Bond ETF

GMUN

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $9929132 |
| # of Portfolio Holdings as of Period End | 281 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $6856 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective June 30, 2025, the Fund changed its name from the Goldman Sachs Community Municipal Bond ETF to the Goldman Sachs Access Municipal Bond ETF. The Fund also changed its investment objective and principal investment strategy.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees and elimination of associated fee waiver.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| State | 16.7% |
| Appropriation | 9.7% |
| Water & Sewer | 9.3% |
| Higher Education | 9.2% |
| Hospitals | 8.1% |
| School District | 5.3% |
| Income Tax Financing | 5.0% |
| City | 4.8% |
| Tax Backed District | 3.2% |
| Miscellaneous Tax | 2.8% |
| Gas Forward | 2.6% |
| Electricity & Public Power | 2.5% |
| Farebox (Mass & Rapid Transit) | 2.5% |
| Sales Tax | 2.3% |
| Other | 16.0% |

---

Goldman Sachs Access Municipal Bond ETF

GMUN

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
"Bloomberg<sup>®</sup>" and the indices referenced herein (the "Indices", and each such index, an "Index") are trademarks or service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the Index (collectively, "Bloomberg") Provider,") and have been licensed for use for certain purposes to GOLDMAN SACHS ASSET MANAGEMENT, L.P. (the "Licensee"). Bloomberg is not affiliated with the Licensee, and Bloomberg does not approve, endorse, review, or recommend the financial products referenced herein (the "Financial Products"). Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Indices or the Financial Products.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Municipal Bond ETF

38149W663-AR-0825 GMUN

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access Treasury 0-1 Year ETF

# NYSE Arca, Inc.: GBIL

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access Treasury 0-1 Year ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBIL | $12 | 0.12% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The performance of the FTSE US Treasury 0-1 Year Composite Select Index ("Index") was largely reflective of the performance of short-term U.S. Treasury yields, which were primarily affected by Fed monetary policy.

* Short-term U.S. Treasury securities generated positive returns during the Period, as their yields drifted lower amid tight supply and strong demand from investors and money market funds.

* Because short-term U.S. Treasury yields remained historically high, short-term U.S. Treasury securities offered investors attractive income potential, which, in turn, supported their prices.

* Short-term U.S. Treasuries have little duration risk, which tends to insulate the sector from interest rate movements.

Top Detractors from Performance:

* There were no detractors from the Index's performance.

Goldman Sachs Access Treasury 0-1 Year ETF

GBIL

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g41g62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE US Treasury 0-1 Year Composite Select Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/6/16** | $10000 | $10000 | $10000 |
| **8/17** | $10053 | $10064 | $10035 |
| **8/18** | $10190 | $10212 | $9930 |
| **8/19** | $10434 | $10467 | $10939 |
| **8/20** | $10583 | $10623 | $11647 |
| **8/21** | $10580 | $10634 | $11638 |
| **8/22** | $10581 | $10653 | $10297 |
| **8/23** | $11004 | $11104 | $10175 |
| **8/24** | $11603 | $11730 | $10917 |
| **8/25** | $12117 | $12274 | $11260 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced September 6, 2016) | 4.43% | 2.74% | 2.16% |
| FTSE US Treasury 0-1 Year Composite Select Index | 4.64% | 2.93% | 2.31% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.33% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access Treasury 0-1 Year ETF

GBIL

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $6245227924 |
| # of Portfolio Holdings as of Period End | 945 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $7107059 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Government | 99.8 |

---

Goldman Sachs Access Treasury 0-1 Year ETF

GBIL

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+Treasury+0-1+Year+ETF&sf=funds&filters=funds%7CETF for the full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access Treasury 0-1 Year ETF

381430529-AR-0825 GBIL

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access U.S. Aggregate Bond ETF

# NYSE Arca, Inc.: GCOR

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access U.S. Aggregate Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GCOR | $9 | 0.09% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve ("Fed") rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The FTSE Goldman Sachs US Broad Bond Market Index ("Index") generated positive returns, with yield curve positioning adding most to returns. Specifically, one- to two-year maturities and three- to five-year maturities boosted Index performance, as shorter-term bonds outperformed intermediate- and longer-term bonds.

* The Index's performance benefited from tightening credit spreads. Investment grade corporate bond spreads narrowed by approximately 14 basis points, from 93 basis points to 79 basis points. U.S. mortgage-backed securities spreads tightened by 5 basis points, from 39 basis points to 34 basis points, during the Period.

* U.S. Treasury securities and agency fixed-rate mortgage-backed securities contributed positively to the Index's performance.

* The Index was helped by banking, consumer non-cyclical and technology corporate bonds.

Top Detractors from Performance:

* Maturities of 10 years and longer limited the Index's gains. 

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g83j01.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs US Broad Bond Market Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **9/8/20** | $10000 | $10000 | $10000 |
| **8/21** | $9948 | $9979 | $9983 |
| **8/22** | $8742 | $8775 | $8833 |
| **8/23** | $8604 | $8664 | $8728 |
| **8/24** | $9204 | $9295 | $9365 |
| **8/25** | $9467 | $9584 | $9659 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced September 8, 2020) | 2.86% | -1.09% |
| FTSE Goldman Sachs US Broad Bond Market Index | 3.11% | -0.85% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.70% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $638147216 |
| # of Portfolio Holdings as of Period End | 1469 |
| Portfolio Turnover Rate for the Period | 306% |
| Total Net Advisory Fees Paid for the Period | $381789 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

The Fund's net expense ratio decreased during the Period as a result of a reduction in unitary fees.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| U.S. Treasury Notes | 34.3 |
| Mortgage-Backed Securities | 24.1 |
| Corporate Obligations | 22.0 |
| U.S. Treasury Bonds | 10.3 |
| Foreign Corporate Debt | 5.3 |
| Sovereign Debt Obligations | 2.5 |
| U.S. Government Agency Obligations | 0.8 |
| Other | 11.1 |

---

Goldman Sachs Access U.S. Aggregate Bond ETF

GCOR

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Fund is not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group does not accept any liability whatsoever to any person arising out of the use of Fund or the underlying data. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Access+U.S.+Aggregate+Bond+ETF&sf=funds&filters=funds%7CETF for the full disclaimer.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access U.S. Aggregate Bond ETF

38149W101-AR-0825 GCOR

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

# The NASDAQ Stock Market LLC: GPRF

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GPRF | $46 | 0.45% |

---

## How did the Fund perform and what affected its performance?
Rising interest rates, Federal Reserve ("Fed") monetary policy, U.S. trade policy and market technicals had the greatest impact on preferred stocks and hybrid securities. During the first six months of the Period, $25 par exchange traded securities ("$25 pars"), which typically have fixed-rate coupons and are of longer duration, outperformed $1,000 par over-the-counter traded securities ("$1,000 pars"). The strong performance followed the Fed's 50 basis point interest rate cut in September 2024. However, the potential implementation of trade tariffs by the U.S. Administration sparked inflation concerns, and investor expectations for Fed monetary policy changed, even though the Fed cut rates by 25 basis points in both November and December. As a result, $1,000 pars materially outperformed $25 pars from March through June 2025.

Top Contributors to Performance:

* The FTSE Goldman Sachs US Preferred Stock and Hybrids Index (Index) recorded a positive return, with $1,000 pars outpacing $25 pars for the Period as a whole.

* The outperformance of $1,000 pars was driven in part by spread tightening of more than 30 basis points. In comparison, $25 pars saw spread tightening of approximately 10 basis points.

* Redemption trends and elevated new issue supply further supported the performance of $1,000 pars.

* The relatively shorter duration of $1,000 pars was advantageous, as these securities experienced a smaller negative impact from rising long-term interest rates.

* The Index benefited from its holdings in the banking, electric and energy sectors.

* Two individual positions in telecommunication services company Qwest and a position in Wells Fargo added most to Index performance (0.27%, 0.16% and 0.97% of Fund net assets as of August 31, 2025, respectively).

* From a broader company perspective, Citigroup and Charles Schwab, both financial services companies, and Enbridge, an energy company, added to Index performance.

Top Detractors from Performance:

* Real estate investment trusts was the only sector that detracted from Index performance.

* Individual positions in financial services companies JPMorgan and Brighthouse Financial and auto manufacturer Ford Motor detracted from Index returns the most (0.30%, 0.10% and 0.23% of Fund net assets as of August 31, 2025, respectively).

* From a broader company perspective, the weakest performers in the Index were Brighthouse Financial, Public Storage and Ford Motor.

Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

GPRF

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g65y43.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Goldman Sachs U.S. Preferred Stock & Hybrid Index (Total Return, USD, Unhedged)** | **Bloomberg U.S. Aggregate Bond Index** |
| **7/30/24** | $10000 | $10000 | $10000 |
| **8/24** | $10210 | $10217 | $10199 |
| **8/25** | $10747 | $10790 | $10519 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced July 30, 2024) | 5.26% | 6.83% |
| FTSE Goldman Sachs U.S. Preferred Stock & Hybrid Index (Total Return, USD, Unhedged) | 5.61% | 7.22% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | 4.74% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

GPRF

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $112138286 |
| # of Portfolio Holdings as of Period End | 436 |
| Portfolio Turnover Rate for the Period | 25% |
| Total Net Advisory Fees Paid for the Period | $415453 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Banks | 28.5 |
| Financial | 26.5 |
| Electric | 13.7 |
| Energy | 8.4 |
| Insurance | 6.7 |
| Utilities | 3.3 |
| Communications | 2.2 |
| Financial Company | 2.2 |
| Wireless | 2.1 |
| Other | 5.2 |

---

Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

GPRF

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
FTSE<sup>®</sup> is a trade mark of the London Stock Exchange Group Plc and its group undertakings and is used by FTSE Fixed Income under licence and Goldman Sachs is a trade mark of Goldman. All rights in and to the FTSE Goldman Sachs US Preferred Stock and Hybrids Index ("Index") vest in FTSE Fixed Income. All information is provided for information purposes only. Every effort is made to ensure that all information given in this publication is accurate, but no responsibility or liability can be accepted by FTSE Fixed Income, Goldman or their licensors for any errors or for any loss from use of this publication. Neither FTSE Fixed Income, nor Goldman, or any of their licensors makes any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Goldman Sachs US Preferred Stock and Hybrids Index or the fitness or suitability of the Index for any particular purpose to which it might be put. No part of this information may be reproduced, stored in a retrieval system or transmitted in any form or by FTSE Goldman Sachs US Preferred Stock and Hybrids Index any means, electronic, mechanical, photocopying, recording or otherwise, without prior written permission of FTSE Fixed Income. Distribution of any FTSE Fixed Income index values (including those of FTSE Goldman Sachs US Preferred Stock and Hybrids Index and the use of such indices to create financial products is not permitted.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. And its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

38149W127-AR-0825 GPRF

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

# NYSE Arca, Inc.: GEM

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GEM | $49 | 0.45% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, benefitting both from a reduction in currency pressures and from compelling valuations. Still, performance across individual country markets was diverse, with some showing resilience supported by domestic demand and foreign investment inflows, while others were affected by global trade policies, including tariffs, and slowed economic activity. Geopolitical tensions impacted the emerging markets equity markets as well, creating both opportunities and challenges.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity Index (Index) constituents in the financials, utilities and industrials sectors contributed most positively to the Index's results relative to the MSCI Emerging Markets Index (Net, USD, Unhedged) (EM Index).

* Index constituents in China, South Korea and Saudi Arabia contributed most positively.

* The Fund's Value, Momentum and Quality Underlying Factors contributed positively.

* Overweight positions in Chinese toy company Pop Mart International Group, Chinese printed circuit board producer Victory Giant Technology Huizhou Company and Chinese financial information services provider Hithink RoyalFlush Information Network Company contributed most positively (0.61%, 0.19% and 0.19% of Fund net assets as of August 31, 2025, respectively). 

Top Detractors from Performance:

* Index constituents in the consumer staples, materials and information technology sectors detracted most from the Index's results relative to the EM Index.

* Index constituents in India, South Africa and Taiwan detracted most.

* The Fund's Low Volatility Underlying Factor detracted.

* Underweight positions in Chinese consumer electronics and communications equipment manufacturer Xiaomi and Chinese e-commerce giant Alibaba Group Holding and an overweight position in Indian auto manufacturer Tata Motors detracted most (0.97%, 2.46% and 0.30% of Fund net assets as of August 31, 2025, respectively). 

Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

GEM

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g01o61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity Index** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **9/25/15** | $10000 | $10000 | $10000 |
| **8/16** | $11329 | $11377 | $11575 |
| **8/17** | $13877 | $13966 | $14414 |
| **8/18** | $13838 | $14004 | $14316 |
| **8/19** | $13394 | $13528 | $13692 |
| **8/20** | $14677 | $14837 | $15676 |
| **8/21** | $17684 | $17976 | $18987 |
| **8/22** | $13799 | $14050 | $14848 |
| **8/23** | $14282 | $14599 | $15033 |
| **8/24** | $16304 | $16945 | $17299 |
| **8/25** | $19193 | $19939 | $20205 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced September 25, 2015) | 17.72% | 5.51% | 6.78% |
| Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity Index | 17.67% | 6.09% | 7.19% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 16.80% | 5.20% | 7.33% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

GEM

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1059127397 |
| # of Portfolio Holdings as of Period End | 753 |
| Portfolio Turnover Rate for the Period | 32% |
| Total Net Advisory Fees Paid for the Period | $3748678 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 25.9% |
| Information Technology | 23.9% |
| Consumer Discretionary | 12.4% |
| Communication Services | 10.2% |
| Industrials | 5.9% |
| Materials | 5.6% |
| Health Care | 4.5% |
| Consumer Staples | 4.4% |
| Energy | 3.0% |
| Other | 4.3% |

---

Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

GEM

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
MSCI EM Index was used by Goldman as the reference universe for selection of companies included in Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity Index ("Index"). MSCI does not in any way sponsor, support, promote or endorse the Index and/or the ETF. MSCI has no liability for any direct, indirect, special, incidental, punitive, consequential or any other damages in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+ActiveBeta+Emerging+Markets+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF

381430206-AR-0825 GEM

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF

# NYSE Arca, Inc.: GSEU

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEU | $27 | 0.25% |

---

## How did the Fund perform and what affected its performance?
The European equity markets experienced volatility driven largely by delicate economic growth, political uncertainties in certain countries, geopolitical tensions and concerns around U.S.-imposed tariffs, even as some signs of resilient economic activity were noted. That said, the European equity markets broadly performed strongly, with central bank actions, including interest rate cuts, a key factor in the region's market dynamics. For the Period overall, the U.K. equity market outperformed the equity markets of continental Europe, though both the MSCI Europe ex UK Index and MSCI UK Index generated double-digit positive returns.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity Index (Index) constituents in the materials, health care and financials sectors contributed most positively to the Index's results relative to the MSCI Europe Index (Europe Index).

* Index constituents in Italy, Germany and Switzerland contributed most positively.

* The Fund's Momentum and Value Underlying Factors contributed positively.

* Overweight positions in German investment bank and financial services company Deutsche Bank, German building materials company Heidelberg Materials and Spanish construction and engineering company ACS Actividades de Construccion y Servicios contributed most positively (0.87%, 0.59% and 0.48% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the industrials, consumer discretionary and communication services sectors detracted most from the Index's results relative to the Europe Index.

* Index constituents in Sweden, the Netherlands and Austria detracted most.

* The Fund's Quality and Low Volatility Underlying Factors detracted.

* Underweight positions in British power systems developer for the aerospace and defense industries Rolls-Royce Holdings and Netherlands-based e-commerce company Prosus and an overweight position in German food preparation and appliance manufacturer Rational detracted most (0.57%, 0.27% and 0.45% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF

GSEU

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g40m81.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity Index** | **MSCI Europe Index** |
| **3/2/16** | $10000 | $10000 | $10000 |
| **8/16** | $10623 | $10618 | $10615 |
| **8/17** | $12690 | $12710 | $12677 |
| **8/18** | $13249 | $13268 | $13010 |
| **8/19** | $12831 | $12838 | $12615 |
| **8/20** | $13692 | $13706 | $13300 |
| **8/21** | $17862 | $17937 | $17182 |
| **8/22** | $13430 | $13522 | $13475 |
| **8/23** | $16707 | $16710 | $16509 |
| **8/24** | $19753 | $19773 | $19776 |
| **8/25** | $22716 | $22776 | $22402 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced March 2, 2016) | 15.00% | 10.65% | 9.01% |
| Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity Index | 15.19% | 10.69% | 9.04% |
| MSCI Europe Index | 13.28% | 10.98% | 8.85% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF

GSEU

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $109186146 |
| # of Portfolio Holdings as of Period End | 343 |
| Portfolio Turnover Rate for the Period | 26% |
| Total Net Advisory Fees Paid for the Period | $187906 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 27.5% |
| Industrials | 19.8% |
| Health Care | 13.0% |
| Consumer Staples | 9.2% |
| Consumer Discretionary | 8.0% |
| Information Technology | 6.6% |
| Communication Services | 4.8% |
| Materials | 4.0% |
| Energy | 3.2% |
| Other | 3.7% |

---

Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF

GSEU

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
MSCI Europe Index was used by Goldman as the reference universe for selection of companies included in Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity Index ("Index"). MSCI does not in any way sponsor, support, promote or endorse the Index and/or the ETF. MSCI has no liability for any direct, indirect, special, incidental, punitive, consequential or any other damages in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+ActiveBeta+Europe+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF

381430305-AR-0825 GSEU

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF

# NYSE Arca, Inc.: GSIE

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSIE | $27 | 0.25% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market posted double-digit positive returns for the Period but experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Still, strong performance overall was supported by improved economic recovery in developed markets, solid corporate earnings, increased defense spending, European Central Bank interest rate cuts and some progress late in the Period in trade deals with the U.S. that modestly eased significant concerns around the potential impact of U.S.-imposed tariffs.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> International Equity Index (Index) constituents in the health care, financials and consumer staples sectors contributed most positively to the Index's results relative to the MSCI World ex USA Index (World ex USA Index).

* Index constituents in Italy, Germany and Australia contributed most positively.

* The Fund's Value and Momentum Underlying Factors contributed positively.

* Overweight positions in German building materials company Heidelberg Materials and German investment bank and financial services company Deutsche Bank and an underweight position in Denmark-based pharmaceuticals company Novo Nordisk contributed most positively (0.39%, 0.52% and 0.62% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the communication services, industrials and consumer discretionary sectors detracted most from the Index's results relative to the World ex USA Index.

* Index constituents in Israel, Sweden and Japan detracted most.

* The Fund's Quality and Low Volatility Underlying Factors detracted.

* Underweight positions in Canadian e-commerce company Shopify, Japanese investment holding and telecommunication services company SoftBank Group and British power systems developer for the aerospace and defense industries Rolls-Royce Holdings detracted most (0.32%, 0.15% and 0.26% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF

GSIE

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g03b24.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity Index** | **MSCI World ex USA Index** |
| **11/6/15** | $10000 | $10000 | $10000 |
| **8/16** | $10090 | $10095 | $9999 |
| **8/17** | $11872 | $11899 | $11713 |
| **8/18** | $12620 | $12656 | $12241 |
| **8/19** | $12230 | $12260 | $11886 |
| **8/20** | $12960 | $13006 | $12594 |
| **8/21** | $16475 | $16552 | $15941 |
| **8/22** | $13150 | $13223 | $12982 |
| **8/23** | $15307 | $15390 | $15118 |
| **8/24** | $18129 | $18233 | $18058 |
| **8/25** | $21141 | $21273 | $20745 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced November 6, 2015) | 16.61% | 10.27% | 7.91% |
| Goldman Sachs ActiveBeta<sup>®</sup> International Equity Index | 16.67% | 10.34% | 7.98% |
| MSCI World ex USA Index | 14.88% | 10.49% | 7.71% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF

GSIE

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $4219514771 |
| # of Portfolio Holdings as of Period End | 644 |
| Portfolio Turnover Rate for the Period | 22% |
| Total Net Advisory Fees Paid for the Period | $9386623 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 29.2% |
| Industrials | 18.7% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.2% |
| Consumer Staples | 8.4% |
| Information Technology | 7.7% |
| Materials | 4.8% |
| Communication Services | 4.3% |
| Energy | 3.7% |
| Other | 3.6% |

---

Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF

GSIE

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
MSCI World ex US Index was used by Goldman as the reference universe for selection of companies included in Goldman Sachs ActiveBeta<sup>®</sup> International Equity Index ("Index"). MSCI does not in any way sponsor, support, promote or endorse the Index and/or the ETF. MSCI has no liability for any direct, indirect, special, incidental, punitive, consequential or any other damages in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+ActiveBeta+International+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF

381430107-AR-0825 GSIE

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF

# NYSE Arca, Inc.: GSJY

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSJY | $27 | 0.25% |

---

## How did the Fund perform and what affected its performance?
The Japanese equity market posted double-digit positive returns for the Period but saw significant shifts, marked by central bank policy adjustments, that led to notable volatility. Currency movements also played a role, impacting export competitiveness and investor sentiment. Despite some sharp market movements, underlying economic trends, including a move away from deflation and corporate governance reforms, provided a supportive backdrop. Further supporting the Japanese equity market toward the end of the annual period were solid corporate earnings results, improved economic data and a U.S./Japan trade deal that finalized at the end of July 2025.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity Index (Index) constituents in the consumer discretionary, financials and industrials sectors contributed most positively to the Index's results relative to the MSCI Japan Index (Japan Index).

* The Fund's Momentum and Value Underlying Factors contributed positively.

* Overweight positions in life insurance company Japan Post Insurance Company and electric wire and cable manufacturer Sumitomo Electric Industries and an underweight position in chemical company Shin-Etsu Chemical Company contributed most positively (0.95%, 0.94% and 0.86% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the communication services, real estate and energy sectors detracted most from the Index's results relative to the Japan Index.

* The Fund's Quality and Low Volatility Underlying Factors detracted.

* Underweight positions in investment holding and telecommunication services company SoftBank Group and video game company Nintendo Company and an overweight position in digital services, information management and office automation equipment producer Ricoh Company detracted most (1.57%, 1.57% and 0.00%<sup>1</sup> of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>Some weights are 0.00% at August 31, 2025 either because those positions were taken out during the most recent rebalance given the Fund's index construction methodology or because they were not components of the Index during the Period.

Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF

GSJY

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g61i07.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity Index** | **MSCI Japan Index** |
| **3/2/16** | $10000 | $10000 | $10000 |
| **8/16** | $10717 | $10699 | $10958 |
| **8/17** | $12297 | $12275 | $12458 |
| **8/18** | $13455 | $13410 | $13586 |
| **8/19** | $12874 | $12765 | $12823 |
| **8/20** | $14054 | $13935 | $14126 |
| **8/21** | $16587 | $16426 | $16946 |
| **8/22** | $13475 | $13322 | $13733 |
| **8/23** | $15589 | $15413 | $15834 |
| **8/24** | $18441 | $18228 | $18952 |
| **8/25** | $20978 | $20747 | $21404 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced March 2, 2016) | 13.76% | 8.34% | 8.11% |
| Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity Index | 13.82% | 8.28% | 7.98% |
| MSCI Japan Index | 12.94% | 8.66% | 8.33% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF

GSJY

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $62111544 |
| # of Portfolio Holdings as of Period End | 174 |
| Portfolio Turnover Rate for the Period | 23% |
| Total Net Advisory Fees Paid for the Period | $82236 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 23.6% |
| Financials | 18.7% |
| Consumer Discretionary | 18.2% |
| Information Technology | 12.4% |
| Communication Services | 6.8% |
| Health Care | 5.2% |
| Consumer Staples | 5.1% |
| Materials | 4.2% |
| Energy | 2.9% |
| Other | 2.7% |

---

Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF

GSJY

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
MSCI Japan Index was used by Goldman as the reference universe for selection of companies included in Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity Index ("Index"). MSCI does not in any way sponsor, support, promote or endorse the Index and/or the ETF. MSCI has no liability for any direct, indirect, special, incidental, punitive, consequential or any other damages in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+ActiveBeta+Japan+Equity+ETF&sf=funds&filters=funds%7CETF for the full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF

381430404-AR-0825 GSJY

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

# NYSE Arca, Inc.: GSLC

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSLC | $10 | 0.09% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity Index (Index) constituents in the health care, utilities and financials sectors contributed most positively to the Index's results relative to the S&P 500 Index.

* The Fund's Momentum Underlying Factor contributed positively.

* Overweight positions in advertising technology company AppLovin and Internet infrastructure and domain name registry services provider VeriSign and an underweight position in health insurance and health care services provider UnitedHealth Group contributed most positively (0.48%, 0.49% and 0.35% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the information technology, industrials and consumer discretionary sectors detracted most from the Index's results relative to the S&P 500 Index.

* The Fund's Low Volatility, Value and Quality Underlying Factors detracted.

* Underweight positions in software platforms builder for data-driven operations Palantir Technologies, electric vehicle maker Tesla and semiconductor company Broadcom detracted most (0.34%, 0.96% and 2.01% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

GSLC

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g72r65.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity Index** | **S&P 500<sup>®</sup> Index** |
| **9/17/15** | $10000 | $10000 | $10000 |
| **8/16** | $10897 | $10907 | $11140 |
| **8/17** | $12439 | $12467 | $12948 |
| **8/18** | $15132 | $15183 | $15494 |
| **8/19** | $15498 | $15564 | $15946 |
| **8/20** | $18888 | $18992 | $19445 |
| **8/21** | $24594 | $24752 | $25505 |
| **8/22** | $21470 | $21623 | $22641 |
| **8/23** | $24654 | $24854 | $26250 |
| **8/24** | $31306 | $31589 | $33374 |
| **8/25** | $36161 | $36529 | $38674 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced September 17, 2015) | 15.51% | 13.86% | 13.77% |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity Index | 15.64% | 13.97% | 13.88% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.54% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

GSLC

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $14197362819 |
| # of Portfolio Holdings as of Period End | 431 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $11776404 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 33.3% |
| Financials | 14.6% |
| Consumer Discretionary | 11.3% |
| Communication Services | 10.2% |
| Health Care | 8.5% |
| Industrials | 8.5% |
| Consumer Staples | 6.4% |
| Energy | 2.4% |
| Utilities | 2.3% |
| Other | 2.4% |

---

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

GSLC

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF

381430503-AR-0825 GSLC

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF

# NYSE Arca, Inc.: GSSC

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSSC | $21 | 0.20% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts. Small cap equities lagged their larger cap counterparts during the Period.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity Index (Index) constituents in the health care, financials and consumer discretionary sectors contributed most positively to the Index's results relative to the Russell 2000<sup>®</sup> Index (Russell Index).

* The Fund's Quality and Momentum Underlying Factors contributed positively.

* Overweight positions in pharmaceuticals company Corcept Therapeutics, digital banking services company Dave and technology-enabled payments company Sezzle contributed most positively (0.00%<sup>1</sup>, 0.27% and 0.21% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the information technology, industrials and materials sectors detracted most from the Index's results relative to the Russell Index.

* The Fund's Low Volatility and Value Underlying Factors detracted.

* Underweight positions in solid-oxide fuel cell systems manufacturer Bloom Energy, quantum computer developer IonQ and high-speed connectivity solutions provider Credo Technology Group Holding detracted most (0.10%, 0.16% and 0.35% of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>Some weights are 0.00% at August 31, 2025 either because those positions were taken out during the most recent rebalance given the Fund's index construction methodology or because they were not components of the Index during the Period.

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF

GSSC

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g56p80.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity Index** | **Russell 2000<sup>®</sup> Index** | **Russell 3000<sup>®</sup> Index** |
| **6/28/17** | $10000 | $10000 | $10000 | $10000 |
| **8/17** | $9824 | $9832 | $9878 | $10138 |
| **8/18** | $12406 | $12450 | $12392 | $12191 |
| **8/19** | $10882 | $10910 | $10794 | $12351 |
| **8/20** | $11224 | $11260 | $11444 | $14999 |
| **8/21** | $16887 | $16995 | $16832 | $19954 |
| **8/22** | $14700 | $14825 | $13822 | $17304 |
| **8/23** | $15721 | $15898 | $14465 | $19858 |
| **8/24** | $18708 | $18951 | $17136 | $25049 |
| **8/25** | $20381 | $20706 | $18536 | $29017 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced June 28, 2017) | 8.94% | 12.67% | 9.09% |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity Index | 9.26% | 12.95% | 9.30% |
| Russell 2000<sup>®</sup> Index | 8.17% | 10.12% | 7.83% |
| Russell 3000<sup>®</sup> Index | 15.84% | 14.10% | 13.90% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000<sup>®</sup> Index.

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF

GSSC

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $631378190 |
| # of Portfolio Holdings as of Period End | 1359 |
| Portfolio Turnover Rate for the Period | 30% |
| Total Net Advisory Fees Paid for the Period | $1037855 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.2% |
| Industrials | 16.5% |
| Health Care | 15.0% |
| Information Technology | 13.7% |
| Consumer Discretionary | 11.8% |
| Real Estate | 4.6% |
| Consumer Staples | 3.5% |
| Communication Services | 3.2% |
| Energy | 3.0% |
| Other | 6.3% |

---

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF

GSSC

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Russell 2000 Index was used by Goldman as the starting universe for selection of companies included in Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity Index ("Index"). Russell does not in any way sponsor, support, promote or endorse the Index and/or the ETF. Russell has no liability for any direct, indirect, special, incidental, punitive, consequential or any other damages in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+ActiveBeta+U.S.+Small+Cap+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF

381430602-AR-0825 GSSC

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF

# Cboe BZX Exchange, Inc.: GLOV

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GLOV | $27 | 0.25% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market posted positive returns for the Period, but individual country markets experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the Period in both developed and emerging international markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity Index (ActiveBeta Index) constituents in the health care, energy and real estate sectors contributed most positively to the Index's results relative to the Solactive GBS Developed Markets Large & Mid Cap Index (Solactive Index).

* ActiveBeta Index constituents in Denmark, France and Italy contributed most positively.

* The Fund's Value Underlying Factors contributed positively.

* Underweight positions in Denmark-based pharmaceuticals company Novo Nordisk, U.S. information technology products giant Apple and U.S.-based pharmaceuticals company Eli Lilly & Co. contributed most positively (0.00%<sup>1</sup>, 3.32% and 0.37% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* ActiveBeta Index constituents in the information technology, industrials and financials sectors detracted most from the Index's results relative to the Solactive Index.

* ActiveBeta Index constituents in the U.S., Japan and Bermuda detracted most.

* The Fund's Low Volatility, Quality and Momentum Underlying Factors detracted.

* Underweight positions in U.S. semiconductor companies NVIDIA and Broadcom and U.S. software platforms builder for data-driven operations Palantir Technologies detracted most (2.72%, 0.51% and 0.11% of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>Some weights are 0.00% at August 31, 2025 either because those positions were taken out during the most recent rebalance given the Fund's index construction methodology or because they were not components of the ActiveBeta Index during the Period.

Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF

GLOV

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g08u65.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity Index** | **Solactive GBS Developed Markets Large & Mid Cap Index** | **MSCI<sup>®</sup> ACWI Index** |
| **3/15/22** | $10000 | $10000 | $10000 | $10000 |
| **8/22** | $9435 | $9421 | $9246 | $9314 |
| **8/23** | $10487 | $10450 | $10697 | $10613 |
| **8/24** | $13027 | $12954 | $13317 | $13101 |
| **8/25** | $14853 | $14749 | $15437 | $15170 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced March 15, 2022) | 14.02% | 12.09% |
| Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity Index | 13.86% | 11.86% |
| Solactive GBS Developed Markets Large & Mid Cap Index | 15.92% | 13.35% |
| MSCI<sup>®</sup> ACWI Index | 15.79% | 12.78% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI<sup>®</sup> ACWI Index.

Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF

GLOV

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1396688480 |
| # of Portfolio Holdings as of Period End | 443 |
| Portfolio Turnover Rate for the Period | 22% |
| Total Net Advisory Fees Paid for the Period | $2860123 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 21.1% |
| Information Technology | 20.0% |
| Consumer Staples | 11.8% |
| Industrials | 11.5% |
| Health Care | 9.9% |
| Consumer Discretionary | 9.8% |
| Communication Services | 9.2% |
| Utilities | 3.1% |
| Energy | 2.0% |
| Other | 1.3% |

---

Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF

GLOV

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The Goldman Sachs ActiveBeta<sup><sup>®</sup></sup> World Low Vol Plus Equity ETF is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trade mark or the Index Price at any time or in any other respect. The Goldman Sachs ActiveBeta<sup><sup>®</sup></sup> World Low Vol Plus Equity Index (the "Index") is calculated and published by Solactive AG. Solactive AG uses its best efforts to ensure that the Index is calculated correctly. Irrespective of its obligations towards the Issuer, Solactive AG has no obligation to point out errors in the Index to third parties including but not limited to investors and/or financial intermediaries of the financial instrument. Neither publication of the Index by Solactive AG nor the licensing of the Index or Index trade mark for the purpose of use in connection with the financial instrument constitutes a recommendation by Solactive AG to invest capital in said financial instrument nor does it in any way represent an assurance or opinion of Solactive AG with regard to any investment in this financial instrument.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF

38149W739-AR-0825 GLOV

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

# Cboe BZX Exchange, Inc.: GSEW

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEW | $10 | 0.09% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Relative to the S&P 500<sup>®</sup> Index, the utilities, industrials and financials sectors contributed most positively to the Solactive US Large Cap Equal Weight Index's (GTR) (Index) results.

* Relative to the S&P 500<sup>®</sup> Index, positions in health insurance and health care services company UnitedHealth Group, mobile advertising technology company AppLovin and AI cloud provider CoreWeave contributed most positively to the Index's results during the Period (0.24%, 0.24% and 0.18% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Relative to the S&P 500<sup>®</sup> Index, the information technology, communication services and consumer discretionary sectors detracted most from the Index's results.

* Relative to the S&P 500<sup>®</sup> Index, positions in information technology companies NVIDIA, Microsoft and Broadcom detracted most from the Index's results during the Period (0.19%, 0.19% and 0.19% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

GSEW

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g57i62.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive US Large Cap Equal Weight Index (GTR)** | **S&P 500<sup>®</sup> Index** |
| **9/12/17** | $10000 | $10000 | $10000 |
| **8/18** | $11560 | $11577 | $11842 |
| **8/19** | $11747 | $11783 | $12188 |
| **8/20** | $13170 | $13239 | $14862 |
| **8/21** | $18380 | $18499 | $19494 |
| **8/22** | $15718 | $15841 | $17305 |
| **8/23** | $17067 | $17227 | $20063 |
| **8/24** | $20981 | $21195 | $25509 |
| **8/25** | $23607 | $23852 | $29559 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced September 12, 2017) | 12.52% | 12.37% | 11.37% |
| Solactive US Large Cap Equal Weight Index (GTR) | 12.54% | 12.49% | 11.52% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 14.56% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

GSEW

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1335500250 |
| # of Portfolio Holdings as of Period End | 502 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $950959 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 16.8% |
| Information Technology | 16.7% |
| Industrials | 15.3% |
| Health Care | 10.7% |
| Consumer Discretionary | 9.3% |
| Consumer Staples | 6.3% |
| Utilities | 5.6% |
| Real Estate | 5.1% |
| Materials | 5.0% |
| Other | 9.6% |

---

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

GSEW

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Equal+Weight+U.S.+Large+Cap+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Equal Weight U.S. Large Cap Equity ETF

381430438-AR-0825 GSEW

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Hedge Industry VIP ETF

# NYSE Arca, Inc.: GVIP

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Hedge Industry VIP ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GVIP | $50 | 0.45% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Relative to the S&P 500<sup>®</sup> Index, the financials, communication services and consumer discretionary sectors contributed most positively to the Index's results.

* Relative to the S&P 500<sup>®</sup> Index, positions in industrials company GE Vernova, communication services company Spotify and utilities company Talen Energy contributed most positively to the Goldman Sachs Hedge Fund VIP Index<sup>®</sup>'s (Index) results during the Period (1.94%, 1.93% and 1.97% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Relative to the S&P 500<sup>®</sup> Index, the information technology, consumer staples and real estate sectors detracted most from the Index's results.

* Relative to the S&P 500<sup>®</sup> Index, positions in information technology companies NVIDIA and Core Scientific and in industrials company Alight detracted most from the Index's results during the Period (1.89%, 0.00%<sup>1</sup> and 0.00%<sup>1</sup> of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>*Some weights are 0.00% at August 31, 2025 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund's investment criteria.*

Goldman Sachs Hedge Industry VIP ETF

GVIP

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g97k05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Goldman Sachs Hedge Fund VIP Index™ TR** | **S&P 500<sup>®</sup> Index** |
| **11/1/16** | $10000 | $10000 | $10000 |
| **8/17** | $12661 | $12714 | $11918 |
| **8/18** | $14594 | $14725 | $14261 |
| **8/19** | $14450 | $14597 | $14678 |
| **8/20** | $20259 | $20639 | $17898 |
| **8/21** | $26336 | $26961 | $23476 |
| **8/22** | $19239 | $19781 | $20840 |
| **8/23** | $22682 | $23425 | $24162 |
| **8/24** | $29893 | $30869 | $30720 |
| **8/25** | $37008 | $38358 | $35598 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced November 1, 2016) | 23.80% | 12.80% | 15.96% |
| Goldman Sachs Hedge Fund VIP Index™ TR | 24.26% | 13.19% | 16.43% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 15.45% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs Hedge Industry VIP ETF

GVIP

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $372961645 |
| # of Portfolio Holdings as of Period End | 51 |
| Portfolio Turnover Rate for the Period | 137% |
| Total Net Advisory Fees Paid for the Period | $1425428 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective December 29, 2024, investments related to the communication services sector was added as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Consumer Discretionary | 24.6% |
| Financials | 18.1% |
| Information Technology | 17.5% |
| Communication Services | 11.7% |
| Industrials | 10.0% |
| Health Care | 8.4% |
| Utilities | 3.8% |
| Materials | 2.0% |
| Energy | 2.0% |
| Consumer Staples | 2.0% |

---

Goldman Sachs Hedge Industry VIP ETF

GVIP

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Hedge Industry VIP ETF

381430545-AR-0825 GVIP

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs India Equity ETF

# The Nasdaq Stock Market LLC: GIND

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs India Equity ETF (the "Fund") for the period of April 1, 2025 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIND | $32<sup>Footnote Reference\*</sup> | 0.75%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The broad Indian equity market generated positive yet muted returns amid volatility driven by a contraction in headline economic growth in the third quarter of 2024 due largely to a pullback in government capital expenditure. Also, there was a domestic urban consumption slowdown due to weather patterns and monetary policy tightness and a corresponding slowdown in corporate earnings. Changes in global allocations, including risk-off sentiment towards emerging markets overall in light of the U.S. presidential election results, U.S.-imposed tariffs and high equity valuations, further pressured Indian equity market returns.

Top Contributors to Performance:

* Relative to the MSCI India IMI (Net returns, Unhedged, USD) (Index), the consumer discretionary, information technology and utilities sectors contributed most positively to the Fund's results.

* Relative to the Index, positions in e-commerce platform operator Eternal, power infrastructure company Techno Electric & Engineering and vehicle manufacturer Hyundai Motors India contributed most positively to the Fund's results during the period from the Fund's inception on April 1, 2025 through August 31, 2025 (reporting period) (2.39%, 0.98% and 1.17% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Relative to the Index, the industrials, real estate and consumer staples detracted most from the Fund's results.

* Relative to the Index, positions in non-banking financial services company Bajaj Finance, apparel manufacturer Gokaldas Exports and contract research services provider for the pharmaceuticals and specialty chemicals industries Cohance Lifesciences detracted most from the Fund's results during the reporting period (2.24%, 0.54% and 0.43% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs India Equity ETF

GIND

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g81f97.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **MSCI India IMI (Net, USD, Unhedged)** |
| **4/1/25** | $10000 | $10000 |
| **8/25** | $10289 | $10291 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced April 1, 2025) | 2.89% |
| MSCI India IMI (Net, USD, Unhedged) | 2.91% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs India Equity ETF

GIND

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $10917678 |
| # of Portfolio Holdings as of Period End | 117 |
| Portfolio Turnover Rate for the Period | 22% |
| Total Net Advisory Fees Paid for the Period | $22934 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 28.1% |
| Consumer Discretionary | 19.7% |
| Information Technology | 9.4% |
| Health Care | 9.0% |
| Materials | 8.3% |
| Industrials | 7.4% |
| Consumer Staples | 6.1% |
| Communication Services | 3.5% |
| Energy | 2.9% |
| Other | 4.9% |

---

Goldman Sachs India Equity ETF

GIND

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), any 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 data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates or any third party involved in or related to compiling, computing or creating the data 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. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs India Equity ETF

38149W481-AR-0825 GIND

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Innovate Equity ETF

# NYSE Arca, Inc.: GINN

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Innovate Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GINN | $55 | 0.50% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market generated positive returns for the Period, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the Period in both developed and emerging equity markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* All five Key Themes—Data-Driven World, Finance Reimagined, Human Evolution, Manufacturing Revolution Theme and New Age Consumer—added to the Solactive Innovative Global Equity Index's (Index) performance.

* The Finance Reimagined Key Theme was the largest positive contributor, led by mega-cap technology companies driving the digitization of finance.

* Across sub-themes, Blockchain, Clean Energy, Online Video and Music, Digital Enterprise and Social Media added to Index performance.

* The Index benefited from its positions in NVIDIA, which engages in the design and manufacturing of computer graphics processors, chipsets and related multi-media software; Palantir Technologies, a provider of data mining software platforms; and Sea, a Singapore-based technology conglomerate (2.65%, 0.40% and 0.75% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Among sub-themes, Genomics, Life Extension and Precision Medicine, and Health and Wellness detracted from the Index's performance.

* Novo Nordisk, a Danish pharmaceuticals company focusing on treatments for serious chronic diseases; Eli Lilly & Co., which develops and manufactures medications for humans and animals; and Regeneron Pharmaceuticals, a biotechnology company, were the weakest performing Index holdings, though they each generated positive returns during the Period (0.41%, 0.68% and 0.31% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs Innovate Equity ETF

GINN

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g57y39.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive Innovative Global Equity Index (Net total Return, USD, Unhedged)** | **MSCI<sup>®</sup> ACWI Index** |
| **11/6/20** | $10000 | $10000 | $10000 |
| **8/21** | $12680 | $12738 | $12662 |
| **8/22** | $8832 | $8864 | $10651 |
| **8/23** | $10013 | $10048 | $12137 |
| **8/24** | $12102 | $12172 | $14982 |
| **8/25** | $14593 | $14719 | $17348 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced November 6, 2020) | 20.58% | 8.17% |
| Solactive Innovative Global Equity Index (Net total Return, USD, Unhedged) | 20.93% | 8.36% |
| MSCI<sup>®</sup> ACWI Index | 15.79% | 12.12% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI<sup>®</sup> ACWI Index.

Goldman Sachs Innovate Equity ETF

GINN

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $228899108 |
| # of Portfolio Holdings as of Period End | 477 |
| Portfolio Turnover Rate for the Period | 45% |
| Total Net Advisory Fees Paid for the Period | $1225725 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 26.9% |
| Health Care | 20.5% |
| Consumer Discretionary | 15.5% |
| Financials | 14.2% |
| Communication Services | 11.1% |
| Industrials | 6.7% |
| Utilities | 1.7% |
| Energy | 1.2% |
| Consumer Staples | 1.2% |
| Other | 0.8% |

---

Goldman Sachs Innovate Equity ETF

GINN

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+Innovate+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Innovate Equity ETF

38149W820-AR-0825 GINN

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs JUST U.S. Large Cap Equity ETF

# NYSE Arca, Inc.: JUST

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs JUST U.S. Large Cap Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| JUST | $21 | 0.20% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Relative to the Russell 1000<sup>®</sup> Index, the only two sectors that contributed positively to the JUST US Large Cap Diversified Index's (Index) results were financials and energy.

* Relative to the Russell 1000<sup>®</sup> Index, positions in e-commerce retailing giant Amazon.com, information technology company NVIDIA and financial services company JP Morgan Chase & Co. contributed most positively to the JUST US Large Cap Diversified Index's (Index) results during the Period (5.45%, 7.43% and 2.09% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Relative to the Russell 1000<sup>®</sup> Index, the information technology, consumer discretionary and communication services sectors detracted most from the Index's results.

* Relative to the Russell 1000<sup>®</sup> Index, positions in electric vehicle maker Tesla, software platforms builder for data-driven operations Palantir Technologies and social media platform giant Meta Platforms detracted most from the Index's results during the Period (0.00%<sup>1</sup>, 0.00%<sup>1</sup> and 2.94% of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>*Some weights are 0.00% at August 31, 2025 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund's investment criteria.*

Goldman Sachs JUST U.S. Large Cap Equity ETF

JUST

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g64u25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **JUST U.S. Large Cap Diversified Index** | **Russell 1000<sup>®</sup> Index** |
| **6/7/18** | $10000 | $10000 | $10000 |
| **8/18** | $10511 | $10517 | $10511 |
| **8/19** | $10728 | $10750 | $10773 |
| **8/20** | $13233 | $13309 | $13197 |
| **8/21** | $17284 | $17422 | $17452 |
| **8/22** | $15119 | $15267 | $15191 |
| **8/23** | $17386 | $17587 | $17530 |
| **8/24** | $22128 | $22434 | $22193 |
| **8/25** | $25411 | $25808 | $25797 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced June 7, 2018) | 14.84% | 13.93% | 13.75% |
| JUST U.S. Large Cap Diversified Index | 15.04% | 14.16% | 13.99% |
| Russell 1000<sup>®</sup> Index | 16.24% | 14.34% | 13.98% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs JUST U.S. Large Cap Equity ETF

JUST

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $478449735 |
| # of Portfolio Holdings as of Period End | 448 |
| Portfolio Turnover Rate for the Period | 14% |
| Total Net Advisory Fees Paid for the Period | $813554 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective June 17, 2025, the Fund changed its 80% investment policy to reflect that the Fund will invest at least 80% of its assets (exclusive of collateral held from securities lending) in securities included in its underlying index. Additionally, the Fund has added principal investment risk disclosure to reflect its investments in the information technology sector.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 31.4% |
| Financials | 14.8% |
| Communication Services | 10.3% |
| Consumer Discretionary | 10.2% |
| Health Care | 9.3% |
| Industrials | 8.8% |
| Consumer Staples | 5.3% |
| Energy | 3.1% |
| Utilities | 2.3% |
| Other | 4.4% |

---

Goldman Sachs JUST U.S. Large Cap Equity ETF

JUST

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
"JUST" is a trademark of Just Capital Foundation ("JCF") and has been licensed for use in connection with The Goldman Sachs JUST U.S. Large Cap Equity ETF. JCF and its affiliates do not recommend the purchase, sale or holding of any security based on the ETF and expressly disclaims all representation, warranties and liabilities in connection with the ETF. See https://am.gs.com/en-us/individual/funds search=Goldman+Sachs+JUST+U.S.+Large+Cap+Equity+ETF&sf=funds&filters=funds%7CETF for the full disclaimer.

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.

Russell acts solely as calculation agent in respect of the JUST US Large Cap Diversified Index ("Index") and does not sponsor, support, promote or endorse the Index or the ETF. Russell shall have no liability in connection with the Index and/or the ETF. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+JUST+U.S.+Large+Cap+Equity+ETF&sf=funds&filters=funds%7CETF for the full disclaimer.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs JUST U.S. Large Cap Equity ETF

381430396-AR-0825 JUST

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Small Cap Equity ETF

# NYSE Arca, Inc.: GSC

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Small Cap Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSC | $76 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts. Small-cap equities lagged their larger counterparts during the Period.

Top Contributors to Performance:

* Sector allocation decisions as a whole contributed positively to relative results, albeit modestly.

* The industrials, consumer discretionary and utilities sectors contributed most positively.

* Relative to the Russell 2000<sup>®</sup> Index, an overweight in defense technologies developer Kratos Defense & Security Solutions added value given escalating geopolitical tensions, increased military spending and a growing need for technological advancements within defense systems.

* An overweight in digital healthcare company iRhythm Technologies boosted results, driven by an outpacing of consensus expectations in its first quarter 2025 earnings report, underpinned by significant volume demand supporting revenue growth and market share gains.

* An out-of-benchmark position in supply chain solutions provider Celestica proved beneficial due to strong performance in its connectivity and cloud solutions group, driven by robust networking demand and new program ramps with hyperscalers.

* These three positions accounted for 1.93%, 1.36% and 0.00%<sup>1</sup> of Fund net assets as of August 31, 2025, respectively.

Top Detractors from Performance:

* Stock selection overall detracted most from the Fund's relative results.

* The information technology, materials and energy sectors detracted most.

* Relative to the Russell 2000<sup>®</sup> Index, an overweight to Axcelis Technologies, a component producer for the semiconductor industry, detracted, given softness across its general mature segment, weaker than consensus expected bookings and moderated growth guidance.

* An out-of-benchmark position in behavioral healthcare services provider Acadia Healthcare detracted. Its stock fell sharply on the back of a deceleration in patient volumes coupled with lowered volume growth guidance amid legal headwinds.

* An overweight in medical technology company TransMedics Group hurt, as its stock faced pressure from a decline in overall U.S. transplants amid seasonality headwinds, appointment of a new Chief Financial Officer and a revised 2024 financial outlook.

* These three positions accounted for 0.00%<sup>1</sup>, 0.00%<sup>1</sup> and 0.00%<sup>1</sup> of Fund net assets as of August 31, 2025, respectively.

<sup>1</sup>*Some weights are 0.00% at August 31, 2025 either because those positions were eliminated during the most recent rebalance given the Index construction methodology or were not held at all during the Period as they did not meet the Fund's investment criteria.*

Goldman Sachs Small Cap Equity ETF

GSC

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g41x59.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Russell 2000<sup>®</sup> Index (Total Return, USD, Unhedged)** | **Russell 3000<sup>®</sup> Index** |
| **10/3/23** | $10000 | $10000 | $10000 |
| **8/24** | $13405 | $13009 | $13463 |
| **8/25** | $13743 | $14072 | $15596 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced October 3, 2023) | 2.52% | 18.09% |
| Russell 2000<sup>®</sup> Index (Total Return, USD, Unhedged) | 8.17% | 19.56% |
| Russell 3000<sup>®</sup> Index | 15.84% | 26.16% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 3000<sup>®</sup> Index.

Goldman Sachs Small Cap Equity ETF

GSC

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $146100025 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 57% |
| Total Net Advisory Fees Paid for the Period | $967276 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its name from the Small Cap Core Equity ETF to the Goldman Sachs Small Cap Equity ETF. The Fund also changed its 80% investment policy and principal investment strategy reflective of investments consistent with the Fund's new name. These changes will not materially impact (i) the way in which the Fund is managed, (ii) the portfolio holdings of the Fund, or (iii) the Fund's investment objective to seek long-term growth of capital. Additionally, the Fund added principal investment risk disclosures to reflect its investments in the financial services, health care, industrials, and information technology sectors.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Industrials | 21.3% |
| Financials | 21.0% |
| Information Technology | 16.3% |
| Consumer Discretionary | 13.6% |
| Health Care | 13.0% |
| Real Estate | 4.5% |
| Materials | 3.9% |
| Energy | 2.4% |
| Consumer Staples | 1.6% |
| Other | 2.3% |

---

Goldman Sachs Small Cap Equity ETF

GSC

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Small Cap Equity ETF

38149W614-AR-0825 GSC

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Future Health Care Equity ETF

# NYSE Arca, Inc.: GDOC

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Future Health Care Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GDOC | $70 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market generated positive returns during the Period, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence, a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the Period in both developed and emerging equity markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* Relative to the MSCI All Country World Index Health Care Index (Index), the Fund's best performing Key Theme was Digital Health Care, as demand for connected devices, such as automated insulin delivery systems and cardiac monitoring devices, helped drive strong returns.

* Among sub-themes, the Fund was helped most by Connected Devices, which benefited from a variety of tailwinds, including the increasing number of digital solutions and innovations that appear to be transforming outcomes in areas with significant unmet patient needs.

* On an industry level, an overweight in health care equipment and supplies added most to relative returns.

* Regarding countries, the Fund was aided by its overweight in the U.S., which has remained at the forefront of innovation across a variety of health care end-markets.

* The Fund benefited from its overweights relative to the Index in Insulet, an insulin management system platform provider; Boston Scientific, a biotechnology and biomedical engineering firm; and Alnylam Pharmaceuticals, an RNA interference biotechnology company (4.87%, 8.58% and 3.29% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The Fund, which is primarily invested in what may be considered the innovative parts of the health care ecosystem, underperformed the Index, largely due to post-COVID destocking, exacerbated by a confluence of micro, macro and policy variables that proved to be significant headwinds to a sustained recovery.

* Health care companies overall were heavily impacted by uncertainty about tariffs and questions about current practices regarding drug pricing in the U.S. 

* Among Key Themes, the Fund was hurt most by Precision Medicine, which was challenged by supply constraints and tariff concerns.

* The largest sub-theme detractor was Chronic Diseases. Pharmaceutical companies that develop drugs for the treatment of chronic diseases were pressured by the potential of regulatory upheaval under the current U.S. Administration.

* Among industries, pharmaceuticals detracted most from relative returns.

* In terms of countries, stock selection in the U.K. detracted most from relative performance, as regulatory scrutiny remained a headwind for U.K.-based pharmaceutical companies. 

* Overweight positions in health insurance companies UnitedHealth Group and Humana and in medical device maker Cooper Companies detracted from relative performance (5.06%, 1.42% and 0.00%<sup>1</sup> of Fund net assets as of August 31, 2025, respectively).

<sup>1</sup>Some weights are 0.00% at August 31, 2025 either because those positions were taken out during the most recent rebalance given the Fund's index construction methodology or because they were not components of the Index during the Period.

Goldman Sachs Future Health Care Equity ETF

GDOC

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g57s25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **MSCI ACWI Health Care Index** | **MSCI<sup>®</sup> ACWI Index** |
| **11/9/21** | $10000 | $10000 | $10000 |
| **8/22** | $7545 | $8907 | $8218 |
| **8/23** | $8170 | $9745 | $9364 |
| **8/24** | $9431 | $11713 | $11559 |
| **8/25** | $8234 | $10440 | $13385 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced November 9, 2021) | -12.69% | -4.97% |
| MSCI ACWI Health Care Index | -10.87% | 1.14% |
| MSCI<sup>®</sup> ACWI Index | 15.79% | 7.95% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI<sup>®</sup> ACWI Index.

Goldman Sachs Future Health Care Equity ETF

GDOC

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20308328 |
| # of Portfolio Holdings as of Period End | 39 |
| Portfolio Turnover Rate for the Period | 46% |
| Total Net Advisory Fees Paid for the Period | $127880 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Health Care | 98.4% |
| Investment Company | 1.5% |

---

Goldman Sachs Future Health Care Equity ETF

GDOC

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Future Health Care Equity ETF

38149W770-AR-0825 GDOC

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Future Tech Leaders Equity ETF

# NYSE Arca, Inc.: GTEK

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Future Tech Leaders Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GTEK | $84 | 0.75% |

---

## How did the Fund perform and what affected its performance?
The broad global equity market generated positive returns during the Period, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Strong performance overall was supported by solid corporate earnings, ongoing investor interest in artificial intelligence (AI), a resilient U.S. economy, softening monetary policy consensus expectations and a broad economic rebound late in the Period in both developed and emerging equity markets—all despite ongoing macroeconomic and geopolitical risks and the overhang of uncertainty around U.S.-imposed tariffs on countries around the world.

Top Contributors to Performance:

* The Fund benefited from its focus on companies that enable, enhance and integrate AI into their products and services. 

* Relative to the MSCI All Country World Index (Index), stock selection among consumer Internet companies contributed most positively to returns. Strong demand for AI-enhanced products and services drove meaningful gains throughout the Period. 

* An overweight in the information technology sector and, within the sector, stock selection in the software industry added to relative returns. 

* Regarding countries, the Fund was helped by its exposure to India given that country's continued development and emergence within the global economy. 

* The Fund's relative overweights in AppLovin, a cloud-based data management company; Delta Electronics, a Thailand-based power supply and thermal management solutions provider; and Snowflake, a cloud storage data management company, boosted relative performance (2.13%, 2.99% and 3.53% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The Fund's exposure to leading-edge semiconductor capital equipment providers detracted most from relative returns. These companies faced increased competitive pressure, in addition to geopolitical instability and related export controls, that hampered their performance.

* An overweight position relative to the Index in the semiconductor and semiconductor equipment industry detracted from the Fund's performance amid weaker than market expected demand for non-AI chips.

* Among sectors, the Fund was hindered by its underweight in communication services. Questions about the impact of AI on advertising revenue, a primary driver of growth in that sector, weighed on stock prices.

* In terms of countries, exposure to Australia detracted from the Fund's relative returns.

* The Fund was hurt by its overweight positions in Atlassian, a software company that develops collaboration tools, and Monday.com, a project and workflow management software provider, as well as by an out-of-Index position in Fidelity National Information Services, a financial technology solutions platform (1.98%, 1.20% and 1.79% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs Future Tech Leaders Equity ETF

GTEK

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g78r60.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **MSCI<sup>®</sup> ACWI Index** | **MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index** |
| **9/14/21** | $10000 | $10000 | $10000 |
| **8/22** | $5997 | $8475 | $7197 |
| **8/23** | $6240 | $9657 | $7925 |
| **8/24** | $7453 | $11921 | $9602 |
| **8/25** | $9181 | $13803 | $11698 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced September 14, 2021) | 23.19% | -2.13% |
| MSCI<sup>®</sup> ACWI Index | 15.79% | 8.47% |
| MSCI ACWI Select Information Technology + Communication Services (excluding >$100B Market Cap) Index | 21.83% | 4.03% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs Future Tech Leaders Equity ETF

GTEK

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $175849710 |
| # of Portfolio Holdings as of Period End | 61 |
| Portfolio Turnover Rate for the Period | 59% |
| Total Net Advisory Fees Paid for the Period | $1220528 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 71.4% |
| Communication Services | 11.1% |
| Consumer Discretionary | 6.5% |
| Industrials | 4.9% |
| Financials | 3.4% |
| Health Care | 1.2% |
| Other | 1.6% |

---

Goldman Sachs Future Tech Leaders Equity ETF

GTEK

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Future Tech Leaders Equity ETF

38149W812-AR-0825 GTEK

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF

# Cboe BZX Exchange, Inc.: GSEE

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSEE | $39 | 0.36% |

---

## How did the Fund perform and what affected its performance?
The broad emerging markets equity market experienced volatility but performed strongly, benefitting both from a reduction in currency pressures and from compelling valuations. Still, performance across individual country markets was diverse, with some showing resilience supported by domestic demand and foreign investment inflows, while others were affected by global trade policies, including tariffs, and slowed economic activity. Geopolitical tensions impacted the emerging markets equity markets as well, creating both opportunities and challenges.

Top Contributors to Performance:

* Solactive GBS Emerging Markets Large & Mid Cap Index (Index) constituents in the information technology, financials and communication services sectors contributed most positively to the Index's results during the Period.

* China, Taiwan and South Korea were the top country contributors to the Index's results.

* Positions in Taiwan Semiconductor Manufacturing, a Taiwan-based semiconductor company; Tencent Holdings, a China-based technology conglomerate; and Alibaba Group Holding, a China-based e-commerce company, contributed most positively to the Index's returns during the Period (9.53%, 4.81% and 2.50% of Fund net assets as of August 31, 2025, respectively). 

Top Detractors from Performance:

* Index constituents in the utilities, energy and consumer staples sectors contributed least to the Index's results during the Period.

* India, Indonesia and Saudi Arabia contributed least to the Index's results from a country perspective. 

* Positions in Samsung Electronics, a South Korea-based consumer electronics, information technology and mobile communications company; Infosys, an India-based digital services provider; and Tata Consultancy Services, an India-based information technology services firm, contributed least to the Index's results during the Period (2.47%, 0.56% and 0.31% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF

GSEE

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g91j06.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive GBS Emerging Markets Large & Mid Cap Index** | **MSCI Emerging Markets Index (Net, USD, Unhedged)** |
| **5/12/20** | $10000 | $10000 | $10000 |
| **8/20** | $12154 | $12206 | $12248 |
| **8/21** | $14506 | $14602 | $14835 |
| **8/22** | $11603 | $11670 | $11601 |
| **8/23** | $11790 | $11909 | $11746 |
| **8/24** | $13382 | $13759 | $13516 |
| **8/25** | $15635 | $16043 | $15787 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced May 12, 2020) | 16.84% | 5.16% | 8.79% |
| Solactive GBS Emerging Markets Large & Mid Cap Index | 16.60% | 5.62% | 9.32% |
| MSCI Emerging Markets Index (Net, USD, Unhedged) | 16.80% | 5.20% | 8.98% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI Emerging Markets Index (Net, USD, Unhedged).

Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF

GSEE

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $119676315 |
| # of Portfolio Holdings as of Period End | 1988 |
| Portfolio Turnover Rate for the Period | 8% |
| Total Net Advisory Fees Paid for the Period | $374675 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 24.2% |
| Financials | 22.4% |
| Consumer Discretionary | 12.4% |
| Communication Services | 9.5% |
| Industrials | 8.7% |
| Materials | 6.2% |
| Consumer Staples | 4.1% |
| Energy | 3.9% |
| Health Care | 3.8% |
| Other | 5.2% |

---

Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF

GSEE

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+Emerging+Markets+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF

381430164-AR-0825 GSEE

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF

# Cboe BZX Exchange, Inc.: GSID

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSID | $21 | 0.20% |

---

## How did the Fund perform and what affected its performance?
The broad international equity market posted double-digit positive returns for the Period but experienced varied performance, influenced by diverse economic conditions, central bank policies and political and geopolitical developments. Still, strong performance overall was supported by improved economic recovery in developed markets, solid corporate earnings, increased defense spending, European Central Bank interest rate cuts and some progress late in the Period in trade deals with the U.S. that modestly eased significant concerns around the potential impact of U.S. imposed tariffs.

Top Contributors to Performance:

* Solactive GBS Developed Markets ex North America Large & Mid Cap Index (Index) constituents in the financials, industrials and communication services sectors contributed most positively to the Index's results during the Period.

* Japan, Germany and the U.K. were top country contributors to the Index's results.

* Positions in U.K.-based financials company HSBC Holdings, Spain-based financials company Banco Santander and Germany-based industrials company Siemens contributed most positively to the Index's returns during the Period (1.14%, 0.71% and 1.04% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* Index constituents in the health care, information technology and materials sectors contributed least to the Index's results during the Period.

* Denmark, the Netherlands and the U.S. contributed least to the Index's results from a country perspective.

* Positions in Denmark-based pharmaceuticals company Novo Nordisk, Netherlands-based semiconductor company ASML Holding and France-based luxury goods conglomerate LVMH Moet Hennessy Louis Vuitton contributed least to the Index's results during the Period (0.90%, 1.46% and 0.78% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF

GSID

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g46g22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive GBS Developed Markets ex North America Large & Mid Cap Index** | **MSCI World ex USA Index** |
| **5/12/20** | $10000 | $10000 | $10000 |
| **8/20** | $11657 | $11650 | $11684 |
| **8/21** | $14711 | $14716 | $14788 |
| **8/22** | $11798 | $11797 | $12044 |
| **8/23** | $13830 | $13844 | $14025 |
| **8/24** | $16487 | $16515 | $16753 |
| **8/25** | $18808 | $18859 | $19246 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced May 12, 2020) | 14.08% | 10.04% | 12.64% |
| Solactive GBS Developed Markets ex North America Large & Mid Cap Index | 14.19% | 10.11% | 12.70% |
| MSCI World ex USA Index | 14.88% | 10.49% | 13.13% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the MSCI World ex USA Index.

Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF

GSID

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $840714530 |
| # of Portfolio Holdings as of Period End | 911 |
| Portfolio Turnover Rate for the Period | 3% |
| Total Net Advisory Fees Paid for the Period | $1632811 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 24.0% |
| Industrials | 19.0% |
| Health Care | 10.7% |
| Consumer Discretionary | 10.4% |
| Information Technology | 8.1% |
| Consumer Staples | 7.8% |
| Materials | 5.5% |
| Communication Services | 4.9% |
| Energy | 3.3% |
| Other | 5.9% |

---

Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF

GSID

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+International+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF

381430180-AR-0825 GSID

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

# NYSE Arca, Inc.: GGUS

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GGUS | $13 | 0.12% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Information technology, consumer discretionary and communication services were the sectors that contributed most positively to the Russell 1000<sup>®</sup> Growth 40 Act Daily Capped Index's (Index) results.

* Positions in information technology companies NVIDIA, Broadcom and Microsoft contributed most positively to the Index's returns during the Period (11.20%, 3.81% and 10.42% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The health care, consumer staples and real estate sectors contributed least to the Index's results.

* Positions in pharmaceuticals company Eli Lilly & Co., information technology products giant Apple and software company Adobe contributed least to the Index's results during the Period (2.46%, 4.55% and 0.64% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

GGUS

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g59y89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Russell 1000 Growth 40 Act Daily Capped Index (Total Return, USD, Unhedged)** | **Russell 1000<sup>®</sup> Index** |
| **11/28/23** | $10000 | $10000 | $10000 |
| **8/24** | $12526 | $12540 | $12505 |
| **8/25** | $15182 | $15209 | $14536 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced November 28, 2023) | 21.20% | 26.79% |
| Russell 1000 Growth 40 Act Daily Capped Index (Total Return, USD, Unhedged) | 21.28% | 26.92% |
| Russell 1000<sup>®</sup> Index | 16.24% | 23.69% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000<sup>®</sup> Index.

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

GGUS

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $352990819 |
| # of Portfolio Holdings as of Period End | 388 |
| Portfolio Turnover Rate for the Period | 45% |
| Total Net Advisory Fees Paid for the Period | $329205 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective December 20, 2024, the Fund changed its principal investment strategy to revise its diversification policy and added diversification risk as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 44.5% |
| Consumer Discretionary | 14.7% |
| Communication Services | 11.3% |
| Health Care | 8.6% |
| Financials | 8.3% |
| Industrials | 7.5% |
| Consumer Staples | 3.2% |
| Real Estate | 0.6% |
| Materials | 0.4% |
| Other | 0.9% |

---

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

GGUS

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The fund is/are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group makes no claim, prediction, warranty or representation either as to the results to be otained from the fund or the suitability of the index for the purpose of the fund. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+Russell+1000+Growth+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF

38149W598-AR-0825 GGUS

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

# NYSE Arca, Inc.: GVUS

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GVUS | $13 | 0.12% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Financials, industrials and communication services were the sectors that contributed most positively to the Russell 1000<sup>®</sup> Value 40 Act Daily Capped Index's (Index) results. 

* Positions in financials company JPMorgan Chase & Co., industrials company GE Vernova and discount retailer Walmart contributed most positively to the Index's returns during the Period (2.89%, 0.00%<sup>1</sup> and 1.31% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The health care, real estate and materials sectors contributed least to the Index's results.

* Positions in health insurance and health care services company UnitedHealth Group, biotechnology company Regeneron Pharmaceuticals and life science and clinical research company Thermo Fisher Scientific contributed least to the Index's results during the Period (0.97%, 0.21% and 0.64% of Fund net assets as of August 31, 2025, respectively).

*<sup>1</sup>Some weights are 0.00% at August 31, 2025 either because those positions were taken out during the most recent rebalance given the Fund's index construction methodology or because they were not components of the Index during the Period.*

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

GVUS

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g82c47.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Russell 1000 Value 40 Act Daily Capped Index (Total Return, USD, Unhedged)** | **Russell 1000<sup>®</sup> Index** |
| **11/28/23** | $10000 | $10000 | $10000 |
| **8/24** | $12267 | $12288 | $12505 |
| **8/25** | $13392 | $13434 | $14536 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced November 28, 2023) | 9.17% | 18.06% |
| Russell 1000 Value 40 Act Daily Capped Index (Total Return, USD, Unhedged) | 9.33% | 18.27% |
| Russell 1000<sup>®</sup> Index | 16.24% | 23.69% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Russell 1000<sup>®</sup> Index.

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

GVUS

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $363686360 |
| # of Portfolio Holdings as of Period End | 862 |
| Portfolio Turnover Rate for the Period | 11% |
| Total Net Advisory Fees Paid for the Period | $476925 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective December 20, 2024, the Fund changed its principal investment strategy to revise its diversification policy and added diversification risk as a principal risk of the Fund.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Financials | 22.6% |
| Industrials | 13.0% |
| Health Care | 11.6% |
| Information Technology | 9.9% |
| Consumer Discretionary | 7.9% |
| Consumer Staples | 7.7% |
| Communication Services | 7.7% |
| Energy | 6.0% |
| Utilities | 4.4% |
| Other | 8.8% |

---

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

GVUS

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The fund is/are not in any way connected to or sponsored, endorsed, sold or promoted by the London Stock Exchange Group plc and its group undertakings (collectively, the "LSE Group"). The LSE Group makes no claim, prediction, warranty or representation either as to the results to be otained from the fund or the suitability of the index for the purpose of the fund. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+Russell+1000+Value+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF

38149W580-AR-0825 GVUS

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

# Cboe BZX Exchange, Inc.: GSUS

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSUS | $8 | 0.07% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* Information technology, communication services and financials were the sectors that contributed most positively to the Solactive GBS United States Large & Mid Cap Index's (Index) results.

* Positions in information technology companies NVIDIA, Microsoft and Broadcom contributed most positively to the Index's returns during the Period (7.52%, 6.85% and 2.53% of Fund net assets as of August 31, 2025, respectively).

Top Detractors from Performance:

* The health care, real estate and energy sectors contributed least to the Index's results.

* Positions in health insurance and health care services company UnitedHealth Group, pharmaceuticals company Eli Lilly & Co. and software company Adobe contributed least to the Index's results during the Period (0.52%, 1.14% and 0.28% of Fund net assets as of August 31, 2025, respectively).

Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

GSUS

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g92s64.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Solactive GBS United States Large & Mid Cap Index** | **S&P 500<sup>®</sup> Index** |
| **5/12/20** | $10000 | $10000 | $10000 |
| **8/20** | $12403 | $12410 | $12266 |
| **8/21** | $16322 | $16345 | $16089 |
| **8/22** | $14134 | $14157 | $14282 |
| **8/23** | $16412 | $16449 | $16559 |
| **8/24** | $20897 | $20960 | $21053 |
| **8/25** | $24377 | $24475 | $24397 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced May 12, 2020) | 16.65% | 14.46% | 18.28% |
| Solactive GBS United States Large & Mid Cap Index | 16.77% | 14.54% | 18.37% |
| S&P 500<sup>®</sup> Index | 15.88% | 14.73% | 18.30% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the S&P 500<sup>®</sup> Index.

Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

GSUS

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2708562365 |
| # of Portfolio Holdings as of Period End | 428 |
| Portfolio Turnover Rate for the Period | 2% |
| Total Net Advisory Fees Paid for the Period | $1715263 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Information Technology | 33.6% |
| Financials | 13.6% |
| Consumer Discretionary | 10.8% |
| Communication Services | 10.5% |
| Health Care | 9.1% |
| Industrials | 8.2% |
| Consumer Staples | 5.1% |
| Energy | 3.0% |
| Utilities | 2.2% |
| Other | 3.7% |

---

Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

GSUS

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The financial instrument is not sponsored, promoted, sold or supported in any other manner by Solactive AG nor does Solactive AG offer any express or implicit guarantee or assurance either with regard to the results of using the Index and/or Index trademark or the Index Price at any time or in any other respect. See https://am.gs.com/en-us/individual/funds?search=Goldman+Sachs+MarketBeta+U.S.+Equity+ETF&sf=funds&filters=funds%7CETF for full disclaimer.

The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF

381430123-AR-0825 GSUS

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Dynamic California Municipal Income ETF

# NYSE Arca, Inc.: GCAL

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic California Municipal Income ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GCAL | $33 | 0.33% |

---

## How did the Fund perform and what affected its performance?
Municipal bond performance was influenced most by market technicals, which drove a dramatic steepening of the municipal yield curve. Record amounts of new issuance, coupled with a mismatch in demand, were responsible for the curve steepening. Short-term municipal yields fell amid strong demand for shorter maturity municipal bonds, while long-term municipal yields rose as the supply of longer-maturity municipal bonds overwhelmed demand. Issuance increased during the Period amid concerns surrounding the November 2024 Presidential election and worries about potential changes to the federal tax exemption for municipal securities.

Top Contributors to Performance:

* Compared to the Bloomberg Municipal Bond Quality Intermediate–California Index (Index), the Fund benefited from individual issue selection among power revenue bonds and general obligation bonds.

Top Detractors from Performance:

* Municipal credit spreads widened during the Period, which weighed on the Fund's returns.

* The Fund's combined duration and yield curve positioning hurt its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 10 years and longer detracted from returns, as the yield curve steepened during the Period.

* Individual issue selection in the hospital and charter school sectors detracted from relative performance.

Goldman Sachs Dynamic California Municipal Income ETF

GCAL

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g35u40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg Municipal Bond Quality Intermediate - California Index (Total Return, USD, Unhedged)** | **Bloomberg Municipal Bond Index** |
| **7/23/24** | $10000 | $10000 | $10000 |
| **8/24** | $10130 | $10127 | $10091 |
| **8/25** | $10266 | $10421 | $10099 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced July 23, 2024) | 1.34% | 2.40% |
| Bloomberg Municipal Bond Quality Intermediate - California Index (Total Return, USD, Unhedged) | 2.90% | 3.78% |
| Bloomberg Municipal Bond Index | 0.08% | 0.89% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Municipal Bond Index.

Goldman Sachs Dynamic California Municipal Income ETF

GCAL

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $109556644 |
| # of Portfolio Holdings as of Period End | 259 |
| Portfolio Turnover Rate for the Period | 134% |
| Total Net Advisory Fees Paid for the Period | $56857 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective August 1, 2025, the Fund's Investment Adviser agreed to waive a portion of its management fee to achieve an effective net management fee rate of 0.30% of the Fund's average daily net assets through at least December 29, 2026.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Special Assessment | 12.0% |
| Hospital | 11.8% |
| Water/Sewer | 8.7% |
| School District GO | 8.6% |
| Airport | 7.4% |
| Sales Tax | 5.8% |
| Charter School | 4.9% |
| Muni Electric | 4.8% |
| University | 4.0% |
| Pre-refunded | 3.2% |
| Corporate | 3.1% |
| State GO | 3.0% |
| City/County Appropriation | 2.9% |
| Education Other | 2.8% |
| Other | 18.1% |

---

Goldman Sachs Dynamic California Municipal Income ETF

GCAL

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively, "Bloomberg"). BARCLAYS<sup>®</sup> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic California Municipal Income ETF

38149W564-AR-0825 GCAL

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Dynamic New York Municipal Income ETF

# NYSE Arca, Inc.: GMNY

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Dynamic New York Municipal Income ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMNY | $34 | 0.34% |

---

## How did the Fund perform and what affected its performance?
Municipal bond performance was influenced most by market technicals, which drove a dramatic steepening of the municipal yield curve. Record amounts of new issuance, coupled with a mismatch in demand, were responsible for the curve steepening. Short-term municipal yields fell amid strong demand for shorter maturity municipal bonds, while long-term municipal yields rose as the supply of longer-maturity municipal bonds overwhelmed demand. Issuance increased during the Period amid concerns surrounding the November 2024 Presidential election and worries about potential changes to the federal tax exemption for municipal securities.

Top Contributors to Performance:

* Compared to the Bloomberg Municipal Bond Quality Intermediate–New York Index (Index), the Fund was helped by individual issue selection among income tax bonds and general obligation bonds.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning detracted from its relative performance. The Fund was hampered by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 10 years and longer detracted from returns, as the yield curve steepened during the Period.

* As municipal credit spreads widened, the Fund was hurt by its lower credit quality bias than that of the Index and by its exposure to Puerto Rico credits.

* Individual issue selection within the airport, hospital and education sectors detracted from relative performance.

Goldman Sachs Dynamic New York Municipal Income ETF

GMNY

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g46z03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg Municipal Bond Quality Intermediate - New York Index (Total Return, USD, Unhedged)** | **Bloomberg Municipal Bond Index** |
| **7/23/24** | $10000 | $10000 | $10000 |
| **8/24** | $10104 | $10119 | $10091 |
| **8/25** | $10112 | $10367 | $10099 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced July 23, 2024) | 0.08% | 1.01% |
| Bloomberg Municipal Bond Quality Intermediate - New York Index (Total Return, USD, Unhedged) | 2.45% | 3.29% |
| Bloomberg Municipal Bond Index | 0.08% | 0.89% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Municipal Bond Index.

Goldman Sachs Dynamic New York Municipal Income ETF

GMNY

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $19552271 |
| # of Portfolio Holdings as of Period End | 119 |
| Portfolio Turnover Rate for the Period | 104% |
| Total Net Advisory Fees Paid for the Period | $20268 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective August 1, 2025, the Fund's Investment Adviser agreed to waive a portion of its management fee to achieve an effective net management fee rate of 0.30% of the Fund's average daily net assets through at least December 29, 2026.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| University | 14.7% |
| Sales Tax | 8.3% |
| Special Tax | 8.3% |
| Hospital | 6.7% |
| Airport | 6.2% |
| School District GO | 5.1% |
| Water/Sewer | 5.0% |
| Corporate | 4.7% |
| Transportation | 4.4% |
| Charter School | 4.3% |
| City/County GO | 4.0% |
| Stadium | 3.9% |
| Muni Electric | 3.5% |
| Airline | 3.4% |
| Other | 16.7% |

---

Goldman Sachs Dynamic New York Municipal Income ETF

GMNY

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively, "Bloomberg"). BARCLAYS<sup>®</sup> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Dynamic New York Municipal Income ETF

38149W556-AR-0825 GMNY

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Municipal Income ETF

# NYSE Arca, Inc.: GMUB

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Municipal Income ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GMUB | $18 | 0.18% |

---

## How did the Fund perform and what affected its performance?
Municipal bond performance was influenced most by market technicals, which drove a dramatic steepening of the municipal yield curve. Record amounts of new issuance, coupled with a mismatch in demand, were responsible for the curve steepening. Short-term municipal yields fell amid strong demand for shorter maturity municipal bonds, while long-term municipal yields rose as the supply of longer-maturity municipal bonds overwhelmed demand. Issuance increased during the Period amid concerns surrounding the November 2024 Presidential election and worries about potential changes to the federal tax exemption for municipal securities.

Top Contributors to Performance:

* Relative to the Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index (Index), the Fund benefited from its investments in five- to seven-year maturities, as shorter-term yields moved lower.

* Individual issue selection among general obligation bonds and income tax bonds contributed positively to relative returns.

Top Detractors from Performance:

* The Fund's combined duration and yield curve positioning detracted from its relative performance. The Fund was hurt by its longer duration positioning compared to the Index and by its relative overweight in the longer maturity end of the municipal yield curve. Specifically, the Fund's overweight in securities with maturities of 15 years and longer detracted from returns, as the yield curve steepened during the Period.

* Individual issue selection in the health care, airport and education sectors detracted from relative performance.

* The Fund was hurt by its overweight position versus the Index in Puerto Rico credits.

Goldman Sachs Municipal Income ETF

GMUB

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g58a98.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index** | **Bloomberg Municipal Bond Index** |
| **7/23/24** | $10000 | $10000 | $10000 |
| **8/24** | $10098 | $10101 | $10091 |
| **8/25** | $10333 | $10297 | $10099 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced July 23, 2024) | 2.33% | 3.01% |
| Bloomberg 1-15 Year Blend (1-17) Municipal Bond Index | 1.94% | 2.67% |
| Bloomberg Municipal Bond Index | 0.08% | 0.89% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Municipal Bond Index.

Goldman Sachs Municipal Income ETF

GMUB

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $93816381 |
| # of Portfolio Holdings as of Period End | 303 |
| Portfolio Turnover Rate for the Period | 154% |
| Total Net Advisory Fees Paid for the Period | $32930 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Hospital | 12.6% |
| University | 8.6% |
| School District GO | 7.3% |
| Special Assessment | 6.6% |
| Sales Tax | 6.5% |
| Airport | 5.9% |
| Muni Electric | 5.9% |
| VRDN | 5.8% |
| City/County GO | 5.0% |
| Corporate | 5.0% |
| Water/Sewer | 4.6% |
| Corporate Elec | 3.5% |
| Special Tax | 3.3% |
| Toll | 3.0% |
| Other | 18.7% |

---

Goldman Sachs Municipal Income ETF

GMUB

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively, "Bloomberg"). BARCLAYS<sup>®</sup> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Municipal Income ETF

38149W549-AR-0825 GMUB

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Ultra Short Municipal Income ETF

# NYSE Arca, Inc.: GUMI

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Ultra Short Municipal Income ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GUMI | $16 | 0.16% |

---

## How did the Fund perform and what affected its performance?
Municipal bond performance was influenced most by market technicals, which drove a dramatic steepening of the municipal yield curve. Record amounts of new issuance, coupled with a mismatch in demand, were responsible for the curve steepening. Short-term municipal yields fell amid strong demand for shorter maturity municipal bonds, while long-term municipal yields rose as the supply of longer-maturity municipal bonds overwhelmed demand. Issuance increased during the Period amid concerns surrounding the November 2024 Presidential election and worries about potential changes to the federal tax exemption for municipal securities.

Top Contributors to Performance:

* The Fund benefited from its duration positioning relative to the Bloomberg Municipal Short-Term Index (Index). During the first four months of the Period, the Fund maintained a duration similar to that of the Index. However, it held a shorter duration position during the first quarter of 2025 and heading into April. This positioning added to the Fund's relative performance, as short-term yields rose significantly following the U.S. Administration's tariff announcement on April 2nd. By the end of April, the Fund had a longer duration position than that of the Index and maintained that positioning through the end of the Period.

* Within bottom-up individual issue selection, the Fund's investments in pre-refunded bonds, as well as in water and sewer credits and industrial power bonds, contributed positively to relative returns.

Top Detractors from Performance:

* Individual issue selection among health care credits and housing credits detracted from relative performance.

Goldman Sachs Ultra Short Municipal Income ETF

GUMI

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g32v95.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg Municipal Short-term Index** | **Bloomberg Municipal Bond Index** |
| **7/23/24** | $10000 | $10000 | $10000 |
| **8/24** | $10050 | $10044 | $10091 |
| **8/25** | $10395 | $10362 | $10099 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced July 23, 2024) | 3.43% | 3.56% |
| Bloomberg Municipal Short-term Index | 3.17% | 3.26% |
| Bloomberg Municipal Bond Index | 0.08% | 0.89% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg Municipal Bond Index.

Goldman Sachs Ultra Short Municipal Income ETF

GUMI

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $13848756 |
| # of Portfolio Holdings as of Period End | 162 |
| Portfolio Turnover Rate for the Period | 145% |
| Total Net Advisory Fees Paid for the Period | $10765 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| VRDN | 15.2% |
| Hospital | 14.8% |
| School District GO | 9.8% |
| City/County GO | 8.8% |
| Airport | 6.3% |
| Misc | 5.8% |
| Solid Waste | 4.7% |
| State Housing | 3.9% |
| State Appropriation | 3.9% |
| University | 3.5% |
| Sales Tax | 3.3% |
| State GO | 3.3% |
| City/County Appropriation | 3.2% |
| Water/Sewer | 2.7% |
| Other | 15.0% |

---

Goldman Sachs Ultra Short Municipal Income ETF

GUMI

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP. and its affiliates (collectively, "Bloomberg"). BARCLAYS<sup>®</sup> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Ultra Short Municipal Income ETF

38149W572-AR-0825 GUMI

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs U.S. Large Cap Buffer 1 ETF

# Cboe BZX Exchange, Inc.: GBXA

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Large Cap Buffer 1 ETF (the "Fund") for the period of December 30, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBXA | $33<sup>Footnote Reference\*</sup> | 0.48%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* The Fund's absolute returns were positive given the rally in the U.S. equity market. 

Top Detractors from Performance:

* The Fund underperformed the S&P 500<sup>®</sup> Index (Index), primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund's targeted outcome strategy.

* The Fund seeks to achieve a total return, for a specified Outcome Period, that corresponds generally, before fees and expenses, to the share price return of the SPDR<sup>®</sup> Portfolio S&P 500<sup>®</sup> ETF (SPLG) (the "Underlying ETF") or other ETFs that track the S&P 500 <sup>®</sup> Index up to a Cap while providing a downside Buffer and Deep Downside Protection against losses over an Outcome Period. The Cap represents the maximum percentage return the Fund can achieve for the duration of an Outcome Period. The Fund, and therefore its investors, will participate in losses up to approximately 5%. The Buffer seeks to provide downside protection against approximately 10% of additional losses (i.e., losses between 5% and 15%) over each Outcome Period, before the deduction of Fund fees and expenses. The Fund also seeks to provide Deep Downside Protection for extreme market conditions where losses are in excess of the set deep downside protection amount over an Outcome Period. If the value of the Underlying ETF increases over an Outcome Period but its return remains below the Cap, the Fund seeks to provide investment returns that that are similar to the performance of the Underlying ETF, before Fund fees and expenses. If the value of the Underlying ETF increases in excess of the Cap, the Fund will participate in the performance up to the Cap but not in further gains beyond the Cap.

* During the period from the Fund's December 30, 2024 inception through August 31, 2025, the Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

* The Cap for the Outcome Period that commenced on January 2, 2025 and ended on March 31, 2025 was 5.02% (before Fund fees and expenses) and 4.90% (after Fund fees and expenses). The Buffer for same started at 4.99% and ended at 15.00% (before Fund fees and expenses) and started at 4.99% and ended at 14.88% (after Fund fees and expenses).\*

* The Cap for the Outcome Period that commenced on April 1, 2025 and ended on June 30, 2025 was 7.06% (before Fund fees and expenses) and 6.93% (after Fund fees and expenses). The Buffer for same started at 5.00% and ended at 14.99% (before Fund fees and expenses) and started at 5.00% and ended at 14.87% (after Fund fees and expenses).\*

* The Cap for the Outcome Period that commenced on July 1, 2025 and will end on September 30, 2025 is 5.30% (before Fund fees and expenses) and 5.17% (after Fund fees and expenses). The Buffer for same starts at 5.00% and ends at 15.00% (before Fund fees and expenses) and starts at 5.00% and ends at 14.87% (after Fund fees and expenses).\*

\*Fund Fees and Expenses are derived from the "Annual Fund Operating Expenses" tables included in the Fund's Prospectus dated December 17, 2024. Actual Fund Fees and Expenses may differ over the next Outcome Period.

Goldman Sachs U.S. Large Cap Buffer 1 ETF

GBXA

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g69j57.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **S&P 500<sup>®</sup> Index** |
| **12/30/24** | $10000 | $10000 |
| **8/25** | $10460 | $11032 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced December 30, 2024) | 4.60% |
| S&P 500<sup>®</sup> Index | 10.32% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs U.S. Large Cap Buffer 1 ETF

GBXA

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $6276247 |
| # of Portfolio Holdings as of Period End | 5 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $12325 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity Call Options | 42.4 | 0.0 | 42.4 | -42.4 |
| Developed Equity | 101.2 | 101.2 | - | 101.2 |
| Developed Equity Put Options | 8.9 | 7.3 | 1.7 | 5.6 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted.

Goldman Sachs U.S. Large Cap Buffer 1 ETF

GBXA

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Large Cap Buffer 1 ETF

38149W531-AR-0825 GBXA

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs U.S. Large Cap Buffer 2 ETF

# Cboe BZX Exchange, Inc.: GBXB

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Large Cap Buffer 2 ETF (the "Fund") for the period of January 30, 2025 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBXB | $28<sup>Footnote Reference\*</sup> | 0.48%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* The Fund's absolute returns were positive given the rally in the U.S. equity market.

Top Detractors from Performance:

* The Fund underperformed the S&P 500<sup>®</sup> Index (Index), primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund's targeted outcome strategy.

* The Fund seeks to achieve a total return, for a specified Outcome Period, that corresponds generally, before fees and expenses, to the share price return of the SPDR<sup>®</sup> Portfolio S&P 500<sup>®</sup> ETF (SPLG) (the "Underlying ETF") or other ETFs that track the S&P 500 <sup>®</sup> Index up to a Cap while providing a downside Buffer and Deep Downside Protection against losses over an Outcome Period. The Cap represents the maximum percentage return the Fund can achieve for the duration of an Outcome Period. The Fund, and therefore its investors, will participate in losses up to approximately 5%. The Buffer seeks to provide downside protection against approximately 10% of additional losses (i.e., losses between 5% and 15%) over each Outcome Period, before the deduction of Fund fees and expenses. The Fund also seeks to provide Deep Downside Protection for extreme market conditions where losses are in excess of the set deep downside protection amount over an Outcome Period. If the value of the Underlying ETF increases over an Outcome Period but its return remains below the Cap, the Fund seeks to provide investment returns that that are similar to the performance of the Underlying ETF, before Fund fees and expenses. If the value of the Underlying ETF increases in excess of the Cap, the Fund will participate in the performance up to the Cap but not in further gains beyond the Cap.

* During the period from the Fund's January 30, 2025 inception through August 31, 2025, the Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

* The Cap for the Outcome Period that commenced on February 3, 2025 and ended on April 30, 2025 was 6.95% (before Fund fees and expenses) and 6.82% (after Fund fees and expenses). The Buffer for same started at 5.00% and ended at 15.00% (before Fund fees and expenses) and started at 5.00% and ended at 14.88% (after Fund fees and expenses).\*

* The Cap for the Outcome Period that commenced on May 1, 2025 and ended on July 31, 2025 was 6.50% (before Fund fees and expenses) and 6.38% (after Fund fees and expenses). The Buffer for same started at 5.00% and ended at 15.00% (before Fund fees and expenses) and started at 5.00% and ended at 14.88% (after Fund fees and expenses).\*

* The Cap for the Outcome Period that commenced on August 1, 2025 and will end on October 31, 2025 is 5.18% (before Fund fees and expenses) and 5.05% (after Fund fees and expenses). The Buffer for same starts at 4.99% and ends at 14.99% (before Fund fees and expenses) and starts at 4.99% and ends at 14.86% (after Fund fees and expenses).\* 

\*Fund Fees and Expenses are derived from the "Annual Fund Operating Expenses" tables included in the Fund's Prospectus dated December 17, 2024. Actual Fund Fees and Expenses may differ over the next Outcome Period.

Goldman Sachs U.S. Large Cap Buffer 2 ETF

GBXB

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g47r40.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **S&P 500<sup>®</sup> Index** |
| **1/30/25** | $10000 | $10000 |
| **8/25** | $10224 | $10725 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced January 30, 2025) | 2.32% |
| S&P 500<sup>®</sup> Index | 7.25% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs U.S. Large Cap Buffer 2 ETF

GBXB

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $5627010 |
| # of Portfolio Holdings as of Period End | 6 |
| Portfolio Turnover Rate for the Period | 0% |
| Total Net Advisory Fees Paid for the Period | $12348 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity Call Options | 31.3 | 0.0 | 31.3 | -31.3 |
| Developed Equity | 100.0 | 100.0 | - | 100.0 |
| Developed Equity Put Options | 22.1 | 17.6 | 4.6 | 13.0 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted.

Goldman Sachs U.S. Large Cap Buffer 2 ETF

GBXB

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Large Cap Buffer 2 ETF

38149W523-AR-0825 GBXB

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs U.S. Large Cap Buffer 3 ETF

# Cboe BZX Exchange, Inc.: GBXC

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs U.S. Large Cap Buffer 3 ETF (the "Fund") for the period of February 27, 2025 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBXC | $25<sup>Footnote Reference\*</sup> | 0.48%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote\* | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote\*\* | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market experienced volatility due largely to tariff uncertainty, trade tensions, artificial intelligence (AI) growth scrutiny and softer economic data, but performed strongly overall supported by progress in trade negotiations, solid corporate earnings results, resilient consumer spending and better than consensus expected inflation data. Also, softening labor data and a shift in tone from the Federal Reserve lifted expectations toward the end of the Period for a resumption of interest rate cuts.

Top Contributors to Performance:

* The Fund's absolute returns were positive given the rally in the U.S. equity market. 

Top Detractors from Performance:

* The Fund underperformed the S&P 500<sup>®</sup> Index (Index), primarily driven by the limited upside participation in the U.S. equity market rally due to the Fund's targeted outcome strategy.

* The Fund seeks to achieve a total return, for a specified Outcome Period, that corresponds generally, before fees and expenses, to the share price return of the SPDR<sup>®</sup> Portfolio S&P 500<sup>®</sup> ETF (SPLG) (the "Underlying ETF") or other ETFs that track the S&P 500 <sup>®</sup> Index up to a Cap while providing a downside Buffer and Deep Downside Protection against losses over an Outcome Period. The Cap represents the maximum percentage return the Fund can achieve for the duration of an Outcome Period. The Fund, and therefore its investors, will participate in losses up to approximately 5%. The Buffer seeks to provide downside protection against approximately 10% of additional losses (i.e., losses between 5% and 15%) over each Outcome Period, before the deduction of Fund fees and expenses. The Fund also seeks to provide Deep Downside Protection for extreme market conditions where losses are in excess of the set deep downside protection amount over an Outcome Period. If the value of the Underlying ETF increases over an Outcome Period but its return remains below the Cap, the Fund seeks to provide investment returns that that are similar to the performance of the Underlying ETF, before Fund fees and expenses. If the value of the Underlying ETF increases in excess of the Cap, the Fund will participate in the performance up to the Cap but not in further gains beyond the Cap.

* During the period from the Fund's February 27, 2025 inception through August 31, 2025, the Index delivered strong performance that exceeded the Cap, leading to reduced upside participation of the Fund.

* The Cap for the Outcome Period that commenced on March 3, 2025 and ended on May 31, 2025 was 6.55% (before Fund fees and expenses) and 6.43% (after Fund fees and expenses). The Buffer for same started at 4.99% and ended at 14.99% (before Fund fees and expenses) and started at 4.99% and ended at 14.87% (after Fund fees and expenses).\*

* The Cap for the Outcome Period that commenced on June 2, 2025 and ended on August 31, 2025 was 5.76% (before Fund fees and expenses) and 5.63% (after Fund fees and expenses). The Buffer for same started at 5.01% and ended at 15.00% (before Fund fees and expenses) and started at 5.01% and ended at 14.88% (after Fund fees and expenses).\* 

\*Fund Fees and Expenses are derived from the "Annual Fund Operating Expenses" tables included in the Fund's Prospectus dated December 17, 2024. Actual Fund Fees and Expenses may differ over the next Outcome Period.

Goldman Sachs U.S. Large Cap Buffer 3 ETF

GBXC

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g75d97.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **S&P 500<sup>®</sup> Index** |
| **2/27/25** | $10000 | $10000 |
| **8/25** | $10396 | $11096 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced February 27, 2025) | 4.04% |
| S&P 500<sup>®</sup> Index | 10.96% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs U.S. Large Cap Buffer 3 ETF

GBXC

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $8845447 |
| # of Portfolio Holdings as of Period End | 6 |
| Portfolio Turnover Rate for the Period | 1% |
| Total Net Advisory Fees Paid for the Period | $15484 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities. These allocations may not be representative of the Fund's future investments.

### Asset Class Exposure (%)\*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Gross** | **Long** | **Short** | **Net** |
| Developed Equity | 99.5 | 99.5 | - | 99.5 |
| Developed Equity Call Options | 23.7 | 0.0 | 23.7 | -23.7 |
| Developed Equity Put Options | 33.8 | 26.2 | 7.6 | 18.6 |

---

\*Asset class exposure includes the impact of derivatives. "Gross Exposure" represents the sum of the absolute value of long and short notional contract values in U.S. dollars of the Fund's positions (for a given asset class), divided by the Fund's net assets exposure within each asset class. "Net Exposure" represents the net exposure within the Fund to a given asset class, calculated as the difference between long and short exposures. The exposure of option contracts is delta-adjusted.

Goldman Sachs U.S. Large Cap Buffer 3 ETF

GBXC

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
The S&P 500 ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by Goldman Sachs. Copyright© 2025 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC. Neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and neither S&P Dow Jones Indices LLC, Dow Jones Trademark Holdings LLC, their affiliates nor their third party licensors shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs U.S. Large Cap Buffer 3 ETF

38149W515-AR-0825 GBXC

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Core Bond ETF

# NYSE Arca, Inc.: GBND

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Core Bond ETF (the "Fund") for the period of June 24, 2025 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GBND | $5<sup>Footnote Reference\*</sup> | 0.24%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income markets was broadly influenced by Federal Reserve (Fed) monetary policy, macroeconomic data and geopolitics. The Fed maintained a cautious stance, holding the targeted federal funds rate steady in a range between 4.25% and 4.50%. Fed officials continued to emphasize data dependency, closely monitoring economic readings. Inflation remained a central focus, with the Consumer Price Index rising from 2.7% in July 2025 to 2.9% in August. The labor market showed signs of weakness, as hiring slowed and the unemployment rate increased from 4.2% in July to 4.3% in August. U.S. economic growth strengthened in the second calendar quarter, driven by increased consumer spending and a notable decrease in imports. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism, had a significant impact on investor sentiment. The Administration's tariff measures, alongside ongoing international conflicts, fueled market volatility and raised concerns about the potential of higher consumer costs and a decline in global economic growth.

Top Contributors to Performance:

* During the Period, the Fund outperformed the Bloomberg U.S. Aggregate Bond Index (Index), with its cross-sector allocation strategy adding significantly to relative returns. Specifically, overweight positions in commercial mortgage-backed securities, collateralized loan obligations, high yield corporate bonds and mortgage-backed securities bolstered relative performance.

* Among investment grade corporate bonds, the Fund was helped by its overweight relative to the Index in the banking sector.

* The Fund benefited from a credit hedge, wherein the Fund's overweight in corporate credit was paired with greater exposure than the Index to U.S. interest rates to mitigate the risk of a potential economic growth shock. 

* Active management of the Fund's duration strategy added to relative returns, as interest rates fluctuated throughout the Period.

* Security selection overall contributed positively to relative performance. In particular, the Fund was aided by investments in the securitized sector, especially its holdings of agency mortgage-backed securities that were trading close to par. Within the government/swaps sector, a preference for bond futures over a long position in U.S. Treasuries was advantageous. 

Top Detractors from Performance:

* The Fund's investment in a credit default swap index, which we favored over a long position in corporate bonds, detracted from relative performance, as cash bonds outperformed derivative securities. 

* Individual issue selection among non-agency mortgage-backed securities detracted from relative returns. 

* The Fund was hurt by its underweight in agency securities.

* An overweight in health care investment grade corporate bonds was detrimental.

Goldman Sachs Core Bond ETF

GBND

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g56u35.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/24/25** | $10000 | $10000 |
| **8/25** | $10153 | $10140 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced June 24, 2025) | 1.53% |
| Bloomberg U.S. Aggregate Bond Index | 1.40% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares.

Goldman Sachs Core Bond ETF

GBND

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $20226844 |
| # of Portfolio Holdings as of Period End | 190 |
| Portfolio Turnover Rate for the Period | 115% |
| Total Net Advisory Fees Paid for the Period | $9007 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Mortgage-Backed Securities | 39.5 |
| U.S. Treasury Notes | 34.0 |
| Corporate Obligations | 23.3 |
| Asset-Backed Securities | 15.0 |
| Foreign Corporate Debt | 2.6 |
| Collateralized Mortgage Obligations | 2.0 |
| Sovereign Debt Obligations | 1.7 |
| U.S. Treasury Bonds | 0.3 |
| Other | 6.4 |

---

Goldman Sachs Core Bond ETF

GBND

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Core Bond ETF

38149W473-AR-0825 GBND

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Corporate Bond ETF

# NYSE Arca, Inc.: GIGL

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Corporate Bond ETF (the "Fund") for the period of June 24, 2025 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GIGL | $5<sup>Footnote Reference\*</sup> | 0.28%<sup>Footnote Reference\*\*</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;The Fund has less than one year of operations. Expenses would be higher if the Fund operated for a full year. |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Annualized |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income markets was broadly influenced by Federal Reserve (Fed) monetary policy, macroeconomic data and geopolitics. The Fed maintained a cautious stance, holding the targeted federal funds rate steady in a range between 4.25% and 4.50%. Fed officials continued to emphasize data dependency, closely monitoring economic readings. Inflation remained a central focus, with the Consumer Price Index rising from 2.7% in July 2025 to 2.9% in August. The labor market showed signs of weakness, as hiring slowed and the unemployment rate increased from 4.2% in July to 4.3% in August. U.S. economic growth strengthened in the second calendar quarter, driven by increased consumer spending and a notable decrease in imports. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism, had a significant impact on investor sentiment. The Administration's tariff measures, alongside ongoing international conflicts, fueled market volatility and raised concerns about the potential of higher consumer costs and a decline in global economic growth.

Top Contributors to Performance:

* During the Period, the Fund outperformed the Bloomberg U.S. Credit Index (Index), with issuer selection and cross-sector positioning contributing positively to relative returns.

* Corporate bonds broadly recorded gains during the Period, propelled by risk-on investor sentiment and generally supportive credit fundamentals.

* The Fund benefited from its down-in-quality bias—specifically, its relative overweight in BBB-rated credits and underweight in A-rated credits. Lower quality credits generally outperformed higher quality credits amid strong investor demand for riskier assets.

* Issue selection of certain industrial credits within investment grade corporate bonds added to relative returns.

* Within cross-sector positioning, the Fund was helped by its greater overall risk exposure than the Index, especially its investments in high yield corporate bonds, as credit spreads tightened during the Period.

* The Fund's corporate yield curve positioning, wherein it held short- and intermediate-term maturities and fewer long-term maturities, added to relative returns.

* Active management of the Fund's duration strategy helped relative performance, as interest rates fluctuated during the Period. The Fund also benefited from its U.S. Treasury yield curve steepener trades, as long-term yields rose and short-term yields fell. 

Top Detractors from Performance:

* The Fund's investment in a credit default swap index, which we favored over a long position in corporate bonds, detracted from relative performance, as cash bonds outperformed derivative securities. 

* An underweight in emerging markets debt hurt the Fund's relative returns. 

Goldman Sachs Corporate Bond ETF

GIGL

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g44w89.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **Bloomberg U.S. Aggregate Bond Index** |
| **6/24/25** | $10000 | $10000 |
| **8/25** | $10163 | $10140 |

---

### Average Annual Total Returns (%)

---

| | |
|:---|:---|
| | **Since Inception** |
| Shares based on NAV (Commenced June 24, 2025) | 1.63% |
| Bloomberg U.S. Credit Bond Index | 1.63% |
| Bloomberg U.S. Aggregate Bond Index | 1.40% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Corporate Bond ETF

GIGL

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $11381866 |
| # of Portfolio Holdings as of Period End | 203 |
| Portfolio Turnover Rate for the Period | 3% |
| Total Net Advisory Fees Paid for the Period | $6057 |

---

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Banks | 20.9 |
| Consumer Noncyclical | 10.7 |
| Consumer Cyclical | 9.2 |
| Technology | 6.1 |
| REITs and Real Estate | 5.7 |
| Electric | 4.5 |
| Capital Goods | 4.4 |
| Energy | 4.3 |
| Healthcare | 4.3 |
| Other | 27.2 |

---

Goldman Sachs Corporate Bond ETF

GIGL

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Corporate Bond ETF

38149W465-AR-0825 GIGL

![Image](g80414g34c18.jpg)

Annual Shareholder Report

August 31, 2025

# Goldman Sachs Ultra Short Bond ETF

# Cboe BZX Exchange, Inc.: GSST

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Ultra Short Bond ETF (the "Fund") for the period of September 1, 2024 to August 31, 2025 (the "Period"). You can find additional information about the Fund at am.gs.com or dfinview.com/GoldmanSachs. You can also request this information by contacting us at 1-800-621-2550.

#### This report describes changes to the Fund that occurred during the Period.

## What were the Fund costs for the Period?
Based on a hypothetical $10,000 investment.

---

| | | |
|:---|:---|:---|
| **Fund** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| GSST | $15 | 0.15% |

---

## How did the Fund perform and what affected its performance?
The performance of the U.S. fixed income market was broadly influenced by rising long-term interest rates, steepening yield curves and tightening credit spreads. Volatility increased amid shifting expectations about the pace and magnitude of Federal Reserve (Fed) rate cuts, U.S. Administration fiscal policy and geopolitical events. In September 2024, when the Period began, the Fed launched its long-awaited easing cycle, cutting the targeted federal funds rate by 50 basis points on the back of a perceived slowdown in the U.S. labor market. Two more interest rate cuts, each 25 basis points, followed in November and December. Fed policymakers indicated they would continue to balance inflation risks with potential labor market weakness. After inflation increased slightly at the start of 2025, the Fed paused its easing cycle. Geopolitical tensions, particularly the U.S. Administration's focus on trade protectionism and ongoing international conflicts, raised investor concerns about the possibility of higher consumer costs and a drop in global economic growth.

Top Contributors to Performance:

* The Fund outperformed the FTSE Three-Month U.S. Treasury Bill Index during the Period, with issue selection adding significantly to relative returns.

* The Fund benefited from selection among corporate bonds, specifically investment grade corporate bonds, as well as from selection of agency mortgage-backed securities.

* The cross-sector allocation strategy added to relative performance, driven primarily by the Fund's overweight allocation to investment grade corporate bonds during May 2025 when credit spreads narrowed, retracing the dramatic widening that had occurred after the U.S. Administration's announcement of trade tariffs on April 2nd.

* The Fund was helped overall by its overweight exposure to investment grade corporate bonds, collateralized loan obligations, asset-backed securities and commercial mortgage-backed securities.

Top Detractors from Performance:

* Duration and yield curve positioning hampered relative performance. Specifically, an overweight position in one-year U.S. Treasury securities in October 2024 and in May 2025 detracted from the Fund's returns.

* October 2024 was a lackluster month for fixed income, as market participants recalibrated their expectations for Fed monetary policy amid uncertainty around the outcome of the U.S. Presidential election and its potential implications for inflation and economic growth.

* May 2025 was a volatile month for fixed income, as market participants recalibrated their expectations for inflation and economic growth on the back of shifting U.S. trade policy and the federal government's budget outlook.

* The Fund's overweight positions in mortgage-backed securities and high yield corporate bonds detracted slightly from relative returns.

Goldman Sachs Ultra Short Bond ETF

GSST

## Performance Overview
The following graph assumes an initial $10,000 investment in the Fund and compares the initial and subsequent account values at the end of each of the most recently completed 10 fiscal years of the Fund (or less if the Fund has been in operation for less than 10 years). For comparative purposes, the performance of the Fund's benchmark and any additional performance benchmark(s) are also shown.

### Fund Performance
![Growth of 10K Chart](g80414g35q45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **FTSE Three-Month U.S. Treasury Bill Index** | **Bloomberg U.S. Aggregate Bond Index** |
| **4/15/19** | $10000 | $10000 | $10000 |
| **8/19** | $10175 | $10090 | $10637 |
| **8/20** | $10407 | $10209 | $11325 |
| **8/21** | $10468 | $10215 | $11316 |
| **8/22** | $10408 | $10260 | $10013 |
| **8/23** | $10850 | $10716 | $9893 |
| **8/24** | $11579 | $11321 | $10616 |
| **8/25** | $12188 | $11852 | $10949 |

---

### Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception** |
| Shares based on NAV (Commenced April 15, 2019) | 5.26% | 3.21% | 3.15% |
| FTSE Three-Month U.S. Treasury Bill Index | 4.69% | 3.03% | 2.70% |
| Bloomberg U.S. Aggregate Bond Index | 3.14% | -0.68% | 1.43% |

---

**Performance data quoted above represents past performance. Past performance does not guarantee future results.**

**The Fund's investment return, principal value and market share price 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:**am.gs.com **to obtain the most recent month-end returns.** Performance reflects applicable fee waivers and/or expense limitations in effect during the periods shown and in their absence, performance would be reduced. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or sale or redemption of Fund shares. In accordance with regulatory requirements, the Fund is required to compare its performance to a regulatory benchmark, which in this case is the Bloomberg U.S. Aggregate Bond Index.

Goldman Sachs Ultra Short Bond ETF

GSST

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $1002665659 |
| # of Portfolio Holdings as of Period End | 402 |
| Portfolio Turnover Rate for the Period | 127% |
| Total Net Advisory Fees Paid for the Period | $1195054 |

---

## Material Fund Changes
This is a summary of certain changes to the Fund for the Period. For more complete information, you may review the Fund's next prospectus, which we expect to be available by December 29, 2025 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective February 11, 2025, the Fund changed its name from Goldman Sachs Access Ultra Short Bond ETF to the Goldman Sachs Ultra Short Bond ETF. This change did not affect the Fund's investment objective, principal investment strategy or current portfolio holdings.

## What did the Fund invest in?
The table below shows the investment makeup of the Fund, representing the percentage of total net assets of the Fund. Figures in the table below may not sum to 100% due to the exclusion of other assets and liabilities and may not represent the Fund's market exposure due to the exclusion of certain derivatives, if any. These allocations may not be representative of the Fund's future investments.

### **Sector Allocation (%)** 

---

| | |
|:---|:---|
| Corporate Obligations | 28.3 |
| Foreign Corporate Debt | 25.4 |
| Asset-Backed Securities | 19.1 |
| Mortgage-Backed Securities | 7.5 |
| Commercial Paper | 7.3 |
| U.S. Treasury Notes | 7.0 |
| Certificate of Deposit | 3.5 |
| U.S. Government Agency Obligations | 0.4 |
| Other | 2.1 |

---

Goldman Sachs Ultra Short Bond ETF

GSST

## Additional Information
If you wish to view additional information about the Fund, including the documents and other information listed below, please visit dfinview.com/GoldmanSachs or call 1-800-621-2550.

* prospectus 

* financial information 

* fund holdings 

* proxy voting information

## Disclosure
London Stock Exchange Group PLC and its group undertakings (collectively, the "LSE Group").© LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. "FTSE<sup>®</sup>" "Russell<sup>®</sup>", "FTSE Russell<sup>®</sup>", is/are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company's express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. Bloomberg Index Services Limited.

Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance LP and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Neither Bloomberg nor Bloomberg's licensors approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.

ALPS Distributors, Inc. is the distributor of the Goldman Sachs ETF Funds. ALPS Distributors, Inc. is unaffiliated with Goldman Sachs Asset Management.© 2025 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Ultra Short Bond ETF

381430230-AR-0825 GSST

------

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party (the "Code of Ethics").

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics.

(d) During the period covered by this report, the registrant did not grant any waivers, including an implicit waiver, from any provision of the Code of Ethics.

(e) Not applicable.

(f) A copy of the Code of Ethics is available as provided in Item 19(a)(1) of this report.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

The registrant's board of trustees has determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its audit committee. Michael Latham is the "audit committee financial expert" and "independent" (as each term is defined in Item 3 of Form N-CSR).

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

**Table 1 — Items 4(a) - 4(d). The accountant fees below reflect the aggregate fees billed by the Funds of the Goldman Sachs ETF Trust to which this certified shareholder report relates.** 

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **Description of Services Rendered** |
|  Audit Fees: |  |  |  |
| • PricewaterhouseCoopers LLP<br>("PwC") | $1051050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$984585 | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $211167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$182700 | Other attest services. |
|  Tax Fees: |  |  |  |
| • PwC | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |  |
|  All Other Fees: |  |  |  |
| • PwC | $0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 |  |
| <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** | <br> **Table 2 — Items 4(b)(c) & (d). Non-Audit Services to the Goldman Sachs ETF Trust's service affiliates\* that were pre-approved by the Audit Committee of the Goldman Sachs ETF Trust pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.** |
|  | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025**  | **2024** | **Description of Services Rendered** |
|  Audit-Related Fees: |  |  |  |
| • PwC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2081340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2122312 | Internal control review performanced in accordance with Statement on Standards for Attestation Engagements No. 16 and semi-annual updates related to withholding tax accrual for non-US jurisdictions. These fees are borne by the Funds' Adviser. |

---

\* These include the advisor (excluding sub-advisors) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (hereinafter referred to as "service affiliates").

#### Item 4(e)(1) — Audit Committee Pre-Approval Policies and Procedures
<u>Pre-Approval of Audit and Non-Audit Services Provided to the Funds of the Goldman Sachs ETF Trust.</u> The Audit and Non-Audit Services Pre-Approval Policy (the "Policy") adopted by the Audit Committee of Goldman Sachs ETF Trust ("GS ETF") sets forth the procedures and the conditions pursuant to which services performed by an independent auditor for GS ETF may be pre-approved. Services may be pre-approved specifically by the Audit Committee as a whole or, in certain circumstances, by the Audit Committee Chairman or the person designated as the Audit Committee Financial Expert. In addition, subject to specified cost limitations, certain services may be pre-approved under the provisions of the Policy. The Policy provides that the Audit Committee will consider whether the services provided by an independent auditor are consistent with the Securities and Exchange Commission's rules on auditor independence. The Policy provides for periodic review and pre-approval by the Audit Committee of the services that may be provided by the independent auditor.

<u>De Minimis Waiver.</u> The pre-approval requirements of the Policy may be waived with respect to the provision of non-audit services that are permissible for an independent auditor to perform, provided (1) the aggregate amount of all such services provided constitutes no more than five percent of the total amount of revenues subject to pre-approval that was paid to the independent auditors during the fiscal year in which the services are provided; (2) such services were not recognized by GS ETF at the time of the engagement to be non-audit services; and (3) such services are promptly brought to the attention of the Audit Committee and approved prior to the completion of the audit by the Audit Committee or by one or more members of the Audit Committee to whom authority to grant such approvals has been delegated by the Audit Committee, pursuant to the pre-approval provisions of the Policy.

<u>Pre-Approval of Non-Audit Services Provided to the Goldman Sachs ETF Trust's Investment Advisers.</u> The Policy provides that, in addition to requiring pre-approval of audit and non-audit services provided to GS ETF, the Audit Committee will pre-approve those non-audit services provided to GS ETF's investment advisers (and entities controlling, controlled by or under common control with the investment advisers that provide ongoing services to GS ETF) where the engagement relates directly to the operations or financial reporting of GS ETF.

**Item 4(e)(2) –** 0% of the audit-related fees, tax fees and other fees listed in Table 1 were approved by GS ETF's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X. In addition, 0% of the non-audit services to the GS ETF's service affiliates listed in Table 2 were approved by GS ETF's Audit Committee pursuant to the "de minimis" exception of Rule 2-01(c)(7)(i)(C) of Regulation S-X.

**Item 4(f) –** Not applicable.

#### Item 4(g) Aggregate Non-Audit Fees Disclosure
The aggregate non-audit fees billed to GS ETF by PwC for the twelve months ended August 31, 2025 and August 31, 2024 were approximately $211,167 and $182,700, respectively. The aggregate non-audit fees billed to GS ETF's adviser and service affiliates by PwC for non-audit services for the twelve months ended December 31, 2024 and December 31, 2023 were approximately $20.7 million and $18.0 million, respectively. With regard to the aggregate non-audit fees billed to GS ETF's adviser and service affiliates, the 2024 and 2023 amounts include fees for non-audit services required to be pre-approved [see Table 2] and fees for non-audit services that did not require pre-approval since they did not directly relate to GS ETF's operations or financial reporting.

**Item 4(h) —** GS ETF's Audit Committee has considered whether the provision of non-audit services to GS ETF's investment adviser and service affiliates that did not require pre-approval pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the auditors' independence.

**Item 4(i) –** Not applicable.

**Item 4(j) –** Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

The Registrant has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The members of the Audit Committee are Cheryl K. Beebe, Dwight L. Bush, Kathryn A. Cassidy, John G. Chou, Joaquin Delgado, Eileen H. Dowling, Lawrence Hughes, John F. Killian, Steven D. Krichmar, Michael Latham, Lawrence W. Stranghoener, Paul C. Wirth, and Gregory G. Weaver, each a Trustee of the Registrant.

ITEM 6. INVESTMENTS.

Schedule of Investments is included in Item 7 of this report.

ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

![LOGO](g80414dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs Access Fixed Income ETFs Goldman Sachs Access Emerging Markets USD Bond ETF (GEMD) Goldman Sachs Access High Yield Corporate Bond ETF (GHYB) Goldman Sachs Access Inflation Protected USD Bond ETF (GTIP) Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF (GSIG) Goldman Sachs Access Investment Grade Corporate Bond ETF (GIGB) Goldman Sachs Access Municipal Bond ETF (GMUN)\* Goldman Sachs Access Treasury 0-1 Year ETF (GBIL) Goldman Sachs Access U.S. Aggregate Bond ETF (GCOR) Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF (GPRF) \* Effective after the close of business on March 31, 2025, the Goldman Sachs Community Municipal Bond ETF was renamed the Goldman Sachs Access Municipal Bond ETF.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Access Fixed Income ETFs

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#afi80414_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Emerging Markets USD Bond ETF](#afi80414_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access High Yield Corporate Bond ETF](#afi80414_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Inflation Protected USD Bond ETF](#afi80414_4) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond](#afi80414_5) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate Bond ETF](#afi80414_6) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Municipal Bond ETF](#afi80414_7) | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Treasury 0-1 Year ETF](#afi80414_8) | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Aggregate Bond ETF](#afi80414_9) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF](#afi80414_10) | 91 |
|  **[Financial Statements](#afi80414_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#afi80414_12) | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#afi80414_13) | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#afi80414_14) | 109 |
|  **[Financial Highlights](#afi80414_15)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Emerging Markets USD Bond ETF](#afi80414_16) | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access High Yield Corporate Bond ETF](#afi80414_17) | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Inflation Protected USD Bond ETF](#afi80414_18) | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF](#afi80414_19) | 117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Investment Grade Corporate Bond ETF](#afi80414_20) | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Municipal Bond ETF](#afi80414_21) | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access Treasury 0-1 Year ETF](#afi80414_22) | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Aggregate Bond ETF](#afi80414_23) | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF](#afi80414_24) | 122 |
|  **[Notes to Financial Statements](#afi80414_25)** | 123 |
|  **[Report of Independent Registered Public Accounting Firm](#afi80414_26)** | 145 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#afi80414_27)** | 147 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations – 85.4% | Sovereign Debt Obligations – 85.4% | Sovereign Debt Obligations – 85.4% | Sovereign Debt Obligations – 85.4% |
| Angola – 0.6% | Angola – 0.6% | Angola – 0.6% | Angola – 0.6% |
| Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) | Angolan Government International Bond (B-/B3) |
| 200000 | 8.750% | 04/14/32 | $185000 |
| Argentina – 3.4% | Argentina – 3.4% | Argentina – 3.4% | Argentina – 3.4% |
| Argentine Republic Government International Bond<sup>(a)</sup> (CCC/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC/NR) | Argentine Republic Government International Bond<sup>(a)</sup> (CCC/NR) |
| 810000 | 5.000 | 01/09/38 | 548775 |
| 424000 | 0.750 | 07/09/30 | 320120 |
| 270082 | 4.125 | 07/09/35 | 171164 |
| 40000 | 1.000 | 07/09/29 | 31650 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071709 |
| Armenia – 0.6% | Armenia – 0.6% | Armenia – 0.6% | Armenia – 0.6% |
| Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) | Republic of Armenia International Bond (NR/Ba3) |
| 200000 | 3.600 | 02/02/31 | 179898 |
| Bahrain – 1.9% | Bahrain – 1.9% | Bahrain – 1.9% | Bahrain – 1.9% |
| Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) | Bahrain Government International Bond (B+/NR) |
| 200000 | 6.750 | 09/20/29 | 207750 |
| 225000 | 5.625 | 05/18/34 | 214553 |
| 200000 | 6.000 | 09/19/44 | 175250 |
|  |  |  | 597553 |
| Brazil – 4.3% | Brazil – 4.3% | Brazil – 4.3% | Brazil – 4.3% |
| Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) | Brazilian Government International Bond (BB/Ba1) |
| 200000 | 6.125 | 03/15/34 | 202500 |
| 200000 | 6.125 | 01/22/32 | 207750 |
| 200000 | 7.125 | 01/20/37 | 218250 |
| 380000 | 4.625 | 01/13/28 | 381900 |
| 200000 | 7.125 | 05/13/54 | 195500 |
| 128000 | 5.625 | 01/07/41 | 117600 |
| 10000 | 10.125 | 05/15/27 | 11013 |
|  |  |  | 1334513 |
| Chile – 2.9% | Chile – 2.9% | Chile – 2.9% | Chile – 2.9% |
| Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) | Chile Government International Bond (A/A2) |
| 400000 | 2.550 | 07/27/33 | 342549 |
| 250000 | 4.950 | 01/05/36 | 248316 |
| 200000 | 3.240 | 02/06/28 | 195913 |
| 200000 | 3.100 | 01/22/61 | 120094 |
|  |  |  | 906872 |
| China – 1.9% | China – 1.9% | China – 1.9% | China – 1.9% |
| China Government International Bond (A+/A1) | China Government International Bond (A+/A1) | China Government International Bond (A+/A1) | China Government International Bond (A+/A1) |
| 400000 | 1.250 | 10/26/26 | 389641 |
| Export-Import Bank of China (The) (A+/NR) | Export-Import Bank of China (The) (A+/NR) | Export-Import Bank of China (The) (A+/NR) | Export-Import Bank of China (The) (A+/NR) |
| 200000 | 3.875 | 05/16/26 | 199804 |
|  |  |  | 589445 |
| Colombia – 5.0% | Colombia – 5.0% | Colombia – 5.0% | Colombia – 5.0% |
| Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) | Colombia Government International Bond (BB/Baa3) |
| 250000 | 3.250 | 04/22/32 | 209047 |
| 200000 | 8.000 | 04/20/33 | 215092 |
| 200000 | 8.750 | 11/14/53 | 213000 |
| 200000 | 7.750 | 11/07/36 | 206000 |
| 200000 | 3.125 | 04/15/31 | 172663 |
| 200000 | 5.200 | 05/15/49 | 148000 |
| 200000 | 3.875 | 04/25/27 | 198253 |
| 100000 | 7.375 | 09/18/37 | 101426 |
| 110000 | 6.125 | 01/18/41 | 96402 |
|  |  |  | 1559883 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Costa Rica – 0.7% | Costa Rica – 0.7% | Costa Rica – 0.7% | Costa Rica – 0.7% |
| Costa Rica Government International Bond (BB-/Ba3) | Costa Rica Government International Bond (BB-/Ba3) | Costa Rica Government International Bond (BB-/Ba3) | Costa Rica Government International Bond (BB-/Ba3) |
| 200000 | 7.158% | 03/12/45 | $211250 |
| Dominican Republic – 3.5% | Dominican Republic – 3.5% | Dominican Republic – 3.5% | Dominican Republic – 3.5% |
| Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) | Dominican Republic International Bond (BB/Ba2) |
| 200000 | 6.400 | 06/05/49 | 194000 |
| 200000 | 4.875 | 09/23/32 | 189750 |
| 225000 | 6.000 | 07/19/28 | 231469 |
| 150000 | 5.875 | 01/30/60 | 130125 |
| 150000 | 5.300 | 01/21/41 | 132937 |
| 200000 | 5.500 | 02/22/29 | 202500 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080781 |
| Ecuador – 1.0% | Ecuador – 1.0% | Ecuador – 1.0% | Ecuador – 1.0% |
| Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) | Ecuador Government International Bond<sup>(a)</sup> (B-/Ba3) |
| 321585 | 6.900 | 07/31/35 | 244003 |
| 67966 | 6.900 | 07/31/30 | 61169 |
|  |  |  | 305172 |
| Egypt – 0.9% | Egypt – 0.9% | Egypt – 0.9% | Egypt – 0.9% |
| Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) | Egypt Government International Bond (NR/Caa1) |
| 200000 | 8.500 | 01/31/47 | 166750 |
| 134000 | 6.875 | 04/30/40 | 109545 |
|  |  |  | 276295 |
| El Salvador – 0.7% | El Salvador – 0.7% | El Salvador – 0.7% | El Salvador – 0.7% |
| El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) | El Salvador Government International Bond (B-/B3) |
| 150000 | 9.650 | 11/21/54 | 157313 |
| 60000 | 7.650 | 06/15/35 | 59236 |
|  |  |  | 216549 |
| Ghana – 1.3% | Ghana – 1.3% | Ghana – 1.3% | Ghana – 1.3% |
| Ghana Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Ghana Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Ghana Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Ghana Government International Bond<sup>(a)</sup> (CCC+/Caa2) |
| 300000 | 5.000 | 07/03/29 | 288375 |
| 147000 | 5.000 | 07/03/35 | 120908 |
|  |  |  | 409283 |
| Guatemala – 0.6% | Guatemala – 0.6% | Guatemala – 0.6% | Guatemala – 0.6% |
| Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) | Guatemala Government Bond (BB+/NR) |
| 225000 | 3.700 | 10/07/33 | 198000 |
| Honduras – 0.5% | Honduras – 0.5% | Honduras – 0.5% | Honduras – 0.5% |
| Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) | Honduras Government International Bond (BB-/B1) |
| 150000 | 6.250 | 01/19/27 | 151500 |
| Hungary – 2.7% | Hungary – 2.7% | Hungary – 2.7% | Hungary – 2.7% |
| Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) | Hungary Government International Bond (BBB-/Baa2) |
| 200000 | 6.125 | 05/22/28 | 208221 |
| 200000 | 7.625 | 03/29/41 | 231330 |
| 400000 | 5.500 | 03/26/36 | 393502 |
|  |  |  | 833053 |
| India – 0.6% | India – 0.6% | India – 0.6% | India – 0.6% |
| Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) | Export-Import Bank of India (BBB/Baa3) |
| 200000 | 2.250 | 01/13/31 | 179795 |
| Indonesia – 3.8% | Indonesia – 3.8% | Indonesia – 3.8% | Indonesia – 3.8% |
| Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) | Indonesia Government International Bond (BBB/Baa2) |
| 200000 | 3.700 | 10/30/49 | 150604 |
| 121000 | 7.750 | 01/17/38 | 149044 |
| 125000 | 8.500 | 10/12/35 | 158765 |
| 400000 | 4.650 | 09/20/32 | 400312 |
| 200000 | 3.850 | 07/18/27 | 199274 |
| 200000 | 3.050 | 03/12/51 | 131968 |
|  |  |  | 1189967 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Ivory Coast – 0.7% | Ivory Coast – 0.7% | Ivory Coast – 0.7% | Ivory Coast – 0.7% |
| Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) | Ivory Coast Government International Bond (BB/Ba2) |
| 226000 | 6.125% | 06/15/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209615 |
| Jamaica – 0.8% | Jamaica – 0.8% | Jamaica – 0.8% | Jamaica – 0.8% |
| Jamaica Government International Bond (BB-/B1) | Jamaica Government International Bond (BB-/B1) | Jamaica Government International Bond (BB-/B1) | Jamaica Government International Bond (BB-/B1) |
| 200000 | 7.875 | 07/28/45 | 236500 |
| Jordan – 0.8% | Jordan – 0.8% | Jordan – 0.8% | Jordan – 0.8% |
| Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) | Jordan Government International Bond (BB-/Ba3) |
| 250000 | 7.750 | 01/15/28 | 260420 |
| Kazakhstan – 0.7% | Kazakhstan – 0.7% | Kazakhstan – 0.7% | Kazakhstan – 0.7% |
| Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) | Kazakhstan Government International Bond (BBB-/Baa1) |
| 200000 | 6.500 | 07/21/45 | 219478 |
| Kenya – 0.6% | Kenya – 0.6% | Kenya – 0.6% | Kenya – 0.6% |
| Republic of Kenya Government International Bond (B/Caa1) | Republic of Kenya Government International Bond (B/Caa1) | Republic of Kenya Government International Bond (B/Caa1) | Republic of Kenya Government International Bond (B/Caa1) |
| 200000 | 8.250 | 02/28/48 | 172500 |
| Mexico – 3.1% | Mexico – 3.1% | Mexico – 3.1% | Mexico – 3.1% |
| Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) | Mexico Government International Bond (BBB/Baa2) |
| 200000 | 6.338 | 05/04/53 | 185175 |
| 200000 | 6.400 | 05/07/54 | 185703 |
| 325000 | 4.500 | 04/22/29 | 324660 |
| 168000 | 6.050 | 01/11/40 | 163047 |
| Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) | Mexico Government International Bond, MTN (BBB/Baa2) |
| 89000 | 7.500 | 04/08/33 | 100167 |
| 20000 | 4.750 | 03/08/44 | 15994 |
|  |  |  | 974746 |
| Morocco – 0.7% | Morocco – 0.7% | Morocco – 0.7% | Morocco – 0.7% |
| Morocco Government International Bond (BB+/Ba1) | Morocco Government International Bond (BB+/Ba1) | Morocco Government International Bond (BB+/Ba1) | Morocco Government International Bond (BB+/Ba1) |
| 200000 | 6.500 | 09/08/33 | 215011 |
| Nigeria – 0.7% | Nigeria – 0.7% | Nigeria – 0.7% | Nigeria – 0.7% |
| Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) | Nigeria Government International Bond (B-/B3) |
| 200000 | 10.375 | 12/09/34 | 220252 |
| Oman – 2.3% | Oman – 2.3% | Oman – 2.3% | Oman – 2.3% |
| Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) | Oman Government International Bond (NR/Baa3) |
| 200000 | 7.375 | 10/28/32 | 230340 |
| 200000 | 6.750 | 01/17/48 | 214049 |
| 275000 | 5.375 | 03/08/27 | 278150 |
|  |  |  | 722539 |
| Pakistan – 0.6% | Pakistan – 0.6% | Pakistan – 0.6% | Pakistan – 0.6% |
| Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) | Pakistan Government International Bond (B-/Caa1) |
| 200000 | 6.875 | 12/05/27 | 198000 |
| Panama – 3.3% | Panama – 3.3% | Panama – 3.3% | Panama – 3.3% |
| Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) | Panama Government International Bond (BBB-/Baa3) |
| 368000 | 6.700 | 01/26/36 | 378401 |
| 250000 | 6.853 | 03/28/54 | 241139 |
| 200000 | 3.875 | 03/17/28 | 196375 |
| 200000 | 3.870 | 07/23/60 | 121233 |
| 45000 | 8.875 | 09/30/27 | 48918 |
| 40000 | 9.375 | 04/01/29 | 45440 |
|  |  |  | 1031506 |
| Paraguay – 0.7% | Paraguay – 0.7% | Paraguay – 0.7% | Paraguay – 0.7% |
| Paraguay Government International Bond (BB+/Baa3) | Paraguay Government International Bond (BB+/Baa3) | Paraguay Government International Bond (BB+/Baa3) | Paraguay Government International Bond (BB+/Baa3) |
| 200000 | 6.000 | 02/09/36 | 209000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Peru – 2.7% | Peru – 2.7% | Peru – 2.7% | Peru – 2.7% |
| Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) | Peruvian Government International Bond (BBB-/Baa1) |
| 310000 | 8.750% | 11/21/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387082 |
| 225000 | 5.875 | 08/08/54 | 219329 |
| 100000 | 6.550 | 03/14/37 | 110308 |
| 150000 | 3.550 | 03/10/51 | 103321 |
| 40000 | 3.230 | 07/28/21 | 21358 |
|  |  |  | 841398 |
| Philippines – 4.1% | Philippines – 4.1% | Philippines – 4.1% | Philippines – 4.1% |
| Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) | Philippine Government International Bond (BBB+/Baa2) |
| 200000 | 5.500 | 02/04/35 | 210630 |
| 200000 | 6.375 | 10/23/34 | 223023 |
| 400000 | 3.700 | 03/01/41 | 333432 |
| 200000 | 1.950 | 01/06/32 | 172090 |
| 200000 | 3.700 | 02/02/42 | 163535 |
| 100000 | 6.375 | 01/15/32 | 110410 |
| 63000 | 9.500 | 02/02/30 | 76245 |
|  |  |  | 1289365 |
| Poland – 2.6% | Poland – 2.6% | Poland – 2.6% | Poland – 2.6% |
| Republic of Poland Government International Bond (A-/A2) | Republic of Poland Government International Bond (A-/A2) | Republic of Poland Government International Bond (A-/A2) | Republic of Poland Government International Bond (A-/A2) |
| 253000 | 5.500 | 03/18/54 | 237736 |
| 204000 | 5.125 | 09/18/34 | 205783 |
| 200000 | 5.375 | 02/12/35 | 204590 |
| 175000 | 3.250 | 04/06/26 | 174124 |
|  |  |  | 822233 |
| Qatar – 3.7% | Qatar – 3.7% | Qatar – 3.7% | Qatar – 3.7% |
| Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) | Qatar Government International Bond (AA/Aa2) |
| 149000 | 9.750 | 06/15/30 | 185599 |
| 200000 | 3.250 | 06/02/26 | 198142 |
| 200000 | 4.625 | 06/02/46 | 180638 |
| 220000 | 5.103 | 04/23/48 | 210200 |
| 200000 | 4.500 | 04/23/28 | 202369 |
| UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) | UAE Government International Bond (AA/Aa2) |
| 200000 | 4.400 | 04/16/50 | 170870 |
|  |  |  | 1147818 |
| Romania – 2.9% | Romania – 2.9% | Romania – 2.9% | Romania – 2.9% |
| Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) | Romanian Government International Bond (BBB-/Baa3) |
| 298000 | 7.125 | 01/17/33 | 316863 |
| 198000 | 6.375 | 01/30/34 | 198483 |
| 160000 | 3.625 | 03/27/32 | 140576 |
| 134000 | 3.000 | 02/14/31 | 117922 |
| 50000 | 7.625 | 01/17/53 | 52228 |
| 70000 | 5.875 | 01/30/29 | 71521 |
|  |  |  | 897593 |
| Saudi Arabia – 3.2% | Saudi Arabia – 3.2% | Saudi Arabia – 3.2% | Saudi Arabia – 3.2% |
| Saudi Government International Bond<sup>(b)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(b)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(b)</sup> (NR/Aa3) | Saudi Government International Bond<sup>(b)</sup> (NR/Aa3) |
| 200000 | 5.750 | 01/16/54 | 193997 |
| 200000 | 5.125 | 01/13/28 | 203939 |
| 200000 | 3.250 | 10/26/26 | 197506 |
| 200000 | 5.375 | 01/13/31 | 209482 |
| 300000 | 3.750 | 01/21/55 | 207884 |
|  |  |  | 1012808 |
| Senegal – 0.5% | Senegal – 0.5% | Senegal – 0.5% | Senegal – 0.5% |
| Senegal Government International Bond (B-/B3) | Senegal Government International Bond (B-/B3) | Senegal Government International Bond (B-/B3) | Senegal Government International Bond (B-/B3) |
| 200000 | 7.750 | 06/10/31 | 165293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Serbia – 0.7% | Serbia – 0.7% | Serbia – 0.7% | Serbia – 0.7% |
| Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) | Serbia International Bond (BBB-/Ba2) |
| 200000 | 6.500% | 09/26/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212969 |
| South Africa – 2.4% | South Africa – 2.4% | South Africa – 2.4% | South Africa – 2.4% |
| Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
| (BB-/Ba2) | (BB-/Ba2) | (BB-/Ba2) | (BB-/Ba2) |
| 327000 | 4.850 | 09/30/29 | 320109 |
| 270000 | 7.100 | 11/19/36 | 273260 |
| 200000 | 5.650 | 09/27/47 | 153000 |
|  |  |  | 746369 |
| Sri Lanka – 1.0% | Sri Lanka – 1.0% | Sri Lanka – 1.0% | Sri Lanka – 1.0% |
| Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) | Sri Lanka Government International Bond<sup>(a)</sup> (NR/Caa1) |
| 250000 | 3.350 | 03/15/33 | 208750 |
| 111000 | 3.600 | 02/15/38 | 93379 |
|  |  |  | 302129 |
| Trinidad and Tobago – 0.6% | Trinidad and Tobago – 0.6% | Trinidad and Tobago – 0.6% | Trinidad and Tobago – 0.6% |
| Trinidad & Tobago Government International Bond (BBB-/Ba2) | Trinidad & Tobago Government International Bond (BBB-/Ba2) | Trinidad & Tobago Government International Bond (BBB-/Ba2) | Trinidad & Tobago Government International Bond (BBB-/Ba2) |
| 200000 | 4.500 | 08/04/26 | 199500 |
| Turkey – 4.7% | Turkey – 4.7% | Turkey – 4.7% | Turkey – 4.7% |
| Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) | Turkiye Government International Bond (NR/Ba3) |
| 200000 | 9.875 | 01/15/28 | 219600 |
| 200000 | 9.375 | 03/14/29 | 222756 |
| 200000 | 7.125 | 07/17/32 | 205331 |
| 400000 | 7.625 | 05/15/34 | 422016 |
| 200000 | 6.625 | 02/17/45 | 176657 |
| 200000 | 6.125 | 10/24/28 | 203182 |
| 30000 | 6.875 | 03/17/36 | 29979 |
|  |  |  | 1479521 |
| Ukraine – 0.5% | Ukraine – 0.5% | Ukraine – 0.5% | Ukraine – 0.5% |
| Ukraine Government International Bond<sup>(a)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)</sup> (CCC+/NR) | Ukraine Government International Bond<sup>(a)</sup> (CCC+/NR) |
| 300000 | 4.500 | 02/01/34 | 161250 |
| 4000 | 4.500 | 02/01/35 | 2135 |
|  |  |  | 163385 |
| United Arab Emirates – 1.3% | United Arab Emirates – 1.3% | United Arab Emirates – 1.3% | United Arab Emirates – 1.3% |
| UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) | UAE Government International Bond (NR/Aa2) |
| 277000 | 2.875 | 10/19/41 | 209506 |
| UAE International Government Bond (NR/Aa2) | UAE International Government Bond (NR/Aa2) | UAE International Government Bond (NR/Aa2) | UAE International Government Bond (NR/Aa2) |
| 200000 | 4.857 | 07/02/34 | 208566 |
|  |  |  | 418072 |
| Uruguay – 2.4% | Uruguay – 2.4% | Uruguay – 2.4% | Uruguay – 2.4% |
| Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) | Oriental Republic of Uruguay (BBB+/Baa1) |
| 20000 | 5.250 | 09/10/60 | 18221 |
| Uruguay Government International Bond<sup>(c)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(c)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(c)</sup> (BBB+/Baa1) | Uruguay Government International Bond<sup>(c)</sup> (BBB+/Baa1) |
| 150000 | 7.875 | 01/15/33 | 179430 |
| 200000 | 4.375 | 01/23/31 | 201905 |
| 120000 | 5.750 | 10/28/34 | 127423 |
| 100000 | 7.625 | 03/21/36 | 120696 |
| 60000 | 4.975 | 04/20/55 | 53286 |
| 24000 | 5.100 | 06/18/50 | 22190 |
| 10000 | 4.375 | 10/27/27 | 10081 |
|  |  |  | 733232 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) | Sovereign Debt Obligations (Continued) |
| Zambia – 0.2% | Zambia – 0.2% | Zambia – 0.2% | Zambia – 0.2% |
| Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) | Zambia Government International Bond<sup>(a)</sup> (CCC+/Caa2) |
| 77777 | 5.750% | 06/30/33 | $72624 |
| **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,257,103)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,257,103)** | **TOTAL SOVEREIGN DEBT OBLIGATIONS**<br> **(Cost $26,257,103)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26650394 |
| Corporate Obligations – 13.0% | Corporate Obligations – 13.0% | Corporate Obligations – 13.0% | Corporate Obligations – 13.0% |
| Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% |
| Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) | Petrobras Global Finance BV (BB/Ba1) |
| 165000 | 6.500 | 07/03/33 | 171187 |
| 113000 | 7.375 | 01/17/27 | 117238 |
| 91000 | 6.850 | 06/05/15 | 80876 |
|  |  |  | 369301 |
| Chile – 2.2% | Chile – 2.2% | Chile – 2.2% | Chile – 2.2% |
| Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) | Corp. Nacional del Cobre de Chile (BBB+/Baa2) |
| 200000 | 6.440 | 01/26/36 | 211283 |
| 200000 | 4.500 | 08/01/47 | 157244 |
| 200000 | 3.700 | 01/30/50 | 136237 |
| Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) | Empresa de Transporte de Pasajeros Metro SA (NR/A3) |
| 200000 | 4.700 | 05/07/50 | 167990 |
|  |  |  | 672754 |
| India – 0.6% | India – 0.6% | India – 0.6% | India – 0.6% |
| Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) | Indian Railway Finance Corp. Ltd. (BBB/Baa3) |
| 200000 | 3.570 | 01/21/32 | 189311 |
| Indonesia – 1.3% | Indonesia – 1.3% | Indonesia – 1.3% | Indonesia – 1.3% |
| Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) | Pertamina Persero PT (BBB/Baa2) |
| 200000 | 6.450 | 05/30/44 | 212574 |
| Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara (NR/Baa2) |
| 200000 | 6.150 | 05/21/48 | 202219 |
|  |  |  | 414793 |
| Kazakhstan – 0.6% | Kazakhstan – 0.6% | Kazakhstan – 0.6% | Kazakhstan – 0.6% |
| KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) | KazMunayGas National Co. JSC (BBB-/Baa1) |
| 200000 | 5.750 | 04/19/47 | 179633 |
| Mexico – 2.2% | Mexico – 2.2% | Mexico – 2.2% | Mexico – 2.2% |
| Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) | Petroleos Mexicanos (BBB/B3) |
| 200000 | 6.700 | 02/16/32 | 192000 |
| 215000 | 6.625 | 06/15/35 | 194913 |
| 91000 | 5.350 | 02/12/28 | 89281 |
| 100000 | 6.840 | 01/23/30 | 99505 |
| 65000 | 7.690 | 01/23/50 | 55656 |
| 50000 | 6.350 | 02/12/48 | 37659 |
| 15000 | 6.500 | 06/02/41 | 12319 |
|  |  |  | 681333 |
| Peru – 0.5% | Peru – 0.5% | Peru – 0.5% | Peru – 0.5% |
| Petroleos del Peru SA (B/B3) | Petroleos del Peru SA (B/B3) | Petroleos del Peru SA (B/B3) | Petroleos del Peru SA (B/B3) |
| 200000 | 4.750 | 06/19/32 | 163000 |
| Poland – 0.8% | Poland – 0.8% | Poland – 0.8% | Poland – 0.8% |
| Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) | Bank Gospodarstwa Krajowego (NR/A2) |
| 225000 | 5.750 | 07/09/34 | 234434 |
| Qatar – 1.2% | Qatar – 1.2% | Qatar – 1.2% | Qatar – 1.2% |
| QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) | QatarEnergy (AA/Aa2) |
| 300000 | 3.300 | 07/12/51 | 204876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS ACCESS EMERGING MARKETS USD BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) | Corporate Obligations (Continued) |
| Qatar – (continued) | Qatar – (continued) | Qatar – (continued) | Qatar – (continued) | Qatar – (continued) |
|  QatarEnergy (AA/Aa2) (continued) | QatarEnergy (AA/Aa2) (continued) | QatarEnergy (AA/Aa2) (continued) | QatarEnergy (AA/Aa2) (continued) | QatarEnergy (AA/Aa2) (continued) |
| $| 200000 | 2.250% | 07/12/31 | $177734 |
|  |  |  |  | 382610 |
| Saudi Arabia – 1.8% | Saudi Arabia – 1.8% | Saudi Arabia – 1.8% | Saudi Arabia – 1.8% | Saudi Arabia – 1.8% |
|  Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) | Gaci First Investment Co. (NR/Aa3) |
|  | 200000 | 5.375 | 01/29/54 | 182242 |
|  Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) | Saudi Arabian Oil Co. (NR/Aa3) |
|  | 200000 | 5.250 | 07/17/34 | 205065 |
|  | 200000 | 4.250 | 04/16/39 | 180361 |
|  |  |  |  | 567668 |
| United Arab Emirates – 0.6% | United Arab Emirates – 0.6% | United Arab Emirates – 0.6% | United Arab Emirates – 0.6% | United Arab Emirates – 0.6% |
| Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) | Adnoc Murban Rsc Ltd. (AA/Aa2) |
|  | 200000 | 4.500 | 09/11/34 | 197821 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,072,035)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,072,035)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,072,035)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $4,072,035)** | 4052658 |
|  | **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(d)</sup> | Investment Company – 0.1%<sup>(d)</sup> | Investment Company – 0.1%<sup>(d)</sup> | Investment Company – 0.1%<sup>(d)</sup> | Investment Company – 0.1%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
|  | 29090 | 4.154% | 4.154% | 29090 |
| **(Cost $29,090)** | **(Cost $29,090)** | **(Cost $29,090)** | **(Cost $29,090)** | **(Cost $29,090)** |
| **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $30,358,228)**  | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $30,358,228)**  | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $30,358,228)**  | **TOTAL INVESTMENTS – 98.5%**<br> **(Cost $30,358,228)**  | $30732142 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.5%** | 478314 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210456 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Step coupon. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Pay-in-kind securities. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  MTN | —Medium Term Note |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 88.9% | Corporate Obligations – 88.9% | Corporate Obligations – 88.9% | Corporate Obligations – 88.9% |
| Advertising – 0.8% | Advertising – 0.8% | Advertising – 0.8% | Advertising – 0.8% |
| Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. | Clear Channel Outdoor Holdings, Inc. |
| 134000 | 7.750% | 04/15/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130650 |
| 124000 | 7.500 | 06/01/29<sup>(a)</sup> | 116870 |
| 100000 | 7.500 | 03/15/33<sup>(a)</sup> | 102000 |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| 97000 | 3.750 | 02/15/28 | 94575 |
| 91000 | 4.000 | 02/15/30 | 86791 |
| 143000 | 3.625 | 01/15/31 | 132633 |
| Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. | Outfront Media Capital LLC / Outfront Media Capital Corp. |
| 138000 | 4.625 | 03/15/30<sup>(a)</sup> | 132480 |
|  |  |  | 795999 |
| Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% | Aerospace & Defense – 2.3% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 52000 | 6.250 | 03/15/33<sup>(a)</sup> | 53820 |
| Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. | Spirit AeroSystems, Inc. |
| 32000 | 4.600 | 06/15/28 | 32000 |
| 395000 | 9.375 | 11/30/29<sup>(a)</sup> | 418700 |
| 48000 | 9.750 | 11/15/30<sup>(a)</sup> | 53040 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 152000 | 6.750 | 08/15/28<sup>(a)</sup> | 155420 |
| 149000 | 4.625 | 01/15/29 | 146393 |
| 35000 | 6.375 | 03/01/29<sup>(a)</sup> | 35853 |
| 40000 | 4.875 | 05/01/29 | 39400 |
| 350000 | 6.875 | 12/15/30<sup>(a)</sup> | 364000 |
| 300000 | 7.125 | 12/01/31<sup>(a)</sup> | 312938 |
| 319000 | 6.625 | 03/01/32<sup>(a)</sup> | 328769 |
| 224000 | 6.375 | 05/31/33<sup>(a)</sup> | 227640 |
|  |  |  | 2167973 |
| Banks – 0.3% | Banks – 0.3% | Banks – 0.3% | Banks – 0.3% |
| Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. | Freedom Mortgage Corp. |
| 64000 | 6.625 | 01/15/27<sup>(a)</sup> | 64320 |
| 65000 | 12.000 | 10/01/28<sup>(a)</sup> | 69469 |
| 118000 | 12.250 | 10/01/30<sup>(a)</sup> | 131422 |
|  |  |  | 265211 |
| Basic Industry – 2.3% | Basic Industry – 2.3% | Basic Industry – 2.3% | Basic Industry – 2.3% |
| Ashland, Inc. | Ashland, Inc. | Ashland, Inc. | Ashland, Inc. |
| 50000 | 6.875 | 05/15/43 | 52813 |
| Avient Corp. | Avient Corp. | Avient Corp. | Avient Corp. |
| 126000 | 7.125 | 08/01/30<sup>(a)</sup> | 130567 |
| Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC | Axalta Coating Systems LLC |
| 215000 | 3.375 | 02/15/29<sup>(a)</sup> | 203981 |
| Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. | Calumet Specialty Products Partners LP / Calumet Finance Corp. |
| 47000 | 9.750 | 07/15/28<sup>(a)</sup> | 45884 |
| Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
| 210000 | 6.665 | 07/15/27 | 216038 |
| 195000 | 6.879 | 07/15/32 | 201581 |
| 163000 | 7.200 | 11/15/33 | 169520 |
| Chemours Co. (The) | Chemours Co. (The) | Chemours Co. (The) | Chemours Co. (The) |
| 75000 | 5.375 | 05/15/27 | 74437 |
| 150000 | 5.750 | 11/15/28<sup>(a)</sup> | 144750 |
| 36000 | 4.625 | 11/15/29<sup>(a)</sup> | 32175 |
| Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
| 61000 | 3.750 | 02/01/30<sup>(a)</sup> | 57645 |
| Olin Corp. | Olin Corp. | Olin Corp. | Olin Corp. |
| 75000 | 5.625 | 08/01/29 | 75000 |
| 84000 | 5.000 | 02/01/30 | 81900 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) |
|  Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. | Olympus Water U.S. Holding Corp. |
| $| 280000 | 4.250% | 10/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269500 |
|  SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. | SCIH Salt Holdings, Inc. |
|  | 208000 | 6.625 | 05/01/29<sup>(a)</sup> | 209040 |
|  WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC | WR Grace Holdings LLC |
|  | 132000 | 4.875 | 06/15/27<sup>(a)</sup> | 131505 |
|  | 160000 | 6.625 | 08/15/32<sup>(a)</sup> | 159800 |
|  |  |  |  | 2256136 |
| Broadcasting – 3.0% | Broadcasting – 3.0% | Broadcasting – 3.0% | Broadcasting – 3.0% | Broadcasting – 3.0% |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  | 78000 | 4.125 | 05/15/29 | 74100 |
|  | 168000 | 3.625 | 05/15/30 | 151200 |
|  | 50000 | 6.350 | 06/01/40 | 38750 |
|  Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. | Gray Media, Inc. |
|  | 133000 | 10.500 | 07/15/29<sup>(a)</sup> | 144970 |
|  | 68000 | 4.750 | 10/15/30<sup>(a)</sup> | 51340 |
|  | 177000 | 5.375 | 11/15/31<sup>(a)</sup> | 130980 |
|  | 50000 | 7.250 | 08/15/33<sup>(a)</sup> | 49250 |
|  iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. | iHeartCommunications, Inc. |
|  | 59000 | 9.125 | 05/01/29<sup>(a)</sup> | 50961 |
|  | 80000 | 10.875 | 05/01/30<sup>(a)</sup> | 47200 |
|  | 171500 | 7.750 | 08/15/30<sup>(a)</sup> | 136343 |
|  Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. | Nexstar Media, Inc. |
|  | 172000 | 5.625 | 07/15/27<sup>(a)</sup> | 171892 |
|  Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. | Scripps Escrow II, Inc. |
|  | 201000 | 3.875 | 01/15/29<sup>(a)</sup> | 178890 |
|  Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. | Sinclair Television Group, Inc. |
|  | 73000 | 5.500 | 03/01/30<sup>(a)</sup> | 59495 |
|  | 59000 | 4.375 | 12/31/32<sup>(a)</sup> | 41890 |
|  | 136000 | 8.125 | 02/15/33<sup>(a)</sup> | 139400 |
|  Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC | Sirius XM Radio LLC |
|  | 100000 | 5.500 | 07/01/29<sup>(a)</sup> | 99750 |
|  | 228000 | 4.125 | 07/01/30<sup>(a)</sup> | 212325 |
|  TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. | TEGNA, Inc. |
|  | 288000 | 4.625 | 03/15/28 | 286920 |
|  Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. | Univision Communications, Inc. |
|  | 411000 | 8.000 | 08/15/28<sup>(a)</sup> | 426669 |
|  | 129000 | 4.500 | 05/01/29<sup>(a)</sup> | 121905 |
|  | 218000 | 8.500 | 07/31/31<sup>(a)</sup> | 224813 |
|  |  |  |  | 2839043 |
| Brokerage – 0.7% | Brokerage – 0.7% | Brokerage – 0.7% | Brokerage – 0.7% | Brokerage – 0.7% |
|  Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
|  | 54000 | 3.375 | 10/01/28<sup>(a)</sup> | 51300 |
|  Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. | Jane Street Group / JSG Finance, Inc. |
|  | 150000 | 7.125 | 04/30/31<sup>(a)</sup> | 156750 |
|  | 220000 | 6.125 | 11/01/32<sup>(a)</sup> | 221100 |
|  | 67000 | 6.750 | 05/01/33<sup>(a)</sup> | 69429 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. | Jefferies Finance LLC / JFIN Co.-Issuer Corp. |
|  | 200000 | 5.000 | 08/15/28<sup>(a)</sup> | 194908 |
|  |  |  |  | 693487 |
| Building Materials – 2.1% | Building Materials – 2.1% | Building Materials – 2.1% | Building Materials – 2.1% | Building Materials – 2.1% |
|  Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
|  | 44000 | 5.000 | 03/01/30<sup>(a)</sup> | 43505 |
|  | 173000 | 4.250 | 02/01/32<sup>(a)</sup> | 162836 |
|  | 98000 | 6.375 | 06/15/32<sup>(a)</sup> | 101553 |
|  | 76000 | 6.375 | 03/01/34<sup>(a)</sup> | 78470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) | Building Materials – (continued) |
|  Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. | Camelot Return Merger Sub, Inc. |
| $| 81000 | 8.750% | 08/01/28<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78266 |
|  JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. | JELD-WEN, Inc. |
|  | 340000 | 4.875 | 12/15/27<sup>(a)</sup> | 337025 |
|  Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
|  | 320000 | 6.375 | 03/01/32<sup>(a)</sup> | 330000 |
|  | 170000 | 6.750 | 03/01/33<sup>(a)</sup> | 176375 |
|  Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC | Smyrna Ready Mix Concrete LLC |
|  | 150000 | 6.000 | 11/01/28<sup>(a)</sup> | 150938 |
|  | 265000 | 8.875 | 11/15/31<sup>(a)</sup> | 283881 |
|  Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. | Standard Industries, Inc. |
|  | 140000 | 4.375 | 07/15/30<sup>(a)</sup> | 134575 |
|  | 201000 | 3.375 | 01/15/31<sup>(a)</sup> | 182407 |
|  |  |  |  | 2059831 |
| Capital Goods – 4.8% | Capital Goods – 4.8% | Capital Goods – 4.8% | Capital Goods – 4.8% | Capital Goods – 4.8% |
|  Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. | Amsted Industries, Inc. |
|  | 100000 | 4.625 | 05/15/30<sup>(a)</sup> | 96875 |
|  Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal | Ardagh Metal Packaging Finance USA LLC / Ardagh Metal |
|  Packaging Finance PLC | Packaging Finance PLC | Packaging Finance PLC | Packaging Finance PLC | Packaging Finance PLC |
|  | 295000 | 4.000 | 09/01/29<sup>(a)</sup> | 270478 |
|  Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
|  | 83000 | 6.875 | 03/15/28 | 84660 |
|  | 171000 | 6.000 | 06/15/29 | 175489 |
|  | 196000 | 2.875 | 08/15/30 | 177870 |
|  Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. | Chart Industries, Inc. |
|  | 143000 | 7.500 | 01/01/30<sup>(a)</sup> | 149971 |
|  Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. | Clean Harbors, Inc. |
|  | 102000 | 4.875 | 07/15/27<sup>(a)</sup> | 102128 |
|  | 221000 | 6.375 | 02/01/31<sup>(a)</sup> | 226525 |
|  Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. | Clydesdale Acquisition Holdings, Inc. |
|  | 87000 | 6.625 | 04/15/29<sup>(a)</sup> | 88305 |
|  | 172000 | 8.750 | 04/15/30<sup>(a)</sup> | 177375 |
|  Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
|  | 32000 | 5.250 | 04/01/30 | 32440 |
|  Crown Americas LLC / Crown Americas Capital Corp. V | Crown Americas LLC / Crown Americas Capital Corp. V | Crown Americas LLC / Crown Americas Capital Corp. V | Crown Americas LLC / Crown Americas Capital Corp. V | Crown Americas LLC / Crown Americas Capital Corp. V |
|  | 62000 | 4.250 | 09/30/26 | 61845 |
|  Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC | Emerald Debt Merger Sub LLC |
|  | 364000 | 6.625 | 12/15/30<sup>(a)</sup> | 375375 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
|  | 100000 | 9.000 | 05/15/28<sup>(a)</sup> | 105875 |
|  | 53000 | 8.000 | 03/15/33<sup>(a)</sup> | 56312 |
|  GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. | GFL Environmental, Inc. |
|  | 94000 | 4.750 | 06/15/29<sup>(a)</sup> | 93060 |
|  | 90000 | 6.750 | 01/15/31<sup>(a)</sup> | 94050 |
|  Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC | Graphic Packaging International LLC |
|  | 92000 | 6.375 | 07/15/32<sup>(a)</sup> | 93840 |
|  Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. | Herc Holdings, Inc. |
|  | 185000 | 5.500 | 07/15/27<sup>(a)</sup> | 185231 |
|  | 175000 | 7.250 | 06/15/33<sup>(a)</sup> | 184188 |
|  LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. | LABL, Inc. |
|  | 67000 | 10.500 | 07/15/27<sup>(a)</sup> | 59965 |
|  | 73000 | 5.875 | 11/01/28<sup>(a)</sup> | 57487 |
|  | 42000 | 8.250 | 11/01/29<sup>(a)</sup> | 27510 |
|  | 100000 | 8.625 | 10/01/31<sup>(a)</sup> | 73625 |
|  Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC | Madison IAQ LLC |
|  | 59000 | 4.125 | 06/30/28<sup>(a)</sup> | 57673 |
|  Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. | Mauser Packaging Solutions Holding Co. |
|  | 289000 | 7.875 | 04/15/27<sup>(a)</sup> | 292974 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Mauser Packaging Solutions Holding Co. – (continued) | Mauser Packaging Solutions Holding Co. – (continued) | Mauser Packaging Solutions Holding Co. – (continued) | Mauser Packaging Solutions Holding Co. – (continued) | Mauser Packaging Solutions Holding Co. – (continued) |
| $| 164000 | 9.250% | 04/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163385 |
|  Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. | Owens-Brockway Glass Container, Inc. |
|  | 47000 | 7.375 | 06/01/32<sup>(a)</sup> | 47529 |
|  Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. | Resideo Funding, Inc. |
|  | 77000 | 4.000 | 09/01/29<sup>(a)</sup> | 73639 |
|  Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. | Reworld Holding Corp. |
|  | 183000 | 4.875 | 12/01/29<sup>(a)</sup> | 177096 |
|  | 28000 | 5.000 | 09/01/30 | 27214 |
|  Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. | Sealed Air Corp. |
|  | 215000 | 6.875 | 07/15/33<sup>(a)</sup> | 232738 |
|  Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. | Sealed Air Corp/Sealed Air Corp. U.S. |
|  | 54000 | 7.250 | 02/15/31<sup>(a)</sup> | 56767 |
|  Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV | Sensata Technologies BV |
|  | 200000 | 4.000 | 04/15/29<sup>(a)</sup> | 192000 |
|  Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. | Sensata Technologies, Inc. |
|  | 193000 | 3.750 | 02/15/31<sup>(a)</sup> | 177801 |
|  Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. | Terex Corp. |
|  | 52000 | 6.250 | 10/15/32<sup>(a)</sup> | 52650 |
|  |  |  |  | 4601945 |
| Communications – 5.9% | Communications – 5.9% | Communications – 5.9% | Communications – 5.9% | Communications – 5.9% |
|  CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
|  | 329000 | 5.125 | 05/01/27<sup>(a)</sup> | 328177 |
|  | 302000 | 5.000 | 02/01/28<sup>(a)</sup> | 300112 |
|  | 158000 | 5.375 | 06/01/29<sup>(a)</sup> | 157013 |
|  | 103000 | 6.375 | 09/01/29<sup>(a)</sup> | 104802 |
|  | 176000 | 4.750 | 03/01/30<sup>(a)</sup> | 169620 |
|  | 225000 | 4.500 | 08/15/30<sup>(a)</sup> | 213188 |
|  | 318000 | 4.250 | 02/01/31<sup>(a)</sup> | 294548 |
|  | 131000 | 4.750 | 02/01/32<sup>(a)</sup> | 122157 |
|  | 248000 | 4.500 | 05/01/32 | 227230 |
|  | 229000 | 4.500 | 06/01/33<sup>(a)</sup> | 204955 |
|  | 158000 | 4.250 | 01/15/34<sup>(a)</sup> | 137658 |
|  CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC | CSC Holdings LLC |
|  | 315000 | 5.500 | 04/15/27<sup>(a)</sup> | 304762 |
|  | 250000 | 5.375 | 02/01/28<sup>(a)</sup> | 231250 |
|  | 200000 | 11.250 | 05/15/28<sup>(a)</sup> | 200500 |
|  | 200000 | 6.500 | 02/01/29<sup>(a)</sup> | 157500 |
|  | 240000 | 5.750 | 01/15/30<sup>(a)</sup> | 112800 |
|  | 250000 | 3.375 | 02/15/31<sup>(a)</sup> | 161250 |
|  | 250000 | 4.500 | 11/15/31<sup>(a)</sup> | 162500 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. | Directv Financing LLC / Directv Financing Co.-Obligor, Inc. |
|  | 317000 | 5.875 | 08/15/27<sup>(a)</sup> | 316604 |
|  | 270000 | 10.000 | 02/15/31<sup>(a)</sup> | 268481 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  | 245000 | 5.250 | 12/01/26<sup>(a)</sup> | 238875 |
|  | 450000 | 7.375 | 07/01/28 | 408375 |
|  | 220000 | 5.125 | 06/01/29 | 182600 |
|  DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. | DISH Network Corp. |
|  | 310000 | 11.750 | 11/15/27<sup>(a)</sup> | 327825 |
|  Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. | Getty Images, Inc. |
|  | 120000 | 11.250 | 02/21/30<sup>(a)</sup> | 113100 |
|  Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. | Live Nation Entertainment, Inc. |
|  | 168000 | 4.750 | 10/15/27<sup>(a)</sup> | 166740 |
|  | 51000 | 3.750 | 01/15/28<sup>(a)</sup> | 49980 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
|  Radiate Holdco LLC / Radiate Finance, Inc. | Radiate Holdco LLC / Radiate Finance, Inc. | Radiate Holdco LLC / Radiate Finance, Inc. | Radiate Holdco LLC / Radiate Finance, Inc. | Radiate Holdco LLC / Radiate Finance, Inc. |
| $| 59760 | 9.250% | 03/25/30<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37350 |
|  |  |  |  | 5699952 |
| Consumer Cyclical – 15.3% | Consumer Cyclical – 15.3% | Consumer Cyclical – 15.3% | Consumer Cyclical – 15.3% | Consumer Cyclical – 15.3% |
|  ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) | ADT Security Corp. (The) |
|  | 82000 | 4.125 | 08/01/29<sup>(a)</sup> | 79437 |
|  | 131000 | 4.875 | 07/15/32<sup>(a)</sup> | 126579 |
|  Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. | Advance Auto Parts, Inc. |
|  | 63000 | 3.500 | 03/15/32 | 55068 |
|  Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. | Allison Transmission, Inc. |
|  | 279000 | 3.750 | 01/30/31<sup>(a)</sup> | 258075 |
|  AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. | AMC Entertainment Holdings, Inc. |
|  | 100000 | 7.500 | 02/15/29<sup>(a)</sup> | 81500 |
|  American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. | American Axle & Manufacturing, Inc. |
|  | 190000 | 6.875 | 07/01/28 | 190000 |
|  | 94000 | 5.000 | 10/01/29 | 88947 |
|  Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. | Asbury Automotive Group, Inc. |
|  | 121000 | 5.000 | 02/15/32<sup>(a)</sup> | 116765 |
|  Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. | Bath & Body Works, Inc. |
|  | 124000 | 7.500 | 06/15/29 | 127410 |
|  | 84000 | 6.625 | 10/01/30<sup>(a)</sup> | 86205 |
|  | 118000 | 6.875 | 11/01/35 | 122868 |
|  | 93000 | 6.750 | 07/01/36 | 95325 |
|  Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. | Beazer Homes USA, Inc. |
|  | 100000 | 7.500 | 03/15/31<sup>(a)</sup> | 101625 |
|  Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. | Boyd Gaming Corp. |
|  | 74000 | 4.750 | 12/01/27 | 73722 |
|  | 54000 | 4.750 | 06/15/31<sup>(a)</sup> | 52178 |
|  Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC | Brightstar Lottery PLC |
|  | 200000 | 5.250 | 01/15/29<sup>(a)</sup> | 199750 |
|  Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. | Caesars Entertainment, Inc. |
|  | 230000 | 4.625 | 10/15/29<sup>(a)</sup> | 219363 |
|  | 200000 | 7.000 | 02/15/30<sup>(a)</sup> | 207250 |
|  | 138000 | 6.500 | 02/15/32<sup>(a)</sup> | 141622 |
|  Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
|  | 423000 | 6.000 | 05/01/29<sup>(a)</sup> | 430402 |
|  | 202000 | 5.750 | 08/01/32<sup>(a)</sup> | 205283 |
|  | 215000 | 6.125 | 02/15/33<sup>(a)</sup> | 220912 |
|  Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. | Carvana Co. |
|  | 37849 | 9.000 | 12/01/28<sup>(a)(b)</sup> | 38890 |
|  | 221900 | 9.000 | 06/01/30<sup>(a)(b)</sup> | 232163 |
|  | 228074 | 9.000 | 06/01/31<sup>(a)(b)</sup> | 260004 |
|  Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. | Century Communities, Inc. |
|  | 130000 | 6.750 | 06/01/27 | 130325 |
|  Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. | Churchill Downs, Inc. |
|  | 47000 | 5.500 | 04/01/27<sup>(a)</sup> | 47000 |
|  | 326000 | 5.750 | 04/01/30<sup>(a)</sup> | 326000 |
|  Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
|  | 76000 | 5.250 | 07/15/28<sup>(a)</sup> | 75905 |
|  Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. | Clarios Global LP / Clarios U.S. Finance Co. |
|  | 132000 | 8.500 | 05/15/27<sup>(a)</sup> | 132825 |
|  | 45000 | 6.750 | 05/15/28<sup>(a)</sup> | 46182 |
|  | 89000 | 6.750 | 02/15/30<sup>(a)</sup> | 92226 |
|  Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. | Cooper-Standard Automotive, Inc. |
|  | 100000 | 13.500 | 03/31/27<sup>(a)(b)</sup> | 105375 |
|  Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. | Crocs, Inc. |
|  | 50000 | 4.125 | 08/15/31<sup>(a)</sup> | 45125 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc. |
| 82000 | 4.625% | 01/15/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78515 |
| 212000 | 6.750 | 01/15/30<sup>(a)</sup> | 200340 |
| FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. | FirstCash, Inc. |
| 146000 | 4.625 | 09/01/28<sup>(a)</sup> | 143627 |
| 79000 | 6.875 | 03/01/32<sup>(a)</sup> | 82160 |
| Gap, Inc. (The) | Gap, Inc. (The) | Gap, Inc. (The) | Gap, Inc. (The) |
| 87000 | 3.625 | 10/01/29<sup>(a)</sup> | 81671 |
| 122000 | 3.875 | 10/01/31<sup>(a)</sup> | 110715 |
| GEO Group, Inc. (The) | GEO Group, Inc. (The) | GEO Group, Inc. (The) | GEO Group, Inc. (The) |
| 180000 | 8.625 | 04/15/29 | 191025 |
| 105000 | 10.250 | 04/15/31 | 116156 |
| Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) | Goodyear Tire & Rubber Co. (The) |
| 129000 | 4.875 | 03/15/27 | 128355 |
| 48000 | 5.000 | 07/15/29 | 46800 |
| 68000 | 5.250 | 04/30/31 | 64940 |
| 120000 | 5.625 | 04/30/33 | 112950 |
| Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. | Hilton Domestic Operating Co., Inc. |
| 174000 | 5.750 | 05/01/28<sup>(a)</sup> | 174435 |
| 162000 | 5.875 | 04/01/29<sup>(a)</sup> | 165240 |
| 94000 | 3.750 | 05/01/29<sup>(a)</sup> | 90357 |
| 39000 | 4.875 | 01/15/30 | 39000 |
| 280000 | 4.000 | 05/01/31<sup>(a)</sup> | 263900 |
| 120000 | 3.625 | 02/15/32<sup>(a)</sup> | 109800 |
| Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc. |
| 90000 | 4.875 | 07/01/31<sup>(a)</sup> | 83925 |
| 90000 | 6.625 | 01/15/32<sup>(a)</sup> | 91912 |
| Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. | Iron Mountain Information Management Services, Inc. |
| 58000 | 5.000 | 07/15/32<sup>(a)</sup> | 55970 |
| Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 86000 | 4.875 | 09/15/27<sup>(a)</sup> | 85892 |
| 48000 | 5.250 | 03/15/28<sup>(a)</sup> | 47940 |
| 35000 | 5.000 | 07/15/28<sup>(a)</sup> | 34869 |
| 92000 | 7.000 | 02/15/29<sup>(a)</sup> | 95105 |
| 45000 | 4.875 | 09/15/29<sup>(a)</sup> | 44494 |
| 100000 | 5.250 | 07/15/30<sup>(a)</sup> | 99500 |
| 293000 | 4.500 | 02/15/31<sup>(a)</sup> | 280364 |
| Kohl's Corp. | Kohl's Corp. | Kohl's Corp. | Kohl's Corp. |
| 133000 | 5.550 | 07/17/45 | 82793 |
| LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC | LCM Investments Holdings II LLC |
| 263000 | 4.875 | 05/01/29<sup>(a)</sup> | 259055 |
| Liberty Interactive LLC | Liberty Interactive LLC | Liberty Interactive LLC | Liberty Interactive LLC |
| 59000 | 8.250 | 02/01/30 | 8186 |
| Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. | Light & Wonder International, Inc. |
| 97000 | 7.000 | 05/15/28<sup>(a)</sup> | 97243 |
| 67000 | 7.250 | 11/15/29<sup>(a)</sup> | 68926 |
| 172000 | 7.500 | 09/01/31<sup>(a)</sup> | 179525 |
| Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC | Macy's Retail Holdings LLC |
| 98000 | 5.125 | 01/15/42 | 71785 |
| Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. | Marriott Ownership Resorts, Inc. |
| 100000 | 4.750 | 01/15/28 | 98500 |
| MGM Resorts International | MGM Resorts International | MGM Resorts International | MGM Resorts International |
| 300000 | 6.125 | 09/15/29 | 307875 |
| Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) | Michaels Cos., Inc. (The) |
| 100000 | 5.250 | 05/01/28<sup>(a)</sup> | 80000 |
| 87000 | 7.875 | 05/01/29<sup>(a)</sup> | 59813 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. | NCL Corp. Ltd. |
| 402000 | 5.875% | 02/15/27<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404513 |
| 159000 | 7.750 | 02/15/29<sup>(a)</sup> | 169931 |
| NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. | NCL Finance Ltd. |
| 22000 | 6.125 | 03/15/28<sup>(a)</sup> | 22358 |
| Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC | Nissan Motor Acceptance Co. LLC |
| 105000 | 2.450 | 09/15/28<sup>(a)</sup> | 95290 |
| 58000 | 7.050 | 09/15/28<sup>(a)</sup> | 60208 |
| Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. | Nordstrom, Inc. |
| 54000 | 4.250 | 08/01/31 | 48330 |
| 174000 | 5.000 | 01/15/44 | 119408 |
| PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. | PetSmart LLC / PetSmart Finance Corp. |
| 280000 | 7.500 | 09/15/32<sup>(a)</sup> | 277550 |
| Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. | Premier Entertainment Sub LLC / Premier Entertainment Finance Corp. |
| 60000 | 5.625 | 09/01/29<sup>(a)</sup> | 35625 |
| Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. | Prime Security Services Borrower LLC / Prime Finance, Inc. |
| 162000 | 3.375 | 08/31/27<sup>(a)</sup> | 157343 |
| QVC, Inc. | QVC, Inc. | QVC, Inc. | QVC, Inc. |
| 50000 | 6.875 | 04/15/29<sup>(a)</sup> | 24375 |
| 42000 | 5.950 | 03/15/43 | 19425 |
| Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. | Resorts World Las Vegas LLC / RWLV Capital, Inc. |
| 235000 | 8.450 | 07/27/30<sup>(a)</sup> | 236469 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 85000 | 4.750 | 10/15/27 | 85000 |
| 85000 | 7.250 | 07/15/28<sup>(a)</sup> | 87656 |
| 134000 | 4.500 | 02/15/29<sup>(a)</sup> | 131153 |
| 223000 | 6.500 | 04/01/32<sup>(a)</sup> | 229690 |
| Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. | Sabre GLBL, Inc. |
| 86000 | 8.625 | 06/01/27<sup>(a)</sup> | 87290 |
| 206000 | 10.750 | 11/15/29<sup>(a)</sup> | 200592 |
| Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. | Six Flags Entertainment Corp. |
| 185000 | 5.500 | 04/15/27<sup>(a)</sup> | 185116 |
| 49000 | 7.250 | 05/15/31<sup>(a)</sup> | 49490 |
| Staples, Inc. | Staples, Inc. | Staples, Inc. | Staples, Inc. |
| 225000 | 10.750 | 09/01/29<sup>(a)</sup> | 216000 |
| 80000 | 12.750 | 01/15/30<sup>(a)</sup> | 57800 |
| Station Casinos LLC | Station Casinos LLC | Station Casinos LLC | Station Casinos LLC |
| 93000 | 4.500 | 02/15/28<sup>(a)</sup> | 91837 |
| Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 19000 | 5.750 | 01/15/28<sup>(a)</sup> | 19285 |
| TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. | TKC Holdings, Inc. |
| 45000 | 6.875 | 05/15/28<sup>(a)</sup> | 45337 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 121000 | 6.625 | 07/31/26<sup>(a)</sup> | 122210 |
| 100000 | 6.000 | 04/01/27 | 100750 |
| 135000 | 4.500 | 12/01/29<sup>(a)</sup> | 131287 |
| VF Corp. | VF Corp. | VF Corp. | VF Corp. |
| 93000 | 6.450 | 11/01/37 | 86025 |
| Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. | Viking Cruises Ltd. |
| 100000 | 7.000 | 02/15/29<sup>(a)</sup> | 100750 |
| 87000 | 9.125 | 07/15/31<sup>(a)</sup> | 93742 |
| VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. | VOC Escrow Ltd. |
| 95000 | 5.000 | 02/15/28<sup>(a)</sup> | 94763 |
| Wayfair LLC | Wayfair LLC | Wayfair LLC | Wayfair LLC |
| 102000 | 7.750 | 09/15/30<sup>(a)</sup> | 105698 |
| Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. | Williams Scotsman, Inc. |
| 185000 | 6.625 | 06/15/29<sup>(a)</sup> | 190319 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. | Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp. |
| $| 235000 | 5.250% | 05/15/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236175 |
|  Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp. |
|  | 155000 | 5.125 | 10/01/29<sup>(a)</sup> | 155194 |
|  | 143000 | 7.125 | 02/15/31<sup>(a)</sup> | 153904 |
|  Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. | Yum! Brands, Inc. |
|  | 122000 | 4.750 | 01/15/30<sup>(a)</sup> | 121390 |
|  | 164000 | 3.625 | 03/15/31 | 152725 |
|  | 170000 | 4.625 | 01/31/32 | 166388 |
|  | 222000 | 5.375 | 04/01/32 | 223387 |
|  |  |  |  | 14637742 |
| Consumer Noncyclical – 6.6% | Consumer Noncyclical – 6.6% | Consumer Noncyclical – 6.6% | Consumer Noncyclical – 6.6% | Consumer Noncyclical – 6.6% |
|  Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC | Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC |
|  | 376000 | 4.875 | 02/15/30<sup>(a)</sup> | 371770 |
|  Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC | Allied Universal Holdco LLC |
|  | 295000 | 7.875 | 02/15/31<sup>(a)</sup> | 310487 |
|  Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. | Allied Universal Holdco LLC / Allied Universal Finance Corp. |
|  | 200000 | 6.000 | 06/01/29<sup>(a)</sup> | 198000 |
|  Allied Universal Holdco LLC /Allied Universal Finance Corp. / | Allied Universal Holdco LLC /Allied Universal Finance Corp. / | Allied Universal Holdco LLC /Allied Universal Finance Corp. / | Allied Universal Holdco LLC /Allied Universal Finance Corp. / | Allied Universal Holdco LLC /Allied Universal Finance Corp. / |
|  Atlas Luxco 4 Sarl | Atlas Luxco 4 Sarl | Atlas Luxco 4 Sarl | Atlas Luxco 4 Sarl | Atlas Luxco 4 Sarl |
|  | 200000 | 4.625 | 06/01/28<sup>(a)</sup> | 195500 |
|  Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. | Avantor Funding, Inc. |
|  | 260000 | 4.625 | 07/15/28<sup>(a)</sup> | 257075 |
|  B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. | B&G Foods, Inc. |
|  | 90000 | 5.250 | 09/15/27 | 85540 |
|  Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. | Chobani LLC / Chobani Finance Corp., Inc. |
|  | 100000 | 7.625 | 07/01/29<sup>(a)</sup> | 104625 |
|  Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
|  | 100000 | 5.250 | 04/15/27<sup>(a)</sup> | 99938 |
|  Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. | Deluxe Corp. |
|  | 19000 | 8.125 | 09/15/29<sup>(a)</sup> | 19926 |
|  Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. | Fiesta Purchaser, Inc. |
|  | 102000 | 7.875 | 03/01/31<sup>(a)</sup> | 108375 |
|  Hologic, Inc. | Hologic, Inc. | Hologic, Inc. | Hologic, Inc. | Hologic, Inc. |
|  | 39000 | 4.625 | 02/01/28<sup>(a)</sup> | 38805 |
|  | 245000 | 3.250 | 02/15/29<sup>(a)</sup> | 234587 |
|  LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. | LifePoint Health, Inc. |
|  | 93000 | 5.375 | 01/15/29<sup>(a)</sup> | 88583 |
|  | 177000 | 8.375 | 02/15/32<sup>(a)</sup> | 187620 |
|  Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP | Medline Borrower LP |
|  | 487000 | 3.875 | 04/01/29<sup>(a)</sup> | 468129 |
|  | 207000 | 5.250 | 10/01/29<sup>(a)</sup> | 205965 |
|  Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. | Molina Healthcare, Inc. |
|  | 323000 | 6.250 | 01/15/33<sup>(a)</sup> | 326230 |
|  MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC | MPH Acquisition Holdings LLC |
|  | 50000 | 5.750 | 12/31/30<sup>(a)</sup> | 43625 |
|  Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. | Murphy Oil USA, Inc. |
|  | 91000 | 3.750 | 02/15/31<sup>(a)</sup> | 84402 |
|  Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV | Organon & Co / Organon Foreign Debt Co.-Issuer BV |
|  | 252000 | 4.125 | 04/30/28<sup>(a)</sup> | 241920 |
|  | 436000 | 5.125 | 04/30/31<sup>(a)</sup> | 374960 |
|  Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. | Performance Food Group, Inc. |
|  | 188000 | 5.500 | 10/15/27<sup>(a)</sup> | 188000 |
|  | 135000 | 6.125 | 09/15/32<sup>(a)</sup> | 138544 |
|  Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. | Perrigo Finance Unlimited Co. |
|  | 250000 | 4.900 | 06/15/30 | 244794 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
|  Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD | Perrigo Finance Unlimited Co., Series USD |
| $| 62000 | 6.125% | 09/30/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62519 |
|  Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. | Post Holdings, Inc. |
|  | 98000 | 5.500 | 12/15/29<sup>(a)</sup> | 97878 |
|  | 97000 | 4.625 | 04/15/30<sup>(a)</sup> | 93605 |
|  | 301000 | 4.500 | 09/15/31<sup>(a)</sup> | 281811 |
|  | 68000 | 6.250 | 02/15/32<sup>(a)</sup> | 70125 |
|  | 60000 | 6.250 | 10/15/34<sup>(a)</sup> | 60600 |
|  Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. | Prestige Brands, Inc. |
|  | 116000 | 3.750 | 04/01/31<sup>(a)</sup> | 106937 |
|  RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. | RR Donnelley & Sons Co. |
|  | 243000 | 9.500 | 08/01/29<sup>(a)</sup> | 246949 |
|  RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. | RRD Intermediate Holdings, Inc. |
|  | 38293 | 11.000 | 12/01/30<sup>(a)(b)</sup> | 37910 |
|  Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. | Teleflex, Inc. |
|  | 197000 | 4.625 | 11/15/27 | 195523 |
|  U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. | U.S. Foods, Inc. |
|  | 128000 | 6.875 | 09/15/28<sup>(a)</sup> | 132160 |
|  | 255000 | 4.750 | 02/15/29<sup>(a)</sup> | 251175 |
|  | 75000 | 4.625 | 06/01/30<sup>(a)</sup> | 73125 |
|  |  |  |  | 6327717 |
| Consumer Products – 1.4% | Consumer Products – 1.4% | Consumer Products – 1.4% | Consumer Products – 1.4% | Consumer Products – 1.4% |
|  Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. | Edgewell Personal Care Co. |
|  | 77000 | 5.500 | 06/01/28<sup>(a)</sup> | 76519 |
|  | 77000 | 4.125 | 04/01/29<sup>(a)</sup> | 73342 |
|  Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. | Newell Brands, Inc. |
|  | 121000 | 6.375 | 09/15/27 | 122966 |
|  | 126000 | 6.625 | 09/15/29 | 126630 |
|  | 88000 | 6.625 | 05/15/32 | 86130 |
|  | 56000 | 6.875 | 04/01/36 | 54519 |
|  | 60000 | 7.000 | 04/01/46 | 52350 |
|  Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) | Scotts Miracle-Gro Co. (The) |
|  | 203000 | 4.375 | 02/01/32 | 187775 |
|  Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. | Somnigroup International, Inc. |
|  | 230000 | 4.000 | 04/15/29<sup>(a)</sup> | 221950 |
|  | 43000 | 3.875 | 10/15/31<sup>(a)</sup> | 39453 |
|  Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
|  | 190000 | 5.500 | 03/01/33 | 183780 |
|  | 202000 | 4.600 | 05/15/50 | 149985 |
|  |  |  |  | 1375399 |
| Distribution & Logistics – 0.5% | Distribution & Logistics – 0.5% | Distribution & Logistics – 0.5% | Distribution & Logistics – 0.5% | Distribution & Logistics – 0.5% |
|  WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
|  | 124000 | 7.250 | 06/15/28<sup>(a)</sup> | 126015 |
|  | 189000 | 6.375 | 03/15/29<sup>(a)</sup> | 194906 |
|  | 197000 | 6.625 | 03/15/32<sup>(a)</sup> | 205126 |
|  |  |  |  | 526047 |
| Electric – 3.0% | Electric – 3.0% | Electric – 3.0% | Electric – 3.0% | Electric – 3.0% |
|  AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) |
|  | 86000 | 7.600 | 01/15/55 | 88795 |
|  Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC | Artera Services LLC |
|  | 200000 | 8.500 | 02/15/31<sup>(a)</sup> | 173750 |
|  Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. | Calpine Corp. |
|  | 52000 | 5.125 | 03/15/28<sup>(a)</sup> | 52000 |
|  | 59000 | 4.625 | 02/01/29<sup>(a)</sup> | 58484 |
|  | 111000 | 5.000 | 02/01/31<sup>(a)</sup> | 110445 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Calpine Corp. – (continued) | Calpine Corp. – (continued) | Calpine Corp. – (continued) | Calpine Corp. – (continued) | Calpine Corp. – (continued) |
| $| 254000 | 3.750% | 03/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241935 |
| Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC | Clearway Energy Operating LLC |
|  | 147000 | 3.750 | 02/15/31<sup>(a)</sup> | 135608 |
| NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. | NRG Energy, Inc. |
|  | 164000 | 3.375 | 02/15/29<sup>(a)</sup> | 155744 |
|  | 93000 | 5.250 | 06/15/29<sup>(a)</sup> | 93232 |
|  | 243000 | 3.625 | 02/15/31<sup>(a)</sup> | 223729 |
|  | 91000 | 6.250 | 11/01/34<sup>(a)</sup> | 93389 |
| PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
|  | 208000 | 5.250 | 07/01/30 | 202919 |
| (US 5 Year CMT T-Note + 3.883%) | (US 5 Year CMT T-Note + 3.883%) | (US 5 Year CMT T-Note + 3.883%) | (US 5 Year CMT T-Note + 3.883%) | (US 5 Year CMT T-Note + 3.883%) |
|  | 140000 | 7.375 | 03/15/55 | 140000 |
| Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. | Pike Corp. |
|  | 102000 | 8.625 | 01/31/31<sup>(a)</sup> | 109650 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
|  | 15000 | 5.500 | 09/01/26<sup>(a)</sup> | 15000 |
|  | 102000 | 5.625 | 02/15/27<sup>(a)</sup> | 101872 |
|  | 414000 | 4.375 | 05/01/29<sup>(a)</sup> | 405720 |
|  | 124000 | 7.750 | 10/15/31<sup>(a)</sup> | 132215 |
|  | 12000 | 6.875 | 04/15/32<sup>(a)</sup> | 12630 |
| XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
|  | 350000 | 4.500 | 09/15/27<sup>(a)</sup> | 343000 |
|  |  |  |  | 2890117 |
| Energy – 8.1% | Energy – 8.1% | Energy – 8.1% | Energy – 8.1% | Energy – 8.1% |
| Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. | Antero Midstream Partners LP / Antero Midstream Finance Corp. |
|  | 66000 | 5.750 | 03/01/27<sup>(a)</sup> | 66041 |
|  | 39000 | 5.750 | 01/15/28<sup>(a)</sup> | 39293 |
|  | 65000 | 5.375 | 06/15/29<sup>(a)</sup> | 64675 |
|  | 214000 | 6.625 | 02/01/32<sup>(a)</sup> | 221490 |
| Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. |
|  | 121000 | 6.250 | 04/01/28<sup>(a)</sup> | 121605 |
| Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. | Ascent Resources Utica Holdings LLC / ARU Finance Corp. |
|  | 137000 | 5.875 | 06/30/29<sup>(a)</sup> | 137343 |
| Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP | Buckeye Partners LP |
|  | 40000 | 3.950 | 12/01/26 | 39500 |
|  | 63000 | 4.125 | 12/01/27 | 62055 |
|  | 146000 | 4.500 | 03/01/28<sup>(a)</sup> | 144723 |
| Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. | Civitas Resources, Inc. |
|  | 170000 | 8.375 | 07/01/28<sup>(a)</sup> | 176800 |
|  | 275000 | 8.750 | 07/01/31<sup>(a)</sup> | 283594 |
| CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. | CNX Resources Corp. |
|  | 103000 | 6.000 | 01/15/29<sup>(a)</sup> | 103386 |
| Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. | Comstock Resources, Inc. |
|  | 133000 | 6.750 | 03/01/29<sup>(a)</sup> | 131836 |
| CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC | CQP Holdco LP / BIP-V Chinook Holdco LLC |
|  | 370000 | 5.500 | 06/15/31<sup>(a)</sup> | 364681 |
| Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
|  | 212000 | 7.375 | 01/15/33<sup>(a)</sup> | 207230 |
| Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. | Delek Logistics Partners LP / Delek Logistics Finance Corp. |
|  | 90000 | 8.625 | 03/15/29<sup>(a)</sup> | 94106 |
| Global Marine, Inc. | Global Marine, Inc. | Global Marine, Inc. | Global Marine, Inc. | Global Marine, Inc. |
|  | 148000 | 7.000 | 06/01/28 | 138380 |
| Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. | Hilcorp Energy I LP / Hilcorp Finance Co. |
|  | 31000 | 6.250 | 11/01/28<sup>(a)</sup> | 31194 |
|  | 117000 | 5.750 | 02/01/29<sup>(a)</sup> | 115976 |
|  | 129000 | 6.000 | 02/01/31<sup>(a)</sup> | 124646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
|  Hilcorp Energy I LP / Hilcorp Finance Co. – (continued) | Hilcorp Energy I LP / Hilcorp Finance Co. – (continued) | Hilcorp Energy I LP / Hilcorp Finance Co. – (continued) | Hilcorp Energy I LP / Hilcorp Finance Co. – (continued) | Hilcorp Energy I LP / Hilcorp Finance Co. – (continued) |
| $| 118000 | 8.375% | 11/01/33<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123752 |
|  | 97000 | 6.875 | 05/15/34<sup>(a)</sup> | 93726 |
|  | 87000 | 7.250 | 02/15/35<sup>(a)</sup> | 85478 |
|  Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP | Kinetik Holdings LP |
|  | 300000 | 6.625 | 12/15/28<sup>(a)</sup> | 309000 |
|  | 74000 | 5.875 | 06/15/30<sup>(a)</sup> | 74832 |
|  Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. | Matador Resources Co. |
|  | 97000 | 6.250 | 04/15/33<sup>(a)</sup> | 97849 |
|  Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. | Murphy Oil Corp. |
|  | 31000 | 5.875 | 12/01/42 | 25808 |
|  Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. | Nabors Industries, Inc. |
|  | 256000 | 9.125 | 01/31/30<sup>(a)</sup> | 262240 |
|  | 94000 | 8.875 | 08/15/31<sup>(a)</sup> | 84835 |
|  New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. | New Fortress Energy, Inc. |
|  | 50000 | 6.500 | 09/30/26<sup>(a)</sup> | 17375 |
|  | 133000 | 8.750 | 03/15/29<sup>(a)</sup> | 27930 |
|  Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. | Northern Oil & Gas, Inc. |
|  | 68000 | 8.125 | 03/01/28<sup>(a)</sup> | 68680 |
|  | 76000 | 8.750 | 06/15/31<sup>(a)</sup> | 78280 |
|  PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. | PBF Holding Co. LLC / PBF Finance Corp. |
|  | 61000 | 9.875 | 03/15/30<sup>(a)</sup> | 63288 |
|  Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
|  | 144000 | 8.000 | 04/15/27<sup>(a)</sup> | 146790 |
|  | 45000 | 5.875 | 07/01/29<sup>(a)</sup> | 45225 |
|  | 140000 | 7.000 | 01/15/32<sup>(a)</sup> | 145250 |
|  | 100000 | 6.250 | 02/01/33<sup>(a)</sup> | 101750 |
|  Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. | Range Resources Corp. |
|  | 80000 | 4.750 | 02/15/30<sup>(a)</sup> | 78200 |
|  SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. | SM Energy Co. |
|  | 141000 | 6.750 | 09/15/26 | 140560 |
|  | 78000 | 6.625 | 01/15/27 | 77756 |
|  | 100000 | 6.500 | 07/15/28 | 100750 |
|  Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP | Sunoco LP |
|  | 350000 | 7.000 | 05/01/29<sup>(a)</sup> | 363562 |
|  | 250000 | 6.250 | 07/01/33<sup>(a)</sup> | 255625 |
|  Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. | Talos Production, Inc. |
|  | 112000 | 9.375 | 02/01/31<sup>(a)</sup> | 116480 |
|  Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. | Transocean, Inc. |
|  | 117000 | 8.250 | 05/15/29<sup>(a)</sup> | 113783 |
|  | 130000 | 8.500 | 05/15/31<sup>(a)</sup> | 122037 |
|  | 100000 | 6.800 | 03/15/38 | 79375 |
|  USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. | USA Compression Partners LP / USA Compression Finance Corp. |
|  | 117000 | 7.125 | 03/15/29<sup>(a)</sup> | 119925 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  | 372000 | 8.125 | 06/01/28<sup>(a)</sup> | 385950 |
|  | 330000 | 9.500 | 02/01/29<sup>(a)</sup> | 363412 |
|  | 189000 | 9.875 | 02/01/32<sup>(a)</sup> | 206483 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  | 173000 | 6.500 | 01/15/34<sup>(a)</sup> | 180244 |
|  | 230000 | 7.750 | 05/01/35<sup>(a)</sup> | 256738 |
|  | 173000 | 6.750 | 01/15/36<sup>(a)</sup> | 181109 |
|  Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. | Vital Energy, Inc. |
|  | 130000 | 7.875 | 04/15/32<sup>(a)</sup> | 128700 |
|  |  |  |  | 7791331 |
| Financial Company – 5.5% | Financial Company – 5.5% | Financial Company – 5.5% | Financial Company – 5.5% | Financial Company – 5.5% |
|  AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC | AG TTMT Escrow Issuer LLC |
|  | 95000 | 8.625 | 09/30/27<sup>(a)</sup> | 97375 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest<br>Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC | Burford Capital Global Finance LLC |
| 200000 | 9.250% | 07/01/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212750 |
| Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC | Cobra AcquisitionCo LLC |
| 100000 | 12.250 | 11/01/29<sup>(a)</sup> | 103500 |
| Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. | Coinbase Global, Inc. |
| 62000 | 3.625 | 10/01/31<sup>(a)</sup> | 55567 |
| Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC | Compass Group Diversified Holdings LLC |
| 208000 | 5.250 | 04/15/29<sup>(a)</sup> | 191620 |
| Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC | Freedom Mortgage Holdings LLC |
| 89000 | 9.250 | 02/01/29<sup>(a)</sup> | 93561 |
| 72000 | 9.125 | 05/15/31<sup>(a)</sup> | 75690 |
| 80000 | 7.875 | 04/01/33<sup>(a)</sup> | 81600 |
| HUB International Ltd. | HUB International Ltd. | HUB International Ltd. | HUB International Ltd. |
| 63000 | 5.625 | 12/01/29<sup>(a)</sup> | 63315 |
| 187000 | 7.250 | 06/15/30<sup>(a)</sup> | 195882 |
| 226000 | 7.375 | 01/31/32<sup>(a)</sup> | 237583 |
| Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. | Icahn Enterprises LP / Icahn Enterprises Finance Corp. |
| 121000 | 5.250 | 05/15/27 | 118278 |
| 113000 | 9.750 | 01/15/29 | 112576 |
| 104000 | 4.375 | 02/01/29 | 87880 |
| 108000 | 9.000 | 06/15/30 | 103140 |
| LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC | LD Holdings Group LLC |
| 120000 | 8.750 | 11/01/27<sup>(a)</sup> | 114750 |
| 109000 | 6.125 | 04/01/28<sup>(a)</sup> | 96193 |
| Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust | Midcap Financial Issuer Trust |
| 200000 | 6.500 | 05/01/28<sup>(a)</sup> | 199500 |
| Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 152000 | 6.000 | 01/15/27<sup>(a)</sup> | 152190 |
| 223000 | 5.500 | 08/15/28<sup>(a)</sup> | 223836 |
| 63000 | 5.125 | 12/15/30<sup>(a)</sup> | 63866 |
| 100000 | 5.750 | 11/15/31<sup>(a)</sup> | 101375 |
| Navient Corp. | Navient Corp. | Navient Corp. | Navient Corp. |
| 356000 | 5.500 | 03/15/29 | 353775 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 120000 | 3.500 | 01/15/27 | 117600 |
| 315000 | 3.875 | 09/15/28 | 302006 |
| 124000 | 5.375 | 11/15/29 | 122915 |
| 84000 | 7.875 | 03/15/30 | 89040 |
| 131000 | 4.000 | 09/15/30 | 121666 |
| 69000 | 7.125 | 11/15/31 | 71588 |
| Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. | Osaic Holdings, Inc. |
| 80000 | 6.750 | 08/01/32<sup>(a)</sup> | 81500 |
| PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 26000 | 7.875 | 12/15/29<sup>(a)</sup> | 27625 |
| 200000 | 7.125 | 11/15/30<sup>(a)</sup> | 207750 |
| 119000 | 5.750 | 09/15/31<sup>(a)</sup> | 116769 |
| Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. | Prospect Capital Corp. |
| 52000 | 3.437 | 10/15/28 | 46836 |
| Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 123000 | 6.375 | 08/01/33<sup>(a)</sup> | 128074 |
| Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC | Rocket Mortgage LLC |
| 244000 | 5.250 | 01/15/28<sup>(a)</sup> | 239176 |
| Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc. |
| 200000 | 4.000 | 10/15/33<sup>(a)</sup> | 181006 |
| SLM Corp. | SLM Corp. | SLM Corp. | SLM Corp. |
| 50000 | 6.500 | 01/31/30 | 52313 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
|  Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC | Stonex Escrow Issuer LLC |
| $| 200000 | 6.875% | 07/15/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206250 |
|  |  |  |  | 5247916 |
| Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% |
|  HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. | HLF Financing Sarl LLC / Herbalife International, Inc. |
|  | 8000 | 12.250 | 04/15/29<sup>(a)</sup> | 8730 |
|  | 188000 | 4.875 | 06/01/29<sup>(a)</sup> | 166615 |
|  |  |  |  | 175345 |
| Hardware – 0.5% | Hardware – 0.5% | Hardware – 0.5% | Hardware – 0.5% | Hardware – 0.5% |
|  CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC | CommScope LLC |
|  | 71000 | 8.250 | 03/01/27<sup>(a)</sup> | 71976 |
|  | 94000 | 4.750 | 09/01/29<sup>(a)</sup> | 93413 |
|  | 88000 | 9.500 | 12/15/31<sup>(a)</sup> | 91080 |
|  CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC | CommScope Technologies LLC |
|  | 97000 | 5.000 | 03/15/27<sup>(a)</sup> | 96515 |
|  NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. | NCR Voyix Corp. |
|  | 76000 | 5.000 | 10/01/28<sup>(a)</sup> | 74955 |
|  | 59000 | 5.125 | 04/15/29<sup>(a)</sup> | 58557 |
|  |  |  |  | 486496 |
| Healthcare – 5.1% | Healthcare – 5.1% | Healthcare – 5.1% | Healthcare – 5.1% | Healthcare – 5.1% |
|  AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC | AdaptHealth LLC |
|  | 88000 | 4.625 | 08/01/29<sup>(a)</sup> | 83600 |
|  Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. | Charles River Laboratories International, Inc. |
|  | 215000 | 4.000 | 03/15/31<sup>(a)</sup> | 199547 |
|  CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. | CHS/Community Health Systems, Inc. |
|  | 114000 | 6.000 | 01/15/29<sup>(a)</sup> | 110295 |
|  | 229000 | 6.875 | 04/15/29<sup>(a)</sup> | 183200 |
|  | 78000 | 6.125 | 04/01/30<sup>(a)</sup> | 56160 |
|  | 60000 | 5.250 | 05/15/30<sup>(a)</sup> | 53850 |
|  | 72000 | 4.750 | 02/15/31<sup>(a)</sup> | 61560 |
|  | 299000 | 10.875 | 01/15/32<sup>(a)</sup> | 316940 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) |
|  | 132000 | 6.750 | 12/10/54 | 134060 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) |
|  | 174000 | 7.000 | 03/10/55 | 181375 |
|  DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. | DaVita, Inc. |
|  | 322000 | 4.625 | 06/01/30<sup>(a)</sup> | 311133 |
|  | 253000 | 3.750 | 02/15/31<sup>(a)</sup> | 231811 |
|  Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. | Encompass Health Corp. |
|  | 137000 | 4.750 | 02/01/30 | 135116 |
|  IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. | IQVIA, Inc. |
|  | 280000 | 5.000 | 05/15/27<sup>(a)</sup> | 279300 |
|  | 250000 | 6.500 | 05/15/30<sup>(a)</sup> | 259062 |
|  MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. | MPT Operating Partnership LP / MPT Finance Corp. |
|  | 100000 | 5.000 | 10/15/27 | 94688 |
|  | 247000 | 3.500 | 03/15/31 | 175061 |
|  | 187000 | 8.500 | 02/15/32<sup>(a)</sup> | 196584 |
|  Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. | Owens & Minor, Inc. |
|  | 93000 | 6.625 | 04/01/30<sup>(a)</sup> | 81026 |
|  Service Corp International | Service Corp International | Service Corp International | Service Corp International | Service Corp International |
|  | 222000 | 5.750 | 10/15/32 | 224775 |
|  Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International | Service Corp. International |
|  | 45000 | 4.625 | 12/15/27 | 44888 |
|  | 217000 | 5.125 | 06/01/29 | 217000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
|  Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. | Tenet Healthcare Corp. |
| $| 151000 | 6.250% | 02/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151094 |
|  | 222000 | 5.125 | 11/01/27 | 221723 |
|  | 86000 | 4.625 | 06/15/28 | 85462 |
|  | 229000 | 6.125 | 10/01/28 | 229572 |
|  | 292000 | 4.250 | 06/01/29 | 285430 |
|  | 129000 | 6.125 | 06/15/30 | 131419 |
|  | 150000 | 6.750 | 05/15/31 | 156188 |
|  |  |  |  | 4891919 |
| Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% |
|  Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. | Acrisure LLC / Acrisure Finance, Inc. |
|  | 57000 | 8.250 | 02/01/29<sup>(a)</sup> | 59494 |
|  | 139000 | 8.500 | 06/15/29<sup>(a)</sup> | 146471 |
|  | 120000 | 6.000 | 08/01/29<sup>(a)</sup> | 118050 |
|  | 90000 | 7.500 | 11/06/30<sup>(a)</sup> | 93487 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer |
|  | 299000 | 4.250 | 10/15/27<sup>(a)</sup> | 296384 |
|  | 133000 | 6.750 | 10/15/27<sup>(a)</sup> | 133166 |
|  | 89000 | 6.750 | 04/15/28<sup>(a)</sup> | 90891 |
|  | 14000 | 5.875 | 11/01/29<sup>(a)</sup> | 13825 |
|  | 399000 | 7.000 | 01/15/31<sup>(a)</sup> | 413963 |
|  AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. | AmWINS Group, Inc. |
|  | 27000 | 6.375 | 02/15/29<sup>(a)</sup> | 27675 |
|  | 170000 | 4.875 | 06/30/29<sup>(a)</sup> | 166388 |
|  |  |  |  | 1559794 |
| Media Non Cable – 1.1% | Media Non Cable – 1.1% | Media Non Cable – 1.1% | Media Non Cable – 1.1% | Media Non Cable – 1.1% |
|  AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. | AMC Networks, Inc. |
|  | 90000 | 10.250 | 01/15/29<sup>(a)</sup> | 93600 |
|  | 6000 | 4.250 | 02/15/29 | 4950 |
|  | 50000 | 10.500 | 07/15/32<sup>(a)</sup> | 51875 |
|  Paramount Global | Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) |
|  | 110000 | 6.250 | 02/28/57 | 107080 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) |
|  | 77000 | 6.375 | 03/30/62 | 77293 |
|  Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. | Warnermedia Holdings, Inc. |
|  | 208000 | 4.054 | 03/15/29 | 196560 |
|  | 327000 | 4.279 | 03/15/32 | 281629 |
|  | 320000 | 5.050 | 03/15/42 | 216000 |
|  |  |  |  | 1028987 |
| Metals – 0.9% | Metals – 0.9% | Metals – 0.9% | Metals – 0.9% | Metals – 0.9% |
|  Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV | Alcoa Nederland Holding BV |
|  | 270000 | 7.125 | 03/15/31<sup>(a)</sup> | 283880 |
|  Arsenal AIC Parent LLC | Arsenal AIC Parent LLC | Arsenal AIC Parent LLC | Arsenal AIC Parent LLC | Arsenal AIC Parent LLC |
|  | 110000 | 11.500 | 10/01/31<sup>(a)</sup> | 122788 |
|  Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. | Kaiser Aluminum Corp. |
|  | 150000 | 4.500 | 06/01/31<sup>(a)</sup> | 141000 |
|  Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. | Novelis Corp. |
|  | 197000 | 4.750 | 01/30/30<sup>(a)</sup> | 190105 |
|  | 117000 | 3.875 | 08/15/31<sup>(a)</sup> | 106470 |
|  |  |  |  | 844243 |
| Metals and Mining – 0.6% | Metals and Mining – 0.6% | Metals and Mining – 0.6% | Metals and Mining – 0.6% | Metals and Mining – 0.6% |
|  ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. | ATI, Inc. |
|  | 42000 | 5.875 | 12/01/27 | 42263 |
|  | 42000 | 7.250 | 08/15/30 | 44257 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) |
|  Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. | Big River Steel LLC / BRS Finance Corp. |
| $| 130000 | 6.625% | 01/31/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130325 |
|  Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. | Cleveland-Cliffs, Inc. |
|  | 30000 | 4.875 | 03/01/31<sup>(a)</sup> | 27375 |
|  | 70000 | 7.000 | 03/15/32<sup>(a)</sup> | 69738 |
|  | 155000 | 7.375 | 05/01/33<sup>(a)</sup> | 154031 |
|  GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. |
|  | 80000 | 9.875 | 12/23/29<sup>(a)</sup> | 68400 |
|  |  |  |  | 536389 |
| Natural Gas – 1.6% | Natural Gas – 1.6% | Natural Gas – 1.6% | Natural Gas – 1.6% | Natural Gas – 1.6% |
|  AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. | AmeriGas Partners LP / AmeriGas Finance Corp. |
|  | 100000 | 9.500 | 06/01/30<sup>(a)</sup> | 104750 |
|  Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. | Genesis Energy LP / Genesis Energy Finance Corp. |
|  | 150000 | 8.250 | 01/15/29 | 156281 |
|  | 150000 | 7.875 | 05/15/32 | 155438 |
|  NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. | NGL Energy Operating LLC / NGL Energy Finance Corp. |
|  | 120000 | 8.375 | 02/15/32<sup>(a)</sup> | 122550 |
|  Prairie Acquiror LP | Prairie Acquiror LP | Prairie Acquiror LP | Prairie Acquiror LP | Prairie Acquiror LP |
|  | 84000 | 9.000 | 08/01/29<sup>(a)</sup> | 87675 |
|  Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
|  | 118000 | 4.950 | 07/15/29<sup>(a)</sup> | 116377 |
|  | 140000 | 6.875 | 04/15/40<sup>(a)</sup> | 141400 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp. |
|  | 56000 | 6.000 | 03/01/27<sup>(a)</sup> | 56000 |
|  | 130000 | 5.500 | 01/15/28<sup>(a)</sup> | 129512 |
|  | 41000 | 7.375 | 02/15/29<sup>(a)</sup> | 42127 |
|  | 115000 | 6.000 | 09/01/31<sup>(a)</sup> | 112988 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  | 305000 | 8.375 | 06/01/31<sup>(a)</sup> | 319869 |
|  |  |  |  | 1544967 |
| Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% | Pharmaceuticals – 1.2% |
|  1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. | 1261229 BC Ltd. |
|  | 500000 | 10.000 | 04/15/32<sup>(a)</sup> | 520625 |
|  Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. | Bausch Health Cos., Inc. |
|  | 70000 | 5.000 | 01/30/28<sup>(a)</sup> | 60900 |
|  | 225000 | 4.875 | 06/01/28<sup>(a)</sup> | 203906 |
|  | 89000 | 11.000 | 09/30/28<sup>(a)</sup> | 93672 |
|  | 50000 | 5.000 | 02/15/29<sup>(a)</sup> | 38438 |
|  | 230000 | 6.250 | 02/15/29<sup>(a)</sup> | 181700 |
|  | 45000 | 5.250 | 01/30/30<sup>(a)</sup> | 33187 |
|  | 55000 | 5.250 | 02/15/31<sup>(a)</sup> | 37538 |
|  |  |  |  | 1169966 |
| Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% |
|  McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. | McGraw-Hill Education, Inc. |
|  | 179000 | 5.750 | 08/01/28<sup>(a)</sup> | 180119 |
| REITs and Real Estate – 2.7% | REITs and Real Estate – 2.7% | REITs and Real Estate – 2.7% | REITs and Real Estate – 2.7% | REITs and Real Estate – 2.7% |
|  Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. |
|  | 124000 | 5.750 | 01/15/29<sup>(a)</sup> | 115165 |
|  Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP | Brandywine Operating Partnership LP |
|  | 129000 | 8.875 | 04/12/29 | 139961 |
|  Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL | Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL |
|  | 32000 | 4.500 | 04/01/27<sup>(a)</sup> | 31327 |
|  Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC | Cushman & Wakefield U.S. Borrower LLC |
|  | 150000 | 6.750 | 05/15/28<sup>(a)</sup> | 152250 |
|  Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust | Diversified Healthcare Trust |
|  | 56000 | 4.750 | 02/15/28 | 52799 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
|  Diversified Healthcare Trust – (continued) | Diversified Healthcare Trust – (continued) | Diversified Healthcare Trust – (continued) | Diversified Healthcare Trust – (continued) | Diversified Healthcare Trust – (continued) |
| $| 69000 | 4.375% | 03/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58823 |
|  Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) | Howard Hughes Corp. (The) |
|  | 27000 | 5.375 | 08/01/28<sup>(a)</sup> | 26966 |
|  | 155000 | 4.125 | 02/01/29<sup>(a)</sup> | 148606 |
|  | 213000 | 4.375 | 02/01/31<sup>(a)</sup> | 198889 |
|  Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP | Hudson Pacific Properties LP |
|  | 169000 | 3.950 | 11/01/27 | 161642 |
|  | 46000 | 4.650 | 04/01/29 | 42422 |
|  Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
|  | 130000 | 5.000 | 03/01/31 | 121712 |
|  Office Properties Income Trust | Office Properties Income Trust | Office Properties Income Trust | Office Properties Income Trust | Office Properties Income Trust |
|  | 132000 | 9.000 | 09/30/29<sup>(a)</sup> | 92235 |
| Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer |
|  | 85000 | 5.875 | 10/01/28<sup>(a)</sup> | 85213 |
|  | 206000 | 4.875 | 05/15/29<sup>(a)</sup> | 201107 |
|  Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust | Service Properties Trust |
|  | 148000 | 8.375 | 06/15/29 | 153093 |
|  | 69000 | 4.950 | 10/01/29 | 61237 |
|  | 170000 | 8.625 | 11/15/31<sup>(a)</sup> | 180942 |
|  | 330000 | 8.875 | 06/15/32 | 340714 |
|  Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
|  | 100000 | 7.250 | 04/01/29<sup>(a)</sup> | 104967 |
|  | 86000 | 6.500 | 07/01/30<sup>(a)</sup> | 89225 |
|  |  |  |  | 2559295 |
| Rental Equipment – 1.3% | Rental Equipment – 1.3% | Rental Equipment – 1.3% | Rental Equipment – 1.3% | Rental Equipment – 1.3% |
|  Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. | Avis Budget Car Rental LLC / Avis Budget Finance, Inc. |
|  | 260000 | 5.750 | 07/15/27<sup>(a)</sup> | 259025 |
|  | 80000 | 5.375 | 03/01/29<sup>(a)</sup> | 78000 |
|  EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. | EquipmentShare.com, Inc. |
|  | 45000 | 8.625 | 05/15/32<sup>(a)</sup> | 48487 |
|  Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) | Hertz Corp. (The) |
|  | 65000 | 4.625 | 12/01/26<sup>(a)</sup> | 60450 |
|  | 218000 | 12.625 | 07/15/29<sup>(a)</sup> | 225358 |
|  United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. | United Rentals North America, Inc. |
|  | 99000 | 5.500 | 05/15/27 | 99000 |
|  | 128000 | 4.875 | 01/15/28 | 127520 |
|  | 136000 | 3.875 | 02/15/31 | 128520 |
|  | 110000 | 3.750 | 01/15/32 | 101475 |
|  | 127000 | 6.125 | 03/15/34<sup>(a)</sup> | 131610 |
|  |  |  |  | 1259445 |
| Revenue – 0.2% | Revenue – 0.2% | Revenue – 0.2% | Revenue – 0.2% | Revenue – 0.2% |
|  Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) | Toledo Hospital (The) |
|  | 27000 | 4.982 | 11/15/45 | 22073 |
|  Toledo Hospital (The), Series B | Toledo Hospital (The), Series B | Toledo Hospital (The), Series B | Toledo Hospital (The), Series B | Toledo Hospital (The), Series B |
|  | 130000 | 5.325 | 11/15/28 | 131462 |
|  |  |  |  | 153535 |
| Software – 1.9% | Software – 1.9% | Software – 1.9% | Software – 1.9% | Software – 1.9% |
|  Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
|  | 433000 | 6.500 | 03/31/29<sup>(a)</sup> | 438954 |
|  | 270000 | 9.000 | 09/30/29<sup>(a)</sup> | 281475 |
|  | 158000 | 8.250 | 06/30/32<sup>(a)</sup> | 169652 |
|  | 120000 | 6.625 | 08/15/33<sup>(a)</sup> | 122100 |
|  Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
|  | 115000 | 4.000 | 06/15/28<sup>(a)</sup> | 112269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
|  Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. | Gen Digital, Inc. |
|  $ | 295000 | 6.750% | 09/30/27<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300900 |
|  Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. | Rocket Software, Inc. |
|  | 100000 | 9.000 | 11/28/28<sup>(a)</sup> | 103000 |
|  SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. | SS&C Technologies, Inc. |
|  | 222000 | 5.500 | 09/30/27<sup>(a)</sup> | 222002 |
|  | 38000 | 6.500 | 06/01/32<sup>(a)</sup> | 39568 |
|  |  |  |  | 1789920 |
| Technology – 2.8% | Technology – 2.8% | Technology – 2.8% | Technology – 2.8% | Technology – 2.8% |
|  Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. | Arches Buyer, Inc. |
|  | 122000 | 4.250 | 06/01/28<sup>(a)</sup> | 118188 |
|  | 72000 | 6.125 | 12/01/28<sup>(a)</sup> | 69840 |
|  Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. | Block, Inc. |
|  | 244000 | 2.750 | 06/01/26 | 239425 |
|  | 236000 | 3.500 | 06/01/31 | 218300 |
|  Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. | Central Parent Inc / CDK Global, Inc. |
|  | 153000 | 7.250 | 06/15/29<sup>(a)</sup> | 128520 |
|  Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc. |
|  | 100000 | 8.000 | 06/15/29<sup>(a)</sup> | 87000 |
|  CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. | CoreWeave, Inc. |
|  | 184000 | 9.250 | 06/01/30<sup>(a)</sup> | 185380 |
|  | 150000 | 9.000 | 02/01/31<sup>(a)</sup> | 148875 |
|  Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. | Entegris, Inc. |
|  | 107000 | 4.375 | 04/15/28<sup>(a)</sup> | 104726 |
|  | 100000 | 5.950 | 06/15/30<sup>(a)</sup> | 101500 |
|  Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. |
|  | 125000 | 5.250 | 12/01/27<sup>(a)</sup> | 125000 |
|  Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
|  | 46000 | 5.000 | 12/15/27<sup>(a)</sup> | 45770 |
|  | 41000 | 4.625 | 06/01/28<sup>(a)</sup> | 40436 |
|  | 286000 | 3.625 | 10/01/31<sup>(a)</sup> | 258115 |
|  Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. | Newfold Digital Holdings Group, Inc. |
|  | 90000 | 11.750 | 10/15/28<sup>(a)</sup> | 60075 |
|  Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
|  | 56000 | 8.250 | 12/15/29<sup>(a)</sup> | 59570 |
|  | 281000 | 9.625 | 12/01/32<sup>(a)</sup> | 318935 |
|  | 45000 | 5.750 | 12/01/34<sup>(a)</sup> | 43988 |
|  Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. | Snap, Inc. |
|  | 140000 | 6.875 | 03/15/34<sup>(a)</sup> | 140350 |
|  Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. | Xerox Corp. |
|  | 100000 | 10.250 | 10/15/30<sup>(a)</sup> | 104000 |
|  Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. | Xerox Holdings Corp. |
|  | 115000 | 5.500 | 08/15/28<sup>(a)</sup> | 74606 |
|  | 30000 | 8.875 | 11/30/29<sup>(a)</sup> | 18375 |
|  |  |  |  | 2690974 |
| Transportation – 1.2% | Transportation – 1.2% | Transportation – 1.2% | Transportation – 1.2% | Transportation – 1.2% |
|  American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. | American Airlines, Inc. |
|  | 52000 | 7.250 | 02/15/28<sup>(a)</sup> | 53365 |
|  | 88000 | 8.500 | 05/15/29<sup>(a)</sup> | 92620 |
|  American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. | American Airlines, Inc. /AAdvantage Loyalty IP Ltd. |
|  | 204000 | 5.750 | 04/20/29<sup>(a)</sup> | 205530 |
|  FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC | FTAI Aviation Investors LLC |
|  | 221000 | 5.500 | 05/01/28<sup>(a)</sup> | 221552 |
|  | 116000 | 7.875 | 12/01/30<sup>(a)</sup> | 123395 |
|  XPO CNW, Inc. | XPO CNW, Inc. | XPO CNW, Inc. | XPO CNW, Inc. | XPO CNW, Inc. |
|  | 100000 | 6.700 | 05/01/34 | 105875 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
|  XPO, Inc. | XPO, Inc. | XPO, Inc. | XPO, Inc. | XPO, Inc. |
|  $ | 210000 | 7.125% | 06/01/31<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219188 |
|  | 85000 | 7.125 | 02/01/32<sup>(a)</sup> | 89462 |
|  |  |  |  | 1110987 |
| Wireless – 1.1% | Wireless – 1.1% | Wireless – 1.1% | Wireless – 1.1% | Wireless – 1.1% |
|  EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. | EchoStar Corp. |
|  | 300676 | 10.750 | 11/30/29 | 324354 |
|  Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. | Hughes Satellite Systems Corp. |
|  | 252000 | 6.625 | 08/01/26 | 234360 |
|  SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. | SBA Communications Corp. |
|  | 143000 | 3.875 | 02/15/27 | 141391 |
|  | 100000 | 3.125 | 02/01/29 | 94125 |
|  Viasat, Inc. | Viasat, Inc. | Viasat, Inc. | Viasat, Inc. | Viasat, Inc. |
|  | 100000 | 5.625 | 04/15/27<sup>(a)</sup> | 100000 |
|  | 138000 | 6.500 | 07/15/28<sup>(a)</sup> | 134033 |
|  | 59000 | 7.500 | 05/30/31<sup>(a)</sup> | 55386 |
|  |  |  |  | 1083649 |
| Wirelines – 2.1% | Wirelines – 2.1% | Wirelines – 2.1% | Wirelines – 2.1% | Wirelines – 2.1% |
|  Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC | Cablevision Lightpath LLC |
|  | 200000 | 5.625 | 09/15/28<sup>(a)</sup> | 199000 |
|  Embarq LLC | Embarq LLC | Embarq LLC | Embarq LLC | Embarq LLC |
|  | 239000 | 7.995 | 06/01/36 | 114122 |
|  Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC | Frontier Communications Holdings LLC |
|  | 35000 | 5.875 | 10/15/27<sup>(a)</sup> | 35022 |
|  | 253000 | 5.000 | 05/01/28<sup>(a)</sup> | 253000 |
|  | 63000 | 6.750 | 05/01/29<sup>(a)</sup> | 63630 |
|  | 114000 | 5.875 | 11/01/29 | 115283 |
|  | 133000 | 6.000 | 01/15/30<sup>(a)</sup> | 134496 |
|  | 61000 | 8.750 | 05/15/30<sup>(a)</sup> | 63974 |
|  | 35000 | 8.625 | 03/15/31<sup>(a)</sup> | 37231 |
|  Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. | Level 3 Financing, Inc. |
|  | 150000 | 4.875 | 06/15/29<sup>(a)</sup> | 140437 |
|  | 98000 | 3.750 | 07/15/29<sup>(a)</sup> | 82443 |
|  | 77000 | 4.500 | 04/01/30<sup>(a)</sup> | 69204 |
|  | 41000 | 3.875 | 10/15/30<sup>(a)</sup> | 34952 |
|  | 87976 | 10.750 | 12/15/30<sup>(a)</sup> | 99413 |
|  | 37000 | 4.000 | 04/15/31<sup>(a)</sup> | 31034 |
|  Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. | Lumen Technologies, Inc. |
|  | 131000 | 4.125 | 04/15/30<sup>(a)</sup> | 129199 |
|  Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U | Lumen Technologies, Inc., Series U |
|  | 50000 | 7.650 | 03/15/42 | 43062 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC |
|  | 50000 | 8.625 | 06/15/32<sup>(a)</sup> | 49625 |
|  Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC | Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC |
|  | 172000 | 10.500 | 02/15/28<sup>(a)</sup> | 181245 |
|  | 132000 | 4.750 | 04/15/28<sup>(a)</sup> | 129030 |
|  | 45000 | 6.500 | 02/15/29<sup>(a)</sup> | 43200 |
|  |  |  |  | 2048602 |
| TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS |
| (Cost $83,753,704) | (Cost $83,753,704) | (Cost $83,753,704) | (Cost $83,753,704) | 85290478 |
| Foreign Corporate Debt – 8.4% | Foreign Corporate Debt – 8.4% | Foreign Corporate Debt – 8.4% | Foreign Corporate Debt – 8.4% | Foreign Corporate Debt – 8.4% |
| Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% |
|  Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
|  | 30000 | 7.875 | 04/15/27<sup>(a)</sup> | 30075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) | Aerospace & Defense – (continued) |
|  Bombardier, Inc. (Canada) – (continued) | Bombardier, Inc. (Canada) – (continued) | Bombardier, Inc. (Canada) – (continued) | Bombardier, Inc. (Canada) – (continued) | Bombardier, Inc. (Canada) – (continued) |
|  $ | 110000 | 7.000% | 06/01/32<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114950 |
|  | 335000 | 7.450 | 05/01/34<sup>(a)</sup> | 366406 |
|  |  |  |  | 511431 |
| Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% | Basic Industry – 0.6% |
|  Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) | Mercer International, Inc. (Germany) |
|  | 63000 | 12.875 | 10/01/28<sup>(a)</sup> | 61740 |
|  | 75000 | 5.125 | 02/01/29 | 59344 |
|  Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) | Methanex Corp. (Canada) |
|  | 62000 | 5.250 | 12/15/29 | 61690 |
|  | 61000 | 5.650 | 12/01/44 | 50859 |
|  NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
|  | 173000 | 5.250 | 06/01/27<sup>(a)</sup> | 173865 |
|  | 94000 | 9.000 | 02/15/30<sup>(a)</sup> | 101050 |
|  | 65000 | 7.000 | 12/01/31<sup>(a)</sup> | 68656 |
|  |  |  |  | 577204 |
| Capital Goods – 0.2% | Capital Goods – 0.2% | Capital Goods – 0.2% | Capital Goods – 0.2% | Capital Goods – 0.2% |
|  Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) | Wrangler Holdco Corp. (Canada) |
|  | 162000 | 6.625 | 04/01/32<sup>(a)</sup> | 168885 |
| Communications – 1.1% | Communications – 1.1% | Communications – 1.1% | Communications – 1.1% | Communications – 1.1% |
|  Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) | Altice Financing SA (Luxembourg) |
|  | 335000 | 5.750 | 08/15/29<sup>(a)</sup> | 266325 |
|  Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) | Sunrise FinCo I BV (Netherlands) |
|  | 200000 | 4.875 | 07/15/31<sup>(a)</sup> | 191800 |
|  Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) | Virgin Media Secured Finance PLC (United Kingdom) |
|  | 225000 | 5.500 | 05/15/29<sup>(a)</sup> | 222001 |
|  | 200000 | 4.500 | 08/15/30<sup>(a)</sup> | 188114 |
|  VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) | VZ Secured Financing BV (Netherlands) |
|  | 240000 | 5.000 | 01/15/32<sup>(a)</sup> | 213263 |
|  |  |  |  | 1081503 |
| Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% |
|  1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) | 1011778 BC ULC / New Red Finance, Inc. (Canada) |
|  | 143000 | 3.875 | 01/15/28<sup>(a)</sup> | 139246 |
|  | 189000 | 4.375 | 01/15/28<sup>(a)</sup> | 186638 |
|  | 171000 | 3.500 | 02/15/29<sup>(a)</sup> | 163305 |
|  | 309000 | 4.000 | 10/15/30<sup>(a)</sup> | 289301 |
|  Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) | Brookfield Residential Properties, Inc. / Brookfield Residential U.S. LLC (Canada) |
|  | 52000 | 6.250 | 09/15/27<sup>(a)</sup> | 51805 |
|  | 70000 | 4.875 | 02/15/30<sup>(a)</sup> | 63875 |
|  Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
|  | 131000 | 4.625 | 02/15/27<sup>(a)</sup> | 130181 |
|  | 199000 | 8.375 | 11/15/32<sup>(a)</sup> | 207458 |
|  Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) | Global Auto Holdings Ltd/AAG FH UK Ltd. (United Kingdom) |
|  | 200000 | 11.500 | 08/15/29<sup>(a)</sup> | 199000 |
|  Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) | Mattamy Group Corp. (Canada) |
|  | 144000 | 5.250 | 12/15/27<sup>(a)</sup> | 143460 |
|  | 113000 | 4.625 | 03/01/30<sup>(a)</sup> | 109045 |
|  Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) | Nissan Motor Co. Ltd. (Japan) |
|  | 237000 | 4.810 | 09/17/30<sup>(a)</sup> | 220913 |
|  ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) | ZF North America Capital, Inc. (Germany) |
|  | 150000 | 6.750 | 04/23/30<sup>(a)</sup> | 146062 |
|  | 150000 | 6.875 | 04/23/32<sup>(a)</sup> | 143625 |
|  |  |  |  | 2193914 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% | Consumer Products – 0.1% |
|  Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) | Kronos Acquisition Holdings, Inc. (Canada) |
|  $ | 30000 | 8.250% | 06/30/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22613 |
|  | 26000 | 10.750 | 06/30/32<sup>(a)</sup> | 13390 |
|  |  |  |  | 36003 |
| Electric – 0.1% | Electric – 0.1% | Electric – 0.1% | Electric – 0.1% | Electric – 0.1% |
|  TransAlta Corp. (Canada) | TransAlta Corp. (Canada) | TransAlta Corp. (Canada) | TransAlta Corp. (Canada) | TransAlta Corp. (Canada) |
|  | 100000 | 6.500 | 03/15/40 | 98500 |
| Energy – 0.3% | Energy – 0.3% | Energy – 0.3% | Energy – 0.3% | Energy – 0.3% |
|  Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) | Baytex Energy Corp. (Canada) |
|  | 237000 | 8.500 | 04/30/30<sup>(a)</sup> | 242036 |
| Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% |
|  goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) | goeasy Ltd. (Canada) |
|  | 166000 | 9.250 | 12/01/28<sup>(a)</sup> | 175130 |
| Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% |
|  Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) |
|  | 200000 | 6.250 | 07/24/30<sup>(a)</sup> | 200500 |
| Internet & Data – 0.4% | Internet & Data – 0.4% | Internet & Data – 0.4% | Internet & Data – 0.4% | Internet & Data – 0.4% |
|  Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) | Rakuten Group, Inc. (Japan) |
|  | 100000 | 11.250 | 02/15/27<sup>(a)</sup> | 108500 |
|  | 265000 | 9.750 | 04/15/29<sup>(a)</sup> | 295144 |
|  |  |  |  | 403644 |
| Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% |
|  Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) | Mineral Resources Ltd. (Australia) |
|  | 63000 | 8.125 | 05/01/27<sup>(a)</sup> | 63394 |
|  | 63000 | 9.250 | 10/01/28<sup>(a)</sup> | 66229 |
|  |  |  |  | 129623 |
| Mining – 0.4% | Mining – 0.4% | Mining – 0.4% | Mining – 0.4% | Mining – 0.4% |
|  First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) | First Quantum Minerals Ltd. (Zambia) |
|  | 200000 | 8.625 | 06/01/31<sup>(a)</sup> | 209250 |
|  Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) | Fortescue Treasury Pty Ltd. (Australia) |
|  | 208000 | 4.375 | 04/01/31<sup>(a)</sup> | 198922 |
|  |  |  |  | 408172 |
| Natural Gas – 0.1% | Natural Gas – 0.1% | Natural Gas – 0.1% | Natural Gas – 0.1% | Natural Gas – 0.1% |
|  Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) | Parkland Corp. (Canada) |
|  | 129000 | 4.625 | 05/01/30<sup>(a)</sup> | 124646 |
| Software – 0.2% | Software – 0.2% | Software – 0.2% | Software – 0.2% | Software – 0.2% |
|  Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) | Open Text Corp. (Canada) |
|  | 133000 | 3.875 | 02/15/28<sup>(a)</sup> | 129675 |
|  | 47000 | 3.875 | 12/01/29<sup>(a)</sup> | 44298 |
|  Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) | Open Text Holdings, Inc. (Canada) |
|  | 19000 | 4.125 | 02/15/30<sup>(a)</sup> | 18002 |
|  | 19000 | 4.125 | 12/01/31<sup>(a)</sup> | 17504 |
|  |  |  |  | 209479 |
| Transportation – 0.4% | Transportation – 0.4% | Transportation – 0.4% | Transportation – 0.4% | Transportation – 0.4% |
|  VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) | VistaJet Malta Finance PLC / Vista Management Holding, Inc. (Switzerland) |
|  | 165000 | 7.875 | 05/01/27<sup>(a)</sup> | 167302 |
|  | 83000 | 9.500 | 06/01/28<sup>(a)</sup> | 85998 |
|  | 133000 | 6.375 | 02/01/30<sup>(a)</sup> | 128084 |
|  |  |  |  | 381384 |
| Wireless – 0.5% | Wireless – 0.5% | Wireless – 0.5% | Wireless – 0.5% | Wireless – 0.5% |
|  Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) | Connect Finco Sarl / Connect U.S. Finco LLC (United Kingdom) |
|  | 235000 | 9.000 | 09/15/29<sup>(a)</sup> | 245281 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS HIGH YIELD CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
|  Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.653%) |
|  $ | 150000 | 7.000% | 04/15/55 | $154687 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) |
|  | 70000 | 7.125 | 04/15/55 | 72713 |
|  |  |  |  | 472681 |
| Wirelines – 0.7% | Wirelines – 0.7% | Wirelines – 0.7% | Wirelines – 0.7% | Wirelines – 0.7% |
|  Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
|  | 200000 | 7.721 | 06/04/38<sup>(a)</sup> | 203750 |
|  Maya SAS/Paris France (France) | Maya SAS/Paris France (France) | Maya SAS/Paris France (France) | Maya SAS/Paris France (France) | Maya SAS/Paris France (France) |
|  | 200000 | 8.500 | 04/15/31<sup>(a)</sup> | 215500 |
|  Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) |
|  | 215000 | 7.200 | 07/18/36 | 227958 |
|  |  |  |  | 647208 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $7,895,321)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $7,895,321)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $7,895,321)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $7,895,321)** | 8061943 |
|  | **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 1.6%<sup>(c)</sup> | Investment Company – 1.6%<sup>(c)</sup> | Investment Company – 1.6%<sup>(c)</sup> | Investment Company – 1.6%<sup>(c)</sup> | Investment Company – 1.6%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1512522 | 4.154% | 4.154% | 1512522 |
| **(Cost $1,512,522)** | **(Cost $1,512,522)** | **(Cost $1,512,522)** | **(Cost $1,512,522)** |  |
| **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $93,161,547)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $93,161,547)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $93,161,547)** | **TOTAL INVESTMENTS – 98.9%**<br> **(Cost $93,161,547)** | $94864943 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 1.1%** | 1025705 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95890648 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Pay-in-kind securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

---

------

GOLDMAN SACHS ACCESS INFLATION PROTECTED USD BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Inflation Indexed Bonds – 99.3% | U.S. Treasury Inflation Indexed Bonds – 99.3% | U.S. Treasury Inflation Indexed Bonds – 99.3% | U.S. Treasury Inflation Indexed Bonds – 99.3% |
| U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds | U.S. Treasury Inflation Indexed Bonds |
| 8258288 | 0.125% | 10/15/26 | $8210895 |
| 3455834 | 0.375 | 01/15/27 | 3432431 |
| 1625082 | 2.375 | 01/15/27 | 1657634 |
| 6474151 | 0.125 | 04/15/27 | 6389724 |
| 1020620 | 0.375 | 07/15/27 | 1015828 |
| 5755873 | 1.625 | 10/15/27 | 5868144 |
| 12263423 | 0.500 | 01/15/28 | 12153260 |
| 5775866 | 1.250 | 04/15/28 | 5820754 |
| 13355213 | 0.750 | 07/15/28 | 13347794 |
| 7637154 | 2.375 | 10/15/28 | 7998997 |
| 3268909 | 3.875 | 04/15/29 | 3598220 |
| 7834717 | 0.250 | 07/15/29 | 7635455 |
| 10296802 | 0.125 | 01/15/30 | 9874626 |
| 5321678 | 0.125 | 07/15/30 | 5082428 |
| 1358065 | 0.125 | 01/15/31 | 1280331 |
| 12451308 | 0.125 | 07/15/31 | 11669387 |
| 9304385 | 0.125 | 01/15/32 | 8588358 |
| 12387388 | 0.625 | 07/15/32 | 11756280 |
| 7565196 | 1.375 | 07/15/33 | 7457994 |
| 5411498 | 1.750 | 01/15/34 | 5436649 |
| 10333154 | 1.875 | 07/15/34 | 10470978 |
| 2832518 | 2.125 | 02/15/40 | 2821254 |
| 9707068 | 0.750 | 02/15/42 | 7560268 |
| 958853 | 0.750 | 02/15/45 | 695732 |
| 543175 | 1.000 | 02/15/46 | 407275 |
| 5510695 | 0.875 | 02/15/47 | 3951860 |
| 3875752 | 1.000 | 02/15/48 | 2813864 |
| 971650 | 1.000 | 02/15/49 | 693740 |
| 6644573 | 0.250 | 02/15/50 | 3781715 |
| 7211936 | 0.125 | 02/15/52 | 3749413 |
| 704183 | 2.125 | 02/15/54 | 629191 |
| TOTAL U.S. TREASURY INFLATION INDEXED BONDS<br>(Cost $178,047,525) | TOTAL U.S. TREASURY INFLATION INDEXED BONDS<br>(Cost $178,047,525) | TOTAL U.S. TREASURY INFLATION INDEXED BONDS<br>(Cost $178,047,525) | 175850479 |
| **Shares** | **Dividend<br>Rate** | **Dividend<br>Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 187422 | 4.154% | 4.154% | 187422 |
| **(Cost $187,422)** | **(Cost $187,422)** | **(Cost $187,422)** |  |
| TOTAL INVESTMENTS – 99.4%<br> **(Cost $178,234,947)** | TOTAL INVESTMENTS – 99.4%<br> **(Cost $178,234,947)** | TOTAL INVESTMENTS – 99.4%<br> **(Cost $178,234,947)** | $176037901 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – 0.6%** | 1080693 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177118594 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 87.0% | Corporate Obligations – 87.0% | Corporate Obligations – 87.0% | Corporate Obligations – 87.0% | Corporate Obligations – 87.0% |
| Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% | Aerospace & Defense – 1.6% |
|  Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
|  $ | 29000 | 5.040% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29292 |
|  | 10000 | 3.250 | 03/01/28 | 9742 |
|  | 8000 | 2.950 | 02/01/30 | 7516 |
|  | 14000 | 5.150 | 05/01/30 | 14384 |
|  General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
|  | 12000 | 1.150 | 06/01/26 | 11728 |
|  Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. | Huntington Ingalls Industries, Inc. |
|  | 15000 | 3.483 | 12/01/27 | 14756 |
|  Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
|  | 45000 | 3.200 | 02/01/27 | 44416 |
|  | 11000 | 3.250 | 01/15/28 | 10802 |
|  RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
|  | 10000 | 6.700 | 08/01/28 | 10579 |
|  | 29000 | 5.750 | 01/15/29 | 30448 |
|  Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
|  | 10000 | 3.650 | 03/15/27 | 9889 |
|  |  |  |  | 193552 |
| Banks – 24.9% | Banks – 24.9% | Banks – 24.9% | Banks – 24.9% | Banks – 24.9% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. | American Express Co. |
|  | 14000 | 3.300 | 05/03/27 | 13838 |
|  | 15000 | 5.850 | 11/05/27 | 15558 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.020%) |
|  | 30000 | 5.085 | 01/30/31<sup>(a)</sup> | 30921 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) |
|  | 12000 | 5.016 | 04/25/31<sup>(a)</sup> | 12332 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
|  | 24000 | 4.376 | 04/27/28<sup>(a)</sup> | 24068 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
|  | 30000 | 6.204 | 11/10/28<sup>(a)</sup> | 31384 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) |
|  | 22000 | 3.419 | 12/20/28<sup>(a)</sup> | 21607 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.630%) |
|  | 32000 | 5.202 | 04/25/29<sup>(a)</sup> | 32806 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) |
|  | 10000 | 4.623 | 05/09/29<sup>(a)</sup> | 10107 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) |
|  | 25000 | 2.592 | 04/29/31<sup>(a)</sup> | 23126 |
|  Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) |
|  | 29000 | 3.593 | 07/21/28<sup>(a)</sup> | 28686 |
|  Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
|  | 37000 | 4.948 | 07/22/28<sup>(a)</sup> | 37479 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |
|  | 20000 | 3.970 | 03/05/29<sup>(a)</sup> | 19871 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
|  | 10000 | 2.087 | 06/14/29<sup>(a)</sup> | 9460 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
|  | 44000 | 4.271 | 07/23/29<sup>(a)</sup> | 44091 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) |
|  | 30000 | 3.974 | 02/07/30<sup>(a)</sup> | 29733 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) |
|  | 40000 | 2.496 | 02/13/31<sup>(a)</sup> | 37025 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) |
|  | 4000 | 1.898 | 07/23/31<sup>(a)</sup> | 3554 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
|  $ | 100000 | 2.050% | 01/26/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97467 |
|  | 50000 | 3.400 | 01/29/28 | 49568 |
|  | 60000 | 3.850 | 04/28/28 | 60149 |
|  Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
|  | 18000 | 3.650 | 05/11/27 | 17862 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) |
|  | 15000 | 5.468 | 02/01/29<sup>(a)</sup> | 15421 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) |
|  | 44000 | 6.312 | 06/08/29<sup>(a)</sup> | 46258 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.905%) |
|  | 37000 | 5.700 | 02/01/30<sup>(a)</sup> | 38438 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) |
|  | 10000 | 5.643 | 05/19/29<sup>(a)</sup> | 10400 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.878%) |
|  | 22000 | 6.196 | 11/17/29<sup>(a)</sup> | 23419 |
|  Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) |
|  | 74000 | 1.462 | 06/09/27<sup>(a)</sup> | 72316 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) |
|  | 29000 | 3.980 | 03/20/30<sup>(a)</sup> | 28658 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.338%) |
|  | 50000 | 4.542 | 09/19/30<sup>(a)</sup> | 50192 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.146%) |
|  | 79000 | 2.666 | 01/29/31<sup>(a)</sup> | 73311 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.914%) |
|  | 15000 | 4.412 | 03/31/31<sup>(a)</sup> | 14955 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) |
|  | 16000 | 2.572 | 06/03/31<sup>(a)</sup> | 14708 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.280%) |
|  | 6000 | 5.592 | 11/19/34<sup>(a)</sup> | 6128 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  | 37000 | 2.850 | 07/27/26 | 36540 |
|  | 8000 | 3.250 | 04/30/30 | 7579 |
|  Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
|  | 15000 | 2.550 | 05/05/27 | 14638 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.355%) |
|  | 70000 | 4.055 | 04/25/28<sup>(a)</sup> | 69859 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) |
|  | 10000 | 4.772 | 07/28/30<sup>(a)</sup> | 10142 |
|  First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.766%) |
|  | 22000 | 5.514 | 03/07/31<sup>(a)</sup> | 22665 |
|  First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. | First-Citizens Bank & Trust Co. |
|  | 45000 | 6.125 | 03/09/28 | 46842 |
|  Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
|  | 29000 | 6.208 | 08/21/29<sup>(a)</sup> | 30523 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.276%) |
|  | 12000 | 5.272 | 01/15/31<sup>(a)</sup> | 12354 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.170%) |
|  | 18000 | 2.947 | 02/24/28<sup>(a)</sup> | 17669 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
|  | 35000 | 4.323 | 04/26/28<sup>(a)</sup> | 35072 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 30000 | 4.979% | 07/22/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 29000 | 4.851 | 07/25/28<sup>(a)</sup> | 29375 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.207%) |
| 10000 | 3.509 | 01/23/29<sup>(a)</sup> | 9859 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.015%) |
| 22000 | 2.069 | 06/01/29<sup>(a)</sup> | 20831 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.522%) |
| 15000 | 4.203 | 07/23/29<sup>(a)</sup> | 15012 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.450%) |
| 59000 | 5.299 | 07/24/29<sup>(a)</sup> | 60722 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) |
| 37000 | 6.087 | 10/23/29<sup>(a)</sup> | 39011 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.160%) |
| 30000 | 5.581 | 04/22/30<sup>(a)</sup> | 31363 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) |
| 10000 | 4.995 | 07/22/30<sup>(a)</sup> | 10251 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) |
| 30000 | 2.739 | 10/15/30<sup>(a)</sup> | 28276 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
| 20000 | 2.522 | 04/22/31<sup>(a)</sup> | 18463 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.515%) |
| 64000 | 2.956 | 05/13/31<sup>(a)</sup> | 59699 |
| KeyCorp, GMTN | KeyCorp, GMTN | KeyCorp, GMTN | KeyCorp, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.227%) |
| 35000 | 5.121 | 04/04/31<sup>(a)</sup> | 35766 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) |
| 7000 | 7.413 | 10/30/29<sup>(a)</sup> | 7620 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.400%) |
| 30000 | 5.179 | 07/08/31<sup>(a)</sup> | 30732 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 15000 | 3.591 | 07/22/28<sup>(a)</sup> | 14810 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) |
| 29000 | 6.296 | 10/18/28<sup>(a)</sup> | 30265 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.260%) |
| 20000 | 5.656 | 04/18/30<sup>(a)</sup> | 20891 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.100%) |
| 14000 | 4.654 | 10/18/30<sup>(a)</sup> | 14160 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.108%) |
| 30000 | 5.230 | 01/15/31<sup>(a)</sup> | 30939 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) |
| 15000 | 5.192 | 04/17/31<sup>(a)</sup> | 15451 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) |
| 30000 | 3.772 | 01/24/29<sup>(a)</sup> | 29720 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.890%) |
| 20000 | 4.431 | 01/23/30<sup>(a)</sup> | 20099 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) |
| 64000 | 2.699 | 01/22/31<sup>(a)</sup> | 59619 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 74000 | 5.164 | 04/20/29<sup>(a)</sup> | 75620 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 32000 | 1.950 | 05/01/30 | 29140 |

---

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.730%) |
| $14000 | 6.615% | 10/20/27<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14351 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 15000 | 5.354 | 12/02/28<sup>(a)</sup> | 15416 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) |
| 37000 | 5.582 | 06/12/29<sup>(a)</sup> | 38374 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) |
| 30000 | 5.492 | 05/14/30<sup>(a)</sup> | 31281 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.072%) |
| 20000 | 5.222 | 01/29/31<sup>(a)</sup> | 20657 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) |
| 15000 | 2.490 | 01/06/28<sup>(a)</sup> | 14642 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) |
| 15000 | 6.499 | 03/09/29<sup>(a)</sup> | 15683 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) |
| 40000 | 5.353 | 09/06/30<sup>(a)</sup> | 41205 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| 20000 | 4.536 | 02/28/28 | 20292 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) |
| 30000 | 4.530 | 02/20/29<sup>(a)</sup> | 30309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.484%) |
| 22000 | 5.684 | 11/21/29<sup>(a)</sup> | 23111 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 22000 | 3.031 | 11/01/34<sup>(a)</sup> | 20600 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 15000 | 3.950 | 12/01/27 | 14816 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) |
| 22000 | 5.450 | 03/06/31<sup>(a)</sup> | 22455 |
| Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) |
| 22000 | 6.168 | 11/01/30<sup>(a)</sup> | 22876 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.446%) |
| 22000 | 7.161 | 10/30/29<sup>(a)</sup> | 23882 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 22000 | 5.435 | 01/24/30<sup>(a)</sup> | 22803 |
| 28000 | 1.950 | 06/05/30 | 25211 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) |
| 14000 | 6.787 | 10/26/27<sup>(a)</sup> | 14392 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.061%) |
| 45000 | 5.046 | 02/12/31<sup>(a)</sup> | 46181 |
| U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) |
| 6000 | 4.548 | 07/22/28<sup>(a)</sup> | 6045 |
| 45000 | 3.000 | 07/30/29 | 43012 |
| U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN |
| (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) | (SOFR + 0.730%) |
| 7000 | 2.215 | 01/27/28<sup>(a)</sup> | 6806 |
| U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
| 15000 | 3.150 | 04/27/27 | 14802 |
| US Bancorp | US Bancorp | US Bancorp | US Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| 22000 | 5.775 | 06/12/29<sup>(a)</sup> | 22941 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 17000 | 3.000 | 10/23/26 | 16787 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.790%) |
|  $ | 37000 | 6.303% | 10/23/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39198 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) |
|  | 37000 | 5.198 | 01/23/30<sup>(a)</sup> | 38084 |
|  | 12000 | 5.150 | 04/23/31<sup>(a)</sup> | 12350 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.110%) |
|  | 11000 | 5.244 | 01/24/31<sup>(a)</sup> | 11353 |
|  Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.432%) |
|  | 8000 | 3.196 | 06/17/27<sup>(a)</sup> | 7934 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) |
|  | 42000 | 3.526 | 03/24/28<sup>(a)</sup> | 41545 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
|  | 11000 | 3.584 | 05/22/28<sup>(a)</sup> | 10885 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) |
|  | 11000 | 2.393 | 06/02/28<sup>(a)</sup> | 10661 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) |
|  | 12000 | 4.808 | 07/25/28<sup>(a)</sup> | 12143 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
|  | 37000 | 5.574 | 07/25/29<sup>(a)</sup> | 38387 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) |
|  | 33000 | 2.572 | 02/11/31<sup>(a)</sup> | 30603 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) |
|  | 20000 | 4.478 | 04/04/31<sup>(a)</sup> | 20051 |
|  |  |  |  | 2979055 |
| Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% |
|  Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
|  | 3000 | 7.375 | 11/01/29 | 3327 |
|  Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
|  | 10000 | 3.450 | 06/01/27 | 9877 |
|  |  |  |  | 13204 |
| Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% | Broadcasting – 0.1% |
|  Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
|  | 15000 | 4.709 | 01/25/29 | 15169 |
| Brokerage – 0.5% | Brokerage – 0.5% | Brokerage – 0.5% | Brokerage – 0.5% | Brokerage – 0.5% |
|  Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. | Ameriprise Financial, Inc. |
|  | 45000 | 2.875 | 09/15/26 | 44438 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  | 20000 | 4.350 | 06/15/29 | 20139 |
|  |  |  |  | 64577 |
| Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% |
|  Owens Corning | Owens Corning | Owens Corning | Owens Corning | Owens Corning |
|  | 10000 | 3.500 | 02/15/30 | 9669 |
| Capital Goods – 4.0% | Capital Goods – 4.0% | Capital Goods – 4.0% | Capital Goods – 4.0% | Capital Goods – 4.0% |
|  3M Co. | 3M Co. | 3M Co. | 3M Co. | 3M Co. |
|  | 15000 | 3.050 | 04/15/30 | 14255 |
|  3M Co., MTN | 3M Co., MTN | 3M Co., MTN | 3M Co., MTN | 3M Co., MTN |
|  | 45000 | 2.250 | 09/19/26 | 44148 |
|  Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
|  | 15000 | 1.650 | 01/15/27 | 14466 |
|  Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. | Caterpillar Financial Services Corp. |
|  | 42000 | 4.850 | 02/27/29 | 43163 |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
|  | 10000 | 5.100 | 04/20/29 | 10252 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
|  | 10000 | 2.700 | 08/15/29 | 9509 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) |
|  $ | 21000 | 4.700% | 02/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21433 |
|  IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. | IDEX Corp. |
|  | 20000 | 4.950 | 09/01/29 | 20443 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  | 29000 | 4.250 | 05/15/27 | 28986 |
|  John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. | John Deere Capital Corp. |
|  | 10000 | 4.500 | 01/08/27 | 10074 |
|  John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
|  | 10000 | 4.900 | 06/11/27 | 10183 |
|  | 15000 | 4.750 | 01/20/28 | 15278 |
|  | 15000 | 1.500 | 03/06/28 | 14137 |
|  | 29000 | 4.850 | 06/11/29 | 29836 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 22000 | 2.293 | 04/05/27 | 21368 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  | 7000 | 2.900 | 07/01/26 | 6920 |
|  | 20000 | 3.375 | 11/15/27 | 19762 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  | 10000 | 2.000 | 06/30/30 | 8976 |
|  Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. | Sonoco Products Co. |
|  | 20000 | 4.600 | 09/01/29 | 20080 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 15000 | 7.000 | 07/15/28 | 16138 |
|  | 11000 | 4.625 | 02/15/30 | 11208 |
|  | 40000 | 4.650 | 03/15/30 | 40786 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  | 15000 | 4.700 | 09/15/28 | 15210 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  | 15000 | 4.900 | 03/15/29 | 15305 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  | 15000 | 1.950 | 01/30/28 | 14322 |
|  |  |  |  | 476238 |
| Communications – 2.2% | Communications – 2.2% | Communications – 2.2% | Communications – 2.2% | Communications – 2.2% |
|  Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
|  | 15000 | 5.050 | 03/30/29 | 15226 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 29000 | 5.350 | 11/15/27 | 29778 |
|  | 29000 | 3.550 | 05/01/28 | 28641 |
|  | 20000 | 3.400 | 04/01/30 | 19326 |
|  Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
|  | 125000 | 3.375 | 11/15/26 | 124148 |
|  | 29000 | 3.700 | 03/23/27 | 28901 |
|  | 20000 | 3.800 | 03/22/30 | 19777 |
|  |  |  |  | 265797 |
| Consumer Cyclical – 8.8% | Consumer Cyclical – 8.8% | Consumer Cyclical – 8.8% | Consumer Cyclical – 8.8% | Consumer Cyclical – 8.8% |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  | 11000 | 4.550 | 12/01/27 | 11158 |
|  | 44000 | 3.450 | 04/13/29 | 43379 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  | 15000 | 5.650 | 11/15/28 | 15658 |
|  American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN |
|  | 15000 | 3.500 | 02/15/28 | 14785 |
|  AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
|  | 20000 | 1.950 | 08/01/28 | 18721 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  $ | 15000 | 4.000% | 04/15/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14790 |
|  Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
|  | 16000 | 1.600 | 04/20/30 | 14386 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  | 7000 | 1.300 | 10/15/26 | 6779 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  | 37000 | 6.625 | 10/01/28 | 39122 |
|  | 31000 | 9.625 | 04/22/30 | 36370 |
|  General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
|  | 25000 | 6.800 | 10/01/27 | 26098 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  | 15000 | 2.700 | 08/20/27 | 14565 |
|  | 22000 | 3.850 | 01/05/28 | 21747 |
|  | 31000 | 5.550 | 07/15/29 | 31984 |
|  | 30000 | 5.350 | 01/07/30 | 30710 |
|  Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
|  | 7000 | 4.450 | 06/01/28 | 7014 |
|  Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
|  | 15000 | 2.800 | 09/14/27 | 14675 |
|  | 25000 | 4.900 | 04/15/29 | 25760 |
|  Lear Corp. | Lear Corp. | Lear Corp. | Lear Corp. | Lear Corp. |
|  | 20000 | 4.250 | 05/15/29 | 19848 |
|  Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
|  | 15000 | 4.750 | 11/29/27 | 15118 |
|  Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
|  | 15000 | 1.700 | 09/15/28 | 14002 |
|  Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
|  | 22000 | 4.875 | 05/15/29 | 22417 |
|  Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X | Marriott International, Inc., Series X |
|  | 45000 | 4.000 | 04/15/28 | 44838 |
|  Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
|  | 20000 | 2.950 | 06/01/29 | 19329 |
|  | 19000 | 3.350 | 03/26/30 | 18474 |
|  McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
|  | 29000 | 3.500 | 03/01/27 | 28774 |
|  | 45000 | 2.125 | 03/01/30 | 41188 |
|  NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
|  | 11000 | 2.850 | 03/27/30 | 10462 |
|  Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
|  | 12000 | 2.000 | 03/12/27 | 11629 |
|  | 15000 | 3.500 | 03/01/28 | 14816 |
|  Target Corp. | Target Corp. | Target Corp. | Target Corp. | Target Corp. |
|  | 20000 | 2.350 | 02/15/30 | 18592 |
|  Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
|  | 45000 | 4.350 | 02/15/28 | 45056 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  | 37000 | 5.400 | 11/20/26 | 37589 |
|  | 40000 | 4.550 | 08/09/29 | 40638 |
|  Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
|  | 150000 | 1.900 | 01/13/27 | 145898 |
|  | 29000 | 3.050 | 03/22/27 | 28573 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  | 20000 | 1.900 | 04/15/27 | 19402 |
|  | 37000 | 2.750 | 09/15/27 | 36201 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  | 25000 | 7.550 | 02/15/30 | 28614 |
|  |  |  |  | 1049159 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – 6.7% | Consumer Noncyclical – 6.7% | Consumer Noncyclical – 6.7% | Consumer Noncyclical – 6.7% | Consumer Noncyclical – 6.7% |
|  Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
|  $ | 15000 | 1.150% | 01/30/28 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14096 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  | 22000 | 4.800 | 03/15/27 | 22232 |
|  | 22000 | 4.800 | 03/15/29 | 22528 |
|  | 29000 | 3.200 | 11/21/29 | 27962 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  | 29000 | 4.800 | 02/14/29 | 29451 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  | 45000 | 3.000 | 02/22/29 | 43412 |
|  | 15000 | 5.250 | 03/02/30 | 15579 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  | 45000 | 3.700 | 06/06/27 | 44662 |
|  Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
|  | 37000 | 4.900 | 02/22/29 | 37994 |
|  Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
|  | 10000 | 5.000 | 11/15/29 | 10238 |
|  Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
|  | 15000 | 4.625 | 12/15/29 | 14403 |
|  | 40000 | 3.375 | 02/15/30 | 36333 |
|  Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
|  | 11000 | 4.850 | 11/01/28 | 11114 |
|  Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
|  | 20000 | 4.750 | 02/15/30 | 20332 |
|  Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
|  | 18000 | 3.100 | 05/15/27 | 17786 |
|  General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
|  | 14000 | 4.875 | 01/30/30 | 14330 |
|  Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
|  | 20000 | 4.800 | 11/15/29 | 20556 |
|  Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
|  | 36000 | 1.350 | 02/03/27 | 34640 |
|  Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. |
|  | 25000 | 2.900 | 06/01/30 | 23386 |
|  Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
|  | 22000 | 2.900 | 01/15/28 | 21580 |
|  Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
|  | 11000 | 4.625 | 01/30/29 | 11102 |
|  Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. | Merck Sharp & Dohme Corp. |
|  | 15000 | 6.400 | 03/01/28 | 15864 |
|  Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
|  | 47000 | 3.450 | 03/15/29 | 46301 |
|  Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
|  | 20000 | 4.375 | 11/01/27 | 20136 |
|  | 22000 | 4.875 | 02/15/28 | 22408 |
|  | 20000 | 5.125 | 02/15/30 | 20682 |
|  Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
|  | 20000 | 4.850 | 02/10/30 | 20509 |
|  Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
|  | 14000 | 5.950 | 04/01/30 | 14895 |
|  The Campbell's Company | The Campbell's Company | The Campbell's Company | The Campbell's Company | The Campbell's Company |
|  | 15000 | 4.150 | 03/15/28 | 15001 |
|  | 15000 | 2.375 | 04/24/30 | 13701 |
|  Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
|  | 10000 | 5.000 | 01/31/29 | 10315 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 40000 | 4.250 | 01/15/29 | 40054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
|  Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
|  $ | 23000 | 4.625% | 10/15/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22794 |
|  Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
|  | 12000 | 2.300 | 06/22/27 | 11512 |
|  | 8000 | 2.700 | 06/22/30 | 7197 |
|  Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
|  | 20000 | 4.700 | 02/19/27 | 20155 |
|  |  |  |  | 795240 |
| Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% | Consumer Products – 0.7% |
|  Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
|  | 10000 | 3.900 | 11/19/29 | 9749 |
|  Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
|  | 20000 | 5.050 | 03/22/28 | 20497 |
|  | 40000 | 5.000 | 03/22/30 | 41357 |
|  Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
|  | 6000 | 1.900 | 02/01/27 | 5841 |
|  | 11000 | 3.000 | 03/25/30 | 10556 |
|  |  |  |  | 88000 |
| Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% | Distributors – 0.2% |
|  PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN | PACCAR Financial Corp., MTN |
|  | 25000 | 4.600 | 01/31/29 | 25464 |
| Electric – 6.5% | Electric – 6.5% | Electric – 6.5% | Electric – 6.5% | Electric – 6.5% |
|  AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. | AEP Texas, Inc. |
|  | 30000 | 5.450 | 05/15/29 | 31185 |
|  Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
|  | 15000 | 5.950 | 03/15/28 | 15587 |
|  CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC | CenterPoint Energy Houston Electric LLC |
|  | 6000 | 4.800 | 03/15/30 | 6152 |
|  CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |
|  | 30000 | 7.000 | 02/15/55<sup>(a)</sup> | 31612 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) |
|  | 10000 | 4.750 | 06/01/50<sup>(a)</sup> | 9775 |
|  Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 | Commonwealth Edison Co., Series 122 |
|  | 28000 | 2.950 | 08/15/27 | 27477 |
|  Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
|  | 14000 | 4.700 | 01/15/30 | 14304 |
|  DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
|  | 28000 | 4.250 | 05/14/27 | 28130 |
|  | 16000 | 2.250 | 03/01/30 | 14750 |
|  DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
|  | 15000 | 4.875 | 06/01/28 | 15281 |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
|  | 12000 | 2.650 | 09/01/26 | 11814 |
|  | 29000 | 4.300 | 03/15/28 | 29198 |
|  Edison International | Edison International | Edison International | Edison International | Edison International |
|  | 37000 | 5.750 | 06/15/27 | 37709 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
|  | 15000 | 1.900 | 06/15/28 | 14138 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
|  | 22000 | 5.150 | 03/15/28 | 22549 |
|  FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. | FirstEnergy Corp. |
|  | 20000 | 2.650 | 03/01/30 | 18588 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
|  FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B | FirstEnergy Corp., Series B |
|  $ | 15000 | 3.900% | 07/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14890 |
|  National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN | National Rural Utilities Cooperative Finance Corp., GMTN |
|  | 22000 | 4.850 | 02/07/29 | 22545 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
|  | 7000 | 4.900 | 02/28/28 | 7132 |
|  | 15000 | 2.750 | 11/01/29 | 14183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.547%) |
|  | 45000 | 3.800 | 03/15/82<sup>(a)</sup> | 43497 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
|  | 18000 | 5.200 | 07/01/29 | 18604 |
|  NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
|  | 7000 | 2.700 | 06/01/26 | 6897 |
|  | 30000 | 4.850 | 03/01/30 | 30696 |
|  Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
|  | 21000 | 3.300 | 03/15/27 | 20645 |
|  | 15000 | 5.450 | 06/15/27 | 15251 |
|  Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. | Piedmont Natural Gas Co., Inc. |
|  | 30000 | 3.500 | 06/01/29 | 29322 |
|  Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
|  | 22000 | 3.650 | 09/01/28 | 21776 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  | 45000 | 3.250 | 06/15/27 | 44233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |
|  | 7000 | 4.125 | 04/01/52<sup>(a)</sup> | 6814 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  | 11000 | 5.850 | 11/01/27 | 11324 |
|  | 23000 | 5.150 | 06/01/29 | 23496 |
|  Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. | Southern California Gas Co. |
|  | 37000 | 2.950 | 04/15/27 | 36370 |
|  Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
|  | 12000 | 3.250 | 07/01/26 | 11893 |
|  | 14000 | 5.500 | 03/15/29 | 14572 |
|  Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M | Southwestern Electric Power Co., Series M |
|  | 22000 | 4.100 | 09/15/28 | 21946 |
|  Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
|  | 27000 | 2.875 | 07/15/29 | 25890 |
|  |  |  |  | 770225 |
| Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% | Electrical – 0.1% |
|  Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. |
|  | 16000 | 3.500 | 02/15/28 | 15726 |
| Energy – 6.4% | Energy – 6.4% | Energy – 6.4% | Energy – 6.4% | Energy – 6.4% |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
|  | 11000 | 3.337 | 12/15/27 | 10835 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  | 29000 | 4.450 | 07/15/27 | 29079 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  | 125000 | 5.017 | 11/17/27 | 127598 |
|  | 44000 | 4.699 | 04/10/29 | 44847 |
|  Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. |
|  | 26000 | 1.995 | 05/11/27 | 25240 |
|  | 36000 | 2.236 | 05/11/30 | 33214 |
|  DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP | DCP Midstream Operating LP |
|  | 10000 | 5.625 | 07/15/27 | 10228 |
|  Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
|  | 38000 | 4.500 | 01/15/30 | 38121 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| $| 29000 | 5.550% | 02/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29830 |
|  | 20000 | 3.750 | 05/15/30 | 19371 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  | 29000 | 3.125 | 07/31/29 | 27958 |
|  Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.295%) |
|  | 10000 | 5.250 | 08/16/77<sup>(a)</sup> | 9935 |
| EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
|  | 13000 | 7.000 | 02/01/30 | 14166 |
| Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
|  | 45000 | 5.375 | 03/15/30 | 45412 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
|  | 10000 | 2.275 | 08/16/26 | 9843 |
| Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. | Hercules Capital, Inc. |
|  | 15000 | 3.375 | 01/20/27 | 14636 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
|  | 15000 | 5.000 | 02/01/29 | 15307 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP | MPLX LP |
|  | 10000 | 2.650 | 08/15/30 | 9131 |
| National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. | National Fuel Gas Co. |
|  | 45000 | 3.950 | 09/15/27 | 44546 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
|  | 15000 | 6.375 | 09/01/28 | 15689 |
|  | 10000 | 5.200 | 08/01/29 | 10128 |
|  | 10000 | 3.500 | 08/15/29 | 9478 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
|  | 10000 | 3.400 | 09/01/29 | 9630 |
|  | 10000 | 4.400 | 10/15/29 | 9994 |
|  | 10000 | 3.100 | 03/15/30 | 9443 |
| Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
|  | 40000 | 3.750 | 03/01/28 | 39624 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
|  | 23000 | 5.000 | 03/15/27 | 23195 |
| Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
|  | 21000 | 2.375 | 11/07/29 | 19802 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
|  | 15000 | 6.150 | 03/01/29 | 15828 |
| Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
|  | 10000 | 7.000 | 10/15/28 | 10770 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
|  | 12000 | 4.050 | 02/01/30 | 11688 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
|  | 25000 | 4.800 | 11/15/29 | 25454 |
|  |  |  |  | 770020 |
| Financial Company – 2.7% | Financial Company – 2.7% | Financial Company – 2.7% | Financial Company – 2.7% | Financial Company – 2.7% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
|  | 27000 | 3.625 | 04/01/27 | 26779 |
|  | 15000 | 3.625 | 12/01/27 | 14831 |
| Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN |
|  | 9000 | 3.750 | 06/01/26 | 8947 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
|  | 11000 | 7.100 | 11/15/27 | 11603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.730%) |
|  | 15000 | 5.543 | 01/17/31<sup>(a)</sup> | 15341 |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
|  | 20000 | 5.875 | 08/30/30<sup>(b)</sup> | 20280 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
|  Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
|  $ | 13000 | 2.875% | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12670 |
|  | 10000 | 5.950 | 07/15/29 | 10334 |
|  Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. | Bain Capital Specialty Finance, Inc. |
|  | 15000 | 2.550 | 10/13/26 | 14606 |
|  Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
|  | 15000 | 4.000 | 01/15/29 | 14644 |
|  | 45000 | 5.950 | 07/16/29 | 46449 |
|  Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
|  | 30000 | 5.875 | 11/15/27 | 30734 |
|  Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
|  | 14000 | 5.950 | 03/15/29 | 14199 |
|  Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. | Blue Owl Credit Income Corp. |
|  | 18000 | 7.750 | 01/15/29 | 19293 |
|  FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. | FS KKR Capital Corp. |
|  | 12000 | 3.250 | 07/15/27 | 11556 |
|  GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
|  | 37000 | 3.850 | 03/30/27 | 36687 |
|  Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
|  | 7000 | 6.000 | 07/15/29 | 7187 |
|  Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund | Morgan Stanley Direct Lending Fund |
|  | 10000 | 6.150 | 05/17/29 | 10314 |
|  |  |  |  | 326454 |
| Food and Beverage – 1.0% | Food and Beverage – 1.0% | Food and Beverage – 1.0% | Food and Beverage – 1.0% | Food and Beverage – 1.0% |
|  Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
|  | 37000 | 1.500 | 03/05/28 | 35017 |
|  Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
|  | 15000 | 3.150 | 08/01/29 | 14382 |
|  Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
|  | 22000 | 3.950 | 04/15/29 | 21643 |
|  PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
|  | 20000 | 4.600 | 02/07/30 | 20463 |
|  | 15000 | 2.750 | 03/19/30 | 14161 |
|  | 16000 | 1.625 | 05/01/30 | 14336 |
|  |  |  |  | 120002 |
| Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% | Hardware – 0.2% |
|  Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
|  | 20000 | 4.663 | 02/15/30 | 20102 |
| Healthcare – 1.8% | Healthcare – 1.8% | Healthcare – 1.8% | Healthcare – 1.8% | Healthcare – 1.8% |
|  Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
|  | 20000 | 2.400 | 03/15/30 | 18407 |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
|  | 10000 | 3.000 | 08/15/26 | 9869 |
|  | 37000 | 4.300 | 03/25/28 | 37060 |
|  | 23000 | 3.750 | 04/01/30 | 22253 |
|  | 10000 | 1.750 | 08/21/30 | 8753 |
|  HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
|  | 12000 | 4.500 | 02/15/27 | 12033 |
|  | 29000 | 5.875 | 02/01/29 | 30254 |
|  McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. | McKesson Corp. |
|  | 45000 | 3.950 | 02/16/28 | 44935 |
|  UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
|  | 29000 | 5.250 | 02/15/28 | 29790 |
|  |  |  |  | 213354 |
| Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% | Insurance – 1.6% |
|  Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
|  | 20000 | 4.850 | 12/15/29 | 20428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| $| 11000 | 2.300% | 03/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10741 |
| Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
|  | 25000 | 3.700 | 06/22/27 | 24652 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
|  | 11000 | 3.650 | 04/05/27 | 10907 |
| Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. | Enstar Group Ltd. |
|  | 20000 | 4.950 | 06/01/29 | 20163 |
| Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
|  | 22000 | 3.800 | 03/01/28 | 21791 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
|  | 26000 | 4.650 | 03/15/30 | 26468 |
| Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
|  | 25000 | 3.200 | 03/26/30 | 24110 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 2.665%) |
|  | 15000 | 5.700 | 09/15/48<sup>(a)</sup> | 15299 |
| Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. | Radian Group, Inc. |
|  | 15000 | 4.875 | 03/15/27 | 15095 |
|  |  |  |  | 189654 |
| Lodging – 0.3% | Lodging – 0.3% | Lodging – 0.3% | Lodging – 0.3% | Lodging – 0.3% |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
|  | 10000 | 3.900 | 08/08/29 | 9644 |
|  | 10000 | 6.000 | 08/15/29 | 10374 |
|  | 10000 | 6.000 | 06/14/30 | 10423 |
|  |  |  |  | 30441 |
| Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% | Media Non Cable – 0.2% |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
|  | 12000 | 4.375 | 11/15/26 | 12123 |
|  | 7000 | 6.375 | 05/15/29 | 7550 |
|  |  |  |  | 19673 |
| Mining – 0.2% | Mining – 0.2% | Mining – 0.2% | Mining – 0.2% | Mining – 0.2% |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
|  | 7000 | 4.125 | 03/01/28 | 6975 |
|  | 11000 | 4.250 | 03/01/30 | 10886 |
|  |  |  |  | 17861 |
| Publishing – 0.1% | Publishing – 0.1% | Publishing – 0.1% | Publishing – 0.1% | Publishing – 0.1% |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
|  | 15000 | 2.700 | 03/01/29 | 14359 |
| REITs and Real Estate – 4.8% | REITs and Real Estate – 4.8% | REITs and Real Estate – 4.8% | REITs and Real Estate – 4.8% | REITs and Real Estate – 4.8% |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
|  | 27000 | 4.900 | 02/15/29 | 27476 |
| AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN |
|  | 15000 | 3.200 | 01/15/28 | 14726 |
| Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
|  | 15000 | 4.500 | 12/01/28 | 15026 |
|  | 7000 | 3.400 | 06/21/29 | 6719 |
| Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP | Brixmor Operating Partnership LP |
|  | 15000 | 3.900 | 03/15/27 | 14937 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
|  | 10000 | 4.800 | 06/15/30 | 10164 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
|  | 13000 | 3.700 | 08/15/27 | 12902 |
|  | 22000 | 3.600 | 07/01/29 | 21490 |
| DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC | DOC DR LLC |
|  | 33000 | 3.950 | 01/15/28 | 32844 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| EPR Properties | EPR Properties | EPR Properties | EPR Properties | EPR Properties |
| $| 6000 | 4.500% | 06/01/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5983 |
|  | 10000 | 3.750 | 08/15/29 | 9606 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
|  | 17000 | 1.800 | 07/15/27 | 16280 |
| ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP |
|  | 26000 | 3.250 | 08/01/27 | 25633 |
|  | 20000 | 3.000 | 07/01/29 | 19199 |
|  | 18000 | 2.500 | 02/15/30 | 16792 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
|  | 10000 | 3.000 | 01/15/30 | 9460 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
|  | 40000 | 5.700 | 04/01/28 | 41431 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
|  | 20000 | 3.000 | 01/15/30 | 18935 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
|  | 10000 | 3.050 | 02/15/30 | 9235 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
|  | 27000 | 3.800 | 04/01/27 | 26859 |
| Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. | Omega Healthcare Investors, Inc. |
|  | 50000 | 4.500 | 04/01/27 | 50205 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP | Prologis LP |
|  | 16000 | 2.250 | 04/15/30 | 14705 |
| Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
|  | 7000 | 3.385 | 05/01/29 | 6829 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
|  | 29000 | 3.250 | 06/15/29 | 28065 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
|  | 29000 | 3.375 | 06/15/27 | 28700 |
|  | 15000 | 2.450 | 09/13/29 | 14072 |
| Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP | Ventas Realty LP |
|  | 15000 | 4.400 | 01/15/29 | 15058 |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
|  | 22000 | 4.125 | 03/15/29 | 21993 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
|  | 27000 | 4.250 | 10/01/26 | 26980 |
|  | 10000 | 3.850 | 07/15/29 | 9850 |
|  |  |  |  | 572154 |
| Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% |
| SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. | SSM Health Care Corp. |
|  | 7000 | 4.894 | 06/01/28 | 7131 |
| Software – 0.6% | Software – 0.6% | Software – 0.6% | Software – 0.6% | Software – 0.6% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
|  | 37000 | 3.250 | 11/15/27 | 36315 |
|  | 40000 | 4.650 | 05/06/30 | 40572 |
|  |  |  |  | 76887 |
| Technology – 6.9% | Technology – 6.9% | Technology – 6.9% | Technology – 6.9% | Technology – 6.9% |
| Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. | Accenture Capital, Inc. |
|  | 60000 | 4.050 | 10/04/29 | 59976 |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
|  | 20000 | 2.300 | 02/01/30 | 18609 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
|  | 10000 | 1.100 | 08/15/30 | 8747 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
|  | 37000 | 4.000 | 05/10/28 | 37256 |
|  | 104000 | 1.650 | 05/11/30 | 93838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| $| 45000 | 3.875% | 01/12/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44431 |
| Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. |
|  | 13000 | 3.875 | 01/15/27 | 12965 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
|  | 22000 | 4.750 | 04/15/29 | 22413 |
|  | 18000 | 5.050 | 07/12/29 | 18527 |
|  | 15000 | 4.350 | 02/15/30 | 15008 |
| Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. | Cadence Design Systems, Inc. |
|  | 70000 | 4.200 | 09/10/27 | 70163 |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
|  | 15000 | 5.100 | 03/01/30 | 15254 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
|  | 26000 | 4.800 | 02/26/27 | 26354 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
|  | 26000 | 5.250 | 02/01/28 | 26681 |
|  | 18000 | 5.300 | 10/01/29 | 18669 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
|  | 18000 | 3.200 | 07/01/26 | 17828 |
|  | 15000 | 3.500 | 07/01/29 | 14554 |
| Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
|  | 10000 | 4.875 | 06/15/29 | 10105 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
|  | 18000 | 4.550 | 10/15/29 | 18122 |
| HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
|  | 14000 | 5.400 | 04/25/30 | 14563 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
|  | 29000 | 4.875 | 02/10/28 | 29363 |
|  | 15000 | 5.125 | 02/10/30 | 15383 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
|  | 34000 | 6.220 | 08/01/27 | 35387 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
|  | 12000 | 1.350 | 07/15/27 | 11456 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
|  | 16000 | 4.600 | 04/06/27 | 16050 |
|  | 20000 | 3.000 | 10/30/29 | 18975 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
|  | 30000 | 2.450 | 04/15/28 | 28768 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
|  | 14000 | 4.300 | 08/15/29 | 14196 |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
|  | 45000 | 3.300 | 02/06/27 | 44680 |
| TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. | TD SYNNEX Corp. |
|  | 7000 | 2.375 | 08/09/28 | 6640 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
|  | 45000 | 2.900 | 11/03/27 | 44109 |
|  |  |  |  | 829070 |
| Transportation – 1.1% | Transportation – 1.1% | Transportation – 1.1% | Transportation – 1.1% | Transportation – 1.1% |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
|  | 13000 | 3.250 | 06/01/27 | 12823 |
| Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN | Ryder System, Inc., MTN |
|  | 4000 | 1.750 | 09/01/26 | 3897 |
|  | 6000 | 2.900 | 12/01/26 | 5892 |
|  | 15000 | 5.650 | 03/01/28 | 15530 |
| Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. | Southwest Airlines Co. |
|  | 20000 | 2.625 | 02/10/30 | 18442 |
|  Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 14-1 |
|  | 9946 | 3.227 | 05/14/26 | 9850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. | United Parcel Service of America, Inc. |
| $| 45000 | 7.620% | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51205 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
|  | 14000 | 4.450 | 04/01/30 | 14248 |
|  |  |  |  | 131887 |
| Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
|  | 15000 | 3.750 | 09/01/28 | 14885 |
| Wireless – 2.4% | Wireless – 2.4% | Wireless – 2.4% | Wireless – 2.4% | Wireless – 2.4% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
|  | 10000 | 3.375 | 10/15/26 | 9899 |
|  | 29000 | 5.500 | 03/15/28 | 29896 |
|  | 10000 | 2.100 | 06/15/30 | 8999 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
|  | 7000 | 1.650 | 02/01/28 | 6600 |
|  | 15000 | 4.350 | 03/01/29 | 15057 |
|  | 20000 | 4.700 | 08/15/30 | 20275 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  | 45000 | 2.900 | 03/15/27 | 44110 |
|  | 26000 | 5.000 | 01/11/28 | 26397 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
|  | 12000 | 3.750 | 04/15/27 | 11933 |
|  | 52000 | 2.050 | 02/15/28 | 49587 |
|  | 10000 | 4.850 | 01/15/29 | 10210 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
|  | 18000 | 2.100 | 03/22/28 | 17168 |
|  | 37000 | 4.329 | 09/21/28 | 37285 |
|  |  |  |  | 287416 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,248,826) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,248,826) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,248,826) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $10,248,826) | 10402425 |
| Foreign Corporate Debt – 11.4% | Foreign Corporate Debt – 11.4% | Foreign Corporate Debt – 11.4% | Foreign Corporate Debt – 11.4% | Foreign Corporate Debt – 11.4% |
| Banks – 7.0% | Banks – 7.0% | Banks – 7.0% | Banks – 7.0% | Banks – 7.0% |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
|  | 20000 | 5.370 | 06/04/27 | 20457 |
|  | 22000 | 5.203 | 02/01/28 | 22565 |
|  | 18000 | 5.717 | 09/25/28 | 18836 |
|  Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
|  | 13000 | 2.700 | 08/03/26 | 12837 |
|  | 100000 | 5.350 | 12/07/26 | 101505 |
|  | 20000 | 1.950 | 02/02/27 | 19452 |
|  | 37000 | 2.951 | 03/11/27 | 36429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.070%) |
|  | 17000 | 5.130 | 02/14/31<sup>(a)</sup> | 17521 |
|  Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) | Bank of Nova Scotia (The), GMTN (Canada) |
|  | 80000 | 5.450 | 08/01/29 | 83477 |
|  Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
|  | 29000 | 5.001 | 04/28/28 | 29695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.335%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.335%) |
|  | 40000 | 4.631 | 09/11/30<sup>(a)</sup> | 40466 |
|  Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
|  | 15000 | 3.287 | 07/25/27 | 14805 |
|  | 44000 | 3.741 | 03/07/29 | 43505 |
|  Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
|  | 23000 | 3.625 | 05/04/27 | 22879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 1.060%) |
|  | 20000 | 4.696 | 08/06/31<sup>(a)</sup> | 20211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| $| 29000 | 1.150% | 07/14/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28297 |
|  | 15000 | 4.240 | 08/03/27 | 15104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.080%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.080%) |
|  | 30000 | 4.650 | 10/18/30<sup>(a)</sup> | 30250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.130%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFRINDX + 1.130%) |
|  | 17000 | 4.970 | 05/02/31<sup>(a)</sup> | 17401 |
|  Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
|  | 15000 | 3.446 | 01/11/27 | 14877 |
|  | 22000 | 3.352 | 10/18/27 | 21700 |
|  | 37000 | 3.544 | 01/17/28 | 36584 |
|  | 15000 | 3.944 | 07/19/28 | 14975 |
|  Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
|  | 30000 | 4.783 | 12/17/29 | 30685 |
|  Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |
|  | 74000 | 1.200 | 06/03/26 | 72355 |
|  | 4000 | 4.808 | 06/03/30 | 4090 |
|  Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
|  | 22000 | 5.050 | 04/16/29 | 22784 |
|  Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USISOA05 + 2.236%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(USISOA05 + 2.236%) |
|  | 22000 | 4.322 | 11/23/31<sup>(a)</sup> | 21905 |
|  |  |  |  | 835647 |
| Communications – 0.3% | Communications – 0.3% | Communications – 0.3% | Communications – 0.3% | Communications – 0.3% |
|  RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
|  | 30000 | 4.750 | 03/27/30 | 30632 |
| Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% | Consumer Noncyclical – 0.6% |
|  Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |
|  | 40000 | 4.850 | 02/26/29 | 41046 |
|  AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) |
|  | 10000 | 1.375 | 08/06/30 | 8787 |
|  BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
|  | 26000 | 5.931 | 02/02/29 | 27378 |
|  |  |  |  | 77211 |
| Energy – 0.6% | Energy – 0.6% | Energy – 0.6% | Energy – 0.6% | Energy – 0.6% |
|  Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
|  | 15000 | 3.125 | 11/15/29 | 14317 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(TSFR3M + 3.903%) |
|  | 12000 | 6.250 | 03/01/78<sup>(a)</sup> | 12150 |
|  TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
|  | 20000 | 2.829 | 01/10/30 | 19092 |
|  TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
|  | 20000 | 4.100 | 04/15/30 | 19690 |
|  Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 3.208%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3M USD LIBOR + 3.208%) |
|  | 7000 | 5.300 | 03/15/77<sup>(a)</sup> | 6977 |
|  |  |  |  | 72226 |
| Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% |
|  Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
|  | 37000 | 3.900 | 01/25/28 | 36720 |
|  | 10000 | 4.850 | 03/29/29 | 10171 |
|  | 10000 | 4.350 | 04/15/30 | 9985 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
|  | 22000 | 5.000 | 09/13/27 | 22347 |
|  |  |  |  | 79223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% | Food and Beverage – 0.1% |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 15000 | 3.500% | 06/01/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14608 |
| Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 13000 | 2.500 | 09/15/28 | 12178 |
| Insurance – 0.4% | Insurance – 0.4% | Insurance – 0.4% | Insurance – 0.4% |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 25000 | 4.625 | 04/29/30 | 25091 |
| Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) | Manulife Financial Corp. (Canada) |
| 18000 | 2.484 | 05/19/27 | 17492 |
|  |  |  | 42583 |
| Metals – 0.5% | Metals – 0.5% | Metals – 0.5% | Metals – 0.5% |
| ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) | ArcelorMittal SA (Luxembourg) |
| 40000 | 6.550 | 11/29/27 | 41755 |
| 15000 | 4.250 | 07/16/29 | 14940 |
|  |  |  | 56695 |
| Metals and Mining – 0.2% | Metals and Mining – 0.2% | Metals and Mining – 0.2% | Metals and Mining – 0.2% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 15000 | 5.000 | 02/21/30 | 15503 |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 14000 | 4.875 | 03/14/30 | 14346 |
|  |  |  | 29849 |
| Technology – 0.2% | Technology – 0.2% | Technology – 0.2% | Technology – 0.2% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 29000 | 3.875 | 06/18/26 | 28873 |
| Transportation – 0.5% | Transportation – 0.5% | Transportation – 0.5% | Transportation – 0.5% |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 60000 | 4.000 | 06/01/28 | 60089 |
| Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 11000 | 5.000 | 02/15/29 | 11227 |
| Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% |
| Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) |
| 10000 | 8.750 | 06/15/30 | 11845 |
| TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,345,036) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,345,036) | TOTAL FOREIGN CORPORATE DEBT<br>(Cost $1,345,036) | 1362886 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> | Investment Company – 0.0%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31 | 4.154% | 31 |
| **(Cost $31)** | **(Cost $31)** | **(Cost $31)** |
| TOTAL INVESTMENTS – 98.4%<br>(Cost $11,593,893) | TOTAL INVESTMENTS – 98.4%<br>(Cost $11,593,893) | $11765342 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.6%** | 187678 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953020 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE 1-5 YEAR BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |
| TSFR | —Term Secured Overnight Financing Rate |
| USISOA | —USD SOFR ICE Swap Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 81.7% | Corporate Obligations – 81.7% | Corporate Obligations – 81.7% | Corporate Obligations – 81.7% |
| Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% | Aerospace & Defense – 2.5% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| $659000 | 6.259% | 05/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;679125 |
| 2560000 | 2.950 | 02/01/30 | 2405240 |
| 300000 | 5.930 | 05/01/60 | 291401 |
| General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
| 440000 | 3.500 | 04/01/27 | 437833 |
| 230000 | 3.750 | 05/15/28 | 229712 |
| 250000 | 4.250 | 04/01/40 | 226573 |
| 384000 | 4.250 | 04/01/50 | 318069 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 560000 | 4.400 | 06/15/28 | 563717 |
| 130000 | 6.150 | 12/15/40 | 138212 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 300000 | 4.375 | 05/15/30 | 299051 |
| 505000 | 2.300 | 02/15/31 | 449329 |
| 300000 | 5.750 | 03/15/33 | 314867 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 91000 | 5.100 | 11/15/27 | 93160 |
| 450000 | 5.250 | 01/15/33 | 469577 |
| 1002000 | 4.750 | 02/15/34 | 1000771 |
| 193000 | 4.070 | 12/15/42 | 162382 |
| 232000 | 3.800 | 03/01/45 | 183989 |
| 100000 | 4.700 | 05/15/46 | 89099 |
| 546000 | 2.800 | 06/15/50 | 340962 |
| 168000 | 4.090 | 09/15/52 | 131122 |
| 220000 | 4.150 | 06/15/53 | 172862 |
| 200000 | 5.700 | 11/15/54 | 200126 |
| 148000 | 5.900 | 11/15/63 | 152714 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 1328000 | 4.030 | 10/15/47 | 1052105 |
| 300000 | 5.250 | 05/01/50 | 281954 |
| 400000 | 5.200 | 06/01/54 | 367871 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 174000 | 5.750 | 11/08/26 | 176916 |
| 880000 | 3.125 | 05/04/27 | 866403 |
| 1332000 | 6.000 | 03/15/31 | 1437534 |
| 936000 | 6.100 | 03/15/34 | 1019363 |
| 520000 | 4.500 | 06/01/42 | 459196 |
| 856000 | 4.150 | 05/15/45 | 704155 |
| 400000 | 3.750 | 11/01/46 | 307343 |
| 540000 | 4.625 | 11/16/48 | 468957 |
| 490000 | 2.820 | 09/01/51 | 304374 |
|  |  |  | 16796064 |
| Banks – 14.3% | Banks – 14.3% | Banks – 14.3% | Banks – 14.3% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 190000 | 1.650 | 11/04/26 | 184660 |
| 300000 | 3.300 | 05/03/27 | 296517 |
| 182000 | 5.850 | 11/05/27 | 188772 |
| 546000 | 4.050 | 05/03/29 | 547240 |
| 180000 | 4.050 | 12/03/42 | 152441 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 813000 | 5.043 | 07/26/28<sup>(a)</sup> | 827005 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 1.280%) |
| 550000 | 5.282 | 07/27/29<sup>(a)</sup> | 567358 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.940%) |
| 250000 | 6.489 | 10/30/31<sup>(a)</sup> | 273778 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.255%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.255%) |
| $192000 | 4.989% | 05/26/33<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193284 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.774%) |
| 355000 | 3.705 | 04/24/28<sup>(a)</sup> | 351969 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 432000 | 6.204 | 11/10/28<sup>(a)</sup> | 451927 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.302%) |
| 964000 | 3.419 | 12/20/28<sup>(a)</sup> | 946785 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.570%) |
| 290000 | 5.819 | 09/15/29<sup>(a)</sup> | 303543 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.150%) |
| 519000 | 2.592 | 04/29/31<sup>(a)</sup> | 480096 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.320%) |
| 522000 | 2.687 | 04/22/32<sup>(a)</sup> | 473036 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) |
| 404000 | 2.299 | 07/21/32<sup>(a)</sup> | 356436 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.210%) |
| 322000 | 2.572 | 10/20/32<sup>(a)</sup> | 287862 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.910%) |
| 1170000 | 5.288 | 04/25/34<sup>(a)</sup> | 1203159 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.840%) |
| 1446000 | 5.872 | 09/15/34<sup>(a)</sup> | 1533143 |
| 156000 | 6.110 | 01/29/37 | 165610 |
| 370000 | 7.750 | 05/14/38 | 444353 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.076%) |
| 418000 | 4.244 | 04/24/38<sup>(a)</sup> | 382488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
| 551000 | 3.311 | 04/22/42<sup>(a)</sup> | 426936 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) |
| 190000 | 3.946 | 01/23/49<sup>(a)</sup> | 149113 |
| Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN | Bank of America Corp., GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.632%) |
| 786000 | 3.593 | 07/21/28<sup>(a)</sup> | 777501 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| 90000 | 4.250 | 10/22/26 | 89995 |
| 157000 | 3.248 | 10/21/27 | 154623 |
| 96000 | 5.875 | 02/07/42 | 100094 |
| 53000 | 5.000 | 01/21/44 | 50484 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.837%) |
| 588000 | 3.824 | 01/20/28<sup>(a)</sup> | 585089 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.050%) |
| 292000 | 2.551 | 02/04/28<sup>(a)</sup> | 285535 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.040%) |
| 582000 | 4.948 | 07/22/28<sup>(a)</sup> | 589542 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |
| 150000 | 3.970 | 03/05/29<sup>(a)</sup> | 149028 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
| 306000 | 2.087 | 06/14/29<sup>(a)</sup> | 289488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 1055000 | 4.271 | 07/23/29<sup>(a)</sup> | 1057182 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.472%) |
| 644000 | 3.974 | 02/07/30<sup>(a)</sup> | 638278 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.442%) |
| 420000 | 3.194 | 07/23/30<sup>(a)</sup> | 403822 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.452%) |
| 281000 | 2.884 | 10/22/30<sup>(a)</sup> | 266443 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.252%) |
| $465000 | 2.496% | 02/13/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;430412 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.530%) |
| 870000 | 1.898 | 07/23/31<sup>(a)</sup> | 772881 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.370%) |
| 536000 | 1.922 | 10/24/31<sup>(a)</sup> | 472786 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.330%) |
| 554000 | 2.972 | 02/04/33<sup>(a)</sup> | 500110 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.582%) |
| 118000 | 4.078 | 04/23/40<sup>(a)</sup> | 103421 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.930%) |
| 576000 | 2.676 | 06/19/41<sup>(a)</sup> | 415750 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.252%) |
| 126000 | 4.443 | 01/20/48<sup>(a)</sup> | 107050 |
| Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L |
| 385000 | 4.183 | 11/25/27 | 384677 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.220%) |
| 404000 | 2.651 | 03/11/32<sup>(a)</sup> | 368028 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| 500000 | 6.000 | 10/15/36 | 534898 |
| Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
| 865000 | 2.050 | 01/26/27 | 843090 |
| 136000 | 3.250 | 05/16/27 | 134534 |
| 579000 | 3.400 | 01/29/28 | 573993 |
| 339000 | 3.850 | 04/28/28 | 339841 |
| 144000 | 3.300 | 08/23/29 | 139517 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.331%) |
| 764000 | 3.442 | 02/07/28<sup>(a)</sup> | 758005 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.845%) |
| 642000 | 6.474 | 10/25/34<sup>(a)</sup> | 708476 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 339000 | 3.750 | 03/09/27 | 337067 |
| 187000 | 3.650 | 05/11/27 | 185564 |
| 368000 | 3.800 | 01/31/28 | 365038 |
| 405000 | 6.700 | 11/29/32 | 445975 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.855%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.855%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.855%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.855%) |
| 12000 | 1.878 | 11/02/27<sup>(a)</sup> | 11655 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.057%) |
| 211000 | 4.927 | 05/10/28<sup>(a)</sup> | 213364 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.080%) |
| 200000 | 5.468 | 02/01/29<sup>(a)</sup> | 205622 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.640%) |
| 204000 | 6.312 | 06/08/29<sup>(a)</sup> | 214470 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.370%) |
| 450000 | 5.268 | 05/10/33<sup>(a)</sup> | 460194 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.600%) |
| 912000 | 5.817 | 02/01/34<sup>(a)</sup> | 948043 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.860%) |
| 436000 | 6.377 | 06/08/34<sup>(a)</sup> | 470461 |
| Capital One NA | Capital One NA | Capital One NA | Capital One NA |
| 650000 | 4.650 | 09/13/28 | 658269 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| 636000 | 5.875 | 08/24/26 | 645541 |
| 702000 | 2.000 | 03/20/28 | 668954 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.210%) |
| 240000 | 5.643 | 05/19/29<sup>(a)</sup> | 249605 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.500%) |
| $290000 | 5.853% | 05/19/34<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308634 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 250000 | 5.803 | 09/29/28 | 262133 |
| 1494000 | 5.570 | 04/30/34 | 1567311 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) |
| 66000 | 1.462 | 06/09/27<sup>(a)</sup> | 64498 |
| 510000 | 4.125 | 07/25/28 | 509199 |
| 110000 | 8.125 | 07/15/39 | 138641 |
| 1034000 | 5.300 | 05/06/44 | 984354 |
| 309000 | 4.650 | 07/30/45 | 270405 |
| 100000 | 4.750 | 05/18/46 | 87221 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.454%) |
| 1078000 | 4.075 | 04/23/29<sup>(a)</sup> | 1073571 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.364%) |
| 452000 | 5.174 | 02/13/30<sup>(a)</sup> | 463863 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.600%) |
| 740000 | 3.980 | 03/20/30<sup>(a)</sup> | 731286 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.422%) |
| 100000 | 2.976 | 11/05/30<sup>(a)</sup> | 94432 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.107%) |
| 200000 | 2.572 | 06/03/31<sup>(a)</sup> | 183855 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.167%) |
| 850000 | 2.561 | 05/01/32<sup>(a)</sup> | 763337 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.177%) |
| 66000 | 2.520 | 11/03/32<sup>(a)</sup> | 58597 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.939%) |
| 966000 | 3.785 | 03/17/33<sup>(a)</sup> | 905993 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.086%) |
| 700000 | 4.910 | 05/24/33<sup>(a)</sup> | 702806 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.338%) |
| 500000 | 6.270 | 11/17/33<sup>(a)</sup> | 542798 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.056%) |
| 500000 | 5.827 | 02/13/35<sup>(a)</sup> | 513255 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.447%) |
| 544000 | 5.449 | 06/11/35<sup>(a)</sup> | 557962 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.430%) |
| 66000 | 3.878 | 01/24/39<sup>(a)</sup> | 57238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.548%) |
| 455000 | 5.316 | 03/26/41<sup>(a)</sup> | 445752 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.379%) |
| 263000 | 2.904 | 11/03/42<sup>(a)</sup> | 188081 |
| Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.000%) |
| 1092000 | 4.575 | 08/09/28<sup>(a)</sup> | 1098219 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| 92000 | 3.250 | 04/30/30 | 87155 |
| Comerica Bank | Comerica Bank | Comerica Bank | Comerica Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) |
| 300000 | 5.332 | 08/25/33<sup>(a)</sup> | 296496 |
| Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
| 220000 | 2.550 | 05/05/27 | 214696 |
| 190000 | 8.250 | 03/01/38 | 232761 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.192%) |
| 273000 | 6.361 | 10/27/28<sup>(a)</sup> | 286216 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.127%) |
| 746000 | 4.772 | 07/28/30<sup>(a)</sup> | 756630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.020%) |
| $490000 | 6.208% | 08/21/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515729 |
| 100000 | 2.550 | 02/04/30 | 92655 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.930%) |
| 3329000 | 5.571 | 04/22/28<sup>(a)</sup> | 3399808 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.125%) |
| 656000 | 4.995 | 07/22/30<sup>(a)</sup> | 672490 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.510%) |
| 1460000 | 2.739 | 10/15/30<sup>(a)</sup> | 1376092 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.790%) |
| 220000 | 4.493 | 03/24/31<sup>(a)</sup> | 221725 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 600000 | 5.336 | 01/23/35<sup>(a)</sup> | 619709 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.490%) |
| 170000 | 5.766 | 04/22/35<sup>(a)</sup> | 179309 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.680%) |
| 1000000 | 5.572 | 04/22/36<sup>(a)</sup> | 1037898 |
| 160000 | 4.950 | 06/01/45 | 146214 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.550%) |
| 100000 | 5.534 | 11/29/45<sup>(a)</sup> | 100236 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.482%) |
| 120000 | 3.897 | 01/23/49<sup>(a)</sup> | 94328 |
| KeyBank NA | KeyBank NA | KeyBank NA | KeyBank NA |
| 390000 | 4.900 | 08/08/32 | 382359 |
| KeyCorp | KeyCorp | KeyCorp | KeyCorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.420%) |
| 493000 | 6.401 | 03/06/35<sup>(a)</sup> | 529761 |
| KeyCorp, MTN | KeyCorp, MTN | KeyCorp, MTN | KeyCorp, MTN |
| 91000 | 4.100 | 04/30/28 | 90850 |
| 365000 | 2.550 | 10/01/29 | 341536 |
| M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.800%) |
| 650000 | 7.413 | 10/30/29<sup>(a)</sup> | 707593 |
| Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. |
| 1610000 | 4.700 | 01/27/28 | 1630527 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| 250000 | 3.950 | 04/23/27 | 249225 |
| 546000 | 3.591 | 07/22/28<sup>(a)</sup> | 539101 |
| 645000 | 3.971 | 07/22/38<sup>(a)</sup> | 572006 |
| 314000 | 6.375 | 07/24/42 | 346875 |
| 340000 | 4.300 | 01/27/45 | 290943 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) |
| 400000 | 4.210 | 04/20/28<sup>(a)</sup> | 400131 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.830%) |
| 230000 | 6.407 | 11/01/29<sup>(a)</sup> | 244342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.290%) |
| 763000 | 2.943 | 01/21/33<sup>(a)</sup> | 689153 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.730%) |
| 984000 | 5.466 | 01/18/35<sup>(a)</sup> | 1013237 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.620%) |
| 300000 | 5.297 | 04/20/37<sup>(a)</sup> | 301437 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.693%) |
| 550000 | 4.457 | 04/22/39<sup>(a)</sup> | 513571 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.485%) |
| 111000 | 3.217 | 04/22/42<sup>(a)</sup> | 84714 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| 131000 | 4.350% | 09/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131170 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.402%) |
| 410000 | 3.772 | 01/24/29<sup>(a)</sup> | 406167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) |
| 586000 | 2.699 | 01/22/31<sup>(a)</sup> | 545886 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 4.840%) |
| 50000 | 5.597 | 03/24/51<sup>(a)</sup> | 49339 |
| Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN | Morgan Stanley, MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 568000 | 5.164 | 04/20/29<sup>(a)</sup> | 580438 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.120%) |
| 259000 | 3.622 | 04/01/31<sup>(a)</sup> | 250422 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.034%) |
| 748000 | 1.794 | 02/13/32<sup>(a)</sup> | 648472 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) |
| 350000 | 1.928 | 04/28/32<sup>(a)</sup> | 304379 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.870%) |
| 200000 | 5.250 | 04/21/34<sup>(a)</sup> | 204250 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.880%) |
| 1292000 | 5.424 | 07/21/34<sup>(a)</sup> | 1336912 |
| 427000 | 4.375 | 01/22/47 | 361821 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.430%) |
| 1182000 | 2.802 | 01/25/52<sup>(a)</sup> | 727255 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| 250000 | 5.882 | 10/30/26 | 254852 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 674000 | 1.950 | 05/01/30 | 613767 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
| 1286000 | 4.050 | 07/26/28 | 1282941 |
| 500000 | 2.700 | 10/22/29 | 470571 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| 615000 | 3.450 | 04/23/29 | 602233 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.841%) |
| 964000 | 5.582 | 06/12/29<sup>(a)</sup> | 999797 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.198%) |
| 850000 | 5.492 | 05/14/30<sup>(a)</sup> | 886303 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.140%) |
| 250000 | 6.037 | 10/28/33<sup>(a)</sup> | 267917 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.284%) |
| 500000 | 6.875 | 10/20/34<sup>(a)</sup> | 562735 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| 696000 | 3.244 | 10/05/26 | 687887 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.249%) |
| 416000 | 2.490 | 01/06/28<sup>(a)</sup> | 406084 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.356%) |
| 211000 | 6.499 | 03/09/29<sup>(a)</sup> | 220605 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.280%) |
| 330000 | 7.660 | 11/09/31<sup>(a)</sup> | 372248 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.018%) |
| 300000 | 4.530 | 02/20/29<sup>(a)</sup> | 303095 |
| 546000 | 2.400 | 01/24/30 | 512220 |
| 98000 | 2.200 | 03/03/31 | 87386 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 621000 | 3.950 | 12/01/27 | 613357 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 2.130%) |
| 220000 | 5.935 | 08/02/30<sup>(a)</sup> | 228198 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. | Synovus Financial Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.347%) |
| $170000 | 6.168% | 11/01/30<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176767 |
| Truist Bank | Truist Bank | Truist Bank | Truist Bank |
| 350000 | 3.800 | 10/30/26 | 347763 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.368%) |
| 165000 | 4.123 | 06/06/28<sup>(a)</sup> | 165061 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.435%) |
| 696000 | 4.873 | 01/26/29<sup>(a)</sup> | 707392 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.862%) |
| 202000 | 1.887 | 06/07/29<sup>(a)</sup> | 190042 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.620%) |
| 664000 | 5.435 | 01/24/30<sup>(a)</sup> | 688234 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.240%) |
| 910000 | 4.916 | 07/28/33<sup>(a)</sup> | 895279 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.922%) |
| 186000 | 5.711 | 01/24/35<sup>(a)</sup> | 194053 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.090%) |
| 1105000 | 5.850 | 10/21/33<sup>(a)</sup> | 1170499 |
| U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
| 530000 | 3.900 | 04/26/28 | 529310 |
| 930000 | 3.000 | 07/30/29 | 888915 |
| 244000 | 1.375 | 07/22/30 | 213280 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.660%) |
| 357000 | 4.548 | 07/22/28<sup>(a)</sup> | 359652 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) |
| 622000 | 2.677 | 01/27/33<sup>(a)</sup> | 552866 |
| U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN | U.S. Bancorp, Series MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.730%) |
| 154000 | 2.215 | 01/27/28<sup>(a)</sup> | 149732 |
| U.S. Bancorp, Series V | U.S. Bancorp, Series V | U.S. Bancorp, Series V | U.S. Bancorp, Series V |
| 92000 | 2.375 | 07/22/26 | 90667 |
| U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
| 227000 | 3.150 | 04/27/27 | 223999 |
| Wachovia Corp. | Wachovia Corp. | Wachovia Corp. | Wachovia Corp. |
| 250000 | 5.500 | 08/01/35 | 254687 |
| Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| 64000 | 3.000 | 10/23/26 | 63199 |
| 150000 | 5.606 | 01/15/44 | 146840 |
| 465000 | 3.900 | 05/01/45 | 370306 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.060%) |
| 1245000 | 6.491 | 10/23/34<sup>(a)</sup> | 1367473 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) |
| 1103000 | 3.068 | 04/30/41<sup>(a)</sup> | 842247 |
| Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN | Wells Fargo & Co., GMTN |
| 192000 | 4.300 | 07/22/27 | 192947 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.510%) |
| 50000 | 3.526 | 03/24/28<sup>(a)</sup> | 49458 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |
| 320000 | 5.707 | 04/22/28<sup>(a)</sup> | 327516 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.572%) |
| 168000 | 3.584 | 05/22/28<sup>(a)</sup> | 166245 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.100%) |
| 799000 | 2.393 | 06/02/28<sup>(a)</sup> | 774401 |
| 732000 | 4.897 | 07/25/33<sup>(a)</sup> | 737675 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.980%) |
| $455000 | 4.808% | 07/25/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460409 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.740%) |
| 737000 | 5.574 | 07/25/29<sup>(a)</sup> | 764629 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.432%) |
| 776000 | 2.879 | 10/30/30<sup>(a)</sup> | 734053 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.262%) |
| 420000 | 2.572 | 02/11/31<sup>(a)</sup> | 389494 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.032%) |
| 200000 | 4.478 | 04/04/31<sup>(a)</sup> | 200510 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.500%) |
| 346000 | 3.350 | 03/02/33<sup>(a)</sup> | 319715 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.990%) |
| 995000 | 5.557 | 07/25/34<sup>(a)</sup> | 1031559 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.502%) |
| 760000 | 5.013 | 04/04/51<sup>(a)</sup> | 685572 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.130%) |
| 554000 | 4.611 | 04/25/53<sup>(a)</sup> | 468139 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| 690000 | 6.600 | 01/15/38 | 772205 |
| Zions Bancorp NA | Zions Bancorp NA | Zions Bancorp NA | Zions Bancorp NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.830%) |
| 484000 | 6.816 | 11/19/35<sup>(a)</sup> | 506945 |
|  |  |  | 96211297 |
| Basic Industry – 1.0% | Basic Industry – 1.0% | Basic Industry – 1.0% | Basic Industry – 1.0% |
| Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |
| 126000 | 2.700 | 05/15/40 | 92317 |
| CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. | CF Industries, Inc. |
| 200000 | 5.150 | 03/15/34 | 199929 |
| Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
| 244000 | 7.375 | 11/01/29 | 270570 |
| 100000 | 2.100 | 11/15/30 | 88465 |
| 200000 | 4.375 | 11/15/42 | 160842 |
| 390000 | 5.550 | 11/30/48 | 349315 |
| 200000 | 3.600 | 11/15/50 | 132416 |
| DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
| 370000 | 5.319 | 11/15/38 | 387960 |
| 150000 | 5.419 | 11/15/48 | 151218 |
| LYB International Finance BV | LYB International Finance BV | LYB International Finance BV | LYB International Finance BV |
| 894000 | 5.250 | 07/15/43 | 792831 |
| 447000 | 4.875 | 03/15/44 | 379453 |
| LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
| 700000 | 5.500 | 03/01/34 | 695646 |
| 240000 | 4.200 | 10/15/49 | 174465 |
| 263000 | 4.200 | 05/01/50 | 189488 |
| 90000 | 3.625 | 04/01/51 | 58381 |
| Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
| 1622000 | 3.450 | 06/01/27 | 1602117 |
| 1000000 | 2.950 | 08/15/29 | 951694 |
| 300000 | 4.500 | 06/01/47 | 253084 |
| Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. | Weyerhaeuser Co. |
| 92000 | 4.000 | 11/15/29 | 90975 |
| 100000 | 4.000 | 04/15/30 | 98487 |
|  |  |  | 7119653 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Broadcasting – 0.2% | Broadcasting – 0.2% | Broadcasting – 0.2% | Broadcasting – 0.2% |
| Fox Corp. | Fox Corp. | Fox Corp. | Fox Corp. |
| $1013000 | 6.500% | 10/13/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104857 |
| Brokerage – 0.8% | Brokerage – 0.8% | Brokerage – 0.8% | Brokerage – 0.8% |
| Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
| 516000 | 3.250 | 04/30/29 | 504882 |
| 159000 | 2.400 | 04/30/30 | 147828 |
| 200000 | 1.900 | 01/28/31 | 178273 |
| 141000 | 2.100 | 02/25/32 | 122880 |
| 914000 | 4.750 | 05/25/33 | 928997 |
| Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
| 400000 | 1.850 | 09/15/32 | 335134 |
| 1495000 | 5.200 | 06/15/62 | 1376890 |
| Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 200000 | 5.875 | 07/21/28 | 209177 |
| 311000 | 4.150 | 01/23/30 | 307002 |
| 229000 | 2.625 | 10/15/31 | 202892 |
| 645000 | 6.200 | 04/14/34 | 682636 |
| Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. | Nasdaq, Inc. |
| 340000 | 5.550 | 02/15/34 | 354266 |
|  |  |  | 5350857 |
| Building Materials – 0.0% | Building Materials – 0.0% | Building Materials – 0.0% | Building Materials – 0.0% |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 250000 | 5.950 | 06/15/54 | 251365 |
| Capital Goods – 3.2% | Capital Goods – 3.2% | Capital Goods – 3.2% | Capital Goods – 3.2% |
| 3M Co. | 3M Co. | 3M Co. | 3M Co. |
| 564000 | 3.250 | 08/26/49 | 381014 |
| 3M Co., MTN | 3M Co., MTN | 3M Co., MTN | 3M Co., MTN |
| 200000 | 4.000 | 09/14/48 | 156956 |
| Amphenol Corp. | Amphenol Corp. | Amphenol Corp. | Amphenol Corp. |
| 1250000 | 2.200 | 09/15/31 | 1106411 |
| Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. | Berry Global, Inc. |
| 134000 | 5.800 | 06/15/31 | 142024 |
| Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. | Carrier Global Corp. |
| 1506000 | 2.722 | 02/15/30 | 1413340 |
| Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
| 40000 | 2.600 | 04/09/30 | 37645 |
| 100000 | 6.050 | 08/15/36 | 109633 |
| 80000 | 5.200 | 05/27/41 | 79037 |
| 388000 | 3.803 | 08/15/42 | 320572 |
| 246000 | 3.250 | 09/19/49 | 172185 |
| Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
| 990000 | 4.900 | 02/20/29 | 1017261 |
| 227000 | 1.500 | 09/01/30 | 200522 |
| 279000 | 5.150 | 02/20/34 | 285760 |
| Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
| 504000 | 3.900 | 06/09/42 | 427394 |
| 190000 | 3.750 | 04/15/50 | 145930 |
| Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
| 511000 | 4.150 | 03/15/33 | 499869 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 85000 | 6.750 | 03/15/32 | 96418 |
| 590000 | 5.875 | 01/14/38 | 633014 |
| Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
| 715000 | 2.500 | 11/01/26 | 702222 |
| 80000 | 2.700 | 08/15/29 | 76070 |
| 450000 | 4.700 | 02/01/30 | 459275 |
| 640000 | 1.750 | 09/01/31 | 551681 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) | Honeywell International, Inc. – (continued) |
| 300000 | 5.000% | 02/15/33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306329 |
| 200000 | 4.500 | 01/15/34 | 195873 |
| 200000 | 5.250 | 03/01/54 | 185566 |
| Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. |
| 121000 | 2.650 | 11/15/26 | 119254 |
| 792000 | 3.900 | 09/01/42 | 656200 |
| Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
| 210000 | 3.000 | 01/15/31 | 192825 |
| John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
| 1400000 | 4.750 | 01/20/28 | 1426004 |
| 140000 | 2.450 | 01/09/30 | 130971 |
| 100000 | 4.700 | 06/10/30 | 102646 |
| 500000 | 4.900 | 03/07/31 | 515688 |
| John Deere Capital Corp., Series I | John Deere Capital Corp., Series I | John Deere Capital Corp., Series I | John Deere Capital Corp., Series I |
| 540000 | 5.150 | 09/08/33 | 560002 |
| Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
| 442000 | 2.565 | 02/15/30 | 412153 |
| Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. | Parker-Hannifin Corp. |
| 250000 | 4.250 | 09/15/27 | 251460 |
| 660000 | 3.250 | 06/14/29 | 639869 |
| 200000 | 4.500 | 09/15/29 | 202855 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 206000 | 6.050 | 04/15/28 | 213231 |
| 557000 | 6.400 | 04/15/33 | 592700 |
| Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
| 390000 | 3.950 | 05/15/28 | 389966 |
| 846000 | 4.875 | 04/01/29 | 867692 |
| 500000 | 5.000 | 04/01/34 | 508355 |
| Timken Co. (The) | Timken Co. (The) | Timken Co. (The) | Timken Co. (The) |
| 130000 | 4.500 | 12/15/28 | 130780 |
| Vontier Corp. | Vontier Corp. | Vontier Corp. | Vontier Corp. |
| 100000 | 2.950 | 04/01/31 | 91203 |
| Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. | Waste Connections, Inc. |
| 200000 | 2.950 | 01/15/52 | 126484 |
| Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
| 832000 | 4.875 | 02/15/29 | 855393 |
| 888000 | 4.625 | 02/15/30 | 904789 |
| 261000 | 1.500 | 03/15/31 | 225701 |
| 1121000 | 5.350 | 10/15/54 | 1077577 |
| Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| 316000 | 3.450 | 11/15/26 | 312844 |
| 306000 | 4.700 | 09/15/28 | 310293 |
|  |  |  | 21518936 |
| Communications – 2.7% | Communications – 2.7% | Communications – 2.7% | Communications – 2.7% |
| Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
| 234000 | 6.150 | 11/10/26 | 239336 |
| 151000 | 3.750 | 02/15/28 | 148699 |
| 346000 | 4.200 | 03/15/28 | 343875 |
| 174000 | 2.250 | 01/15/29 | 161856 |
| 430000 | 5.050 | 03/30/29 | 436488 |
| 188000 | 6.100 | 06/01/29 | 197815 |
| 137000 | 2.800 | 04/01/31 | 123607 |
| 160000 | 2.300 | 02/01/32 | 135503 |
| 268000 | 6.550 | 06/01/34 | 283921 |
| 1005000 | 6.384 | 10/23/35 | 1046280 |
| 274000 | 5.375 | 04/01/38 | 256549 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
| Charter Communications Operating LLC / Charter Communications Operating Capital – (continued) | Charter Communications Operating LLC / Charter Communications Operating Capital – (continued) | Charter Communications Operating LLC / Charter Communications Operating Capital – (continued) | Charter Communications Operating LLC / Charter Communications Operating Capital – (continued) |
| $400000 | 3.500% | 06/01/41 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287177 |
| 410000 | 5.125 | 07/01/49 | 332697 |
| 413000 | 4.800 | 03/01/50 | 319354 |
| Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
| 138000 | 3.150 | 02/15/28 | 135153 |
| 356000 | 4.150 | 10/15/28 | 357215 |
| 490000 | 4.550 | 01/15/29 | 497237 |
| 150000 | 2.650 | 02/01/30 | 140529 |
| 400000 | 3.400 | 04/01/30 | 386521 |
| 270000 | 4.250 | 10/15/30 | 270121 |
| 500000 | 4.650 | 02/15/33 | 500136 |
| 518000 | 4.200 | 08/15/34 | 491709 |
| 249000 | 5.650 | 06/15/35 | 261161 |
| 400000 | 4.400 | 08/15/35 | 381256 |
| 540000 | 3.900 | 03/01/38 | 470120 |
| 340000 | 4.000 | 08/15/47 | 261332 |
| 356000 | 3.969 | 11/01/47 | 271829 |
| 200000 | 4.000 | 03/01/48 | 153108 |
| 400000 | 4.700 | 10/15/48 | 341250 |
| 396000 | 3.999 | 11/01/49 | 298769 |
| 356000 | 3.450 | 02/01/50 | 242345 |
| 359000 | 2.800 | 01/15/51 | 212497 |
| 592000 | 2.887 | 11/01/51 | 356396 |
| 207000 | 2.450 | 08/15/52 | 111037 |
| 550000 | 2.937 | 11/01/56 | 319081 |
| 396000 | 4.950 | 10/15/58 | 336654 |
| 472000 | 2.650 | 08/15/62 | 242064 |
| 598000 | 2.987 | 11/01/63 | 331613 |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 870000 | 5.875 | 11/15/28 | 919876 |
| Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
| 63000 | 2.600 | 08/01/31 | 56745 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 170000 | 6.550 | 05/01/37 | 175953 |
| 304000 | 7.300 | 07/01/38 | 330915 |
| 342000 | 6.750 | 06/15/39 | 354253 |
| 148000 | 5.875 | 11/15/40 | 141323 |
| 317000 | 5.500 | 09/01/41 | 286662 |
| 395000 | 4.500 | 09/15/42 | 312273 |
| TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN |
| 290000 | 4.125 | 06/01/44 | 241207 |
| TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN |
| 245000 | 1.850 | 07/30/26 | 240329 |
| 102000 | 2.950 | 06/15/27 | 100454 |
| Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
| 557000 | 2.200 | 01/13/28 | 536411 |
| 98000 | 2.000 | 09/01/29 | 90722 |
| 374000 | 3.800 | 03/22/30 | 369821 |
| 597000 | 2.650 | 01/13/31 | 555327 |
| 268000 | 6.200 | 12/15/34 | 300287 |
| 75000 | 6.400 | 12/15/35 | 84580 |
| 356000 | 6.650 | 11/15/37 | 409387 |
| 204000 | 4.625 | 03/23/40 | 194238 |
| 376000 | 2.750 | 09/01/49 | 234941 |
| 242000 | 4.700 | 03/23/50 | 214702 |
| 180000 | 3.600 | 01/13/51 | 132569 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
| Walt Disney Co. (The) – (continued) | Walt Disney Co. (The) – (continued) | Walt Disney Co. (The) – (continued) | Walt Disney Co. (The) – (continued) |
| 383000 | 3.800% | 05/13/60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279405 |
|  |  |  | 18244670 |
| Consumer Cyclical – 7.1% | Consumer Cyclical – 7.1% | Consumer Cyclical – 7.1% | Consumer Cyclical – 7.1% |
| Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
| 89000 | 3.300 | 04/13/27 | 88327 |
| 200000 | 1.200 | 06/03/27 | 191387 |
| 1092000 | 3.150 | 08/22/27 | 1077957 |
| 364000 | 4.650 | 12/01/29 | 374069 |
| 313000 | 1.500 | 06/03/30 | 279521 |
| 165000 | 4.800 | 12/05/34 | 169383 |
| 715000 | 3.875 | 08/22/37 | 650577 |
| 152000 | 2.875 | 05/12/41 | 113754 |
| 153000 | 4.950 | 12/05/44 | 148363 |
| 425000 | 4.050 | 08/22/47 | 349558 |
| 188000 | 2.500 | 06/03/50 | 112428 |
| 729000 | 3.100 | 05/12/51 | 488743 |
| 510000 | 4.250 | 08/22/57 | 414931 |
| 164000 | 3.250 | 05/12/61 | 106465 |
| 393000 | 4.100 | 04/13/62 | 307996 |
| Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
| 330000 | 3.250 | 03/01/32 | 299539 |
| 110000 | 3.100 | 12/01/51 | 66570 |
| Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. | Booking Holdings, Inc. |
| 675000 | 3.600 | 06/01/26 | 672508 |
| Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
| 91000 | 3.000 | 05/18/27 | 89802 |
| 298000 | 1.375 | 06/20/27 | 285335 |
| 583000 | 1.600 | 04/20/30 | 524177 |
| 278000 | 1.750 | 04/20/32 | 238528 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 424000 | 5.450 | 07/05/33 | 438038 |
| Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. | Dollar Tree, Inc. |
| 414000 | 4.200 | 05/15/28 | 412916 |
| eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
| 330000 | 4.000 | 07/15/42 | 269922 |
| Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
| 200000 | 4.271 | 01/09/27 | 197977 |
| 1335000 | 5.800 | 03/05/27 | 1348629 |
| 410000 | 2.900 | 02/16/28 | 388712 |
| 200000 | 6.800 | 05/12/28 | 208077 |
| 1110000 | 6.798 | 11/07/28 | 1154604 |
| 300000 | 2.900 | 02/10/29 | 276394 |
| 500000 | 5.113 | 05/03/29 | 492349 |
| 605000 | 7.122 | 11/07/33 | 631941 |
| General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
| 290000 | 5.000 | 10/01/28 | 294876 |
| 215000 | 5.600 | 10/15/32 | 221318 |
| 503000 | 6.600 | 04/01/36 | 532682 |
| 127000 | 5.150 | 04/01/38 | 119078 |
| 232000 | 6.750 | 04/01/46 | 240814 |
| 200000 | 5.400 | 04/01/48 | 176592 |
| 190000 | 5.950 | 04/01/49 | 178975 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 100000 | 4.000 | 10/06/26 | 99561 |
| 50000 | 4.350 | 01/17/27 | 49993 |
| 400000 | 2.350 | 02/26/27 | 388720 |
| 100000 | 5.000 | 04/09/27 | 100902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) |
| $564000 | 2.700% | 08/20/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547661 |
| 300000 | 6.000 | 01/09/28 | 310867 |
| 250000 | 2.400 | 10/15/28 | 235838 |
| 300000 | 5.550 | 07/15/29 | 309521 |
| 500000 | 5.850 | 04/06/30 | 523210 |
| 1040000 | 2.350 | 01/08/31 | 918361 |
| 250000 | 2.700 | 06/10/31 | 222444 |
| Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. | Global Payments, Inc. |
| 1000000 | 2.900 | 05/15/30 | 928042 |
| 542000 | 2.900 | 11/15/31 | 485813 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 66000 | 2.800 | 09/14/27 | 64571 |
| 103000 | 3.900 | 12/06/28 | 103155 |
| 100000 | 4.900 | 04/15/29 | 103038 |
| 228000 | 2.950 | 06/15/29 | 219673 |
| 202000 | 1.375 | 03/15/31 | 173683 |
| 455000 | 1.875 | 09/15/31 | 395850 |
| 629000 | 5.875 | 12/16/36 | 678011 |
| 460000 | 3.300 | 04/15/40 | 370062 |
| 284000 | 4.200 | 04/01/43 | 242479 |
| 150000 | 4.875 | 02/15/44 | 138482 |
| 118000 | 4.400 | 03/15/45 | 101507 |
| 268000 | 4.250 | 04/01/46 | 224566 |
| 300000 | 4.500 | 12/06/48 | 257386 |
| 244000 | 3.125 | 12/15/49 | 163985 |
| 300000 | 3.350 | 04/15/50 | 209568 |
| 115000 | 2.375 | 03/15/51 | 64705 |
| 816000 | 4.950 | 09/15/52 | 738668 |
| 100000 | 3.500 | 09/15/56 | 68851 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 190000 | 3.100 | 05/03/27 | 186811 |
| 180000 | 1.300 | 04/15/28 | 167963 |
| 202000 | 1.700 | 09/15/28 | 188557 |
| 165000 | 1.700 | 10/15/30 | 144918 |
| 208000 | 3.750 | 04/01/32 | 197481 |
| 780000 | 5.150 | 07/01/33 | 797109 |
| 826000 | 3.000 | 10/15/50 | 511923 |
| 742000 | 4.250 | 04/01/52 | 574797 |
| 584000 | 5.625 | 04/15/53 | 559280 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 100000 | 4.900 | 04/15/29 | 101957 |
| Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF |
| 336000 | 4.625 | 06/15/30 | 338491 |
| Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG | Marriott International, Inc., Series GG |
| 300000 | 3.500 | 10/15/32 | 275314 |
| Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
| 251000 | 2.850 | 04/15/31 | 230538 |
| Marriott International, Inc., Series R | Marriott International, Inc., Series R | Marriott International, Inc., Series R | Marriott International, Inc., Series R |
| 158000 | 3.125 | 06/15/26 | 156533 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 92000 | 2.950 | 11/21/26 | 90930 |
| 144000 | 3.300 | 03/26/27 | 142721 |
| 575000 | 4.875 | 03/09/28 | 589382 |
| 132000 | 2.950 | 06/01/29 | 127569 |
| 668000 | 3.350 | 03/26/30 | 649528 |
| 222000 | 2.000 | 11/18/31 | 195176 |
| 162000 | 3.650 | 06/01/49 | 121928 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) | Mastercard, Inc. – (continued) |
| $400000 | 3.850% | 03/26/50 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310450 |
| McDonald's Corp. | McDonald's Corp. | McDonald's Corp. | McDonald's Corp. |
| 684000 | 5.450 | 08/14/53 | 654790 |
| McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
| 283000 | 3.500 | 03/01/27 | 280800 |
| 118000 | 3.800 | 04/01/28 | 117489 |
| 91000 | 2.625 | 09/01/29 | 86193 |
| 233000 | 2.125 | 03/01/30 | 213261 |
| 138000 | 3.600 | 07/01/30 | 134668 |
| 321000 | 4.700 | 12/09/35 | 316260 |
| 360000 | 6.300 | 10/15/37 | 397557 |
| 100000 | 6.300 | 03/01/38 | 109894 |
| 150000 | 4.875 | 12/09/45 | 136104 |
| 300000 | 4.450 | 03/01/47 | 254678 |
| 296000 | 4.450 | 09/01/48 | 248491 |
| 372000 | 4.200 | 04/01/50 | 297374 |
| MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. |
| 420000 | 3.966 | 08/06/61 | 267985 |
| NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
| 115000 | 2.375 | 11/01/26 | 112873 |
| 190000 | 2.750 | 03/27/27 | 186651 |
| 186000 | 2.850 | 03/27/30 | 176909 |
| 250000 | 3.250 | 03/27/40 | 199190 |
| 268000 | 3.875 | 11/01/45 | 213034 |
| 310000 | 3.375 | 03/27/50 | 218327 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 100000 | 4.000 | 11/15/28 | 99889 |
| 300000 | 3.000 | 02/14/32 | 273686 |
| 250000 | 4.500 | 11/15/48 | 207183 |
| 102000 | 4.450 | 08/15/49 | 83123 |
| 694000 | 3.500 | 11/15/50 | 477570 |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 1262000 | 2.350 | 02/15/30 | 1173173 |
| 273000 | 2.950 | 01/15/52 | 171569 |
| 250000 | 4.800 | 01/15/53 | 220504 |
| Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
| 134000 | 4.625 | 01/12/28 | 135938 |
| 1167000 | 4.550 | 08/09/29 | 1185612 |
| Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
| 100000 | 3.200 | 01/11/27 | 98950 |
| 826000 | 1.900 | 01/13/27 | 803410 |
| 296000 | 3.050 | 03/22/27 | 291643 |
| 224000 | 4.550 | 09/20/27 | 226452 |
| 350000 | 1.900 | 04/06/28 | 332666 |
| 94000 | 4.450 | 06/29/29 | 95215 |
| 436000 | 2.150 | 02/13/30 | 401002 |
| 391000 | 3.375 | 04/01/30 | 378117 |
| Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
| 66000 | 1.900 | 04/15/27 | 64028 |
| 499000 | 2.750 | 09/15/27 | 488220 |
| 274000 | 2.050 | 04/15/30 | 251234 |
| 94000 | 1.100 | 02/15/31 | 80862 |
| 302000 | 4.150 | 12/14/35 | 288573 |
| 94000 | 2.700 | 04/15/40 | 71449 |
| 429000 | 4.300 | 12/14/45 | 370536 |
| 94000 | 3.650 | 09/15/47 | 72724 |
| 94000 | 2.000 | 08/15/50 | 51483 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
| 133000 | 3.050% | 07/08/26 | 132030 |
| 350000 | 1.050 | 09/17/26 | 340002 |
| 126000 | 3.950 | 09/09/27 | 126379 |
| 166000 | 3.700 | 06/26/28 | 165787 |
| 224000 | 1.500 | 09/22/28 | 209314 |
| 1331000 | 3.250 | 07/08/29 | 1304652 |
| 295000 | 7.550 | 02/15/30 | 337643 |
| 109000 | 1.800 | 09/22/31 | 95951 |
| 195000 | 5.250 | 09/01/35 | 204245 |
| 330000 | 6.500 | 08/15/37 | 379265 |
| 255000 | 4.050 | 06/29/48 | 210077 |
| 212000 | 2.650 | 09/22/51 | 130448 |
| 498000 | 4.500 | 09/09/52 | 431502 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47816975 |
| Consumer Noncyclical – 7.3% | Consumer Noncyclical – 7.3% | Consumer Noncyclical – 7.3% | Consumer Noncyclical – 7.3% |
| Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
| 628000 | 3.750 | 11/30/26 | 627564 |
| 538000 | 4.750 | 11/30/36 | 534889 |
| AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
| 442000 | 4.250 | 11/14/28 | 445921 |
| 625000 | 3.200 | 11/21/29 | 602628 |
| 328000 | 5.200 | 03/15/35 | 336446 |
| 682000 | 4.050 | 11/21/39 | 600526 |
| 643000 | 5.350 | 03/15/44 | 628950 |
| 166000 | 4.850 | 06/15/44 | 152610 |
| 820000 | 4.875 | 11/14/48 | 739925 |
| 504000 | 4.250 | 11/21/49 | 410079 |
| 70000 | 5.400 | 03/15/54 | 67263 |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 1080000 | 4.800 | 02/14/29 | 1096795 |
| 116000 | 2.450 | 02/04/32 | 101050 |
| 100000 | 5.800 | 02/14/39 | 102287 |
| 270000 | 3.400 | 02/04/41 | 202233 |
| 220000 | 4.250 | 08/09/42 | 180905 |
| 256000 | 5.375 | 01/31/44 | 243678 |
| 148000 | 3.875 | 09/16/46 | 109449 |
| 574000 | 5.950 | 02/14/49 | 571092 |
| 654000 | 3.700 | 02/04/51 | 451802 |
| 150000 | 4.000 | 02/04/61 | 105886 |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 370000 | 5.150 | 03/02/28 | 378123 |
| 300000 | 2.450 | 02/21/30 | 278157 |
| 936000 | 4.200 | 03/01/33 | 904432 |
| 815000 | 3.150 | 02/21/40 | 631202 |
| 300000 | 5.600 | 03/02/43 | 295946 |
| 100000 | 3.375 | 02/21/50 | 69257 |
| 430000 | 3.000 | 01/15/52 | 274442 |
| 190000 | 5.650 | 03/02/53 | 183765 |
| 1124000 | 5.750 | 03/02/63 | 1086169 |
| Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
| 300000 | 1.915 | 02/01/27 | 290129 |
| 100000 | 3.132 | 12/01/51 | 61430 |
| Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
| 200000 | 3.700 | 06/06/27 | 198498 |
| 200000 | 4.693 | 02/13/28 | 202561 |
| 653000 | 4.669 | 06/06/47 | 562248 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 466000 | 5.200% | 09/15/45 | 418541 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 500000 | 4.125 | 06/15/39 | 445629 |
| 140000 | 3.550 | 03/15/42 | 110504 |
| 100000 | 2.550 | 11/13/50 | 58041 |
| 691000 | 5.550 | 02/22/54 | 666320 |
| 445000 | 6.400 | 11/15/63 | 478146 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 610000 | 5.000 | 11/15/29 | 624544 |
| 120000 | 4.500 | 11/15/44 | 100199 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 290000 | 4.625 | 12/15/29 | 278453 |
| 482000 | 3.375 | 02/15/30 | 437814 |
| 368000 | 2.500 | 03/01/31 | 313509 |
| 407000 | 2.625 | 08/01/31 | 344619 |
| DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) |
| 184000 | 8.375 | 09/12/55<sup>(a)</sup> | 187680 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 630000 | 5.375 | 06/15/34 | 643877 |
| 290000 | 3.600 | 03/15/51 | 200454 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 664000 | 4.500 | 02/09/29 | 674894 |
| 1150000 | 4.200 | 08/14/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160310 |
| 480000 | 4.700 | 02/09/34 | 481818 |
| 190000 | 3.950 | 03/15/49 | 149994 |
| 159000 | 2.250 | 05/15/50 | 88659 |
| 595000 | 2.500 | 09/15/60 | 320935 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |
| 146000 | 3.200 | 02/10/27 | 144078 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 1360000 | 4.800 | 11/15/29 | 1397805 |
| 528000 | 4.000 | 09/01/36 | 484567 |
| 492000 | 2.600 | 10/01/40 | 354492 |
| 442000 | 4.800 | 04/01/44 | 402048 |
| 326000 | 2.800 | 10/01/50 | 202548 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 150000 | 6.500 | 11/15/43 | 159916 |
| 478000 | 6.500 | 11/15/53 | 509149 |
| JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl | JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co. Sarl |
| 100000 | 3.000 | 05/15/32 | 88695 |
| 146000 | 5.750 | 04/01/33 | 151451 |
| 551000 | 6.750 | 03/15/34 | 603497 |
| 423000 | 4.375 | 02/02/52 | 322993 |
| 317000 | 6.500 | 12/01/52 | 323040 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 330000 | 1.300 | 09/01/30 | 290339 |
| 536000 | 3.550 | 03/01/36 | 484616 |
| 144000 | 3.625 | 03/03/37 | 129262 |
| 198000 | 3.750 | 03/03/47 | 157717 |
| 424000 | 2.450 | 09/01/60 | 230773 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 250000 | 6.875 | 01/26/39 | 271474 |
| 403000 | 5.000 | 06/04/42 | 361313 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 500000 | 3.950 | 01/15/50 | 373983 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Kroger Co. (The) – (continued) | Kroger Co. (The) – (continued) | Kroger Co. (The) – (continued) | Kroger Co. (The) – (continued) |
| 690000 | 5.650% | 09/15/64 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649698 |
| Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA | Medtronic Global Holdings SCA |
| 850000 | 4.500 | 03/30/33 | 845233 |
| Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| 580000 | 4.375 | 03/15/35 | 563418 |
| 385000 | 4.625 | 03/15/45 | 344999 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 150000 | 1.700 | 06/10/27 | 144481 |
| 100000 | 3.400 | 03/07/29 | 97993 |
| 614000 | 4.500 | 05/17/33 | 614115 |
| 766000 | 2.750 | 12/10/51 | 463334 |
| 100000 | 5.000 | 05/17/53 | 90380 |
| 92000 | 2.900 | 12/10/61 | 52825 |
| 766000 | 5.150 | 05/17/63 | 693690 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |
| 435000 | 2.750 | 04/13/30 | 407228 |
| 490000 | 2.625 | 09/04/50 | 286479 |
| Mylan, Inc. | Mylan, Inc. | Mylan, Inc. | Mylan, Inc. |
| 195000 | 4.550 | 04/15/28 | 193654 |
| 210000 | 5.400 | 11/29/43 | 177740 |
| Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| 550000 | 2.000 | 02/14/27 | 536201 |
| 250000 | 3.100 | 05/17/27 | 247040 |
| 160000 | 4.400 | 05/06/44 | 141674 |
| 200000 | 2.750 | 08/14/50 | 126251 |
| Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
| 980000 | 4.450 | 05/19/28 | 991294 |
| 1322000 | 5.110 | 05/19/43 | 1259569 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 380000 | 4.100 | 09/15/38 | 341564 |
| 832000 | 3.900 | 03/15/39 | 726443 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 792000 | 4.750 | 02/12/27 | 799845 |
| 400000 | 5.125 | 11/17/27 | 408368 |
| 100000 | 4.875 | 02/15/28 | 101856 |
| 800000 | 5.625 | 09/07/33 | 839078 |
| 400000 | 3.875 | 08/21/42 | 324315 |
| 512000 | 4.250 | 11/10/44 | 429613 |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 150000 | 3.500 | 03/01/32 | 135701 |
| 390000 | 6.250 | 07/01/33 | 410818 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
| 346000 | 2.800 | 09/15/50 | 205687 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 160000 | 5.150 | 09/02/29 | 164297 |
| 410000 | 3.550 | 09/02/50 | 276819 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 600000 | 4.625 | 03/15/46 | 530527 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 511000 | 3.300 | 07/15/26 | 506815 |
| 547000 | 3.250 | 07/15/27 | 539313 |
| 251000 | 5.950 | 04/01/30 | 267055 |
| Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. | Takeda U.S. Financing, Inc. |
| 230000 | 5.900 | 07/07/55 | 230768 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 890000 | 5.086 | 08/10/33 | 916414 |
| 470000 | 2.800 | 10/15/41 | 338547 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. | Tyson Foods, Inc. |
| 937000 | 3.550% | 06/02/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926603 |
| 160000 | 4.550 | 06/02/47 | 133871 |
| Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
| 170000 | 3.950 | 06/15/26 | 169025 |
| Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
| 676000 | 2.700 | 06/22/30 | 608158 |
| 26000 | 4.000 | 06/22/50 | 17102 |
| Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC |
| 416000 | 6.500 | 02/01/34 | 465453 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 94000 | 3.000 | 09/12/27 | 92137 |
| 320000 | 4.700 | 02/01/43 | 288447 |
|  |  |  | 49478968 |
| Consumer Products – 0.6% | Consumer Products – 0.6% | Consumer Products – 0.6% | Consumer Products – 0.6% |
| Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC | Haleon U.S. Capital LLC |
| 300000 | 3.375 | 03/24/29 | 292896 |
| Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC |
| 300000 | 3.625 | 03/24/32 | 281834 |
| 400000 | 4.000 | 03/24/52 | 305826 |
| Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
| 263000 | 6.350 | 03/15/40 | 273398 |
| Mattel, Inc. | Mattel, Inc. | Mattel, Inc. | Mattel, Inc. |
| 380000 | 6.200 | 10/01/40 | 385522 |
| 95000 | 5.450 | 11/01/41 | 86586 |
| Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
| 200000 | 2.450 | 11/03/26 | 196632 |
| 214000 | 1.900 | 02/01/27 | 208328 |
| 756000 | 2.850 | 08/11/27 | 742656 |
| 512000 | 3.000 | 03/25/30 | 491338 |
| 232000 | 1.200 | 10/29/30 | 202477 |
| 196000 | 1.950 | 04/23/31 | 176063 |
| 76000 | 2.300 | 02/01/32 | 68708 |
| 199000 | 4.050 | 01/26/33 | 197300 |
|  |  |  | 3909564 |
| Electric – 9.4% | Electric – 9.4% | Electric – 9.4% | Electric – 9.4% |
| AEP Texas, Inc., Series I | AEP Texas, Inc., Series I | AEP Texas, Inc., Series I | AEP Texas, Inc., Series I |
| 180000 | 2.100 | 07/01/30 | 162700 |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| 220000 | 2.450 | 01/15/31 | 197369 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 100000 | 5.200 | 01/15/29 | 103217 |
| 100000 | 5.625 | 03/01/33 | 104760 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) |
| 100000 | 6.950 | 12/15/54<sup>(a)</sup> | 106671 |
| 546000 | 3.875 | 02/15/62<sup>(a)</sup> | 529279 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 110000 | 3.500 | 12/01/49 | 75906 |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 490000 | 5.500 | 06/15/41 | 497021 |
| 1594000 | 4.150 | 01/15/43 | 1348002 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 240000 | 6.125 | 04/01/36 | 258517 |
| 100000 | 5.150 | 11/15/43 | 94802 |
| 300000 | 4.450 | 01/15/49 | 248186 |
| 600000 | 4.250 | 10/15/50 | 477130 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Berkshire Hathaway Energy Co. – (continued) | Berkshire Hathaway Energy Co. – (continued) | Berkshire Hathaway Energy Co. – (continued) | Berkshire Hathaway Energy Co. – (continued) |
| 100000 | 2.850% | 05/15/51 | 61284 |
| CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC | CenterPoint Energy Houston Electric LLC, Series AC |
| 1089000 | 4.250 | 02/01/49 | 889890 |
| CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ | CenterPoint Energy Houston Electric LLC, Series AJ |
| 100000 | 4.850 | 10/01/52 | 88336 |
| CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |
| 190000 | 7.000 | 02/15/55<sup>(a)</sup> | 200212 |
| CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) |
| 551000 | 6.500 | 06/01/55<sup>(a)</sup> | 563917 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 100000 | 5.900 | 03/15/36 | 106910 |
| 150000 | 4.700 | 01/15/44 | 134797 |
| Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. | Consolidated Edison Co. of New York, Inc. |
| 980000 | 4.450 | 03/15/44 | 846969 |
| Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A | Consolidated Edison Co. of New York, Inc., Series 07-A |
| 1780000 | 6.300 | 08/15/37 | 1958110 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 300000 | 5.600 | 03/01/28 | 311555 |
| 100000 | 6.500 | 10/01/53 | 108676 |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 210000 | 3.250 | 08/15/46 | 152357 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 500000 | 5.375 | 11/15/32 | 516990 |
| Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) |
| 501000 | 6.875 | 02/01/55<sup>(a)</sup> | 524797 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| 1936000 | 3.375 | 04/01/30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858154 |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 300000 | 4.300 | 07/01/44 | 253377 |
| 150000 | 5.850 | 05/15/55 | 153305 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 190000 | 4.875 | 06/01/28 | 193556 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 830000 | 4.950 | 01/15/33 | 848841 |
| 850000 | 5.300 | 02/15/40 | 856178 |
| 345000 | 3.200 | 08/15/49 | 235718 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 363000 | 2.650 | 09/01/26 | 357379 |
| 408000 | 2.450 | 06/01/30 | 381029 |
| 100000 | 2.550 | 06/15/31 | 89857 |
| 803000 | 4.500 | 08/15/32 | 791945 |
| 604000 | 3.750 | 09/01/46 | 459228 |
| 350000 | 3.500 | 06/15/51 | 239994 |
| 316000 | 5.000 | 08/15/52 | 276329 |
| 100000 | 6.100 | 09/15/53 | 102509 |
| 250000 | 5.800 | 06/15/54 | 246207 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) |
| 492000 | 6.450 | 09/01/54<sup>(a)</sup> | 510070 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 310000 | 6.400 | 06/15/38 | 343471 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 | Duke Energy Florida Project Finance LLC, Series 2026 |
| 162974 | 2.538% | 09/01/29 | 156467 |
| Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC | Eastern Energy Gas Holdings LLC |
| 634000 | 5.650 | 10/15/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610208 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 832000 | 4.000 | 03/15/33 | 790629 |
| 878000 | 5.150 | 09/15/34 | 887751 |
| 182000 | 4.200 | 09/01/48 | 145321 |
| Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC | Entergy Mississippi LLC |
| 230000 | 5.800 | 04/15/55 | 230489 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 956000 | 5.125 | 05/15/33 | 957382 |
| 1084000 | 5.950 | 07/15/34 | 1138027 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 1995000 | 4.050 | 04/15/30 | 1980468 |
| 1500000 | 5.300 | 03/15/33 | 1549450 |
| FirstEnergy Corp., Series C | FirstEnergy Corp., Series C | FirstEnergy Corp., Series C | FirstEnergy Corp., Series C |
| 378000 | 3.400 | 03/01/50 | 255340 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 150000 | 5.150 | 06/15/29 | 155819 |
| 395000 | 5.300 | 06/15/34 | 408701 |
| 935000 | 5.690 | 03/01/40 | 980244 |
| 918000 | 5.250 | 02/01/41 | 905633 |
| 490000 | 3.800 | 12/15/42 | 398773 |
| 50000 | 3.950 | 03/01/48 | 39700 |
| Georgia Power Co. | Georgia Power Co. | Georgia Power Co. | Georgia Power Co. |
| 892000 | 4.950 | 05/17/33 | 902874 |
| 100000 | 5.125 | 05/15/52 | 93345 |
| Georgia Power Co., Series A | Georgia Power Co., Series A | Georgia Power Co., Series A | Georgia Power Co., Series A |
| 546000 | 3.250 | 03/15/51 | 369317 |
| MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. | MidAmerican Energy Co. |
| 190000 | 3.650 | 04/15/29 | 187497 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| 600000 | 8.000 | 03/01/32 | 713764 |
| 100000 | 4.023 | 11/01/32 | 95999 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 1000000 | 2.250 | 06/01/30 | 910299 |
| 850000 | 5.250 | 03/15/34 | 866678 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 100000 | 2.950 | 09/01/29 | 95550 |
| 300000 | 1.700 | 02/15/31 | 260319 |
| 100000 | 5.250 | 02/15/43 | 93483 |
| 190000 | 5.650 | 02/01/45 | 185167 |
| 250000 | 3.950 | 03/30/48 | 193614 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) |
| 469000 | 6.950 | 11/30/54<sup>(a)</sup> | 488183 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) |
| 120000 | 6.375 | 03/31/55<sup>(a)</sup> | 123200 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 1106000 | 3.600 | 09/15/47 | 828816 |
| 50000 | 5.100 | 05/15/53 | 46276 |
| Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. | Oglethorpe Power Corp. |
| 140000 | 5.375 | 11/01/40 | 137386 |
| ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. | ONE Gas, Inc. |
| 150000 | 2.000 | 05/15/30 | 136372 |
| 1124000 | 4.658 | 02/01/44 | 987735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 195000 | 2.100% | 08/01/27 | 186898 |
| 482000 | 6.100 | 01/15/29 | 503610 |
| 92000 | 4.550 | 07/01/30 | 91040 |
| 252000 | 2.500 | 02/01/31 | 223489 |
| 386000 | 3.250 | 06/01/31 | 353403 |
| 326000 | 6.150 | 01/15/33 | 343559 |
| 279000 | 3.300 | 08/01/40 | 206399 |
| 100000 | 3.950 | 12/01/47 | 72518 |
| 542000 | 4.950 | 07/01/50 | 450544 |
| 100000 | 3.500 | 08/01/50 | 65509 |
| 165000 | 6.700 | 04/01/53 | 170427 |
| 1127000 | 5.900 | 10/01/54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054219 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 1752000 | 5.450 | 02/15/34 | 1783225 |
| 260000 | 2.900 | 06/15/52 | 153022 |
| 370000 | 5.350 | 12/01/53 | 330231 |
| 710000 | 5.500 | 05/15/54 | 653521 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 356000 | 5.950 | 10/01/36 | 381105 |
| Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado | Public Service Co. of Colorado |
| 92000 | 1.875 | 06/15/31 | 80393 |
| 360000 | 5.750 | 05/15/54 | 356019 |
| Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma | Public Service Co. of Oklahoma |
| 754000 | 5.200 | 01/15/35 | 757311 |
| Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. | Public Service Electric and Gas Co. |
| 885000 | 4.850 | 08/01/34 | 888582 |
| Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
| 100000 | 5.500 | 03/01/40 | 102025 |
| Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I | Public Service Electric and Gas Co., Series I |
| 140000 | 4.000 | 06/01/44 | 110997 |
| Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
| 279000 | 5.330 | 06/15/34 | 286054 |
| 140000 | 5.483 | 06/01/35 | 144522 |
| 158000 | 6.274 | 03/15/37 | 171434 |
| 322000 | 5.795 | 03/15/40 | 332783 |
| 100000 | 5.764 | 07/15/40 | 101085 |
| 425000 | 5.638 | 04/15/41 | 422666 |
| 240000 | 4.434 | 11/15/41 | 204694 |
| San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. | San Diego Gas & Electric Co. |
| 984000 | 3.950 | 11/15/41 | 800652 |
| 100000 | 5.350 | 04/01/53 | 93411 |
| San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV | San Diego Gas & Electric Co., Series VVV |
| 300000 | 1.700 | 10/01/30 | 264677 |
| Sempra | Sempra | Sempra | Sempra |
| 766000 | 3.250 | 06/15/27 | 752940 |
| 226000 | 3.400 | 02/01/28 | 221438 |
| 402000 | 6.000 | 10/15/39 | 411673 |
| 240000 | 4.000 | 02/01/48 | 179464 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |
| 362000 | 4.125 | 04/01/52<sup>(a)</sup> | 352383 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) |
| 605000 | 6.875 | 10/01/54<sup>(a)</sup> | 614491 |
| Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
| 92000 | 5.850 | 11/01/27 | 94713 |
| 92000 | 5.950 | 11/01/32 | 96715 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Southern California Edison Co. – (continued) | Southern California Edison Co. – (continued) | Southern California Edison Co. – (continued) | Southern California Edison Co. – (continued) |
| 250000 | 4.650% | 10/01/43 | 210600 |
| 1417000 | 4.000 | 04/01/47 | 1050155 |
| 298000 | 3.650 | 02/01/50 | 206035 |
| Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A | Southern California Edison Co., Series 20A |
| 208000 | 2.950 | 02/01/51 | 126929 |
| Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C | Southern California Edison Co., Series C |
| 200000 | 4.125 | 03/01/48 | 152105 |
| Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
| 569000 | 3.250 | 07/01/26 | 563942 |
| 1416000 | 5.700 | 03/15/34 | 1485672 |
| 980000 | 4.400 | 07/01/46 | 813648 |
| Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. | Southwestern Public Service Co. |
| 250000 | 4.500 | 08/15/41 | 220418 |
| System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. | System Energy Resources, Inc. |
| 602000 | 5.300 | 12/15/34 | 602353 |
| Toledo Edison Co. (The) | Toledo Edison Co. (The) | Toledo Edison Co. (The) | Toledo Edison Co. (The) |
| 955000 | 6.150 | 05/15/37 | 1037140 |
| Union Electric Co. | Union Electric Co. | Union Electric Co. | Union Electric Co. |
| 740000 | 5.300 | 08/01/37 | 749456 |
| Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. | Virginia Electric and Power Co. |
| 100000 | 5.000 | 04/01/33 | 101520 |
| 240000 | 4.000 | 01/15/43 | 194576 |
| 744000 | 2.450 | 12/15/50 | 420810 |
| 1135000 | 2.950 | 11/15/51 | 712336 |
| Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
| 440000 | 3.500 | 03/15/27 | 436671 |
| WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. | WEC Energy Group, Inc. |
| 130000 | 1.800 | 10/15/30 | 115230 |
| Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
| 100000 | 5.450 | 08/15/33 | 102224 |
| 872000 | 5.500 | 03/15/34 | 889534 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63226978 |
| Energy – 5.9% | Energy – 5.9% | Energy – 5.9% | Energy – 5.9% |
| APA Corp. | APA Corp. | APA Corp. | APA Corp. |
| 100000 | 6.100 | 02/15/35<sup>(b)</sup> | 100063 |
| Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC | Baker Hughes Holdings LLC |
| 50000 | 5.125 | 09/15/40 | 48297 |
| Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
| 354000 | 3.337 | 12/15/27 | 348693 |
| 300000 | 4.080 | 12/15/47 | 232957 |
| BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
| 260000 | 3.937 | 09/21/28 | 259179 |
| 92000 | 4.234 | 11/06/28 | 92457 |
| 92000 | 4.812 | 02/13/33 | 92186 |
| 301000 | 4.989 | 04/10/34 | 304282 |
| 522000 | 5.227 | 11/17/34 | 533988 |
| 111000 | 3.000 | 02/24/50 | 70987 |
| 92000 | 2.772 | 11/10/50 | 55777 |
| 315000 | 2.939 | 06/04/51 | 196360 |
| 337000 | 3.001 | 03/17/52 | 211426 |
| 333000 | 3.379 | 02/08/61 | 213995 |
| BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| 100000 | 3.723 | 11/28/28 | 98959 |
| Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
| 660000 | 5.125 | 06/30/27 | 666942 |
| 100000 | 3.700 | 11/15/29 | 97027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
| 354000 | 4.625% | 10/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353803 |
| Chevron Corp. | Chevron Corp. | Chevron Corp. | Chevron Corp. |
| 85000 | 1.995 | 05/11/27 | 82515 |
| Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
| 98000 | 2.343 | 08/12/50 | 56432 |
| ConocoPhillips | ConocoPhillips | ConocoPhillips | ConocoPhillips |
| 522000 | 6.500 | 02/01/39 | 584738 |
| ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
| 908000 | 5.550 | 03/15/54 | 859795 |
| Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. | Devon Energy Corp. |
| 250000 | 4.750 | 05/15/42 | 212760 |
| 293000 | 5.000 | 06/15/45 | 247751 |
| Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
| 140000 | 5.750 | 04/18/54 | 130734 |
| 110000 | 5.900 | 04/18/64 | 102063 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 66000 | 6.050 | 12/01/26 | 67324 |
| 200000 | 5.500 | 06/01/27 | 203252 |
| 66000 | 4.000 | 10/01/27 | 65749 |
| 230000 | 4.950 | 06/15/28 | 233611 |
| 551000 | 5.250 | 04/15/29 | 567249 |
| 613000 | 3.750 | 05/15/30 | 593705 |
| 374000 | 6.400 | 12/01/30 | 405860 |
| 370000 | 5.750 | 02/15/33 | 385321 |
| 100000 | 6.550 | 12/01/33 | 108353 |
| 370000 | 6.500 | 02/01/42 | 385430 |
| 511000 | 5.350 | 05/15/45 | 458993 |
| 159000 | 5.300 | 04/15/47 | 140693 |
| 262000 | 5.400 | 10/01/47 | 234284 |
| 259000 | 6.000 | 06/15/48 | 248839 |
| 353000 | 6.250 | 04/15/49 | 347363 |
| 431000 | 5.000 | 05/15/50 | 357258 |
| 346000 | 5.950 | 05/15/54 | 323515 |
| Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
| 326000 | 3.125 | 07/31/29 | 314291 |
| 150000 | 2.800 | 01/31/30 | 141761 |
| 737000 | 5.350 | 01/31/33 | 766026 |
| 150000 | 5.950 | 02/01/41 | 156205 |
| 207000 | 4.850 | 08/15/42 | 187957 |
| 220000 | 4.450 | 02/15/43 | 191254 |
| 160000 | 4.850 | 03/15/44 | 145611 |
| 160000 | 5.100 | 02/15/45 | 148641 |
| 135000 | 4.900 | 05/15/46 | 121578 |
| 244000 | 4.800 | 02/01/49 | 212108 |
| 368000 | 4.200 | 01/31/50 | 290534 |
| 315000 | 3.950 | 01/31/60 | 227942 |
| Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
| 89000 | 5.250 | 08/16/77<sup>(a)</sup> | 88421 |
| EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
| 136000 | 4.375 | 04/15/30 | 137017 |
| 236000 | 4.950 | 04/15/50 | 208553 |
| Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. | Expand Energy Corp. |
| 614000 | 5.375 | 03/15/30 | 619624 |
| Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
| 79000 | 2.275 | 08/16/26 | 77763 |
| 66000 | 3.294 | 03/19/27 | 65566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Exxon Mobil Corp. – (continued) | Exxon Mobil Corp. – (continued) | Exxon Mobil Corp. – (continued) | Exxon Mobil Corp. – (continued) |
| 378000 | 3.482% | 03/19/30 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369691 |
| 273000 | 2.610 | 10/15/30 | 254930 |
| 560000 | 4.227 | 03/19/40 | 505204 |
| 341000 | 3.567 | 03/06/45 | 263496 |
| 335000 | 3.095 | 08/16/49 | 224951 |
| 456000 | 4.327 | 03/19/50 | 378188 |
| 460000 | 3.452 | 04/15/51 | 325807 |
| Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. |
| 100000 | 2.920 | 03/01/30 | 94030 |
| 421000 | 4.850 | 11/15/35 | 410904 |
| 328000 | 6.700 | 09/15/38 | 359897 |
| 252000 | 7.450 | 09/15/39 | 296069 |
| 165000 | 5.000 | 11/15/45 | 145425 |
| Helmerich & Payne, Inc. | Helmerich & Payne, Inc. | Helmerich & Payne, Inc. | Helmerich & Payne, Inc. |
| 111000 | 2.900 | 09/29/31 | 96780 |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| 248000 | 4.300 | 04/01/27 | 248716 |
| 148000 | 6.000 | 01/15/40 | 158805 |
| 323000 | 5.600 | 02/15/41 | 327949 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 188000 | 5.500 | 03/01/44 | 178238 |
| Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN | Kinder Morgan Energy Partners LP, MTN |
| 1028000 | 6.950 | 01/15/38 | 1149255 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 222000 | 2.000 | 02/15/31 | 195828 |
| 372000 | 5.550 | 06/01/45 | 349361 |
| 142000 | 5.050 | 02/15/46 | 125710 |
| 468000 | 5.200 | 03/01/48 | 420249 |
| 200000 | 3.600 | 02/15/51 | 136945 |
| 100000 | 5.450 | 08/01/52 | 91095 |
| Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN | Kinder Morgan, Inc., GMTN |
| 519000 | 7.750 | 01/15/32 | 602544 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 209000 | 4.125 | 03/01/27 | 208594 |
| 160000 | 4.000 | 03/15/28 | 159186 |
| 470000 | 4.800 | 02/15/29 | 475959 |
| 314000 | 2.650 | 08/15/30 | 286709 |
| 350000 | 4.500 | 04/15/38 | 313435 |
| 290000 | 5.200 | 03/01/47 | 251810 |
| 320000 | 4.700 | 04/15/48 | 259829 |
| 180000 | 5.500 | 02/15/49 | 162877 |
| 584000 | 4.950 | 03/14/52 | 482516 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 705000 | 5.550 | 10/01/34 | 699996 |
| 100000 | 6.450 | 09/15/36 | 103625 |
| 100000 |  | 10/10/36<sup>(c)</sup> | 58000 |
| 180000 | 6.050 | 10/01/54 | 167890 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 450000 | 5.550 | 11/01/26 | 455777 |
| 180000 | 4.550 | 07/15/28 | 181583 |
| 342000 | 3.100 | 03/15/30 | 322955 |
| 640000 | 6.100 | 11/15/32 | 680895 |
| 200000 | 5.200 | 07/15/48 | 174239 |
| 928000 | 6.625 | 09/01/53 | 961799 |
| Phillips 66 | Phillips 66 | Phillips 66 | Phillips 66 |
| 292000 | 3.900 | 03/15/28 | 290338 |
| 100000 | 2.150 | 12/15/30 | 89168 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **40** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Phillips 66 – (continued) | Phillips 66 – (continued) | Phillips 66 – (continued) | Phillips 66 – (continued) |
| 363000 | 4.650% | 11/15/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351429 |
| 350000 | 5.875 | 05/01/42 | 351733 |
| 634000 | 4.875 | 11/15/44 | 556587 |
| Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
| 260000 | 4.950 | 12/01/27 | 264070 |
| Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
| 240000 | 4.500 | 12/15/26 | 240223 |
| 339000 | 3.550 | 12/15/29 | 326869 |
| 130000 | 5.150 | 06/01/42 | 116325 |
| Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
| 100000 | 2.375 | 11/07/29 | 94296 |
| 100000 | 4.125 | 05/11/35 | 95007 |
| 190000 | 4.375 | 05/11/45 | 162347 |
| 428000 | 4.000 | 05/10/46 | 342098 |
| 440000 | 3.750 | 09/12/46 | 338521 |
| 200000 | 3.250 | 04/06/50 | 136894 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 216000 | 2.750 | 04/06/30 | 204172 |
| 556000 | 6.375 | 12/15/38 | 621329 |
| 350000 | 5.500 | 03/25/40 | 357608 |
| 300000 | 3.625 | 08/21/42 | 237062 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 200000 | 4.950 | 04/15/52 | 165181 |
| Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. | Targa Resources Partners LP / Targa Resources Partners Finance Corp. |
| 94000 | 5.500 | 03/01/30 | 95730 |
| 367000 | 4.875 | 02/01/31 | 365186 |
| 944000 | 4.000 | 01/15/32 | 891389 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 559000 | 6.625 | 06/15/37 | 607744 |
| 92000 | 3.650 | 12/01/51 | 62263 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 417000 | 4.050 | 02/01/30 | 406167 |
| 270000 | 5.250 | 02/01/50 | 225888 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 518000 | 3.750 | 06/15/27 | 514269 |
| 384000 | 3.500 | 11/15/30 | 366878 |
| 250000 | 2.600 | 03/15/31 | 226963 |
| 542000 | 6.300 | 04/15/40 | 578467 |
| 200000 | 5.100 | 09/15/45 | 181089 |
| 240000 | 4.850 | 03/01/48 | 206301 |
|  |  |  | 39669149 |
| Financial Company – 1.1% | Financial Company – 1.1% | Financial Company – 1.1% | Financial Company – 1.1% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 180000 | 1.875 | 08/15/26 | 175978 |
| 100000 | 2.200 | 01/15/27 | 97341 |
| 362000 | 3.125 | 12/01/30 | 338554 |
| Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN |
| 400000 | 2.875 | 01/15/32 | 359473 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 186000 | 7.100 | 11/15/27 | 196191 |
| 1247000 | 2.200 | 11/02/28 | 1163765 |
| 503000 | 8.000 | 11/01/31 | 575492 |
| Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. | Ares Capital Corp. |
| 401000 | 2.150 | 07/15/26 | 392809 |
| 518000 | 7.000 | 01/15/27 | 534297 |
| 600000 | 2.875 | 06/15/28 | 573679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 349000 | 2.625% | 12/15/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339775 |
| 580000 | 3.250 | 03/15/27 | 567317 |
| Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC | Blue Owl Finance LLC |
| 260000 | 3.125 | 06/10/31 | 235650 |
| First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. | First Citizens BancShares, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.970%) |
| 170000 | 6.254 | 03/12/40<sup>(a)</sup> | 171469 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(SOFR + 2.050%) |
| 1642000 | 6.627 | 11/01/34<sup>(a)</sup> | 1819118 |
|  |  |  | 7540908 |
| Food and Beverage – 1.5% | Food and Beverage – 1.5% | Food and Beverage – 1.5% | Food and Beverage – 1.5% |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |
| 411000 | 3.375 | 03/25/27 | 408389 |
| 126000 | 1.450 | 06/01/27 | 120972 |
| 136000 | 1.500 | 03/05/28 | 128710 |
| 132000 | 1.000 | 03/15/28 | 123462 |
| 94000 | 2.125 | 09/06/29 | 87791 |
| 656000 | 3.450 | 03/25/30 | 640237 |
| 143000 | 1.650 | 06/01/30 | 128380 |
| 439000 | 2.000 | 03/05/31 | 393454 |
| 114000 | 1.375 | 03/15/31 | 98899 |
| 428000 | 4.650 | 08/14/34 | 434166 |
| 132000 | 2.500 | 06/01/40 | 96729 |
| 101000 | 2.875 | 05/05/41 | 76158 |
| 347000 | 2.600 | 06/01/50 | 211890 |
| 165000 | 3.000 | 03/05/51 | 108936 |
| 229000 | 2.500 | 03/15/51 | 135677 |
| 521000 | 2.750 | 06/01/60 | 306379 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |
| 200000 | 1.375 | 11/01/27 | 187513 |
| 380000 | 5.300 | 11/01/38 | 359146 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 384000 | 3.150 | 08/01/29 | 368170 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |
| 150000 | 3.950 | 04/15/29 | 147567 |
| 299000 | 3.200 | 05/01/30 | 282043 |
| 100000 | 3.800 | 05/01/50 | 70687 |
| 412000 | 4.500 | 04/15/52 | 325393 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |
| 332000 | 3.000 | 06/01/26 | 328445 |
| 115000 | 3.875 | 05/15/27 | 114208 |
| 512000 | 4.375 | 06/01/46 | 408525 |
| 410000 | 4.875 | 10/01/49 | 342338 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |
| 391000 | 3.000 | 07/15/26 | 386553 |
| 190000 | 5.000 | 05/01/42 | 173137 |
| 370000 | 4.200 | 07/15/46 | 291824 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |
| 166000 | 2.375 | 10/06/26 | 163187 |
| 218000 | 3.000 | 10/15/27 | 214193 |
| 96000 | 2.625 | 07/29/29 | 91249 |
| 210000 | 2.750 | 03/19/30 | 198259 |
| 160000 | 1.625 | 05/01/30 | 143361 |
| 100000 | 1.400 | 02/25/31 | 86725 |
| 400000 | 1.950 | 10/21/31 | 350790 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **41** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| PepsiCo, Inc. – (continued) | PepsiCo, Inc. – (continued) | PepsiCo, Inc. – (continued) | PepsiCo, Inc. – (continued) |
| 262000 | 2.625% | 10/21/41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184889 |
| 268000 | 4.450 | 04/14/46 | 234602 |
| 252000 | 3.450 | 10/06/46 | 187784 |
| 684000 | 2.875 | 10/15/49 | 442749 |
| 130000 | 3.625 | 03/19/50 | 96441 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 270000 | 6.600 | 04/01/50 | 290800 |
|  |  |  | 9970807 |
| Hardware – 0.3% | Hardware – 0.3% | Hardware – 0.3% | Hardware – 0.3% |
| Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. | Advanced Micro Devices, Inc. |
| 1300000 | 3.924 | 06/01/32 | 1264741 |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
| 300000 | 2.670 | 12/01/26 | 293532 |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 300000 | 4.663 | 02/15/30 | 301526 |
| 250000 | 5.875 | 02/09/33 | 262336 |
| 250000 | 5.875 | 09/15/33 | 263424 |
|  |  |  | 2385559 |
| Healthcare – 3.8% | Healthcare – 3.8% | Healthcare – 3.8% | Healthcare – 3.8% |
| Aetna, Inc. | Aetna, Inc. | Aetna, Inc. | Aetna, Inc. |
| 140000 | 6.625 | 06/15/36 | 151699 |
| 314000 | 3.875 | 08/15/47 | 229115 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 1210000 | 4.375 | 10/15/28 | 1216001 |
| 220000 | 2.375 | 03/15/31 | 197414 |
| 300000 | 4.800 | 08/15/38 | 281335 |
| 30000 | 4.800 | 07/15/46 | 26046 |
| 565000 | 4.900 | 12/15/48 | 492564 |
| 266000 | 3.400 | 03/15/50 | 178757 |
| 430000 | 3.400 | 03/15/51 | 287598 |
| 489000 | 5.600 | 02/15/54 | 461955 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 180000 | 5.000 | 01/30/29 | 183510 |
| 1500000 | 3.750 | 04/01/30 | 1451314 |
| 1600000 | 1.875 | 02/28/31 | 1383220 |
| 100000 | 2.125 | 09/15/31 | 86212 |
| 531000 | 5.700 | 06/01/34 | 548056 |
| 600000 | 4.780 | 03/25/38 | 551640 |
| 100000 | 6.000 | 06/01/44 | 98733 |
| 100000 | 4.250 | 04/01/50 | 75388 |
| 770000 | 6.050 | 06/01/54 | 748538 |
| 141000 | 6.000 | 06/01/63 | 134449 |
| Danaher Corp. | Danaher Corp. | Danaher Corp. | Danaher Corp. |
| 340000 | 2.800 | 12/10/51 | 211309 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 70000 | 3.400 | 11/15/49 | 49982 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 358000 | 3.650 | 12/01/27 | 353881 |
| 314000 | 4.101 | 03/01/28 | 313567 |
| 134000 | 2.875 | 09/15/29 | 126839 |
| 300000 | 2.550 | 03/15/31 | 272041 |
| 384000 | 4.625 | 05/15/42 | 335664 |
| 309000 | 4.650 | 01/15/43 | 269339 |
| 174000 | 4.650 | 08/15/44 | 150150 |
| 340000 | 4.375 | 12/01/47 | 274627 |
| 118000 | 4.550 | 03/01/48 | 97216 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) | Elevance Health, Inc. – (continued) |
| 1070000 | 3.125% | 05/15/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685628 |
| GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. | GE HealthCare Technologies, Inc. |
| 1657000 | 5.905 | 11/22/32 | 1777748 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 328000 | 5.375 | 09/01/26 | 330101 |
| 405000 | 4.500 | 02/15/27 | 406123 |
| 280000 | 5.200 | 06/01/28 | 286513 |
| 100000 | 5.625 | 09/01/28 | 103430 |
| 476000 | 5.875 | 02/01/29 | 496578 |
| 404000 | 4.125 | 06/15/29 | 400308 |
| 350000 | 3.500 | 09/01/30 | 334106 |
| 100000 | 5.125 | 06/15/39 | 94873 |
| 315000 | 5.500 | 06/15/47 | 291446 |
| 478000 | 5.250 | 06/15/49 | 421745 |
| 220000 | 3.500 | 07/15/51 | 144061 |
| 749000 | 4.625 | 03/15/52 | 594139 |
| 151000 | 6.000 | 04/01/54 | 145827 |
| 620000 | 5.950 | 09/15/54 | 594332 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 962000 | 5.950 | 03/15/34 | 1006153 |
| Illumina, Inc. | Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| 150000 | 2.550 | 03/23/31 | 133560 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 293000 | 3.450 | 01/15/27 | 290643 |
| 482000 | 6.875 | 02/15/38 | 548228 |
| 443000 | 3.500 | 08/15/39 | 360275 |
| 190000 | 2.750 | 05/15/40 | 137564 |
| 1180000 | 5.500 | 07/15/44 | 1150014 |
| 290000 | 4.250 | 06/15/48 | 231781 |
| 764000 | 3.700 | 08/15/49 | 549637 |
| 1127000 | 5.625 | 07/15/54 | 1070882 |
| 750000 | 3.875 | 08/15/59 | 522837 |
| 210000 | 3.125 | 05/15/60 | 123194 |
| 150000 | 4.950 | 05/15/62 | 126042 |
| 880000 | 5.500 | 04/15/64 | 813836 |
|  |  |  | 25409763 |
| Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% | Insurance – 2.2% |
| Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| 100000 | 3.850 | 08/10/49 | 75303 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) |
| 242000 | 6.500 | 05/15/67<sup>(a)</sup> | 249155 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 130000 | 6.250 | 05/01/36 | 139525 |
| 301000 | 4.750 | 04/01/48 | 264438 |
| 200000 | 4.375 | 06/30/50 | 165430 |
| Aon Corp. | Aon Corp. | Aon Corp. | Aon Corp. |
| 358000 | 2.800 | 05/15/30 | 335896 |
| Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. | Aon North America, Inc. |
| 341000 | 5.750 | 03/01/54 | 333295 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| 250000 | 6.625 | 05/19/55 | 256910 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.582%) |
| 201000 | 6.875 | 06/28/55<sup>(a)</sup> | 202461 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 258000 | 1.850 | 03/12/30 | 235392 |
| 100000 | 1.450 | 10/15/30 | 88238 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **42** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Berkshire Hathaway Finance Corp. – (continued) | Berkshire Hathaway Finance Corp. – (continued) | Berkshire Hathaway Finance Corp. – (continued) | Berkshire Hathaway Finance Corp. – (continued) |
| 363000 | 2.875% | 03/15/32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336339 |
| 200000 | 4.200 | 08/15/48 | 165252 |
| 100000 | 4.250 | 01/15/49 | 83436 |
| 754000 | 2.850 | 10/15/50 | 479940 |
| 50000 | 2.500 | 01/15/51 | 29612 |
| 834000 | 3.850 | 03/15/52 | 636655 |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 92000 | 4.500 | 02/11/43 | 85424 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 444000 | 4.350 | 11/03/45 | 381290 |
| Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 366000 | 3.650 | 04/05/27 | 362911 |
| 279000 | 3.900 | 04/05/32 | 263951 |
| 856000 | 5.750 | 01/15/34 | 897170 |
| (US 5 Year CMT T-Note + 3.846%) | (US 5 Year CMT T-Note + 3.846%) | (US 5 Year CMT T-Note + 3.846%) | (US 5 Year CMT T-Note + 3.846%) |
| 200000 | 6.875 | 12/15/52<sup>(a)</sup> | 206556 |
| Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 610000 | 4.350 | 04/20/28 | 613029 |
| 355000 | 5.000 | 04/20/48 | 317683 |
| Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. |
| 324000 | 3.500 | 10/15/50 | 222864 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| 190000 | 3.125 | 11/23/31 | 172234 |
| 150000 | 5.670 | 06/08/32 | 155401 |
| Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. | Lincoln National Corp. |
| 241000 | 5.852 | 03/15/34 | 250253 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| 1185000 | 4.375 | 03/15/29 | 1197313 |
| 100000 | 2.250 | 11/15/30 | 90666 |
| 100000 | 4.200 | 03/01/48 | 81720 |
| 206000 | 4.900 | 03/15/49 | 184281 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 150000 | 4.550 | 03/23/30 | 152932 |
| 400000 | 5.700 | 06/15/35 | 425108 |
| 256000 | 4.125 | 08/13/42 | 215738 |
| 250000 | 4.875 | 11/13/43 | 229245 |
| 326000 | 4.600 | 05/13/46 | 288807 |
| 380000 | 5.000 | 07/15/52 | 344633 |
| 160000 | 5.250 | 01/15/54 | 151203 |
| 386000 | 6.400 | 12/15/66 | 407881 |
| PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC |
| 350000 | 3.700 | 07/02/29 | 342821 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 40000 | 4.300 | 11/15/46 | 33330 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.380%) |
| 179000 | 4.500 | 09/15/47<sup>(a)</sup> | 176612 |
| 170000 | 3.905 | 12/07/47 | 132606 |
| 228000 | 3.935 | 12/07/49 | 173478 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) |
| 572000 | 3.700 | 10/01/50<sup>(a)</sup> | 531225 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) |
| 92000 | 6.000 | 09/01/52<sup>(a)</sup> | 95370 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN |
| 118000 | 5.700% | 12/14/36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124892 |
| 282000 | 4.600 | 05/15/44 | 247738 |
| 211000 | 4.350 | 02/25/50 | 173364 |
| 480000 | 3.700 | 03/13/51 | 350980 |
| Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) |
| 420000 | 3.050 | 06/08/51 | 274605 |
| Trinity Acquisition PLC | Trinity Acquisition PLC | Trinity Acquisition PLC | Trinity Acquisition PLC |
| 120000 | 6.125 | 08/15/43 | 119404 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 100000 | 5.350 | 05/15/33 | 103122 |
|  |  |  | 14655117 |
| Lodging – 0.2% | Lodging – 0.2% | Lodging – 0.2% | Lodging – 0.2% |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 423000 | 3.500 | 08/18/26 | 419011 |
| 184000 | 5.900 | 06/01/27 | 187764 |
| 487000 | 3.900 | 08/08/29 | 469650 |
| 100000 | 6.000 | 08/15/29 | 103742 |
|  |  |  | 1180167 |
| Media Non Cable – 0.3% | Media Non Cable – 0.3% | Media Non Cable – 0.3% | Media Non Cable – 0.3% |
| Netflix, Inc. | Netflix, Inc. | Netflix, Inc. | Netflix, Inc. |
| 325000 | 4.375 | 11/15/26 | 328321 |
| 428000 | 4.875 | 04/15/28 | 438816 |
| 227000 | 6.375 | 05/15/29 | 244838 |
| Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| 340000 | 4.200 | 05/19/32 | 316963 |
| 691000 | 4.950 | 05/19/50 | 542653 |
|  |  |  | 1871591 |
| Metals – 0.0% | Metals – 0.0% | Metals – 0.0% | Metals – 0.0% |
| Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. | Steel Dynamics, Inc. |
| 300000 | 5.375 | 08/15/34 | 306792 |
| Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% | Metals and Mining – 0.0% |
| Newmont Corp. | Newmont Corp. | Newmont Corp. | Newmont Corp. |
| 138000 | 2.600 | 07/15/32 | 123603 |
| Pharmaceuticals – 0.0% | Pharmaceuticals – 0.0% | Pharmaceuticals – 0.0% | Pharmaceuticals – 0.0% |
| Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
| 540000 | 3.850 | 06/22/40 | 403085 |
| Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% | Publishing – 0.2% |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 1000000 | 2.450 | 03/01/27 | 977261 |
| 140000 | 1.250 | 08/15/30 | 121860 |
|  |  |  | 1099121 |
| REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% | REITs and Real Estate – 2.8% |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 250000 | 2.000 | 05/18/32 | 209903 |
| 150000 | 1.875 | 02/01/33 | 122144 |
| 357000 | 3.000 | 05/18/51 | 218761 |
| 250000 | 3.550 | 03/15/52 | 169750 |
| 299000 | 5.625 | 05/15/54 | 282963 |
| American Assets Trust LP | American Assets Trust LP | American Assets Trust LP | American Assets Trust LP |
| 1111000 | 6.150 | 10/01/34 | 1115585 |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 173000 | 4.300 | 04/15/52 | 133611 |
| Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP | Americold Realty Operating Partnership LP |
| 374000 | 5.409 | 09/12/34 | 368578 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **43** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
| $250000 | 6.750% | 12/01/27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263489 |
| 300000 | 4.500 | 12/01/28 | 300511 |
| 925000 | 2.450 | 10/01/33 | 750294 |
| 80000 | 5.750 | 01/15/35 | 80938 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 450000 | 5.550 | 01/15/28 | 463138 |
| 778000 | 3.600 | 07/01/29 | 759977 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| 270000 | 3.200 | 11/18/29 | 257989 |
| 204000 | 2.150 | 07/15/30 | 183921 |
| 200000 | 2.500 | 05/15/31 | 179288 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| 494000 | 5.300 | 01/15/29 | 502636 |
| 100000 | 3.250 | 01/15/32 | 89378 |
| 100000 | 6.750 | 12/01/33 | 107984 |
| 100000 | 6.250 | 09/15/54 | 97721 |
| HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| 110000 | 6.150 | 01/15/31 | 112200 |
| 848000 | 6.375 | 07/01/34 | 841640 |
| Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP | Healthcare Realty Holdings LP |
| 500000 | 2.050 | 03/15/31 | 427052 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 422000 | 3.050 | 02/15/30 | 389735 |
| 500000 | 2.600 | 02/01/31 | 439882 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 1051000 | 5.500 | 04/15/35 | 1049005 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 1009000 | 6.250 | 01/15/36 | 1033267 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 590000 | 3.000 | 04/15/52 | 362921 |
| Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| 500000 | 3.150 | 08/15/30 | 451935 |
| Prologis L.P. | Prologis L.P. | Prologis L.P. | Prologis L.P. |
| 500000 | 1.750 | 07/01/30 | 445594 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 700000 | 2.250 | 04/15/30 | 643338 |
| 500000 | 1.625 | 03/15/31 | 434303 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 269000 | 5.375 | 09/01/54 | 255911 |
| Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
| 286000 | 5.650 | 01/15/35 | 289620 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 68000 | 3.250 | 11/30/26 | 67373 |
| 450000 | 3.375 | 12/01/27 | 444377 |
| 242000 | 2.450 | 09/13/29 | 227031 |
| 274000 | 2.650 | 07/15/30 | 255027 |
| 384000 | 3.250 | 09/13/49 | 260429 |
| 220000 | 3.800 | 07/15/50 | 164592 |
| 126000 | 6.650 | 01/15/54 | 139091 |
| Store Capital LLC | Store Capital LLC | Store Capital LLC | Store Capital LLC |
| 170000 | 5.400 | 04/30/30<sup>(b)</sup> | 173438 |
| 461000 | 2.750 | 11/18/30 | 416674 |
| 254000 | 2.700 | 12/01/31 | 221211 |
| VICI Properties LP | VICI Properties LP | VICI Properties LP | VICI Properties LP |
| 650000 | 4.750 | 02/15/28 | 653923 |
| 750000 | 4.950 | 02/15/30 | 760142 |
| 900000 | 5.125 | 05/15/32 | 901684 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 290000 | 4.250% | 04/15/28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291634 |
| 276000 | 3.100 | 01/15/30 | 263515 |
|  |  |  | 19075103 |
| Revenue – 0.5% | Revenue – 0.5% | Revenue – 0.5% | Revenue – 0.5% |
| Ascension Health | Ascension Health | Ascension Health | Ascension Health |
| 200000 | 3.945 | 11/15/46 | 159571 |
| Ascension Health, Series B | Ascension Health, Series B | Ascension Health, Series B | Ascension Health, Series B |
| 1027000 | 2.532 | 11/15/29 | 966660 |
| CommonSpirit Health | CommonSpirit Health | CommonSpirit Health | CommonSpirit Health |
| 220000 | 3.347 | 10/01/29 | 212349 |
| 217000 | 4.350 | 11/01/42 | 183326 |
| 376000 | 4.187 | 10/01/49 | 289157 |
| Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 | Ford Foundation (The), Series 2017 |
| 195000 | 3.859 | 06/01/47 | 152380 |
| Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals | Kaiser Foundation Hospitals |
| 487000 | 4.150 | 05/01/47 | 398969 |
| Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 | Kaiser Foundation Hospitals, Series 2019 |
| 286000 | 3.266 | 11/01/49 | 196880 |
| Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 | Kaiser Foundation Hospitals, Series 2021 |
| 95000 | 2.810 | 06/01/41 | 68702 |
| 364000 | 3.002 | 06/01/51 | 233922 |
| Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C | Montefiore Obligated Group, Series 18-C |
| 407000 | 5.246 | 11/01/48 | 324205 |
| William Marsh Rice University | William Marsh Rice University | William Marsh Rice University | William Marsh Rice University |
| 100000 | 3.574 | 05/15/45 | 78697 |
|  |  |  | 3264818 |
| Software – 1.3% | Software – 1.3% | Software – 1.3% | Software – 1.3% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 708000 | 6.150 | 11/09/29 | 757352 |
| 300000 | 2.950 | 04/01/30 | 282659 |
| 100000 | 4.650 | 05/06/30 | 101431 |
| 847000 | 6.250 | 11/09/32 | 918728 |
| 600000 | 3.900 | 05/15/35 | 541460 |
| 250000 | 3.850 | 07/15/36 | 220173 |
| 645000 | 3.800 | 11/15/37 | 552612 |
| 938000 | 3.600 | 04/01/40 | 743415 |
| 252000 | 3.650 | 03/25/41 | 197410 |
| 731000 | 4.125 | 05/15/45 | 573576 |
| 490000 | 4.000 | 11/15/47 | 369742 |
| 872000 | 4.375 | 05/15/55 | 665113 |
| 1029000 | 3.850 | 04/01/60 | 691833 |
| 376000 | 4.100 | 03/25/61 | 263762 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 460000 | 3.700 | 04/11/28 | 458772 |
| 455000 | 1.950 | 07/15/31 | 402811 |
| 411000 | 2.900 | 07/15/51 | 260568 |
| Workday, Inc. | Workday, Inc. | Workday, Inc. | Workday, Inc. |
| 400000 | 3.500 | 04/01/27 | 395856 |
| 164000 | 3.800 | 04/01/32 | 155720 |
|  |  |  | 8552993 |
| Technology – 7.3% | Technology – 7.3% | Technology – 7.3% | Technology – 7.3% |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| 114000 | 2.150 | 02/01/27 | 111399 |
| 580000 | 2.300 | 02/01/30 | 539655 |
| 151000 | 4.950 | 04/04/34 | 154890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **44** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| $182000 | 1.998% | 08/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178611 |
| 50000 | 0.800 | 08/15/27 | 47328 |
| 1600000 | 4.000 | 05/15/30 | 1611173 |
| 1164000 | 1.100 | 08/15/30 | 1018209 |
| 253000 | 2.250 | 08/15/60 | 131096 |
| Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| 75000 | 3.500 | 12/05/26 | 74594 |
| 300000 | 1.700 | 10/01/28 | 280390 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 404000 | 2.450 | 08/04/26 | 398293 |
| 686000 | 2.050 | 09/11/26 | 673732 |
| 120000 | 3.000 | 06/20/27 | 118537 |
| 692000 | 2.900 | 09/12/27 | 681312 |
| 218000 | 3.000 | 11/13/27 | 214591 |
| 392000 | 1.200 | 02/08/28 | 369277 |
| 252000 | 1.400 | 08/05/28 | 235886 |
| 320000 | 3.250 | 08/08/29 | 313435 |
| 336000 | 1.650 | 05/11/30 | 303170 |
| 118000 | 1.250 | 08/20/30 | 103559 |
| 1488000 | 1.650 | 02/08/31 | 1314992 |
| 272000 | 1.700 | 08/05/31 | 239289 |
| 310000 | 4.500 | 02/23/36 | 311306 |
| 64000 | 4.450 | 05/06/44 | 58777 |
| 100000 | 3.750 | 11/13/47 | 79161 |
| 717000 | 2.950 | 09/11/49 | 477572 |
| 309000 | 2.550 | 08/20/60 | 174799 |
| 325000 | 2.800 | 02/08/61 | 191302 |
| 808000 | 2.850 | 08/05/61 | 476146 |
| 100000 | 4.100 | 08/08/62 | 78587 |
| Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| 100000 | 3.300 | 04/01/27 | 99180 |
| 650000 | 1.750 | 06/01/30 | 583867 |
| 236000 | 4.350 | 04/01/47 | 200652 |
| Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. | Automatic Data Processing, Inc. |
| 467000 | 1.250 | 09/01/30 | 408561 |
| Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. |
| 619000 | 3.875 | 01/15/27 | 617344 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 203000 | 3.459 | 09/15/26 | 201480 |
| 605000 | 4.750 | 04/15/29 | 616355 |
| 420000 | 5.050 | 07/12/29 | 432294 |
| 248000 | 4.150 | 11/15/30 | 245946 |
| 514000 | 2.450 | 02/15/31<sup>(b)</sup> | 464987 |
| 570000 | 4.300 | 11/15/32 | 556447 |
| 585000 | 3.419 | 04/15/33<sup>(b)</sup> | 532523 |
| 290000 | 3.469 | 04/15/34<sup>(b)</sup> | 260790 |
| 600000 | 3.137 | 11/15/35<sup>(b)</sup> | 506651 |
| 471000 | 3.187 | 11/15/36<sup>(b)</sup> | 393684 |
| 600000 | 3.500 | 02/15/41<sup>(b)</sup> | 477500 |
| 322000 | 3.750 | 02/15/51<sup>(b)</sup> | 240631 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 658000 | 5.050 | 02/26/34 | 677023 |
| 615000 | 5.500 | 01/15/40 | 636662 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 1101000 | 4.900 | 10/01/26 | 1106607 |
| 200000 | 5.250 | 02/01/28 | 205237 |
| 200000 | 5.300 | 10/01/29 | 207433 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Dell International LLC / EMC Corp. – (continued) | Dell International LLC / EMC Corp. – (continued) | Dell International LLC / EMC Corp. – (continued) | Dell International LLC / EMC Corp. – (continued) |
| $50000 | 5.750% | 02/01/33 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52800 |
| 113000 | 8.100 | 07/15/36 | 137628 |
| 450000 | 3.375 | 12/15/41 | 336154 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 330000 | 1.650 | 03/01/28 | 310398 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 407000 | 3.200 | 07/01/26 | 403113 |
| 300000 | 4.200 | 10/01/28 | 299571 |
| 500000 | 3.500 | 07/01/29 | 485120 |
| 780000 | 5.625 | 08/21/33 | 808605 |
| 400000 | 4.400 | 07/01/49 | 320099 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 400000 | 4.400 | 09/25/27 | 402093 |
| 1112000 | 5.000 | 10/15/34 | 1092056 |
| HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
| 597000 | 5.500 | 01/15/33 | 615260 |
| IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. | IBM International Capital Pte Ltd. |
| 910000 | 5.300 | 02/05/54 | 846767 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 674000 | 5.150 | 02/21/34 | 672746 |
| 160000 | 4.600 | 03/25/40 | 141204 |
| 170000 | 4.250 | 12/15/42 | 136496 |
| 100000 | 5.625 | 02/10/43 | 94946 |
| 200000 | 3.050 | 08/12/51 | 118446 |
| 746000 | 5.700 | 02/10/53 | 687679 |
| 100000 | 5.600 | 02/21/54 | 91058 |
| 844000 | 4.950 | 03/25/60 | 679031 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 655000 | 1.700 | 05/15/27 | 630514 |
| 1086000 | 1.950 | 05/15/30 | 981120 |
| 540000 | 4.150 | 05/15/39 | 476710 |
| 80000 | 4.000 | 06/20/42 | 66334 |
| 300000 | 4.250 | 05/15/49 | 240660 |
| 300000 | 2.950 | 05/15/50 | 189936 |
| 120000 | 4.900 | 07/27/52 | 104942 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 600000 | 5.200 | 09/15/33 | 622546 |
| 100000 | 5.500 | 09/15/53 | 98461 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 300000 | 4.950 | 10/15/34 | 297938 |
| KLA Corp. | KLA Corp. | KLA Corp. | KLA Corp. |
| 650000 | 4.100 | 03/15/29 | 651176 |
| 100000 | 3.300 | 03/01/50 | 69225 |
| 100000 | 4.950 | 07/15/52 | 91290 |
| 388000 | 5.250 | 07/15/62 | 361424 |
| Lam Research Corp. | Lam Research Corp. | Lam Research Corp. | Lam Research Corp. |
| 436000 | 4.000 | 03/15/29 | 435850 |
| 228000 | 1.900 | 06/15/30 | 205952 |
| 220000 | 4.875 | 03/15/49 | 199500 |
| 322000 | 2.875 | 06/15/50 | 205645 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 1170000 | 3.500 | 08/15/27 | 1164135 |
| 1064000 | 4.600 | 05/15/28 | 1084584 |
| 290000 | 4.800 | 05/15/30 | 299213 |
| 410000 | 4.650 | 08/15/62 | 342998 |
| 51000 | 5.750 | 05/15/63 | 50823 |
| 614000 | 5.550 | 08/15/64 | 593305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **45** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 1644000 | 2.400% | 08/08/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619865 |
| 87000 | 3.300 | 02/06/27 | 86380 |
| 382000 | 3.500 | 02/12/35 | 358425 |
| 470000 | 3.450 | 08/08/36 | 423946 |
| 81000 | 4.100 | 02/06/37 | 78156 |
| 629000 | 2.525 | 06/01/50 | 384330 |
| 129000 | 2.921 | 03/17/52 | 84769 |
| 576000 | 2.675 | 06/01/60 | 340752 |
| 400000 | 3.041 | 03/17/62 | 253340 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
| 624000 | 4.600 | 05/23/29 | 631272 |
| 386000 | 2.750 | 05/24/31 | 351817 |
| 130000 | 5.500 | 09/01/44 | 127013 |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| 340000 | 3.200 | 09/16/26 | 337519 |
| 475000 | 1.550 | 06/15/28 | 447622 |
| 400000 | 2.000 | 06/15/31 | 358882 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 355000 | 2.650 | 10/01/26 | 349575 |
| 590000 | 3.250 | 06/01/50 | 402636 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 304000 | 3.250 | 05/20/27 | 301267 |
| 200000 | 1.300 | 05/20/28 | 187203 |
| 126000 | 2.150 | 05/20/30 | 115813 |
| 320000 | 4.650 | 05/20/35 | 319122 |
| 1051000 | 4.500 | 05/20/52 | 888071 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 140000 | 5.000 | 04/01/32 | 142661 |
| 150000 | 5.700 | 04/01/55 | 147548 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 968000 | 4.150 | 05/15/48 | 793563 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 1167000 | 4.800 | 09/15/34 | 1153053 |
| VMware LLC | VMware LLC | VMware LLC | VMware LLC |
| 125000 | 1.400 | 08/15/26 | 121736 |
|  |  |  | 49634809 |
| Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% | Transportation – 1.8% |
| American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-1, AA |
| 57193 | 3.575 | 01/15/28 | 55775 |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 190000 | 5.750 | 05/01/40 | 198605 |
| 92000 | 4.450 | 03/15/43 | 80766 |
| 180000 | 4.900 | 04/01/44 | 168062 |
| 180000 | 4.150 | 04/01/45 | 149993 |
| 92000 | 3.900 | 08/01/46 | 72807 |
| 206000 | 4.150 | 12/15/48 | 167404 |
| 219000 | 3.550 | 02/15/50 | 158769 |
| 456000 | 3.300 | 09/15/51 | 312482 |
| 912000 | 4.450 | 01/15/53 | 757999 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 450000 | 3.800 | 03/01/28 | 447778 |
| 200000 | 4.250 | 03/15/29 | 200752 |
| 270000 | 4.100 | 03/15/44 | 222840 |
| 700000 | 3.800 | 11/01/46 | 540699 |
| 240000 | 4.300 | 03/01/48 | 197570 |
| 130000 | 4.500 | 11/15/52 | 108872 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA | Federal Express Corp. Pass Through Trusts, Series 20-1, AA |
| 549478 | 1.875% | 02/20/34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479418 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 180000 | 4.250 | 05/15/30<sup>(b)</sup> | 177809 |
| 180000 | 2.400 | 05/15/31<sup>(b)</sup> | 160515 |
| 344000 | 5.100 | 01/15/44<sup>(b)</sup> | 307009 |
| 430000 | 4.750 | 11/15/45<sup>(b)</sup> | 359025 |
| 368000 | 4.550 | 04/01/46<sup>(b)</sup> | 298130 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 100000 | 4.550 | 06/01/53 | 84036 |
| 340000 | 3.155 | 05/15/55 | 216959 |
| 150000 | 5.950 | 03/15/64 | 153541 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 130000 | 2.400 | 02/05/30 | 121170 |
| 290000 | 2.375 | 05/20/31 | 263988 |
| 1148000 | 2.800 | 02/14/32 | 1042417 |
| 140000 | 3.200 | 05/20/41 | 107160 |
| 278000 | 3.799 | 10/01/51 | 207761 |
| 95000 | 2.950 | 03/10/52 | 59797 |
| 408000 | 3.839 | 03/20/60 | 291236 |
| 100000 | 3.550 | 05/20/61 | 66344 |
| 446000 | 3.799 | 04/06/71 | 303412 |
| United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA | United Airlines, Inc. Pass-Through Trust, Series 2024-1, AA |
| 1160557 | 5.450 | 02/15/37 | 1181020 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 100000 | 3.400 | 03/15/29 | 98226 |
| 940000 | 4.875 | 03/03/33 | 963539 |
| 300000 | 5.150 | 05/22/34 | 309466 |
| 250000 | 6.200 | 01/15/38 | 272687 |
| 100000 | 4.875 | 11/15/40 | 94341 |
| 820000 | 3.750 | 11/15/47 | 618841 |
|  |  |  | 12079020 |
| Water – 0.0% | Water – 0.0% | Water – 0.0% | Water – 0.0% |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 160000 | 4.000 | 12/01/46 | 127938 |
| Wireless – 3.4% | Wireless – 3.4% | Wireless – 3.4% | Wireless – 3.4% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 556000 | 3.375 | 10/15/26 | 550386 |
| 200000 | 2.750 | 01/15/27 | 196012 |
| 361000 | 3.800 | 08/15/29 | 353760 |
| 80000 | 2.900 | 01/15/30 | 75182 |
| 300000 | 1.875 | 10/15/30 | 264224 |
| 470000 | 5.900 | 11/15/33 | 499400 |
| 251000 | 3.100 | 06/15/50 | 162770 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 551000 | 3.800 | 02/15/27 | 548306 |
| 210000 | 4.250 | 03/01/27 | 210361 |
| 282000 | 2.300 | 06/01/27 | 273041 |
| 912000 | 4.350 | 03/01/29 | 915465 |
| 1139000 | 4.300 | 02/15/30 | 1141037 |
| 910000 | 2.550 | 12/01/33 | 765438 |
| 384000 | 5.400 | 02/15/34 | 395902 |
| 379000 | 4.500 | 05/15/35 | 362384 |
| 140000 | 4.850 | 03/01/39 | 132996 |
| 310000 | 4.350 | 06/15/45 | 257473 |
| 293000 | 4.500 | 03/09/48 | 242718 |
| 225000 | 4.550 | 03/09/49 | 186119 |
| 538000 | 3.650 | 06/01/51 | 375260 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **46** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
| AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) | AT&T, Inc. – (continued) |
| $130000 | 3.300% | 02/01/52 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84066 |
| 803000 | 3.500 | 09/15/53 | 537425 |
| 763000 | 3.550 | 09/15/55 | 510012 |
| 530000 | 3.800 | 12/01/57 | 366448 |
| 617000 | 3.650 | 09/15/59 | 410513 |
| 192000 | 3.850 | 06/01/60 | 132720 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 260000 | 3.800 | 02/15/28 | 257199 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 378000 | 3.750 | 04/15/27 | 375909 |
| 62000 | 2.625 | 02/15/29 | 58816 |
| 992000 | 2.550 | 02/15/31 | 900302 |
| 176000 | 2.875 | 02/15/31 | 161908 |
| 400000 | 5.050 | 07/15/33 | 403819 |
| 748000 | 5.750 | 01/15/34 | 786531 |
| 368000 | 4.375 | 04/15/40 | 327260 |
| 444000 | 3.000 | 02/15/41 | 324501 |
| 416000 | 4.500 | 04/15/50 | 341477 |
| 256000 | 3.300 | 02/15/51 | 169336 |
| 345000 | 3.400 | 10/15/52 | 229338 |
| 200000 | 5.650 | 01/15/53 | 192403 |
| 468000 | 5.750 | 01/15/54 | 456010 |
| 400000 | 3.600 | 11/15/60 | 262217 |
| 200000 | 5.800 | 09/15/62 | 195061 |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 559000 | 4.125 | 03/16/27 | 559930 |
| 561000 | 4.016 | 12/03/29 | 556258 |
| 284000 | 3.150 | 03/22/30 | 271398 |
| 236000 | 1.500 | 09/18/30 | 206077 |
| 85000 | 1.680 | 10/30/30 | 74665 |
| 110000 | 7.750 | 12/01/30 | 127118 |
| 670000 | 2.550 | 03/21/31 | 607967 |
| 553000 | 5.050 | 05/09/33 | 563939 |
| 748000 | 4.400 | 11/01/34 | 715898 |
| 220000 | 4.272 | 01/15/36 | 205712 |
| 445000 | 5.250 | 03/16/37 | 446897 |
| 430000 | 2.650 | 11/20/40 | 304874 |
| 610000 | 3.400 | 03/22/41 | 474614 |
| 60000 | 6.550 | 09/15/43 | 65930 |
| 110000 | 4.125 | 08/15/46 | 87802 |
| 514000 | 4.862 | 08/21/46 | 458994 |
| 377000 | 4.522 | 09/15/48 | 315846 |
| 364000 | 2.875 | 11/20/50 | 226959 |
| 609000 | 3.550 | 03/22/51 | 435725 |
| 130000 | 2.987 | 10/30/56 | 77997 |
| 259000 | 3.000 | 11/20/60 | 151526 |
| 519000 | 3.700 | 03/22/61 | 358843 |
|  |  |  | 22686474 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $573,055,246)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $573,055,246)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $573,055,246)** | 551067001 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – 16.2% | Foreign Corporate Debt – 16.2% | Foreign Corporate Debt – 16.2% | Foreign Corporate Debt – 16.2% |
| Banks – 9.1% | Banks – 9.1% | Banks – 9.1% | Banks – 9.1% |
| Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) | Banco Bilbao Vizcaya Argentaria SA (Spain) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.700%) |
| $600000 | 6.138% | 09/14/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620965 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.950%) |
| 100000 | 6.033 | 03/13/35<sup>(a)</sup> | 104861 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 1000000 | 4.250 | 04/11/27 | 999869 |
| 2000000 | 5.294 | 08/18/27 | 2038373 |
| 310000 | 4.379 | 04/12/28 | 311216 |
| 600000 | 6.607 | 11/07/28 | 642452 |
| 325000 | 3.490 | 05/28/30 | 314187 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.900%) |
| 200000 | 1.722 | 09/14/27<sup>(a)</sup> | 194686 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.000%) |
| 200000 | 4.175 | 03/24/28<sup>(a)</sup> | 200248 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.600%) |
| 336000 | 3.225 | 11/22/32<sup>(a)</sup> | 305352 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 94000 | 5.266 | 12/11/26 | 95298 |
| 632000 | 5.203 | 02/01/28 | 648238 |
| 219000 | 5.717 | 09/25/28 | 229170 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.250%) |
| 310000 | 4.640 | 09/10/30<sup>(a)</sup> | 314463 |
| &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) | &nbsp;&nbsp;&nbsp;&nbsp; (5 Year USD Swap + 1.432%) |
| 424000 | 3.803 | 12/15/32<sup>(a)</sup> | 416263 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.400%) |
| 710000 | 3.088 | 01/10/37<sup>(a)</sup> | 625361 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 80000 | 1.950 | 02/02/27 | 77808 |
| 684000 | 4.850 | 02/01/30 | 700421 |
| 530000 | 2.450 | 02/02/32 | 466880 |
| 490000 | 5.650 | 02/01/34 | 517610 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.054%) |
| 600000 | 5.088 | 06/20/30<sup>(a)</sup> | 609184 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.900%) |
| 1000000 | 2.645 | 06/24/31<sup>(a)</sup> | 917827 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.200%) |
| 1000000 | 2.667 | 03/10/32<sup>(a)</sup> | 902931 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) |
| 1000000 | 2.894 | 11/24/32<sup>(a)</sup> | 894135 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.900%) |
| 500000 | 3.564 | 09/23/35<sup>(a)</sup> | 468606 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 100000 | 5.001 | 04/28/28 | 102398 |
| 930000 | 3.600 | 04/07/32 | 876585 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 94000 | 5.250 | 05/24/41 | 92761 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **47** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Cooperatieve Rabobank UA (Netherlands) – (continued) | Cooperatieve Rabobank UA (Netherlands) – (continued) | Cooperatieve Rabobank UA (Netherlands) – (continued) | Cooperatieve Rabobank UA (Netherlands) – (continued) |
| 250000 | 5.750% | 12/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251430 |
| 485000 | 5.250 | 08/04/45 | 454907 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.219%) |
| 900000 | 2.311 | 11/16/27<sup>(a)</sup> | 877208 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.318%) |
| 664000 | 2.552 | 01/07/28<sup>(a)</sup> | 648011 |
| 1740000 | 5.414 | 05/10/29 | 1812367 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.043%) |
| 410000 | 3.547 | 09/18/31<sup>(a)</sup> | 388302 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) |
| 480000 | 3.742 | 01/07/33<sup>(a)</sup> | 439342 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.808%) |
| 1005000 | 4.041 | 03/13/28<sup>(a)</sup> | 1001342 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.060%) |
| 570000 | 5.597 | 05/17/28<sup>(a)</sup> | 581930 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.610%) |
| 710000 | 5.210 | 08/11/28<sup>(a)</sup> | 721234 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) |
| 200000 | 2.013 | 09/22/28<sup>(a)</sup> | 190749 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.350%) |
| 290000 | 7.390 | 11/03/28<sup>(a)</sup> | 308547 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.872%) |
| 771000 | 3.973 | 05/22/30<sup>(a)</sup> | 759457 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) |
| 500000 | 2.804 | 05/24/32<sup>(a)</sup> | 452509 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.530%) |
| 580000 | 4.762 | 03/29/33<sup>(a)</sup> | 571735 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.870%) |
| 502000 | 5.402 | 08/11/33<sup>(a)</sup> | 519555 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) |
| 1420000 | 6.254 | 03/09/34<sup>(a)</sup> | 1534072 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.780%) |
| 300000 | 5.719 | 03/04/35<sup>(a)</sup> | 314370 |
| 91000 | 6.100 | 01/14/42 | 97136 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.650%) |
| 400000 | 6.332 | 03/09/44<sup>(a)</sup> | 428023 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| 510000 | 6.500 | 05/02/36 | 545843 |
| 878000 | 6.500 | 09/15/37 | 934447 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.440%) |
| 326000 | 5.335 | 03/19/30<sup>(a)</sup> | 336551 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.610%) |
| 785000 | 5.525 | 03/25/36<sup>(a)</sup> | 802086 |
| Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) | Lloyds Banking Group PLC (United Kingdom) |
| 1404000 | 3.750 | 01/11/27 | 1395508 |
| 940000 | 4.375 | 03/22/28 | 944189 |
| 200000 | 5.300 | 12/01/45 | 186861 |
| 490000 | 4.344 | 01/09/48 | 396227 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.205%) |
| 1420000 | 3.574 | 11/07/28<sup>(a)</sup> | 1399434 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| 95000 | 3.961 | 03/02/28 | 94826 |
| 94000 | 3.741 | 03/07/29 | 92942 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.380%) |
| $1800000 | 5.422% | 02/22/29<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853882 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 0.950%) |
| 200000 | 2.309 | 07/20/32<sup>(a)</sup> | 177239 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.100%) |
| 500000 | 2.852 | 01/19/33<sup>(a)</sup> | 449077 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.125%) |
| 200000 | 5.133 | 07/20/33<sup>(a)</sup> | 204791 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.630%) |
| 800000 | 5.441 | 02/22/34<sup>(a)</sup> | 831857 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.532%) |
| 580000 | 1.979 | 09/08/31<sup>(a)</sup> | 515435 |
| 390000 | 2.564 | 09/13/31 | 344488 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.400%) |
| 940000 | 5.669 | 09/13/33<sup>(a)</sup> | 988328 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.300%) |
| 1120000 | 5.579 | 05/26/35<sup>(a)</sup> | 1162386 |
| National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) |
| 1150000 | 5.087 | 06/11/27 | 1172523 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| 2540000 | 4.500 | 10/10/29 | 2558095 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.905%) |
| 420000 | 5.076 | 01/27/30<sup>(a)</sup> | 429167 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.350%) |
| 370000 | 3.032 | 11/28/35<sup>(a)</sup> | 338095 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 524000 | 3.625 | 05/04/27 | 521232 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| 236000 | 1.400 | 11/02/26 | 228990 |
| 405000 | 4.240 | 08/03/27 | 407791 |
| 744000 | 4.900 | 01/12/28 | 759799 |
| 792000 | 4.950 | 02/01/29 | 823159 |
| 142000 | 2.300 | 11/03/31 | 126476 |
| 300000 | 5.000 | 02/01/33 | 307221 |
| 300000 | 5.000 | 05/02/33 | 307312 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.720%) |
| 456000 | 4.510 | 10/18/27<sup>(a)</sup> | 457261 |
| Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 1.400%) |
| 1260000 | 3.823 | 11/03/28<sup>(a)</sup> | 1246344 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 829000 | 1.402 | 09/17/26 | 805618 |
| 207000 | 3.446 | 01/11/27 | 205303 |
| 390000 | 5.716 | 09/14/28 | 407083 |
| 300000 | 1.902 | 09/17/28 | 280832 |
| 1540000 | 5.316 | 07/09/29 | 1595712 |
| 300000 | 5.424 | 07/09/31 | 313931 |
| 2060000 | 5.808 | 09/14/33 | 2210647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **48** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) |
| 300000 | 5.000% | 07/09/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305801 |
| 200000 | 4.500 | 06/26/48 | 173613 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 3.730%) |
| 2940000 | 4.194 | 04/01/31<sup>(a)(b)</sup> | 2913496 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 2.680%) |
| 140000 | 5.405 | 08/10/33<sup>(a)</sup> | 143138 |
| 270000 | 6.820 | 11/17/33 | 300560 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.750%) |
| 500000 | 2.668 | 11/15/35<sup>(a)</sup> | 447374 |
| Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) | Westpac Banking Corp., GMTN (Australia) |
| &nbsp;&nbsp;&nbsp;&nbsp; 5 Year USD Swap + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp; 5 Year USD Swap + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp; 5 Year USD Swap + 2.236% | &nbsp;&nbsp;&nbsp;&nbsp; 5 Year USD Swap + 2.236% |
| 640000 | 4.322 | 11/23/31<sup>(a)</sup> | 637240 |
|  |  |  | 61120584 |
| Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% | Beverages – 0.2% |
| Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) | Coca-Cola Femsa SAB de CV (Mexico) |
| 750000 | 2.750 | 01/22/30 | 706644 |
| 330000 | 5.250 | 11/26/43 | 317579 |
| Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) | Fomento Economico Mexicano SAB de CV (Mexico) |
| 630000 | 3.500 | 01/16/50 | 453532 |
|  |  |  | 1477755 |
| Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% |
| Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) |
| 300000 | 1.653 | 07/14/26 | 293283 |
| 300000 | 2.172 | 07/14/28 | 283562 |
| 300000 | 2.679 | 07/16/30 | 275609 |
| 550000 | 2.608 | 07/14/31 | 493733 |
| 576000 | 2.999 | 01/22/32 | 519244 |
| 1007000 | 5.783 | 07/03/34 | 1057239 |
|  |  |  | 2922670 |
| Consumer Noncyclical – 1.4% | Consumer Noncyclical – 1.4% | Consumer Noncyclical – 1.4% | Consumer Noncyclical – 1.4% |
| Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |
| 356000 | 4.875 | 03/03/28 | 364367 |
| 200000 | 1.750 | 05/28/28 | 189477 |
| 1000000 | 4.850 | 02/26/29 | 1026158 |
| 300000 | 2.250 | 05/28/31 | 271581 |
| AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) | AstraZeneca PLC (United Kingdom) |
| 888000 | 4.000 | 01/17/29 | 889212 |
| 440000 | 6.450 | 09/15/37 | 496653 |
| 200000 | 4.375 | 08/17/48 | 172321 |
| 94000 | 3.000 | 05/28/51 | 62594 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 500000 | 6.343 | 08/02/30 | 539971 |
| 1314000 | 4.390 | 08/15/37 | 1186665 |
| Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) | Bayer U.S. Finance II LLC (Germany) |
| 421000 | 4.650 | 11/15/43<sup>(b)</sup> | 334811 |
| 392000 | 4.700 | 07/15/64<sup>(b)</sup> | 292670 |
| GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) | GlaxoSmithKline Capital PLC (United Kingdom) |
| 314000 | 3.375 | 06/01/29 | 306410 |
| GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) |
| 362000 | 3.875 | 05/15/28 | 362071 |
| 759000 | 6.375 | 05/15/38 | 845935 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) | Reynolds American, Inc. (United Kingdom) |
| 800000 | 5.700% | 08/15/35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822535 |
| 134000 | 5.850 | 08/15/45 | 129234 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 1865000 | 3.025 | 07/09/40 | 1407507 |
|  |  |  | 9700172 |
| Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% |
| Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) |
| 100000 | 2.900 | 05/05/27 | 98482 |
| 300000 | 4.250 | 08/12/27 | 301968 |
| 500000 | 3.500 | 03/22/28 | 495563 |
| 700000 | 2.125 | 09/06/29 | 651542 |
| 200000 | 1.750 | 08/12/31 | 175271 |
| 100000 | 5.900 | 11/15/32 | 109057 |
| 250000 | 5.000 | 12/08/33 | 259098 |
|  |  |  | 2090981 |
| Energy – 1.0% | Energy – 1.0% | Energy – 1.0% | Energy – 1.0% |
| Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) |
| 299000 | 3.850 | 06/01/27 | 296906 |
| 300000 | 6.250 | 03/15/38 | 314788 |
| Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) |
| 364000 | 4.950 | 06/01/47 | 314283 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 200000 | 5.900 | 11/15/26 | 203715 |
| 200000 | 6.000 | 11/15/28 | 210512 |
| 484000 | 3.125 | 11/15/29 | 461947 |
| 170000 | 6.200 | 11/15/30 | 183349 |
| 400000 | 2.500 | 08/01/33 | 337505 |
| 260000 | 3.400 | 08/01/51 | 171911 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) |
| 130000 | 5.500 | 07/15/77<sup>(a)</sup> | 130162 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) |
| 480000 | 6.250 | 03/01/78<sup>(a)</sup> | 486000 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 158000 | 2.829 | 01/10/30 | 150831 |
| 210000 | 2.986 | 06/29/41 | 155664 |
| 144000 | 3.461 | 07/12/49 | 101308 |
| 322000 | 3.127 | 05/29/50 | 211912 |
| 307000 | 3.386 | 06/29/60 | 198757 |
| TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) |
| 96000 | 3.883 | 10/11/28 | 95990 |
| 611000 | 5.150 | 04/05/34 | 629454 |
| 540000 | 5.488 | 04/05/54 | 513983 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 366000 | 6.200 | 10/15/37 | 386930 |
| 602000 | 7.625 | 01/15/39 | 708827 |
| 150000 | 5.100 | 03/15/49 | 134648 |
|  |  |  | 6399382 |
| Financial Company – 1.0% | Financial Company – 1.0% | Financial Company – 1.0% | Financial Company – 1.0% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 952000 | 2.450 | 10/29/26 | 933726 |
| 300000 | 3.000 | 10/29/28 | 289245 |
| 200000 | 5.100 | 01/19/29 | 204876 |
| 632000 | 3.300 | 01/30/32 | 580506 |
| 300000 | 3.400 | 10/29/33 | 266716 |
| 480000 | 3.850 | 10/29/41 | 387842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **49** |

---

------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) |
| $689000 | 6.950% | 03/10/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720906 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 642000 | 3.900 | 01/25/28 | 637144 |
| 120000 | 4.850 | 03/29/29 | 122053 |
| 719000 | 4.350 | 04/15/30 | 717947 |
| 237000 | 4.700 | 09/20/47 | 203931 |
| 100000 | 3.500 | 03/30/51 | 68999 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
| 1794000 | 4.650 | 09/10/29 | 1819520 |
|  |  |  | 6953411 |
| Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% | Food and Beverage – 0.7% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 772000 | 4.700 | 02/01/36 | 754702 |
| 1845000 | 4.900 | 02/01/46 | 1682825 |
| Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) |
| 532000 | 4.900 | 02/01/46 | 485237 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 155000 | 4.900 | 01/23/31 | 160474 |
| 340000 | 5.450 | 01/23/39 | 347039 |
| 244000 | 4.950 | 01/15/42 | 229858 |
| 262000 | 4.439 | 10/06/48 | 220768 |
| 524000 | 5.550 | 01/23/49 | 514686 |
| 439000 | 5.800 | 01/23/59 | 443125 |
|  |  |  | 4838714 |
| Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% | Forest Products & Paper – 0.1% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 354000 | 6.000 | 01/15/29 | 364883 |
| Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) | Suzano Austria GmbH, Series DM3N (Brazil) |
| 188000 | 3.125 | 01/15/32 | 166265 |
|  |  |  | 531148 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |
| AXA SA (France) | AXA SA (France) | AXA SA (France) | AXA SA (France) |
| 410000 | 8.600 | 12/15/30 | 490027 |
| Internet – 0.3% | Internet – 0.3% | Internet – 0.3% | Internet – 0.3% |
| Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) | Alibaba Group Holding Ltd. (China) |
| 400000 | 2.700 | 02/09/41 | 290222 |
| 400000 | 4.400 | 12/06/57 | 331056 |
| 500000 | 3.250 | 02/09/61 | 322171 |
| Baidu, Inc. (China) | Baidu, Inc. (China) | Baidu, Inc. (China) | Baidu, Inc. (China) |
| 490000 | 4.875 | 11/14/28 | 501741 |
| 560000 | 3.425 | 04/07/30 | 542737 |
|  |  |  | 1987927 |
| Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% | Lodging – 0.1% |
| Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) |
| 740000 | 5.400 | 08/08/28 | 754271 |
| Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 1481000 | 5.000 | 02/21/30 | 1530696 |
| 1051000 | 5.500 | 09/08/53 | 1041306 |
| Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) |
| 160000 | 2.750 | 11/02/51 | 97600 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) | Metals and Mining – (continued) |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 160000 | 4.125% | 08/21/42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136098 |
|  |  |  | 2805700 |
| Mining – 0.4% | Mining – 0.4% | Mining – 0.4% | Mining – 0.4% |
| Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) | Barrick North America Finance LLC (Canada) |
| 100000 | 7.500 | 09/15/38 | 117345 |
| 634000 | 5.750 | 05/01/43 | 644254 |
| Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) |
| 784000 | 7.500 | 07/27/35 | 909655 |
| 171000 | 6.750 | 04/16/40 | 188631 |
| 76000 | 5.250 | 11/08/42 | 71444 |
| 86000 | 5.875 | 04/23/45 | 86531 |
| Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) |
| 100000 | 7.200 | 09/15/32 | 109897 |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 372000 | 6.400 | 06/28/54 | 370030 |
|  |  |  | 2497787 |
| Natural Gas – 0.1% | Natural Gas – 0.1% | Natural Gas – 0.1% | Natural Gas – 0.1% |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 400000 | 5.026 | 10/01/29 | 403971 |
| Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% | Semiconductors – 0.1% |
| TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) | TSMC Arizona Corp. (Taiwan) |
| 350000 | 2.500 | 10/25/31 | 318132 |
| 450000 | 3.125 | 10/25/41 | 354419 |
|  |  |  | 672551 |
| Technology – 0.2% | Technology – 0.2% | Technology – 0.2% | Technology – 0.2% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 470000 | 4.300 | 06/18/29 | 469836 |
| 226000 | 3.400 | 05/01/30 | 216584 |
| 263000 | 2.500 | 05/11/31 | 235896 |
| 285000 | 5.000 | 01/15/33 | 286070 |
|  |  |  | 1208386 |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 640000 | 2.450 | 12/02/31 | 570751 |
| 400000 | 6.125 | 09/15/15 | 401886 |
|  |  |  | 972637 |
| Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% | Wireless – 0.1% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 380000 | 5.300 | 02/15/34 | 383429 |
| Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) | Vodafone Group PLC (United Kingdom) |
| 200000 | 4.875 | 06/19/49 | 174360 |
|  |  |  | 557789 |
| Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% |
| Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) |
| 840000 | 4.665 | 03/06/38 | 763465 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $109,843,704)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $109,843,704)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $109,843,704)** | 109149328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **50** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS INVESTMENT GRADE CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.7%<sup>(d)</sup> | Investment Company – 0.7%<sup>(d)</sup> | Investment Company – 0.7%<sup>(d)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4852256 | 4.154% | $4852256 |
| **(Cost $4,852,256)** | **(Cost $4,852,256)** |  |
| **TOTAL INVESTMENTS – 98.6%**<br> **(Cost $687,751,206)** | **TOTAL INVESTMENTS – 98.6%**<br> **(Cost $687,751,206)** | $665068585 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 1.4%** | 9428481 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674497066 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **51** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 98.7% | Municipal Bonds - 98.7% | Municipal Bonds - 98.7% | Municipal Bonds - 98.7% |
| Alabama - 1.5% | Alabama - 1.5% | Alabama - 1.5% | Alabama - 1.5% |
| Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) |
| $30000 | 5.000% | 11/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32559 |
| Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) | Alabama Public School and College Authority Tax Exempt Capital Improvement and RB, Series 2020-A (Aa1/AA) |
| 30000 | 5.000 | 11/01/2035 | 32272 |
| 25000 | 4.000 | 11/01/2036 | 25012 |
| Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) | Southeast Energy Authority, A Cooperative District Energy Supply RB Series 2025C (Aa1/NR) |
| 30000 | 5.000 <sup>(a)(b)</sup> | 05/01/2055 | 31967 |
| The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) | The Black Belt Energy Gas District Gas Supply RB, Series 2023B (Aa1/NR) |
| 30000 | 5.250 <sup>(a)(b)</sup> | 12/01/2053 | 32386 |
|  |  |  | 154196 |
| Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% | Arizona - 1.3% |
| Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) | Arizona Board of Regents University of Arizona System Revenue Refunding Bonds Series 2016 (Aa3/AA-) |
| 30000 | 3.000 | 06/01/2034 | 28203 |
| 50000 | 3.000 | 06/01/2035 | 46307 |
| City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) | City of Mesa Utility Systems Revenue Refunding Bonds Series 2019C (Aa2/AA-) |
| 20000 | 5.000 | 07/01/2034 | 21248 |
| Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) | Salt Verde Financial Corp. RB Gas Senior Series 2007-1 (A3/ BBB+) |
| 30000 | 5.000 | 12/01/2037 | 31384 |
|  |  |  | 127142 |
| Arkansas - 0.3% | Arkansas - 0.3% | Arkansas - 0.3% | Arkansas - 0.3% |
| City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) | City of Fort Smith Water and Sewer Refunding and Construction RB Series 2018 (NR/A) |
| 30000 | 5.000 | 10/01/2030 | 31778 |
| California - 19.5% | California - 19.5% | California - 19.5% | California - 19.5% |
| Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) | Anaheim Lease RB Anaheim Public Improvement Project 1997 (AGM) (A1/AA) |
| 50000 | 0.000 <sup>(c)</sup> | 09/01/2032 | 39764 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2021B-1 (Green Bonds) (A1/NR) |
| 30000 | 4.000 <sup>(a)(b)</sup> | 02/01/2052 | 30144 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) |
| 40000 | 5.000 <sup>(a)(b)</sup> | 02/01/2055 | 43090 |
| California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA) | California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA) | California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA) | California Educational Facilities Authority Stanford University RB Series U-2 (Aaa/AAA) |
| 90000 | 5.000 | 10/01/2032 | 105041 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2013A (NR/BBB+) |
| 50000 | 4.000 | 03/01/2033 | 49618 |
| California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) | California Health Facilities Financing Authority, Refunding RB (Cedars-Sinai Medical Center) Series 2015 (Aa3/NR) |
| 30000 | 3.500 | 11/15/2034 | 29575 |
| California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) | California Infrastructure and Economic Development Bank California Clean Water and Drinking Water State Revolving Fund RB Series 2024 (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2033 | 35205 |
| 40000 | 5.000 | 10/01/2035 | 45871 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) | City of Los Angeles Department of Water and Power Water System RB 2017 Series A (Aa2/AA-) |
| 30000 | 5.000% | 07/01/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30603 |
| County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) | County of Santa Clara GO Bonds (Election of 2008) 2013 Series B3 (NR/AAA) |
| 50000 | 3.250 | 08/01/2035 | 47569 |
| Department of Water and Power of the City of Los Angeles Power System RB 2024 Series E (Aa2/A) | Department of Water and Power of the City of Los Angeles Power System RB 2024 Series E (Aa2/A) | Department of Water and Power of the City of Los Angeles Power System RB 2024 Series E (Aa2/A) | Department of Water and Power of the City of Los Angeles Power System RB 2024 Series E (Aa2/A) |
| 40000 | 5.000 | 07/01/2033 | 44777 |
| Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (Aa2/A) |
| 50000 | 5.000 | 07/01/2033 | 55971 |
| 30000 | 5.000 | 07/01/2034 | 31008 |
| Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) | Infrastructure and Economic Development Bank, California Clean Water and Drinking Water State Revolving Fund RB Breen Bond Series 2023 (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2028 | 32726 |
| Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) | Long Beach California Bond Financial Authority Natural Gas Pure RB 2007A (A1/A-) |
| 35000 | 5.500 | 11/15/2037 | 38611 |
| Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB 2021-A (Aa1/AAA) |
| 30000 | 5.000 | 06/01/2029 | 33269 |
| Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) | Los Angeles County Metropolitan Transportation Authority Measure R Senior Sales Tax RB Series 2021-A (Aa1/AAA) |
| 40000 | 4.000 | 06/01/2034 | 41651 |
| Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2021 Series F Green Bonds (Aa2/AA+) |
| 30000 | 5.000 | 12/01/2034 | 33309 |
| Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) | Los Angeles Unified School District 2019 GO Refunding Bond Series A (Aa2/NR) |
| 40000 | 3.000 | 01/01/2034 | 38477 |
| Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) | Marin Healthcare District Marin County California GO Bonds Election of 2013 Series 2017A (Aa2/NR) |
| 30000 | 3.000 | 08/01/2037 | 26714 |
| Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) | Metropolitan Water District of Southern California Subordinate Water Revenue Refunding Bonds, 2020 Series A (NR/AA+) |
| 30000 | 4.000 | 07/01/2029 | 31935 |
| M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) | M-S-R Energy Authority Gas RB Series 2009 B (NR/BBB+) |
| 40000 | 6.500 | 11/01/2039 | 47545 |
| San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) | San Bernadino Community College District, San Bernardino and Riverside Counties Election of 2002 GO Bonds Series D (Aa1/ AA) |
| 50000 | 0.000 <sup>(c)</sup> | 08/01/2032 | 40598 |
| San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) | San Diego Unified School District GO Refunding Bonds Series 2012 R-1 (Aa2/AA-) |
| 50000 | 0.000 <sup>(c)</sup> | 07/01/2031 | 42124 |
| San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) | San Francisco Bay Area Rapid Transit District GO Bonds Election of 2016 2017 Series A-1 Green Bonds (Aa1/AA-) |
| 30000 | 5.000 | 08/01/2031 | 31418 |
| 25000 | 4.000 | 08/01/2036 | 25141 |
| San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) | San Francisco Unified School District California GO Bonds Proposition A Election of 2006 Series F 2015 and Proposition A Election of 2011 Series C 2015 (A1/AA-) |
| 40000 | 3.500 | 06/15/2035 | 38628 |
| San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) | San Jose Evergreen California Community College District GO Bonds Election of 2004 B (AGM) (Aaa/AA+) |
| 50000 | 0.000 <sup>(c)</sup> | 09/01/2031 | 42405 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **52** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) | Santa Clara County Financing Authority California Refunding Lease RB Multiple Facilities Projects 2016 Series Q (NR/ AA+) |
| 50000 | 3.000% | 05/15/2035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46256 |
| Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) | Santa Clara Unified School District Election of 2014 GO Bonds Series 2019 (Aaa/AAA) |
| 30000 | 3.000 | 07/01/2033 | 29612 |
| Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR) | Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR) | Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR) | Southern California Public Power Authority and Transmission System Renewal Project RB 2023-1 (Aa2/NR) |
| 50000 | 5.000 | 07/01/2034 | 55509 |
| State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) | State of California Department of Water Resources and Water System Central Valley Project RB Series AX (Aa1/AAA) |
| 35000 | 5.000 | 12/01/2030 | 36947 |
| State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) | State of California GO Various Purpose Bonds (Aa2/AA-) |
| 30000 | 5.000 | 03/01/2030 | 33459 |
| 70000 | 5.000 | 11/01/2031 | 77816 |
| 30000 | 5.000 | 11/01/2032 | 32041 |
| 30000 | 5.000 | 03/01/2034 | 32519 |
| State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) | State of California GO Various Purpose Refunding Bonds (Aa2/ AA-) |
| 30000 | 5.000 | 11/01/2030 | 31666 |
| 50000 | 5.000 | 11/01/2032 | 57444 |
| 40000 | 4.000 | 11/01/2034 | 40509 |
| State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds (Aa2/AA-) |
| 20000 | 5.000 | 10/01/2028 | 21711 |
| State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-) | State of California Tax Exempt Various Purpose GO Refunding Bonds Bid Group B (Aa2/AA-) |
| 70000 | 3.375 | 09/01/2033 | 69569 |
| The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) | The Regents of The University of California General RB Series 2024 BV (Aa2/AA) |
| 40000 | 5.000 | 05/15/2036 | 44881 |
| The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series AY (Aa2/AA) |
| 30000 | 5.000 | 05/15/2032 | 31189 |
| The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) | The Regents of the University of California General Revenue Bonds 2017 Series Bv (Aa2/AA) |
| 50000 | 5.000 | 05/15/2033 | 58098 |
| The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S (Aa3/AA-) |
| 40000 | 5.000 | 05/15/2029 | 44283 |
| The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) | The Regents of the University of California Limited Project RB 2022 Series S Forward Delivery (Aa3/AA-) |
| 25000 | 5.000 | 05/15/2031 | 28618 |
| WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) | WM S Hart High School District GO Bonds Election 2001 2005 B (AGM) (Aa2/AA) |
| 30000 | 0.000 <sup>(c)</sup> | 09/01/2029 | 27145 |
|  |  |  | 1932059 |
| Colorado - 1.9% | Colorado - 1.9% | Colorado - 1.9% | Colorado - 1.9% |
| Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) | Colorado Health Facilities Authority Hospital RB Series 2015 (NR/A-) |
| 30000 | 5.000 | 01/15/2035 | 30152 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2024A (A3/A-) |
| 50000 | 5.000 | 12/01/2034 | 54652 |
| Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
| 30000 | 5.000 | 11/01/2034 | 31480 |

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---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Colorado – (continued) | Colorado – (continued) | Colorado – (continued) | Colorado – (continued) |
| Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) (Aa1/AA) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) (Aa1/AA) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) (Aa1/AA) | Joint School District No. 28J In Adams and Arapahoe Counties Colorado GO Bonds Series 2025 (ST AID WITHHLDG) (Aa1/AA) |
| 30000 | 5.500% | 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33568 |
| State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) | State of Colorado Building Excellent Schools Today Certificates of Participation Tax-Exempt Series 2019O (Aa2/AA-) |
| 40000 | 4.000 | 03/15/2039 | 38872 |
|  |  |  | 188724 |
| Connecticut - 1.6% | Connecticut - 1.6% | Connecticut - 1.6% | Connecticut - 1.6% |
| Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) | Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) | Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) | Connecticut State Health & Educational Facilities Authority RB Quinnipiac University Issue Series L (A3/A-) |
| 25000 | 5.000 | 07/01/2032 | 25012 |
| State of Connecticut GO Bonds (Aa3/AA-) | State of Connecticut GO Bonds (Aa3/AA-) | State of Connecticut GO Bonds (Aa3/AA-) | State of Connecticut GO Bonds (Aa3/AA-) |
| 30000 | 5.000 | 11/15/2030 | 30139 |
| 30000 | 5.000 | 11/15/2032 | 30107 |
| State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa3/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa3/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa3/AA-) | State of Connecticut GO Bonds 2024 Series B (Social Bonds) (Aa3/AA-) |
| 40000 | 5.000 | 01/15/2038 | 43690 |
| State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/ AA-) | State of Connecticut Tax Exempt GO Bonds 2018 Series E (Aa3/ AA-) |
| 30000 | 5.000 | 09/15/2034 | 31492 |
|  |  |  | 160440 |
| Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% |
| The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) | The State of Delaware GO Refunding Bonds Series 2017A (Aaa/ AAA) |
| 27000 | 5.000 | 01/01/2028 | 28718 |
| District of Columbia - 2.8% | District of Columbia - 2.8% | District of Columbia - 2.8% | District of Columbia - 2.8% |
| District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) | District of Columbia Washington D.C. General Obligation Bonds Series 2024A (Aa1/AA+) |
| 40000 | 5.000 | 08/01/2036 | 44393 |
| District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2017D (Aa1/AA+) |
| 40000 | 4.000 | 06/01/2033 | 40403 |
| District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) | District of Columbia Washington D.C. GO Bonds Series 2021D (Aa1/AA+) |
| 30000 | 5.000 | 02/01/2029 | 32637 |
| District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured RB Series 2019A Tax Exempt (Aa1/AAA) |
| 30000 | 5.000 | 03/01/2030 | 32797 |
| District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) | District of Columbia Washington D.C. Income Tax Secured Revenue and Refunding Bonds Series 2025A (Tax-Exempt) (Aa1/AAA) |
| 50000 | 5.000 | 06/01/2039 | 54099 |
| Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) | Washington Metropolitan Area Transit Authority Second Lien Dedicated RB Series 2023A (NR/AA) |
| 70000 | 5.000 | 07/15/2041 | 73013 |
|  |  |  | 277342 |
| Florida - 4.6% | Florida - 4.6% | Florida - 4.6% | Florida - 4.6% |
| Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) | Central Florida Expressway Authority Senior Lien Refunding RB Series 2017 (BAM) (Aa3/AA) |
| 80000 | 3.250 | 07/01/2039 | 71033 |
| City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) | City of Cape Coral Fl Water and Sewer Refunding RB Series 2017 (A1/A+) |
| 20000 | 5.000 | 10/01/2032 | 20698 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **53** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA-) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA-) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA-) | City of Jacksonville Transportation RB Refunding Series 2015 (Aa2/AA-) |
| 30000 | 3.000% | 10/01/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29889 |
| City of Lakeland Energy System Refunding RB Series 2016 (Aa3/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa3/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa3/ AA) | City of Lakeland Energy System Refunding RB Series 2016 (Aa3/ AA) |
| 40000 | 2.500 | 10/01/2027 | 39638 |
| Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) | Florida Housing Finance Corporation Homeowner Mortgage RB 2021 Series 1 Non-AMT (Social Bonds) (GNMA/FNMA/ FHLMC) (Aaa/NR) |
| 30000 | 1.800 | 07/01/2036 | 22166 |
| Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) | Florida State Board of Education Public Education Capital Outlay Refunding Bonds 2019 Series C (Aaa/AAA) |
| 30000 | 5.000 | 06/01/2031 | 32471 |
| JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) | JEA Water and Sewer System RB 2017 Series A (Aa1/AA+) |
| 40000 | 3.250 | 10/01/2036 | 37250 |
| Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) | Miami-Dade County Florida Transit System Sales Surtax Revenue Refunding Bonds Series 2019 (NR/AA) |
| 25000 | 3.000 | 07/01/2038 | 21487 |
| Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) | Miami-Dade County Florida Water and Sewer System Revenue Refunding Bonds Series 2017B (Aa3/AA) |
| 30000 | 4.000 | 10/01/2037 | 29672 |
| Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) | Orlando Utilities Commission Utility System RB Series 2018A (Aa2/AA) |
| 30000 | 5.000 | 10/01/2032 | 31220 |
| Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) | Reedy Creek Improvement District Florida Ad Valorem Tax Bonds Series 2017A (Aa3/AA-) |
| 20000 | 5.000 | 06/01/2030 | 20778 |
| State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) | State of Florida Full Faith and Credit State Board of Education Public Education Capital Outlay Refunding Bonds 2022 Series B Forward Delivery (Aaa/AAA) |
| 30000 | 5.000 | 06/01/2028 | 32187 |
| Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) | Tampa Bay Water, Florida Utility System Revenue Refunding & Improvement Revenue Bonds 2001 A (NATL) (Aa1/AA+) |
| 30000 | 6.000 | 10/01/2029 | 33637 |
| The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) | The School Board of Miami-Dade County Florida Certificates of Participation Series 2015D (A1/A+) |
| 35000 | 4.000 | 02/01/2032 | 35151 |
|  |  |  | 457277 |
| Georgia - 0.7% | Georgia - 0.7% | Georgia - 0.7% | Georgia - 0.7% |
| Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) | Forsyth County School District Georgia GO Bonds Series 2020 (Aaa/AAA) |
| 30000 | 5.000 | 02/01/2030 | 33345 |
| State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) | State of Georgia GO Bonds Series 2015A (Aaa/AAA) |
| 35000 | 4.000 | 02/01/2033 | 35004 |
|  |  |  | 68349 |
| Hawaii - 1.3% | Hawaii - 1.3% | Hawaii - 1.3% | Hawaii - 1.3% |
| City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) | City and County of Honolulu GO Bonds Series 2018A Tax Exempt (Aa2/NR) |
| 30000 | 5.000 | 09/01/2029 | 32203 |
| City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) | City and County of Honolulu GO Tax Exempt Refunding Bonds Series 2017D (Aa2/NR) |
| 30000 | 5.000 | 09/01/2033 | 31118 |
| City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) | City and County of Honolulu Transit Improvements GO Series E (Aa2/NR) |
| 30000 | 5.000 | 03/01/2029 | 32673 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Hawaii – (continued) | Hawaii – (continued) | Hawaii – (continued) | Hawaii – (continued) |
| State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) | State of Hawaii GO Bonds of 2018 Series FT (Aa2/AA+) |
| 30000 | 5.000% | 01/01/2034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31281 |
|  |  |  | 127275 |
| Illinois - 4.3% | Illinois - 4.3% | Illinois - 4.3% | Illinois - 4.3% |
| City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) | City of Chicago GO Bonds Series 2019A (NR/BBB) |
| 40000 | 5.000 | 01/01/2039 | 39344 |
| 40000 | 5.000 | 01/01/2040 | 38582 |
| Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) | Illinois Community College District No. 512 GO Bonds Series 2020 (Aaa/NR) |
| 40000 | 4.000 | 12/15/2029 | 41573 |
| Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) | Illinois Finance Authority RB for The University of Chicago, Series 2021A (Forward Delivery) (Aa2/AA-) |
| 20000 | 5.000 | 10/01/2032 | 22483 |
| Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) |
| 30000 | 5.000 | 11/15/2029 | 30025 |
| 30000 | 5.000 | 11/15/2034 | 30005 |
| Illinois St GO Bonds October 2020 B (A3/A-) | Illinois St GO Bonds October 2020 B (A3/A-) | Illinois St GO Bonds October 2020 B (A3/A-) | Illinois St GO Bonds October 2020 B (A3/A-) |
| 40000 | 4.000 | 10/01/2032 | 40774 |
| 20000 | 4.000 | 10/01/2034 | 19955 |
| Regional Transportation Authority GO Bonds 2004A (AGM) (Aa3/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa3/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa3/ AA) | Regional Transportation Authority GO Bonds 2004A (AGM) (Aa3/ AA) |
| 30000 | 5.750 | 06/01/2029 | 32868 |
| Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) | Sales Tax Securitization Corp. Sales Tax Securitization Bonds Series 2023A Social Bonds (NR/A+) |
| 20000 | 3.000 | 01/01/2027 | 20043 |
| State of Illinois GO Bonds Refunding Series October 2024 (A3/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A3/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A3/A-) | State of Illinois GO Bonds Refunding Series October 2024 (A3/A-) |
| 50000 | 5.000 | 02/01/2034 | 55309 |
| State of Illinois GO Bonds, Series May 2023B (A3/A-) | State of Illinois GO Bonds, Series May 2023B (A3/A-) | State of Illinois GO Bonds, Series May 2023B (A3/A-) | State of Illinois GO Bonds, Series May 2023B (A3/A-) |
| 50000 | 5.000 | 05/01/2034 | 54180 |
|  |  |  | 425141 |
| Indiana - 2.2% | Indiana - 2.2% | Indiana - 2.2% | Indiana - 2.2% |
| Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) | Allen County, Indiana Building Corporation Indiana Lease Rental RB Series 2024 (ST INTERCEPT) (Aa2/NR) (NR) |
| 80000 | 5.000 | 07/15/2041 | 83750 |
| City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) | City of Carmel Redevelopment Authority Indiana Ad Valorem Property Tax Lease Rental Bonds Series 2024B (NR/AA) |
| 60000 | 4.000 | 07/15/2041 | 54893 |
| Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) | Indiana Finance Authority State Revolving Fund Program Bonds Series 2024A (NR/AAA) |
| 50000 | 5.000 | 02/01/2039 | 53773 |
| Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) | Indiana Revenues Special Program Carmel Jr Waterworks Project Series 2008 B (AGM) (A1/AA) |
| 30000 | 0.000 <sup>(c)</sup> | 06/01/2031 | 25272 |
|  |  |  | 217688 |
| Iowa - 1.0% | Iowa - 1.0% | Iowa - 1.0% | Iowa - 1.0% |
| Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) | Board of Regents State of Iowa Hospital Revenue Refunding Bonds Series S.U.I. 2022C University of Iowa Hospitals and Clinics (Aa2/AA) |
| 30000 | 5.000 | 09/01/2028 | 32224 |
| Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) | Iowa Finance Authority State Revolving Fund RB Series 2017 Green Bonds (Aaa/AAA) |
| 30000 | 5.000 | 08/01/2027 | 31505 |
| 30000 | 5.000 | 08/01/2030 | 31342 |
|  |  |  | 95071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **54** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Kentucky - 0.3% | Kentucky - 0.3% | Kentucky - 0.3% | Kentucky - 0.3% |
| Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) | Commonwealth of Kentucky State Property and Buildings Commission RB Project No. 132 Series A (Aa3/NR) |
| $30000 | 5.000% | 04/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33246 |
| Louisiana - 0.6% | Louisiana - 0.6% | Louisiana - 0.6% | Louisiana - 0.6% |
| City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa3/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa3/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa3/AA) | City of Shreveport, Louisiana Water & Sewer RB Junior Lien Series 2018C (BAM) (Baa3/AA) |
| 20000 | 5.000 | 12/01/2026 | 20521 |
| Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) | Louisiana Public Facilities Authority Revenue Reference RB Ochsner Clinic Foundation 2016 (A3/A) |
| 40000 | 4.000 | 05/15/2041 | 36083 |
|  |  |  | 56604 |
| Maryland - 2.0% | Maryland - 2.0% | Maryland - 2.0% | Maryland - 2.0% |
| Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) | Montgomery County GO Consolidated Public Improvement Bonds Series 2020 A (Aaa/AAA) |
| 30000 | 4.000 | 08/01/2031 | 31590 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2019 First Series Tax Exempt Bonds Bidding Group 1 (Aa1/ AAA) |
| 30000 | 5.000 | 03/15/2027 | 31233 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Bidding Group 2 (Aa1/AAA) |
| 30000 | 5.000 | 08/01/2032 | 32991 |
| State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) | State of Maryland GO Bonds State and Local Facilities Loan of 2020 Second Series A Tax Exempt Bonds Second Series A Bidding Group 1 Bonds (Aa1/AAA) |
| 30000 | 5.000 | 08/01/2028 | 32323 |
| 35000 | 5.000 | 08/01/2030 | 39125 |
| Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) | Washington Suburban Sanitary District Maryland Consolidated Public Improvement Refunding Bonds of 2020 Montgomery and Prince George's Counties Maryland (CNTY GTD) (Aaa/ AAA) |
| 30000 | 5.000 | 06/01/2030 | 33509 |
|  |  |  | 200771 |
| Massachusetts - 3.7% | Massachusetts - 3.7% | Massachusetts - 3.7% | Massachusetts - 3.7% |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2019 Series F (Aa1/AA+) |
| 55000 | 5.000 | 05/01/2029 | 60182 |
| Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) | Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2024 Series B (Aa1/AA+) |
| 40000 | 5.000 | 05/01/2036 | 44627 |
| Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) | Commonwealth of Massachusetts GO Refunding Bonds 2018 Series C (Aa1/AA+) |
| 20000 | 5.000 | 09/01/2032 | 22744 |
| Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) | Massachusetts Bay Transn Authority Mass Sales Tax Revenue Sen Sales Tax Bonds A-1 (Aa2/AA+) |
| 40000 | 5.250 | 07/01/2034 | 46984 |
| Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) | Massachusetts Development Finance Agency RB Dana-Farber Cancer Institute Issue Series N 2016 (A1/A) |
| 50000 | 5.000 | 12/01/2041 | 50252 |
| Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR) | Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR) | Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR) | Massachusetts Development Finance Agency RB, Northeastern University Issue, Series 2022 (A1/NR) |
| 40000 | 5.000 | 10/01/2035 | 43927 |
| Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) | Massachusetts Water Resources Authority General Revenue Refunding Green Bonds 2024 Series C (Aa1/AA+) |
| 40000 | 5.000 | 08/01/2034 | 46294 |

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Massachusetts – (continued) | Massachusetts – (continued) | Massachusetts – (continued) | Massachusetts – (continued) |
| The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) | The Commonwealth of Massachusetts GO Bonds Consolidated Loan of 2015 Series D (Aa1/AA+) |
| 50000 | 3.000% | 09/01/2032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49890 |
|  |  |  | 364900 |
| Michigan - 0.8% | Michigan - 0.8% | Michigan - 0.8% | Michigan - 0.8% |
| Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) | Michigan State Housing Development Authority Rental Housing RB 2019 Series A-1 Non-AMT (NR/AA+) |
| 35000 | 2.875 | 10/01/2034 | 31191 |
| State of Michigan GO Environmental Program Bonds Series 2018 Tax Exempt (Aa1/AA) | State of Michigan GO Environmental Program Bonds Series 2018 Tax Exempt (Aa1/AA) | State of Michigan GO Environmental Program Bonds Series 2018 Tax Exempt (Aa1/AA) | State of Michigan GO Environmental Program Bonds Series 2018 Tax Exempt (Aa1/AA) |
| 50000 | 3.000 | 05/01/2030 | 50108 |
|  |  |  | 81299 |
| Minnesota - 1.0% | Minnesota - 1.0% | Minnesota - 1.0% | Minnesota - 1.0% |
| Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) | Minnesota Public Facilities Authority State Revolving Fund RB Series 2023A (Aaa/AAA) |
| 50000 | 5.000 | 03/01/2033 | 57286 |
| State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) | State of Minnesota GO State Various Purpose Bonds Series 2018A (Aaa/AAA) |
| 40000 | 5.000 | 08/01/2031 | 42758 |
|  |  |  | 100044 |
| Missouri - 0.4% | Missouri - 0.4% | Missouri - 0.4% | Missouri - 0.4% |
| Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) | Health and Educational Facilities Authority of The State of Missouri Health Facilities RB Bjc Health System Series 2025A (Aa2/AA) |
| 40000 | 5.000 | 04/01/2036 | 44662 |
| Montana - 0.5% | Montana - 0.5% | Montana - 0.5% | Montana - 0.5% |
| City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) | City of Forsyth Rosebud County Montana Pollution Control Revenue Refunding Bonds Puget Sound Energy Project Series 2013A Non-AMT (NR/A-) |
| 50000 | 3.900 <sup>(a)</sup> | 03/01/2031 | 50004 |
| Nevada - 0.9% | Nevada - 0.9% | Nevada - 0.9% | Nevada - 0.9% |
| Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2017C (A1/AA-) |
| 30000 | 5.000 | 06/15/2027 | 31403 |
| 30000 | 5.000 | 06/15/2029 | 31621 |
| Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured By Pledged Revenues Series 2015D (A1/AA-) |
| 25000 | 4.000 | 06/15/2032 | 25046 |
|  |  |  | 88070 |
| New Jersey - 2.6% | New Jersey - 2.6% | New Jersey - 2.6% | New Jersey - 2.6% |
| New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB 2024 Series A-1 (Aaa/AAA) |
| 40000 | 5.000 | 03/01/2031 | 45017 |
| New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) | New Jersey Health Care Facilities Financing Authority RB Valley Health System Obligated Group Series 2019 (NR/A) |
| 30000 | 5.000 | 07/01/2032 | 32125 |
| New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A) | New Jersey State Transportation Authority System Bonds Series 2006C (AMBAC) (A2/A) |
| 25000 | 0.000 <sup>(c)</sup> | 12/15/2028 | 22803 |
| New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) | New Jersey State Transportation Authority System Bonds Series 2006C (AGM) (A1/AA) |
| 20000 | 0.000 <sup>(c)</sup> | 12/15/2029 | 17715 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **55** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) |
| New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A) | New Jersey Transportation Trust Fund Authority RB Capital Appreciation for Transportation System Bonds Series 2010 A (A2/A) |
| 20000 | 0.000 %<sup>(c)</sup> | 12/15/2031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16248 |
| 30000 | 0.000 <sup>(c)</sup> | 12/15/2034 | 21067 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Bonds Series 2006 C (NATL) (A2/A) |
| 40000 | 0.000 <sup>(c)</sup> | 12/15/2027 | 37584 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) |
| 40000 | 0.000 <sup>(c)</sup> | 12/15/2033 | 29586 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2018 Series A (A2/A) |
| 30000 | 5.000 | 12/15/2029 | 32305 |
|  |  |  | 254450 |
| New York - 14.7% | New York - 14.7% | New York - 14.7% | New York - 14.7% |
| Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2032 | 32911 |
| Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2031 | 33243 |
| 50000 | 4.000 | 03/15/2034 | 50527 |
| Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) | Dormitory Authority of The State Of New York New York State Personal Income Tax RB General Purpose Series 2020A Bidding Group 2 Bonds Tax Exempt (Aa1/NR) |
| 30000 | 5.000 | 03/15/2033 | 32600 |
| Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) | Dormitory Authority of The State of New York School Districts RB Financing Program RB Series 2017B (AGM ST INTERCEPT) (Aa3/AA) |
| 30000 | 5.000 | 10/01/2028 | 31549 |
| 30000 | 5.000 | 10/01/2032 | 31171 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2018A (Aa1/AA+) |
| 30000 | 5.000 | 03/15/2028 | 32102 |
| Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) | Hudson Yards Infrastructure Corp. Hudson Yards RB Fiscal 2022 Series A Green Bonds (Aa2/AA) |
| 20000 | 5.000 | 02/15/2032 | 22876 |
| Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) | Hudson Yards Infrastructure Corporation Revenue Bonds Fiscal Green Bonds Series 2022 A (Aa2/AA) |
| 30000 | 4.000 | 02/15/2038 | 30029 |
| Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) | Long Island Power Authority Electric System RB Series C (AGC) (A2/AA) |
| 30000 | 5.250 | 09/01/2029 | 32729 |
| Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Refunding Green Bonds Subseries 2017B-2 (NR/AA) |
| 25000 | 3.125 | 11/15/2033 | 23664 |
| Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) | Metropolitan Transportation Authority New York Transportation RB Subseries 2021A-2 (A2/A) |
| 70000 | 4.000 | 11/15/2041 | 63010 |
| Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) | Metropolitan Transportation Authority RB Refunding for Climate Bond Certified Series 2020 E (A2/A) |
| 30000 | 5.000 | 11/15/2029 | 32860 |
| 30000 | 5.000 | 11/15/2033 | 32371 |

---

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2017C-1 (A2/A) |
| $35000 | 5.000% | 11/15/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36368 |
| 30000 | 3.250 | 11/15/2036 | 25697 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds, Series 2017C-2, Capital Appreciation Bonds, Climate Bond Certified (A2/A) |
| 30000 | 0.000 <sup>(c)</sup> | 11/15/2033 | 22134 |
| New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) | New York City Housing Development Corp. Multi-Family Housing RB 2017 Series G-1 Sustainable Neighborhood Bonds (Aa2/ AA+) |
| 30000 | 3.450 | 11/01/2037 | 27511 |
| New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) | New York City Municipal Water Finance Authority Water & Sewer System Second General Resolution RB Fiscal 2024 Subseries BB-2 (Aa1/AA+) |
| 40000 | 5.000 | 06/15/2035 | 45824 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2023 Series S-1 Subseries S-1A Tax Exempt Bonds (ST AID WITHHLDG) (Aa2/AA) |
| 40000 | 5.000 | 07/15/2030 | 44374 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2001 Series C (Aa1/AAA) |
| 30000 | 5.000 | 02/01/2030 | 33172 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2010 Subseries G-5 (Aa1/AAA) |
| 30000 | 5.000 | 05/01/2030 | 33298 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2019 Series A Subseries A-1 (Aa1/ AAA) |
| 30000 | 5.000 | 08/01/2034 | 31358 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2021 Series D Subseries D-1 Tax Exempt Bonds (Aa1/AAA) |
| 30000 | 5.000 | 11/01/2034 | 32185 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax Exempt Bonds (Aa1/AAA) |
| 30000 | 5.000 | 11/01/2028 | 32418 |
| 25000 | 5.000 | 11/01/2034 | 27155 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series A Subseries A-1 Tax- Exempt Bonds (Aa1/AAA) |
| 40000 | 5.000 | 11/01/2032 | 44205 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2022 Series C Subseries C-1 Tax Exempt (Aa1/AAA) |
| 20000 | 5.000 | 02/01/2035 | 21773 |
| New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) | New York Convention Center Development Corp. RB for New York City Hotel Unit Fee Revenue Series 2015 (A2/NR) |
| 30000 | 5.000 | 11/15/2032 | 30098 |
| 30000 | 3.500 | 11/15/2034 | 29162 |
| New York State Dormitory Authority RB for Memorial Sloan-Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan-Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan-Kettering Cancer Center (NATL) (WR/NR) | New York State Dormitory Authority RB for Memorial Sloan-Kettering Cancer Center (NATL) (WR/NR) |
| 50000 | 0.000 <sup>(c)</sup> | 07/01/2027 | 47631 |
| New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) | New York State Dormitory Authority Revenue Non State Supported Debt RB New York University 2015A (Aa2/AA-) |
| 30000 | 2.800 | 07/01/2027 | 30001 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **56** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) |  |
| New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) | New York State Environmental Facilities Corp. State Clean Water and Drinking Water Revolving Funds RB New York City Municipal Water Finance Authority Projects - Second Resolution Bonds Series 2017 E Subordinated SRF Bonds (Aaa/AAA) |
| 20000 | 5.000% | 06/15/2030 | 20847 |
| State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) | State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) | State of New York Mortgage Agency Homeowner Mortgage RB Series 225 (NON-AMT) (Aa1/NR) |  |
| 60000 | 2.000 | 10/01/2035 | 48226 |
| The City of New York GO Bonds Fiscal 2006 Series J (AGM) (Aa2/AA) | The City of New York GO Bonds Fiscal 2006 Series J (AGM) (Aa2/AA) | The City of New York GO Bonds Fiscal 2006 Series J (AGM) (Aa2/AA) | The City of New York GO Bonds Fiscal 2006 Series J (AGM) (Aa2/AA) |
| 40000 | 5.000 | 06/01/2034 | 45211 |
| The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) | The City of New York GO Bonds Fiscal 2013 Series E (Aa2/AA) |
| 35000 | 3.000 | 08/01/2033 | 32859 |
| The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) | The City of New York GO Bonds Fiscal 2018 Series 1 (Aa2/AA) |
| 30000 | 5.000 | 08/01/2026 | 30723 |
| 30000 | 5.000 | 08/01/2031 | 31229 |
| The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2019 Series A (Aa2/AA) |
| 30000 | 5.000 | 08/01/2026 | 30723 |
| The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2021 Series C (Aa2/AA) |
| 30000 | 5.000 | 08/01/2030 | 33170 |
| 30000 | 5.000 | 08/01/2034 | 32131 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023A Climate Bond Certified (NR/AA+) |
| 30000 | 5.000 | 11/15/2029 | 33213 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Green Bonds Series 2023C (NR/AA+) |
| 40000 | 5.000 | 11/15/2037 | 43331 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457669 |
| North Carolina - 1.3% | North Carolina - 1.3% | North Carolina - 1.3% | North Carolina - 1.3% |
| County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) | County of Wake Limited Obligation Bonds Series 2021 (Aa1/AA+) |
| 30000 | 4.000 | 03/01/2034 | 30758 |
| North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) | North Carolina Medical Care Commission Health Care Facilities RB Vidant Health Series 2015 (A2/A) |
| 50000 | 4.000 | 06/01/2034 | 50003 |
| State of North Carolina Limited Obligation Bonds Series 2013A (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2013A (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2013A (Aa1/AA+) | State of North Carolina Limited Obligation Bonds Series 2013A (Aa1/AA+) |
| 50000 | 3.000 | 05/01/2031 | 49661 |
|  |  |  | 130422 |
| North Dakota - 0.7% | North Dakota - 0.7% | North Dakota - 0.7% | North Dakota - 0.7% |
| North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) | North Dakota Public Finance Authority Revolving Fund Program Bonds Series 2022A (Aaa/AAA) |
| 30000 | 5.000 | 10/01/2031 | 33983 |
| State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) | State of North Dakota Housing Finance Agency Program Bonds Home Mortgage Finance Program 2021 Series B (NON-AMT) (Social Bonds) (Aa1/NR) |
| 40000 | 2.300 | 07/01/2036 | 31560 |
|  |  |  | 65543 |
| Ohio - 2.7% | Ohio - 2.7% | Ohio - 2.7% | Ohio - 2.7% |
| American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) | American Municipal Power Inc. Prairie State Energy Campus Project RB Refunding Series 2019C (A1/A) |
| 30000 | 5.000 | 02/15/2033 | 32382 |
| City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) | City of Columbus Sewerage System RB Refunding Series 2015 (Aa1/AA) |
| 30000 | 5.000 | 06/01/2030 | 30488 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Ohio – (continued) | Ohio – (continued) | Ohio – (continued) | Ohio – (continued) |  |
|  County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) | County of Ohio Hospital Facilities RB for Mercy Health Series 2017A (A1/A+) |
| $| 40000 | 5.000% | 08/01/2028 | 42274 |
|  Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) | Ohio Housing Finance Agency Residential Mortgage RB Mortgage-Backed Securities Program 2022 Series A Non- AMT Social Bonds (GNMA/FNMA/FHLMC) (Aa1/NR) |
|  | 30000 | 2.300 | 03/01/2033 | 26287 |
|  Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
|  | 45000 | 4.000 | 12/01/2037 | 45433 |
|  Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) | Ohio Water Development Authority State Of Ohio Water Pollution Control Loan Fund RB Series 2020B (Aaa/AAA) |
|  | 30000 | 5.250 | 12/01/2035 | 32720 |
|  State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) | State of Ohio Higher Education GO Refunding Bonds Series 2017C (Aaa/AAA) |
|  | 30000 | 5.000 | 08/01/2027 | 31545 |
|  State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) | State of Ohio Infrastructure Improvement GO Refunding Bonds Series 2015C (Aaa/AAA) |
|  | 30000 | 5.000 | 09/01/2026 | 30818 |
|  |  |  |  | 271947 |
| Oklahoma - 1.1% | Oklahoma - 1.1% | Oklahoma - 1.1% | Oklahoma - 1.1% | Oklahoma - 1.1% |
|  Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) | Creek County Educational Facilities Authority Educational Facilities Lease RB Sapulpa Public Schools Project Series 2024 (BAM) (NR/AA) |
|  | 80000 | 5.000 | 09/01/2040 | 83727 |
|  Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) | Grand River Dam Authority RB Series 2014A (A1/AA-) |
|  | 30000 | 3.375 | 06/01/2034 | 29200 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112927 |
| Oregon - 1.6% | Oregon - 1.6% | Oregon - 1.6% | Oregon - 1.6% | Oregon - 1.6% |
|  City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) | City of Portland Oregon Second Lien Sewer System RB 2020 Series A (Aa2/AA) |
|  | 20000 | 5.000 | 03/01/2027 | 20795 |
|  Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
|  | 20000 | 5.000 | 08/15/2026 | 20416 |
|  | 40000 | 5.000 | 08/15/2033 | 42901 |
|  State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) | State of Oregon Housing and Community Services Department Mortgage RB Single-Family Mortgage Program 2017 Series D Non-AMT (Aa2/NR) |
|  | 45000 | 3.150 | 07/01/2032 | 44441 |
|  West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) | West Linn-Wilsonville School District No. 3JT GO Bonds for Clackamas and Washington Counties Series 2020A (SCH BD GTY) (Aa1/NR) |
|  | 50000 | 0.000 <sup>(c)</sup> | 06/15/2035 | 33097 |
|  |  |  |  | 161650 |
| Pennsylvania - 3.3% | Pennsylvania - 3.3% | Pennsylvania - 3.3% | Pennsylvania - 3.3% | Pennsylvania - 3.3% |
|  Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) | Commonwealth Financing Authority Tax Exempt RB Series 2015 A (Aa3/A) |
|  | 30000 | 5.000 | 06/01/2033 | 30159 |
|  Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) | Department of Water and Power of the City of Los Angeles RB Series 2018 D (A3/A) |
|  | 30000 | 3.250 | 07/01/2032 | 29488 |
|  Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) | Pennsylvania Housing Finance Agency Single Family Mortgage RB Series 2017-123B (NON-AMT) (Aa1/AA+) |
|  | 40000 | 3.450 | 10/01/2032 | 40041 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **57** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) |
|  Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) | Pennsylvania Turnpike Commission Turnpike Subordinate RB Series B of 2021 (A2/A+) |
| $| 50000 | 4.000% | 12/01/2040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47417 |
|  Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority For Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) |
|  | 45000 | 5.000 | 12/01/2031 | 45217 |
|  Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) | Port Authority of Allegheny County Pennsylvania Special Revenue Transportation Bonds Refunding Series of 2020 (Aa3/AA-) |
|  | 30000 | 5.000 | 03/01/2029 | 32568 |
|  Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
|  | 30000 | 5.000 | 02/01/2031 | 33094 |
|  Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) | Sports and Exhibition Authority of Pittsburgh and Allegheny County Hotel Room Excise Tax RB Refunding Series A Of 2022 (AGM) (A2/AA) |
|  | 20000 | 5.000 | 02/01/2032 | 22205 |
|  The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) | The City of Philadelphia, Pennsylvania GO Bonds, Series 2021A (Tax-Exempt) (A1/A+) |
|  | 40000 | 5.000 | 05/01/2034 | 43607 |
|  |  |  |  | 323796 |
| South Carolina - 0.5% | South Carolina - 0.5% | South Carolina - 0.5% | South Carolina - 0.5% | South Carolina - 0.5% |
|  Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) | Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) | Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) | Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) | Scago Educational Facilities Corp. For Pickens School District Installment Purchase Refunding RB School District Of Pickens County Project Series 2015 (A1/A) |
|  | 50000 | 5.000 | 12/01/2027 | 50076 |
| Tennessee - 1.3% | Tennessee - 1.3% | Tennessee - 1.3% | Tennessee - 1.3% | Tennessee - 1.3% |
|  Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) | Metropolitan Government Nashville & Davidson County Health & Ed. Fac. Board (WR/A) |
|  | 30000 | 5.000 | 07/01/2031 | 32971 |
|  Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Refunding Series B (ST INTERCEPT) (Aa1/AA+) |
|  | 30000 | 5.000 | 11/01/2027 | 31717 |
|  Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) | Tennessee State School Bond Authority Higher Educational Facilities Second Program Bonds 2017 Series A (ST HGR ED INTERCEPT PROG) (Aa1/AA+) |
|  | 30000 | 5.000 | 11/01/2033 | 31018 |
|  The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Improvement Bonds Series 2021C (Aa2/AA+) |
|  | 40000 | 3.000 | 01/01/2034 | 38211 |
|  |  |  |  | 133917 |
| Texas - 8.5% | Texas - 8.5% | Texas - 8.5% | Texas - 8.5% | Texas - 8.5% |
|  Austin Public Improvement Refunding Bonds 2020 (NR/AAA) | Austin Public Improvement Refunding Bonds 2020 (NR/AAA) | Austin Public Improvement Refunding Bonds 2020 (NR/AAA) | Austin Public Improvement Refunding Bonds 2020 (NR/AAA) | Austin Public Improvement Refunding Bonds 2020 (NR/AAA) |
|  | 30000 | 5.000 | 09/01/2029 | 32999 |
|  Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) | Board of Regents of The Texas A&M University System Revenue Financing System Bonds Series 2017E (Aaa/AAA) |
|  | 30000 | 5.000 | 05/15/2028 | 31215 |
|  Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) | Board of Regents of The University of Houston System Consolidated Revenue and Refunding Bonds Series 2022A (Aa2/AA) |
|  | 20000 | 5.000 | 02/15/2031 | 22185 |
|  Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) | Board of Regents of the University of Texas System Current Refunding Revenue Bonds, Series A (Aaa/AAA) |
|  | 30000 | 5.000 | 08/15/2032 | 32223 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
|  City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) | City of Dallas International Airport Joint Revenue Refunding Bonds Series 2022B (A1/AA-) |
| $| 80000 | 4.000% | 11/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76198 |
|  City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) | City of Dallas Texas GO Refunding and Improvement Bonds Series 2019A (NR/AA-) |
|  | 50000 | 3.000 | 02/15/2036 | 44516 |
|  City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2018D (Aa2/NR) |
|  | 30000 | 5.000 | 11/15/2032 | 31705 |
|  City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) | City of San Antonio Texas Electric and Gas Systems Revenue Refunding Bonds New Series 2024C (Aa2/AA-) |
|  | 80000 | 5.000 | 02/01/2039 | 84915 |
|  Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) | Collin County Community College District Texas Limited Tax Bonds Series 2018 (Aaa/AAA) |
|  | 35000 | 4.000 | 08/15/2031 | 35646 |
|  Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB for Memorial Hermann Health System Series 2019A (Aa3/AA-) |
|  | 30000 | 5.000 | 12/01/2027 | 31693 |
|  Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) | Harris County Cultural Education Facilities Finance Corporation Hospital RB Memorial Hermann Health System 2024B (Aa3/ AA-) |
|  | 50000 | 5.000 | 07/01/2038 | 53383 |
|  Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) | Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) | Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) | Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) | Harris County Permanent Improvement Refunding Bonds Series 2022A (Aaa/NR) |
|  | 30000 | 5.000 | 10/01/2026 | 30890 |
|  Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) | Harris County Texas Tax and Subordinate Lien Revenue Refunding Bonds Series 2022A (Aaa/NR) |
|  | 30000 | 5.000 | 08/15/2027 | 31542 |
|  | 20000 | 5.000 | 08/15/2032 | 22562 |
|  Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) | Hurst-Euless-Bedford Independent School District Unlimited Tax Refunding Bonds Series 2017A (NR/AA+) |
|  | 20000 | 5.000 | 08/15/2027 | 20997 |
|  | 20000 | 5.000 | 08/15/2028 | 20947 |
|  North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) | North Texas Municipal Water District Water System RB Refunding Bonds Series 2021A (Aa1/AAA) |
|  | 30000 | 4.000 | 09/01/2030 | 31840 |
|  North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) | North Texas Tollway Authority System Revenue Refunding Bonds First Tier Bonds Series 2020A (Aa3/AA-) |
|  | 80000 | 3.000 | 01/01/2038 | 69506 |
|  Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2022 (NR/AAA) |
|  | 25000 | 5.000 | 08/01/2032 | 28245 |
|  Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) | Texas Water Development Board State Revolving Fund RB New Series 2023 (NR/AAA) |
|  | 40000 | 5.000 | 08/01/2032 | 45192 |
|  Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/ AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2018 (NR/ AAA) |
|  | 30000 | 5.000 | 08/01/2033 | 31473 |
|  Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) | Trinity River Authority Regional Wastewater System Revenue Improvement and Refunding Bonds Series 2017B (NR/AAA) |
|  | 30000 | 5.000 | 08/01/2030 | 31274 |
|  |  |  |  | 841146 |
| Utah - 1.0% | Utah - 1.0% | Utah - 1.0% | Utah - 1.0% | Utah - 1.0% |
|  State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) | State Board of Regents of The State of Utah University of Utah General Revenue Series 2017A (ST APPROP) (Aa1/AA+) |
|  | 30000 | 5.000 | 08/01/2031 | 31151 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **58** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS MUNICIPAL BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Utah – (continued) | Utah – (continued) | Utah – (continued) | Utah – (continued) | Utah – (continued) |
|  Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) | Utah Board of Higher Education University of Utah General RB Series 2022B Green Bonds (Aa1/AA+) |
| $| 30000 | 5.000% | 08/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33301 |
|  Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) | Utah Transit Authority Sales Tax Revenue Refunding Bonds Series 2006 C (AGM) (Aa2/AA+) |
|  | 30000 | 5.250 | 06/15/2032 | 33451 |
|  |  |  |  | 97903 |
| Virginia - 1.8% | Virginia - 1.8% | Virginia - 1.8% | Virginia - 1.8% | Virginia - 1.8% |
|  Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) | Fairfax County Virginia Public Improvement Bonds Series 2023A (ST AID WITHHLDG) (Aaa/AAA) |
|  | 30000 | 4.000 | 10/01/2031 | 32289 |
|  | 50000 | 4.000 | 10/01/2034 | 52262 |
|  Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) | Virginia College Building Authority Educational Facilities Revenue Refunding Bonds 21St Century College and Equipment Programs Series 2017E (Aa1/AA+) |
|  | 30000 | 5.000 | 02/01/2029 | 31768 |
|  Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia College Building Authority Virginia Educational Facilities Revenue Refunding Bonds Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
|  | 35000 | 3.000 | 09/01/2026 | 35179 |
|  Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) | Virginia Educational Facilities RB Refunding for Public Higher Education Financing Program Series 2016A (ST INTERCEPT) (Aa1/AA+) |
|  | 30000 | 5.000 | 09/01/2028 | 30704 |
|  |  |  |  | 182202 |
| Washington - 3.1% | Washington - 3.1% | Washington - 3.1% | Washington - 3.1% | Washington - 3.1% |
|  Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) | Federal Way School District No. 210 Washington Unlimited Tax GO and Refunding Bonds 2019 (SCH BD GTY) (Aaa/NR) |
|  | 40000 | 3.000 | 12/01/2037 | 34735 |
|  State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2019A (Aaa/AA+) |
|  | 30000 | 5.000 | 08/01/2032 | 31703 |
|  | 25000 | 5.000 | 08/01/2034 | 26210 |
|  State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2021C (Aaa/AA+) |
|  | 50000 | 5.000 | 02/01/2030 | 55464 |
|  State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) | State of Washington Various Purpose GO Bonds Series 2023B (Aaa/AA+) |
|  | 40000 | 5.000 | 02/01/2037 | 43546 |
|  State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) | State of Washington Various Purpose GO Refunding Bonds Series R-2018D (Aaa/AA+) |
|  | 30000 | 5.000 | 08/01/2031 | 31299 |
|  The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) | The Central Puget Sound Regional Transit Authority Sales Tax and Motor Vehicle Excise Tax Improvement and Refunding Bonds Series 2021S-1 Green Bonds (Aa1/AAA) |
|  | 30000 | 5.000 | 11/01/2030 | 33718 |
|  University of Washington General Revenue and Refunding Bonds 2015C (Aa1/AA+) | University of Washington General Revenue and Refunding Bonds 2015C (Aa1/AA+) | University of Washington General Revenue and Refunding Bonds 2015C (Aa1/AA+) | University of Washington General Revenue and Refunding Bonds 2015C (Aa1/AA+) | University of Washington General Revenue and Refunding Bonds 2015C (Aa1/AA+) |
|  | 50000 | 4.000 | 12/01/2028 | 50109 |
|  |  |  |  | 306784 |
| Wisconsin - 1.0% | Wisconsin - 1.0% | Wisconsin - 1.0% | Wisconsin - 1.0% | Wisconsin - 1.0% |
|  Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) | Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) | Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) | Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) | Public Finance Authority Lease Development RB for Ku Campus Development Corp. Central District Development Project Series 2016 (Aa2/NR) |
|  | 50000 | 5.000 | 03/01/2030 | 50455 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) | Wisconsin – (continued) |
|  Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) | Wisconsin Health and Educational Facilities Authority Revenue Refunding Bonds Series 2015 Prohealth Care Inc. Obligated Group (A1/A+) |
| $| 45000 | 3.150% | 08/15/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44854 |
|  |  |  |  | 95309 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,795,312)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,795,312)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,795,312)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $9,795,312)** | 9796541 |
| **TOTAL INVESTMENTS - 98.7%**<br> **(Cost $9,795,312)** | **TOTAL INVESTMENTS - 98.7%**<br> **(Cost $9,795,312)** | **TOTAL INVESTMENTS - 98.7%**<br> **(Cost $9,795,312)** | **TOTAL INVESTMENTS - 98.7%**<br> **(Cost $9,795,312)** | $9796541 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%** | 132591 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% |  | $9929132 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| (a) | Variable Rate Demand Instruments – rate shown is that which is in effect on August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025. |
| (c) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AGM ST |  |
| INTERCEPT | Assured Guaranty Municipal Corp. State-Aid Intercept |
| AMBAC | - Insured by American Municipal Bond Assurance Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| CNTY GTD | - County Guaranteed |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| GO | - General Obligation |
| MTA | - Metropolitan Transportation Authority |
| NATL | - National Public Finance Guarantee Corp. |
| NR | - Not Rated |
| RB | - Revenue Bond |
| ST AID |  |
| WITHHLDG | State Aid Withholding |
| ST APPROP | - State Appropriation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **59** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills - 80.0% | U.S. Treasury Bills - 80.0% | U.S. Treasury Bills - 80.0% | U.S. Treasury Bills - 80.0% |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| $184000 | 4.102% | 10/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183359 |
| 138000 | 4.103 | 10/02/25 | 137519 |
| 782000 | 4.103 | 10/02/25 | 779275 |
| 138000 | 4.122 | 10/02/25 | 137519 |
| 184000 | 4.141 | 10/02/25 | 183359 |
| 253000 | 4.141 | 10/02/25 | 252118 |
| 460000 | 4.141 | 10/02/25 | 458397 |
| 897000 | 4.154 | 10/02/25 | 893874 |
| 1127000 | 4.154 | 10/02/25 | 1123072 |
| 782000 | 4.154 | 10/02/25 | 779275 |
| 138000 | 4.155 | 10/02/25 | 137519 |
| 1603000 | 4.157 | 10/02/25 | 1597413 |
| 368000 | 4.162 | 10/02/25 | 366717 |
| 276000 | 4.162 | 10/02/25 | 275038 |
| 207000 | 4.165 | 10/02/25 | 206279 |
| 230000 | 4.165 | 10/02/25 | 229198 |
| 276000 | 4.165 | 10/02/25 | 275038 |
| 1334000 | 4.166 | 10/02/25 | 1329351 |
| 253000 | 4.166 | 10/02/25 | 252118 |
| 207000 | 4.173 | 10/02/25 | 206279 |
| 99000 | 4.173 | 10/02/25 | 98655 |
| 276000 | 4.174 | 10/02/25 | 275038 |
| 46000 | 4.174 | 10/02/25 | 45840 |
| 92000 | 4.175 | 10/02/25 | 91679 |
| 207000 | 4.175 | 10/02/25 | 206279 |
| 207000 | 4.176 | 10/02/25 | 206279 |
| 1104000 | 4.178 | 10/02/25 | 1100152 |
| 391000 | 4.178 | 10/02/25 | 389637 |
| 345000 | 4.183 | 10/02/25 | 343798 |
| 299000 | 4.183 | 10/02/25 | 297958 |
| 207000 | 4.188 | 10/02/25 | 206279 |
| 506000 | 4.188 | 10/02/25 | 504236 |
| 138000 | 4.188 | 10/02/25 | 137519 |
| 368000 | 4.189 | 10/02/25 | 366717 |
| 184000 | 4.189 | 10/02/25 | 183359 |
| 345000 | 4.192 | 10/02/25 | 343798 |
| 253000 | 4.195 | 10/02/25 | 252118 |
| 851000 | 4.198 | 10/02/25 | 848034 |
| 161000 | 4.198 | 10/02/25 | 160439 |
| 552000 | 4.198 | 10/02/25 | 550076 |
| 230000 | 4.199 | 10/02/25 | 229198 |
| 322000 | 4.201 | 10/02/25 | 320878 |
| 713000 | 4.208 | 10/02/25 | 710515 |
| 184000 | 4.208 | 10/02/25 | 183359 |
| 230000 | 4.218 | 10/02/25 | 229198 |
| 138000 | 4.220 | 10/02/25 | 137519 |
| 216000 | 4.224 | 10/02/25 | 215247 |
| 360000 | 4.224 | 10/02/25 | 358745 |
| 184000 | 4.227 | 10/02/25 | 183359 |
| 115000 | 4.233 | 10/02/25 | 114599 |
| 230000 | 4.233 | 10/02/25 | 229198 |
| 552000 | 4.240 | 10/02/25 | 550076 |
| 120000 | 4.253 | 10/02/25 | 119582 |
| 115000 | 4.259 | 10/02/25 | 114599 |
| 92000 | 4.261 | 10/02/25 | 91679 |
| 96000 | 4.267 | 10/02/25 | 95665 |
| 322000 | 4.267 | 10/02/25 | 320878 |
| 216000 | 4.268 | 10/02/25 | 215247 |
| 68369500 | 4.274 | 10/02/25 | 68131215 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $22819700 | 4.274% | 10/02/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22740168 |
| 120000 | 4.275 | 10/02/25 | 119582 |
| 92000 | 4.281 | 10/02/25 | 91679 |
| 460000 | 4.281 | 10/02/25 | 458397 |
| 120000 | 4.283 | 10/02/25 | 119582 |
| 100000000 | 4.283 | 10/02/25 | 99651475 |
| 42649300 | 4.283 | 10/02/25 | 42500656 |
| 3220000 | 4.284 | 10/02/25 | 3208778 |
| 12420200 | 4.285 | 10/02/25 | 12376912 |
| 207000 | 4.285 | 10/02/25 | 206279 |
| 552000 | 4.285 | 10/02/25 | 550076 |
| 216000 | 4.292 | 10/02/25 | 215247 |
| 120000 | 4.292 | 10/02/25 | 119582 |
| 288000 | 4.292 | 10/02/25 | 286996 |
| 125000 | 4.297 | 10/02/25 | 124564 |
| 92000 | 4.301 | 10/02/25 | 91679 |
| 216000 | 4.301 | 10/02/25 | 215247 |
| 950000 | 4.302 | 10/02/25 | 946689 |
| 460000 | 4.306 | 10/02/25 | 458397 |
| 690000 | 4.306 | 10/02/25 | 687595 |
| 120000 | 4.307 | 10/02/25 | 119582 |
| 230000 | 4.308 | 10/02/25 | 229198 |
| 261000 | 4.309 | 10/02/25 | 260090 |
| 116000 | 4.309 | 10/02/25 | 115596 |
| 460000 | 4.310 | 10/02/25 | 458397 |
| 3565000 | 4.312 | 10/02/25 | 3552575 |
| 667000 | 4.312 | 10/02/25 | 664675 |
| 161000 | 4.313 | 10/02/25 | 160439 |
| 161000 | 4.313 | 10/02/25 | 160439 |
| 253000 | 4.315 | 10/02/25 | 252118 |
| 115000 | 4.315 | 10/02/25 | 114599 |
| 161000 | 4.317 | 10/02/25 | 160439 |
| 92000 | 4.319 | 10/02/25 | 91679 |
| 207000 | 4.321 | 10/02/25 | 206279 |
| 69000 | 4.323 | 10/02/25 | 68760 |
| 115000 | 4.325 | 10/02/25 | 114599 |
| 253000 | 4.331 | 10/02/25 | 252118 |
| 72000 | 4.270 | 10/07/25 | 71707 |
| 4513300 | 4.273 | 10/07/25 | 4494947 |
| 100000000 | 4.273 | 10/07/25 | 99593358 |
| 168000 | 4.285 | 10/07/25 | 167317 |
| 143745000 | 4.303 | 10/07/25 | 143160472 |
| 480000 | 4.303 | 10/07/25 | 478048 |
| 264000 | 4.306 | 10/07/25 | 262926 |
| 120000 | 4.307 | 10/07/25 | 119512 |
| 216000 | 4.312 | 10/07/25 | 215122 |
| 96000 | 4.313 | 10/07/25 | 95610 |
| 168000 | 4.313 | 10/07/25 | 167317 |
| 168000 | 4.318 | 10/07/25 | 167317 |
| 96000 | 4.319 | 10/07/25 | 95610 |
| 120000 | 4.320 | 10/07/25 | 119512 |
| 270000 | 4.320 | 10/07/25 | 268902 |
| 264000 | 4.320 | 10/07/25 | 262926 |
| 120000 | 4.330 | 10/07/25 | 119512 |
| 88114000 | 4.190 | 10/09/25 | 87735836 |
| 408000 | 4.190 | 10/09/25 | 406249 |
| 391000 | 4.228 | 10/09/25 | 389322 |
| 85000 | 4.231 | 10/09/25 | 84635 |
| 85000 | 4.250 | 10/09/25 | 84635 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **60** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $238000 | 4.255% | 10/09/25 | $236979 |
| 153000 | 4.260 | 10/09/25 | 152343 |
| 68000 | 4.260 | 10/09/25 | 67708 |
| 153000 | 4.265 | 10/09/25 | 152343 |
| 48000 | 4.268 | 10/09/25 | 47794 |
| 176000 | 4.273 | 10/09/25 | 175245 |
| 85000 | 4.275 | 10/09/25 | 84635 |
| 204000 | 4.275 | 10/09/25 | 203125 |
| 85000 | 4.275 | 10/09/25 | 84635 |
| 153000 | 4.275 | 10/09/25 | 152343 |
| 2380000 | 4.285 | 10/09/25 | 2369786 |
| 1724000 | 4.286 | 10/09/25 | 1716601 |
| 150000000 | 4.286 | 10/09/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149356237 |
| 153000 | 4.288 | 10/09/25 | 152343 |
| 408000 | 4.288 | 10/09/25 | 406249 |
| 90000 | 4.289 | 10/09/25 | 89614 |
| 320000 | 4.290 | 10/09/25 | 318627 |
| 119000 | 4.294 | 10/09/25 | 118489 |
| 85000 | 4.295 | 10/09/25 | 84635 |
| 684000 | 4.295 | 10/09/25 | 681064 |
| 493000 | 4.295 | 10/09/25 | 490884 |
| 2635000 | 4.295 | 10/09/25 | 2623691 |
| 340000 | 4.301 | 10/09/25 | 338541 |
| 64000 | 4.304 | 10/09/25 | 63725 |
| 85000 | 4.311 | 10/09/25 | 84635 |
| 112000 | 4.315 | 10/09/25 | 111519 |
| 260000 | 4.316 | 10/09/25 | 258884 |
| 144000 | 4.317 | 10/09/25 | 143382 |
| 64000 | 4.320 | 10/09/25 | 63725 |
| 112000 | 4.325 | 10/09/25 | 111519 |
| 176000 | 4.331 | 10/09/25 | 175245 |
| 80000 | 4.344 | 10/09/25 | 79657 |
| 4715200 | 4.261 | 10/14/25 | 4692355 |
| 100000000 | 4.261 | 10/14/25 | 99515503 |
| 168000 | 4.272 | 10/14/25 | 167186 |
| 72000 | 4.280 | 10/14/25 | 71651 |
| 264000 | 4.283 | 10/14/25 | 262721 |
| 216000 | 4.297 | 10/14/25 | 214954 |
| 480000 | 4.298 | 10/14/25 | 477674 |
| 96000 | 4.301 | 10/14/25 | 95535 |
| 168000 | 4.302 | 10/14/25 | 167186 |
| 143745000 | 4.304 | 10/14/25 | 143048560 |
| 270000 | 4.308 | 10/14/25 | 268692 |
| 120000 | 4.308 | 10/14/25 | 119419 |
| 168000 | 4.311 | 10/14/25 | 167186 |
| 120000 | 4.316 | 10/14/25 | 119419 |
| 96000 | 4.321 | 10/14/25 | 95535 |
| 264000 | 4.323 | 10/14/25 | 262721 |
| 120000 | 4.325 | 10/14/25 | 119419 |
| 110539000 | 4.193 | 10/16/25 | 109980484 |
| 189000 | 4.194 | 10/16/25 | 188045 |
| 315000 | 4.194 | 10/16/25 | 313408 |
| 483000 | 4.237 | 10/16/25 | 480560 |
| 105000 | 4.245 | 10/16/25 | 104469 |
| 294000 | 4.261 | 10/16/25 | 292515 |
| 84000 | 4.265 | 10/16/25 | 83576 |
| 189000 | 4.265 | 10/16/25 | 188045 |
| 105000 | 4.266 | 10/16/25 | 104469 |
| 189000 | 4.272 | 10/16/25 | 188045 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $63000 | 4.276% | 10/16/25 | $62682 |
| 147000 | 4.280 | 10/16/25 | 146257 |
| 105000 | 4.281 | 10/16/25 | 104469 |
| 231000 | 4.282 | 10/16/25 | 229833 |
| 441000 | 4.284 | 10/16/25 | 438772 |
| 105000 | 4.284 | 10/16/25 | 104469 |
| 2940000 | 4.286 | 10/16/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925145 |
| 180000 | 4.293 | 10/16/25 | 179091 |
| 504000 | 4.296 | 10/16/25 | 501453 |
| 189000 | 4.296 | 10/16/25 | 188045 |
| 105000 | 4.296 | 10/16/25 | 104469 |
| 420000 | 4.297 | 10/16/25 | 417878 |
| 110000 | 4.297 | 10/16/25 | 109444 |
| 3255000 | 4.299 | 10/16/25 | 3238554 |
| 609000 | 4.299 | 10/16/25 | 605923 |
| 836000 | 4.299 | 10/16/25 | 831776 |
| 234000 | 4.304 | 10/16/25 | 232818 |
| 104000 | 4.304 | 10/16/25 | 103475 |
| 105000 | 4.314 | 10/16/25 | 104469 |
| 140000 | 4.315 | 10/16/25 | 139293 |
| 105000 | 4.315 | 10/16/25 | 104469 |
| 420000 | 4.320 | 10/16/25 | 417878 |
| 84000 | 4.323 | 10/16/25 | 83576 |
| 147000 | 4.323 | 10/16/25 | 146257 |
| 231000 | 4.325 | 10/16/25 | 229833 |
| 84000 | 4.331 | 10/16/25 | 83576 |
| 50000000 | 4.229 | 10/21/25 | 49718734 |
| 29175000 | 4.229 | 10/21/25 | 29010881 |
| 231000 | 4.246 | 10/21/25 | 229701 |
| 96000 | 4.275 | 10/21/25 | 95460 |
| 288000 | 4.288 | 10/21/25 | 286380 |
| 352000 | 4.294 | 10/21/25 | 350020 |
| 360000 | 4.305 | 10/21/25 | 357975 |
| 160000 | 4.305 | 10/21/25 | 159100 |
| 191770000 | 4.311 | 10/21/25 | 190691230 |
| 160000 | 4.311 | 10/21/25 | 159100 |
| 640000 | 4.315 | 10/21/25 | 636400 |
| 160000 | 4.317 | 10/21/25 | 159100 |
| 128000 | 4.318 | 10/21/25 | 127280 |
| 224000 | 4.323 | 10/21/25 | 222740 |
| 128000 | 4.326 | 10/21/25 | 127280 |
| 224000 | 4.327 | 10/21/25 | 222740 |
| 352000 | 4.328 | 10/21/25 | 350020 |
| 16258000 | 4.191 | 10/23/25 | 16163749 |
| 238000 | 4.227 | 10/28/25 | 236474 |
| 297000 | 4.274 | 10/28/25 | 295095 |
| 102000 | 4.274 | 10/28/25 | 101346 |
| 374000 | 4.285 | 10/28/25 | 371601 |
| 374000 | 4.307 | 10/28/25 | 371601 |
| 680000 | 4.310 | 10/28/25 | 675639 |
| 9500000 | 4.313 | 10/28/25 | 9439075 |
| 191807000 | 4.313 | 10/28/25 | 190576905 |
| 136000 | 4.316 | 10/28/25 | 135128 |
| 238000 | 4.317 | 10/28/25 | 236474 |
| 231000 | 4.319 | 10/28/25 | 229519 |
| 170000 | 4.319 | 10/28/25 | 168910 |
| 136000 | 4.321 | 10/28/25 | 135128 |
| 378000 | 4.322 | 10/28/25 | 375576 |
| 168000 | 4.322 | 10/28/25 | 166923 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **61** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $170000 | 4.328% | 10/28/25 | $168910 |
| 6302000 | 4.321 | 10/30/25 | 6260061 |
| 11873000 | 4.361 | 10/30/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11793987 |
| 33000 | 4.366 | 10/30/25 | 32780 |
| 16000 | 4.376 | 10/30/25 | 15894 |
| 176000 | 4.382 | 10/30/25 | 174829 |
| 33000 | 4.390 | 10/30/25 | 32780 |
| 88000 | 4.390 | 10/30/25 | 87414 |
| 22000 | 4.390 | 10/30/25 | 21854 |
| 64000 | 4.393 | 10/30/25 | 63574 |
| 136000 | 4.393 | 10/30/25 | 135095 |
| 80000 | 4.393 | 10/30/25 | 79468 |
| 64000 | 4.421 | 10/30/25 | 63574 |
| 48000 | 4.421 | 10/30/25 | 47681 |
| 24000 | 4.421 | 10/30/25 | 23840 |
| 50964800 | 4.330 | 11/04/25 | 50603012 |
| 27112000 | 4.179 | 11/06/25 | 26912767 |
| 84000 | 4.236 | 11/06/25 | 83383 |
| 108000 | 4.260 | 11/06/25 | 107206 |
| 84000 | 4.288 | 11/06/25 | 83383 |
| 72408000 | 4.292 | 11/06/25 | 71875907 |
| 14779000 | 4.171 | 11/13/25 | 14659293 |
| 154000 | 4.196 | 11/13/25 | 152753 |
| 50000000 | 4.214 | 11/13/25 | 49595011 |
| 10000000 | 4.214 | 11/13/25 | 9919002 |
| 63000 | 4.219 | 11/13/25 | 62490 |
| 231000 | 4.220 | 11/13/25 | 229129 |
| 10000000 | 4.221 | 11/13/25 | 9919002 |
| 290000000 | 4.221 | 11/13/25 | 287651061 |
| 189000 | 4.245 | 11/13/25 | 187469 |
| 638000 | 4.248 | 11/13/25 | 632832 |
| 3410000 | 4.248 | 11/13/25 | 3382380 |
| 198000 | 4.252 | 11/13/25 | 196396 |
| 528000 | 4.253 | 11/13/25 | 523723 |
| 198000 | 4.253 | 11/13/25 | 196396 |
| 308000 | 4.254 | 11/13/25 | 305505 |
| 440000 | 4.259 | 11/13/25 | 436436 |
| 3080000 | 4.259 | 11/13/25 | 3055053 |
| 147000 | 4.274 | 11/13/25 | 145809 |
| 84000 | 4.277 | 11/13/25 | 83320 |
| 874000 | 4.280 | 11/13/25 | 866921 |
| 231000 | 4.282 | 11/13/25 | 229129 |
| 105000 | 4.282 | 11/13/25 | 104150 |
| 420000 | 4.285 | 11/13/25 | 416598 |
| 115000 | 4.285 | 11/13/25 | 114069 |
| 243000 | 4.286 | 11/13/25 | 241032 |
| 147000 | 4.286 | 11/13/25 | 145809 |
| 108000 | 4.286 | 11/13/25 | 107125 |
| 105000 | 4.289 | 11/13/25 | 104150 |
| 84000 | 4.294 | 11/13/25 | 83320 |
| 112035000 | 4.312 | 11/13/25 | 111127540 |
| 47900000 | 4.333 | 11/18/25 | 47489308 |
| 25849300 | 4.175 | 11/20/25 | 25620442 |
| 46815200 | 4.216 | 11/20/25 | 46400720 |
| 91000 | 4.223 | 11/20/25 | 90194 |
| 117000 | 4.238 | 11/20/25 | 115964 |
| 91000 | 4.286 | 11/20/25 | 90194 |
| 144000 | 4.304 | 11/20/25 | 142725 |
| 64000 | 4.304 | 11/20/25 | 63433 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $105000 | 4.304% | 11/20/25 | $104070 |
| 25000000 | 4.312 | 11/20/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24778661 |
| 51411500 | 4.312 | 11/20/25 | 50956326 |
| 3545500 | 4.344 | 11/25/25 | 3512390 |
| 41048400 | 4.344 | 11/25/25 | 40665068 |
| 5848600 | 4.178 | 11/28/25 | 5791669 |
| 100000000 | 4.178 | 11/28/25 | 99026588 |
| 217000 | 4.208 | 11/28/25 | 214888 |
| 67981200 | 4.312 | 11/28/25 | 67319463 |
| 25581200 | 4.365 | 11/28/25 | 25332189 |
| 92002600 | 4.240 | 12/02/25 | 91071724 |
| 112000 | 4.200 | 12/04/25 | 110838 |
| 48000 | 4.214 | 12/04/25 | 47502 |
| 176000 | 4.225 | 12/04/25 | 174174 |
| 144000 | 4.227 | 12/04/25 | 142506 |
| 95953000 | 4.236 | 12/04/25 | 94957631 |
| 112000 | 4.245 | 12/04/25 | 110838 |
| 64000 | 4.252 | 12/04/25 | 63336 |
| 320000 | 4.253 | 12/04/25 | 316680 |
| 80000 | 4.258 | 12/04/25 | 79170 |
| 176000 | 4.263 | 12/04/25 | 174174 |
| 64000 | 4.265 | 12/04/25 | 63336 |
| 260000 | 4.286 | 12/04/25 | 257303 |
| 80000 | 4.295 | 12/04/25 | 79170 |
| 112000 | 4.296 | 12/04/25 | 110838 |
| 24883000 | 4.122 | 12/09/25 | 24611894 |
| 50000000 | 4.122 | 12/09/25 | 49455238 |
| 99793000 | 4.126 | 12/09/25 | 98474750 |
| 112000 | 4.193 | 12/11/25 | 110761 |
| 144000 | 4.199 | 12/11/25 | 142407 |
| 176000 | 4.223 | 12/11/25 | 174053 |
| 48000 | 4.223 | 12/11/25 | 47469 |
| 95953000 | 4.239 | 12/11/25 | 94891591 |
| 112000 | 4.254 | 12/11/25 | 110761 |
| 112000 | 4.255 | 12/11/25 | 110761 |
| 80000 | 4.255 | 12/11/25 | 79115 |
| 64000 | 4.256 | 12/11/25 | 63292 |
| 64000 | 4.258 | 12/11/25 | 63292 |
| 320000 | 4.260 | 12/11/25 | 316460 |
| 80000 | 4.267 | 12/11/25 | 79115 |
| 176000 | 4.268 | 12/11/25 | 174053 |
| 180000 | 4.271 | 12/11/25 | 178009 |
| 80000 | 4.271 | 12/11/25 | 79115 |
| 112000 | 4.181 | 12/18/25 | 110672 |
| 135000 | 4.189 | 12/18/25 | 133399 |
| 93299300 | 4.247 | 12/18/25 | 92192739 |
| 80000 | 4.255 | 12/18/25 | 79051 |
| 105000 | 4.282 | 12/18/25 | 103755 |
| 171000 | 4.301 | 12/18/25 | 168972 |
| 76000 | 4.301 | 12/18/25 | 75099 |
| 99847000 | 4.136 | 12/23/25 | 98604956 |
| 296000 | 3.887 | 12/26/25 | 292224 |
| 1258000 | 3.947 | 12/26/25 | 1241952 |
| 222000 | 3.947 | 12/26/25 | 219168 |
| 222000 | 3.954 | 12/26/25 | 219168 |
| 444000 | 3.987 | 12/26/25 | 438336 |
| 370000 | 3.987 | 12/26/25 | 365280 |
| 444000 | 3.999 | 12/26/25 | 438336 |
| 1064000 | 4.025 | 12/26/25 | 1050427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **62** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $418000 | 4.025% | 12/26/25 | $412668 |
| 407000 | 4.031 | 12/26/25 | 401808 |
| 912000 | 4.033 | 12/26/25 | 900366 |
| 666000 | 4.037 | 12/26/25 | 657504 |
| 1258000 | 4.037 | 12/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1241952 |
| 777000 | 4.037 | 12/26/25 | 767088 |
| 1813000 | 4.037 | 12/26/25 | 1789872 |
| 814000 | 4.037 | 12/26/25 | 803616 |
| 333000 | 4.037 | 12/26/25 | 328752 |
| 481000 | 4.042 | 12/26/25 | 474864 |
| 555000 | 4.042 | 12/26/25 | 547920 |
| 592000 | 4.045 | 12/26/25 | 584448 |
| 371000 | 4.049 | 12/26/25 | 366267 |
| 296000 | 4.057 | 12/26/25 | 292224 |
| 1147000 | 4.057 | 12/26/25 | 1132368 |
| 222000 | 4.060 | 12/26/25 | 219168 |
| 2588000 | 4.068 | 12/26/25 | 2554986 |
| 444000 | 4.071 | 12/26/25 | 438336 |
| 74000 | 4.073 | 12/26/25 | 73056 |
| 333000 | 4.074 | 12/26/25 | 328752 |
| 159000 | 4.079 | 12/26/25 | 156972 |
| 407000 | 4.080 | 12/26/25 | 401808 |
| 2146000 | 4.080 | 12/26/25 | 2118625 |
| 888000 | 4.082 | 12/26/25 | 876672 |
| 259000 | 4.082 | 12/26/25 | 255696 |
| 228000 | 4.091 | 12/26/25 | 225092 |
| 608000 | 4.091 | 12/26/25 | 600244 |
| 152000 | 4.094 | 12/26/25 | 150061 |
| 190000 | 4.094 | 12/26/25 | 187576 |
| 333000 | 4.094 | 12/26/25 | 328752 |
| 2405000 | 4.095 | 12/26/25 | 2374321 |
| 222000 | 4.099 | 12/26/25 | 219168 |
| 148000 | 4.104 | 12/26/25 | 146112 |
| 333000 | 4.104 | 12/26/25 | 328752 |
| 1369000 | 4.109 | 12/26/25 | 1351536 |
| 370000 | 4.111 | 12/26/25 | 365280 |
| 555000 | 4.119 | 12/26/25 | 547920 |
| 874000 | 4.120 | 12/26/25 | 862851 |
| 296000 | 4.120 | 12/26/25 | 292224 |
| 190000 | 4.125 | 12/26/25 | 187576 |
| 259000 | 4.148 | 12/26/25 | 255696 |
| 481000 | 4.148 | 12/26/25 | 474864 |
| 342000 | 4.156 | 12/26/25 | 337637 |
| 304000 | 4.160 | 12/26/25 | 300122 |
| 190000 | 4.161 | 12/26/25 | 187576 |
| 380000 | 4.161 | 12/26/25 | 375153 |
| 357000 | 4.166 | 12/26/25 | 352446 |
| 190000 | 4.173 | 12/26/25 | 187576 |
| 999000 | 4.181 | 12/26/25 | 986256 |
| 190000 | 4.187 | 12/26/25 | 187576 |
| 432000 | 4.188 | 12/26/25 | 426489 |
| 152000 | 4.190 | 12/26/25 | 150061 |
| 740000 | 4.190 | 12/26/25 | 730560 |
| 222000 | 4.195 | 12/26/25 | 219168 |
| 222000 | 4.198 | 12/26/25 | 219168 |
| 532000 | 4.209 | 12/26/25 | 525214 |
| 333000 | 4.211 | 12/26/25 | 328752 |
| 481000 | 4.213 | 12/26/25 | 474864 |
| 160580000 | 4.215 | 12/26/25 | 158531557 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $190000 | 4.216% | 12/26/25 | $187576 |
| 518000 | 4.219 | 12/26/25 | 511392 |
| 342000 | 4.222 | 12/26/25 | 337637 |
| 190000 | 4.223 | 12/26/25 | 187576 |
| 456000 | 4.223 | 12/26/25 | 450183 |
| 190000 | 4.223 | 12/26/25 | 187576 |
| 342000 | 4.223 | 12/26/25 | 337637 |
| 528000 | 4.225 | 12/26/25 | 521265 |
| 5320000 | 4.227 | 12/26/25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5252135 |
| 144000 | 4.228 | 12/26/25 | 142163 |
| 370000 | 4.229 | 12/26/25 | 365280 |
| 148000 | 4.234 | 12/26/25 | 146112 |
| 200000 | 4.236 | 12/26/25 | 197449 |
| 1102000 | 4.240 | 12/26/25 | 1087942 |
| 5890000 | 4.240 | 12/26/25 | 5814864 |
| 370000 | 4.241 | 12/26/25 | 365280 |
| 296000 | 4.241 | 12/26/25 | 292224 |
| 760000 | 4.248 | 12/26/25 | 750305 |
| 68211000 | 4.249 | 12/26/25 | 67340865 |
| 1520000 | 4.250 | 12/26/25 | 1500610 |
| 192000 | 4.254 | 12/26/25 | 189551 |
| 336000 | 4.254 | 12/26/25 | 331714 |
| 740000 | 4.260 | 12/26/25 | 730560 |
| 148000 | 4.260 | 12/26/25 | 146112 |
| 960000 | 4.260 | 12/26/25 | 947754 |
| 245000 | 4.268 | 12/26/25 | 241875 |
| 912000 | 4.271 | 12/26/25 | 900366 |
| 342000 | 4.271 | 12/26/25 | 337637 |
| 549000 | 4.274 | 12/26/25 | 541997 |
| 244000 | 4.274 | 12/26/25 | 240887 |
| 192000 | 4.274 | 12/26/25 | 189551 |
| 336000 | 4.279 | 12/26/25 | 331714 |
| 1110000 | 4.282 | 12/26/25 | 1095840 |
| 3825700 | 4.284 | 12/26/25 | 3776897 |
| 240000 | 4.285 | 12/26/25 | 236938 |
| 517000 | 4.294 | 12/26/25 | 510405 |
| 40000000 | 4.126 | 12/30/25 | 39471606 |
| 91000 | 4.136 | 01/02/26 | 89781 |
| 117000 | 4.148 | 01/02/26 | 115432 |
| 77242000 | 4.241 | 01/02/26 | 76207074 |
| 91000 | 4.259 | 01/02/26 | 89781 |
| 117000 | 4.122 | 01/08/26 | 115380 |
| 91000 | 4.128 | 01/08/26 | 89740 |
| 50000000 | 4.241 | 01/08/26 | 49307821 |
| 27242000 | 4.241 | 01/08/26 | 26864873 |
| 91000 | 4.256 | 01/08/26 | 89740 |
| 91000 | 4.111 | 01/15/26 | 89673 |
| 117000 | 4.120 | 01/15/26 | 115294 |
| 77242000 | 4.250 | 01/15/26 | 76115778 |
| 91000 | 4.263 | 01/15/26 | 89673 |
| 216000 | 3.890 | 01/22/26 | 212689 |
| 162000 | 3.928 | 01/22/26 | 159517 |
| 918000 | 3.928 | 01/22/26 | 903928 |
| 162000 | 3.952 | 01/22/26 | 159517 |
| 270000 | 3.994 | 01/22/26 | 265861 |
| 324000 | 3.994 | 01/22/26 | 319033 |
| 216000 | 4.009 | 01/22/26 | 212689 |
| 540000 | 4.009 | 01/22/26 | 531722 |
| 297000 | 4.009 | 01/22/26 | 292447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **63** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $243000 | 4.013% | 01/22/26 | $239275 |
| 405000 | 4.013 | 01/22/26 | 398792 |
| 756000 | 4.014 | 01/22/26 | 744411 |
| 324000 | 4.021 | 01/22/26 | 319033 |
| 594000 | 4.039 | 01/22/26 | 584894 |
| 243000 | 4.039 | 01/22/26 | 239275 |
| 324000 | 4.044 | 01/22/26 | 319033 |
| 162000 | 4.047 | 01/22/26 | 159517 |
| 1859000 | 4.048 | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1830503 |
| 486000 | 4.050 | 01/22/26 | 478550 |
| 918000 | 4.050 | 01/22/26 | 903928 |
| 1890000 | 4.050 | 01/22/26 | 1861028 |
| 297000 | 4.053 | 01/22/26 | 292447 |
| 1566000 | 4.068 | 01/22/26 | 1541994 |
| 297000 | 4.068 | 01/22/26 | 292447 |
| 243000 | 4.071 | 01/22/26 | 239275 |
| 267000 | 4.071 | 01/22/26 | 262907 |
| 114000 | 4.082 | 01/22/26 | 112252 |
| 54000 | 4.084 | 01/22/26 | 53172 |
| 432000 | 4.089 | 01/22/26 | 425378 |
| 135000 | 4.095 | 01/22/26 | 132931 |
| 999000 | 4.100 | 01/22/26 | 983686 |
| 432000 | 4.100 | 01/22/26 | 425378 |
| 162000 | 4.100 | 01/22/26 | 159517 |
| 162000 | 4.101 | 01/22/26 | 159517 |
| 216000 | 4.101 | 01/22/26 | 212689 |
| 837000 | 4.101 | 01/22/26 | 824169 |
| 243000 | 4.102 | 01/22/26 | 239275 |
| 621000 | 4.104 | 01/22/26 | 611481 |
| 648000 | 4.104 | 01/22/26 | 638067 |
| 189000 | 4.104 | 01/22/26 | 186103 |
| 270000 | 4.118 | 01/22/26 | 265861 |
| 189000 | 4.121 | 01/22/26 | 186103 |
| 108000 | 4.121 | 01/22/26 | 106344 |
| 135000 | 4.121 | 01/22/26 | 132931 |
| 459000 | 4.122 | 01/22/26 | 451964 |
| 1296000 | 4.122 | 01/22/26 | 1276133 |
| 234000 | 4.125 | 01/22/26 | 230413 |
| 243000 | 4.132 | 01/22/26 | 239275 |
| 108000 | 4.132 | 01/22/26 | 106344 |
| 405000 | 4.133 | 01/22/26 | 398792 |
| 378000 | 4.137 | 01/22/26 | 372206 |
| 216000 | 4.147 | 01/22/26 | 212689 |
| 81000 | 4.148 | 01/22/26 | 79758 |
| 297000 | 4.149 | 01/22/26 | 292447 |
| 243000 | 4.150 | 01/22/26 | 239275 |
| 216000 | 4.151 | 01/22/26 | 212689 |
| 135000 | 4.157 | 01/22/26 | 132931 |
| 270000 | 4.157 | 01/22/26 | 265861 |
| 135000 | 4.165 | 01/22/26 | 132931 |
| 3780000 | 4.171 | 01/22/26 | 3722055 |
| 135000 | 4.173 | 01/22/26 | 132931 |
| 540000 | 4.175 | 01/22/26 | 531722 |
| 1102000 | 4.175 | 01/22/26 | 1085107 |
| 243000 | 4.184 | 01/22/26 | 239275 |
| 648000 | 4.184 | 01/22/26 | 638067 |
| 783000 | 4.187 | 01/22/26 | 770997 |
| 4185000 | 4.187 | 01/22/26 | 4120847 |
| 108000 | 4.190 | 01/22/26 | 106344 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $243000 | 4.194% | 01/22/26 | $239275 |
| 189000 | 4.195 | 01/22/26 | 186103 |
| 145000 | 4.195 | 01/22/26 | 142777 |
| 540000 | 4.196 | 01/22/26 | 531722 |
| 135000 | 4.197 | 01/22/26 | 132931 |
| 324000 | 4.199 | 01/22/26 | 319033 |
| 243000 | 4.199 | 01/22/26 | 239275 |
| 135000 | 4.199 | 01/22/26 | 132931 |
| 108000 | 4.199 | 01/22/26 | 106344 |
| 120240000 | 4.205 | 01/22/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118396805 |
| 370500 | 4.205 | 01/22/26 | 364821 |
| 135000 | 4.211 | 01/22/26 | 132931 |
| 297000 | 4.212 | 01/22/26 | 292447 |
| 108000 | 4.212 | 01/22/26 | 106344 |
| 270000 | 4.226 | 01/22/26 | 265861 |
| 364000 | 4.226 | 01/22/26 | 358420 |
| 135000 | 4.230 | 01/22/26 | 132931 |
| 135000 | 4.244 | 01/22/26 | 132931 |
| 108000 | 4.248 | 01/22/26 | 106344 |
| 182000 | 4.258 | 01/22/26 | 179210 |
| 132000 | 4.259 | 01/22/26 | 129977 |
| 297000 | 4.259 | 01/22/26 | 292447 |
| 108000 | 4.273 | 01/22/26 | 106344 |
| 540000 | 4.273 | 01/22/26 | 531722 |
| 810000 | 4.289 | 01/22/26 | 797583 |
| 182000 | 4.091 | 01/29/26 | 179073 |
| 225000 | 4.097 | 01/29/26 | 221382 |
| 154553000 | 4.245 | 01/29/26 | 152067612 |
| 175000 | 4.251 | 01/29/26 | 172186 |
| 76272400 | 4.013 | 02/05/26 | 74997628 |
| 26436700 | 4.000 | 02/12/26 | 25974230 |
| 49883000 | 4.000 | 02/12/26 | 49010372 |
| 176000 | 3.885 | 02/19/26 | 172813 |
| 748000 | 3.928 | 02/19/26 | 734456 |
| 132000 | 3.928 | 02/19/26 | 129610 |
| 132000 | 3.951 | 02/19/26 | 129610 |
| 154000 | 3.981 | 02/19/26 | 151212 |
| 484000 | 3.996 | 02/19/26 | 475237 |
| 207000 | 4.004 | 02/19/26 | 203252 |
| 345000 | 4.004 | 02/19/26 | 338753 |
| 198000 | 4.008 | 02/19/26 | 194415 |
| 484000 | 4.008 | 02/19/26 | 475237 |
| 176000 | 4.012 | 02/19/26 | 172813 |
| 242000 | 4.012 | 02/19/26 | 237618 |
| 440000 | 4.012 | 02/19/26 | 432033 |
| 24911800 | 4.014 | 02/19/26 | 24460736 |
| 286000 | 4.033 | 02/19/26 | 280822 |
| 330000 | 4.033 | 02/19/26 | 324025 |
| 264000 | 4.034 | 02/19/26 | 259220 |
| 748000 | 4.041 | 02/19/26 | 734456 |
| 1078000 | 4.041 | 02/19/26 | 1058481 |
| 858000 | 4.041 | 02/19/26 | 842465 |
| 132000 | 4.054 | 02/19/26 | 129610 |
| 264000 | 4.056 | 02/19/26 | 259220 |
| 1536000 | 4.058 | 02/19/26 | 1508189 |
| 242000 | 4.067 | 02/19/26 | 237618 |
| 115000 | 4.067 | 02/19/26 | 112918 |
| 198000 | 4.068 | 02/19/26 | 194415 |
| 66000 | 4.070 | 02/19/26 | 64805 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **64** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $44000 | 4.074% | 02/19/26 | $43203 |
| 242000 | 4.076 | 02/19/26 | 237618 |
| 1276000 | 4.081 | 02/19/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1252896 |
| 242000 | 4.081 | 02/19/26 | 237618 |
| 352000 | 4.083 | 02/19/26 | 345627 |
| 132000 | 4.089 | 02/19/26 | 129610 |
| 352000 | 4.089 | 02/19/26 | 345627 |
| 96000 | 4.089 | 02/19/26 | 94262 |
| 198000 | 4.097 | 02/19/26 | 194415 |
| 220000 | 4.097 | 02/19/26 | 216017 |
| 198000 | 4.098 | 02/19/26 | 194415 |
| 529000 | 4.100 | 02/19/26 | 519422 |
| 110000 | 4.103 | 02/19/26 | 108008 |
| 88000 | 4.103 | 02/19/26 | 86407 |
| 814000 | 4.107 | 02/19/26 | 799261 |
| 132000 | 4.108 | 02/19/26 | 129610 |
| 176000 | 4.110 | 02/19/26 | 172813 |
| 682000 | 4.110 | 02/19/26 | 669651 |
| 154000 | 4.116 | 02/19/26 | 151212 |
| 154000 | 4.124 | 02/19/26 | 151212 |
| 528000 | 4.124 | 02/19/26 | 518440 |
| 220000 | 4.126 | 02/19/26 | 216017 |
| 1056000 | 4.131 | 02/19/26 | 1036880 |
| 374000 | 4.131 | 02/19/26 | 367228 |
| 330000 | 4.139 | 02/19/26 | 324025 |
| 88000 | 4.141 | 02/19/26 | 86407 |
| 198000 | 4.141 | 02/19/26 | 194415 |
| 88000 | 4.141 | 02/19/26 | 86407 |
| 176000 | 4.150 | 02/19/26 | 172813 |
| 3220000 | 4.152 | 02/19/26 | 3161697 |
| 440000 | 4.156 | 02/19/26 | 432033 |
| 88000 | 4.157 | 02/19/26 | 86407 |
| 667000 | 4.157 | 02/19/26 | 654923 |
| 3565000 | 4.157 | 02/19/26 | 3500451 |
| 207000 | 4.158 | 02/19/26 | 203252 |
| 759000 | 4.159 | 02/19/26 | 745257 |
| 460000 | 4.164 | 02/19/26 | 451671 |
| 110000 | 4.166 | 02/19/26 | 108008 |
| 115000 | 4.167 | 02/19/26 | 112918 |
| 242000 | 4.173 | 02/19/26 | 237618 |
| 912000 | 4.179 | 02/19/26 | 895487 |
| 101856000 | 4.182 | 02/19/26 | 100011751 |
| 322000 | 4.182 | 02/19/26 | 316170 |
| 92000 | 4.187 | 02/19/26 | 90334 |
| 120000 | 4.192 | 02/19/26 | 117827 |
| 598000 | 4.194 | 02/19/26 | 587172 |
| 110000 | 4.194 | 02/19/26 | 108008 |
| 207000 | 4.198 | 02/19/26 | 203252 |
| 115000 | 4.205 | 02/19/26 | 112918 |
| 364000 | 4.212 | 02/19/26 | 357409 |
| 115000 | 4.221 | 02/19/26 | 112918 |
| 154000 | 4.227 | 02/19/26 | 151212 |
| 9000000 | 4.017 | 02/26/26 | 8830469 |
| 149757000 | 4.017 | 02/26/26 | 146936058 |
| 101381400 | 4.025 | 06/11/26 | 98426689 |
| 144000 | 3.867 | 07/09/26 | 139405 |
| 112000 | 3.869 | 07/09/26 | 108426 |
| 96715000 | 4.108 | 07/09/26 | 93628739 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** | **Value** |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) | U.S. Treasury Bills – (continued) |
| $| 74883000 | 3.889% | 08/06/26 | $| 72301552 |
|  |  |  |  |  | 4997223243 |
| TOTAL U.S. TREASURY BILLS<br>(Cost $4,995,111,400) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,995,111,400) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,995,111,400) | TOTAL U.S. TREASURY BILLS<br>(Cost $4,995,111,400) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997223243 |
| U.S. Treasury Notes - 19.8% | U.S. Treasury Notes - 19.8% | U.S. Treasury Notes - 19.8% | U.S. Treasury Notes - 19.8% | U.S. Treasury Notes - 19.8% | U.S. Treasury Notes - 19.8% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  | 56000 | 4.079 | 11/30/25 |  | 56086 |
|  | 42000 | 4.092 | 11/30/25 |  | 42065 |
|  | 238000 | 4.092 | 11/30/25 |  | 238367 |
|  | 70000 | 4.126 | 11/30/25 |  | 70108 |
|  | 84000 | 4.126 | 11/30/25 |  | 84130 |
|  | 42000 | 4.132 | 11/30/25 |  | 42065 |
|  | 84000 | 4.150 | 11/30/25 |  | 84130 |
|  | 532000 | 4.164 | 11/30/25 |  | 532821 |
|  | 160000 | 4.168 | 11/30/25 |  | 160247 |
|  | 64000 | 4.168 | 11/30/25 |  | 64099 |
|  | 88000 | 4.168 | 11/30/25 |  | 88136 |
|  | 14566900 | 4.170 | 11/30/25 |  | 14589376 |
|  | 77000 | 4.177 | 11/30/25 |  | 77119 |
|  | 128000 | 4.178 | 11/30/25 |  | 128197 |
|  | 48000 | 4.180 | 11/30/25 |  | 48074 |
|  | 33000 | 4.183 | 11/30/25 |  | 33051 |
|  | 552000 | 4.190 | 11/30/25 |  | 552852 |
|  | 28952800 | 4.200 | 11/30/25 |  | 28997473 |
|  | 37000 | 4.210 | 11/30/25 |  | 37057 |
|  | 32000 | 4.213 | 11/30/25 |  | 32049 |
|  | 40000 | 4.213 | 11/30/25 |  | 40062 |
|  | 442000 | 3.997 | 01/31/26 |  | 442199 |
|  | 78000 | 3.997 | 01/31/26 |  | 78035 |
|  | 442000 | 4.000 | 01/31/26 |  | 439263 |
|  | 78000 | 4.000 | 01/31/26 |  | 77517 |
|  | 104000 | 4.005 | 01/31/26 |  | 103356 |
|  | 104000 | 4.011 | 01/31/26 |  | 104047 |
|  | 78000 | 4.037 | 01/31/26 |  | 77517 |
|  | 286000 | 4.039 | 01/31/26 |  | 286128 |
|  | 130000 | 4.048 | 01/31/26 |  | 129195 |
|  | 156000 | 4.048 | 01/31/26 |  | 155034 |
|  | 78000 | 4.048 | 01/31/26 |  | 78035 |
|  | 364000 | 4.086 | 01/31/26 |  | 361746 |
|  | 143000 | 4.086 | 01/31/26 |  | 142115 |
|  | 921000 | 4.098 | 01/31/26 |  | 921414 |
|  | 117000 | 4.102 | 01/31/26 |  | 116276 |
|  | 286000 | 4.102 | 01/31/26 |  | 284229 |
|  | 234000 | 4.103 | 01/31/26 |  | 234105 |
|  | 637000 | 4.103 | 01/31/26 |  | 637286 |
|  | 442000 | 4.103 | 01/31/26 |  | 442199 |
|  | 273000 | 4.103 | 01/31/26 |  | 273123 |
|  | 637000 | 4.104 | 01/31/26 |  | 633056 |
|  | 273000 | 4.104 | 01/31/26 |  | 271310 |
|  | 442000 | 4.104 | 01/31/26 |  | 439263 |
|  | 234000 | 4.104 | 01/31/26 |  | 232551 |
|  | 126000 | 4.105 | 01/31/26 |  | 126057 |
|  | 210000 | 4.106 | 01/31/26 |  | 210094 |
|  | 507000 | 4.106 | 01/31/26 |  | 507228 |
|  | 143000 | 4.107 | 01/31/26 |  | 142115 |
|  | 126000 | 4.107 | 01/31/26 |  | 125220 |
|  | 210000 | 4.107 | 01/31/26 |  | 208700 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **65** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $156000 | 4.108% | 01/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156070 |
| 117000 | 4.108 | 01/31/26 | 117053 |
| 117000 | 4.111 | 01/31/26 | 117053 |
| 286000 | 4.111 | 01/31/26 | 286128 |
| 921000 | 4.111 | 01/31/26 | 915298 |
| 117000 | 4.111 | 01/31/26 | 116276 |
| 169000 | 4.115 | 01/31/26 | 167954 |
| 195000 | 4.115 | 01/31/26 | 193793 |
| 156000 | 4.117 | 01/31/26 | 155034 |
| 143000 | 4.117 | 01/31/26 | 143064 |
| 26000 | 4.119 | 01/31/26 | 26012 |
| 78000 | 4.120 | 01/31/26 | 78035 |
| 195000 | 4.121 | 01/31/26 | 195088 |
| 169000 | 4.121 | 01/31/26 | 169076 |
| 208000 | 4.126 | 01/31/26 | 206712 |
| 132000 | 4.127 | 01/31/26 | 131183 |
| 117000 | 4.130 | 01/31/26 | 116276 |
| 78000 | 4.131 | 01/31/26 | 77517 |
| 143000 | 4.132 | 01/31/26 | 142115 |
| 754000 | 4.132 | 01/31/26 | 749332 |
| 132000 | 4.134 | 01/31/26 | 132059 |
| 78000 | 4.134 | 01/31/26 | 77517 |
| 208000 | 4.135 | 01/31/26 | 208093 |
| 57000 | 4.136 | 01/31/26 | 56647 |
| 156000 | 4.138 | 01/31/26 | 155034 |
| 117000 | 4.139 | 01/31/26 | 117053 |
| 70000 | 4.140 | 01/31/26 | 69567 |
| 26000 | 4.143 | 01/31/26 | 25839 |
| 322000 | 4.149 | 01/31/26 | 320006 |
| 57000 | 4.149 | 01/31/26 | 57026 |
| 65000 | 4.150 | 01/31/26 | 64598 |
| 52000 | 4.150 | 01/31/26 | 51678 |
| 754000 | 4.156 | 01/31/26 | 754339 |
| 143000 | 4.156 | 01/31/26 | 143064 |
| 156000 | 4.157 | 01/31/26 | 156070 |
| 78000 | 4.158 | 01/31/26 | 78035 |
| 52000 | 4.159 | 01/31/26 | 51678 |
| 117000 | 4.159 | 01/31/26 | 116276 |
| 195000 | 4.159 | 01/31/26 | 193793 |
| 286000 | 4.160 | 01/31/26 | 284229 |
| 52000 | 4.162 | 01/31/26 | 52023 |
| 65000 | 4.162 | 01/31/26 | 65029 |
| 221000 | 4.164 | 01/31/26 | 219632 |
| 624000 | 4.164 | 01/31/26 | 620137 |
| 130000 | 4.165 | 01/31/26 | 129195 |
| 70000 | 4.166 | 01/31/26 | 70031 |
| 481000 | 4.169 | 01/31/26 | 478022 |
| 312000 | 4.170 | 01/31/26 | 312140 |
| 91000 | 4.170 | 01/31/26 | 91041 |
| 221000 | 4.170 | 01/31/26 | 221099 |
| 624000 | 4.170 | 01/31/26 | 624280 |
| 91000 | 4.171 | 01/31/26 | 90437 |
| 312000 | 4.171 | 01/31/26 | 310068 |
| 195000 | 4.174 | 01/31/26 | 195088 |
| 104000 | 4.174 | 01/31/26 | 104047 |
| 52000 | 4.174 | 01/31/26 | 52023 |
| 117000 | 4.174 | 01/31/26 | 117053 |
| 322000 | 4.177 | 01/31/26 | 322145 |
| 481000 | 4.177 | 01/31/26 | 481216 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $104000 | 4.178% | 01/31/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103356 |
| 403000 | 4.178 | 01/31/26 | 400505 |
| 78000 | 4.185 | 01/31/26 | 78035 |
| 208000 | 4.185 | 01/31/26 | 208093 |
| 104000 | 4.186 | 01/31/26 | 103356 |
| 130000 | 4.194 | 01/31/26 | 130058 |
| 104000 | 4.195 | 01/31/26 | 104047 |
| 403000 | 4.195 | 01/31/26 | 403181 |
| 36230000 | 4.208 | 01/31/26 | 36005685 |
| 25000000 | 4.208 | 01/31/26 | 24845215 |
| 25000000 | 4.223 | 01/31/26 | 25011230 |
| 41774000 | 4.223 | 01/31/26 | 41792765 |
| 70000 | 4.225 | 01/31/26 | 69567 |
| 39000 | 4.230 | 01/31/26 | 38758 |
| 126000 | 4.232 | 01/31/26 | 125220 |
| 56000 | 4.233 | 01/31/26 | 55653 |
| 117000 | 4.234 | 01/31/26 | 117053 |
| 70000 | 4.240 | 01/31/26 | 69567 |
| 126000 | 4.240 | 01/31/26 | 125220 |
| 168000 | 4.240 | 01/31/26 | 166960 |
| 91000 | 4.242 | 01/31/26 | 91041 |
| 143000 | 4.244 | 01/31/26 | 142115 |
| 39000 | 4.250 | 01/31/26 | 39017 |
| 70000 | 4.251 | 01/31/26 | 69567 |
| 182000 | 4.252 | 01/31/26 | 180873 |
| 117000 | 4.254 | 01/31/26 | 116276 |
| 143000 | 4.257 | 01/31/26 | 143064 |
| 182000 | 4.259 | 01/31/26 | 182082 |
| 117000 | 4.264 | 01/31/26 | 116276 |
| 260000 | 4.272 | 01/31/26 | 258390 |
| 91000 | 4.273 | 01/31/26 | 90437 |
| 377000 | 4.273 | 01/31/26 | 374666 |
| 2015000 | 4.273 | 01/31/26 | 2002524 |
| 108000 | 4.274 | 01/31/26 | 108048 |
| 1820000 | 4.281 | 01/31/26 | 1808732 |
| 70000 | 4.283 | 01/31/26 | 69567 |
| 532000 | 4.283 | 01/31/26 | 528706 |
| 312000 | 4.288 | 01/31/26 | 310068 |
| 117000 | 4.288 | 01/31/26 | 116276 |
| 70000 | 4.289 | 01/31/26 | 69567 |
| 143000 | 4.305 | 01/31/26 | 142115 |
| 1325000 | 4.308 | 01/31/26 | 1325595 |
| 335000 | 4.308 | 01/31/26 | 335150 |
| 91000 | 4.313 | 01/31/26 | 90437 |
| 65000 | 4.314 | 01/31/26 | 64598 |
| 91000 | 4.316 | 01/31/26 | 91041 |
| 52000 | 4.334 | 01/31/26 | 51678 |
| 65000 | 4.334 | 01/31/26 | 64598 |
| 260000 | 4.343 | 01/31/26 | 258390 |
| 144000 | 4.353 | 01/31/26 | 143108 |
| 64000 | 4.353 | 01/31/26 | 63604 |
| 52000 | 4.355 | 01/31/26 | 51678 |
| 91000 | 4.379 | 01/31/26 | 90437 |
| 45000 | 4.192 | 02/15/26 | 44977 |
| 29578000 | 4.213 | 02/15/26 | 29562980 |
| 35000 | 4.293 | 02/15/26 | 34982 |
| 14967000 | 3.958 | 03/15/26 | 15020788 |
| 13099200 | 3.930 | 03/31/26 | 12861265 |
| 14967000 | 3.934 | 03/31/26 | 14816161 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **66** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $7125500 | 4.025% | 03/31/26 | $7144984 |
| 35627500 | 4.025 | 03/31/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35724919 |
| 45000 | 4.116 | 03/31/26 | 45123 |
| 32415100 | 4.198 | 03/31/26 | 32503735 |
| 72000 | 4.017 | 04/15/26 | 71897 |
| 63000 | 4.041 | 04/15/26 | 62910 |
| 27000 | 4.093 | 04/15/26 | 26961 |
| 99000 | 4.096 | 04/15/26 | 98859 |
| 63000 | 4.153 | 04/15/26 | 62910 |
| 36000 | 4.161 | 04/15/26 | 35949 |
| 99000 | 4.161 | 04/15/26 | 98859 |
| 81000 | 4.170 | 04/15/26 | 80884 |
| 180000 | 4.173 | 04/15/26 | 179743 |
| 81000 | 4.176 | 04/15/26 | 80884 |
| 216000 | 4.176 | 04/15/26 | 215692 |
| 1395000 | 4.178 | 04/15/26 | 1393011 |
| 261000 | 4.178 | 04/15/26 | 260628 |
| 45000 | 4.178 | 04/15/26 | 44936 |
| 45000 | 4.180 | 04/15/26 | 44936 |
| 126000 | 4.181 | 04/15/26 | 125820 |
| 36000 | 4.181 | 04/15/26 | 35949 |
| 180000 | 4.182 | 04/15/26 | 179743 |
| 1260000 | 4.184 | 04/15/26 | 1258203 |
| 46818000 | 4.203 | 04/15/26 | 46751248 |
| 143000 | 4.206 | 04/15/26 | 142796 |
| 56000 | 4.213 | 04/15/26 | 55920 |
| 1867800 | 4.009 | 04/30/26 | 1828875 |
| 19269600 | 4.034 | 04/30/26 | 19379873 |
| 5091700 | 4.036 | 04/30/26 | 4985590 |
| 8034700 | 4.038 | 04/30/26 | 7867258 |
| 28193600 | 4.040 | 04/30/26 | 27606050 |
| 144000 | 4.047 | 04/30/26 | 140999 |
| 90000 | 4.054 | 04/30/26 | 90515 |
| 70000 | 4.057 | 04/30/26 | 70401 |
| 25994400 | 4.060 | 04/30/26 | 25452681 |
| 119000 | 4.064 | 04/30/26 | 116520 |
| 25994400 | 4.068 | 04/30/26 | 26143157 |
| 99000 | 4.096 | 04/30/26 | 96937 |
| 27000 | 4.097 | 04/30/26 | 26437 |
| 27000 | 4.103 | 04/30/26 | 27154 |
| 99000 | 4.110 | 04/30/26 | 99566 |
| 21493100 | 4.146 | 04/30/26 | 21045187 |
| 13433200 | 4.150 | 04/30/26 | 13153254 |
| 15085100 | 4.156 | 04/30/26 | 14770729 |
| 81000 | 4.158 | 04/30/26 | 81463 |
| 81000 | 4.159 | 04/30/26 | 79312 |
| 7207700 | 4.163 | 04/30/26 | 7248947 |
| 1260000 | 4.170 | 04/30/26 | 1233742 |
| 126000 | 4.171 | 04/30/26 | 126721 |
| 99000 | 4.173 | 04/30/26 | 96937 |
| 1260000 | 4.176 | 04/30/26 | 1267210 |
| 63000 | 4.177 | 04/30/26 | 63360 |
| 63000 | 4.178 | 04/30/26 | 61687 |
| 126000 | 4.181 | 04/30/26 | 123374 |
| 99000 | 4.183 | 04/30/26 | 99566 |
| 36000 | 4.189 | 04/30/26 | 35250 |
| 45000 | 4.191 | 04/30/26 | 45257 |
| 43846000 | 4.192 | 04/30/26 | 42932256 |
| 162000 | 4.193 | 04/30/26 | 162927 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $45000 | 4.197% | 04/30/26 | $44062 |
| 216000 | 4.202 | 04/30/26 | 211499 |
| 81000 | 4.202 | 04/30/26 | 79312 |
| 216000 | 4.206 | 04/30/26 | 217236 |
| 81000 | 4.206 | 04/30/26 | 81463 |
| 36000 | 4.208 | 04/30/26 | 35250 |
| 261000 | 4.209 | 04/30/26 | 255561 |
| 1395000 | 4.209 | 04/30/26 | 1365928 |
| 180000 | 4.211 | 04/30/26 | 176249 |
| 180000 | 4.212 | 04/30/26 | 176249 |
| 261000 | 4.212 | 04/30/26 | 262494 |
| 709000 | 4.212 | 04/30/26 | 713057 |
| 49478000 | 4.213 | 04/30/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49761145 |
| 85000 | 4.224 | 04/30/26 | 83229 |
| 84000 | 4.225 | 04/30/26 | 82249 |
| 189000 | 4.225 | 04/30/26 | 185061 |
| 112000 | 4.279 | 04/30/26 | 109666 |
| 216000 | 3.998 | 05/15/26 | 212553 |
| 168000 | 4.007 | 05/15/26 | 165319 |
| 72000 | 4.059 | 05/15/26 | 70851 |
| 12045000 | 4.066 | 05/15/26 | 11852797 |
| 264000 | 4.094 | 05/15/26 | 259787 |
| 96000 | 4.129 | 05/15/26 | 94468 |
| 168000 | 4.132 | 05/15/26 | 165319 |
| 480000 | 4.132 | 05/15/26 | 472341 |
| 120000 | 4.137 | 05/15/26 | 118085 |
| 207000 | 4.138 | 05/15/26 | 203697 |
| 96000 | 4.145 | 05/15/26 | 94468 |
| 322000 | 4.148 | 05/15/26 | 316862 |
| 120000 | 4.149 | 05/15/26 | 118085 |
| 264000 | 4.153 | 05/15/26 | 259787 |
| 270000 | 4.159 | 05/15/26 | 265692 |
| 120000 | 4.159 | 05/15/26 | 118085 |
| 3220000 | 4.161 | 05/15/26 | 3168618 |
| 912000 | 4.171 | 05/15/26 | 897447 |
| 120000 | 4.175 | 05/15/26 | 118085 |
| 460000 | 4.181 | 05/15/26 | 452660 |
| 3565000 | 4.188 | 05/15/26 | 3508113 |
| 667000 | 4.188 | 05/15/26 | 656357 |
| 30000000 | 4.193 | 05/15/26 | 29521289 |
| 168000 | 4.193 | 05/15/26 | 165319 |
| 91345000 | 4.194 | 05/15/26 | 89887405 |
| 207000 | 4.195 | 05/15/26 | 203697 |
| 552000 | 4.195 | 05/15/26 | 543192 |
| 4991500 | 3.980 | 05/31/26 | 5023964 |
| 6982600 | 4.005 | 05/31/26 | 6819627 |
| 6982600 | 4.012 | 05/31/26 | 7028014 |
| 99000 | 4.012 | 05/31/26 | 99644 |
| 13965300 | 4.014 | 05/31/26 | 14056129 |
| 77000 | 4.019 | 05/31/26 | 77501 |
| 36000 | 4.019 | 05/31/26 | 35516 |
| 24724000 | 4.046 | 05/31/26 | 24391771 |
| 25000000 | 4.078 | 05/31/26 | 25162597 |
| 42362000 | 4.176 | 05/31/26 | 42637518 |
| 28000 | 4.243 | 05/31/26 | 27624 |
| 99000 | 3.970 | 06/30/26 | 99553 |
| 77000 | 3.977 | 06/30/26 | 77430 |
| 22322100 | 4.002 | 06/30/26 | 22446790 |
| 45418900 | 4.133 | 06/30/26 | 45672607 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **67** |

---

------

GOLDMAN SACHS ACCESS TREASURY 0-1 YEAR ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate<sup>(a)</sup>** | **Maturity**<br> **Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $| 9865900 | 3.898% | 07/31/26 | $9580906 |
|  | 5732400 | 3.900 | 07/31/26 | 5566810 |
|  | 10000000 | 3.900 | 07/31/26 | 10043555 |
|  | 50000000 | 3.900 | 07/31/26 | 50217773 |
|  | 50000000 | 3.902 | 07/31/26 | 48555664 |
|  | 9284700 | 3.902 | 07/31/26 | 9016495 |
|  | 14883000 | 3.965 | 07/31/26 | 14947822 |
|  | 66603800 | 3.885 | 08/31/26 | 64601783 |
|  | 8279200 | 3.910 | 08/31/26 | 8030339 |
|  |  |  |  | 1233340962 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $1,232,408,870) | TOTAL U.S. TREASURY NOTES<br>(Cost $1,232,408,870) | TOTAL U.S. TREASURY NOTES<br>(Cost $1,232,408,870) | TOTAL U.S. TREASURY NOTES<br>(Cost $1,232,408,870) | 1233340962 |
| TOTAL INVESTMENTS - 99.8%<br>(Cost $6,227,520,270) | TOTAL INVESTMENTS - 99.8%<br>(Cost $6,227,520,270) | TOTAL INVESTMENTS - 99.8%<br>(Cost $6,227,520,270) | TOTAL INVESTMENTS - 99.8%<br>(Cost $6,227,520,270) | $6230564205 |
|  **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.2%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.2%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.2%** | **OTHER ASSETS IN EXCESS<br>OF LIABILITIES - 0.2%** | 14663719 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245227924 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

 <br> (a) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **68** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Notes – 34.3% | U.S. Treasury Notes – 34.3% | U.S. Treasury Notes – 34.3% | U.S. Treasury Notes – 34.3% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |  |
| $3934400 | 1.625 %<sup>(a)</sup> | 05/15/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3871920 |
| 18503000 | 1.625 <sup>(a)</sup> | 09/30/26 | 18075801 |
| 8203000 | 1.500 <sup>(a)</sup> | 01/31/27 | 7951821 |
| 324000 | 4.125 <sup>(a)</sup> | 01/31/27 | 325674 |
| 200000 | 3.750 <sup>(a)</sup> | 06/30/27 | 200361 |
| 18618000 | 2.250 <sup>(a)</sup> | 08/15/27 | 18133896 |
| 2462200 | 4.250 <sup>(a)</sup> | 01/15/28 | 2498038 |
| 40481800 | 0.750 <sup>(a)</sup> | 01/31/28 | 37838672 |
| 6764000 | 3.750 <sup>(a)</sup> | 04/15/28 | 6790649 |
| 811000 | 3.875 <sup>(a)</sup> | 07/15/28 | 817391 |
| 1261000 | 1.125 <sup>(a)</sup> | 08/31/28 | 1173308 |
| 2491100 | 3.750 <sup>(a)</sup> | 12/31/28 | 2502582 |
| 1230100 | 4.625 <sup>(a)</sup> | 04/30/29 | 1272310 |
| 21792000 | 4.000 <sup>(a)</sup> | 10/31/29 | 22088425 |
| 42604000 | 3.875 <sup>(a)</sup> | 11/30/29 | 42967227 |
| 2471900 | 4.000 <sup>(a)</sup> | 02/28/30 | 2506892 |
| 524000 | 3.875 <sup>(a)</sup> | 04/30/30 | 528512 |
| 21780000 | 1.250 <sup>(a)</sup> | 08/15/31 | 18821929 |
| 12549000 | 2.875 <sup>(a)</sup> | 05/15/32 | 11787808 |
| 1241700 | 4.125 <sup>(a)</sup> | 11/15/32 | 1255815 |
| 14994000 | 4.000 <sup>(a)</sup> | 02/15/34 | 14910550 |
| 1937300 | 4.625 <sup>(a)</sup> | 02/15/35 | 2003972 |
| 634500 | 4.250 <sup>(a)</sup> | 05/15/35 | 636731 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $217,222,057) | TOTAL U.S. TREASURY NOTES<br>(Cost $217,222,057) | TOTAL U.S. TREASURY NOTES<br>(Cost $217,222,057) | 218960284 |
| Mortgage-Backed Securities – 24.1% | Mortgage-Backed Securities – 24.1% | Mortgage-Backed Securities – 24.1% | Mortgage-Backed Securities – 24.1% |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 1317895 | 2.000 | 04/01/36 | 1221449 |
| 1823768 | 2.000 | 09/01/36 | 1680254 |
| 201423 | 4.500 | 07/01/48 | 196580 |
| 195266 | 2.500 | 11/01/50 | 166173 |
| 8263033 | 2.000 | 03/01/51 | 6622679 |
| 7334212 | 2.000 | 05/01/51 | 5847989 |
| 2307311 | 2.500 | 05/01/51 | 1930220 |
| 9586386 | 2.500 | 08/01/51 | 8112099 |
| 2328953 | 3.000 | 05/01/52 | 2022975 |
| 865659 | 3.500 | 05/01/52 | 782996 |
| 164333 | 4.500 | 05/01/52 | 158968 |
| 3134262 | 3.000 | 08/01/52 | 2766395 |
| 1154771 | 4.000 | 08/01/52 | 1079309 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 3139583 | 2.000 | 08/01/36 | 2887720 |
| 2000000 | 1.500 | TBA-15yr<sup>(b)</sup> | 1788125 |
| 2000000 | 2.500 | TBA-15yr<sup>(b)</sup> | 1876484 |
| 1000000 | 3.000 | TBA-15yr<sup>(b)</sup> | 956211 |
| 1000000 | 5.000 | TBA-15yr<sup>(b)</sup> | 1010273 |
| 2117591 | 3.500 | 07/01/45 | 1963979 |
| 52792 | 4.500 | 06/01/48 | 51710 |
| 302681 | 4.500 | 07/01/48 | 296467 |
| 20699 | 5.000 | 12/01/48 | 20822 |
| 37299 | 4.500 | 01/01/49 | 36487 |
| 29398 | 4.500 | 08/01/49 | 28735 |
| 466361 | 4.500 | 08/01/49 | 456073 |
| 187741 | 5.000 | 12/01/49 | 188404 |
| 21774 | 4.500 | 01/01/50 | 21304 |
| 93268 | 4.500 | 03/01/50 | 90724 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) | Federal National Mortgage Association – (continued) |
| $53890 | 5.000% | 04/01/50 | $55281 |
| 1294349 | 2.500 | 06/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1101466 |
| 41602 | 4.500 | 10/01/50 | 40439 |
| 77762 | 4.500 | 10/01/50 | 75996 |
| 1686234 | 2.500 | 11/01/50 | 1428966 |
| 1709676 | 2.500 | 01/01/51 | 1433319 |
| 82616 | 2.500 | 02/01/51 | 70290 |
| 456547 | 2.500 | 03/01/51 | 386592 |
| 831012 | 2.000 | 04/01/51 | 665434 |
| 3629949 | 2.000 | 05/01/51 | 2897788 |
| 777497 | 2.000 | 09/01/51 | 618546 |
| 569863 | 2.500 | 09/01/51 | 482587 |
| 2248417 | 2.500 | 10/01/51 | 1904155 |
| 1035515 | 2.500 | 11/01/51 | 876896 |
| 1317473 | 2.500 | 11/01/51 | 1115645 |
| 2121483 | 4.500 | 10/01/52 | 2045326 |
| 731789 | 5.000 | 10/01/52 | 722668 |
| 824095 | 5.000 | 11/01/52 | 818982 |
| 1137674 | 3.500 | 12/01/52 | 1031116 |
| 1083330 | 4.000 | 12/01/52 | 1017410 |
| 8000000 | 3.000 | TBA-30yr<sup>(b)</sup> | 6930000 |
| 1000000 | 1.500 | TBA-30yr<sup>(b)</sup> | 754219 |
| 4000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 3613750 |
| 6000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 5600625 |
| 2000000 | 4.500 | TBA-30yr<sup>(b)</sup> | 1923125 |
| 7000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 6903750 |
| 4000000 | 6.500 | TBA-30yr<sup>(b)</sup> | 4145625 |
| 1000000 | 7.000 | TBA-30yr<sup>(b)</sup> | 1051875 |
| 6000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 4764375 |
| 13000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 13077188 |
| 5000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 5109375 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 41817 | 5.000 | 12/20/48 | 42156 |
| 22553 | 5.000 | 05/20/49 | 22644 |
| 236341 | 3.000 | 09/20/49 | 210163 |
| 81879 | 4.500 | 03/20/50 | 78854 |
| 42815 | 5.000 | 05/20/50 | 43596 |
| 176300 | 4.000 | 09/20/50 | 167872 |
| 2743281 | 2.000 | 11/20/50 | 2247016 |
| 626575 | 3.000 | 07/20/51 | 555525 |
| 2930949 | 2.000 | 09/20/51 | 2408363 |
| 4873900 | 2.500 | 09/20/51 | 4158700 |
| 1926817 | 4.500 | 10/20/52 | 1872322 |
| 1523614 | 4.000 | 05/20/53 | 1432812 |
| 2000000 | 4.500 | TBA-30yr<sup>(b)</sup> | 1925000 |
| 4000000 | 5.000 | TBA-30yr<sup>(b)</sup> | 3957500 |
| 1000000 | 2.000 | TBA-30yr<sup>(b)</sup> | 818750 |
| 1000000 | 2.500 | TBA-30yr<sup>(b)</sup> | 852812 |
| 4000000 | 3.000 | TBA-30yr<sup>(b)</sup> | 3541875 |
| 5000000 | 3.500 | TBA-30yr<sup>(b)</sup> | 4550000 |
| 1000000 | 4.000 | TBA-30yr<sup>(b)</sup> | 932500 |
| 4000000 | 5.500 | TBA-30yr<sup>(b)</sup> | 4030625 |
| 2000000 | 6.000 | TBA-30yr<sup>(b)</sup> | 2040312 |
| 1000000 | 6.500 | TBA-30yr<sup>(b)</sup> | 1028438 |
| TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $153,761,482) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $153,761,482) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $153,761,482) | 153842248 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **69** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 22.0% | Corporate Obligations – 22.0% | Corporate Obligations – 22.0% | Corporate Obligations – 22.0% |
| Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% | Aerospace & Defense – 0.5% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| $35000 | 3.250% | 02/01/35<sup>(c)</sup> | $29968 |
| 100000 | 3.300 | 03/01/35<sup>(c)</sup> | 85371 |
| 164000 | 3.650 | 03/01/47<sup>(c)</sup> | 117128 |
| 50000 | 3.750 | 02/01/50<sup>(c)</sup> | 35842 |
| 364000 | 5.805 | 05/01/50<sup>(c)</sup> | 353303 |
| 223000 | 3.825 | 03/01/59<sup>(c)</sup> | 152052 |
| 135000 | 5.930 | 05/01/60<sup>(c)</sup> | 131130 |
| General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. | General Dynamics Corp. |
| 209000 | 3.625 | 04/01/30<sup>(c)</sup> | 205691 |
| L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. | L3Harris Technologies, Inc. |
| 150000 | 5.050 | 06/01/29<sup>(c)</sup> | 154218 |
| 100000 | 1.800 | 01/15/31<sup>(c)</sup> | 87558 |
| Leidos, Inc. | Leidos, Inc. | Leidos, Inc. | Leidos, Inc. |
| 100000 | 4.375 | 05/15/30<sup>(c)</sup> | 99684 |
| 100000 | 5.400 | 03/15/32<sup>(c)</sup> | 103288 |
| Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. | Lockheed Martin Corp. |
| 239000 | 5.250 | 01/15/33<sup>(c)</sup> | 249398 |
| 196000 | 5.700 | 11/15/54<sup>(c)</sup> | 196124 |
| Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. | Northrop Grumman Corp. |
| 200000 | 3.250 | 01/15/28<sup>(c)</sup> | 196393 |
| 100000 | 5.200 | 06/01/54<sup>(c)</sup> | 91968 |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| 400000 | 6.100 | 03/15/34<sup>(c)</sup> | 435625 |
| 188000 | 6.400 | 03/15/54<sup>(c)</sup> | 204133 |
| Textron, Inc. | Textron, Inc. | Textron, Inc. | Textron, Inc. |
| 80000 | 3.000 | 06/01/30<sup>(c)</sup> | 75207 |
| 100000 | 2.450 | 03/15/31<sup>(c)</sup> | 89875 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093956 |
| Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% | Agriculture – 0.1% |
| Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. | Archer-Daniels-Midland Co. |
| 50000 | 5.375 | 09/15/35 | 52390 |
| 292000 | 4.500 | 03/15/49<sup>(c)</sup> | 246675 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 100000 | 4.100 | 01/07/28<sup>(c)</sup> | 100085 |
| 100000 | 2.750 | 05/14/31<sup>(c)</sup> | 91476 |
|  |  |  | 490626 |
| Banks – 4.3% | Banks – 4.3% | Banks – 4.3% | Banks – 4.3% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| 172000 | 2.550 | 03/04/27<sup>(c)</sup> | 168247 |
| (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) | (SOFR + 0.970%) |
| 52000 | 5.389 | 07/28/27<sup>(c)(d)</sup> | 52521 |
| (SOFR + 1.835%) | (SOFR + 1.835%) | (SOFR + 1.835%) | (SOFR + 1.835%) |
| 188000 | 5.043 | 05/01/34<sup>(c)(d)</sup> | 191101 |
| (SOFR + 1.790%) | (SOFR + 1.790%) | (SOFR + 1.790%) | (SOFR + 1.790%) |
| 287000 | 5.667 | 04/25/36<sup>(c)(d)</sup> | 299989 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |
| 57000 | 1.734 | 07/22/27<sup>(c)(d)</sup> | 55735 |
| (SOFR + 1.340%) | (SOFR + 1.340%) | (SOFR + 1.340%) | (SOFR + 1.340%) |
| 183000 | 5.933 | 09/15/27<sup>(c)(d)</sup> | 185934 |
| (TSFR3M + 1.774%) | (TSFR3M + 1.774%) | (TSFR3M + 1.774%) | (TSFR3M + 1.774%) |
| 100000 | 3.705 | 04/24/28<sup>(c)(d)</sup> | 99146 |
| (TSFR3M + 1.302%) | (TSFR3M + 1.302%) | (TSFR3M + 1.302%) | (TSFR3M + 1.302%) |
| 142000 | 3.419 | 12/20/28<sup>(c)(d)</sup> | 139464 |
| (SOFR + 0.830%) | (SOFR + 0.830%) | (SOFR + 0.830%) | (SOFR + 0.830%) |
| 283000 | 4.979 | 01/24/29<sup>(c)(d)</sup> | 287893 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (SOFR + 1.630%) | (SOFR + 1.630%) | (SOFR + 1.630%) | (SOFR + 1.630%) |
| $340000 | 5.202% | 04/25/29<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348562 |
| (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) | (SOFR + 1.000%) |
| 280000 | 5.162 | 01/24/31<sup>(c)(d)</sup> | 288710 |
| (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) | (SOFR + 2.150%) |
| 180000 | 2.592 | 04/29/31<sup>(c)(d)</sup> | 166507 |
| (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) |
| 272000 | 5.468 | 01/23/35<sup>(c)(d)</sup> | 281575 |
| (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) | (US 5 Year CMT T-Note + 1.200%) |
| 84000 | 2.482 | 09/21/36<sup>(c)(d)</sup> | 72876 |
| (TSFR3M + 2.076%) | (TSFR3M + 2.076%) | (TSFR3M + 2.076%) | (TSFR3M + 2.076%) |
| 394000 | 4.244 | 04/24/38<sup>(c)(d)</sup> | 360527 |
| 100000 | 7.750 | 05/14/38 | 120096 |
| (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) | (SOFR + 1.560%) |
| 20000 | 2.972 | 07/21/52<sup>(c)(d)</sup> | 12881 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| (SOFR + 1.010%) | (SOFR + 1.010%) | (SOFR + 1.010%) | (SOFR + 1.010%) |
| 42000 | 1.197 | 10/24/26<sup>(c)(d)</sup> | 41824 |
| (TSFR3M + 1.322%) | (TSFR3M + 1.322%) | (TSFR3M + 1.322%) | (TSFR3M + 1.322%) |
| 80000 | 3.559 | 04/23/27<sup>(c)(d)</sup> | 79702 |
| 75000 | 3.248 | 10/21/27<sup>(c)</sup> | 73864 |
| (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) | (SOFR + 2.040%) |
| 444000 | 4.948 | 07/22/28<sup>(c)(d)</sup> | 449753 |
| (TSFR3M + 1.472%) | (TSFR3M + 1.472%) | (TSFR3M + 1.472%) | (TSFR3M + 1.472%) |
| 292000 | 3.974 | 02/07/30<sup>(c)(d)</sup> | 289406 |
| (TSFR3M + 1.252%) | (TSFR3M + 1.252%) | (TSFR3M + 1.252%) | (TSFR3M + 1.252%) |
| 106000 | 2.496 | 02/13/31<sup>(c)(d)</sup> | 98116 |
| (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) | (SOFR + 1.530%) |
| 40000 | 1.898 | 07/23/31<sup>(c)(d)</sup> | 35535 |
| (SOFR + 1.930%) | (SOFR + 1.930%) | (SOFR + 1.930%) | (SOFR + 1.930%) |
| 146000 | 2.676 | 06/19/41<sup>(c)(d)</sup> | 105381 |
| (TSFR3M + 3.412%) | (TSFR3M + 3.412%) | (TSFR3M + 3.412%) | (TSFR3M + 3.412%) |
| 154000 | 4.083 | 03/20/51<sup>(c)(d)</sup> | 120817 |
| (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) | (SOFR + 1.880%) |
| 60000 | 2.831 | 10/24/51<sup>(c)(d)</sup> | 37479 |
| Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L | Bank of America Corp., Series L |
| 67000 | 4.183 | 11/25/27<sup>(c)</sup> | 66944 |
| 73000 | 4.750 | 04/21/45 | 64403 |
| Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N | Bank of America Corp., Series N |
| (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) | (SOFR + 1.650%) |
| 42000 | 3.483 | 03/13/52<sup>(c)(d)</sup> | 29836 |
| Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) | Bank of New York Mellon Corp. (The) |
| (SOFR + 1.026%) | (SOFR + 1.026%) | (SOFR + 1.026%) | (SOFR + 1.026%) |
| 100000 | 4.947 | 04/26/27<sup>(c)(d)</sup> | 100531 |
| (SOFR + 0.887%) | (SOFR + 0.887%) | (SOFR + 0.887%) | (SOFR + 0.887%) |
| 191000 | 4.942 | 02/11/31<sup>(c)(d)</sup> | 196386 |
| Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN | Bank of New York Mellon Corp. (The), MTN |
| 14000 | 2.800 | 05/04/26<sup>(c)</sup> | 13876 |
| 228000 | 3.400 | 01/29/28<sup>(c)</sup> | 226028 |
| 16000 | 1.800 | 07/28/31<sup>(c)</sup> | 14072 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| (SOFR + 2.440%) | (SOFR + 2.440%) | (SOFR + 2.440%) | (SOFR + 2.440%) |
| 292000 | 7.149 | 10/29/27<sup>(c)(d)</sup> | 301130 |
| 10000 | 3.800 | 01/31/28<sup>(c)</sup> | 9919 |
| 50000 | 6.700 | 11/29/32<sup>(c)</sup> | 55059 |
| (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) | (SOFR + 2.057%) |
| 41000 | 4.927 | 05/10/28<sup>(c)(d)</sup> | 41459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **70** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  | (SOFR + 1.337%) | (SOFR + 1.337%) | (SOFR + 1.337%) |  |
|  $ | 95000 | 2.359% | 07/29/32<sup>(c)(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82113 |
|  | (SOFR + 2.600%) | (SOFR + 2.600%) | (SOFR + 2.600%) |  |
|  | 343000 | 5.817 | 02/01/34<sup>(c)(d)</sup> | 356556 |
|  Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
|  | 310000 | 2.900 | 03/03/32<sup>(c)</sup> | 281137 |
|  | (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) |  |
|  | 384000 | 6.136 | 08/24/34<sup>(c)(d)</sup> | 417158 |
|  Citibank NA | Citibank NA | Citibank NA | Citibank NA | Citibank NA |
|  | 1000000 | 4.914 | 05/29/30<sup>(c)</sup> | 1026060 |
|  Citigroup, Inc.<br> (TSFR3M + 1.825%) | Citigroup, Inc.<br> (TSFR3M + 1.825%) | Citigroup, Inc.<br> (TSFR3M + 1.825%) | Citigroup, Inc.<br> (TSFR3M + 1.825%) | Citigroup, Inc.<br> (TSFR3M + 1.825%) |
|  | 928000 | 3.887 | 01/10/28<sup>(c)(d)</sup> | 922432 |
|  | (SOFR + 1.887%) | (SOFR + 1.887%) | (SOFR + 1.887%) |  |
|  | 168000 | 4.658 | 05/24/28<sup>(c)(d)</sup> | 169084 |
|  | (SOFR + 1.364%) | (SOFR + 1.364%) | (SOFR + 1.364%) |  |
|  | 390000 | 5.174 | 02/13/30<sup>(c)(d)</sup> | 400236 |
|  | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |  |
|  | 266000 | 2.976 | 11/05/30<sup>(c)(d)</sup> | 251190 |
|  | (SOFR + 2.056%) | (SOFR + 2.056%) | (SOFR + 2.056%) |  |
|  | 188000 | 5.827 | 02/13/35<sup>(c)(d)</sup> | 192984 |
|  | (SOFR + 1.447%) | (SOFR + 1.447%) | (SOFR + 1.447%) |  |
|  | 478000 | 5.449 | 06/11/35<sup>(c)(d)</sup> | 490268 |
|  | (SOFR + 4.548%) | (SOFR + 4.548%) | (SOFR + 4.548%) |  |
|  | 135000 | 5.316 | 03/26/41<sup>(c)(d)</sup> | 132256 |
|  Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA | Citizens Bank NA |
|  | 376000 | 3.750 | 02/18/26<sup>(c)</sup> | 374612 |
|  Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
|  | 15000 | 2.850 | 07/27/26<sup>(c)</sup> | 14814 |
|  | 196000 | 2.500 | 02/06/30<sup>(c)</sup> | 179893 |
|  Discover Bank | Discover Bank | Discover Bank | Discover Bank | Discover Bank |
|  | 147000 | 3.450 | 07/27/26<sup>(c)</sup> | 145793 |
|  Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp | Fifth Third Bancorp |
|  | 88000 | 2.550 | 05/05/27<sup>(c)</sup> | 85878 |
|  | 144000 | 3.950 | 03/14/28<sup>(c)</sup> | 143905 |
|  | 40000 | 8.250 | 03/01/38 | 49002 |
|  First Horizon Corp.<br> (SOFR + 1.766%) | First Horizon Corp.<br> (SOFR + 1.766%) | First Horizon Corp.<br> (SOFR + 1.766%) | First Horizon Corp.<br> (SOFR + 1.766%) | First Horizon Corp.<br> (SOFR + 1.766%) |
|  | 270000 | 5.514 | 03/07/31<sup>(c)(d)</sup> | 278165 |
|  Huntington Bancshares, Inc.<br> (SOFR + 2.020%) | Huntington Bancshares, Inc.<br> (SOFR + 2.020%) | Huntington Bancshares, Inc.<br> (SOFR + 2.020%) | Huntington Bancshares, Inc.<br> (SOFR + 2.020%) | Huntington Bancshares, Inc.<br> (SOFR + 2.020%) |
|  | 100000 | 6.208 | 08/21/29<sup>(c)(d)</sup> | 105251 |
|  JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
|  | 40000 | 7.625 | 10/15/26 | 41531 |
|  | 155000 | 8.000 | 04/29/27 | 164503 |
|  | 80000 | 4.250 | 10/01/27 | 80571 |
|  | 100000 | 8.750 | 09/01/30 | 119584 |
|  | 160000 | 5.500 | 10/15/40 | 163118 |
|  | 15000 | 5.400 | 01/06/42 | 15000 |
|  | 80000 | 5.625 | 08/16/43 | 81471 |
|  | 40000 | 4.850 | 02/01/44 | 37055 |
|  | (TSFR3M + 1.599%) | (TSFR3M + 1.599%) | (TSFR3M + 1.599%) |  |
|  | 346000 | 3.782 | 02/01/28<sup>(c)(d)</sup> | 344185 |
|  | (TSFR3M + 1.642%) | (TSFR3M + 1.642%) | (TSFR3M + 1.642%) |  |
|  | 50000 | 3.540 | 05/01/28<sup>(c)(d)</sup> | 49650 |
|  | 120000 | 3.964 | 11/15/48<sup>(c)(d)</sup> | 95442 |
|  | (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) |  |
|  | 361000 | 4.851 | 07/25/28<sup>(c)(d)</sup> | 365670 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  | (SOFR + 0.860%) | (SOFR + 0.860%) | (SOFR + 0.860%) |  |  |
|  $ | 100000 | 4.505% | 10/22/28<sup>(c)(d)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100754 |
|  | (TSFR3M + 1.592%) | (TSFR3M + 1.592%) | (TSFR3M + 1.592%) |  |  |
|  | 40000 | 4.452 | 12/05/29<sup>(c)(d)</sup> |  | 40314 |
|  | (TSFR3M + 1.510%) | (TSFR3M + 1.510%) | (TSFR3M + 1.510%) |  |  |
|  | 128000 | 2.739 | 10/15/30<sup>(c)(d)</sup> |  | 120644 |
|  | 407000 | 2.525 | 11/19/41<sup>(c)(d)</sup> |  | 289597 |
|  | (SOFR + 1.040%) | (SOFR + 1.040%) | (SOFR + 1.040%) |  |  |
|  | 100000 | 4.603 | 10/22/30<sup>(c)(d)</sup> |  | 101229 |
|  | (TSFR3M + 1.105%) | (TSFR3M + 1.105%) | (TSFR3M + 1.105%) |  |  |
|  | 79000 | 1.764 | 11/19/31<sup>(c)(d)</sup> |  | 69522 |
|  | (SOFR + 1.180%) | (SOFR + 1.180%) | (SOFR + 1.180%) |  |  |
|  | 100000 | 2.545 | 11/08/32<sup>(c)(d)</sup> |  | 89063 |
|  | (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |  |  |
|  | 224000 | 4.586 | 04/26/33<sup>(c)(d)</sup> |  | 223006 |
|  | (SOFR + 2.080%) | (SOFR + 2.080%) | (SOFR + 2.080%) |  |  |
|  | 100000 | 4.912 | 07/25/33<sup>(c)(d)</sup> |  | 101268 |
|  | (SOFR + 1.460%) | (SOFR + 1.460%) | (SOFR + 1.460%) |  |  |
|  | 76000 | 5.294 | 07/22/35<sup>(c)(d)</sup> |  | 77548 |
|  | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) |  |  |
|  | 152000 | 3.882 | 07/24/38<sup>(c)(d)</sup> |  | 135146 |
|  | (TSFR3M + 2.460%) | (TSFR3M + 2.460%) | (TSFR3M + 2.460%) |  |  |
|  | 100000 | 3.109 | 04/22/41<sup>(c)(d)</sup> |  | 77304 |
|  | (SOFR + 1.550%) | (SOFR + 1.550%) | (SOFR + 1.550%) |  |  |
|  | 133000 | 5.534 | 11/29/45<sup>(c)(d)</sup> |  | 133314 |
|  | (TSFR3M + 1.842%) | (TSFR3M + 1.842%) | (TSFR3M + 1.842%) |  |  |
|  | 67000 | 4.260 | 02/22/48<sup>(c)(d)</sup> |  | 55872 |
|  | (SOFR + 2.440%) | (SOFR + 2.440%) | (SOFR + 2.440%) |  |  |
|  | 185000 | 3.109 | 04/22/51<sup>(c)(d)</sup> |  | 124248 |
|  | (SOFR + 1.580%) | (SOFR + 1.580%) | (SOFR + 1.580%) |  |  |
|  | 105000 | 3.328 | 04/22/52<sup>(c)(d)</sup> |  | 72851 |
|  JPMorgan Chase Financial Co. LLC, Series MTN | JPMorgan Chase Financial Co. LLC, Series MTN | JPMorgan Chase Financial Co. LLC, Series MTN | JPMorgan Chase Financial Co. LLC, Series MTN | JPMorgan Chase Financial Co. LLC, Series MTN | JPMorgan Chase Financial Co. LLC, Series MTN |
|  | 725000 | 5.000 | 08/28/28<sup>(c)</sup> |  | 726586 |
|  KeyCorp<br> (SOFRINDX + 2.420%) | KeyCorp<br> (SOFRINDX + 2.420%) | KeyCorp<br> (SOFRINDX + 2.420%) | KeyCorp<br> (SOFRINDX + 2.420%) | KeyCorp<br> (SOFRINDX + 2.420%) | KeyCorp<br> (SOFRINDX + 2.420%) |
|  | 290000 | 6.401 | 03/06/35<sup>(c)(d)</sup> |  | 311624 |
|  M&T Bank Corp.<br> (SOFR + 1.850%) | M&T Bank Corp.<br> (SOFR + 1.850%) | M&T Bank Corp.<br> (SOFR + 1.850%) | M&T Bank Corp.<br> (SOFR + 1.850%) | M&T Bank Corp.<br> (SOFR + 1.850%) | M&T Bank Corp.<br> (SOFR + 1.850%) |
|  | 100000 | 5.053 | 01/27/34<sup>(c)(d)</sup> |  | 99434 |
|  Morgan Stanley<br> (SOFR + 0.879%) | Morgan Stanley<br> (SOFR + 0.879%) | Morgan Stanley<br> (SOFR + 0.879%) | Morgan Stanley<br> (SOFR + 0.879%) | Morgan Stanley<br> (SOFR + 0.879%) | Morgan Stanley<br> (SOFR + 0.879%) |
|  | 50000 | 1.593 | 05/04/27<sup>(c)(d)</sup> |  | 49075 |
|  | (SOFR + 1.555%) | (SOFR + 1.555%) | (SOFR + 1.555%) |  |  |
|  | 500000 | 5.320 | 07/19/35<sup>(c)(d)</sup> |  | 509056 |
|  | (SOFR + 1.360%) | (SOFR + 1.360%) | (SOFR + 1.360%) |  |  |
|  | 96000 | 2.484 | 09/16/36<sup>(c)(d)</sup> |  | 83000 |
|  | (SOFR + 1.485%) | (SOFR + 1.485%) | (SOFR + 1.485%) |  |  |
|  | 30000 | 3.217 | 04/22/42<sup>(c)(d)</sup> |  | 22896 |
|  Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
|  | 16000 | 3.875 | 01/27/26 |  | 15969 |
|  | 100000 | 4.350 | 09/08/26 |  | 100130 |
|  | (TSFR3M + 1.890%) | (TSFR3M + 1.890%) | (TSFR3M + 1.890%) |  |  |
|  | 320000 | 4.431 | 01/23/30<sup>(c)(d)</sup> |  | 321589 |
|  Morgan Stanley, MTN<br> (SOFR + 3.120%) | Morgan Stanley, MTN<br> (SOFR + 3.120%) | Morgan Stanley, MTN<br> (SOFR + 3.120%) | Morgan Stanley, MTN<br> (SOFR + 3.120%) | Morgan Stanley, MTN<br> (SOFR + 3.120%) | Morgan Stanley, MTN<br> (SOFR + 3.120%) |
|  | 1954000 | 3.622 | 04/01/31<sup>(c)(d)</sup> |  | 1889280 |
|  | (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |  |  |
|  | 50000 | 1.794 | 02/13/32<sup>(c)(d)</sup> |  | 43347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **71** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |  |
| 543000 | 5.250% | 04/21/34<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554539 |
| 238000 | 4.375 | 01/22/47 | 201671 |
| (SOFR + 1.430%) | (SOFR + 1.430%) | (SOFR + 1.430%) |  |
| 37000 | 2.802 | 01/25/52<sup>(c)(d)</sup> | 22765 |
| Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. | Northern Trust Corp. |
| 50000 | 1.950 | 05/01/30<sup>(c)</sup> | 45531 |
| (3M USD LIBOR + 1.131%) | (3M USD LIBOR + 1.131%) | (3M USD LIBOR + 1.131%) |  |
| 100000 | 3.375 | 05/08/32<sup>(c)(d)</sup> | 98009 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
| 250000 | 4.050 | 07/26/28 | 249405 |
| PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) | PNC Financial Services Group, Inc. (The) |
| (SOFRINDX + 1.730%) | (SOFRINDX + 1.730%) | (SOFRINDX + 1.730%) |  |
| 19000 | 6.615 | 10/20/27<sup>(c)(d)</sup> | 19476 |
| (SOFR + 0.979%) | (SOFR + 0.979%) | (SOFR + 0.979%) |  |
| 50000 | 2.307 | 04/23/32<sup>(c)(d)</sup> | 44624 |
| (SOFR + 1.933%) | (SOFR + 1.933%) | (SOFR + 1.933%) |  |
| 292000 | 5.068 | 01/24/34<sup>(c)(d)</sup> | 295456 |
| (SOFR + 2.284%) | (SOFR + 2.284%) | (SOFR + 2.284%) |  |
| 188000 | 6.875 | 10/20/34<sup>(c)(d)</sup> | 211589 |
| (SOFR + 1.394%) | (SOFR + 1.394%) | (SOFR + 1.394%) |  |
| 15000 | 5.575 | 01/29/36<sup>(c)(d)</sup> | 15526 |
| Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| (SOFR + 2.060%) | (SOFR + 2.060%) | (SOFR + 2.060%) |  |
| 125000 | 5.502 | 09/06/35<sup>(c)(d)</sup> | 127071 |
| Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. | Santander Holdings USA, Inc. |
| 80000 | 4.400 | 07/13/27<sup>(c)</sup> | 80267 |
| (SOFR + 1.249%) | (SOFR + 1.249%) | (SOFR + 1.249%) |  |
| 204000 | 2.490 | 01/06/28<sup>(c)(d)</sup> | 199137 |
| (SOFR + 2.356%) | (SOFR + 2.356%) | (SOFR + 2.356%) |  |
| 58000 | 6.499 | 03/09/29<sup>(c)(d)</sup> | 60640 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| 500000 | 4.536 | 02/28/28<sup>(c)</sup> | 507293 |
| 100000 | 2.400 | 01/24/30 | 93813 |
| (SOFR + 1.484%) | (SOFR + 1.484%) | (SOFR + 1.484%) |  |
| 300000 | 5.684 | 11/21/29<sup>(c)(d)</sup> | 315145 |
| (SOFR + 1.002%) | (SOFR + 1.002%) | (SOFR + 1.002%) |  |
| 100000 | 2.623 | 02/07/33<sup>(c)(d)</sup> | 89523 |
| (SOFR + 1.490%) | (SOFR + 1.490%) | (SOFR + 1.490%) |  |
| 486000 | 3.031 | 11/01/34<sup>(c)(d)</sup> | 455081 |
| Synchrony Financial | Synchrony Financial | Synchrony Financial | Synchrony Financial |
| 108000 | 3.950 | 12/01/27<sup>(c)</sup> | 106671 |
| 92000 | 2.875 | 10/28/31<sup>(c)</sup> | 81483 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| (SOFR + 1.620%) | (SOFR + 1.620%) | (SOFR + 1.620%) |  |
| 266000 | 5.435 | 01/24/30<sup>(c)(d)</sup> | 275708 |
| (SOFR + 2.240%) | (SOFR + 2.240%) | (SOFR + 2.240%) |  |
| 196000 | 4.916 | 07/28/33<sup>(c)(d)</sup> | 192829 |
| (SOFR + 1.922%) | (SOFR + 1.922%) | (SOFR + 1.922%) |  |
| 188000 | 5.711 | 01/24/35<sup>(c)(d)</sup> | 196140 |
| U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| (SOFR + 1.230%) | (SOFR + 1.230%) | (SOFR + 1.230%) |  |
| 100000 | 4.653 | 02/01/29<sup>(c)(d)</sup> | 101101 |
| (US 5 Year CMT T-Note + 0.950%) | (US 5 Year CMT T-Note + 0.950%) | (US 5 Year CMT T-Note + 0.950%) |  |
| 100000 | 2.491 | 11/03/36<sup>(c)(d)</sup> | 85924 |
| U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN | U.S. Bancorp, MTN |
| 222000 | 3.900 | 04/26/28<sup>(c)</sup> | 221711 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  U.S. Bancorp, MTN – (continued) | U.S. Bancorp, MTN – (continued) | U.S. Bancorp, MTN – (continued) | U.S. Bancorp, MTN – (continued) | U.S. Bancorp, MTN – (continued) |
| $| 80000 | 3.000% | 07/30/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76466 |
|  | 40000 | 1.375 | 07/22/30<sup>(c)</sup> | 34964 |
|  U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X | U.S. Bancorp, Series X |
|  | 140000 | 3.150 | 04/27/27<sup>(c)</sup> | 138149 |
|  US Bancorp | US Bancorp | US Bancorp | US Bancorp | US Bancorp |
|  | (SOFR + 2.020%) | (SOFR + 2.020%) | (SOFR + 2.020%) |  |
|  | 100000 | 5.775 | 06/12/29<sup>(c)(d)</sup> | 104276 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
|  | 42000 | 3.000 | 04/22/26 | 41676 |
|  | 120000 | 5.606 | 01/15/44 | 117472 |
|  | 60000 | 3.900 | 05/01/45 | 47781 |
|  | (SOFR + 2.020%) | (SOFR + 2.020%) | (SOFR + 2.020%) |  |
|  | 277000 | 5.389 | 04/24/34<sup>(c)(d)</sup> | 285480 |
|  | (SOFR + 1.740%) | (SOFR + 1.740%) | (SOFR + 1.740%) |  |
|  | 289000 | 5.605 | 04/23/36<sup>(c)(d)</sup> | 300578 |
|  Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
|  | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) |  |
|  | 50000 | 3.584 | 05/22/28<sup>(c)(d)</sup> | 49478 |
|  | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |  |
|  | 613000 | 2.393 | 06/02/28<sup>(c)(d)</sup> | 594128 |
|  | 25000 | 4.150 | 01/24/29<sup>(c)</sup> | 24978 |
|  | 274000 | 4.750 | 12/07/46 | 235840 |
|  | (SOFR + 1.740%) | (SOFR + 1.740%) | (SOFR + 1.740%) |  |
|  | 285000 | 5.574 | 07/25/29<sup>(c)(d)</sup> | 295684 |
|  | (TSFR3M + 1.432%) | (TSFR3M + 1.432%) | (TSFR3M + 1.432%) |  |
|  | 52000 | 2.879 | 10/30/30<sup>(c)(d)</sup> | 49189 |
|  | (TSFR3M + 1.262%) | (TSFR3M + 1.262%) | (TSFR3M + 1.262%) |  |
|  | 256000 | 2.572 | 02/11/31<sup>(c)(d)</sup> | 237406 |
|  | (TSFR3M + 4.032%) | (TSFR3M + 4.032%) | (TSFR3M + 4.032%) |  |
|  | 340000 | 4.478 | 04/04/31<sup>(c)(d)</sup> | 340868 |
|  Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
|  | 300000 | 6.600 | 01/15/38 | 335741 |
|  |  |  |  | 27481799 |
| Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% |
|  Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. | Air Products and Chemicals, Inc. |
|  | 150000 | 4.600 | 02/08/29<sup>(c)</sup> | 152623 |
|  Albemarle Corp. | Albemarle Corp. | Albemarle Corp. | Albemarle Corp. | Albemarle Corp. |
|  | 50000 | 4.650 | 06/01/27<sup>(c)</sup> | 50002 |
|  Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC | Celanese U.S. Holdings LLC |
|  | 94000 | 7.200 | 11/15/33<sup>(c)</sup> | 97760 |
|  Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) | Dow Chemical Co. (The) |
|  | 196000 | 4.375 | 11/15/42<sup>(c)</sup> | 157625 |
|  | 60000 | 3.600 | 11/15/50<sup>(c)</sup> | 39725 |
|  DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. | DuPont de Nemours, Inc. |
|  | 100000 | 4.725 | 11/15/28<sup>(c)</sup> | 101986 |
|  Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC | Huntsman International LLC |
|  | 50000 | 4.500 | 05/01/29<sup>(c)</sup> | 47956 |
|  Linde, Inc. | Linde, Inc. | Linde, Inc. | Linde, Inc. | Linde, Inc. |
|  | 61000 | 1.100 | 08/10/30<sup>(c)</sup> | 52992 |
|  LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC | LYB International Finance III LLC |
|  | 40000 | 2.250 | 10/01/30<sup>(c)</sup> | 35770 |
|  | 271000 | 3.625 | 04/01/51<sup>(c)</sup> | 175791 |
|  RPM International, Inc. | RPM International, Inc. | RPM International, Inc. | RPM International, Inc. | RPM International, Inc. |
|  | 150000 | 4.250 | 01/15/48<sup>(c)</sup> | 123112 |
|  Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) | Sherwin-Williams Co. (The) |
|  | 188000 | 3.450 | 06/01/27<sup>(c)</sup> | 185695 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **72** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) | Basic Industry – (continued) |
|  Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. | Westlake Corp. |
| $| 175000 | 3.125% | 08/15/51<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106410 |
|  |  |  |  | 1327447 |
| Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% | Broadcasting – 0.0% |
|  Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC | Discovery Communications LLC |
|  | 190000 | 5.300 | 05/15/49<sup>(c)</sup> | 93100 |
| Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% | Brokerage – 0.2% |
|  Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. | Affiliated Managers Group, Inc. |
|  | 130000 | 3.300 | 06/15/30<sup>(c)</sup> | 123377 |
|  BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. | BlackRock Funding, Inc. |
|  | 228000 | 4.600 | 07/26/27<sup>(c)</sup> | 230901 |
|  Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. | Blackrock, Inc. |
|  | 140000 | 4.750 | 05/25/33<sup>(c)</sup> | 142297 |
|  Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. |
|  | 82000 | 3.650 | 01/12/27<sup>(c)</sup> | 81514 |
|  CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. | CME Group, Inc. |
|  | 100000 | 4.150 | 06/15/48<sup>(c)</sup> | 83072 |
|  Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. | Intercontinental Exchange, Inc. |
|  | 94000 | 4.600 | 03/15/33<sup>(c)</sup> | 94190 |
|  Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
|  | 40000 | 4.850 | 01/15/27 | 40307 |
|  | 40000 | 4.150 | 01/23/30 | 39486 |
|  | 84000 | 6.250 | 01/15/36 | 88481 |
|  | 20000 | 6.500 | 01/20/43 | 21049 |
|  Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. | Raymond James Financial, Inc. |
|  | 50000 | 4.650 | 04/01/30<sup>(c)</sup> | 51027 |
|  |  |  |  | 995701 |
| Building Materials – 0.0% | Building Materials – 0.0% | Building Materials – 0.0% | Building Materials – 0.0% | Building Materials – 0.0% |
|  Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. | Masco Corp. |
|  | 50000 | 1.500 | 02/15/28<sup>(c)</sup> | 46750 |
|  Owens Corning | Owens Corning | Owens Corning | Owens Corning | Owens Corning |
|  | 50000 | 3.500 | 02/15/30<sup>(c)</sup> | 48344 |
|  Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. | Vulcan Materials Co. |
|  | 50000 | 5.350 | 12/01/34<sup>(c)</sup> | 51440 |
|  |  |  |  | 146534 |
| Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% |
|  3M Co. | 3M Co. | 3M Co. | 3M Co. | 3M Co. |
|  | 50000 | 2.375 | 08/26/29<sup>(c)</sup> | 46873 |
|  Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
|  | 100000 | 3.750 | 12/01/27<sup>(c)</sup> | 99062 |
|  Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN | Caterpillar Financial Services Corp., MTN |
|  | 50000 | 3.600 | 08/12/27 | 49735 |
|  Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. | Caterpillar, Inc. |
|  | 50000 | 3.803 | 08/15/42 | 41311 |
|  | 296000 | 3.250 | 04/09/50<sup>(c)</sup> | 208064 |
|  Cintas Corp. No 2 | Cintas Corp. No 2 | Cintas Corp. No 2 | Cintas Corp. No 2 | Cintas Corp. No 2 |
|  | 50000 | 4.000 | 05/01/32<sup>(c)</sup> | 48612 |
|  CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC | CNH Industrial Capital LLC |
|  | 50000 | 1.450 | 07/15/26<sup>(c)</sup> | 48758 |
|  Corning, Inc. | Corning, Inc. | Corning, Inc. | Corning, Inc. | Corning, Inc. |
|  | 67000 | 5.350 | 11/15/48<sup>(c)</sup> | 63185 |
|  | 45000 | 4.375 | 11/15/57<sup>(c)</sup> | 36158 |
|  Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. | Cummins, Inc. |
|  | 50000 | 5.150 | 02/20/34<sup>(c)</sup> | 51212 |
|  | 107000 | 2.600 | 09/01/50<sup>(c)</sup> | 63199 |
|  Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. | Deere & Co. |
|  | 25000 | 3.900 | 06/09/42<sup>(c)</sup> | 21200 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Deere & Co. – (continued) | Deere & Co. – (continued) | Deere & Co. – (continued) | Deere & Co. – (continued) | Deere & Co. – (continued) |
|  $ | 40000 | 2.875% | 09/07/49<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26284 |
|  | 25000 | 3.750 | 04/15/50<sup>(c)</sup> | 19201 |
|  Dover Corp. | Dover Corp. | Dover Corp. | Dover Corp. | Dover Corp. |
|  | 50000 | 6.600 | 03/15/38 | 55104 |
|  Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. | Eaton Corp. |
|  | 200000 | 4.150 | 03/15/33<sup>(c)</sup> | 195644 |
|  Flowserve Corp. | Flowserve Corp. | Flowserve Corp. | Flowserve Corp. | Flowserve Corp. |
|  | 140000 | 3.500 | 10/01/30<sup>(c)</sup> | 133244 |
|  Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. | Honeywell International, Inc. |
|  | 50000 | 4.250 | 01/15/29<sup>(c)</sup> | 50391 |
|  | 100000 | 2.700 | 08/15/29<sup>(c)</sup> | 95088 |
|  | 188000 | 1.950 | 06/01/30<sup>(c)</sup> | 170470 |
|  Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. | Illinois Tool Works, Inc. |
|  | 115000 | 3.900 | 09/01/42<sup>(c)</sup> | 95282 |
|  Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. | Ingersoll Rand, Inc. |
|  | 90000 | 5.176 | 06/15/29<sup>(c)</sup> | 92992 |
|  Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. | Jabil, Inc. |
|  | 9000 | 4.250 | 05/15/27<sup>(c)</sup> | 8996 |
|  | 80000 | 3.600 | 01/15/30<sup>(c)</sup> | 76870 |
|  Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. | Jacobs Engineering Group, Inc. |
|  | 35000 | 6.350 | 08/18/28<sup>(c)</sup> | 36917 |
|  John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN | John Deere Capital Corp., MTN |
|  | 90000 | 4.800 | 01/09/26 | 90122 |
|  | 110000 | 4.900 | 06/11/27 | 112011 |
|  | 290000 | 4.750 | 01/20/28 | 295387 |
|  | 35000 | 2.800 | 07/18/29 | 33476 |
|  | 80000 | 2.450 | 01/09/30 | 74841 |
|  Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC | Johnson Controls International PLC |
|  | 100000 | 4.500 | 02/15/47<sup>(c)</sup> | 84493 |
|  Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security | Johnson Controls International PLC / Tyco Fire & Security |
|  Finance SCA | Finance SCA | Finance SCA | Finance SCA | Finance SCA |
|  | 100000 | 5.500 | 04/19/29<sup>(c)</sup> | 104229 |
|  | 100000 | 2.000 | 09/16/31<sup>(c)</sup> | 87062 |
|  Kennametal, Inc. | Kennametal, Inc. | Kennametal, Inc. | Kennametal, Inc. | Kennametal, Inc. |
|  | 50000 | 4.625 | 06/15/28<sup>(c)</sup> | 50317 |
|  Lennox International, Inc. | Lennox International, Inc. | Lennox International, Inc. | Lennox International, Inc. | Lennox International, Inc. |
|  | 50000 | 5.500 | 09/15/28<sup>(c)</sup> | 51724 |
|  Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. | Otis Worldwide Corp. |
|  | 60000 | 2.293 | 04/05/27<sup>(c)</sup> | 58277 |
|  | 150000 | 5.250 | 08/16/28<sup>(c)</sup> | 154539 |
|  Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. | Quanta Services, Inc. |
|  | 196000 | 2.900 | 10/01/30<sup>(c)</sup> | 182531 |
|  Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
|  | 264000 | 6.050 | 04/15/28<sup>(c)</sup> | 273266 |
|  | 135000 | 6.300 | 02/15/30<sup>(c)</sup> | 143056 |
|  Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. | Republic Services, Inc. |
|  | 187000 | 1.750 | 02/15/32<sup>(c)</sup> | 159935 |
|  | 150000 | 2.375 | 03/15/33<sup>(c)</sup> | 128913 |
|  | 145000 | 5.200 | 11/15/34<sup>(c)</sup> | 148912 |
|  Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
|  | 120000 | 4.200 | 09/15/28<sup>(c)</sup> | 120180 |
|  | 470000 | 1.750 | 02/15/31<sup>(c)</sup> | 407462 |
|  Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
|  | 15000 | 2.250 | 04/01/28<sup>(c)</sup> | 14282 |
|  Timken Co. (The) | Timken Co. (The) | Timken Co. (The) | Timken Co. (The) | Timken Co. (The) |
|  | 100000 | 4.125 | 04/01/32<sup>(c)</sup> | 94602 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **73** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
|  Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. | Trane Technologies Financing Ltd. |
| $| 50000 | 3.800% | 03/21/29<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49570 |
|  Trane Technologies Global Holding Co. Ltd. | Trane Technologies Global Holding Co. Ltd. | Trane Technologies Global Holding Co. Ltd. | Trane Technologies Global Holding Co. Ltd. | Trane Technologies Global Holding Co. Ltd. |
|  | 100000 | 3.750 | 08/21/28<sup>(c)</sup> | 99464 |
|  Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. | Waste Management, Inc. |
|  | 100000 | 3.150 | 11/15/27<sup>(c)</sup> | 98259 |
|  | 1000000 | 3.875 | 01/15/29<sup>(c)</sup> | 989692 |
|  | 100000 | 4.100 | 03/01/45<sup>(c)</sup> | 82842 |
|  | 135000 | 4.150 | 07/15/49<sup>(c)</sup> | 109049 |
|  | 50000 | 2.500 | 11/15/50<sup>(c)</sup> | 29389 |
|  Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
|  | 75000 | 3.450 | 11/15/26<sup>(c)</sup> | 74251 |
|  | 117000 | 4.700 | 09/15/28<sup>(c)</sup> | 118641 |
|  WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. | WRKCo, Inc. |
|  | 100000 | 3.900 | 06/01/28<sup>(c)</sup> | 99174 |
|  WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. | WW Grainger, Inc. |
|  | 60000 | 4.600 | 06/15/45<sup>(c)</sup> | 53266 |
|  | 94000 | 3.750 | 05/15/46<sup>(c)</sup> | 73080 |
|  Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. | Xylem, Inc. |
|  | 15000 | 3.250 | 11/01/26<sup>(c)</sup> | 14822 |
|  | 420000 | 1.950 | 01/30/28<sup>(c)</sup> | 401013 |
|  |  |  |  | 6995981 |
| Communications – 0.5% | Communications – 0.5% | Communications – 0.5% | Communications – 0.5% | Communications – 0.5% |
|  Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter |
|  Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
|  | 82000 | 3.750 | 02/15/28<sup>(c)</sup> | 80751 |
|  | 82000 | 4.200 | 03/15/28<sup>(c)</sup> | 81496 |
|  | 90000 | 5.050 | 03/30/29<sup>(c)</sup> | 91358 |
|  | 40000 | 2.800 | 04/01/31<sup>(c)</sup> | 36090 |
|  | 255000 | 6.650 | 02/01/34<sup>(c)</sup> | 272393 |
|  | 72000 | 6.384 | 10/23/35<sup>(c)</sup> | 74957 |
|  | 66000 | 5.375 | 04/01/38<sup>(c)</sup> | 61797 |
|  | 85000 | 6.484 | 10/23/45<sup>(c)</sup> | 82594 |
|  | 60000 | 5.750 | 04/01/48<sup>(c)</sup> | 53478 |
|  | 40000 | 5.125 | 07/01/49<sup>(c)</sup> | 32458 |
|  | 40000 | 6.834 | 10/23/55<sup>(c)</sup> | 39985 |
|  | 85000 | 3.850 | 04/01/61<sup>(c)</sup> | 51880 |
|  | 60000 | 4.400 | 12/01/61<sup>(c)</sup> | 40758 |
|  Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. | Comcast Corp. |
|  | 360000 | 4.550 | 01/15/29<sup>(c)</sup> | 365317 |
|  | 102000 | 4.250 | 01/15/33 | 99129 |
|  | 90000 | 3.969 | 11/01/47<sup>(c)</sup> | 68721 |
|  | 366000 | 2.800 | 01/15/51<sup>(c)</sup> | 216641 |
|  | 464000 | 2.887 | 11/01/51<sup>(c)</sup> | 279337 |
|  | 80000 | 5.350 | 05/15/53<sup>(c)</sup> | 73479 |
|  | 246000 | 2.937 | 11/01/56<sup>(c)</sup> | 142716 |
|  | 100000 | 2.650 | 08/15/62<sup>(c)</sup> | 51285 |
|  | 70000 | 2.987 | 11/01/63<sup>(c)</sup> | 38817 |
|  Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC | Time Warner Cable Enterprises LLC |
|  | 94000 | 8.375 | 07/15/33 | 109579 |
|  Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
|  | 57000 | 6.750 | 06/15/39 | 59042 |
|  | 15000 | 5.875 | 11/15/40<sup>(c)</sup> | 14323 |
|  | 57000 | 5.500 | 09/01/41<sup>(c)</sup> | 51545 |
|  TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. | TWDC Enterprises 18 Corp. |
|  | 15000 | 4.375 | 08/16/41 | 13188 |
|  TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN | TWDC Enterprises 18 Corp., GMTN |
|  | 15000 | 4.125 | 06/01/44 | 12476 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) | Communications – (continued) |
|  TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN | TWDC Enterprises 18 Corp., MTN |
| $| 228000 | 2.950% | 06/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224545 |
|  Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) | Walt Disney Co. (The) |
|  | 226000 | 2.200 | 01/13/28 | 217646 |
|  | 80000 | 2.000 | 09/01/29<sup>(c)</sup> | 74059 |
|  | 80000 | 3.800 | 03/22/30 | 79106 |
|  | 90000 | 3.500 | 05/13/40<sup>(c)</sup> | 74381 |
|  | 15000 | 4.750 | 09/15/44<sup>(c)</sup> | 13564 |
|  | 50000 | 3.600 | 01/13/51<sup>(c)</sup> | 36825 |
|  |  |  |  | 3315716 |
| Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% | Consumer Cyclical – 1.8% |
|  Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. | Amazon.com, Inc. |
|  | 106000 | 3.300 | 04/13/27<sup>(c)</sup> | 105199 |
|  | 228000 | 3.150 | 08/22/27<sup>(c)</sup> | 225068 |
|  | 42000 | 2.100 | 05/12/31<sup>(c)</sup> | 37710 |
|  | 196000 | 3.875 | 08/22/37<sup>(c)</sup> | 178340 |
|  | 80000 | 4.050 | 08/22/47<sup>(c)</sup> | 65799 |
|  | 104000 | 2.500 | 06/03/50<sup>(c)</sup> | 62194 |
|  | 196000 | 3.950 | 04/13/52<sup>(c)</sup> | 153273 |
|  | 75000 | 4.250 | 08/22/57<sup>(c)</sup> | 61019 |
|  | 200000 | 2.700 | 06/03/60<sup>(c)</sup> | 114836 |
|  American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
|  | 826000 | 4.550 | 03/03/28 | 834570 |
|  | 100000 | 4.600 | 04/17/30 | 101055 |
|  American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN | American Honda Finance Corp., GMTN |
|  | 112000 | 5.125 | 07/07/28 | 114941 |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
|  | 100000 | 5.400 | 03/15/49<sup>(c)</sup> | 87365 |
|  AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. | AutoZone, Inc. |
|  | 34000 | 4.000 | 04/15/30<sup>(c)</sup> | 33523 |
|  Best Buy Co., Inc. | Best Buy Co., Inc. | Best Buy Co., Inc. | Best Buy Co., Inc. | Best Buy Co., Inc. |
|  | 190000 | 4.450 | 10/01/28<sup>(c)</sup> | 191249 |
|  Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. | Costco Wholesale Corp. |
|  | 40000 | 3.000 | 05/18/27<sup>(c)</sup> | 39474 |
|  | 8000 | 1.750 | 04/20/32<sup>(c)</sup> | 6864 |
|  DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. | DR Horton, Inc. |
|  | 94000 | 1.400 | 10/15/27<sup>(c)</sup> | 88943 |
|  eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. | eBay, Inc. |
|  | 84000 | 6.300 | 11/22/32<sup>(c)</sup> | 92079 |
|  Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
|  | 158000 | 3.800 | 02/15/28<sup>(c)</sup> | 156461 |
|  Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. | Ford Motor Co. |
|  | 18000 | 3.250 | 02/12/32<sup>(c)</sup> | 15499 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  | 290000 | 6.798 | 11/07/28<sup>(c)</sup> | 301653 |
|  | 217000 | 5.875 | 11/07/29<sup>(c)</sup> | 219185 |
|  | 200000 | 6.054 | 11/05/31<sup>(c)</sup> | 202525 |
|  | 250000 | 7.122 | 11/07/33<sup>(c)</sup> | 261133 |
|  General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. | General Motors Co. |
|  | 47000 | 6.800 | 10/01/27<sup>(c)</sup> | 49064 |
|  | 80000 | 5.600 | 10/15/32<sup>(c)</sup> | 82351 |
|  | 25000 | 6.600 | 04/01/36<sup>(c)</sup> | 26475 |
|  | 120000 | 5.400 | 04/01/48<sup>(c)</sup> | 105955 |
|  General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
|  | 140000 | 5.400 | 05/08/27 | 142462 |
|  | 21000 | 2.400 | 04/10/28<sup>(c)</sup> | 20006 |
|  | 100000 | 2.400 | 10/15/28<sup>(c)</sup> | 94335 |
|  | 122000 | 2.700 | 06/10/31<sup>(c)</sup> | 108553 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **74** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) |
| 18000 | 5.600% | 06/18/31<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18620 |
| 109000 | 5.450 | 09/06/34<sup>(c)</sup> | 107908 |
| 196000 | 5.900 | 01/07/35<sup>(c)</sup> | 199116 |
| Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) | Home Depot, Inc. (The) |
| 234000 | 2.800 | 09/14/27<sup>(c)</sup> | 228932 |
| 100000 | 0.900 | 03/15/28<sup>(c)</sup> | 92941 |
| 100000 | 1.375 | 03/15/31<sup>(c)</sup> | 85982 |
| 5000 | 4.500 | 09/15/32<sup>(c)</sup> | 5050 |
| 63000 | 3.125 | 12/15/49<sup>(c)</sup> | 42340 |
| 292000 | 3.625 | 04/15/52<sup>(c)</sup> | 211793 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 500000 | 5.750 | 04/23/30<sup>(c)</sup> | 519826 |
| Lennar Corp. | Lennar Corp. | Lennar Corp. | Lennar Corp. |
| 106000 | 4.750 | 11/29/27<sup>(c)</sup> | 106834 |
| Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. | Lowe's Cos., Inc. |
| 92000 | 2.625 | 04/01/31<sup>(c)</sup> | 83913 |
| 175000 | 5.150 | 07/01/33<sup>(c)</sup> | 178839 |
| 100000 | 3.000 | 10/15/50<sup>(c)</sup> | 61976 |
| 140000 | 5.625 | 04/15/53<sup>(c)</sup> | 134074 |
| 100000 | 4.450 | 04/01/62<sup>(c)</sup> | 76763 |
| Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF | Marriott International, Inc., Series FF |
| 196000 | 4.625 | 06/15/30<sup>(c)</sup> | 197453 |
| Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. | Mastercard, Inc. |
| 15000 | 3.300 | 03/26/27<sup>(c)</sup> | 14867 |
| 94000 | 3.950 | 02/26/48<sup>(c)</sup> | 74971 |
| 50000 | 3.850 | 03/26/50<sup>(c)</sup> | 38806 |
| McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN | McDonald's Corp., MTN |
| 150000 | 3.500 | 03/01/27<sup>(c)</sup> | 148834 |
| 172000 | 3.500 | 07/01/27<sup>(c)</sup> | 170476 |
| 45000 | 4.700 | 12/09/35<sup>(c)</sup> | 44335 |
| 24000 | 4.875 | 12/09/45<sup>(c)</sup> | 21777 |
| 60000 | 4.450 | 09/01/48<sup>(c)</sup> | 50370 |
| 18000 | 5.150 | 09/09/52<sup>(c)</sup> | 16586 |
| MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. | MDC Holdings, Inc. |
| 76000 | 2.500 | 01/15/31<sup>(c)</sup> | 67376 |
| 40000 | 6.000 | 01/15/43<sup>(c)</sup> | 36555 |
| 190000 | 3.966 | 08/06/61<sup>(c)</sup> | 121231 |
| NIKE, Inc. | NIKE, Inc. | NIKE, Inc. | NIKE, Inc. |
| 50000 | 3.875 | 11/01/45<sup>(c)</sup> | 39745 |
| 20000 | 3.375 | 03/27/50<sup>(c)</sup> | 14086 |
| O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. | O'Reilly Automotive, Inc. |
| 80000 | 4.200 | 04/01/30<sup>(c)</sup> | 79727 |
| PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. | PulteGroup, Inc. |
| 88000 | 6.375 | 05/15/33 | 95906 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 312000 | 3.700 | 03/15/28<sup>(c)</sup> | 307944 |
| Starbucks Corp. | Starbucks Corp. | Starbucks Corp. | Starbucks Corp. |
| 150000 | 4.850 | 02/08/27<sup>(c)</sup> | 151580 |
| 30000 | 3.750 | 12/01/47<sup>(c)</sup> | 21994 |
| 246000 | 3.350 | 03/12/50<sup>(c)</sup> | 164588 |
| Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. | Tapestry, Inc. |
| 33000 | 4.125 | 07/15/27<sup>(c)</sup> | 32862 |
| Target Corp. | Target Corp. | Target Corp. | Target Corp. |
| 12000 | 4.500 | 09/15/32<sup>(c)</sup> | 12035 |
| 100000 | 3.900 | 11/15/47<sup>(c)</sup> | 77552 |
| 292000 | 4.800 | 01/15/53<sup>(c)</sup> | 257549 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. | Toll Brothers Finance Corp. |
| $| 1000000 | 4.875% | 03/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1006871 |
|  Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. | Toyota Motor Credit Corp. |
|  | 292000 | 5.200 | 05/15/26 | 293909 |
|  | 40000 | 3.650 | 01/08/29 | 39522 |
|  | 90000 | 5.550 | 11/20/30 | 95457 |
|  | 10000 | 5.100 | 03/21/31 | 10371 |
|  | 100000 | 1.900 | 09/12/31 | 87055 |
|  Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN | Toyota Motor Credit Corp., MTN |
|  | 6000 | 0.800 | 01/09/26 | 5929 |
|  | 50000 | 3.200 | 01/11/27 | 49475 |
|  | 94000 | 1.150 | 08/13/27 | 89196 |
|  | 80000 | 3.375 | 04/01/30 | 77364 |
|  Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. | Visa, Inc. |
|  | 40000 | 1.900 | 04/15/27<sup>(c)</sup> | 38804 |
|  | 77000 | 0.750 | 08/15/27<sup>(c)</sup> | 72692 |
|  | 201000 | 2.750 | 09/15/27<sup>(c)</sup> | 196658 |
|  | 40000 | 4.300 | 12/14/45<sup>(c)</sup> | 34549 |
|  Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. | Walmart, Inc. |
|  | 100000 | 7.550 | 02/15/30 | 114455 |
|  | 122000 | 1.800 | 09/22/31<sup>(c)</sup> | 107394 |
|  | 100000 | 5.250 | 09/01/35 | 104741 |
|  | 340000 | 2.650 | 09/22/51<sup>(c)</sup> | 209210 |
|  |  |  |  | 11426922 |
| Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% | Consumer Noncyclical – 2.1% |
|  Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories | Abbott Laboratories |
|  | 150000 | 4.750 | 11/30/36<sup>(c)</sup> | 149133 |
|  | 94000 | 6.000 | 04/01/39 | 103207 |
|  | 40000 | 4.750 | 04/15/43<sup>(c)</sup> | 37429 |
|  AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. | AbbVie, Inc. |
|  | 14000 | 2.950 | 11/21/26<sup>(c)</sup> | 13821 |
|  | 192000 | 4.800 | 03/15/27<sup>(c)</sup> | 194024 |
|  | 94000 | 4.625 | 10/01/42<sup>(c)</sup> | 85341 |
|  | 188000 | 4.400 | 11/06/42 | 164934 |
|  | 354000 | 4.700 | 05/14/45<sup>(c)</sup> | 316639 |
|  | 135000 | 4.450 | 05/14/46<sup>(c)</sup> | 116105 |
|  | 150000 | 4.250 | 11/21/49<sup>(c)</sup> | 122047 |
|  Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. | Agilent Technologies, Inc. |
|  | 100000 | 2.750 | 09/15/29<sup>(c)</sup> | 94695 |
|  Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
|  | 115000 | 3.400 | 05/06/30<sup>(c)</sup> | 110446 |
|  | 48000 | 5.800 | 02/14/39<sup>(c)</sup> | 49098 |
|  | 40000 | 4.500 | 05/02/43 | 33270 |
|  | 40000 | 5.375 | 01/31/44 | 38075 |
|  | 75000 | 3.875 | 09/16/46<sup>(c)</sup> | 55464 |
|  | 92000 | 5.950 | 02/14/49<sup>(c)</sup> | 91534 |
|  | 55000 | 4.450 | 05/06/50<sup>(c)</sup> | 43337 |
|  Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
|  | 292000 | 5.150 | 03/02/28<sup>(c)</sup> | 298411 |
|  | 292000 | 5.250 | 03/02/30<sup>(c)</sup> | 303265 |
|  | 200000 | 5.250 | 03/02/33<sup>(c)</sup> | 205486 |
|  | 195000 | 3.375 | 02/21/50<sup>(c)</sup> | 135052 |
|  | 237000 | 5.750 | 03/02/63<sup>(c)</sup> | 229023 |
|  Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. | Baxter International, Inc. |
|  | 300000 | 2.272 | 12/01/28<sup>(c)</sup> | 281702 |
|  Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. | Becton Dickinson & Co. |
|  | 200000 | 5.110 | 02/08/34<sup>(c)</sup> | 203080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **75** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Biogen, Inc. | Biogen, Inc. | Biogen, Inc. | Biogen, Inc. |
| 292000 | 2.250% | 05/01/30<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265829 |
| Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. | Bristol-Myers Squibb Co. |
| 486000 | 1.450 | 11/13/30<sup>(c)</sup> | 424992 |
| 100000 | 5.100 | 02/22/31<sup>(c)</sup> | 103995 |
| 82000 | 3.550 | 03/15/42<sup>(c)</sup> | 64724 |
| 155000 | 3.700 | 03/15/52<sup>(c)</sup> | 112018 |
| 110000 | 3.900 | 03/15/62<sup>(c)</sup> | 78557 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 244000 | 4.700 | 11/15/26 | 245617 |
| 188000 | 3.410 | 06/15/27<sup>(c)</sup> | 185742 |
| Centene Corp. | Centene Corp. | Centene Corp. | Centene Corp. |
| 338000 | 4.250 | 12/15/27<sup>(c)</sup> | 329598 |
| 135000 | 4.625 | 12/15/29<sup>(c)</sup> | 129625 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 290000 | 5.500 | 10/15/32<sup>(c)</sup> | 302253 |
| 30000 | 5.200 | 02/15/35<sup>(c)</sup> | 30205 |
| 50000 | 6.100 | 10/15/52<sup>(c)</sup> | 50258 |
| 62000 | 5.700 | 02/15/55<sup>(c)</sup> | 59086 |
| Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. | Eli Lilly & Co. |
| 15000 | 3.100 | 05/15/27<sup>(c)</sup> | 14822 |
| 102000 | 3.375 | 03/15/29<sup>(c)</sup> | 100348 |
| 400000 | 4.700 | 02/09/34<sup>(c)</sup> | 401515 |
| 44000 | 3.950 | 03/15/49<sup>(c)</sup> | 34735 |
| Equifax, Inc. | Equifax, Inc. | Equifax, Inc. | Equifax, Inc. |
| 40000 | 3.250 | 06/01/26<sup>(c)</sup> | 39597 |
| 42000 | 2.350 | 09/15/31<sup>(c)</sup> | 37095 |
| Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. | Gilead Sciences, Inc. |
| 200000 | 5.250 | 10/15/33<sup>(c)</sup> | 207983 |
| 100000 | 5.550 | 10/15/53<sup>(c)</sup> | 97549 |
| Johnson & Johnson | Johnson & Johnson | Johnson & Johnson | Johnson & Johnson |
| 50000 | 6.950 | 09/01/29 | 55760 |
| 100000 | 1.300 | 09/01/30<sup>(c)</sup> | 87981 |
| 100000 | 4.900 | 06/01/31<sup>(c)</sup> | 104245 |
| 300000 | 5.000 | 03/01/35<sup>(c)</sup> | 308355 |
| 335000 | 3.550 | 03/01/36<sup>(c)</sup> | 302885 |
| 96000 | 3.400 | 01/15/38<sup>(c)</sup> | 83173 |
| 374000 | 2.100 | 09/01/40<sup>(c)</sup> | 259000 |
| 340000 | 4.500 | 09/01/40 | 325362 |
| 50000 | 3.750 | 03/03/47<sup>(c)</sup> | 39828 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 25000 | 3.875 | 10/15/46<sup>(c)</sup> | 19141 |
| 196000 | 5.500 | 09/15/54<sup>(c)</sup> | 184157 |
| 77000 | 5.650 | 09/15/64<sup>(c)</sup> | 72503 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 100000 | 4.550 | 04/01/32<sup>(c)</sup> | 99260 |
| Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. | Medtronic, Inc. |
| 50000 | 4.375 | 03/15/35 | 48571 |
| Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. | Merck & Co., Inc. |
| 450000 | 4.050 | 05/17/28<sup>(c)</sup> | 452200 |
| 196000 | 5.000 | 05/17/53<sup>(c)</sup> | 177145 |
| Mylan, Inc. | Mylan, Inc. | Mylan, Inc. | Mylan, Inc. |
| 92000 | 5.400 | 11/29/43<sup>(c)</sup> | 77867 |
| 77000 | 5.200 | 04/15/48<sup>(c)</sup> | 61587 |
| Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. | Novartis Capital Corp. |
| 94000 | 2.000 | 02/14/27<sup>(c)</sup> | 91641 |
| 50000 | 4.000 | 11/20/45<sup>(c)</sup> | 41221 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. | Pfizer Investment Enterprises Pte Ltd. |
| 223000 | 4.750% | 05/19/33<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224157 |
| 196000 | 5.300 | 05/19/53<sup>(c)</sup> | 182652 |
| 100000 | 5.340 | 05/19/63<sup>(c)</sup> | 90918 |
| Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. | Pfizer, Inc. |
| 100000 | 1.700 | 05/28/30<sup>(c)</sup> | 89500 |
| 486000 | 1.750 | 08/18/31<sup>(c)</sup> | 425006 |
| 100000 | 7.200 | 03/15/39 | 118717 |
| 101000 | 4.400 | 05/15/44 | 87787 |
| Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. | Philip Morris International, Inc. |
| 218000 | 4.875 | 02/13/26 | 218452 |
| 250000 | 5.375 | 02/15/33<sup>(c)</sup> | 258986 |
| Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. | Regeneron Pharmaceuticals, Inc. |
| 428000 | 1.750 | 09/15/30<sup>(c)</sup> | 377620 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 100000 | 1.900 | 09/15/28<sup>(c)</sup> | 93165 |
| 50000 | 2.550 | 03/15/31<sup>(c)</sup> | 44680 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 100000 | 2.200 | 09/02/30<sup>(c)</sup> | 89573 |
| Stryker Corp. | Stryker Corp. | Stryker Corp. | Stryker Corp. |
| 130000 | 4.625 | 09/11/34<sup>(c)</sup> | 128307 |
| Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. | Thermo Fisher Scientific, Inc. |
| 292000 | 5.086 | 08/10/33<sup>(c)</sup> | 300666 |
| Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. | Utah Acquisition Sub, Inc. |
| 75000 | 5.250 | 06/15/46<sup>(c)</sup> | 61323 |
| Viatris, Inc. | Viatris, Inc. | Viatris, Inc. | Viatris, Inc. |
| 92000 | 2.700 | 06/22/30<sup>(c)</sup> | 82767 |
| 115000 | 4.000 | 06/22/50<sup>(c)</sup> | 75645 |
| Wyeth LLC | Wyeth LLC | Wyeth LLC | Wyeth LLC |
| 102000 | 6.500 | 02/01/34 | 114125 |
| Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. | Zimmer Biomet Holdings, Inc. |
| 50000 | 5.200 | 09/15/34<sup>(c)</sup> | 50799 |
| 100000 | 4.450 | 08/15/45<sup>(c)</sup> | 83064 |
| Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. | Zoetis, Inc. |
| 239000 | 2.000 | 05/15/30<sup>(c)</sup> | 216690 |
|  |  |  | 13097242 |
| Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% | Consumer Products – 0.3% |
| Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. | Church & Dwight Co., Inc. |
| 50000 | 2.300 | 12/15/31<sup>(c)</sup> | 43993 |
| Clorox Co. (The) | Clorox Co. (The) | Clorox Co. (The) | Clorox Co. (The) |
| 15000 | 4.600 | 05/01/32<sup>(c)</sup> | 15050 |
| Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. | Colgate-Palmolive Co. |
| 150000 | 3.100 | 08/15/27<sup>(c)</sup> | 148185 |
| Colgate-Palmolive Co., MTN | Colgate-Palmolive Co., MTN | Colgate-Palmolive Co., MTN | Colgate-Palmolive Co., MTN |
| 40000 | 4.000 | 08/15/45 | 32824 |
| 15000 | 3.700 | 08/01/47<sup>(c)</sup> | 11695 |
| Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) | Estee Lauder Cos., Inc. (The) |
| 50000 | 1.950 | 03/15/31<sup>(c)</sup> | 44109 |
| 340000 | 5.150 | 05/15/53<sup>(c)</sup> | 322983 |
| Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC | Haleon US Capital LLC |
| 250000 | 4.000 | 03/24/52<sup>(c)</sup> | 191141 |
| Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. | Hasbro, Inc. |
| 100000 | 5.100 | 05/15/44<sup>(c)</sup> | 88105 |
| Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. | Kenvue, Inc. |
| 292000 | 5.050 | 03/22/53<sup>(c)</sup> | 266796 |
| Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. | Kimberly-Clark Corp. |
| 125000 | 6.625 | 08/01/37 | 144861 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **76** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) | Consumer Products – (continued) |
| Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) | Procter & Gamble Co. (The) |
| 40000 | 1.000% | 04/23/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39180 |
| 94000 | 2.450 | 11/03/26 | 92417 |
| 15000 | 2.850 | 08/11/27 | 14735 |
| 100000 | 1.950 | 04/23/31 | 89828 |
| 110000 | 3.600 | 03/25/50 | 83036 |
| Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. | Whirlpool Corp. |
| 100000 | 2.400 | 05/15/31<sup>(c)</sup> | 84070 |
|  |  |  | 1713008 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| PACCAR Financial Corp., Series MTN | PACCAR Financial Corp., Series MTN | PACCAR Financial Corp., Series MTN | PACCAR Financial Corp., Series MTN |
| 50000 | 5.000 | 03/22/34 | 51092 |
| Electric – 2.5% | Electric – 2.5% | Electric – 2.5% | Electric – 2.5% |
| AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC | AEP Transmission Co. LLC |
| 184000 | 5.400 | 03/15/53<sup>(c)</sup> | 178291 |
| AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| 50000 | 5.450 | 06/01/28<sup>(c)</sup> | 51296 |
| Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A | Alabama Power Co., Series 20-A |
| 15000 | 1.450 | 09/15/30<sup>(c)</sup> | 13167 |
| Alabama Power Co., Series A | Alabama Power Co., Series A | Alabama Power Co., Series A | Alabama Power Co., Series A |
| 94000 | 4.300 | 07/15/48<sup>(c)</sup> | 78483 |
| Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. | Ameren Illinois Co. |
| 126000 | 4.950 | 06/01/33<sup>(c)</sup> | 128139 |
| 114000 | 5.900 | 12/01/52<sup>(c)</sup> | 116469 |
| American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| 226000 | 5.625 | 03/01/33<sup>(c)</sup> | 236758 |
| Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. | Arizona Public Service Co. |
| 300000 | 2.600 | 08/15/29<sup>(c)</sup> | 281719 |
| 50000 | 3.500 | 12/01/49<sup>(c)</sup> | 34502 |
| Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. | Atmos Energy Corp. |
| 300000 | 2.625 | 09/15/29<sup>(c)</sup> | 283774 |
| 80000 | 2.850 | 02/15/52<sup>(c)</sup> | 48914 |
| 80000 | 5.750 | 10/15/52<sup>(c)</sup> | 79663 |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 188000 | 2.850 | 05/15/51<sup>(c)</sup> | 115213 |
| 170000 | 4.600 | 05/01/53<sup>(c)</sup> | 141349 |
| Black Hills Corp. | Black Hills Corp. | Black Hills Corp. | Black Hills Corp. |
| 20000 | 2.500 | 06/15/30<sup>(c)</sup> | 18371 |
| CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. | CenterPoint Energy Resources Corp. |
| 392000 | 5.250 | 03/01/28<sup>(c)</sup> | 402600 |
| Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC | Cleco Corporate Holdings LLC |
| 80000 | 3.375 | 09/15/29<sup>(c)</sup> | 75173 |
| Cleco Power LLC | Cleco Power LLC | Cleco Power LLC | Cleco Power LLC |
| 15000 | 6.000 | 12/01/40 | 15439 |
| Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. | Commonwealth Edison Co. |
| 386000 | 5.900 | 03/15/36 | 412674 |
| 196000 | 4.600 | 08/15/43<sup>(c)</sup> | 173316 |
| 100000 | 4.000 | 03/01/49<sup>(c)</sup> | 77917 |
| Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) | Connecticut Light and Power Co. (The) |
| 100000 | 4.650 | 01/01/29<sup>(c)</sup> | 101713 |
| Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC | Constellation Energy Generation LLC |
| 150000 | 6.125 | 01/15/34<sup>(c)</sup> | 162818 |
| Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. | Consumers Energy Co. |
| 250000 | 4.625 | 05/15/33<sup>(c)</sup> | 248133 |
| Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| 80000 | 4.250 | 06/01/28<sup>(c)</sup> | 80274 |
| Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| 296000 | 3.375 | 04/01/30<sup>(c)</sup> | 284098 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| DTE Electric Co. | DTE Electric Co. | DTE Electric Co. | DTE Electric Co. |
| 150000 | 3.950% | 06/15/42<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123174 |
| 15000 | 3.700 | 03/15/45<sup>(c)</sup> | 11694 |
| DTE Electric Co., Series A | DTE Electric Co., Series A | DTE Electric Co., Series A | DTE Electric Co., Series A |
| 100000 | 1.900 | 04/01/28<sup>(c)</sup> | 94953 |
| 40000 | 4.000 | 04/01/43<sup>(c)</sup> | 32983 |
| Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC | Duke Energy Carolinas LLC |
| 112000 | 3.700 | 12/01/47<sup>(c)</sup> | 84140 |
| 50000 | 3.950 | 03/15/48<sup>(c)</sup> | 39483 |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 102000 | 2.550 | 06/15/31<sup>(c)</sup> | 91655 |
| 200000 | 3.750 | 09/01/46<sup>(c)</sup> | 152062 |
| Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC | Duke Energy Florida LLC |
| 25000 | 3.400 | 10/01/46<sup>(c)</sup> | 18077 |
| Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC | Duke Energy Indiana LLC |
| 50000 | 6.350 | 08/15/38 | 55164 |
| 40000 | 6.450 | 04/01/39 | 44365 |
| 122000 | 2.750 | 04/01/50<sup>(c)</sup> | 74759 |
| Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC | Duke Energy Progress LLC |
| 100000 | 3.450 | 03/15/29<sup>(c)</sup> | 97979 |
| 196000 | 6.300 | 04/01/38 | 214234 |
| 15000 | 4.100 | 05/15/42<sup>(c)</sup> | 12575 |
| Edison International | Edison International | Edison International | Edison International |
| 284000 | 4.125 | 03/15/28<sup>(c)</sup> | 278984 |
| Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC | Entergy Arkansas LLC |
| 100000 | 4.950 | 12/15/44<sup>(c)</sup> | 90870 |
| Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| 50000 | 2.800 | 06/15/30<sup>(c)</sup> | 46650 |
| Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC | Entergy Louisiana LLC |
| 100000 | 3.120 | 09/01/27<sup>(c)</sup> | 98328 |
| 194000 | 4.200 | 04/01/50<sup>(c)</sup> | 154756 |
| Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. | Entergy Texas, Inc. |
| 160000 | 5.150 | 06/01/45<sup>(c)</sup> | 147539 |
| Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. | Evergy Kansas Central, Inc. |
| 100000 | 3.250 | 09/01/49<sup>(c)</sup> | 66471 |
| Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 | Evergy Metro, Inc., Series 2020 |
| 70000 | 2.250 | 06/01/30<sup>(c)</sup> | 64060 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 200000 | 5.450 | 03/01/28<sup>(c)</sup> | 205798 |
| Eversource Energy, Series M | Eversource Energy, Series M | Eversource Energy, Series M | Eversource Energy, Series M |
| 150000 | 3.300 | 01/15/28<sup>(c)</sup> | 147214 |
| Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| 240000 | 5.300 | 03/15/33<sup>(c)</sup> | 247912 |
| 70000 | 5.450 | 03/15/34<sup>(c)</sup> | 72063 |
| 100000 | 4.950 | 06/15/35<sup>(c)</sup> | 97584 |
| 135000 | 4.450 | 04/15/46<sup>(c)</sup> | 112177 |
| Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. | Florida Power & Light Co. |
| 133000 | 5.000 | 08/01/34<sup>(c)</sup> | 134779 |
| 486000 | 5.650 | 02/01/37 | 509220 |
| 50000 | 5.125 | 06/01/41<sup>(c)</sup> | 47728 |
| Georgia Power Co., Series B | Georgia Power Co., Series B | Georgia Power Co., Series B | Georgia Power Co., Series B |
| 168000 | 2.650 | 09/15/29<sup>(c)</sup> | 159248 |
| 15000 | 3.700 | 01/30/50<sup>(c)</sup> | 11207 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 200000 | 5.500 | 03/15/34<sup>(c)</sup> | 209210 |
| 94000 | 5.700 | 05/15/54<sup>(c)</sup> | 93085 |
| Idaho Power Co., MTN | Idaho Power Co., MTN | Idaho Power Co., MTN | Idaho Power Co., MTN |
| 50000 | 3.650 | 03/01/45<sup>(c)</sup> | 37108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **77** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. | Louisville Gas and Electric Co. |
| 50000 | 4.375% | 10/01/45<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42184 |
| National Grid USA | National Grid USA | National Grid USA | National Grid USA |
| 100000 | 8.000 | 11/15/30 | 114838 |
| National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| 40000 | 2.400 | 03/15/30<sup>(c)</sup> | 37199 |
| National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN | National Rural Utilities Cooperative Finance Corp., MTN |
| 100000 | 5.050 | 09/15/28<sup>(c)</sup> | 102663 |
| Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| 50000 | 5.450 | 05/15/41<sup>(c)</sup> | 49643 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 165000 | 5.900 | 03/15/55<sup>(c)</sup> | 165138 |
| NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| 184000 | 5.250 | 03/30/28<sup>(c)</sup> | 189023 |
| Northern States Power Co. | Northern States Power Co. | Northern States Power Co. | Northern States Power Co. |
| 172000 | 4.500 | 06/01/52<sup>(c)</sup> | 145318 |
| NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. | NSTAR Electric Co. |
| 15000 | 3.200 | 05/15/27<sup>(c)</sup> | 14791 |
| 100000 | 3.950 | 04/01/30<sup>(c)</sup> | 99203 |
| 100000 | 4.400 | 03/01/44<sup>(c)</sup> | 85694 |
| Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. | Ohio Edison Co. |
| 130000 | 6.875 | 07/15/36 | 147930 |
| Ohio Power Co. | Ohio Power Co. | Ohio Power Co. | Ohio Power Co. |
| 196000 | 4.150 | 04/01/48<sup>(c)</sup> | 152256 |
| Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. | Oklahoma Gas and Electric Co. |
| 50000 | 4.000 | 12/15/44<sup>(c)</sup> | 40239 |
| Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC | Oncor Electric Delivery Co. LLC |
| 100000 | 7.000 | 05/01/32 | 113076 |
| 150000 | 3.800 | 09/30/47<sup>(c)</sup> | 114880 |
| 244000 | 3.100 | 09/15/49<sup>(c)</sup> | 161206 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 500000 | 5.450 | 06/15/27<sup>(c)</sup> | 508381 |
| 200000 | 2.100 | 08/01/27<sup>(c)</sup> | 191690 |
| 204000 | 4.300 | 03/15/45<sup>(c)</sup> | 157098 |
| 150000 | 4.000 | 12/01/46<sup>(c)</sup> | 108614 |
| 50000 | 5.250 | 03/01/52<sup>(c)</sup> | 42782 |
| 213000 | 6.750 | 01/15/53<sup>(c)</sup> | 220534 |
| PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| 100000 | 5.100 | 02/15/29<sup>(c)</sup> | 102412 |
| 200000 | 5.300 | 02/15/31<sup>(c)</sup> | 207859 |
| 196000 | 5.750 | 04/01/37 | 201282 |
| 198000 | 5.500 | 05/15/54<sup>(c)</sup> | 182249 |
| PECO Energy Co. | PECO Energy Co. | PECO Energy Co. | PECO Energy Co. |
| 100000 | 4.800 | 10/15/43<sup>(c)</sup> | 89898 |
| 125000 | 3.900 | 03/01/48<sup>(c)</sup> | 97861 |
| 214000 | 3.050 | 03/15/51<sup>(c)</sup> | 138794 |
| Potomac Electric Power Co. | Potomac Electric Power Co. | Potomac Electric Power Co. | Potomac Electric Power Co. |
| 150000 | 4.150 | 03/15/43<sup>(c)</sup> | 125522 |
| PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. | PPL Capital Funding, Inc. |
| 150000 | 5.250 | 09/01/34<sup>(c)</sup> | 152565 |
| Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V | Public Service Co. of New Hampshire, Series V |
| 100000 | 2.200 | 06/15/31<sup>(c)</sup> | 89399 |
| Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN | Public Service Electric and Gas Co., MTN |
| 42000 | 1.900 | 08/15/31<sup>(c)</sup> | 36701 |
| 232000 | 3.800 | 03/01/46<sup>(c)</sup> | 180663 |
| 70000 | 3.600 | 12/01/47<sup>(c)</sup> | 52070 |
| 80000 | 3.000 | 03/01/51<sup>(c)</sup> | 52415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
|  Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K | Public Service Electric and Gas Co., Series K |
| $| 50000 | 4.050% | 05/01/45<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40355 |
|  Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. | Public Service Enterprise Group, Inc. |
|  | 40000 | 2.450 | 11/15/31<sup>(c)</sup> | 35490 |
|  Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. | Puget Energy, Inc. |
|  | 100000 | 4.224 | 03/15/32<sup>(c)</sup> | 95367 |
|  Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. | Puget Sound Energy, Inc. |
|  | 50000 | 4.434 | 11/15/41<sup>(c)</sup> | 42645 |
|  | 173000 | 4.223 | 06/15/48<sup>(c)</sup> | 140303 |
|  Sempra | Sempra | Sempra | Sempra | Sempra |
|  | 200000 | 3.700 | 04/01/29<sup>(c)</sup> | 196138 |
|  | 110000 | 3.800 | 02/01/38<sup>(c)</sup> | 93011 |
|  | 92000 | 4.000 | 02/01/48<sup>(c)</sup> | 68794 |
|  | (US 5 Year CMT T-Note + 2.789%) | (US 5 Year CMT T-Note + 2.789%) | (US 5 Year CMT T-Note + 2.789%) |  |
|  | 280000 | 6.875 | 10/01/54<sup>(c)(d)</sup> | 284393 |
|  Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. | Southern California Edison Co. |
|  | 40000 | 2.850 | 08/01/29<sup>(c)</sup> | 37676 |
|  | 196000 | 5.700 | 03/01/53<sup>(c)</sup> | 182352 |
|  Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A | Southern California Edison Co., Series 08-A |
|  | 114000 | 5.950 | 02/01/38 | 116034 |
|  Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) | Southern Co. (The) |
|  | 110000 | 5.113 | 08/01/27 | 112126 |
|  | 190000 | 4.400 | 07/01/46<sup>(c)</sup> | 157748 |
|  Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A |
|  | (US 5 Year CMT T-Note + 2.915%) | (US 5 Year CMT T-Note + 2.915%) | (US 5 Year CMT T-Note + 2.915%) |  |
|  | 79000 | 3.750 | 09/15/51<sup>(c)(d)</sup> | 78032 |
|  Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. | Southern Co. Gas Capital Corp. |
|  | 15000 | 3.950 | 10/01/46<sup>(c)</sup> | 11592 |
|  | 94000 | 4.400 | 05/30/47<sup>(c)</sup> | 76757 |
|  Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. | Tucson Electric Power Co. |
|  | 118000 | 4.850 | 12/01/48<sup>(c)</sup> | 103383 |
|  Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A | Virginia Electric and Power Co., Series A |
|  | 100000 | 3.500 | 03/15/27<sup>(c)</sup> | 99243 |
|  Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B | Virginia Electric and Power Co., Series B |
|  | 100000 | 6.000 | 01/15/36 | 106384 |
|  Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C | Virginia Electric and Power Co., Series C |
|  | 140000 | 4.000 | 11/15/46<sup>(c)</sup> | 109674 |
|  Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. | Wisconsin Electric Power Co. |
|  | 100000 | 5.700 | 12/01/36 | 107401 |
|  | 50000 | 3.650 | 12/15/42<sup>(c)</sup> | 38817 |
|  Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. | Wisconsin Power and Light Co. |
|  | 100000 | 3.000 | 07/01/29<sup>(c)</sup> | 95772 |
|  | 50000 | 4.100 | 10/15/44<sup>(c)</sup> | 39433 |
|  Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. | Xcel Energy, Inc. |
|  | 390000 | 1.750 | 03/15/27<sup>(c)</sup> | 376308 |
|  | 200000 | 5.500 | 03/15/34<sup>(c)</sup> | 204021 |
|  |  |  |  | 15782870 |
| Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% |
|  Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. | Emerson Electric Co. |
|  | 45000 | 1.950 | 10/15/30<sup>(c)</sup> | 40535 |
|  | 15000 | 6.000 | 08/15/32 | 16363 |
|  | 100000 | 5.250 | 11/15/39 | 101138 |
|  Fortive Corp. | Fortive Corp. | Fortive Corp. | Fortive Corp. | Fortive Corp. |
|  | 15000 | 4.300 | 06/15/46<sup>(c)</sup> | 12293 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **78** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) | Electrical – (continued) |
|  Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. | Hubbell, Inc. |
| $| 50000 | 3.150% | 08/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48926 |
|  |  |  |  | 219255 |
| Energy – 1.6% | Energy – 1.6% | Energy – 1.6% | Energy – 1.6% | Energy – 1.6% |
|  Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. |
|  | 69000 | 4.080 | 12/15/47<sup>(c)</sup> | 53580 |
|  Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP | Boardwalk Pipelines LP |
|  | 100000 | 4.800 | 05/03/29<sup>(c)</sup> | 101487 |
|  BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. | BP Capital Markets America, Inc. |
|  | 196000 | 4.699 | 04/10/29<sup>(c)</sup> | 199772 |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
|  | 374000 | 3.279 | 09/19/27<sup>(c)</sup> | 368691 |
|  Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC | Cheniere Corpus Christi Holdings LLC |
|  | 40000 | 5.125 | 06/30/27<sup>(c)</sup> | 40421 |
|  | 112000 | 2.742 | 12/31/39 | 92701 |
|  Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. | Cheniere Energy, Inc. |
|  | 292000 | 4.625 | 10/15/28<sup>(c)</sup> | 291838 |
|  Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. | Chevron USA, Inc. |
|  | 100000 | 4.819 | 04/15/32<sup>(c)</sup> | 102370 |
|  | 188000 | 2.343 | 08/12/50<sup>(c)</sup> | 108257 |
|  ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. | ConocoPhillips Co. |
|  | 180000 | 3.758 | 03/15/42<sup>(c)</sup> | 144516 |
|  | 100000 | 5.300 | 05/15/53<sup>(c)</sup> | 91426 |
|  Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. | Diamondback Energy, Inc. |
|  | 211000 | 5.400 | 04/18/34<sup>(c)</sup> | 213245 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  | 100000 | 8.250 | 11/15/29<sup>(c)</sup> | 114596 |
|  | 77000 | 3.750 | 05/15/30<sup>(c)</sup> | 74576 |
|  | 155000 | 6.550 | 12/01/33<sup>(c)</sup> | 167948 |
|  | 50000 | 6.850 | 02/15/40 | 54384 |
|  | 14000 | 6.050 | 06/01/41<sup>(c)</sup> | 14025 |
|  | 13000 | 6.500 | 02/01/42<sup>(c)</sup> | 13542 |
|  | 75000 | 6.125 | 12/15/45<sup>(c)</sup> | 73984 |
|  | 2000 | 5.300 | 04/15/47<sup>(c)</sup> | 1770 |
|  | 55000 | 6.250 | 04/15/49<sup>(c)</sup> | 54122 |
|  | 51000 | 5.000 | 05/15/50<sup>(c)</sup> | 42274 |
|  | 108000 | 5.950 | 05/15/54<sup>(c)</sup> | 100982 |
|  Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC | Enterprise Products Operating LLC |
|  | 100000 | 2.800 | 01/31/30<sup>(c)</sup> | 94508 |
|  | 150000 | 4.850 | 08/15/42<sup>(c)</sup> | 136200 |
|  | 55000 | 4.800 | 02/01/49<sup>(c)</sup> | 47811 |
|  | 60000 | 4.200 | 01/31/50<sup>(c)</sup> | 47370 |
|  | 15000 | 3.950 | 01/31/60<sup>(c)</sup> | 10854 |
|  | (TSFR3M + 2.832%) | (TSFR3M + 2.832%) | (TSFR3M + 2.832%) |  |
|  | 190000 | 5.375 | 02/15/78<sup>(c)(d)</sup> | 188207 |
|  Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D |
|  | 80000 | 6.875 | 03/01/33 | 89774 |
|  EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. | EOG Resources, Inc. |
|  | 60000 | 3.900 | 04/01/35<sup>(c)</sup> | 55297 |
|  EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. | EQT Corp. |
|  | 90000 | 7.000 | 02/01/30<sup>(c)</sup> | 98075 |
|  Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. | Exxon Mobil Corp. |
|  | 188000 | 4.227 | 03/19/40<sup>(c)</sup> | 169604 |
|  | 50000 | 4.327 | 03/19/50<sup>(c)</sup> | 41468 |
|  Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. | Halliburton Co. |
|  | 200000 | 4.850 | 11/15/35<sup>(c)</sup> | 195204 |
|  | 100000 | 4.500 | 11/15/41<sup>(c)</sup> | 85795 |
|  | 50000 | 5.000 | 11/15/45<sup>(c)</sup> | 44068 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Hess Corp. | Hess Corp. | Hess Corp. | Hess Corp. |
| 62000 | 4.300% | 04/01/27<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62179 |
| 55000 | 6.000 | 01/15/40 | 59016 |
| 75000 | 5.600 | 02/15/41 | 76149 |
| 42000 | 5.800 | 04/01/47<sup>(c)</sup> | 42568 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 118000 | 7.300 | 08/15/33 | 133756 |
| 130000 | 6.500 | 09/01/39 | 139702 |
| Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. | Kinder Morgan, Inc. |
| 56000 | 2.000 | 02/15/31<sup>(c)</sup> | 49398 |
| 84000 | 5.200 | 03/01/48<sup>(c)</sup> | 75429 |
| Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. | Marathon Petroleum Corp. |
| 264000 | 6.500 | 03/01/41<sup>(c)</sup> | 278530 |
| 50000 | 5.850 | 12/15/45<sup>(c)</sup> | 48927 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 4000 | 1.750 | 03/01/26<sup>(c)</sup> | 3946 |
| 104000 | 2.650 | 08/15/30<sup>(c)</sup> | 94961 |
| 15000 | 4.700 | 04/15/48<sup>(c)</sup> | 12179 |
| 85000 | 5.500 | 02/15/49<sup>(c)</sup> | 76914 |
| 282000 | 4.950 | 03/14/52<sup>(c)</sup> | 232996 |
| NOV, Inc. | NOV, Inc. | NOV, Inc. | NOV, Inc. |
| 15000 | 3.950 | 12/01/42<sup>(c)</sup> | 11324 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 132000 | 6.625 | 09/01/30<sup>(c)</sup> | 140540 |
| 50000 | 6.450 | 09/15/36 | 51813 |
| 99000 |  | 10/10/36<sup>(e)(f)</sup> | 57420 |
| ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP | ONEOK Partners LP |
| 15000 | 6.650 | 10/01/36 | 16234 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 100000 | 3.400 | 09/01/29<sup>(c)</sup> | 96299 |
| 292000 | 3.100 | 03/15/30<sup>(c)</sup> | 275739 |
| 25000 | 6.350 | 01/15/31<sup>(c)</sup> | 26868 |
| 296000 | 6.050 | 09/01/33<sup>(c)</sup> | 311296 |
| 90000 | 4.200 | 10/03/47<sup>(c)</sup> | 67772 |
| 98000 | 5.200 | 07/15/48<sup>(c)</sup> | 85377 |
| 60000 | 5.850 | 11/01/64<sup>(c)</sup> | 55227 |
| Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. | Ovintiv, Inc. |
| 195000 | 6.625 | 08/15/37 | 202632 |
| Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. | Patterson-UTI Energy, Inc. |
| 100000 | 3.950 | 02/01/28<sup>(c)</sup> | 97403 |
| Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. | Phillips 66 Co. |
| 76000 | 3.550 | 10/01/26<sup>(c)</sup> | 75427 |
| 292000 | 3.750 | 03/01/28<sup>(c)</sup> | 289258 |
| 89000 | 5.300 | 06/30/33<sup>(c)</sup> | 90977 |
| Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. | Pioneer Natural Resources Co. |
| 50000 | 2.150 | 01/15/31<sup>(c)</sup> | 44841 |
| Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. | Plains All American Pipeline LP / PAA Finance Corp. |
| 40000 | 4.500 | 12/15/26<sup>(c)</sup> | 40037 |
| 92000 | 3.550 | 12/15/29<sup>(c)</sup> | 88708 |
| 35000 | 6.700 | 05/15/36 | 38075 |
| 40000 | 6.650 | 01/15/37 | 43356 |
| 15000 | 4.700 | 06/15/44<sup>(c)</sup> | 12383 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 162000 | 4.200 | 03/15/28<sup>(c)</sup> | 162188 |
| 15000 | 4.500 | 05/15/30<sup>(c)</sup> | 15024 |
| Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. | Shell Finance U.S., Inc. |
| 250000 | 4.125 | 05/11/35 | 237516 |
| 60000 | 4.375 | 05/11/45 | 51268 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **79** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Shell Finance U.S., Inc. – (continued) | Shell Finance U.S., Inc. – (continued) | Shell Finance U.S., Inc. – (continued) | Shell Finance U.S., Inc. – (continued) |
| 24000 | 4.000% | 05/10/46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19183 |
| Shell International Finance BV | Shell International Finance BV | Shell International Finance BV | Shell International Finance BV |
| 179000 | 6.375 | 12/15/38 | 200032 |
| 172000 | 5.500 | 03/25/40 | 175739 |
| 50000 | 4.550 | 08/12/43 | 43683 |
| Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP | Spectra Energy Partners LP |
| 67000 | 3.375 | 10/15/26<sup>(c)</sup> | 66313 |
| Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. | Targa Resources Corp. |
| 126000 | 6.150 | 03/01/29<sup>(c)</sup> | 132954 |
| 87000 | 6.500 | 03/30/34<sup>(c)</sup> | 94035 |
| 100000 | 4.950 | 04/15/52<sup>(c)</sup> | 82591 |
| TC PipeLines LP | TC PipeLines LP | TC PipeLines LP | TC PipeLines LP |
| 337000 | 3.900 | 05/25/27<sup>(c)</sup> | 335086 |
| Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC | Tennessee Gas Pipeline Co. LLC |
| 50000 | 7.625 | 04/01/37 | 59137 |
| Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC | Transcontinental Gas Pipe Line Co. LLC |
| 50000 | 5.400 | 08/15/41<sup>(c)</sup> | 48233 |
| 40000 | 3.950 | 05/15/50<sup>(c)</sup> | 30145 |
| Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. | Valero Energy Corp. |
| 84000 | 3.400 | 09/15/26<sup>(c)</sup> | 83234 |
| 170000 | 4.000 | 04/01/29<sup>(c)</sup> | 168282 |
| 100000 | 7.500 | 04/15/32 | 115711 |
| 15000 | 4.900 | 03/15/45 | 13177 |
| 60000 | 3.650 | 12/01/51<sup>(c)</sup> | 40606 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 50000 | 4.750 | 08/15/28<sup>(c)</sup> | 50290 |
| Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) | Williams Cos., Inc. (The) |
| 188000 | 3.750 | 06/15/27<sup>(c)</sup> | 186646 |
| 15000 | 6.300 | 04/15/40 | 16009 |
| 98000 | 4.900 | 01/15/45<sup>(c)</sup> | 85735 |
| XTO Energy, Inc. | XTO Energy, Inc. | XTO Energy, Inc. | XTO Energy, Inc. |
| 50000 | 6.750 | 08/01/37 | 57789 |
|  |  |  | 10001004 |
| Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 202000 | 2.200 | 01/15/27<sup>(c)</sup> | 196628 |
| 50000 | 3.625 | 04/01/27<sup>(c)</sup> | 49592 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| 50000 | 7.100 | 11/15/27<sup>(c)</sup> | 52739 |
| (SOFR + 3.260%) | (SOFR + 3.260%) | (SOFR + 3.260%) | (SOFR + 3.260%) |
| 100000 | 6.992 | 06/13/29<sup>(c)(d)</sup> | 105965 |
| Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| 100000 | 5.800 | 05/21/54<sup>(c)</sup> | 98448 |
| Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund | Blackstone Private Credit Fund |
| 144000 | 3.250 | 03/15/27<sup>(c)</sup> | 140851 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 50000 | 2.850 | 09/30/28<sup>(c)</sup> | 47202 |
| Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. | Blue Owl Capital Corp. |
| 50000 | 2.875 | 06/11/28<sup>(c)</sup> | 47279 |
| GATX Corp. | GATX Corp. | GATX Corp. | GATX Corp. |
| 50000 | 4.000 | 06/30/30<sup>(c)</sup> | 49102 |
|  |  |  | 787806 |
| Food and Beverage – 0.6% | Food and Beverage – 0.6% | Food and Beverage – 0.6% | Food and Beverage – 0.6% |
| Brown-Forman Corp. | Brown-Forman Corp. | Brown-Forman Corp. | Brown-Forman Corp. |
| 50000 | 4.000 | 04/15/38<sup>(c)</sup> | 44327 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |  |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |  |
| Coca-Cola Co. (The) | Coca-Cola Co. (The) | Coca-Cola Co. (The) |  |
| $200000 | 2.125% | 09/06/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186790 |
| 100000 | 1.375 | 03/15/31 | 86753 |
| 50000 | 2.250 | 01/05/32 | 44381 |
| 187000 | 3.000 | 03/05/51 | 123461 |
| Conagra Brands, Inc. | Conagra Brands, Inc. | Conagra Brands, Inc. |  |
| 100000 | 1.375 | 11/01/27<sup>(c)</sup> | 93757 |
| 196000 | 5.300 | 11/01/38<sup>(c)</sup> | 185244 |
| 309000 | 5.400 | 11/01/48<sup>(c)</sup> | 271823 |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |  |
| 300000 | 4.650 | 11/15/28<sup>(c)</sup> | 303669 |
| 40000 | 3.150 | 08/01/29<sup>(c)</sup> | 38351 |
| 17000 | 4.750 | 05/09/32<sup>(c)</sup> | 16977 |
| General Mills, Inc. | General Mills, Inc. | General Mills, Inc. |  |
| 132000 | 5.250 | 01/30/35<sup>(c)</sup> | 132554 |
| 150000 | 4.150 | 02/15/43<sup>(c)</sup> | 121906 |
| Hershey Co. (The) | Hershey Co. (The) | Hershey Co. (The) |  |
| 40000 | 3.375 | 08/15/46<sup>(c)</sup> | 28919 |
| 42000 | 3.125 | 11/15/49<sup>(c)</sup> | 28041 |
| Ingredion, Inc. | Ingredion, Inc. | Ingredion, Inc. |  |
| 60000 | 3.200 | 10/01/26<sup>(c)</sup> | 59251 |
| 50000 | 6.625 | 04/15/37 | 54845 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |  |
| 40000 | 2.125 | 03/15/32<sup>(c)</sup> | 33986 |
| 15000 | 4.375 | 03/15/45 | 12301 |
| Kellanova | Kellanova | Kellanova |  |
| 100000 | 4.500 | 04/01/46 | 85087 |
| Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. | Keurig Dr Pepper, Inc. |  |
| 100000 | 3.200 | 05/01/30<sup>(c)</sup> | 94329 |
| 76000 | 4.420 | 12/15/46<sup>(c)</sup> | 60670 |
| 94000 | 4.500 | 04/15/52<sup>(c)</sup> | 74240 |
| Kraft Heinz Foods Co. | Kraft Heinz Foods Co. | Kraft Heinz Foods Co. |  |
| 43000 | 3.000 | 06/01/26<sup>(c)</sup> | 42539 |
| 40000 | 3.875 | 05/15/27<sup>(c)</sup> | 39725 |
| 80000 | 3.750 | 04/01/30<sup>(c)</sup> | 77693 |
| 22000 | 5.000 | 07/15/35<sup>(c)</sup> | 21500 |
| 79000 | 5.200 | 07/15/45<sup>(c)</sup> | 70321 |
| 52000 | 4.375 | 06/01/46<sup>(c)</sup> | 41491 |
| 40000 | 4.875 | 10/01/49<sup>(c)</sup> | 33399 |
| McCormick & Co., Inc. | McCormick & Co., Inc. | McCormick & Co., Inc. |  |
| 60000 | 2.500 | 04/15/30<sup>(c)</sup> | 55364 |
| 50000 | 4.200 | 08/15/47<sup>(c)</sup> | 39654 |
| Molson Coors Beverage Co. | Molson Coors Beverage Co. | Molson Coors Beverage Co. |  |
| 112000 | 4.200 | 07/15/46<sup>(c)</sup> | 88336 |
| Mondelez International, Inc. | Mondelez International, Inc. | Mondelez International, Inc. |  |
| 100000 | 6.500 | 11/01/31 | 110585 |
| PepsiCo, Inc. | PepsiCo, Inc. | PepsiCo, Inc. |  |
| 146000 | 2.750 | 03/19/30<sup>(c)</sup> | 137837 |
| 196000 | 1.400 | 02/25/31<sup>(c)</sup> | 169981 |
| 116000 | 4.800 | 07/17/34<sup>(c)</sup> | 116701 |
| 50000 | 5.500 | 01/15/40 | 52211 |
| 140000 | 3.500 | 03/19/40<sup>(c)</sup> | 116379 |
| 80000 | 4.875 | 11/01/40 | 77265 |
| 44000 | 4.600 | 07/17/45<sup>(c)</sup> | 40060 |
| 50000 | 4.450 | 04/14/46<sup>(c)</sup> | 43769 |
| 100000 | 2.875 | 10/15/49<sup>(c)</sup> | 64729 |
| 84000 | 4.650 | 02/15/53<sup>(c)</sup> | 72842 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **80** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Food and Beverage – (continued) | Food and Beverage – (continued) | Food and Beverage – (continued) |
| Pilgrim's Pride Corp. | Pilgrim's Pride Corp. | Pilgrim's Pride Corp. |
| 21000 | 6.875% 05/15/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23001 |
| Sysco Corp. | Sysco Corp. | Sysco Corp. |
| 80000 | 2.400 02/15/30<sup>(c)</sup> | 74006 |
| 100000 | 6.600 04/01/50<sup>(c)</sup> | 107704 |
|  |  | 3898754 |
| Hardware – 0.1% | Hardware – 0.1% | Hardware – 0.1% |
| Micron Technology, Inc. | Micron Technology, Inc. | Micron Technology, Inc. |
| 125000 | 4.663 02/15/30<sup>(c)</sup> | 125636 |
| 50000 | 5.875 02/09/33<sup>(c)</sup> | 52467 |
| 155000 | 6.050 11/01/35<sup>(c)</sup> | 162544 |
|  |  | 340647 |
| Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
| 100000 | 3.700 03/15/32<sup>(c)</sup> | 92746 |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 400000 | 4.375 10/15/28<sup>(c)</sup> | 401984 |
| 188000 | 4.900 12/15/48<sup>(c)</sup> | 163897 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 236000 | 3.750 04/01/30<sup>(c)</sup> | 228340 |
| 76000 | 1.750 08/21/30<sup>(c)</sup> | 66522 |
| 100000 | 1.875 02/28/31<sup>(c)</sup> | 86451 |
| 264000 | 6.000 06/01/44<sup>(c)</sup> | 260656 |
| 242000 | 5.050 03/25/48<sup>(c)</sup> | 207759 |
| 85000 | 4.250 04/01/50<sup>(c)</sup> | 64080 |
| DH Europe Finance II Sarl | DH Europe Finance II Sarl | DH Europe Finance II Sarl |
| 50000 | 3.250 11/15/39<sup>(c)</sup> | 40417 |
| Elevance Health, Inc. | Elevance Health, Inc. | Elevance Health, Inc. |
| 92000 | 2.550 03/15/31<sup>(c)</sup> | 83426 |
| 15000 | 4.650 08/15/44<sup>(c)</sup> | 12944 |
| 40000 | 4.850 08/15/54<sup>(c)</sup> | 32773 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 70000 | 5.875 02/15/26<sup>(c)</sup> | 69987 |
| 46000 | 5.250 06/15/26<sup>(c)</sup> | 46045 |
| 90000 | 5.375 09/01/26<sup>(c)</sup> | 90576 |
| 40000 | 4.500 02/15/27<sup>(c)</sup> | 40111 |
| 25000 | 5.625 09/01/28<sup>(c)</sup> | 25858 |
| 145000 | 5.875 02/01/29<sup>(c)</sup> | 151268 |
| 75000 | 4.125 06/15/29<sup>(c)</sup> | 74315 |
| 50000 | 3.500 09/01/30<sup>(c)</sup> | 47729 |
| 40000 | 5.500 06/15/47<sup>(c)</sup> | 37009 |
| 140000 | 5.900 06/01/53<sup>(c)</sup> | 133498 |
| 50000 | 6.000 04/01/54<sup>(c)</sup> | 48287 |
| 240000 | 5.950 09/15/54<sup>(c)</sup> | 230064 |
| Humana, Inc. | Humana, Inc. | Humana, Inc. |
| 100000 | 4.625 12/01/42<sup>(c)</sup> | 84892 |
| Illumina, Inc. | Illumina, Inc. | Illumina, Inc. |
| 196000 | 5.750 12/13/27<sup>(c)</sup> | 201739 |
| McKesson Corp. | McKesson Corp. | McKesson Corp. |
| 200000 | 3.950 02/16/28<sup>(c)</sup> | 199712 |
| Quest Diagnostics, Inc. | Quest Diagnostics, Inc. | Quest Diagnostics, Inc. |
| 100000 | 4.200 06/30/29<sup>(c)</sup> | 100098 |
| 100000 | 2.800 06/30/31<sup>(c)</sup> | 91743 |
| 100000 | 4.700 03/30/45<sup>(c)</sup> | 88756 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 361000 | 5.400 03/01/29<sup>(c)</sup> | 376720 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 572000 | 5.150% | 07/15/34<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580953 |
| 190000 | 4.250 | 06/15/48<sup>(c)</sup> | 151856 |
| 31000 | 5.375 | 04/15/54<sup>(c)</sup> | 28527 |
| 500000 | 5.625 | 07/15/54<sup>(c)</sup> | 475103 |
| 50000 | 4.950 | 05/15/62<sup>(c)</sup> | 42014 |
| Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. | Universal Health Services, Inc. |
| 100000 | 1.650 | 09/01/26<sup>(c)</sup> | 97235 |
| 100000 | 2.650 | 10/15/30<sup>(c)</sup> | 89875 |
|  |  |  | 5345965 |
| Insurance – 0.8% | Insurance – 0.8% | Insurance – 0.8% | Insurance – 0.8% |
| Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| 292000 | 4.200 | 12/15/46<sup>(c)</sup> | 238984 |
| 120000 | 3.850 | 08/10/49<sup>(c)</sup> | 90363 |
| American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. | American Financial Group, Inc. |
| 100000 | 4.500 | 06/15/47<sup>(c)</sup> | 82099 |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 100000 | 3.400 | 06/30/30<sup>(c)</sup> | 96059 |
| 100000 | 4.750 | 04/01/48<sup>(c)</sup> | 87853 |
| 234000 | 4.375 | 06/30/50<sup>(c)</sup> | 193552 |
| Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. | Aon Global Ltd. |
| 100000 | 4.600 | 06/14/44<sup>(c)</sup> | 86363 |
| Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. | Arch Capital Group Ltd. |
| 90000 | 3.635 | 06/30/50<sup>(c)</sup> | 65264 |
| Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. | Arch Capital Group US, Inc. |
| 40000 | 5.144 | 11/01/43 | 37218 |
| Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. | Arthur J Gallagher & Co. |
| 50000 | 3.500 | 05/20/51<sup>(c)</sup> | 34376 |
| Assurant, Inc. | Assurant, Inc. | Assurant, Inc. | Assurant, Inc. |
| 100000 | 2.650 | 01/15/32<sup>(c)</sup> | 87129 |
| Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| 150000 | 6.250 | 04/01/54<sup>(c)</sup> | 148758 |
| AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
| 40000 | 3.900 | 07/15/29<sup>(c)</sup> | 39262 |
| AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC | AXIS Specialty Finance PLC |
| 292000 | 5.150 | 04/01/45 | 264324 |
| Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. | Berkshire Hathaway Finance Corp. |
| 140000 | 4.200 | 08/15/48<sup>(c)</sup> | 115676 |
| 92000 | 4.250 | 01/15/49<sup>(c)</sup> | 76761 |
| Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. | Berkshire Hathaway, Inc. |
| 88000 | 3.125 | 03/15/26<sup>(c)</sup> | 87507 |
| Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. | Brighthouse Financial, Inc. |
| 40000 | 5.625 | 05/15/30<sup>(c)</sup> | 41390 |
| 75000 | 4.700 | 06/22/47<sup>(c)</sup> | 55975 |
| Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC | Chubb INA Holdings LLC |
| 42000 | 1.375 | 09/15/30<sup>(c)</sup> | 36822 |
| 108000 | 3.050 | 12/15/61<sup>(c)</sup> | 65115 |
| CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 196000 | 5.250 | 05/30/29<sup>(c)</sup> | 200013 |
| Enstar Finance LLC | Enstar Finance LLC | Enstar Finance LLC | Enstar Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.006%) |
| 400000 | 5.500 | 01/15/42<sup>(c)(d)</sup> | 396129 |
| Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. | Everest Reinsurance Holdings, Inc. |
| 125000 | 4.868 | 06/01/44 | 110924 |
| Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. | Fidelity National Financial, Inc. |
| 216000 | 3.400 | 06/15/30<sup>(c)</sup> | 205254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **81** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) | Hartford Insurance Group, Inc. (The) |
| 30000 | 3.600% | 08/19/49<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22026 |
| 196000 | 2.900 | 09/15/51<sup>(c)</sup> | 122743 |
| Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. | Jackson Financial, Inc. |
| 100000 | 3.125 | 11/23/31<sup>(c)</sup> | 90650 |
| 50000 | 5.670 | 06/08/32<sup>(c)</sup> | 51800 |
| Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. | Markel Group, Inc. |
| 110000 | 5.000 | 05/20/49<sup>(c)</sup> | 96023 |
| Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. | Marsh & McLennan Cos., Inc. |
| 100000 | 4.850 | 11/15/31<sup>(c)</sup> | 102349 |
| 70000 | 2.375 | 12/15/31<sup>(c)</sup> | 62230 |
| 100000 | 4.350 | 01/30/47<sup>(c)</sup> | 83869 |
| MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
| 90000 | 5.375 | 07/15/33<sup>(c)</sup> | 94143 |
| 15000 | 4.125 | 08/13/42 | 12641 |
| 80000 | 4.600 | 05/13/46<sup>(c)</sup> | 70873 |
| Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. | Old Republic International Corp. |
| 18000 | 3.875 | 08/26/26<sup>(c)</sup> | 17912 |
| PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC | PartnerRe Finance B LLC |
| 92000 | 3.700 | 07/02/29<sup>(c)</sup> | 90113 |
| (US 5 Year CMT T-Note + 3.815%) | (US 5 Year CMT T-Note + 3.815%) | (US 5 Year CMT T-Note + 3.815%) | (US 5 Year CMT T-Note + 3.815%) |
| 195000 | 4.500 | 10/01/50<sup>(c)(d)</sup> | 183486 |
| Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. | Principal Financial Group, Inc. |
| 50000 | 4.625 | 09/15/42 | 44978 |
| 50000 | 4.300 | 11/15/46<sup>(c)</sup> | 41663 |
| Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) | Progressive Corp. (The) |
| 100000 | 4.125 | 04/15/47<sup>(c)</sup> | 82236 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| 40000 | 3.935 | 12/07/49<sup>(c)</sup> | 30435 |
| Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN | Prudential Financial, Inc., MTN |
| 15000 | 6.625 | 06/21/40 | 16947 |
| 50000 | 4.600 | 05/15/44 | 43925 |
| 62000 | 4.418 | 03/27/48<sup>(c)</sup> | 51383 |
| 15000 | 4.350 | 02/25/50<sup>(c)</sup> | 12324 |
| 60000 | 3.700 | 03/13/51<sup>(c)</sup> | 43873 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| 430000 | 3.900 | 05/15/29<sup>(c)</sup> | 425432 |
| Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) | Travelers Cos., Inc. (The) |
| 92000 | 3.750 | 05/15/46<sup>(c)</sup> | 71830 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| (3M USD LIBOR + 2.084%) | (3M USD LIBOR + 2.084%) | (3M USD LIBOR + 2.084%) | (3M USD LIBOR + 2.084%) |
| 40000 | 4.700 | 01/23/48<sup>(c)(d)</sup> | 38855 |
| W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. | W R Berkley Corp. |
| 40000 | 4.750 | 08/01/44 | 35275 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 200000 | 5.050 | 09/15/48<sup>(c)</sup> | 177768 |
|  |  |  | 5160952 |
| Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% |
| Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. | Las Vegas Sands Corp. |
| 226000 | 3.900 | 08/08/29<sup>(c)</sup> | 217949 |
| 50000 | 6.000 | 08/15/29<sup>(c)</sup> | 51871 |
|  |  |  | 269820 |
| Media Non Cable – 0.1% | Media Non Cable – 0.1% | Media Non Cable – 0.1% | Media Non Cable – 0.1% |
| Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. | Omnicom Group, Inc. |
| 163000 | 2.450 | 04/30/30<sup>(c)</sup> | 149754 |
| 80000 | 4.200 | 06/01/30<sup>(c)</sup> | 79277 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Media Non Cable – (continued) | Media Non Cable – (continued) | Media Non Cable – (continued) | Media Non Cable – (continued) |
| Paramount Global | Paramount Global | Paramount Global | Paramount Global |
| 50000 | 2.900% | 01/15/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48842 |
| 50000 | 3.375 | 02/15/28<sup>(c)</sup> | 48666 |
| 10000 | 6.875 | 04/30/36 | 10638 |
| 50000 | 4.900 | 08/15/44<sup>(c)</sup> | 39661 |
| 210000 | 4.950 | 05/19/50<sup>(c)</sup> | 164916 |
|  |  |  | 541754 |
| Metals – 0.0% | Metals – 0.0% | Metals – 0.0% | Metals – 0.0% |
| Nucor Corp. | Nucor Corp. | Nucor Corp. | Nucor Corp. |
| 150000 | 3.950 | 05/01/28<sup>(c)</sup> | 149682 |
| Mining – 0.0% | Mining – 0.0% | Mining – 0.0% | Mining – 0.0% |
| Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. | Freeport-McMoRan, Inc. |
| 140000 | 4.125 | 03/01/28<sup>(c)</sup> | 139508 |
| Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% | Natural Gas – 0.0% |
| Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. | Spire Missouri, Inc. |
| 100000 | 3.300 | 06/01/51<sup>(c)</sup> | 67055 |
| Spire, Inc. | Spire, Inc. | Spire, Inc. | Spire, Inc. |
| 50000 | 4.700 | 08/15/44<sup>(c)</sup> | 41868 |
|  |  |  | 108923 |
| Publishing – 0.0% | Publishing – 0.0% | Publishing – 0.0% | Publishing – 0.0% |
| S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. | S&P Global, Inc. |
| 6000 | 2.900 | 03/01/32<sup>(c)</sup> | 5487 |
| REITs and Real Estate – 0.9% | REITs and Real Estate – 0.9% | REITs and Real Estate – 0.9% | REITs and Real Estate – 0.9% |
| Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. | Alexandria Real Estate Equities, Inc. |
| 300000 | 1.875 | 02/01/33<sup>(c)</sup> | 244288 |
| AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN | AvalonBay Communities, Inc., MTN |
| 100000 | 3.300 | 06/01/29<sup>(c)</sup> | 97054 |
| Boston Properties LP | Boston Properties LP | Boston Properties LP | Boston Properties LP |
| 292000 | 5.750 | 01/15/35<sup>(c)</sup> | 295424 |
| Camden Property Trust | Camden Property Trust | Camden Property Trust | Camden Property Trust |
| 100000 | 5.850 | 11/03/26<sup>(c)</sup> | 101949 |
| 50000 | 2.800 | 05/15/30<sup>(c)</sup> | 46969 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 71000 | 2.500 | 04/01/31<sup>(c)</sup> | 64049 |
| Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP | Digital Realty Trust LP |
| 418000 | 3.700 | 08/15/27<sup>(c)</sup> | 414850 |
| Equinix, Inc. | Equinix, Inc. | Equinix, Inc. | Equinix, Inc. |
| 82000 | 3.900 | 04/15/32<sup>(c)</sup> | 78257 |
| 95000 | 3.000 | 07/15/50<sup>(c)</sup> | 59494 |
| ERP Operating LP | ERP Operating LP | ERP Operating LP | ERP Operating LP |
| 100000 | 3.500 | 03/01/28<sup>(c)</sup> | 98683 |
| 100000 | 4.500 | 06/01/45<sup>(c)</sup> | 85691 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 50000 | 5.400 | 06/15/35<sup>(c)</sup> | 50559 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| 40000 | 5.750 | 06/01/28<sup>(c)</sup> | 41315 |
| 50000 | 5.300 | 01/15/29<sup>(c)</sup> | 50874 |
| 85000 | 4.000 | 01/15/30<sup>(c)</sup> | 82297 |
| 51000 | 4.000 | 01/15/31<sup>(c)</sup> | 48732 |
| Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC | Healthpeak OP LLC |
| 100000 | 3.250 | 07/15/26<sup>(c)</sup> | 99076 |
| 100000 | 2.125 | 12/01/28<sup>(c)</sup> | 93707 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 292000 | 2.000 | 08/15/31<sup>(c)</sup> | 250798 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 90000 | 6.250 | 01/15/36<sup>(c)</sup> | 92165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **82** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) | REITs and Real Estate – (continued) |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 244000 | 3.200% | 04/01/32<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223192 |
| Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP | Mid-America Apartments LP |
| 100000 | 2.875 | 09/15/51<sup>(c)</sup> | 62452 |
| NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. | NNN REIT, Inc. |
| 50000 | 4.800 | 10/15/48<sup>(c)</sup> | 43285 |
| Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP | Piedmont Operating Partnership LP |
| 483000 | 9.250 | 07/20/28<sup>(c)</sup> | 537037 |
| Prologis LP | Prologis LP | Prologis LP | Prologis LP |
| 244000 | 2.250 | 04/15/30<sup>(c)</sup> | 224249 |
| 100000 | 1.625 | 03/15/31<sup>(c)</sup> | 86861 |
| 130000 | 5.250 | 03/15/54<sup>(c)</sup> | 122878 |
| Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. | Public Storage Operating Co. |
| 50000 | 2.250 | 11/09/31<sup>(c)</sup> | 44343 |
| Realty Income Corp. | Realty Income Corp. | Realty Income Corp. | Realty Income Corp. |
| 300000 | 3.400 | 01/15/28<sup>(c)</sup> | 296348 |
| 200000 | 5.125 | 02/15/34<sup>(c)</sup> | 203405 |
| 50000 | 5.875 | 03/15/35 | 52526 |
| Regency Centers LP | Regency Centers LP | Regency Centers LP | Regency Centers LP |
| 292000 | 4.400 | 02/01/47<sup>(c)</sup> | 244718 |
| Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP | Sabra Health Care LP |
| 100000 | 3.200 | 12/01/31<sup>(c)</sup> | 90676 |
| Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
| 100000 | 2.850 | 01/15/32<sup>(c)</sup> | 88157 |
| Simon Property Group LP | Simon Property Group LP | Simon Property Group LP | Simon Property Group LP |
| 140000 | 2.450 | 09/13/29<sup>(c)</sup> | 131340 |
| 70000 | 2.200 | 02/01/31<sup>(c)</sup> | 62635 |
| 84000 | 2.650 | 02/01/32<sup>(c)</sup> | 74940 |
| 10000 | 6.750 | 02/01/40<sup>(c)</sup> | 11421 |
| 70000 | 5.850 | 03/08/53<sup>(c)</sup> | 69785 |
| UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN | UDR, Inc., MTN |
| 180000 | 3.200 | 01/15/30<sup>(c)</sup> | 172319 |
| Vornado Realty LP | Vornado Realty LP | Vornado Realty LP | Vornado Realty LP |
| 100000 | 3.400 | 06/01/31<sup>(c)</sup> | 89159 |
| Welltower OP LLC | Welltower OP LLC | Welltower OP LLC | Welltower OP LLC |
| 200000 | 4.250 | 04/15/28<sup>(c)</sup> | 201127 |
| WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. | WP Carey, Inc. |
| 75000 | 3.850 | 07/15/29<sup>(c)</sup> | 73877 |
|  |  |  | 5602961 |
| Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% | Revenue – 0.1% |
| California Institute of Technology | California Institute of Technology | California Institute of Technology | California Institute of Technology |
| 15000 | 3.650 | 09/01/19<sup>(c)</sup> | 9447 |
| Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 | Hackensack Meridian Health, Inc., Series 2020 |
| 15000 | 2.675 | 09/01/41<sup>(c)</sup> | 10458 |
| NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals | NYU Langone Hospitals |
| 300000 | 4.784 | 07/01/44 | 269977 |
| Stanford Health Care | Stanford Health Care | Stanford Health Care | Stanford Health Care |
| 100000 | 3.027 | 08/15/51<sup>(c)</sup> | 64668 |
| University of Chicago (The), Series 20B | University of Chicago (The), Series 20B | University of Chicago (The), Series 20B | University of Chicago (The), Series 20B |
| 40000 | 2.761 | 04/01/45 | 31280 |
| Yale University, Series 2020 | Yale University, Series 2020 | Yale University, Series 2020 | Yale University, Series 2020 |
| 190000 | 1.482 | 04/15/30<sup>(c)</sup> | 169522 |
| 80000 | 2.402 | 04/15/50<sup>(c)</sup> | 47113 |
|  |  |  | 602465 |
| Software – 0.4% | Software – 0.4% | Software – 0.4% | Software – 0.4% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 701000 | 2.300 | 03/25/28<sup>(c)</sup> | 670629 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Oracle Corp. – (continued) | Oracle Corp. – (continued) | Oracle Corp. – (continued) | Oracle Corp. – (continued) |
| 454000 | 4.800% | 08/03/28<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462485 |
| 205000 | 2.950 | 04/01/30<sup>(c)</sup> | 193150 |
| 84000 | 4.900 | 02/06/33<sup>(c)</sup> | 83976 |
| 243000 | 5.500 | 08/03/35<sup>(c)</sup> | 247228 |
| 10000 | 6.500 | 04/15/38 | 10864 |
| 292000 | 3.600 | 04/01/40<sup>(c)</sup> | 231426 |
| 49000 | 5.375 | 07/15/40 | 47493 |
| 411000 | 4.000 | 07/15/46<sup>(c)</sup> | 313875 |
| 31000 | 5.375 | 09/27/54<sup>(c)</sup> | 27706 |
| 50000 | 3.850 | 04/01/60<sup>(c)</sup> | 33617 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 13000 | 5.600 | 04/15/35<sup>(c)</sup> | 13470 |
| Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. | Salesforce, Inc. |
| 120000 | 2.900 | 07/15/51<sup>(c)</sup> | 76078 |
|  |  |  | 2411997 |
| Technology – 1.9% | Technology – 1.9% | Technology – 1.9% | Technology – 1.9% |
| Adobe, Inc. | Adobe, Inc. | Adobe, Inc. | Adobe, Inc. |
| 40000 | 2.300 | 02/01/30<sup>(c)</sup> | 37218 |
| Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. | Alphabet, Inc. |
| 100000 | 1.100 | 08/15/30<sup>(c)</sup> | 87475 |
| 50000 | 2.050 | 08/15/50<sup>(c)</sup> | 27388 |
| 108000 | 2.250 | 08/15/60<sup>(c)</sup> | 55962 |
| Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. | Analog Devices, Inc. |
| 5000 | 3.500 | 12/05/26<sup>(c)</sup> | 4973 |
| Apple, Inc. | Apple, Inc. | Apple, Inc. | Apple, Inc. |
| 6000 | 2.450 | 08/04/26<sup>(c)</sup> | 5915 |
| 15000 | 3.350 | 02/09/27<sup>(c)</sup> | 14903 |
| 15000 | 3.200 | 05/11/27<sup>(c)</sup> | 14851 |
| 60000 | 2.900 | 09/12/27<sup>(c)</sup> | 59073 |
| 50000 | 4.000 | 05/12/28<sup>(c)</sup> | 50364 |
| 40000 | 1.650 | 02/08/31<sup>(c)</sup> | 35349 |
| 45000 | 4.500 | 02/23/36<sup>(c)</sup> | 45190 |
| 80000 | 3.850 | 05/04/43 | 66822 |
| 80000 | 4.450 | 05/06/44 | 73472 |
| 76000 | 3.450 | 02/09/45 | 58906 |
| 94000 | 4.650 | 02/23/46<sup>(c)</sup> | 86149 |
| 50000 | 4.250 | 02/09/47<sup>(c)</sup> | 42782 |
| 50000 | 3.750 | 11/13/47<sup>(c)</sup> | 39581 |
| 292000 | 2.650 | 05/11/50<sup>(c)</sup> | 180198 |
| 320000 | 2.650 | 02/08/51<sup>(c)</sup> | 195831 |
| 194000 | 2.550 | 08/20/60<sup>(c)</sup> | 109744 |
| Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. | Applied Materials, Inc. |
| 82000 | 3.300 | 04/01/27<sup>(c)</sup> | 81327 |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 133000 | 5.375 | 12/01/31<sup>(c)</sup> | 136993 |
| Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. | Arrow Electronics, Inc. |
| 196000 | 5.150 | 08/21/29<sup>(c)</sup> | 200522 |
| Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. | Broadcom Corp. / Broadcom Cayman Finance Ltd. |
| 106000 | 3.875 | 01/15/27<sup>(c)</sup> | 105716 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 54000 | 3.459 | 09/15/26<sup>(c)</sup> | 53596 |
| 300000 | 4.110 | 09/15/28<sup>(c)</sup> | 299837 |
| 595000 | 5.150 | 11/15/31<sup>(c)</sup> | 616392 |
| 90000 | 3.469 | 04/15/34<sup>(c)(g)</sup> | 80935 |
| 60000 | 3.187 | 11/15/36<sup>(c)(g)</sup> | 50151 |
| 152000 | 3.500 | 02/15/41<sup>(c)(g)</sup> | 120966 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **83** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| $50000 | 2.900% | 12/01/29<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47300 |
| CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. | CDW LLC / CDW Finance Corp. |
| 196000 | 5.100 | 03/01/30<sup>(c)</sup> | 199324 |
| 50000 | 5.550 | 08/22/34<sup>(c)</sup> | 50679 |
| Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. | Cisco Systems, Inc. |
| 500000 | 4.950 | 02/24/32<sup>(c)</sup> | 516562 |
| 600000 | 5.350 | 02/26/64<sup>(c)</sup> | 574036 |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 8000 | 6.020 | 06/15/26<sup>(c)</sup> | 8070 |
| 17000 | 4.900 | 10/01/26<sup>(c)</sup> | 17087 |
| 142000 | 5.250 | 02/01/28<sup>(c)</sup> | 145718 |
| 66000 | 5.750 | 02/01/33<sup>(c)</sup> | 69696 |
| 50000 | 4.850 | 02/01/35<sup>(c)</sup> | 48767 |
| DXC Technology Co. | DXC Technology Co. | DXC Technology Co. | DXC Technology Co. |
| 50000 | 1.800 | 09/15/26<sup>(c)</sup> | 48639 |
| FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. | FactSet Research Systems, Inc. |
| 50000 | 2.900 | 03/01/27<sup>(c)</sup> | 49023 |
| Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. | Fidelity National Information Services, Inc. |
| 100000 | 2.250 | 03/01/31<sup>(c)</sup> | 88636 |
| Fidelity National Information Services, Inc., Series 30Y | Fidelity National Information Services, Inc., Series 30Y | Fidelity National Information Services, Inc., Series 30Y | Fidelity National Information Services, Inc., Series 30Y |
| 100000 | 4.750 | 05/15/48<sup>(c)</sup> | 83883 |
| Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. | Fiserv, Inc. |
| 294000 | 3.200 | 07/01/26<sup>(c)</sup> | 291193 |
| 127000 | 4.400 | 07/01/49<sup>(c)</sup> | 101631 |
| Flex Ltd. | Flex Ltd. | Flex Ltd. | Flex Ltd. |
| 100000 | 4.875 | 06/15/29<sup>(c)</sup> | 101049 |
| Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. | Hewlett Packard Enterprise Co. |
| 94000 | 6.350 | 10/15/45<sup>(c)</sup> | 96962 |
| HP, Inc. | HP, Inc. | HP, Inc. | HP, Inc. |
| 70000 | 4.000 | 04/15/29<sup>(c)</sup> | 69141 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 156000 | 3.150 | 05/11/27<sup>(c)</sup> | 153037 |
| 428000 | 4.875 | 02/10/28<sup>(c)</sup> | 433362 |
| 134000 | 2.450 | 11/15/29<sup>(c)</sup> | 123752 |
| 242000 | 5.150 | 02/21/34<sup>(c)</sup> | 241550 |
| 83000 | 5.625 | 02/10/43<sup>(c)</sup> | 78805 |
| 20000 | 3.250 | 11/15/49<sup>(c)</sup> | 12484 |
| 207000 | 5.700 | 02/10/53<sup>(c)</sup> | 190817 |
| International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. | International Business Machines Corp. |
| 312000 | 4.500 | 02/06/26 | 312206 |
| 15000 | 5.875 | 11/29/32 | 16165 |
| 150000 | 4.150 | 05/15/39 | 132419 |
| 250000 | 4.000 | 06/20/42 | 207293 |
| Intuit, Inc. | Intuit, Inc. | Intuit, Inc. | Intuit, Inc. |
| 150000 | 1.350 | 07/15/27<sup>(c)</sup> | 143202 |
| 60000 | 5.125 | 09/15/28<sup>(c)</sup> | 62038 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 50000 | 3.000 | 10/30/29<sup>(c)</sup> | 47438 |
| KLA Corp. | KLA Corp. | KLA Corp. | KLA Corp. |
| 100000 | 4.650 | 07/15/32<sup>(c)</sup> | 100966 |
| 50000 | 5.000 | 03/15/49<sup>(c)</sup> | 45976 |
| 60000 | 3.300 | 03/01/50<sup>(c)</sup> | 41535 |
| Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. | Kyndryl Holdings, Inc. |
| 137000 | 2.700 | 10/15/28<sup>(c)</sup> | 130330 |
| 42000 | 3.150 | 10/15/31<sup>(c)</sup> | 38183 |
| 70000 | 4.100 | 10/15/41<sup>(c)</sup> | 55503 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
| Lam Research Corp. | Lam Research Corp. | Lam Research Corp. | Lam Research Corp. |
| 40000 | 3.125% | 06/15/60<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24502 |
| Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. | Marvell Technology, Inc. |
| 50000 | 2.450 | 04/15/28<sup>(c)</sup> | 47946 |
| Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. | Meta Platforms, Inc. |
| 291000 | 4.800 | 05/15/30<sup>(c)</sup> | 300245 |
| 165000 | 4.950 | 05/15/33<sup>(c)</sup> | 169606 |
| 196000 | 5.600 | 05/15/53<sup>(c)</sup> | 193547 |
| 23000 | 4.650 | 08/15/62<sup>(c)</sup> | 19241 |
| Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. | Microchip Technology, Inc. |
| 446000 | 5.050 | 03/15/29<sup>(c)</sup> | 454891 |
| Microsoft Corp. | Microsoft Corp. | Microsoft Corp. | Microsoft Corp. |
| 65000 | 3.300 | 02/06/27<sup>(c)</sup> | 64537 |
| 15000 | 3.500 | 02/12/35<sup>(c)</sup> | 14074 |
| 135000 | 4.200 | 11/03/35<sup>(c)</sup> | 134061 |
| 80000 | 4.250 | 02/06/47<sup>(c)</sup> | 71091 |
| 292000 | 2.525 | 06/01/50<sup>(c)</sup> | 178417 |
| 84000 | 4.000 | 02/12/55<sup>(c)</sup> | 67352 |
| 20000 | 2.675 | 06/01/60<sup>(c)</sup> | 11832 |
| Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. | Motorola Solutions, Inc. |
| 158000 | 2.750 | 05/24/31<sup>(c)</sup> | 144008 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 270000 | 5.500 | 03/17/32<sup>(c)</sup> | 280101 |
| NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. | NVIDIA Corp. |
| 100000 | 2.000 | 06/15/31<sup>(c)</sup> | 89721 |
| 76000 | 3.500 | 04/01/50<sup>(c)</sup> | 56664 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| 50000 | 2.300 | 06/01/30<sup>(c)</sup> | 46026 |
| 50000 | 5.150 | 06/01/34<sup>(c)</sup> | 51069 |
| QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. | QUALCOMM, Inc. |
| 110000 | 4.800 | 05/20/45<sup>(c)</sup> | 100632 |
| 76000 | 4.300 | 05/20/47<sup>(c)</sup> | 64002 |
| Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. | Texas Instruments, Inc. |
| 100000 | 1.750 | 05/04/30<sup>(c)</sup> | 90131 |
| 100000 | 3.650 | 08/16/32<sup>(c)</sup> | 95146 |
| 212000 | 4.900 | 03/14/33<sup>(c)</sup> | 217808 |
| Trimble, Inc. | Trimble, Inc. | Trimble, Inc. | Trimble, Inc. |
| 108000 | 4.900 | 06/15/28<sup>(c)</sup> | 109315 |
| VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. | VeriSign, Inc. |
| 118000 | 2.700 | 06/15/31<sup>(c)</sup> | 106452 |
| 500000 | 5.250 | 06/01/32<sup>(c)</sup> | 509915 |
| Western Digital Corp. | Western Digital Corp. | Western Digital Corp. | Western Digital Corp. |
| 100000 | 3.100 | 02/01/32<sup>(c)</sup> | 89250 |
|  |  |  | 12014620 |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA | American Airlines Group, Inc. Pass-Through Trust, Series 2016-3, AA |
| 59829 | 3.000 | 10/15/28 | 57430 |
| Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC | Burlington Northern Santa Fe LLC |
| 224000 | 5.200 | 04/15/54<sup>(c)</sup> | 210017 |
| CSX Corp. | CSX Corp. | CSX Corp. | CSX Corp. |
| 90000 | 4.100 | 11/15/32<sup>(c)</sup> | 87693 |
| 100000 | 4.500 | 11/15/52<sup>(c)</sup> | 83748 |
| FedEx Corp. | FedEx Corp. | FedEx Corp. | FedEx Corp. |
| 50000 | 4.250 | 05/15/30<sup>(c)</sup> | 49392 |
| 40000 | 3.900 | 02/01/35<sup>(g)</sup> | 36128 |
| 118000 | 4.750 | 11/15/45<sup>(c)(g)</sup> | 98523 |
| 40000 | 4.400 | 01/15/47<sup>(c)(g)</sup> | 31460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **84** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – (continued) | Transportation – (continued) | Transportation – (continued) | Transportation – (continued) |
| FedEx Corp. – (continued) | FedEx Corp. – (continued) | FedEx Corp. – (continued) | FedEx Corp. – (continued) |
| 160000 | 4.050% | 02/15/48<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116975 |
| 40000 | 4.950 | 10/17/48<sup>(c)(g)</sup> | 33861 |
| Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. | Norfolk Southern Corp. |
| 196000 | 5.350 | 08/01/54<sup>(c)</sup> | 186583 |
| Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. | Union Pacific Corp. |
| 40000 | 3.700 | 03/01/29<sup>(c)</sup> | 39558 |
| 292000 | 4.500 | 01/20/33<sup>(c)</sup> | 290931 |
| 70000 | 4.050 | 03/01/46<sup>(c)</sup> | 56185 |
| 10000 | 4.500 | 09/10/48<sup>(c)</sup> | 8440 |
| 80000 | 3.799 | 10/01/51<sup>(c)</sup> | 59787 |
| 60000 | 3.839 | 03/20/60<sup>(c)</sup> | 42829 |
| 15000 | 3.750 | 02/05/70<sup>(c)</sup> | 10071 |
| Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 | Union Pacific Railroad Co. Pass-Through Trust, Series 2015-1 |
| 161536 | 2.695 | 05/12/27 | 155594 |
| United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. | United Parcel Service, Inc. |
| 192000 | 4.875 | 03/03/33<sup>(c)</sup> | 196808 |
|  |  |  | 1852013 |
| Water – 0.1% | Water – 0.1% | Water – 0.1% | Water – 0.1% |
| American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. | American Water Capital Corp. |
| 130000 | 5.150 | 03/01/34<sup>(c)</sup> | 132953 |
| 100000 | 4.300 | 12/01/42<sup>(c)</sup> | 85466 |
| 190000 | 5.450 | 03/01/54<sup>(c)</sup> | 183399 |
| Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. | Essential Utilities, Inc. |
| 292000 | 2.704 | 04/15/30<sup>(c)</sup> | 271559 |
| 70000 | 3.351 | 04/15/50<sup>(c)</sup> | 46527 |
|  |  |  | 719904 |
| Wireless – 0.6% | Wireless – 0.6% | Wireless – 0.6% | Wireless – 0.6% |
| American Tower Corp. | American Tower Corp. | American Tower Corp. | American Tower Corp. |
| 84000 | 3.375 | 10/15/26<sup>(c)</sup> | 83152 |
| 150000 | 3.600 | 01/15/28<sup>(c)</sup> | 148003 |
| 40000 | 3.950 | 03/15/29<sup>(c)</sup> | 39527 |
| 42000 | 3.700 | 10/15/49<sup>(c)</sup> | 30387 |
| 20000 | 3.100 | 06/15/50<sup>(c)</sup> | 12970 |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 50000 | 1.650 | 02/01/28<sup>(c)</sup> | 47146 |
| 88000 | 2.750 | 06/01/31<sup>(c)</sup> | 80723 |
| 10000 | 2.250 | 02/01/32<sup>(c)</sup> | 8658 |
| 187000 | 4.500 | 05/15/35<sup>(c)</sup> | 178802 |
| 400000 | 3.500 | 06/01/41<sup>(c)</sup> | 312588 |
| 98000 | 3.650 | 06/01/51<sup>(c)</sup> | 68356 |
| 100000 | 3.300 | 02/01/52<sup>(c)</sup> | 64666 |
| 117000 | 3.500 | 09/15/53<sup>(c)</sup> | 78305 |
| 168000 | 3.550 | 09/15/55<sup>(c)</sup> | 112296 |
| 259000 | 3.800 | 12/01/57<sup>(c)</sup> | 179075 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 188000 | 5.000 | 01/11/28<sup>(c)</sup> | 190869 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 82000 | 3.750 | 04/15/27<sup>(c)</sup> | 81546 |
| 50000 | 4.750 | 02/01/28<sup>(c)</sup> | 50094 |
| 50000 | 2.050 | 02/15/28<sup>(c)</sup> | 47680 |
| 300000 | 4.950 | 03/15/28<sup>(c)</sup> | 305231 |
| 414000 | 2.625 | 02/15/29<sup>(c)</sup> | 392735 |
| 90000 | 2.875 | 02/15/31<sup>(c)</sup> | 82794 |
| 230000 | 4.500 | 04/15/50<sup>(c)</sup> | 188797 |
| 70000 | 5.650 | 01/15/53<sup>(c)</sup> | 67341 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Wireless – (continued) | Wireless – (continued) | Wireless – (continued) | Wireless – (continued) |
| Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. | Verizon Communications, Inc. |
| 103000 | 3.000% | 03/22/27<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101316 |
| 194000 | 1.500 | 09/18/30<sup>(c)</sup> | 169402 |
| 45000 | 7.750 | 12/01/30 | 52003 |
| 89000 | 2.355 | 03/15/32<sup>(c)</sup> | 77484 |
| 85000 | 5.250 | 03/16/37 | 85362 |
| 282000 | 3.400 | 03/22/41<sup>(c)</sup> | 219412 |
| 11000 | 4.750 | 11/01/41 | 9977 |
| 196000 | 2.875 | 11/20/50<sup>(c)</sup> | 122208 |
| 144000 | 3.550 | 03/22/51<sup>(c)</sup> | 103029 |
| 66000 | 2.987 | 10/30/56<sup>(c)</sup> | 39599 |
| 40000 | 3.700 | 03/22/61<sup>(c)</sup> | 27656 |
|  |  |  | 3859189 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $143,129,469)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $143,129,469)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $143,129,469)** | 140044700 |
| U.S. Treasury Bonds – 10.3% | U.S. Treasury Bonds – 10.3% | U.S. Treasury Bonds – 10.3% | U.S. Treasury Bonds – 10.3% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 3681000 | 4.500 <sup>(a)</sup> | 02/15/36 | 3771038 |
| 5174000 | 4.375 <sup>(a)</sup> | 02/15/38 | 5159898 |
| 7042000 | 3.875 <sup>(a)</sup> | 08/15/40 | 6452351 |
| 12875000 | 2.750 <sup>(a)</sup> | 08/15/42 | 9779791 |
| 10790300 | 2.500 <sup>(a)</sup> | 02/15/45 | 7516990 |
| 1546000 | 4.750 <sup>(a)</sup> | 02/15/45 | 1523373 |
| 7778000 | 2.500 <sup>(a)</sup> | 05/15/46 | 5315222 |
| 4505000 | 2.375 <sup>(a)</sup> | 11/15/49 | 2851512 |
| 4807600 | 2.250 <sup>(a)</sup> | 02/15/52 | 2874288 |
| 19287000 | 4.500 <sup>(a)</sup> | 11/15/54 | 18009048 |
| 2616800 | 4.750 <sup>(a)</sup> | 05/15/55 | 2546361 |
| **TOTAL U.S. TREASURY BONDS**<br> **(Cost $70,284,431)** | **TOTAL U.S. TREASURY BONDS**<br> **(Cost $70,284,431)** | **TOTAL U.S. TREASURY BONDS**<br> **(Cost $70,284,431)** | 65799872 |
| Foreign Corporate Debt – 5.3% | Foreign Corporate Debt – 5.3% | Foreign Corporate Debt – 5.3% | Foreign Corporate Debt – 5.3% |
| Banks – 2.2% | Banks – 2.2% | Banks – 2.2% | Banks – 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain)<br>(US 1 Year CMT T-Note +<br>0.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain)<br>(US 1 Year CMT T-Note +<br>0.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain)<br>(US 1 Year CMT T-Note +<br>0.900%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco Santander SA (Spain)<br>(US 1 Year CMT T-Note +<br>0.900%) |
| 90000 | 1.722 | 09/14/27<sup>(c)(d)</sup> | 87609 |
| 200000 | 3.800 | 02/23/28 | 198133 |
| 200000 | 3.306 | 06/27/29 | 193025 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 8000 | 5.300 | 06/05/26 | 8066 |
| 171000 | 5.203 | 02/01/28<sup>(c)</sup> | 175393 |
| 60000 | 5.511 | 06/04/31<sup>(c)</sup> | 63033 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 268000 | 5.250 | 06/12/28 | 276989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.890%) |
| 100000 | 4.932 | 02/14/29<sup>(c)(d)</sup> | 101651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.070%) |
| 100000 | 5.130 | 02/14/31<sup>(c)(d)</sup> | 103063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom)<br>(US 1 Year CMT T-Note +<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom)<br>(US 1 Year CMT T-Note +<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom)<br>(US 1 Year CMT T-Note +<br>1.050%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Barclays PLC (United Kingdom)<br>(US 1 Year CMT T-Note +<br>1.050%) |
| 300000 | 2.279 | 11/24/27<sup>(c)(d)</sup> | 292952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note +<br>3.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note +<br>3.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note +<br>3.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note +<br>3.500%) |
| 400000 | 7.437 | 11/02/33<sup>(c)(d)</sup> | 457394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **85** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.590%) |
| 565000 | 5.785% | 02/25/36<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581994 |
| 267000 | 5.250 | 08/17/45 | 250745 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 195000 | 3.450 | 04/07/27<sup>(c)</sup> | 193295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.105%) |
| 100000 | 5.245 | 01/13/31<sup>(c)(d)</sup> | 103371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.833%) |
| 200000 | 6.950 | 01/28/85<sup>(c)(d)</sup> | 200805 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 300000 | 5.500 | 10/05/26 | 304647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany)<br>(SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany)<br>(SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany)<br>(SOFR + 1.318%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank AG (Germany)<br>(SOFR + 1.318%) |
| 393000 | 2.552 | 01/07/28<sup>(c)(d)</sup> | 383537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.257%) |
| 350000 | 3.742 | 01/07/33<sup>(c)(d)</sup> | 320353 |
| Export-Import Bank of Korea (South Korea) | Export-Import Bank of Korea (South Korea) | Export-Import Bank of Korea (South Korea) | Export-Import Bank of Korea (South Korea) |
| 340000 | 2.625 | 05/26/26 | 336234 |
| 270000 | 1.250 | 09/21/30 | 236326 |
| 280000 | 2.500 | 06/29/41 | 199106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom)<br>(SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom)<br>(SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom)<br>(SOFR + 2.610%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HSBC Holdings PLC (United Kingdom)<br>(SOFR + 2.610%) |
| 295000 | 5.210 | 08/11/28<sup>(c)(d)</sup> | 299668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.732%) |
| 300000 | 2.013 | 09/22/28<sup>(c)(d)</sup> | 286123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.285%) |
| 500000 | 2.206 | 08/17/29<sup>(c)(d)</sup> | 470744 |
| 370000 | 4.950 | 03/31/30 | 380471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.187%) |
| 290000 | 2.804 | 05/24/32<sup>(c)(d)</sup> | 262455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 2.390%) |
| 400000 | 6.254 | 03/09/34<sup>(c)(d)</sup> | 432133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands)<br>(SOFR + 1.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands)<br>(SOFR + 1.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands)<br>(SOFR + 1.770%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ING Groep NV (Netherlands)<br>(SOFR + 1.770%) |
| 200000 | 5.550 | 03/19/35<sup>(c)(d)</sup> | 206330 |
| Korea Development Bank (The) (South Korea) | Korea Development Bank (The) (South Korea) | Korea Development Bank (The) (South Korea) | Korea Development Bank (The) (South Korea) |
| 270000 | 0.800 | 07/19/26 | 262392 |
| 320000 | 4.375 | 02/15/33 | 317664 |
| Landwirtschaftliche Rentenbank (Germany) | Landwirtschaftliche Rentenbank (Germany) | Landwirtschaftliche Rentenbank (Germany) | Landwirtschaftliche Rentenbank (Germany) |
| 70000 | 0.875 | 03/30/26 | 68751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.480%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.480%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.480%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lloyds Banking Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.480%) |
| 280000 | 5.985 | 08/07/27<sup>(c)(d)</sup> | 283973 |
| 300000 | 4.375 | 03/22/28 | 301337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.950%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.950%) |
| 458000 | 5.017 | 07/20/28<sup>(c)(d)</sup> | 465266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 1 Year CMT T-Note + 1.970%) |
| 400000 | 5.406 | 04/19/34<sup>(c)(d)</sup> | 417378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Financial Group, Inc. (Japan)<br>(US 1 Year CMT T-Note + 1.500%) |
| 200000 | 5.667 | 05/27/29<sup>(c)(d)</sup> | 207786 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.332%) |
| $200000 | 2.591% | 05/25/31<sup>(c)(d)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Group PLC (United Kingdom)<br>(US 1 Year CMT T-Note + 1.500%) |
| 200000 | 5.778 | 03/01/35<sup>(c)(d)</sup> | 209491 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| 79000 | 3.875 | 05/04/32 | 76133 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| 6000 | 5.200 | 07/20/26 | 6056 |
| 88000 | 2.300 | 11/03/31 | 78380 |
| 1000000 | 5.000 | 02/01/33 | 1024070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom)<br>(SOFR + 1.475%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom)<br>(SOFR + 1.475%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom)<br>(SOFR + 1.475%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander UK Group Holdings PLC (United Kingdom)<br>(SOFR + 1.475%) |
| 282000 | 2.896 | 03/15/32<sup>(c)(d)</sup> | 257280 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 400000 | 5.520 | 01/13/28 | 413153 |
| 299000 | 1.902 | 09/17/28 | 279896 |
| 400000 | 5.766 | 01/13/33 | 425284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada)<br>(5 Year USD Swap + 2.205%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada)<br>(5 Year USD Swap + 2.205%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada)<br>(5 Year USD Swap + 2.205%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toronto-Dominion Bank (The) (Canada)<br>(5 Year USD Swap + 2.205%) |
| 5000 | 3.625 | 09/15/31<sup>(c)(d)</sup> | 4959 |
| 83000 | 5.298 | 01/30/32 | 86445 |
| 127000 | 4.456 | 06/08/32 | 125705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.500%) |
| 100000 | 5.146 | 09/10/34<sup>(c)(d)</sup> | 101276 |
| Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |
| 284000 | 4.693 | 09/15/27 | 287331 |
| UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) | UBS AG (Switzerland) |
| 400000 | 7.500 | 02/15/28 | 430778 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| 49000 | 2.850 | 05/13/26 | 48504 |
| 140000 | 2.150 | 06/03/31 | 125767 |
|  |  |  | 13895391 |
| Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% | Basic Industry – 0.1% |
| Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) |
| 210000 | 4.200 | 04/01/29<sup>(c)</sup> | 209671 |
| 100000 | 2.950 | 05/13/30<sup>(c)</sup> | 94193 |
|  |  |  | 303864 |
| Brokerage – 0.0% | Brokerage – 0.0% | Brokerage – 0.0% | Brokerage – 0.0% |
| Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) | Nomura Holdings, Inc. (Japan) |
| 300000 | 5.709 | 01/09/26 | 301117 |
| Communications – 0.0% | Communications – 0.0% | Communications – 0.0% | Communications – 0.0% |
| RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) | RELX Capital, Inc. (United Kingdom) |
| 100000 | 3.000 | 05/22/30<sup>(c)</sup> | 95044 |
| Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% | Consumer Cyclical – 0.1% |
| Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) | Honda Motor Co. Ltd. (Japan) |
| 82000 | 2.534 | 03/10/27<sup>(c)</sup> | 80099 |
| Magna International, Inc. (Canada) | Magna International, Inc. (Canada) | Magna International, Inc. (Canada) | Magna International, Inc. (Canada) |
| 100000 | 5.050 | 03/14/29<sup>(c)</sup> | 102354 |
| 100000 | 5.500 | 03/21/33<sup>(c)</sup> | 103393 |
| Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) | Toyota Motor Corp. (Japan) |
| 140000 | 2.760 | 07/02/29 | 133448 |
|  |  |  | 419294 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **86** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Consumer Noncyclical – 0.4% | Consumer Noncyclical – 0.4% | Consumer Noncyclical – 0.4% | Consumer Noncyclical – 0.4% |
| Ahold Finance USA LLC (Netherlands) | Ahold Finance USA LLC (Netherlands) | Ahold Finance USA LLC (Netherlands) | Ahold Finance USA LLC (Netherlands) |
| $128000 | 6.875% | 05/01/29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139709 |
| Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) | Astrazeneca Finance LLC (United Kingdom) |
| 73000 | 2.250 | 05/28/31<sup>(c)</sup> | 66085 |
| 400000 | 5.000 | 02/26/34<sup>(c)</sup> | 408879 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 300000 | 2.259 | 03/25/28<sup>(c)</sup> | 286341 |
| 500000 | 5.350 | 08/15/32<sup>(c)</sup> | 513900 |
| 244000 | 4.390 | 08/15/37<sup>(c)</sup> | 220355 |
| 20000 | 6.250 | 08/15/55<sup>(c)</sup> | 20170 |
| GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) | GlaxoSmithKline Capital, Inc. (United Kingdom) |
| 300000 | 3.875 | 05/15/28 | 300059 |
| 84000 | 6.375 | 05/15/38 | 93621 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 250000 | 5.000 | 11/26/28<sup>(c)</sup> | 256112 |
|  |  |  | 2305231 |
| Consumer Products – 0.0% | Consumer Products – 0.0% | Consumer Products – 0.0% | Consumer Products – 0.0% |
| Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) | Unilever Capital Corp. (United Kingdom) |
| 150000 | 4.250 | 08/12/27<sup>(c)</sup> | 150984 |
| Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% | Distributors – 0.0% |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| 150000 | 4.750 | 08/01/27<sup>(g)</sup> | 151604 |
| Electric – 0.0% | Electric – 0.0% | Electric – 0.0% | Electric – 0.0% |
| Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) |
| 100000 | 2.639 | 06/15/31<sup>(c)</sup> | 88779 |
| Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% | Electrical – 0.0% |
| ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) | ABB Finance USA, Inc. (Switzerland) |
| 100000 | 4.375 | 05/08/42 | 88163 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) | Canadian Natural Resources Ltd. (Canada) |
| 85000 | 6.250 | 03/15/38 | 89190 |
| Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) | Canadian Natural Resources Ltd., GMTN (Canada) |
| 92000 | 4.950 | 06/01/47<sup>(c)</sup> | 79434 |
| Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) | Cenovus Energy, Inc. (Canada) |
| 70000 | 2.650 | 01/15/32<sup>(c)</sup> | 61590 |
| 19000 | 5.250 | 06/15/37<sup>(c)</sup> | 18121 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 110000 | 3.125 | 11/15/29<sup>(c)</sup> | 104988 |
| 84000 | 6.200 | 11/15/30<sup>(c)</sup> | 90596 |
| 376000 | 5.550 | 06/20/35<sup>(c)</sup> | 382483 |
| 15000 | 5.500 | 12/01/46<sup>(c)</sup> | 14386 |
| 76000 | 3.400 | 08/01/51<sup>(c)</sup> | 50251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.903%) |
| 15000 | 6.250 | 03/01/78<sup>(c)(d)</sup> | 15188 |
| Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) | Equinor ASA (Norway) |
| 100000 | 3.625 | 09/10/28<sup>(c)</sup> | 99083 |
| 196000 | 7.150 | 01/15/29 | 214003 |
| 100000 | 3.125 | 04/06/30<sup>(c)</sup> | 95862 |
| 100000 | 2.375 | 05/22/30<sup>(c)</sup> | 92614 |
| 292000 | 5.100 | 08/17/40 | 290485 |
| 100000 | 3.700 | 04/06/50<sup>(c)</sup> | 76214 |
| Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) |
| 272000 | 6.500 | 06/15/38 | 290000 |
| 60000 | 6.850 | 06/01/39 | 65774 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 185000 | 3.455 | 02/19/29<sup>(c)</sup> | 182206 |
| 188000 | 2.829 | 01/10/30<sup>(c)</sup> | 179469 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| TotalEnergies Capital International SA (France) – (continued) | TotalEnergies Capital International SA (France) – (continued) | TotalEnergies Capital International SA (France) – (continued) | TotalEnergies Capital International SA (France) – (continued) |
| 70000 | 3.127% | 05/29/50<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46068 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 234000 | 4.250 | 05/15/28<sup>(c)</sup> | 234275 |
| 218000 | 7.625 | 01/15/39 | 256685 |
| Transcanada Trust, Series 16-A (Canada) | Transcanada Trust, Series 16-A (Canada) | Transcanada Trust, Series 16-A (Canada) | Transcanada Trust, Series 16-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.640%) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 4.640%) |
| 7000 | 5.875 | 08/15/76<sup>(c)(d)</sup> | 7044 |
|  |  |  | 3036009 |
| Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% | Financial Company – 0.2% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 250000 | 6.100 | 01/15/27<sup>(c)</sup> | 255548 |
| 455000 | 3.300 | 01/30/32<sup>(c)</sup> | 417928 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 292000 | 4.350 | 04/15/30<sup>(c)</sup> | 291573 |
| 15000 | 3.500 | 03/30/51<sup>(c)</sup> | 10350 |
| ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) | ORIX Corp. (Japan) |
| 94000 | 4.650 | 09/10/29 | 95337 |
| 50000 | 2.250 | 03/09/31 | 44650 |
|  |  |  | 1115386 |
| Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% |
| Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 597000 | 4.900 | 02/01/46<sup>(c)</sup> | 544524 |
| Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) | Anheuser-Busch InBev Finance, Inc. (Belgium) |
| 55000 | 4.700 | 02/01/36<sup>(c)</sup> | 53768 |
| 94000 | 4.900 | 02/01/46<sup>(c)</sup> | 85737 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) | Anheuser-Busch InBev Worldwide, Inc. (Belgium) |
| 292000 | 3.500 | 06/01/30<sup>(c)</sup> | 284379 |
| 108000 | 5.550 | 01/23/49<sup>(c)</sup> | 106080 |
| 200000 | 5.800 | 01/23/59<sup>(c)</sup> | 201880 |
| Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) | Diageo Investment Corp. (United Kingdom) |
| 100000 | 4.250 | 05/11/42 | 86052 |
|  |  |  | 1362420 |
| Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% | Forest Products & Paper – 0.0% |
| Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) | Suzano Austria GmbH (Brazil) |
| 200000 | 6.000 | 01/15/29<sup>(c)</sup> | 206149 |
| Hardware – 0.0% | Hardware – 0.0% | Hardware – 0.0% | Hardware – 0.0% |
| Nokia OYJ (Finland) | Nokia OYJ (Finland) | Nokia OYJ (Finland) | Nokia OYJ (Finland) |
| 287000 | 4.375 | 06/12/27 | 286268 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |
| Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) | Fairfax Financial Holdings Ltd. (Canada) |
| 382000 | 3.375 | 03/03/31<sup>(c)</sup> | 359758 |
| Internet – 0.0% | Internet – 0.0% | Internet – 0.0% | Internet – 0.0% |
| JD.com, Inc. (China) | JD.com, Inc. (China) | JD.com, Inc. (China) | JD.com, Inc. (China) |
| 200000 | 3.875 | 04/29/26 | 199392 |
| Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% | Investment Companies – 0.1% |
| Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates) | Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates) | Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates) | Abu Dhabi Developmental Holding Co. PJSC (United Arab Emirates) |
| 448000 | 5.250 | 10/02/54<sup>(c)(g)</sup> | 428739 |
| Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% | Lodging – 0.0% |
| Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) | Sands China Ltd. (Macau) |
| 299000 | 3.250 | 08/08/31<sup>(c)</sup> | 271199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **87** |

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------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Media – 0.0% | Media – 0.0% | Media – 0.0% | Media – 0.0% |
| Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) | Grupo Televisa SAB (Mexico) |
| $100000 | 8.500% | 03/11/32 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111711 |
| Media Non Cable – 0.0% | Media Non Cable – 0.0% | Media Non Cable – 0.0% | Media Non Cable – 0.0% |
| TR Finance LLC (Canada) | TR Finance LLC (Canada) | TR Finance LLC (Canada) | TR Finance LLC (Canada) |
| 100000 | 5.650 | 11/23/43<sup>(c)</sup> | 97987 |
| Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% | Metals and Mining – 0.1% |
| BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) | BHP Billiton Finance USA Ltd. (Australia) |
| 200000 | 5.250 | 09/08/33<sup>(c)</sup> | 206733 |
| Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) | Rio Tinto Alcan, Inc. (Canada) |
| 100000 | 7.250 | 03/15/31 | 115465 |
| Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) | Rio Tinto Finance USA Ltd. (Australia) |
| 202000 | 2.750 | 11/02/51<sup>(c)</sup> | 123220 |
| Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) | Rio Tinto Finance USA PLC (Australia) |
| 150000 | 5.125 | 03/09/53<sup>(c)</sup> | 137844 |
|  |  |  | 583262 |
| Mining – 0.1% | Mining – 0.1% | Mining – 0.1% | Mining – 0.1% |
| Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) | Southern Copper Corp. (Mexico) |
| 85000 | 5.875 | 04/23/45 | 85525 |
| Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) | Vale Canada Ltd. (Brazil) |
| 292000 | 7.200 | 09/15/32 | 320900 |
|  |  |  | 406425 |
| Multi-National – 0.6% | Multi-National – 0.6% | Multi-National – 0.6% | Multi-National – 0.6% |
| African Development Bank (Supranational) | African Development Bank (Supranational) | African Development Bank (Supranational) | African Development Bank (Supranational) |
| 325000 | 4.500 | 06/12/35 | 331151 |
| Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) | Asian Development Bank, GMTN (Supranational) |
| 450000 | 2.625 | 01/12/27 | 443363 |
| 400000 | 2.750 | 01/19/28 | 392152 |
| European Investment Bank (Supranational) | European Investment Bank (Supranational) | European Investment Bank (Supranational) | European Investment Bank (Supranational) |
| 400000 | 3.875 | 03/15/28 | 402671 |
| 700000 | 4.500 | 03/14/30 | 724363 |
| Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) | Inter-American Development Bank, GMTN (Supranational) |
| 344000 | 2.000 | 06/02/26 | 339120 |
| International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) | International Bank for Reconstruction & Development, GMTN (Supranational) |
| 700000 | 4.625 | 01/15/32 | 728122 |
| International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) | International Finance Corp., GMTN (Supranational) |
| 322000 | 3.625 | 09/15/25 | 321888 |
| 306000 | 0.750 | 10/08/26 | 295894 |
|  |  |  | 3978724 |
| Oil Company-Integrated – 0.3% | Oil Company-Integrated – 0.3% | Oil Company-Integrated – 0.3% | Oil Company-Integrated – 0.3% |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 95000 | 6.875 | 08/04/26 | 95636 |
| 70000 | 6.490 | 01/23/27<sup>(c)</sup> | 70309 |
| 292000 | 5.350 | 02/12/28 | 286483 |
| 172000 | 5.950 | 01/28/31<sup>(c)</sup> | 161074 |
| 200000 | 10.000 | 02/07/33<sup>(c)</sup> | 224409 |
| 70000 | 6.375 | 01/23/45 | 53769 |
| 55000 | 6.750 | 09/21/47 | 43284 |
| 20000 | 7.690 | 01/23/50<sup>(c)</sup> | 17125 |
| 95000 | 6.950 | 01/28/60<sup>(c)</sup> | 74100 |
| QatarEnergy (Qatar) | QatarEnergy (Qatar) | QatarEnergy (Qatar) | QatarEnergy (Qatar) |
| 684000 | 3.300 | 07/12/51<sup>(c)(g)</sup> | 467142 |
| Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) | Saudi Arabian Oil Co. (Saudi Arabia) |
| 300000 | 2.250 | 11/24/30<sup>(c)(g)</sup> | 270475 |
|  |  |  | 1763806 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Technology – 0.0% | Technology – 0.0% | Technology – 0.0% | Technology – 0.0% |
| NXP BV / NXP Funding LLC (Netherlands) | NXP BV / NXP Funding LLC (Netherlands) | NXP BV / NXP Funding LLC (Netherlands) | NXP BV / NXP Funding LLC (Netherlands) |
| $40000 | 5.350% | 03/01/26<sup>(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40121 |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 57000 | 3.400 | 05/01/30<sup>(c)</sup> | 54625 |
| 75000 | 2.500 | 05/11/31<sup>(c)</sup> | 67271 |
| 83000 | 5.000 | 01/15/33<sup>(c)</sup> | 83312 |
|  |  |  | 245329 |
| Telecommunications – 0.1% | Telecommunications – 0.1% | Telecommunications – 0.1% | Telecommunications – 0.1% |
| America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) | America Movil SAB de CV (Mexico) |
| 400000 | 4.700 | 07/21/32<sup>(c)</sup> | 397515 |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) | Canadian National Railway Co. (Canada) |
| 100000 | 3.850 | 08/05/32<sup>(c)</sup> | 95817 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 38000 | 2.450 | 12/02/31<sup>(c)</sup> | 33889 |
| Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) | Empresa de Transporte de Pasajeros Metro SA (Chile) |
| 201000 | 4.700 | 05/07/50<sup>(c)(g)</sup> | 169011 |
| 300000 | 3.693 | 09/13/61<sup>(c)(g)</sup> | 204702 |
|  |  |  | 503419 |
| Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% | Wireless – 0.0% |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 242000 | 5.300 | 02/15/34<sup>(c)</sup> | 244184 |
| Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% | Wirelines – 0.1% |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| 292000 | 3.650 | 08/15/52<sup>(c)</sup> | 200887 |
| Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) | Deutsche Telekom International Finance BV (Germany) |
| 15000 | 8.750 | 06/15/30 | 17767 |
| Orange SA (France) | Orange SA (France) | Orange SA (France) | Orange SA (France) |
| 82000 | 9.000 | 03/01/31 | 100235 |
| Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) | Telefonica Emisiones SA (Spain) |
| 260000 | 4.895 | 03/06/48 | 220759 |
| Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) | Telefonica Europe BV (Spain) |
| 50000 | 8.250 | 09/15/30 | 57926 |
|  |  |  | 597574 |
| TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT |
| (Cost $33,613,613) | (Cost $33,613,613) |  | 33994727 |
| Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% | Sovereign Debt Obligations – 2.5% |
| Sovereign – 2.5% | Sovereign – 2.5% | Sovereign – 2.5% | Sovereign – 2.5% |
| Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond | Abu Dhabi Government International Bond |
| 200000 | 1.625 | 06/02/28<sup>(g)</sup> | 188081 |
| 300000 | 3.125 | 04/16/30<sup>(g)</sup> | 289760 |
| 370000 | 1.700 | 03/02/31<sup>(g)</sup> | 327954 |
| 200000 | 2.700 | 09/02/70<sup>(g)</sup> | 109846 |
| Chile Government International Bond | Chile Government International Bond | Chile Government International Bond | Chile Government International Bond |
| 350000 | 2.750 | 01/31/27<sup>(c)</sup> | 343737 |
| 200000 | 2.450 | 01/31/31<sup>(c)</sup> | 181432 |
| 200000 | 3.860 | 06/21/47 | 154550 |
| 200000 | 3.500 | 01/25/50<sup>(c)</sup> | 141662 |
| Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond | Colombia Government International Bond |
| 200000 | 4.500 | 03/15/29<sup>(c)</sup> | 195375 |
| 400000 | 7.500 | 02/02/34<sup>(c)</sup> | 414630 |
| 100000 | 6.125 | 01/18/41 | 87638 |
| 220000 | 5.000 | 06/15/45<sup>(c)</sup> | 161305 |
| Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah | Finance Department Government of Sharjah |
| 300000 | 4.000 | 07/28/50<sup>(g)</sup> | 197854 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **88** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
| Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond | Hungary Government International Bond |
| $300000 | 6.125% | 05/22/28<sup>(g)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312406 |
| Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond | Indonesia Government International Bond |
| 200000 | 3.850 | 10/15/30 | 196101 |
| 260000 | 3.550 | 03/31/32<sup>(c)</sup> | 244464 |
| 200000 | 4.650 | 09/20/32<sup>(c)</sup> | 200156 |
| 280000 | 4.850 | 01/11/33<sup>(c)</sup> | 281953 |
| 200000 | 3.700 | 10/30/49 | 150604 |
| 200000 | 5.650 | 01/11/53<sup>(c)</sup> | 199192 |
| Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y | Israel Government International Bond, Series 10Y |
| 200000 | 4.500 | 01/17/33 | 192951 |
| Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond | Kuwait International Government Bond |
| 1138000 | 3.500 | 03/20/27<sup>(g)</sup> | 1123499 |
| Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond | Mexico Government International Bond |
| 338000 | 4.150 | 03/28/27 | 337463 |
| 250000 | 3.250 | 04/16/30<sup>(c)</sup> | 234449 |
| 282000 | 4.750 | 04/27/32<sup>(c)</sup> | 274013 |
| 250000 | 3.500 | 02/12/34<sup>(c)</sup> | 213444 |
| 200000 | 4.350 | 01/15/47 | 147244 |
| 200000 | 5.000 | 04/27/51<sup>(c)</sup> | 156319 |
| 262000 | 3.771 | 05/24/61<sup>(c)</sup> | 156302 |
| Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN |
| 100000 | 4.750 | 03/08/44 | 79972 |
| Oman Government International Bond | Oman Government International Bond | Oman Government International Bond | Oman Government International Bond |
| 400000 | 6.250 | 01/25/31<sup>(g)</sup> | 429656 |
| Panama Government International Bond | Panama Government International Bond | Panama Government International Bond | Panama Government International Bond |
| 81000 | 6.700 | 01/26/36 | 83289 |
| 200000 | 4.500 | 05/15/47 | 146798 |
| 244000 | 4.500 | 04/01/56 | 168662 |
| 200000 | 4.500 | 01/19/63 | 136890 |
| Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III | Perusahaan Penerbit SBSN Indonesia III |
| 350000 | 4.550 | 03/29/26<sup>(g)</sup> | 352576 |
| 200000 | 2.800 | 06/23/30<sup>(g)</sup> | 186326 |
| 200000 | 2.550 | 06/09/31<sup>(g)</sup> | 180147 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 100000 | 4.125 | 08/25/27 | 100625 |
| 377000 | 1.862 | 12/01/32<sup>(c)</sup> | 308752 |
| 509000 | 8.750 | 11/21/33 | 635563 |
| 85000 | 3.300 | 03/11/41<sup>(c)</sup> | 64558 |
| Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond | Philippine Government International Bond |
| 200000 | 3.750 | 01/14/29 | 197028 |
| 338000 | 2.457 | 05/05/30 | 312423 |
| 220000 | 5.609 | 04/13/33 | 233552 |
| 229000 | 6.375 | 10/23/34 | 255361 |
| 200000 | 2.650 | 12/10/45 | 131605 |
| Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada | Province of Alberta Canada |
| 50000 | 3.300 | 03/15/28 | 49462 |
| Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada | Province of Ontario Canada |
| 30000 | 1.050 | 05/21/27 | 28650 |
| 30000 | 1.600 | 02/25/31 | 26319 |
| Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada | Province of Quebec Canada |
| 25000 | 2.750 | 04/12/27 | 24575 |
| Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond | Qatar Government International Bond |
| 770000 | 3.750 | 04/16/30<sup>(g)</sup> | 759708 |
| 100000 | 6.400 | 01/20/40<sup>(g)</sup> | 113580 |
| 213000 | 5.750 | 01/20/42<sup>(g)</sup> | 225569 |
| 200000 | 4.817 | 03/14/49<sup>(g)</sup> | 183256 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
| Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
| 30000 | 3.250% | 04/06/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29850 |
| Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y | Republic of Poland Government International Bond, Series 10Y |
| 70000 | 5.750 | 11/16/32<sup>(c)</sup> | 74270 |
| 292000 | 4.875 | 10/04/33<sup>(c)</sup> | 292808 |
| Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y | Republic of Poland Government International Bond, Series 5Y |
| 100000 | 5.500 | 11/16/27<sup>(c)</sup> | 103249 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 16000 | 3.000 | 02/14/31<sup>(g)</sup> | 14086 |
| 438000 | 6.375 | 01/30/34<sup>(g)</sup> | 439325 |
| 76000 | 5.125 | 06/15/48<sup>(g)</sup> | 59602 |
| Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond | Saudi Government International Bond |
| 300000 | 2.900 | 10/22/25<sup>(g)</sup> | 299123 |
| 300000 | 4.750 | 01/18/28<sup>(g)</sup> | 303402 |
| 326000 | 4.875 | 07/18/33<sup>(g)</sup> | 329339 |
| 300000 | 5.000 | 01/16/34<sup>(g)</sup> | 303888 |
| 300000 | 5.000 | 01/18/53<sup>(g)</sup> | 260618 |
| **Uruguay Government International Bond** | **Uruguay Government International Bond** | **Uruguay Government International Bond** | **Uruguay Government International Bond** |
| 100000 | 4.375 | 10/27/27 | 100810 |
| 15000 | 4.375 | 01/23/31 | 15143 |
| 486000 | 5.750 | 10/28/34 | 516062 |
| 261000 | 5.100 | 06/18/50 | 241315 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS |
| **(Cost $16,248,808)** | **(Cost $16,248,808)** |  | 16012176 |
| U.S. Government Agency Obligations – 0.8% | U.S. Government Agency Obligations – 0.8% | U.S. Government Agency Obligations – 0.8% | U.S. Government Agency Obligations – 0.8% |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| 200000 | 0.375 | 09/04/25 | 199956 |
| 250000 | 1.250 | 12/21/26 | 242086 |
| 1950000 | 5.500 | 07/15/36 | 2129566 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 1980000 | 6.250 | 07/15/32 | 2251681 |
| Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN | Federal Home Loan Mortgage Corporation, MTN |
| 700000 |  | 11/15/38<sup>(e)</sup> | 375275 |
| TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS | TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS |
| **(Cost $5,144,540)** | **(Cost $5,144,540)** | **(Cost $5,144,540)** | 5198564 |
|  | **Shares** | **Dividend<br>Rate** | **Value** |
| Investment Company – 11.1%<sup>(h)</sup> | Investment Company – 11.1%<sup>(h)</sup> | Investment Company – 11.1%<sup>(h)</sup> | Investment Company – 11.1%<sup>(h)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional | Goldman Sachs Financial Square Government Fund - Institutional |
| Shares | Shares | Shares | Shares |
| 70569978 | 4.154% |  | 70569978 |
| **(Cost $70,569,978)** | **(Cost $70,569,978)** | **(Cost $70,569,978)** | **(Cost $70,569,978)** |
| **TOTAL INVESTMENTS – 110.4%**<br>**(Cost $709,974,378)** | **TOTAL INVESTMENTS – 110.4%**<br>**(Cost $709,974,378)** | **TOTAL INVESTMENTS – 110.4%**<br>**(Cost $709,974,378)** | $704422549 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (10.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (10.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (10.4)%** | (66275333) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% |  | $638147216 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **89** |

---

------

GOLDMAN SACHS ACCESS U.S. AGGREGATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;(b) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $83,182,812 which represents approximately 13.0% of the Fund's net assets as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Issued with a zero coupon. Income is recognized through the accretion of discount.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents an affiliated issuer.

#### Investment Abbreviations:

---

| | |
|:---|:---|
| CMT | —Constant Maturity Treasury Index |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **ADDITIONAL INVESTMENT INFORMATION**<br>

FORWARD SALES CONTRACTS — At August 31, 2025, the Fund had the following forward sales contracts:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity Date <sup>(a)</sup>** | **Settlement Date** | **Principal<br>Amount** | **Value** |
|  FNMA | 2.000% | TBA-15yr | 09/01/40 | $(2000000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1834375) |
|  FNMA | 2.500 | TBA-30yr | 09/15/55 | (2000000) | (1660000) |
|  Total (Proceed Receivable $3,491,953) |  |  |  |  | $(3494375) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **90** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – 56.1% | Corporate Obligations – 56.1% | Corporate Obligations – 56.1% | Corporate Obligations – 56.1% |
| Banks – 27.4% | Banks – 27.4% | Banks – 27.4% | Banks – 27.4% |
|  American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.854%) |
|  $ | 837000 | 3.550% 09/15/73<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819214 |
|  Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.351%) |
|  | 61000 | 6.250 10/26/73<sup>(a)</sup> | 61153 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.684%) |
|  | 610000 | 6.625 08/01/74<sup>(a)</sup> | 629825 |
|  Bank of America Corp., Series DD | Bank of America Corp., Series DD | Bank of America Corp., Series DD | Bank of America Corp., Series DD |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.815%) |
|  | 314000 | 6.300 09/10/73<sup>(a)</sup> | 315963 |
|  Bank of America Corp., Series FF | Bank of America Corp., Series FF | Bank of America Corp., Series FF | Bank of America Corp., Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.193%) |
|  | 611000 | 5.875 09/15/73<sup>(a)</sup> | 616346 |
|  Bank of America Corp., Series RR | Bank of America Corp., Series RR | Bank of America Corp., Series RR | Bank of America Corp., Series RR |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.760%) |
|  | 571000 | 4.375 04/27/74<sup>(a)</sup> | 559580 |
|  Bank of America Corp., Series TT | Bank of America Corp., Series TT | Bank of America Corp., Series TT | Bank of America Corp., Series TT |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.231%) |
|  | 682000 | 6.125 07/27/74<sup>(a)</sup> | 690525 |
|  Bank of New York Mellon Corp. (The) (US 5 Year CMT T-Note + 2.297%) | Bank of New York Mellon Corp. (The) (US 5 Year CMT T-Note + 2.297%) | Bank of New York Mellon Corp. (The) (US 5 Year CMT T-Note + 2.297%) | Bank of New York Mellon Corp. (The) (US 5 Year CMT T-Note + 2.297%) |
|  | 584000 | 6.300 09/20/73<sup>(a)</sup> | 600060 |
|  Bank of New York Mellon Corp. (The), Series F | Bank of New York Mellon Corp. (The), Series F | Bank of New York Mellon Corp. (The), Series F | Bank of New York Mellon Corp. (The), Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.393%) |
|  | 506000 | 4.625 03/20/74<sup>(a)</sup> | 503470 |
|  Bank of New York Mellon Corp. (The), Series G | Bank of New York Mellon Corp. (The), Series G | Bank of New York Mellon Corp. (The), Series G | Bank of New York Mellon Corp. (The), Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.358%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.358%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.358%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.358%) |
|  | 222000 | 4.700 09/20/73<sup>(a)</sup> | 222278 |
|  Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H | Bank of New York Mellon Corp. (The), Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.352%) |
|  | 478000 | 3.700 03/20/74<sup>(a)</sup> | 473220 |
|  Bank of New York Mellon Corp. (The), Series I | Bank of New York Mellon Corp. (The), Series I | Bank of New York Mellon Corp. (The), Series I | Bank of New York Mellon Corp. (The), Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.630%) |
|  | 286000 | 3.750 03/20/74<sup>(a)</sup> | 278493 |
|  Capital One Financial Corp., Series M | Capital One Financial Corp., Series M | Capital One Financial Corp., Series M | Capital One Financial Corp., Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.157%) |
|  | 546000 | 3.950 09/01/74<sup>(a)</sup> | 537128 |
|  Capital One Financial Corp., Series O | Capital One Financial Corp., Series O | Capital One Financial Corp., Series O | Capital One Financial Corp., Series O |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.338%) |
|  | 194000 | 5.500 10/30/73<sup>(a)</sup> | 193027 |
|  Charles Schwab Corp. (The), Series F | Charles Schwab Corp. (The), Series F | Charles Schwab Corp. (The), Series F | Charles Schwab Corp. (The), Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.575%) |
|  | 136000 | 5.000 06/01/74<sup>(a)</sup> | 133110 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Charles Schwab Corp. (The), Series H | Charles Schwab Corp. (The), Series H | Charles Schwab Corp. (The), Series H | Charles Schwab Corp. (The), Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.079%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.079%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.079%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.079%) |
|  $ | 706000 | 4.000% 03/01/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645990 |
|  Charles Schwab Corp. (The), Series I | Charles Schwab Corp. (The), Series I | Charles Schwab Corp. (The), Series I | Charles Schwab Corp. (The), Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.168%) |
|  | 654000 | 4.000 06/01/74<sup>(a)</sup> | 645825 |
|  Charles Schwab Corp. (The), Series K | Charles Schwab Corp. (The), Series K | Charles Schwab Corp. (The), Series K | Charles Schwab Corp. (The), Series K |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.256%) |
|  | 252000 | 5.000 06/01/74<sup>(a)</sup> | 251055 |
|  Citigroup, Inc., Series AA | Citigroup, Inc., Series AA | Citigroup, Inc., Series AA | Citigroup, Inc., Series AA |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.211%) |
|  | 901000 | 7.625 02/15/74<sup>(a)</sup> | 947176 |
|  Citigroup, Inc., Series BB | Citigroup, Inc., Series BB | Citigroup, Inc., Series BB | Citigroup, Inc., Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.905%) |
|  | 133000 | 7.200 08/15/74<sup>(a)</sup> | 137322 |
|  Citigroup, Inc., Series CC | Citigroup, Inc., Series CC | Citigroup, Inc., Series CC | Citigroup, Inc., Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.693%) |
|  | 678000 | 7.125 11/15/73<sup>(a)</sup> | 698340 |
|  Citigroup, Inc., Series DD | Citigroup, Inc., Series DD | Citigroup, Inc., Series DD | Citigroup, Inc., Series DD |
| &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.757%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.757%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.757%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.757%) |
|  | 533000 | 7.000 11/15/73<sup>(a)</sup> | 566312 |
|  Citigroup, Inc., Series EE | Citigroup, Inc., Series EE | Citigroup, Inc., Series EE | Citigroup, Inc., Series EE |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.572%) |
|  | 350000 | 6.750 02/15/74<sup>(a)</sup> | 353500 |
|  Citigroup, Inc., Series FF | Citigroup, Inc., Series FF | Citigroup, Inc., Series FF | Citigroup, Inc., Series FF |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.726%) |
|  | 604000 | 6.950 05/15/74<sup>(a)</sup> | 616080 |
|  Citigroup, Inc., Series GG | Citigroup, Inc., Series GG | Citigroup, Inc., Series GG | Citigroup, Inc., Series GG |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) |
|  | 111000 | 6.875 11/15/73<sup>(a)</sup> | 113775 |
|  Citigroup, Inc., Series T | Citigroup, Inc., Series T | Citigroup, Inc., Series T | Citigroup, Inc., Series T |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.779%) |
|  | 10000 | 6.250 02/15/74<sup>(a)</sup> | 10075 |
|  Citigroup, Inc., Series W | Citigroup, Inc., Series W | Citigroup, Inc., Series W | Citigroup, Inc., Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.597%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.597%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.597%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.597%) |
|  | 205000 | 4.000 03/10/74<sup>(a)</sup> | 203975 |
|  Citigroup, Inc., Series X | Citigroup, Inc., Series X | Citigroup, Inc., Series X | Citigroup, Inc., Series X |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.417%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.417%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.417%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.417%) |
|  | 857000 | 3.875 05/18/74<sup>(a)</sup> | 852715 |
|  Citigroup, Inc., Series Y | Citigroup, Inc., Series Y | Citigroup, Inc., Series Y | Citigroup, Inc., Series Y |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) |
|  | 428000 | 4.150 02/15/74<sup>(a)</sup> | 419440 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **91** |

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------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Citigroup, Inc., Series Z | Citigroup, Inc., Series Z | Citigroup, Inc., Series Z | Citigroup, Inc., Series Z |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.209%) |
|  $ | 434000 | 7.375% 08/15/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452445 |
|  Citizens Financial Group, Inc., Series B | Citizens Financial Group, Inc., Series B | Citizens Financial Group, Inc., Series B | Citizens Financial Group, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.265%) |
|  | 76000 | 7.550 01/07/74<sup>(a)</sup> | 76380 |
|  Citizens Financial Group, Inc., Series C | Citizens Financial Group, Inc., Series C | Citizens Financial Group, Inc., Series C | Citizens Financial Group, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.419%) |
|  | 275000 | 7.704 04/06/24<sup>(a)</sup> | 276031 |
|  Citizens Financial Group, Inc., Series F | Citizens Financial Group, Inc., Series F | Citizens Financial Group, Inc., Series F | Citizens Financial Group, Inc., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.313%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.313%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.313%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.313%) |
|  | 284000 | 5.650 10/06/73<sup>(a)</sup> | 284710 |
|  Fifth Third Bancorp, Series H | Fifth Third Bancorp, Series H | Fifth Third Bancorp, Series H | Fifth Third Bancorp, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
|  | 289000 | 7.590 06/30/23<sup>(a)</sup> | 289722 |
|  Fifth Third Bancorp, Series J | Fifth Third Bancorp, Series J | Fifth Third Bancorp, Series J | Fifth Third Bancorp, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.391%) |
|  | 324000 | 7.686 09/30/73<sup>(a)</sup> | 324405 |
|  Fifth Third Bancorp, Series L | Fifth Third Bancorp, Series L | Fifth Third Bancorp, Series L | Fifth Third Bancorp, Series L |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.215%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.215%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.215%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.215%) |
|  | 130000 | 4.500 09/30/73<sup>(a)</sup> | 130325 |
|  Huntington Bancshares, Inc., Series F | Huntington Bancshares, Inc., Series F | Huntington Bancshares, Inc., Series F | Huntington Bancshares, Inc., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.945%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.945%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.945%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.945%) |
|  | 269000 | 5.625 10/15/73<sup>(a)</sup> | 274716 |
|  Huntington Bancshares, Inc., Series G | Huntington Bancshares, Inc., Series G | Huntington Bancshares, Inc., Series G | Huntington Bancshares, Inc., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.045%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.045%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.045%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.045%) |
|  | 293000 | 4.450 01/15/74<sup>(a)</sup> | 289704 |
|  JPMorgan Chase & Co., Series CC | JPMorgan Chase & Co., Series CC | JPMorgan Chase & Co., Series CC | JPMorgan Chase & Co., Series CC |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.842%) |
|  | 110000 | 7.138 05/01/74<sup>(a)</sup> | 111169 |
|  JPMorgan Chase & Co., Series II | JPMorgan Chase & Co., Series II | JPMorgan Chase & Co., Series II | JPMorgan Chase & Co., Series II |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.745%) |
|  | 182000 | 7.036 10/01/73<sup>(a)</sup> | 183024 |
|  JPMorgan Chase & Co., Series KK | JPMorgan Chase & Co., Series KK | JPMorgan Chase & Co., Series KK | JPMorgan Chase & Co., Series KK |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.850%) |
|  | 580000 | 3.650 09/01/74<sup>(a)</sup> | 573475 |
|  JPMorgan Chase & Co., Series NN | JPMorgan Chase & Co., Series NN | JPMorgan Chase & Co., Series NN | JPMorgan Chase & Co., Series NN |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.737%) |
|  | 1046000 | 6.875 06/01/74<sup>(a)</sup> | 1103530 |
|  JPMorgan Chase & Co., Series OO | JPMorgan Chase & Co., Series OO | JPMorgan Chase & Co., Series OO | JPMorgan Chase & Co., Series OO |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.152%) |
|  | 892000 | 6.500 04/01/74<sup>(a)</sup> | 916530 |
|  KeyCorp, Series D | KeyCorp, Series D | KeyCorp, Series D | KeyCorp, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.868%) |
|  | 293000 | 5.000 12/15/73<sup>(a)</sup> | 291535 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. | M&T Bank Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.679%) |
|  $ | 566000 | 3.500% 03/01/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549728 |
|  M&T Bank Corp., Series F | M&T Bank Corp., Series F | M&T Bank Corp., Series F | M&T Bank Corp., Series F |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.782%) |
|  | 34000 | 5.125 05/01/74<sup>(a)</sup> | 33872 |
|  M&T Bank Corp., Series G | M&T Bank Corp., Series G | M&T Bank Corp., Series G | M&T Bank Corp., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.174%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.174%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.174%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.174%) |
|  | 86000 | 7.304 02/01/74<sup>(a)</sup> | 86860 |
|  Mellon Capital IV, Series 1 | Mellon Capital IV, Series 1 | Mellon Capital IV, Series 1 | Mellon Capital IV, Series 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 0.827%) |
|  | 148000 | 5.146 06/20/12<sup>(a)</sup> | 129130 |
|  Morgan Stanley, Series M | Morgan Stanley, Series M | Morgan Stanley, Series M | Morgan Stanley, Series M |
|  | 326000 | 5.875 03/15/74<sup>(a)</sup> | 325592 |
|  Morgan Stanley, Series N | Morgan Stanley, Series N | Morgan Stanley, Series N | Morgan Stanley, Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.422%) |
|  | 140000 | 7.740 03/15/74<sup>(a)</sup> | 141225 |
|  Northern Trust Corp., Series D | Northern Trust Corp., Series D | Northern Trust Corp., Series D | Northern Trust Corp., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.464%) |
|  | 441000 | 4.600 04/01/74<sup>(a)</sup> | 439897 |
|  PNC Financial Services Group, Inc. (The), Series S | PNC Financial Services Group, Inc. (The), Series S | PNC Financial Services Group, Inc. (The), Series S | PNC Financial Services Group, Inc. (The), Series S |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.562%) |
|  | 753000 | 5.000 05/01/74<sup>(a)</sup> | 752059 |
|  PNC Financial Services Group, Inc. (The), Series T | PNC Financial Services Group, Inc. (The), Series T | PNC Financial Services Group, Inc. (The), Series T | PNC Financial Services Group, Inc. (The), Series T |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.595%) |
|  | 588000 | 3.400 12/15/73<sup>(a)</sup> | 569625 |
|  PNC Financial Services Group, Inc. (The), Series U | PNC Financial Services Group, Inc. (The), Series U | PNC Financial Services Group, Inc. (The), Series U | PNC Financial Services Group, Inc. (The), Series U |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.000%) |
|  | 51000 | 6.000 08/15/74<sup>(a)</sup> | 51446 |
|  PNC Financial Services Group, Inc. (The), Series V | PNC Financial Services Group, Inc. (The), Series V | PNC Financial Services Group, Inc. (The), Series V | PNC Financial Services Group, Inc. (The), Series V |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.238%) |
|  | 332000 | 6.200 12/15/73<sup>(a)</sup> | 338225 |
|  PNC Financial Services Group, Inc. (The), Series W | PNC Financial Services Group, Inc. (The), Series W | PNC Financial Services Group, Inc. (The), Series W | PNC Financial Services Group, Inc. (The), Series W |
| &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.808%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 2.808%) |
|  | 639000 | 6.250 06/15/74<sup>(a)</sup> | 650183 |
|  State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.135%) |
|  | 563000 | 6.450 06/15/74<sup>(a)</sup> | 576371 |
|  State Street Corp., Series I | State Street Corp., Series I | State Street Corp., Series I | State Street Corp., Series I |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.613%) |
|  | 472000 | 6.700 06/15/74<sup>(a)</sup> | 490880 |
|  State Street Corp., Series J | State Street Corp., Series J | State Street Corp., Series J | State Street Corp., Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.628%) |
|  | 393000 | 6.700 12/15/73<sup>(a)</sup> | 409211 |
|  Truist Financial Corp., Series M | Truist Financial Corp., Series M | Truist Financial Corp., Series M | Truist Financial Corp., Series M |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.048%) |
|  | 346000 | 5.125 06/15/74<sup>(a)</sup> | 339512 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **92** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
|  Truist Financial Corp., Series N | Truist Financial Corp., Series N | Truist Financial Corp., Series N | Truist Financial Corp., Series N |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.003%) |
|  $ | 625000 | 6.669% 03/01/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628125 |
|  Truist Financial Corp., Series P | Truist Financial Corp., Series P | Truist Financial Corp., Series P | Truist Financial Corp., Series P |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.605%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.605%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.605%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.605%) |
|  | 589000 | 4.950 12/01/73<sup>(a)</sup> | 589000 |
|  Truist Financial Corp., Series Q | Truist Financial Corp., Series Q | Truist Financial Corp., Series Q | Truist Financial Corp., Series Q |
| &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.349%) | &nbsp;&nbsp;&nbsp;&nbsp; (10 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 4.349%) |
|  | 328000 | 5.100 03/01/74<sup>(a)</sup> | 325950 |
|  U.S. Bancorp | U.S. Bancorp | U.S. Bancorp | U.S. Bancorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.541%) |
|  | 950000 | 3.700 01/15/74<sup>(a)</sup> | 919125 |
|  U.S. Bancorp, Series J | U.S. Bancorp, Series J | U.S. Bancorp, Series J | U.S. Bancorp, Series J |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.176%) |
|  | 389000 | 5.300 04/15/74<sup>(a)</sup> | 389972 |
|  USB Capital IX | USB Capital IX | USB Capital IX | USB Capital IX |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 1.282%) |
|  | 295000 | 5.599 04/15/11<sup>(a)</sup> | 247063 |
|  Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. | Wells Fargo & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) |
|  | 830000 | 6.850 09/15/73<sup>(a)</sup> | 871500 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.606%) |
|  | 1078000 | 7.625 09/15/73<sup>(a)</sup> | 1154808 |
|  Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB | Wells Fargo & Co., Series BB |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.453%) |
|  | 1088000 | 3.900 03/15/74<sup>(a)</sup> | 1079840 |
|  |  |  | 30761872 |
| Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% |
|  FMC Corp. | FMC Corp. | FMC Corp. | FMC Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.366%) |
|  | 232000 | 8.450 11/01/55<sup>(a)</sup> | 242150 |
| Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% | Building Materials – 0.3% |
|  Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. | Stanley Black & Decker, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.657%) |
|  | 338000 | 6.707 03/15/60<sup>(a)</sup> | 338631 |
| Consumer Cyclical – 0.7% | Consumer Cyclical – 0.7% | Consumer Cyclical – 0.7% | Consumer Cyclical – 0.7% |
|  Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. | Aptiv Swiss Holdings Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.385%) |
|  | 232000 | 6.875 12/15/54<sup>(a)</sup> | 235178 |
|  General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A | General Motors Financial Co., Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.598%) |
|  | 49000 | 5.750 03/30/74<sup>(a)</sup> | 48143 |
|  General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B | General Motors Financial Co., Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.436%) |
|  | 399000 | 6.500 03/30/74<sup>(a)</sup> | 395010 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
|  General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C | General Motors Financial Co., Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.997%) |
|  $ | 97000 | 5.700% 03/30/74<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95545 |
|  |  |  | 773876 |
| Consumer Noncyclical – 0.1% | Consumer Noncyclical – 0.1% | Consumer Noncyclical – 0.1% | Consumer Noncyclical – 0.1% |
|  DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. | DENTSPLY SIRONA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.379%) |
|  | 172000 | 8.375 09/12/55<sup>(a)</sup> | 175440 |
| Electric – 12.6% | Electric – 12.6% | Electric – 12.6% | Electric – 12.6% |
|  AES Corp. (The) | AES Corp. (The) | AES Corp. (The) | AES Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.201%) |
|  | 328000 | 7.600 01/15/55<sup>(a)</sup> | 338660 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.890%) |
|  | 135000 | 6.950 07/15/55<sup>(a)</sup> | 131610 |
|  American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. | American Electric Power Co., Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.675%) |
|  | 196000 | 6.950 12/15/54<sup>(a)</sup> | 209075 |
|  | 196000 | 3.875 02/15/62<sup>(a)</sup> | 189998 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.750%) |
|  | 140000 | 7.050 12/15/54<sup>(a)</sup> | 146778 |
|  CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A | CenterPoint Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.254%) |
|  | 318000 | 7.000 02/15/55<sup>(a)</sup> | 335092 |
|  CenterPoint Energy, Inc., Series B | CenterPoint Energy, Inc., Series B | CenterPoint Energy, Inc., Series B | CenterPoint Energy, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.946%) |
|  | 136000 | 6.850 02/15/55<sup>(a)</sup> | 142874 |
|  CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. | CMS Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.116%) |
|  | 174000 | 4.750 06/01/50<sup>(a)</sup> | 170085 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.961%) |
|  | 196000 | 6.500 06/01/55<sup>(a)</sup> | 200595 |
|  Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. | Dominion Energy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.207%) |
|  | 174000 | 6.625 05/15/55<sup>(a)</sup> | 178726 |
|  Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A | Dominion Energy, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.386%) |
|  | 766000 | 6.875 02/01/55<sup>(a)</sup> | 802385 |
|  Dominion Energy, Inc., Series B | Dominion Energy, Inc., Series B | Dominion Energy, Inc., Series B | Dominion Energy, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.511%) |
|  | 536000 | 7.000 06/01/54<sup>(a)</sup> | 575787 |
|  Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C | Dominion Energy, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.195%) |
|  | 59000 | 4.350 04/15/74<sup>(a)</sup> | 57916 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **93** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
|  Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.588%) |
|  $ | 306000 | 6.450% 09/01/54<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317238 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.321%) |
|  | 10000 | 3.250 01/15/82<sup>(a)</sup> | 9675 |
|  Edison International | Edison International | Edison International | Edison International |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.864%) |
|  | 550000 | 8.125 06/15/53<sup>(a)</sup> | 551563 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.658%) |
|  | 16000 | 7.875 06/15/54<sup>(a)</sup> | 15886 |
|  Edison International, Series A | Edison International, Series A | Edison International, Series A | Edison International, Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.698%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.698%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.698%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.698%) |
|  | 312000 | 5.375 09/15/73<sup>(a)</sup> | 302055 |
|  Entergy Corp. | Entergy Corp. | Entergy Corp. | Entergy Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.670%) |
|  | 514000 | 7.125 12/01/54<sup>(a)</sup> | 535806 |
|  Evergy, Inc. | Evergy, Inc. | Evergy, Inc. | Evergy, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.558%) |
|  | 131000 | 6.650 06/01/55<sup>(a)</sup> | 133292 |
|  Exelon Corp. | Exelon Corp. | Exelon Corp. | Exelon Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.975%) |
|  | 596000 | 6.500 03/15/55<sup>(a)</sup> | 617457 |
|  National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. | National Rural Utilities Cooperative Finance Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.172%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.172%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.172%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.172%) |
|  | 111000 | 7.482 04/30/43<sup>(a)</sup> | 110528 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.533%) |
|  | 135000 | 7.125 09/15/53<sup>(a)</sup> | 141077 |
|  Nevada Power Co. | Nevada Power Co. | Nevada Power Co. | Nevada Power Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.936%) |
|  | 90000 | 6.250 05/15/55<sup>(a)</sup> | 90540 |
|  NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.457%) |
|  | 556000 | 6.750 06/15/54<sup>(a)</sup> | 587534 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.364%) |
|  | 277000 | 6.700 09/01/54<sup>(a)</sup> | 285891 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.053%) |
|  | 847000 | 6.375 08/15/55<sup>(a)</sup> | 876471 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.979%) |
|  | 355000 | 6.500 08/15/55<sup>(a)</sup> | 374525 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.329%) |
|  | 73000 | 6.620 10/01/66<sup>(a)</sup> | 68985 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.387%) |
|  | 415000 | 6.705 06/15/67<sup>(a)</sup> | 394250 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Electric – (continued) | Electric – (continued) | Electric – (continued) | Electric – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.156%) |
|  $ | 118000 | 5.650% 05/01/79<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118295 |
|  NiSource, Inc. | NiSource, Inc. | NiSource, Inc. | NiSource, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.451%) |
|  | 252000 | 6.950 11/30/54<sup>(a)</sup> | 262307 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.527%) |
|  | 155000 | 6.375 03/31/55<sup>(a)</sup> | 159134 |
|  PacifiCorp | PacifiCorp | PacifiCorp | PacifiCorp |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.319%) |
|  | 363000 | 7.375 09/15/55<sup>(a)</sup> | 376990 |
|  PG&E Corp. | PG&E Corp. | PG&E Corp. | PG&E Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.883%) |
|  | 499000 | 7.375 03/15/55<sup>(a)</sup> | 499000 |
|  PPL Capital Funding, Inc., Series A | PPL Capital Funding, Inc., Series A | PPL Capital Funding, Inc., Series A | PPL Capital Funding, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) |
|  | 450000 | 7.222 03/30/67<sup>(a)</sup> | 446018 |
|  Sempra | Sempra | Sempra | Sempra |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.868%) |
|  | 58000 | 4.125 04/01/52<sup>(a)</sup> | 56459 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.632%) |
|  | 389000 | 6.400 10/01/54<sup>(a)</sup> | 383165 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.789%) |
|  | 822000 | 6.875 10/01/54<sup>(a)</sup> | 834896 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.138%) |
|  | 61000 | 6.550 04/01/55<sup>(a)</sup> | 59856 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.354%) |
|  | 104000 | 6.625 04/01/55<sup>(a)</sup> | 103977 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.550%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.550%) |
|  | 475000 | 4.875 10/15/73<sup>(a)</sup> | 475594 |
|  Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 | Southern Co. (The), Series 2025 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.069%) |
|  | 663000 | 6.375 03/15/55<sup>(a)</sup> | 692471 |
|  Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A | Southern Co. (The), Series 21-A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.915%) |
|  | 257000 | 3.750 09/15/51<sup>(a)</sup> | 253851 |
|  Southern Co. (The), Series B | Southern Co. (The), Series B | Southern Co. (The), Series B | Southern Co. (The), Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.733%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.733%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.733%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.733%) |
|  | 472000 | 4.000 01/15/51<sup>(a)</sup> | 469682 |
|  |  |  | 14084049 |
| Energy – 4.9% | Energy – 4.9% | Energy – 4.9% | Energy – 4.9% |
|  BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC | BP Capital Markets PLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.036%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.036%) |
|  | 694000 | 4.375 09/22/73<sup>(a)</sup> | 695735 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **94** | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.398%) |
|  $ | 940000 | 4.875% 12/22/73<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935300 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 1.924%) |
|  | 375000 | 6.125 06/18/74<sup>(a)</sup> | 383906 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.153%) |
|  | 227000 | 6.450 09/01/74<sup>(a)</sup> | 240053 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.020%) |
|  | 371000 | 8.000 05/15/54<sup>(a)</sup> | 394444 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.829%) |
|  | 351000 | 7.125 10/01/54<sup>(a)</sup> | 362408 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.279%) |
|  | 151000 | 7.575 11/01/66<sup>(a)</sup> | 150745 |
|  Energy Transfer LP, Series G | Energy Transfer LP, Series G | Energy Transfer LP, Series G | Energy Transfer LP, Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.306%) |
|  | 566000 | 7.125 05/15/74<sup>(a)</sup> | 582388 |
|  Energy Transfer LP, Series H | Energy Transfer LP, Series H | Energy Transfer LP, Series H | Energy Transfer LP, Series H |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.694%) |
|  | 254000 | 6.500 11/15/73<sup>(a)</sup> | 255421 |
|  Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D | Enterprise Products Operating LLC, Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.248%) |
|  | 502000 | 7.433 08/16/77<sup>(a)</sup> | 503854 |
|  Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E | Enterprise Products Operating LLC, Series E |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.295%) |
|  | 541000 | 5.250 08/16/77<sup>(a)</sup> | 537482 |
|  Plains All American Pipeline LP, Series B | Plains All American Pipeline LP, Series B | Plains All American Pipeline LP, Series B | Plains All American Pipeline LP, Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.372%) |
|  | 486000 | 8.583 11/15/73<sup>(a)</sup> | 487215 |
|  |  |  | 5528951 |
| Financial Company – 1.5% | Financial Company – 1.5% | Financial Company – 1.5% | Financial Company – 1.5% |
|  Air Lease Corp., Series B | Air Lease Corp., Series B | Air Lease Corp., Series B | Air Lease Corp., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.076%) |
|  | 90000 | 4.650 06/15/74<sup>(a)</sup> | 89775 |
|  Air Lease Corp., Series C | Air Lease Corp., Series C | Air Lease Corp., Series C | Air Lease Corp., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.149%) |
|  | 19000 | 4.125 12/15/73<sup>(a)</sup> | 18670 |
|  Air Lease Corp., Series D | Air Lease Corp., Series D | Air Lease Corp., Series D | Air Lease Corp., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.560%) |
|  | 89000 | 6.000 12/15/73<sup>(a)</sup> | 88135 |
|  Ally Financial, Inc., Series B | Ally Financial, Inc., Series B | Ally Financial, Inc., Series B | Ally Financial, Inc., Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.868%) |
|  | 654000 | 4.700 08/15/74<sup>(a)</sup> | 640102 |
|  Ally Financial, Inc., Series C | Ally Financial, Inc., Series C | Ally Financial, Inc., Series C | Ally Financial, Inc., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.481%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.481%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.481%) | &nbsp;&nbsp;&nbsp;&nbsp; (7 yr. US Treasury Yield<br>Curve Rate T Note Constant<br>Maturity + 3.481%) |
|  | 522000 | 4.700 08/15/74<sup>(a)</sup> | 477630 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) | Financial Company – (continued) |
|  Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. | Apollo Global Management, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.168%) |
|  $ | 332000 | 6.000% | 12/15/54<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331174 |
|  |  |  |  | 1645486 |
| Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% | Healthcare – 0.8% |
|  CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.516%) |
|  | 303000 | 6.750 | 12/10/54<sup>(a)</sup> | 307728 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.886%) |
|  | 579000 | 7.000 | 03/10/55<sup>(a)</sup> | 603541 |
|  |  |  |  | 911269 |
| Insurance – 6.5% | Insurance – 6.5% | Insurance – 6.5% | Insurance – 6.5% | Insurance – 6.5% |
|  ACE Capital Trust II | ACE Capital Trust II | ACE Capital Trust II | ACE Capital Trust II | ACE Capital Trust II |
|  | 156000 | 9.700 | 04/01/30 | 187573 |
|  Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) | Allstate Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.120%) |
|  | 100000 | 6.500 | 05/15/67<sup>(a)</sup> | 102957 |
|  Allstate Corp. (The), Series B | Allstate Corp. (The), Series B | Allstate Corp. (The), Series B | Allstate Corp. (The), Series B | Allstate Corp. (The), Series B |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.200%) |
|  | 559000 | 7.411 | 08/15/53<sup>(a)</sup> | 561618 |
|  Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. | Athene Holding Ltd. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.607%) |
|  | 247000 | 6.625 | 10/15/54<sup>(a)</sup> | 247254 |
|  AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.186%) |
|  | 346000 | 4.900 | 01/15/40<sup>(a)</sup> | 337498 |
|  Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.846%) |
|  | 444000 | 6.875 | 12/15/52<sup>(a)</sup> | 458553 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.646%) |
|  | 280000 | 6.375 | 09/15/54<sup>(a)</sup> | 283100 |
|  Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) |
|  | 289000 | 6.700 | 03/28/55<sup>(a)</sup> | 297174 |
|  Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. | Genworth Holdings, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.264%) |
|  | 162000 | 6.475 | 11/15/66<sup>(a)</sup> | 139227 |
|  Lincoln National Corp., Series C | Lincoln National Corp., Series C | Lincoln National Corp., Series C | Lincoln National Corp., Series C | Lincoln National Corp., Series C |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 5.318%) |
|  | 121000 | 9.250 | 03/01/74<sup>(a)</sup> | 131134 |
|  MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. | MetLife, Inc. |
|  | 306000 | 6.400 | 12/15/66 | 323346 |
|  | 135000 | 10.750 | 08/01/69 | 181405 |
|  MetLife, Inc., Series D | MetLife, Inc., Series D | MetLife, Inc., Series D | MetLife, Inc., Series D | MetLife, Inc., Series D |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.221%) |
|  | 175000 | 5.875 | 09/15/73<sup>(a)</sup> | 178937 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **95** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Insurance – (continued) | Insurance – (continued) | Insurance – (continued) |
| MetLife, Inc., Series G | MetLife, Inc., Series G | MetLife, Inc., Series G |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.078%) |
| 490000 | 6.350% 03/15/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509657 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.576%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.576%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.576%) |
| 406000 | 3.850 03/15/74<sup>(a)</sup> | 406507 |
| Prudential Financial, Inc. | Prudential Financial, Inc. | Prudential Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.665%) |
| 760000 | 5.700 09/15/48<sup>(a)</sup> | 775164 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.035%) |
| 18000 | 3.700 10/01/50<sup>(a)</sup> | 16717 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.162%) |
| 582000 | 5.125 03/01/52<sup>(a)</sup> | 570672 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.234%) |
| 371000 | 6.000 09/01/52<sup>(a)</sup> | 384590 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.848%) |
| 44000 | 6.750 03/01/53<sup>(a)</sup> | 46803 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.404%) |
| 362000 | 6.500 03/15/54<sup>(a)</sup> | 381689 |
| Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.392%) |
| 513000 | 6.650 09/15/55<sup>(a)</sup> | 522933 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.927%) |
| 15000 | 7.245 12/15/65<sup>(a)</sup> | 14659 |
| Voya Financial, Inc. | Voya Financial, Inc. | Voya Financial, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.084%) |
| 174000 | 4.700 01/23/48<sup>(a)</sup> | 169020 |
| Voya Financial, Inc., Series A | Voya Financial, Inc., Series A | Voya Financial, Inc., Series A |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.358%) |
| 78000 | 7.758 03/15/74<sup>(a)</sup> | 82826 |
|  |  | 7311013 |
| Media Non Cable – 0.5% | Media Non Cable – 0.5% | Media Non Cable – 0.5% |
| Paramount Global | Paramount Global | Paramount Global |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 3.899%) |
| 219000 | 6.250 02/28/57<sup>(a)</sup> | 213188 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.999%) |
| 315000 | 6.375 03/30/62<sup>(a)</sup> | 316197 |
|  |  | 529385 |
| Natural Gas – 0.3% | Natural Gas – 0.3% | Natural Gas – 0.3% |
| Northwest Natural Holding Co. | Northwest Natural Holding Co. | Northwest Natural Holding Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.701%) |
| 341000 | 7.000 09/15/55<sup>(a)</sup> | 347218 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Transportation – 0.3% | Transportation – 0.3% | Transportation – 0.3% |
| BNSF Funding Trust I | BNSF Funding Trust I | BNSF Funding Trust I |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.350%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 2.350%) |
| 291000 | 6.613% 12/15/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291441 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $61,310,678)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $61,310,678)** | 62940781 |
| Foreign Corporate Debt – 9.3% | Foreign Corporate Debt – 9.3% | Foreign Corporate Debt – 9.3% |
| Banks – 1.1% | Banks – 1.1% | Banks – 1.1% |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.979%) |
| 437000 | 6.709 08/25/24<sup>(a)</sup> | 437546 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.910%) |
| 756000 | 7.230 10/12/22<sup>(a)</sup> | 754110 |
|  |  | 1191656 |
| Electric – 1.1% | Electric – 1.1% | Electric – 1.1% |
| Algonquin Power & Utilities Corp. (Canada) | Algonquin Power & Utilities Corp. (Canada) | Algonquin Power & Utilities Corp. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.249%) |
| 315000 | 4.750 01/18/82<sup>(a)</sup> | 308700 |
| Brookfield Infrastructure Finance ULC (Canada) | Brookfield Infrastructure Finance ULC (Canada) | Brookfield Infrastructure Finance ULC (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.453%) |
| 330000 | 6.750 03/15/55<sup>(a)</sup> | 336064 |
| Emera, Inc., Series 16-A (Canada) | Emera, Inc., Series 16-A (Canada) | Emera, Inc., Series 16-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M USD LIBOR + 5.440%) |
| 556000 | 6.750 06/15/76<sup>(a)</sup> | 560865 |
|  |  | 1205629 |
| Energy – 3.5% | Energy – 3.5% | Energy – 3.5% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.970%) |
| 226000 | 7.200 06/27/54<sup>(a)</sup> | 234849 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.122%) |
| 349000 | 7.375 03/15/55<sup>(a)</sup> | 365912 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 3.680%) |
| 755000 | 5.500 07/15/77<sup>(a)</sup> | 755944 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S.T-Bill MMY + 3.903%) |
| 234000 | 6.250 03/01/78<sup>(a)</sup> | 236925 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.708%) |
| 368000 | 7.375 01/15/83<sup>(a)</sup> | 381526 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.418%) |
| 137000 | 7.625 01/15/83<sup>(a)</sup> | 146277 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 4.431%) |
| 442000 | 8.500 01/15/84<sup>(a)</sup> | 500020 |
| Enbridge, Inc., Series 16-A (Canada) | Enbridge, Inc., Series 16-A (Canada) | Enbridge, Inc., Series 16-A (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 4.152%) |
| 63000 | 6.000 01/15/77<sup>(a)</sup> | 63472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **96** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| Enbridge, Inc., Series 20-A (Canada)<br>(US 5 Year CMT T-Note + 5.314%) | Enbridge, Inc., Series 20-A (Canada)<br>(US 5 Year CMT T-Note + 5.314%) | Enbridge, Inc., Series 20-A (Canada)<br>(US 5 Year CMT T-Note + 5.314%) | Enbridge, Inc., Series 20-A (Canada)<br>(US 5 Year CMT T-Note + 5.314%) |
| 232000 | 5.750% | 07/15/80<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231746 |
| Enbridge, Inc., Series NC5 (Canada)<br>(US 5 Year CMT T-Note + 3.785%) | Enbridge, Inc., Series NC5 (Canada)<br>(US 5 Year CMT T-Note + 3.785%) | Enbridge, Inc., Series NC5 (Canada)<br>(US 5 Year CMT T-Note + 3.785%) | Enbridge, Inc., Series NC5 (Canada)<br>(US 5 Year CMT T-Note + 3.785%) |
| 269000 | 8.250 | 01/15/84<sup>(a)</sup> | 287337 |
| TransCanada PipeLines Ltd. (Canada)<br>(US 5 Year CMT T-Note + 2.614%) | TransCanada PipeLines Ltd. (Canada)<br>(US 5 Year CMT T-Note + 2.614%) | TransCanada PipeLines Ltd. (Canada)<br>(US 5 Year CMT T-Note + 2.614%) | TransCanada PipeLines Ltd. (Canada)<br>(US 5 Year CMT T-Note + 2.614%) |
| 329000 | 7.000 | 06/01/65<sup>(a)</sup> | 335116 |
| &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) | &nbsp;&nbsp;&nbsp;&nbsp; (TSFR3M + 2.472%) |
| 371000 | 6.683 | 05/15/67<sup>(a)</sup> | 343175 |
|  |  |  | 3882299 |
| Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.720%) |
| 563000 | 6.950 | 03/10/55<sup>(a)</sup> | 589072 |
| Brookfield Finance, Inc. (Canada)<br>(US 5 Year CMT T-Note + 2.076%) | Brookfield Finance, Inc. (Canada)<br>(US 5 Year CMT T-Note + 2.076%) | Brookfield Finance, Inc. (Canada)<br>(US 5 Year CMT T-Note + 2.076%) | Brookfield Finance, Inc. (Canada)<br>(US 5 Year CMT T-Note + 2.076%) |
| 245000 | 6.300 | 01/15/55<sup>(a)</sup> | 238203 |
|  |  |  | 827275 |
| Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% | Insurance – 0.2% |
| AXA SA (France) | AXA SA (France) | AXA SA (France) | AXA SA (France) |
| 180000 | 8.600 | 12/15/30 | 215134 |
| Wireless – 2.1% | Wireless – 2.1% | Wireless – 2.1% | Wireless – 2.1% |
| Rogers Communications, Inc. (Canada)<br>(US 5 Year CMT T-Note + | Rogers Communications, Inc. (Canada)<br>(US 5 Year CMT T-Note + | Rogers Communications, Inc. (Canada)<br>(US 5 Year CMT T-Note + | Rogers Communications, Inc. (Canada)<br>(US 5 Year CMT T-Note + |
| 2.653%) |  |  |  |
| 417000 | 7.000 | 04/15/55<sup>(a)</sup> | 430031 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.620%) |
| 330000 | 7.125 | 04/15/55<sup>(a)</sup> | 342788 |
| TEL U.S. Corp. (Canada)<br>(US 5 Year CMT T-Note + 2.709%) | TEL U.S. Corp. (Canada)<br>(US 5 Year CMT T-Note + 2.709%) | TEL U.S. Corp. (Canada)<br>(US 5 Year CMT T-Note + 2.709%) | TEL U.S. Corp. (Canada)<br>(US 5 Year CMT T-Note + 2.709%) |
| 220000 | 7.000 | 10/15/55<sup>(a)</sup> | 227053 |
| Vodafone Group PLC (United Kingdom)<br>(5 Year USD Swap + 4.873%) | Vodafone Group PLC (United Kingdom)<br>(5 Year USD Swap + 4.873%) | Vodafone Group PLC (United Kingdom)<br>(5 Year USD Swap + 4.873%) | Vodafone Group PLC (United Kingdom)<br>(5 Year USD Swap + 4.873%) |
| 855000 | 7.000 | 04/04/79<sup>(a)</sup> | 903094 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.447%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.447%) |
| 20000 | 3.250 | 06/04/81<sup>(a)</sup> | 19700 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.767%) |
| 171000 | 4.125 | 06/04/81<sup>(a)</sup> | 159671 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 3.073%) |
| 316000 | 5.125 | 06/04/81<sup>(a)</sup> | 246373 |
|  |  |  | 2328710 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Principal<br>Amount** | **Interest Rate** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% |
| Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) | Bell Telephone Co. of Canada or Bell Canada (Canada) |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.390%) |
| $— | 350000 | 6.875 % 09/15/55<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355890 |
| &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) | &nbsp;&nbsp;&nbsp;&nbsp; (US 5 Year CMT T-Note + 2.363%) |
|  | 338000 | 7.000 09/15/55<sup>(a)</sup> | 344269 |
|  |  |  | 700159 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $10,100,760)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $10,100,760)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $10,100,760)** | 10350862 |
| U.S. Government Agency Obligations – 0.1% | U.S. Government Agency Obligations – 0.1% | U.S. Government Agency Obligations – 0.1% | U.S. Government Agency Obligations – 0.1% |
| CoBank ACB, Series I | CoBank ACB, Series I | CoBank ACB, Series I | CoBank ACB, Series I |
| (3M USD LIBOR + 4.660%) | (3M USD LIBOR + 4.660%) | (3M USD LIBOR + 4.660%) | (3M USD LIBOR + 4.660%) |
| $— | 88000 | 6.250 <sup>(a)</sup> 10/01/73<sup>(a)</sup> | 88110 |
| (Cost $87,586) | (Cost $87,586) | (Cost $87,586) | (Cost $87,586) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend**<br> **Rate** | **Value** |
| Preferred Stocks – 33.3% | Preferred Stocks – 33.3% | Preferred Stocks – 33.3% | Preferred Stocks – 33.3% |
| Communications – 2.3% | Communications – 2.3% | Communications – 2.3% | Communications – 2.3% |
| 22222 | AT&T, Inc., | AT&T, Inc., |  |
|  | Series C | 4.75% | 435996 |
| 16080 | AT&T, Inc., | AT&T, Inc., |  |
|  | Series A | 5.00 | 330122 |
| 18600 | AT&T, Inc. | 5.35 | 419802 |
| 24104 | Qwest Corp. | 6.50 | 479669 |
| 9004 | Telephone and | Telephone and |  |
|  | Data Systems, | Data Systems, |  |
|  | Inc., Series VV | 6.00 | 168375 |
| 7073 | Telephone and | Telephone and |  |
|  | Data Systems, | Data Systems, |  |
|  | Inc., Series UU | 6.63 | 148533 |
| 25563 | T-Mobile USA, | T-Mobile USA, |  |
|  | Inc. | 5.50 | 598004 |
|  |  |  | 2580501 |
| Consumer, Cyclical – 0.9% | Consumer, Cyclical – 0.9% | Consumer, Cyclical – 0.9% | Consumer, Cyclical – 0.9% |
| 6988 | Brunswick Corp. | 6.38 | 171724 |
| 3384 | Dillard's Capital |  |  |
|  | Trust I | 7.50 | 87646 |
| 31551 | Ford Motor Co. | 6.00 | 689821 |
| 11293 | QVC, Inc. | 6.25 | 112559 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061750 |
| Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% | Consumer, Non-cyclical – 0.2% |
| 2944 | Triton |  |  |
|  | International Ltd., |  |  |
|  | Series E | 5.75 | 60823 |
| 5052 | Triton |  |  |
|  | International Ltd. | 7.38 | 128069 |
|  |  |  | 188892 |
| Financial – 26.4% | Financial – 26.4% | Financial – 26.4% | Financial – 26.4% |
| 14592 | AEGON Funding | AEGON Funding | AEGON Funding |
|  | Co. LLC | 5.10 | 297093 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **97** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 16037 | Affiliated Managers Group, Inc. | 4.75% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352673 |
| 2944 | Agree Realty Corp., Series A | 4.25 | 53080 |
| 5096 | Allstate Corp. (The), Series I | 4.75 | 102990 |
| 16929 | Allstate Corp. (The), Series H | 5.10 | 369899 |
| 10105 | Allstate Corp. (The), Series J | 7.38 | 275260 |
| 8759 | American Financial Group, Inc. | 5.13 | 181919 |
| 1976 | American Homes 4 Rent, Series G | 5.88 | 45744 |
| 2196 | American Homes 4 Rent, Series H | 6.25 | 53538 |
| 5096 | American National Group, Inc., Series B | 6.63 | 127961 |
| 4295 | American National Group, Inc. | 7.38 | 109093 |
| 7502 | Apollo Global Management, Inc. | 7.63 | 198428 |
| 8433 | Arch Capital Group Ltd., Series G | 4.55 | 148589 |
| 5580 | Arch Capital Group Ltd., Series F | 5.45 | 118742 |
| 2548 | Argo Group International Holdings, Inc. | 7.00 | 64694 |
| 4176 | Aspen Insurance Holdings Ltd., Series \*\* | 5.63 | 91079 |
| 7736 | Aspen Insurance Holdings Ltd. | 5.63 | 180965 |
| 1712 | Associated Banc- Corp., Series E | 5.88 | 37116 |
| 4656 | Associated Banc-Corp. | 6.63 | 114351 |
| 4220 | Assurant, Inc. | 5.25 | 86130 |
| 9665 | Athene Holding Ltd., Series D | 4.88 | 171747 |
| 5844 | Athene Holding Ltd., Series B | 5.63 | 123659 |
| 12121 | Athene Holding Ltd., Series A | 6.35 | 301449 |
| 7509 | Athene Holding Ltd. | 7.25 | 190353 |
| 8433 | Athene Holding Ltd., Series E | 7.75 | 218330 |
| 9269 | Axis Capital Holdings Ltd., Series E | 5.50 | 194556 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |  |
| Financial – (continued) | Financial – (continued) | Financial – (continued) |  |
| 10893 | Bank of America Corp., Series PP | 4.13% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187142 |
| 15611 | Bank of America Corp., Series QQ | 4.25 | 276471 |
| 12829 | Bank of America Corp., Series NN | 4.38 | 235412 |
| 8252 | Bank of America Corp., Series SS | 4.75 | 162234 |
| 3728 | Bank of America Corp., Series E<sup>(a)</sup> | 4.82 | 79742 |
| 4828 | Bank of America Corp., Series 5 | 4.98 | 99698 |
| 15465 | Bank of America Corp., Series LL | 5.00 | 321363 |
| 3560 | Bank of America Corp., Series 02 | 5.12 | 72980 |
| 2504 | Bank of America Corp., Series 4 | 5.22 | 53385 |
| 16389 | Bank of America Corp., Series KK | 5.38 | 366458 |
| 10149 | Bank of America Corp., Series HH | 5.88 | 253116 |
| 16404 | Bank of America Corp., Series GG | 6.00 | 414037 |
| 3076 | Bank of Hawaii Corp., Series A | 4.38 | 53061 |
| 1717 | Bank of Hawaii Corp. | 8.00 | 45672 |
| 4966 | Brighthouse Financial, Inc., Series D | 4.63 | 66892 |
| 2873 | Brighthouse Financial, Inc., Series C | 5.38 | 42923 |
| 5407 | Brighthouse Financial, Inc. | 6.25 | 103544 |
| 6049 | Brighthouse Financial, Inc., Series A | 6.60 | 109487 |
| 5868 | Brighthouse Financial, Inc., Series B | 6.75 | 108441 |
| 3384 | Brookfield Finance I UK PLC | 4.50 | 53061 |
| 6809 | Brookfield Finance, Inc., Series 50 | 4.63 | 110987 |
| 3956 | Brookfield Oaktree Holdings LLC, Series B | 6.55 | 84817 |
| 3076 | Brookfield Oaktree Holdings LLC, Series A | 6.63 | 65734 |
| 4176 | Brookfield Property Partners LP, Series A | 5.75 | 56460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **98** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |  |
| Financial – (continued) | Financial – (continued) | Financial – (continued) |  |
| 3076 | Brookfield Property Partners LP, Series A-1 | 6.50% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46817 |
| 2984 | Cadence Bank, Series A | 5.50 | 63082 |
| 7161 | Capital One Financial Corp., Series N | 4.25 | 122596 |
| 11377 | Capital One Financial Corp., Series L | 4.38 | 194092 |
| 2108 | Capital One Financial Corp., Series K | 4.63 | 38682 |
| 21500 | Capital One Financial Corp., Series J | 4.80 | 404415 |
| 22081 | Capital One Financial Corp., Series I | 5.00 | 435437 |
| 8512 | Carlyle Finance LLC | 4.63 | 155514 |
| 10061 | Charles Schwab Corp. (The), Series J | 4.45 | 195183 |
| 10962 | Charles Schwab Corp. (The), Series D | 5.95 | 276242 |
| 7513 | Citizens Financial Group, Inc., Series E | 5.00 | 150335 |
| 7119 | Citizens Financial Group, Inc., Series H | 7.38 | 187799 |
| 8762 | Corebridge Financial, Inc. | 6.38 | 210288 |
| 2548 | Cullen/Frost Bankers, Inc., Series B | 4.45 | 46195 |
| 5844 | Digital Realty Trust, Inc., Series L | 5.20 | 123893 |
| 3384 | Digital Realty Trust, Inc., Series J | 5.25 | 74753 |
| 3516 | Digital Realty Trust, Inc., Series K | 5.85 | 86705 |
| 2592 | EPR Properties, Series G | 5.75 | 55572 |
| 5052 | Equitable Holdings, Inc., Series C | 4.30 | 87652 |
| 5403 | Equitable Holdings, Inc., Series A | 5.25 | 115570 |
| 7816 | F&G Annuities & Life, Inc. | 7.30 | 191932 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 4176 | Fifth Third Bancorp, Series K | 4.95% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84355 |
| 3384 | Fifth Third Bancorp, Series A | 6.00 | 81622 |
| 5844 | First Citizens BancShares, Inc., Series A | 5.38 | 125003 |
| 2504 | First Horizon Corp., Series F | 4.70 | 45573 |
| 2504 | First Horizon Corp., Series E | 6.50 | 61774 |
| 3384 | Fulton Financial Corp., Series A | 5.13 | 66191 |
| 2856 | Global Net Lease, Inc., Series A | 7.25 | 67402 |
| 5580 | Globe Life, Inc. | 4.25 | 93242 |
| 2856 | Hancock Whitney Corp. | 6.25 | 67344 |
| 5924 | Hartford Financial Services Group, Inc. (The), Series G | 6.00 | 148100 |
| 8389 | Huntington Bancshares, Inc., Series H | 4.50 | 153351 |
| 2988 | Huntington Bancshares, Inc., Series C | 5.70 | 67110 |
| 5492 | Huntington Bancshares, Inc., Series J | 6.88 | 139057 |
| 7613 | Jackson Financial, Inc. | 8.00 | 198699 |
| 21500 | JPMorgan Chase & Co., Series MM | 4.20 | 399040 |
| 18551 | JPMorgan Chase & Co., Series JJ | 4.55 | 364527 |
| 19900 | JPMorgan Chase & Co., Series LL | 4.63 | 402179 |
| 16359 | JPMorgan Chase & Co., Series GG | 4.75 | 336014 |
| 18403 | JPMorgan Chase & Co., Series DD | 5.75 | 460627 |
| 19211 | JPMorgan Chase & Co., Series EE | 6.00 | 488344 |
| 2592 | Kemper Corp. | 5.88 | 61353 |
| 7601 | KeyCorp, Series G | 5.63 | 171099 |
| 7205 | KeyCorp, Series F | 5.65 | 160744 |
| 8433 | KeyCorp, Series E | 6.13 | 210488 |
| 10105 | KeyCorp | 6.20 | 250604 |
| 3736 | Kimco Realty Corp., Series L | 5.13 | 78830 |
| 4396 | Kimco Realty Corp., Series M | 5.25 | 93811 |
| 6946 | KKR & Co., Inc., Series T | 6.88 | 177331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **99** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 3702 | KKR Group Finance Co. IX LLC | 4.63% | $67895 |
| 8477 | Lincoln National Corp., Series D | 9.00 | 227607 |
| 4176 | M&T Bank Corp., Series H | 5.63 | 103356 |
| 13490 | M&T Bank Corp., Series J | 7.50 | 365579 |
| 5705 | Merchants Bancorp | 7.63 | 135441 |
| 17150 | MetLife, Inc., Series F | 4.75 | 348831 |
| 10105 | MetLife, Inc., Series A | 5.58 | 240903 |
| 11580 | MetLife, Inc., Series E | 5.63 | 284868 |
| 22045 | Morgan Stanley, Series O | 4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391740 |
| 8433 | Morgan Stanley, Series L | 4.88 | 174057 |
| 19055 | Morgan Stanley, Series A<sup>(a)</sup> | 5.28 | 415399 |
| 16913 | Morgan Stanley, Series K | 5.85 | 414030 |
| 16913 | Morgan Stanley, Series I | 6.38 | 426377 |
| 16822 | Morgan Stanley, Series P | 6.50 | 429297 |
| 11776 | Morgan Stanley, Series Q | 6.63 | 305352 |
| 14409 | Morgan Stanley, Series F | 6.88 | 365412 |
| 5052 | Navient Corp. | 6.00 | 95382 |
| 6721 | Northern Trust Corp., Series E | 4.70 | 136167 |
| 23168 | Prudential Financial, Inc. | 4.13 | 514119 |
| 4220 | Public Storage, Series N | 3.88 | 66001 |
| 2900 | Public Storage, Series O | 3.90 | 45849 |
| 2724 | Public Storage, Series Q | 3.95 | 43829 |
| 6231 | Public Storage, Series R | 4.00 | 100506 |
| 12169 | Public Storage, Series P | 4.00 | 196286 |
| 4176 | Public Storage, Series S | 4.10 | 69196 |
| 4352 | Public Storage, Series M | 4.13 | 72940 |
| 4312 | Public Storage, Series L | 4.63 | 80505 |
| 3580 | Public Storage, Series J | 4.70 | 68020 |
| 3868 | Public Storage, Series K | 4.75 | 74730 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 4557 | Public Storage, Series I | 4.88% | $89682 |
| 4313 | Public Storage, Series G | 5.05 | 88417 |
| 3801 | Public Storage, Series F | 5.15 | 80467 |
| 3967 | Public Storage, Series H | 5.60 | 92867 |
| 6721 | Regions Financial Corp., Series E | 4.45 | 122725 |
| 8556 | Regions Financial Corp., Series C | 5.70 | 204660 |
| 5319 | Regions Financial Corp. | 6.95 | 136645 |
| 18582 | Reinsurance Group of America, Inc. | 5.75 | 469100 |
| 8433 | RenaissanceRe Holdings Ltd., Series G | 4.20 | 138048 |
| 3164 | SiriusPoint Ltd., Series B | 8.00 | 79923 |
| 3868 | SL Green Realty Corp., Series I | 6.50 | 88964 |
| 5096 | Stifel Financial Corp., Series D | 4.50 | 92492 |
| 3780 | Stifel Financial Corp. | 5.20 | 80325 |
| 3384 | Stifel Financial Corp., Series C | 6.13 | 82333 |
| 2724 | Stifel Financial Corp., Series B | 6.25 | 68427 |
| 8801 | Synchrony Financial, Series A | 5.63 | 172676 |
| 7880 | Synchrony Financial, Series B | 8.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203698 |
| 5932 | Synovus Financial Corp., Series E | 8.40 | 156842 |
| 5096 | Texas Capital Bancshares, Inc., Series B | 5.75 | 105130 |
| 12958 | Truist Financial Corp., Series R | 4.75 | 254236 |
| 2900 | Truist Financial Corp., Series I | 4.96 | 60523 |
| 9665 | Truist Financial Corp., Series O | 5.25 | 210214 |
| 8583 | U.S. Bancorp, Series L | 3.75 | 133981 |
| 12803 | U.S. Bancorp, Series M | 4.00 | 213298 |
| 7513 | U.S. Bancorp, Series O | 4.50 | 145677 |
| 17952 | U.S. Bancorp, Series B\* | 5.18 | 363708 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **100** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) | Financial – (continued) |
| 9665 | U.S. Bancorp, Series K | 5.50% | $| 230317 |
| 4258 | UMB Financial Corp.\* | 7.75 |  | 111773 |
| 5096 | Unum Group | 6.25 |  | 120011 |
| 1976 | Valley National Bancorp, Series A | 8.41 |  | 49934 |
| 1712 | Valley National Bancorp, Series B | 8.43 |  | 42663 |
| 5008 | Vornado Realty Trust, Series O | 4.45 |  | 73017 |
| 5360 | Vornado Realty Trust, Series M | 5.25 |  | 93371 |
| 5096 | Vornado Realty Trust, Series N | 5.25 |  | 88772 |
| 5096 | Vornado Realty Trust, Series L | 5.40 |  | 91830 |
| 5096 | Voya Financial, Inc., Series B | 5.35 |  | 120368 |
| 10192 | W R Berkley Corp. | 4.13 |  | 194158 |
| 5096 | WaFd, Inc., Series A | 4.88 |  | 86122 |
| 2548 | Webster Financial Corp., Series F | 5.25 |  | 51215 |
| 21044 | Wells Fargo & Co., Series DD | 4.25 |  | 371847 |
| 16913 | Wells Fargo & Co., Series CC | 4.38 |  | 302066 |
| 19684 | Wells Fargo & Co., Series AA | 4.70 |  | 377145 |
| 25789 | Wells Fargo & Co., Series Z | 4.75 |  | 501854 |
| 11641 | Wells Fargo & Co., Series Y | 5.63 |  | 279966 |
| 5052 | Western Alliance Bancorp, Series A | 4.25 |  | 115034 |
| 6006 | Wintrust Financial Corp., Series F\* | 7.88 |  | 158618 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29603936 |
| Technology – 0.1% | Technology – 0.1% | Technology – 0.1% | Technology – 0.1% | Technology – 0.1% |
| 7249 | Pitney Bowes, Inc. | 6.70% |  | 141211 |
| Utilities – 3.4% | Utilities – 3.4% | Utilities – 3.4% | Utilities – 3.4% | Utilities – 3.4% |
| 12832 | Brookfield BRP Holdings Canada, Inc. | 4.63 |  | 231002 |
| 6768 | Brookfield Infrastructure Finance ULC | 5.00 |  | 137112 |
| 3384 | Brookfield Infrastructure Partners LP, Series 14 | 5.00 |  | 56716 |
| 16996 | CMS Energy Corp. | 5.63 |  | 398225 |
| 4832 | DTE Energy Co. | 4.38 |  | 84850 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend<br>Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 3384 | DTE Energy Co., Series G | 4.38% | $60066 |
| 6721 | DTE Energy Co., Series E | 5.25 | 152499 |
| 7476 | Duke Energy Corp. | 5.63 | 183162 |
| 15345 | Duke Energy Corp., Series A | 5.75 | 379021 |
| 6941 | Entergy Arkansas LLC | 4.88 | 144789 |
| 4396 | Entergy Mississippi LLC | 4.90 | 92712 |
| 1888 | Entergy New Orleans LLC | 5.50 | 42404 |
| 4572 | Georgia Power Co., Series 2017 | 5.00 | 102870 |
| 4256 | National Rural Utilities Cooperative Finance Corp., Series US | 5.50 | 100569 |
| 10343 | NextEra Energy Capital Holdings, Inc., Series N | 5.65 | 240475 |
| 9781 | NextEra Energy Capital Holdings, Inc., Series U | 6.50 | 246579 |
| 3736 | SCE Trust II | 5.10 | 63176 |
| 5492 | SCE Trust IV, Series J | 5.38 | 129446 |
| 10115 | Sempra | 5.75 | 229206 |
| 12803 | Southern Co. (The), Series C | 4.20 | 233015 |
| 15364 | Southern Co. (The) | 5.25 | 376158 |
| 4220 | Spire, Inc., Series A | 5.90 | 103517 |
|  |  |  | 3787569 |
| TOTAL PREFERRED STOCKS<br>(Cost $38,029,997) | TOTAL PREFERRED STOCKS<br>(Cost $38,029,997) | TOTAL PREFERRED STOCKS<br>(Cost $38,029,997) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37363859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **101** |

---

------

GOLDMAN SACHS ACCESS U.S. PREFERRED STOCK AND HYBRID SECURITIES ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> | Investment Company – 0.0%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | 4.154% | $317 |
| **(Cost $317)** | **(Cost $317)** | **(Cost $317)** |
| TOTAL INVESTMENTS – 98.8% | TOTAL INVESTMENTS – 98.8% | TOTAL INVESTMENTS – 98.8% |
| (Cost $109,529,338) | (Cost $109,529,338) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110743929 |
| **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | **OTHER ASSETS IN EXCESS OF<br>LIABILITIES – 1.2%** | 1394357 |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $112138286 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| LIBOR | —London Interbank Offered Rate |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| PLC | —Public Limited Company |
| T-Bill | —Treasury Bill |
| TSFR | —Term Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **102** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD Bond ETF** | **Access High Yield<br>Corporate Bond ETF** | **Access Inflation<br>Protected USD Bond<br>ETF** | **Access Investment<br>Grade Corporate 1-5<br>Year Bond ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $30,329,138, $91,649,025, $178,047,525 and $11,593,862, respectively) | $30703052 | $93352421 | $175850479 | $11765311 |
|  Investments in affiliated issuers, at value (cost $29,090, $1,512,522, $187,422 and $31, respectively) | 29090 | 1512522 | 187422 | 31 |
|  Cash | 50000 | 366187 | 50001 | 20429 |
|  Foreign Currency, at value (cost $79, $–, $– and $–,respectively) | 79 |  |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 431819 | 1526233 | 298441 | 127262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 992975 | 3901636 | 177763 |
|  **Total assets** | 31214040 | 97750338 | 180287979 | 12090796 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 3584 | 5407 | 8058 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  | 1854283 | 3161327 | 137410 |
|  **Total liabilities** | 3584 | 1859690 | 3169385 | 137776 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 36209155 | 97433074 | 192810977 | 12017476 |
|  Total distributable loss | (4998699) | (1542426) | (15692383) | (64456) |
|  **NET ASSETS** | $31210456 | $95890648 | $177118594 | $11953020 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 750000 | 2100000 | 3550000 | 250000 |
|  Net asset value per share: | $41.61 | $45.66 | $49.89 | $47.81 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **103** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *August 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment<br>Grade Corporate Bond<br>ETF** | **Access Municipal Bond<br>ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S. Aggregate<br>Bond ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $682,898,950, $9,795,312, $6,227,520,270 and $639,404,400, respectively) | $660216329 | $9796541 | $6230564205 | $633852571 |
|  Investments in affiliated issuers, at value (cost $4,852,256, $–, $– and $70,569,978, respectively) | 4852256 |  |  | 70569978 |
|  Cash | 49895 | 25843 | 144025765 | 9578935 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 8153746 | 107052 | 9082754 | 4448590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 6804540 |  | 9005027 | 5634797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  |  |  | 4322343 |
|  **Total assets** | 680076766 | 9929436 | 6392677751 | 728407214 |
| Liabilities: |  |  |  |  |
|  Forward sale contracts, at value (proceeds received $–, $–, $– and $3,491,953, respectively) |  |  |  | 3494375 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 5559332 |  | 138141947 | 3068348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 20368 | 304 | 300436 | 15166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis |  |  |  | 83662109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  |  | 9007444 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  |  |  | 20000 |
|  **Total liabilities** | 5579700 | 304 | 147449827 | 90259998 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 706476873 | 9925123 | 6224518597 | 688099978 |
|  Total distributable earnings (loss) | (31979807) | 4009 | 20709327 | (49952762) |
|  **NET ASSETS** | $674497066 | $9929132 | $6245227924 | $638147216 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 14600000 | 200000 | 62320000 | 15400000 |
|  Net asset value per share: | $46.20 | $49.65 | $100.21 | $41.44 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **104** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *August 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Access U.S. Preferred<br>Stock and Hybrid<br>Securities ETF** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $109,529,021) | $110743612 |
|  Investments in affiliated issuers, at value (cost $317) | 317 |
|  Cash | 37180 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1376536 |
|  **Total assets** | 112157645 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 19359 |
|  **Total liabilities** | 19359 |
| Net Assets: |  |
|  Paid-in capital | 110443670 |
|  Total distributable earnings | 1694616 |
|  **NET ASSETS** | $112138286 |
|  **SHARES ISSUED AND OUTSTANDING** |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2200000 |
|  Net asset value per share: | $50.97 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **105** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended August 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD Bond<br>ETF** | **Access High Yield<br>Corporate Bond ETF** | **Access Inflation<br>Protected USD<br>Bond ETF** | **Access Investment<br>Grade Corporate<br>1-5 Year Bond ETF** |
| Investment income: |  |  |  |  |
|  Interest | $3421314 | $9122516 | $6160555 | $411138 |
|  Dividends from Affiliated Underlying Funds | 20731 | 48843 | 15734 | 435 |
|  **Total Investment Income** | 3442045 | 9171359 | 6176289 | 411573 |
| Expenses: |  |  |  |  |
|  Management fees | 181277 | 282851 | 148538 | 6998 |
|  Trustee fees | 27732 | 28169 | 27882 | 2369 |
|  **Total expenses** | 209009 | 311020 | 176420 | 9367 |
|  Less — expense reductions | (17859) | (1775) | (564) | (16) |
|  **Net expenses** | 191150 | 309245 | 175856 | 9351 |
|  **NET INVESTMENT INCOME** | 3250895 | 8862114 | 6000433 | 402222 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (374392) | 46652 | (5029667) | 6330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (1213314) | 914342 | 53534 | 6596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 20 |  |  |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (213719) | (709929) | 6356131 | 57880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | (10) |  |  |  |
|  **Net realized and unrealized gain (loss)** | (1801415) | 251065 | 1379998 | 70806 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1449480 | $9113179 | $7380431 | $473028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **106** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment<br>Grade Corporate<br>Bond ETF** | **Access Municipal<br>Bond ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S.<br>Aggregate Bond<br>ETF** |
| Investment income: |  |  |  |  |
|  Interest | $37407939 | $309491 | $263180446 | $18306961 |
|  Dividends from Affiliated Underlying Funds | 164118 | 2167 |  | 1463492 |
|  **Total Investment Income** | 37572057 | 311658 | 263180446 | 19770453 |
| Expenses: |  |  |  |  |
|  Management fees | 814472 | 12689 | 8302055 | 435736 |
|  Trustee fees | 32246 | 4990 | 62916 | 30008 |
|  **Total expenses** | 846718 | 17679 | 8364971 | 465744 |
|  Less — expense reductions | (6022) | (5833) | (1194996) | (53947) |
|  **Net expenses** | 840696 | 11846 | 7169975 | 411797 |
|  **NET INVESTMENT INCOME** | 36731361 | 299812 | 256010471 | 19358656 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (1870518) | (2254) | 4561455 | (5899591) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (15080931) |  | 751750 | (410165) |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 3486042 | (58912) | (2985023) | 3847088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short |  |  |  | 134218 |
|  **Net realized and unrealized gain (loss)** | (13465407) | (61166) | 2328182 | (2328450) |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $23265954 | $238646 | $258338653 | $17030206 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **107** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Access U.S.<br>Preferred Stock and<br>Hybrid Securities<br>ETF** |
| Investment income: |  |
|  Interest | $3592201 |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,976) | 2131598 |
|  Dividends from Affiliated Underlying Funds | 22274 |
|  **Total Investment Income** | 5746073 |
| Expenses: |  |
|  Management fees | 416269 |
|  Trustee fees | 20836 |
|  **Total expenses** | 437105 |
|  Less — expense reductions | (816) |
|  **Net expenses** | 436289 |
|  **NET INVESTMENT INCOME** | 5309784 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (153153) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 695116 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (298622) |
|  **Net realized and unrealized gain** | 243341 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $5553125 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **108** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $3250895 | $3279702 | $8862114 | $8064517 |
|  Net realized gain (loss) | (1587686) | (598968) | 960994 | (1741233) |
|  Net change in unrealized gain (loss) | (213729) | 3986156 | (709929) | 7405434 |
| **Net increase in net assets resulting from operations** | 1449480 | 6666890 | 9113179 | 13728718 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (3384173) | (3238923) | (9243466) | (7776578) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 24381552 | 20152969 | 24819985 | 96858327 |
|  Cost of shares redeemed | (58207043) | (8070928) | (93662524) | (39194369) |
| **Net increase (decrease) in net assets resulting from share transactions** | (33825491) | 12082041 | (68842539) | 57663958 |
|  **TOTAL INCREASE (DECREASE)** | (35760184) | 15510008 | (68972826) | 63616098 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66970640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51460632 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164863474 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101247376 |
|  End of year | $31210456 | $66970640 | $95890648 | $164863474 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **109** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond<br>ETF** | **Access Investment Grade Corporate 1-5 Year Bond<br>ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $6000433 | $4177942 | $402222 | $443822 |
|  Net realized gain (loss) | (4976133) | (6148737) | 12926 | (49860) |
|  Net change in unrealized gain | 6356131 | 9054726 | 57880 | 380276 |
| **Net increase in net assets resulting from operations** | 7380431 | 7083931 | 473028 | 774238 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (5296599) | (4378558) | (398999) | (440519) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 40468243 | 44846205 | 4741161 | 4596787 |
|  Cost of shares redeemed | (2456120) | (21671613) | (2342936) | (4651720) |
| **Net increase (decrease) in net assets resulting from share transactions** | 38012123 | 23174592 | 2398225 | (54933) |
|  **TOTAL INCREASE** | 40095955 | 25879965 | 2472254 | 278786 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $137022639 | $111142674 | $9480766 | $9201980 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177118594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137022639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953020 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9480766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **110** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $36731361 | $30321028 | $299812 | $407771 |
|  Net realized loss | (16951449) | (22539084) | (2254) | (31603) |
|  Net change in unrealized gain (loss) | 3486042 | 51147427 | (58912) | 239415 |
| **Net increase in net assets resulting from operations** | 23265954 | 58929371 | 238646 | 615583 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (37317516) | (29399665) | (292504) | (424426) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 256045538 | 437689752 |  |  |
|  Cost of shares redeemed | (437237433) | (280319455) |  | (10039110) |
| **Net increase (decrease) in net assets resulting from share transactions** | (181191895) | 157370297 |  | (10039110) |
|  **TOTAL INCREASE (DECREASE)** | (195243457) | 186900003 | (53858) | (9847953) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869740523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682840520 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9982990 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19830943 |
|  End of year | $674497066 | $869740523 | $9929132 | $9982990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **111** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $256010471 | $287614890 | $19358656 | $19412423 |
|  Net realized gain (loss) | 5313205 | 2028461 | (6309756) | (9279615) |
|  Net change in unrealized gain (loss) | (2985023) | 7238289 | 3981306 | 21405058 |
| **Net increase in net assets resulting from operations** | 258338653 | 296881640 | 17030206 | 31537866 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (257005734) | (289180304) | (18542988) | (19163870) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 2568612727 | 1966407220 | 302294746 | 66335735 |
|  Cost of shares redeemed | (1668103826) | (2643938681) | (61578462) | (172398751) |
| **Net increase (decrease) in net assets resulting from share transactions** | 900508901 | (677531461) | 240716284 | (106063016) |
|  **TOTAL INCREASE (DECREASE)** | 901841820 | (669830125) | 239203502 | (93689020) |
| Net Assets: |  |  |  |  |
|  Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343386104 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013216229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398943714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492632734 |
|  End of year | $6245227924 | $5343386104 | $638147216 | $398943714 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **112** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** |
|  | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Period<br>July 30, 2024<sup>\*</sup>**<br> **to**<br> **August 31, 2024** |
| From operations: |  |  |
|  Net investment income | $5309784 | $354657 |
|  Net realized gain | 541963 |  |
|  Net change in unrealized gain (loss) | (298622) | 1513213 |
|  **Net increase in net assets resulting from operations** | 5553125 | 1867870 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (5034990) |  |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 52741082 | 87469040 |
|  Cost of shares redeemed | (30457841) |  |
|  **Net increase in net assets resulting from share transactions** | 22283241 | 87469040 |
|  **TOTAL INCREASE** | 22801376 | 89336910 |
| Net Assets: |  |  |
|  Beginning of period | $89336910 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112138286 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89336910 |

---

\* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **113** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Period<br>February 15, 2022<sup>\*</sup>**<br> **to<br>August 31, 2022** |
|  | <br> **2025** | <br> **2024** | <br> **2023** | **For the Period<br>February 15, 2022<sup>\*</sup>**<br> **to<br>August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |
|  Net asset value, beginning of period | $41.86 | $39.59 | $40.58 | $49.68 |
|  Net investment income<sup>(a)</sup> | 2.39 | 2.33 | 2.40 | 1.33 |
|  Net realized and unrealized gain (loss) | (0.01) | 2.27 | (1.02) | (9.29) |
|  Total from investment operations | 2.38 | 4.60 | 1.38 | (7.96) |
|  Distributions to shareholders from net investment income | (2.63) | (2.33) | (2.37) | (1.14) |
|  Net asset value, end of period | $41.61 | $41.86 | $39.59 | $40.58 |
|  Market price, end of period | $41.61 | $41.91 | $39.64 | $40.13 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 6.03% | 12.08% | 3.54% | (16.11)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66971 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51461 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32462 |
|  Ratio of net expenses to average net assets | 0.35% | 0.39% | 0.22% | 0.00 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.38% | 0.45% | 0.45% | 0.45 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 5.87% | 5.82% | 6.02% | 5.67 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 17% | 14% | 8% | 34% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **114** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |
|  | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $45.17 | $43.08 | $42.70 | $50.40 | $49.29 |
|  Net investment income<sup>(a)</sup> | 3.09 | 2.94 | 2.55 | 2.21 | 2.24 |
|  Net realized and unrealized gain (loss) | 0.56 | 1.99 | 0.39 | (7.63) | 1.15 |
|  Total from investment operations | 3.65 | 4.93 | 2.94 | (5.42) | 3.39 |
|  Distributions to shareholders from net investment income | (3.16) | (2.84) | (2.56) | (2.28) | (2.28) |
|  Net asset value, end of year | $45.66 | $45.17 | $43.08 | $42.70 | $50.40 |
|  Market price, end of year | $45.60 | $45.09 | $43.04 | $42.28 | $50.38 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 8.45% | 11.93% | 7.13% | (11.07)% | 7.05% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95891 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231834 |
|  Ratio of net expenses to average net assets | 0.24% | 0.34% | 0.34% | 0.34% | 0.34% |
|  Ratio of net investment income to average net assets | 6.87% | 6.75% | 5.99% | 4.69% | 4.49% |
|  Portfolio turnover rate<sup>(c)</sup> | 28% | 19% | 14% | 15% | 22% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **115** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $49.38 | $48.32 | $51.68 | $58.52 | $56.96 |
|  Net investment income<sup>(a)</sup> | 2.01 | 1.77 | 0.93 | 3.70 | 2.85 |
|  Net realized and unrealized gain (loss) | 0.26 | 1.10 | (2.78) | (7.14) | 0.30 |
|  Total from investment operations | 2.27 | 2.87 | (1.85) | (3.44) | 3.15 |
|  Distributions to shareholders from net investment income | (1.76) | (1.81) | (1.51) | (3.40) | (1.59) |
|  Net asset value, end of year | $49.89 | $49.38 | $48.32 | $51.68 | $58.52 |
|  Market price, end of year | $49.93 | $49.37 | $48.36 | $51.64 | $58.54 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 4.69% | 6.11% | (3.64)% | (6.08)% | 5.62% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111143 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146311 |
|  Ratio of net expenses to average net assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
|  Ratio of net investment income to average net assets | 4.08% | 3.66% | 1.90% | 6.63% | 4.96% |
|  Portfolio turnover rate<sup>(c)</sup> | 45% | 39% | 30% | 18% | 56% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **116** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** |
|  | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $47.40 | $46.01 | $46.46 | $50.28 | $50.21 |
|  Net investment income<sup>(a)</sup> | 2.17 | 2.09 | 1.43 | 0.62 | 0.41 |
|  Net realized and unrealized gain (loss) | 0.42 | 1.34 | (0.47) | (3.77) | 0.14 |
|  Total from investment operations | 2.59 | 3.43 | 0.96 | (3.15) | 0.55 |
|  Distributions to shareholders from net investment income | (2.18) | (2.04) | (1.41) | (0.67) | (0.48) |
|  Net asset value, end of year | $47.81 | $47.40 | $46.01 | $46.46 | $50.28 |
|  Market price, end of year | $47.80 | $47.46 | $46.03 | $46.38 | $50.30 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 5.63% | 7.65% | 2.11% | (6.30)% | 1.10% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11953 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9202 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16262 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30168 |
|  Ratio of net expenses to average net assets | 0.11% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income to average net assets | 4.60% | 4.52% | 3.12% | 1.27% | 0.82% |
|  Portfolio turnover rate<sup>(c)</sup> | 37% | 64% | 37% | 45% | 32% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **117** |

---

------

ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $46.63 | $44.63 | $45.81 | $55.24 | $55.39 |
|  Net investment income<sup>(a)</sup> | 2.13 | 1.98 | 1.59 | 1.27 | 1.26 |
|  Net realized and unrealized gain (loss) | (0.42) | 1.92 | (1.23) | (9.43) | (0.14) |
|  Total from investment operations | 1.71 | 3.90 | 0.36 | (8.16) | 1.12 |
|  Distributions to shareholders from net investment income | (2.14) | (1.90) | (1.54) | (1.27) | (1.27) |
|  Net asset value, end of year | $46.20 | $46.63 | $44.63 | $45.81 | $55.24 |
|  Market price, end of year | $46.13 | $46.69 | $44.63 | $45.61 | $55.19 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 3.81% | 8.98% | 0.84% | (14.96)% | 2.07% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;674497 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869741 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776118 |
|  Ratio of net expenses to average net assets | 0.11% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income to average net assets | 4.66% | 4.39% | 3.55% | 2.50% | 2.30% |
|  Portfolio turnover rate<sup>(c)</sup> | 10% | 6% | 5% | 12% | 11% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **118** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Period<br>March 7, 2023<sup>\*</sup>**<br> **to<br>August 31, 2023** |
|  | **2025** | **2024** | **For the Period<br>March 7, 2023<sup>\*</sup>**<br> **to<br>August 31, 2023** |
| Per Share Operating Performance: |  |  |  |
|  Net asset value, beginning of period | $49.91 | $49.58 | $49.91 |
|  Net investment income<sup>(a)</sup> | 1.50 | 1.46 | 0.66 |
|  Net realized and unrealized gain (loss) | (0.30) | 0.42 | (0.45) |
|  Total from investment operations | 1.20 | 1.88 | 0.21 |
|  Distributions to shareholders from net investment income | (1.46) | (1.55) | (0.54) |
|  Net asset value, end of period | $49.65 | $49.91 | $49.58 |
|  Market price, end of period | $49.73 | $49.98 | $49.63 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 2.47% | 3.86% | 0.42% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9983 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19831 |
|  Ratio of net expenses to average net assets | 0.12% | 0.16% | 0.25 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.18% | 0.25% | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.04% | 2.94% | 2.72 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 27% | 25% | 10% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **119** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** | **Access Treasury 0-1 Year ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $100.23 | $100.07 | $99.84 | $100.09 | $100.44 |
|  Net investment income (loss)<sup>(a)</sup> | 4.29 | 5.14 | 4.17 | 0.52 | (0.02) |
|  Net realized and unrealized gain (loss) | 0.05 | 0.17 | (0.26) | (0.51) | (0.01) |
|  Total from investment operations | 4.34 | 5.31 | 3.91 | 0.01 | (0.03) |
|  Distributions to shareholders from net investment income | (4.36) | (5.15) | (3.68) | (0.26) | (0.27) |
|  Distributions to shareholders from return of capital |  |  |  |  | (0.05) |
|  Total distributions | (4.36) | (5.15) | (3.68) | (0.26) | (0.32) |
|  Net asset value, end of year | $100.21 | $100.23 | $100.07 | $99.84 | $100.09 |
|  Market price, end of year | $100.21 | $100.23 | $100.12 | $99.88 | $100.08 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 4.43% | 5.45% | 3.99% | 0.01% | (0.03)% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6245228 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343386 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3087061 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857660 |
|  Ratio of net expenses to average net assets | 0.12% | 0.12% | 0.12% | 0.12% | 0.12% |
|  Ratio of total expenses to average net assets | 0.14% | 0.14% | 0.14% | 0.14% | 0.14% |
|  Ratio of net investment income (loss) to average net assets | 4.28% | 5.14% | 4.18% | 0.52% | (0.02)% |
|  Portfolio turnover rate<sup>(c)(d)</sup> | –% | –% | –% | –% | –% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

<sup>(d)</sup> There were either no long-term purchases or no long-term sales for the fiscal years ended August 31, 2025, August 31, 2024, August 31, 2023, August 31, 2022 and August 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **120** | **The accompanying notes are an integral part of these consolidated financial statements.** |

---

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |
|  | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Fiscal<br>Year Ended August 31,** | **For the Period<br>September 8, 2020<sup>\*</sup><br>to<br>August 31, 2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period<br>September 8, 2020<sup>\*</sup><br>to<br>August 31, 2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of period | $41.99 | $40.88 | $42.88 | $49.40 | $50.03 |
|  Net investment income<sup>(a)</sup> | 1.74 | 1.70 | 1.42 | 0.67 | 0.37 |
|  Net realized and unrealized gain (loss) | (0.58) | 1.06 | (2.10) | (6.62) | (0.63) |
|  Total from investment operations | 1.16 | 2.76 | (0.68) | (5.95) | (0.26) |
|  Distributions to shareholders from net investment income | (1.71) | (1.65) | (1.32) | (0.57) | (0.37) |
|  Net asset value, end of period | $41.44 | $41.99 | $40.88 | $42.88 | $49.40 |
|  Market price, end of period | $41.42 | $42.02 | $40.99 | $42.93 | $49.38 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 2.86% | 6.97% | (1.58)% | (12.12)% | (0.52)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638147 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398944 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492633 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;433105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219827 |
|  Ratio of net expenses to average net assets | 0.09% | 0.13% | 0.12% | 0.10% | 0.11 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.10% | 0.14% | 0.14% | 0.14% | 0.14 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.23% | 4.17% | 3.43% | 1.48% | 0.77 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 306% | 401% | 481% | 522% | 525% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these consolidated financial statements.** | **121** |

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Access U.S. Preferred Stock and Hybrid<br>Securities ETF** | **Access U.S. Preferred Stock and Hybrid<br>Securities ETF** |
|  | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>July 30, 2024<sup>\*</sup>**<br> **to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $51.05 | $50.00 |
|  Net investment income<sup>(a)</sup> | 2.77 | 0.27 |
|  Net realized and unrealized gain (loss) | (0.18) | 0.78 |
|  Total from investment operations | 2.59 | 1.05 |
|  Distributions to shareholders from net investment income | (2.67) |  |
|  Net asset value, end of period | $50.97 | $51.05 |
|  Market price, end of period | $50.98 | $51.16 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 5.26% | 2.10% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112138 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89337 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 5.47% | 5.91 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 25% | – % |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **122** | **The accompanying notes are an integral part of these consolidated financial statements.** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Emerging Markets USD Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access High Yield Corporate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Inflation Protected USD Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Investment Grade Corporate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Municipal Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Treasury 0-1 Year ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access U.S. Aggregate Bond ETF | Diversified |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Municipal Bond ETF, Access Treasury 0-1 Year ETF and Access U.S. Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), shares of the Access Emerging Markets USD Bond ETF and Access Inflation Protected USD Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe BZX"), and shares of the Access U.S. Preferred Stock and Hybrid Securities ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**123**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

For treasury inflation protected securities ("TIPS"), adjustments to principal due to inflation/deflation are reflected as increases/ decreases to interest income with a corresponding adjustment to cost.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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. For each Fund, income distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**124**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**125**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Treasury Inflation Protected Securities — TIPS are treasury securities in which the principal amount is adjusted daily to keep pace with inflation, as measured by the U.S. Consumer Pricing Index for Urban Consumers. The repayment of the original bond principal upon maturity is guaranteed by the full faith and credit of the U.S. Government.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement(s) of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Access Emerging Markets USD Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $4052658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 26650394 |  |
|  Investment Company | 29090 |  |  |
|  **Total** | $29090 | $30703052 | $— |
| **Access High Yield Corporate Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $85290478 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 8061943 |  |
|  Investment Company | 1512522 |  |  |
|  **Total** | $1512522 | $93352421 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**126**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Access Inflation Protected USD Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Inflation Indexed Bond | $175850479 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  Investment Company | 187422 |  |  |
|  **Total** | $176037901 | $— | $— |
| **Access Investment Grade Corporate 1-5 Year Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $10402425 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 1362886 |  |
|  Investment Company | 31 |  |  |
|  **Total** | $31 | $11765311 | $— |
| **Access Investment Grade Corporate Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $551067001 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 109149328 |  |
|  Investment Company | 4852256 |  |  |
|  **Total** | $4852256 | $660216329 | $— |
|  **Access Municipal Bond ETF** |  |  |  |
| **Investment Type** | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $9796541 | $— |
| **Access Treasury 0-1 Year ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills | $4997223243 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 1233340962 |  |  |
|  **Total** | $6230564205 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**127**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Access U.S. Aggregate Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $140044700 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 33994727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 153842248 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations | 129006 | 15883170 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 5198564 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 65799872 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 218960284 |  |  |
|  Investment Company | 70569978 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355459140 | $348963409 | $— |
|  **Liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Sales Contracts | $— | $(3494375) | $— |
| **Access U.S. Preferred Stock and Hybrid Securities ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $62940781 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 10350862 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock |  | 37363859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 88110 |  |
|  Investment Company | 317 |  |  |
|  **Total** | $317 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110743612 | $— |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each 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 and litigation, indemnification and extraordinary expenses. As the Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual**<br> **Unitary Management**<br> **Fee** | **Effective**<br> **Unitary**<br> **Management**<br> **Fee** | **Effective Net**<br> **Unitary**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **Fee\*** |
| Goldman Sachs Access Emerging Markets USD Bond ETF | 0.30% | 0.38% | 0.35% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**128**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Contractual**<br> **Unitary Management**<br> **Fee** | **Effective**<br> **Unitary**<br> **Management**<br> **Fee** | **Effective Net**<br> **Unitary**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management** <br> **Fee\*** |
| Goldman Sachs Access High Yield Corporate Bond ETF | 0.15% | 0.24% | 0.24% |
| Goldman Sachs Access Inflation Protected USD Bond ETF | 0.12% | 0.12% | 0.12% |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | 0.08% | 0.11% | 0.11% |
| Goldman Sachs Access Investment Grade Corporate Bond ETF | 0.08% | 0.11% | 0.11% |
| Goldman Sachs Access Municipal Bond ETF | 0.08% | 0.18% | 0.12% |
| Goldman Sachs Access Treasury 0-1 Year ETF | 0.14% | 0.14% | 0.14% |
| Goldman Sachs Access U.S. Aggregate Bond ETF | 0.08% | 0.10% | 0.09% |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | 0.45% | 0.45% | 0.45% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

Effective February 1, 2025, the Contractual Unitary Management Fee rates were reduced for the Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF and Access U.S. Aggregate Bond ETF to the rates in the above table. Prior to February 1, 2025 such rates were 0.45%, 0.34%, 0.14%, 0.14% and 0.14%, respectively. Effective April 1, 2025, the Contractual Unitary Management Fee rates was reduced for the Access Municipal Bond ETF to the rate in the above table. Prior to April 1, 2025 the rate was 0.25%.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.12% as an annual percentage rate of average daily net assets of the Access Treasury 0-1 Year ETF. This arrangement will remain in effect through at least December 29, 2025 and prior to such dates the Investment Adviser may not terminate the arrangements without the approval of the Board of Trustees. Prior to February 1, 2025, GSAM waived a portion of its management fee for the Access Emerging Markets USD Bond ETF in order to achieve an effective net management fee rate of 0.39%. Effective February 1, 2025, GSAM no longer waives a portion of its management fee for the Access Emerging Markets USD Bond ETF. Prior to April 1, 2025, GSAM waived a portion of its management fee for the Access Municipal Bond ETF in order to achieve an effective net management fee rate of 0.15%. Effective April 1, 2025, GSAM no longer waives a portion of its management fee for the Access Municipal Bond ETF. For the fiscal year ended August 31, 2025, GSAM waived $17,124, $5,756 and $1,194,996 of the Funds' management fees for the Access Emerging Markets USD Bond ETF, Access Municipal Bond ETF and the Access Treasury 0-1 Year ETF, respectively.

The Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access U.S. Aggregate Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2025, the management fee waived by GSAM for each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**129**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | |
|:---|:---|
| **Fund** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fee Waived**  |
| Access Emerging Markets USD Bond ETF | $735  |
| Access High Yield Corporate Bond ETF | 1775  |
| Access Inflation Protected USD Bond ETF | 564  |
| Access Investment Grade Corporate 1-5 Year Bond ETF | 16  |
| Access Investment Grade Corporate Bond ETF | 6022  |
| Access Municipal Bond ETF | 77  |
| Access U.S. Aggregate Bond ETF | 53947  |
| Access U.S. Preferred Stock and Hybrid Securities ETF | 816  |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** | **Access Emerging Markets USD Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $605122 | $6151562 | $6727594 | $29090 | 29090 | $20731 |
| **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** | **Access High Yield Corporate Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 3626772 | 20883066 | 22997316 | 1512522 | 1512522 | 48843 |
| **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** | **Access Inflation Protected USD Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 216973 | 6189279 | 6218830 | 187422 | 187422 | 15734 |
| **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** | **Access Investment Grade Corporate 1-5 Year Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  |  | 424073 | 424042 | 31 | 31 | 435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**130**

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** | **Access Investment Grade Corporate Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $3503685 | $61568337 | $60219766 | $4852256 | 4852256 | $164118 |
| **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** | **Access Municipal Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 39290 | 920750 | 960040 |  |  | 2167 |
| **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** | **Access U.S. Aggregate Bond ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 16465996 | 111443574 | 57339592 | 70569978 | 70569978 | 1463492 |
| **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** | **Access U.S. Preferred Stock and Hybrid Securities ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | 669044 | 17813189 | 18481916 | 317 | 317 | 22274 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 Statements of Changes in Net Assets.

Share activity is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**131**

------

GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Emerging Markets USD Bond ETF**  | **Goldman Sachs Access Emerging Markets USD Bond ETF**  | **Goldman Sachs Access Emerging Markets USD Bond ETF**  | **Goldman Sachs Access Emerging Markets USD Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 600000 | $24381552 | 500000 | $20152969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1450000) | (58207043) | (200000) | (8070928) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (850000) | $(33825491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300000 | $12082041 |
|  | **Goldman Sachs Access High Yield Corporate Bond ETF**  | **Goldman Sachs Access High Yield Corporate Bond ETF**  | **Goldman Sachs Access High Yield Corporate Bond ETF**  | **Goldman Sachs Access High Yield Corporate Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 550000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24819985 | 2200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96858327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2100000) | (93662524) | (900000) | (39194369) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (1550000) | $(68842539) | 1300000 | $57663958 |
|  | **Goldman Sachs Access Inflation Protected USD Bond ETF**  | **Goldman Sachs Access Inflation Protected USD Bond ETF**  | **Goldman Sachs Access Inflation Protected USD Bond ETF**  | **Goldman Sachs Access Inflation Protected USD Bond ETF**  |
|  | **For the Fiscal Year Ended August 31,<br>2025** | **For the Fiscal Year Ended August 31,<br>2025** | **For the Fiscal Year Ended August 31,<br>2024** | **For the Fiscal Year Ended August 31,<br>2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 825000 | $40468243 | 925000 | $44846205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (2456120) | (450000) | (21671613) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 775000 | $38012123 | 475000 | $23174592 |
|  | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 100000 | $4741161 | 100000 | $4596787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (50000) | (2342936) | (100000) | (4651720) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 50000 | $2398225 |  | $(54933) |
|  | **Goldman Sachs Access Investment Grade Corporate Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate Bond ETF**  | **Goldman Sachs Access Investment Grade Corporate Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 5550000 | $256045538 | 9650000 | $437689752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (9600000) | (437237433) | (6300000) | (280319455) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (4050000) | $(181191895) | 3350000 | $157370297 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**132**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Access Municipal Bond ETF**  | **Goldman Sachs Access Municipal Bond ETF**  | **Goldman Sachs Access Municipal Bond ETF**  | **Goldman Sachs Access Municipal Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  | $— | (200000) | $(10039110) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** |  | $— | (200000) | $(10039110) |
|  | **Goldman Sachs Access Treasury 0-1 Year ETF**  | **Goldman Sachs Access Treasury 0-1 Year ETF**  | **Goldman Sachs Access Treasury 0-1 Year ETF**  | **Goldman Sachs Access Treasury 0-1 Year ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 25690000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568612727 | 19680000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966407220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (16680000) | (1668103826) | (26460000) | (2643938681) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 9010000 | $900508901 | (6780000) | $(677531461) |
|  | **Goldman Sachs Access U.S. Aggregate Bond ETF**  | **Goldman Sachs Access U.S. Aggregate Bond ETF**  | **Goldman Sachs Access U.S. Aggregate Bond ETF**  | **Goldman Sachs Access U.S. Aggregate Bond ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7400000 | $302294746 | 1650000 | $66335735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1500000) | (61578462) | (4200000) | (172398751) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | 5900000 | $240716284 | (2550000) | $(106063016) |
|  | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF**  | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF**  | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF**  | **Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Period**<br> **July 30, 2024<sup>(a)</sup>**<br> **to**<br> **August 31, 2024** | **For the Period**<br> **July 30, 2024<sup>(a)</sup>**<br> **to**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1050000 | $52741082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750000 | $87469040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (600000) | (30457841) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 450000 | $22283241 | 1750000 | $87469040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on July 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2025, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short-term securities):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchase of**<br> **U.S. Government and**<br> **Agency Obligations** | **Purchases (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** | **Sales and**<br> **Maturities of**<br> **U.S. Government and**<br> **Agency Obligations** | **Sales and**<br> **Maturities (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** |
| Goldman Sachs Access Emerging Markets USD Bond ETF | $— | $9297880 | $— | $9215427 |
| Goldman Sachs Access High Yield Corporate Bond ETF |  | 35831274 |  | 35196082 |
| Goldman Sachs Access Inflation Protected USD Bond ETF | 66422666 |  | 71002117 |  |
| Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF |  | 3259405 |  | 3233501 |
| Goldman Sachs Access Investment Grade Corporate Bond ETF |  | 80758018 |  | 86677171 |
| Goldman Sachs Access Municipal Bond ETF |  | 2799788 |  | 2619886 |
| Goldman Sachs Access U.S. Aggregate Bond ETF | 1482378185 | 16817412 | 1431565802 | 14861873 |
| Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF |  | 59129209 |  | 24098199 |

---

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025, were as follows (with the exception of the Access Treasury 0-1 Year ETF which only owns short-term securities):

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Emerging Markets USD Bond ETF | $24191950 | $57520710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access High Yield Corporate Bond ETF | 24271866 | 91621945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Inflation Protected USD Bond ETF | 40343693 | 2451188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Investment Grade Corporate 1-5 Year Bond ETF | 4578702 | 2297960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access Investment Grade Corporate Bond ETF | 252261110 | 430631713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access U.S. Aggregate Bond ETF | 227061779 | 44551353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Access U.S. Preferred Stock and Hybrid Securities ETF | 18093567 | 30156538 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD Bond<br>ETF** | **Access High Yield<br>Corporate Bond ETF** | **Access Inflation**<br> **Protected USD Bond<br>ETF** | **Access Investment**<br> **Grade Corporate 1-5**<br> **Year Bond ETF** | **Access Investment** <br> **Grade Corporate** <br> **Bond ETF**  |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $3384173 | $9243466 | $5296599 | $398999 | $37317516 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Municipal**<br> **Bond ETF** | **Access Treasury 0-1**<br> **Year ETF** | **Access U.S.**<br> **Aggregate Bond ETF** | **Access U.S. Preferred** <br> **Stock and Hybrid** <br> **Securities ETF**  |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $2019 | $257005734 | $18542988 | $5034990 |
|  Tax-Exempt income | 290485 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $292504 | $257005734 | $18542988 | $5034990 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging**<br> **Markets USD Bond**<br> **ETF** | **Access High Yield**<br> **Corporate Bond ETF** | **Access Inflation**<br> **Protected USD Bond**<br> **ETF** | **Access Investment** <br> **Grade Corporate 1-5** <br> **Year Bond ETF**  |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $3238923 | $7776578 | $4378558 | $440519 |
|  | **Access Investment**<br> **Grade Corporate**<br> **Bond ETF** | **Access Municipal**<br> **Bond ETF** | **Access Treasury 0-1**<br> **Year ETF** | **Access U.S.** <br> **Aggregate Bond ETF**  |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $29399665 | $4369 | $289180304 | $19163870 |
|  Tax-Exempt income |  | 420057 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $29399665 | $424426 | $289180304 | $19163870 |
|  |  |  |  | **Access U.S. Preferred** <br> **Stock and Hybrid** <br> **Securities ETF<sup>(a)</sup>**  |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income |  |  |  | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on July 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

As of August 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging**<br> **Markets USD**<br> **Bond ETF** | **Access High Yield**<br> **Corporate Bond**<br> **ETF** | **Access Inflation**<br> **Protected USD**<br> **Bond ETF** | **Access Investment**<br> **Grade Corporate**<br> **1-5 Year Bond ETF** |
|  Undistributed ordinary income — net | $169602 | $582959 | $857725 | $42894 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (4941897) | (1767083) | (1134653) | (33307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (316250) | (1888688) | (8808318) | (244155) |
|  Total capital loss carryforwards | (5258147) | (3655771) | (9942971) | (277462) |
|  Timing differences — (Post-October Capital Loss Deferral) | (283570) | (83066) | (3907798) |  |
|  Unrealized gains (losses) — net | 373416 | 1613452 | (2699339) | 170112 |
|  Total accumulated earnings (losses) — net | $(4998699) | $(1542426) | $(15692383) | $(64456) |
|  | **Access Investment**<br> **Grade Corporate**<br> **Bond ETF** | **Access Municipal**<br> **Bond ETF** | **Access Treasury**<br> **0-1 Year ETF<sup>\*</sup>** | **Access U.S.**<br> **Aggregate Bond**<br> **ETF** |
|  Undistributed ordinary income — net | $2757900 | $— | $22465161 | $3149547 |
|  Undistributed Tax Exempt income — net |  | 26950 |  |  |
|  Total undistributed earnings | $2757900 | $26950 | $22465161 | $3149547 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (2908527) | (31436) | (4793086) | (24628742) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (6773827) | (2704) | (4564) | (19622242) |
|  Total capital loss carryforwards | (9682354) | (34140) | (4797650) | (44250984) |
|  Timing differences — (Post-October Capital Loss Deferral) | (1881810) | (2930) |  | (2589727) |
|  Unrealized gains (losses) — net | (23173543) | 14129 | 3041816 | (6261598) |
|  Total accumulated earnings (losses) — net | $(31979807) | $4009 | $20709327 | $(49952762) |

---

\* The Goldman Sachs Access Treasury 0-1 Year ETF utilized $4,505,623 of capital losses in the current fiscal year. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

---

| | |
|:---|:---|
|  | **Access U.S.<br>Preferred Stock<br>and Hybrid<br>Securities ETF** |
|  Undistributed ordinary income — net | $273621 |
|  Capital loss carryforwards: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (7133) |
|  Timing differences — (Hybrids, Post-October Capital Loss Deferral) | 319935 |
|  Unrealized gains (losses) — net | 1108193 |
|  Total accumulated earnings (losses) — net | $1694616 |

---

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Access Emerging<br>Markets USD Bond ETF** | **Access High Yield<br>Corporate Bond ETF** | **Access Inflation<br>Protected USD Bond<br>ETF** | **Access Investment<br>Grade Corporate 1-5<br>Year Bond ETF** |
|  Tax Cost | $30358726 | $93251491 | $178737240 | $11595230 |
|  Gross unrealized gain | 863121 | 2711826 | 2462775 | 174249 |
|  Gross unrealized loss | (489705) | (1098374) | (5162114) | (4137) |
|  Net unrealized gain (loss) | $373416 | $1613452 | $(2699339) | $170112 |
|  | **Access Investment<br>Grade Corporate Bond<br>ETF** | **Access Municipal Bond**<br> **ETF** | **Access Treasury 0-1<br>Year ETF** | **Access U.S. Aggregate**<br> **Bond ETF** |
|  Tax Cost | $688242128 | $9782412 | $6227522389 | $710681725 |
|  Gross unrealized gain | 9679330 | 72472 | 3058828 | 7075411 |
|  Gross unrealized loss | (32852873) | (58343) | (17012) | (13337009) |
|  Net unrealized gain (loss) | $(23173543) | $14129 | $3041816 | $(6261598) |

---

---

| | |
|:---|:---|
|  | **Access U.S. Preferred<br>Stock and Hybrid<br>Securities ETF** |
|  Tax Cost | $109635736 |
|  Gross unrealized gain | 2402966 |
|  Gross unrealized loss | (1294773) |
|  Net unrealized gain (loss) | $1108193 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, and differences in tax treatment of underlying fund investments, partnership investments, market discount accretion and premium amortization.

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds' and result primarily from redemption in-kind transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in**<br> **Capital**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Total**<br> **Distributable**<br> **Earnings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Emerging Markets USD Bond ETF | $(1213314) | $1213314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access High Yield Corporate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913887 | (913887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Inflation Protected USD Bond ETF | 53534 | (53534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF | 6595 | (6595) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Investment Grade Corporate Bond ETF | (15182155) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15182155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access Treasury 0-1 Year ETF | 720126 | (720126) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access U.S. Aggregate Bond ETF | (480068) | 480068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF | 691389 | (691389) |

---

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Call/Prepayment Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, a Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

Credit/Default Risk — An issuer or guarantor of a security held by a Fund, or a bank or other financial institution that has entered into a repurchase agreement with a Fund, may default on its obligation to pay interest and repay principal or default on any other obligation. Additionally, the credit quality of securities may deteriorate rapidly, which may impair a Fund's liquidity and cause significant deterioration in NAV.

Extension Risk — An issuer could exercise its right to pay principal on an obligation held by a Fund later than expected. This may happen when there is a rise in interest rates. Under these circumstances, the value of the obligation will decrease, and a Fund will also suffer from the inability to reinvest in higher yielding securities.

Index Risk — FTSE Fixed Income LLC (the "Index Provider") constructs each Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. The FTSE Goldman Sachs Emerging Markets USD Bond Index and FTSE Goldman Sachs US Preferred Stock and Hybrids Index are new and have limited performance history. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser nor the Index Provider can guarantee the availability or timeliness of the production of the Index. The Index Provider may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, a Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

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, Cboe BZX and NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income

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Notes to Financial Statements (continued) *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. OTHER RISKS (continued)

funds may be higher than normal, potentially causing increased supply in the market due to selling activity. These risks may be more pronounced in connection with a Fund's investments in securities of issuers located in emerging market countries. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

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, governments or countries 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.

Sampling Risk — A Fund's use of a representative sampling approach will result in its holding a smaller number of securities than are in the Index. As a result, an adverse development respecting a security held by a Fund could result in a greater decline in NAV than would be the case if a Fund held all of the securities in the Index. Conversely, a positive development relating to a security in the Index that is not held by a Fund could cause a Fund to underperform the Index. To the extent the assets in a Fund are smaller, these risks will be greater.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price a Fund could receive for a security may differ from a Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. A Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER MATTERS

Effective after the close of business on March 31, 2025, the Goldman Sachs Community Municipal Bond ETF was renamed the Goldman Sachs Access Municipal Bond ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Municipal Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs Access U.S. Preferred Stock and Hybrid Securities ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (nine of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, (collectively referred to as the "financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Emerging | For the year ended | For the two years ended | For each of the periods |
| &nbsp;&nbsp;&nbsp; Markets USD Bond ETF, Goldman | August 31, 2025 | August 31, 2025 | indicated therein |
| &nbsp;&nbsp;&nbsp; Sachs Access High Yield Corporate |  |  |  |
| &nbsp;&nbsp;&nbsp; Bond ETF, Goldman Sachs Access |  |  |  |
| &nbsp;&nbsp;&nbsp; Inflation Protected USD Bond ETF, |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Investment |  |  |  |
| &nbsp;&nbsp;&nbsp; Grade Corporate 1-5 Year Bond ETF, |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Investment |  |  |  |
| &nbsp;&nbsp;&nbsp; Grade Corporate Bond ETF, Goldman |  |  |  |
| &nbsp;&nbsp;&nbsp; Sachs Access Municipal Bond ETF, |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access Treasury 0-1 |  |  |  |
| &nbsp;&nbsp;&nbsp; Year ETF and Goldman Sachs Access |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Aggregate Bond ETF |  |  |  |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access U.S. Preferred<br> Stock and Hybrid Securities ETF | For the year ended<br> August 31, 2025 | For the year ended August 31, 2025 and the period July 30, 2024 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and the period July 30, 2024 (commencement of operations) through August 31, 2024 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Access U.S. Preferred<br> Stock and Hybrid Securities ETF | For the year ended<br> August 31, 2025 | For the year ended August 31, 2025 and the period July 30, 2024 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and the period July 30, 2024 (commencement of operations) through August 31, 2024 |

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#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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.

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## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Our audits 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 audits 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, 2025 by correspondence with the custodian, transfer agent and brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Access Emerging Markets USD Bond ETF, Goldman Sachs Access High Yield Corporate Bond ETF, Goldman Sachs Access Inflation Protected USD Bond ETF, Goldman Sachs Access Investment Grade Corporate 1-5 Year Bond ETF, Goldman Sachs Access Investment Grade Corporate Bond ETF, Goldman Sachs Access Treasury 0-1 Year ETF, Goldman Sachs Access Municipal Bond ETF (formerly, Goldman Sachs Community Municipal Bond ETF), Goldman Sachs Access U.S. Aggregate Bond ETF and Goldman Sachs U.S. Preferred Stock and Hybrid Securities ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund (except for the Access U.S. Preferred Stock and Hybrid Securities ETF), including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"), (ii) its underlying index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance (except Access Municipal Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF) and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertaking of the Investment Adviser to implement a fee waiver (for the Access Treasury 0-1 Year ETF);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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 each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices 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 provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of each Fund (except for the Access U.S. Preferred Stock and Hybrid Securities ETF). In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Funds' category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three- and five year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund's performance to that of its respective index. The Trustees noted that the investment performance of each Fund was consistent with the investment objective of tracking its respective index. The Trustees noted that the Access U.S. Preferred Stock and Hybrid Securities ETF had launched on July 30, 2024 and did not yet have a meaningful performance history.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds' fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund's management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

In addition, the Trustees considered the Investment Adviser's undertaking to implement a management fee waiver for the Access Treasury 0-1 Year ETF. The Trustees noted that license fees would be payable by the Investment Adviser to FTSE Fixed Income LLC (for the Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF) and to Bloomberg Index Services Limited (for the Access Municipal Bond ETF) for the use of their indices.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and (with the exception of the Access Municipal Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF) 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, and information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) 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 Funds; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (f) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**150**

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GOLDMAN SACHS ACCESS FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs Access Fixed Income ETFs - Tax Information (Unaudited)
During the fiscal year ended August 31, 2025, 100% of the net investment company taxable income distributions paid by the Access Inflation Protected USD Bond ETF and Access Treasury 0-1 Year ETF is designated as interest-related dividends pursuant to Section 871(k) of the Internal Revenue Code.

For the fiscal year ended August 31, 2025, the Access Emerging Markets USD Bond ETF, Access High Yield Corporate Bond ETF, Access Inflation Protected USD Bond ETF, Access Investment Grade Corporate 1-5 Year Bond ETF, Access Investment Grade Corporate Bond ETF, Access Treasury 0-1 Year ETF, Access U.S. Aggregate Bond ETF and Access U.S. Preferred Stock and Hybrid Securities ETF designate 96.08%, 96.60%, 100%, 100%, 98.76%, 99.62%, 100% and 39.22%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.

During the year ended August 31, 2025, 99.31% of the distributions from net investment income paid by the Access Municipal Bond ETF were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**151**

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![LOGO](g80414dsp152.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282© 2025 Goldman Sachs. All rights reserved. ACFIETFAR-25 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary

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![LOGO](g86349dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs Active Fixed Income ETFs Goldman Sachs Core Bond ETF (GBND) Goldman Sachs Corporate Bond ETF (GIGL) Goldman Sachs Ultra Short Bond ETF (GSST)\* \* Effective after the close of business on February 11, 2025, the Goldman Sachs Access Ultra Short Bond ETF was renamed the Goldman Sachs Ultra Short Bond ETF.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Active Fixed Income ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **[Schedule of Investments](#actfi86349_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Bond ETF](#actfi86349_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Corporate Bond ETF](#actfi86349_3) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Bond ETF](#actfi86349_4) | 15 |
|  **[Financial Statements](#actfi86349_5)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#actfi86349_6) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#actfi86349_7) | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#actfi86349_8) | 28 |
|  **[Financial Highlights](#actfi86349_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Core Bond ETF](#actfi86349_10) | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Corporate Bond ETF](#actfi86349_11) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Bond ETF](#actfi86349_12) | 32 |
|  **[Notes to Financial Statements](#actfi86349_13)** | 33 |
|  **[Report of Independent Registered Public Accounting Firm](#actfi86349_14)** | 46 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#actfi86349_15)** | 47 |
|  **[Statement Regarding Basis for Initial Approval of Management Agreement](#actfi86349_16)** | 51 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – 39.5% | Mortgage-Backed Securities – 39.5% | Mortgage-Backed Securities – 39.5% | Mortgage-Backed Securities – 39.5% |
| BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 | BANK, Series 2021-BN35, Class A5 |
| $200000 | 2.285% | 06/15/64<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176783 |
| BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 | BANK5, Series 2025-5YR14, Class A3 |
| 180000 | 5.646 | 04/15/58<sup>(a)</sup> | 188946 |
| Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB | Benchmark Mortgage Trust, Series 2020-B22, Class ASB |
| 96000 | 1.731 | 01/15/54<sup>(a)</sup> | 90302 |
| Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB | Benchmark Mortgage Trust, Series 2021-B28, Class ASB |
| 220000 | 1.980 | 08/15/54 | 204487 |
| BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A | BSTN Commercial Mortgage Trust, Series 2025-1C, Class A |
| 200000 | 5.548 | 06/15/44<sup>(b)(c)</sup> | 205529 |
| BX Trust, Series 2024-BIO, Class A | BX Trust, Series 2024-BIO, Class A | BX Trust, Series 2024-BIO, Class A | BX Trust, Series 2024-BIO, Class A |
| (TSFR1M + 1.642%) | (TSFR1M + 1.642%) | (TSFR1M + 1.642%) |  |
| 250000 | 6.005 | 02/15/41<sup>(b)(c)</sup> | 249844 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 491127 | 2.000 | 05/01/51 | 392990 |
| 246718 | 5.500 | 11/01/53 | 248810 |
| 245528 | 6.000 | 07/01/54 | 251628 |
| Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association | Federal National Mortgage Association |
| 240175 | 3.000 | 02/01/52 | 211023 |
| 250000 | 3.000 | TBA-30yr<sup>(d)</sup> | 216595 |
| 250000 | 3.500 | TBA-30yr<sup>(d)</sup> | 225844 |
| 750000 | 5.000 | TBA-30yr<sup>(d)</sup> | 739645 |
| 250000 | 6.500 | TBA-30yr<sup>(d)</sup> | 259085 |
| 500000 | 2.000 | TBA-30yr<sup>(d)</sup> | 397103 |
| 1000000 | 2.500 | TBA-30yr<sup>(d)</sup> | 830219 |
| 750000 | 5.500 | TBA-30yr<sup>(d)</sup> | 754403 |
| 250000 | 6.000 | TBA-30yr<sup>(d)</sup> | 255403 |
| Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association | Government National Mortgage Association |
| 250000 | 5.000 | TBA-30yr<sup>(d)</sup> | 247282 |
| 250000 | 2.000 | TBA-30yr<sup>(d)</sup> | 204558 |
| 250000 | 2.500 | TBA-30yr<sup>(d)</sup> | 212859 |
| 250000 | 3.000 | TBA-30yr<sup>(d)</sup> | 221356 |
| 250000 | 3.500 | TBA-30yr<sup>(d)</sup> | 227415 |
| 250000 | 5.500 | TBA-30yr<sup>(d)</sup> | 251813 |
| 250000 | 6.000 | TBA-30yr<sup>(d)</sup> | 255010 |
| Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A | Hudson Yards Mortgage Trust, Series 2025-SPRL, Class A |
| 250000 | 5.649 | 01/13/40<sup>(b)(c)</sup> | 258644 |
| MSWF Commercial Mortgage Trust, Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5 | MSWF Commercial Mortgage Trust, Series 2023-2, Class A5 |
| 100000 | 6.014 | 12/15/56<sup>(a)(b)</sup> | 108023 |
| NY Commercial Mortgage Trust, Series 2025-299P, Class A | NY Commercial Mortgage Trust, Series 2025-299P, Class A | NY Commercial Mortgage Trust, Series 2025-299P, Class A | NY Commercial Mortgage Trust, Series 2025-299P, Class A |
| 100000 | 5.853 | 02/10/47<sup>(b)(c)</sup> | 104167 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $7,944,602)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $7,944,602)** | **TOTAL MORTGAGE-BACKED SECURITIES**<br> **(Cost $7,944,602)** | 7989766 |
| U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% | U.S. Treasury Notes – 34.0% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 890000 | 4.500 <sup>(e)</sup> | 04/15/27 | 901055 |
| 1500000 | 1.250 <sup>(e)</sup> | 04/30/28 | 1411875 |
| 1520000 | 1.000 <sup>(e)</sup> | 07/31/28 | 1412175 |
| 150000 | 3.625 <sup>(e)</sup> | 08/31/30<sup>(f)</sup> | 149561 |
| 1650000 | 1.250 <sup>(e)</sup> | 08/15/31 | 1425832 |
| 150000 | 3.875 <sup>(e)</sup> | 08/31/32<sup>(f)</sup> | 149561 |
| 1410000 | 4.250 <sup>(e)</sup> | 11/15/34 | 1419473 |
| **TOTAL U.S. TREASURY NOTES**<br>**(Cost $6,827,539)** | **TOTAL U.S. TREASURY NOTES**<br>**(Cost $6,827,539)** | **TOTAL U.S. TREASURY NOTES**<br>**(Cost $6,827,539)** | 6869532 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – 23.3% | Corporate Obligations – 23.3% | Corporate Obligations – 23.3% |
| Advertising – 0.1% | Advertising – 0.1% | Advertising – 0.1% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| $22000 | 3.625% 01/15/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20389 |
| Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% | Aerospace & Defense – 1.3% |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 50000 | 3.450 11/01/28<sup>(a)</sup> | 48795 |
| 150000 | 6.528 05/01/34<sup>(a)</sup> | 164188 |
| Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
| 29000 | 5.875 02/26/35<sup>(a)</sup> | 29603 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 20000 | 6.375 05/31/33<sup>(a)(c)</sup> | 20278 |
| 5000 | 6.250 01/31/34<sup>(a)(c)</sup> | 5131 |
|  |  | 267995 |
| Banks – 6.8% | Banks – 6.8% | Banks – 6.8% |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (SOFR + 1.830%) | (SOFR + 1.830%) |  |
| 109000 | 4.571 04/27/33<sup>(a)(b)</sup> | 107881 |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |  |
| 1.200%) |  |  |
| 24000 | 2.482 09/21/36<sup>(a)(b)</sup> | 20746 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| (SOFR + 1.330%) | (SOFR + 1.330%) |  |
| 153000 | 2.972 02/04/33<sup>(a)(b)</sup> | 138140 |
| Bank of New York Mellon Corp. (The), Series G | Bank of New York Mellon Corp. (The), Series G | Bank of New York Mellon Corp. (The), Series G |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |  |
| 4.358%) |  |  |
| 20000 | 4.700 09/20/73<sup>(a)(b)</sup> | 19973 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 50000 | 4.100 02/09/27<sup>(a)</sup> | 49892 |
| (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) |
| 38000 | 5.884 07/26/35<sup>(a)(b)</sup> | 39502 |
| (SOFR + 2.036%) | (SOFR + 2.036%) |  |
| 34000 | 6.183 01/30/36<sup>(a)(b)</sup> | 35087 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 51000 | 2.976 11/05/30<sup>(a)(b)</sup> | 48203 |
| (SOFR + 2.338%) | (SOFR + 2.338%) | (SOFR + 2.338%) |
| 30000 | 6.270 11/17/33<sup>(a)(b)</sup> | 32517 |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 1.730%) |  |  |
| 47000 | 5.411 09/19/39<sup>(a)(b)</sup> | 46513 |
| Citigroup, Inc., Series X | Citigroup, Inc., Series X | Citigroup, Inc., Series X |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 3.417%) | 3.417%) | 3.417%) |
| 20000 | 3.875 05/18/74<sup>(a)(b)</sup> | 19797 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) |
| 19000 | 5.841 01/23/30<sup>(a)(b)</sup> | 19765 |
| Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
| 200000 | 3.850 03/15/26<sup>(a)</sup> | 199212 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| (SOFR + 1.766%) | (SOFR + 1.766%) | (SOFR + 1.766%) |
| 49000 | 5.514 03/07/31<sup>(a)(b)</sup> | 50431 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 1.700%) |  |  |
| 29000 | 6.141 11/18/39<sup>(a)(b)</sup> | 29885 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

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GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |  |
| $40000 | 4.586% | 04/26/33<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39791 |
| (SOFR + 1.680%) | (SOFR + 1.680%) | (SOFR + 1.680%) |  |
| 23000 | 5.572 | 04/22/36<sup>(a)(b)</sup> | 23920 |
| (TSFR3M + 1.622%) | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) |  |
| 89000 | 3.882 | 07/24/38<sup>(a)(b)</sup> | 78650 |
| M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN |
| (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) |  |
| 75000 | 5.385 | 01/16/36<sup>(a)(b)</sup> | 75144 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |  |
| 44000 | 5.466 | 01/18/35<sup>(a)(b)</sup> | 45386 |
| (SOFR + 1.360%) | (SOFR + 1.360%) | (SOFR + 1.360%) |  |
| 71000 | 2.484 | 09/16/36<sup>(a)(b)</sup> | 61502 |
| Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| (SOFR + 1.490%) | (SOFR + 1.490%) | (SOFR + 1.490%) |  |
| 20000 | 5.722 | 06/06/30<sup>(a)(b)</sup> | 20815 |
| State Street Corp. | State Street Corp. | State Street Corp. | State Street Corp. |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |  |
| 2.135%) | 2.135%) | 2.135%) |  |
| 12000 | 6.450 | 06/15/74<sup>(a)(b)</sup> | 12221 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| (SOFR + 1.620%) | (SOFR + 1.620%) | (SOFR + 1.620%) |  |
| 44000 | 5.435 | 01/24/30<sup>(a)(b)</sup> | 45573 |
| (SOFR + 1.922%) | (SOFR + 1.922%) | (SOFR + 1.922%) |  |
| 20000 | 5.711 | 01/24/35<sup>(a)(b)</sup> | 20828 |
| Truist Financial Corp., Series P | Truist Financial Corp., Series P | Truist Financial Corp., Series P | Truist Financial Corp., Series P |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |  |
| 4.605%) | 4.605%) | 4.605%) |  |
| 39000 | 4.950 | 12/01/73<sup>(a)(b)</sup> | 38918 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| (TSFR3M + 1.572%) | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) |  |
| 50000 | 3.584 | 05/22/28<sup>(a)(b)</sup> | 49456 |
|  |  |  | 1369748 |
| Basic Industry – 0.0% | Basic Industry – 0.0% | Basic Industry – 0.0% | Basic Industry – 0.0% |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 5000 | 5.750 | 08/15/32<sup>(a)(c)</sup> | 5084 |
| 5000 | 6.250 | 08/15/33<sup>(a)(c)</sup> | 5168 |
|  |  |  | 10252 |
| Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% |
| Owens Corning | Owens Corning | Owens Corning | Owens Corning |
| 37000 | 5.950 | 06/15/54<sup>(a)</sup> | 37051 |
| Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% | Capital Goods – 1.1% |
| AECOM | AECOM | AECOM | AECOM |
| 51000 | 6.000 | 08/01/33<sup>(a)(c)</sup> | 51946 |
| Atkore, Inc. | Atkore, Inc. | Atkore, Inc. | Atkore, Inc. |
| 22000 | 4.250 | 06/01/31<sup>(a)(c)</sup> | 20412 |
| Ball Corp. | Ball Corp. | Ball Corp. | Ball Corp. |
| 22000 | 2.875 | 08/15/30<sup>(a)</sup> | 19898 |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 20000 | 6.750 | 05/15/35<sup>(a)(c)</sup> | 20885 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 20000 | 6.375 | 06/15/33<sup>(a)(c)</sup> | 20662 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 24000 | 5.875 | 01/14/38 | 25741 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
| 19000 | 6.750% 04/30/32<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19690 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 38000 | 6.250 08/01/33<sup>(a)(c)</sup> | 38802 |
|  |  | 218036 |
| Communications – 0.5% | Communications – 0.5% | Communications – 0.5% |
| Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter | Charter Communications Operating LLC / Charter |
| Communications Operating Capital | Communications Operating Capital | Communications Operating Capital |
| 31000 | 3.750 02/15/28<sup>(a)</sup> | 30533 |
| News Corp. | News Corp. | News Corp. |
| 38000 | 3.875 05/15/29<sup>(a)(c)</sup> | 36663 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 31000 | 5.875 11/15/40<sup>(a)</sup> | 29626 |
|  |  | 96822 |
| Consumer Cyclical – 2.1% | Consumer Cyclical – 2.1% | Consumer Cyclical – 2.1% |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 37000 | 5.890 03/15/35<sup>(a)</sup> | 37840 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 20000 | 5.875 06/15/31<sup>(a)(c)</sup> | 20493 |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 43000 | 3.700 01/15/31<sup>(a)</sup> | 40242 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 19000 | 7.000 08/01/32<sup>(a)(c)</sup> | 19709 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 31000 | 5.450 07/05/33<sup>(a)</sup> | 31998 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 67000 | 5.450 07/15/30<sup>(a)</sup> | 68822 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 27000 | 5.500 06/30/34<sup>(a)</sup> | 27243 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 44000 | 5.600 03/30/28<sup>(a)(c)</sup> | 45282 |
| Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
| 33000 | 2.850 04/15/31<sup>(a)</sup> | 30277 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 20000 | 6.500 06/15/33<sup>(a)(c)</sup> | 20667 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 29000 | 6.250 03/15/32<sup>(a)(c)</sup> | 29973 |
| 25000 | 6.000 02/01/33<sup>(a)(c)</sup> | 25651 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 30000 | 6.125 09/01/33<sup>(a)(c)</sup> | 30103 |
|  |  | 428300 |
| Consumer Noncyclical – 2.3% | Consumer Noncyclical – 2.3% | Consumer Noncyclical – 2.3% |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 41000 | 4.200 03/01/33<sup>(a)</sup> | 39601 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 13000 | 6.875 08/01/32<sup>(a)(c)</sup> | 13372 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 24000 | 5.350 11/15/34<sup>(a)</sup> | 24353 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 47000 | 5.500 06/01/33<sup>(a)</sup> | 48343 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 34000 | 5.000 09/15/34<sup>(a)</sup> | 33877 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 33000 | 4.550 04/01/32<sup>(a)</sup> | 32728 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 100000 | 5.000 03/01/32<sup>(a)(c)</sup> | 102004 |
| 28000 | 5.200 03/01/35<sup>(a)(c)</sup> | 28253 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) | Consumer Noncyclical – (continued) |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 50000 | 3.300% | 09/15/29<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47769 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 41000 | 5.400 | 09/02/34<sup>(a)</sup> | 41547 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 30000 | 5.600 | 03/23/34<sup>(a)</sup> | 31108 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 43000 | 3.050 | 05/15/41<sup>(a)</sup> | 31701 |
|  |  |  | 474656 |
| Electric – 1.2% | Electric – 1.2% | Electric – 1.2% | Electric – 1.2% |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 43000 | 2.850 | 05/15/51<sup>(a)</sup> | 26235 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 59000 | 4.875 | 06/01/28<sup>(a)</sup> | 60029 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 41000 | 1.900 | 06/15/28<sup>(a)</sup> | 38674 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 50000 | 2.950 | 03/01/26<sup>(a)</sup> | 49560 |
| 39000 | 2.100 | 08/01/27<sup>(a)</sup> | 37371 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 32000 | 4.300 | 07/15/29<sup>(a)(c)</sup> | 31692 |
|  |  |  | 243561 |
| Energy – 0.8% | Energy – 0.8% | Energy – 0.8% | Energy – 0.8% |
| Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. | Archrock Partners LP / Archrock Partners Finance Corp. |
| 20000 | 6.625 | 09/01/32<sup>(a)(c)</sup> | 20519 |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 33000 | 5.150 | 03/15/45<sup>(a)</sup> | 29028 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 10000 | 6.625 | 01/15/34<sup>(a)(c)</sup> | 10167 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 20000 | 6.550 | 09/15/40 | 21389 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 27000 | 5.375 | 01/01/32<sup>(a)</sup> | 27160 |
| 32000 | 5.550 | 10/01/34<sup>(a)</sup> | 31840 |
| Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
| 20000 | 6.250 | 02/01/33<sup>(a)(c)</sup> | 20422 |
|  |  |  | 160525 |
| Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% | Financial Company – 0.7% |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| (SOFRINDX + 1.960%) | (SOFRINDX + 1.960%) | (SOFRINDX + 1.960%) | (SOFRINDX + 1.960%) |
| 30000 | 5.737 | 05/15/29<sup>(a)(b)</sup> | 30778 |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 39000 | 6.550 | 03/15/32<sup>(a)(c)</sup> | 40574 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 20000 | 5.375 | 07/15/29<sup>(a)(c)</sup> | 20489 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 20000 | 5.300 | 06/30/30<sup>(a)</sup> | 20158 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 20000 | 6.125 | 05/15/30<sup>(a)</sup> | 20326 |
|  |  |  | 132325 |
| Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 36000 | 4.800 | 05/01/30<sup>(a)</sup> | 36509 |
| Healthcare – 1.5% | Healthcare – 1.5% | Healthcare – 1.5% | Healthcare – 1.5% |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| 35000 | 4.900 | 12/15/48<sup>(a)</sup> | 30406 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – (continued) | Healthcare – (continued) | Healthcare – (continued) |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 99000 | 4.780% 03/25/38<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91210 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 76000 | 3.500 09/01/30<sup>(a)</sup> | 72467 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 50000 | 5.400 03/01/29<sup>(a)</sup> | 52132 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 60000 | 5.625 07/15/54<sup>(a)</sup> | 57112 |
|  |  | 303327 |
| Insurance – 0.1% | Insurance – 0.1% | Insurance – 0.1% |
| MetLife, Inc., Series G | MetLife, Inc., Series G | MetLife, Inc., Series G |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 3.576%) | 3.576%) | 3.576%) |
| 20000 | 3.850 03/15/74<sup>(a)(b)</sup> | 19965 |
| REITs and Real Estate – 1.3% | REITs and Real Estate – 1.3% | REITs and Real Estate – 1.3% |
| American Homes 4 Rent LP | American Homes 4 Rent LP | American Homes 4 Rent LP |
| 40000 | 4.950 06/15/30<sup>(a)</sup> | 40722 |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 19000 | 5.500 04/01/29<sup>(a)</sup> | 19705 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 36000 | 5.250 07/15/30<sup>(a)</sup> | 36943 |
| 20000 | 5.875 10/01/34<sup>(a)</sup> | 20684 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 30000 | 3.000 01/15/30<sup>(a)</sup> | 28350 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 23000 | 7.650 02/01/34<sup>(a)</sup> | 26021 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 56000 | 5.700 06/15/32<sup>(a)</sup> | 57544 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 29000 | 6.250 01/15/36<sup>(a)</sup> | 29605 |
|  |  | 259574 |
| Software – 1.1% | Software – 1.1% | Software – 1.1% |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 20000 | 6.000 05/15/33<sup>(a)(c)</sup> | 20351 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 130000 | 3.625 11/01/31<sup>(a)(c)</sup> | 121365 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 29000 | 5.250 02/03/32<sup>(a)</sup> | 29818 |
| 43000 | 4.000 11/15/47<sup>(a)</sup> | 32551 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 20000 | 5.350 04/15/32<sup>(a)</sup> | 20667 |
|  |  | 224752 |
| Technology – 1.6% | Technology – 1.6% | Technology – 1.6% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 39000 | 5.500 12/01/34<sup>(a)</sup> | 39750 |
| Block, Inc. | Block, Inc. | Block, Inc. |
| 20000 | 6.500 05/15/32<sup>(a)</sup> | 20721 |
| 10000 | 6.000 08/15/33<sup>(a)(c)</sup> | 10265 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 47000 | 3.137 11/15/35<sup>(a)(c)</sup> | 39723 |
| 32000 | 3.187 11/15/36<sup>(a)(c)</sup> | 26624 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 30000 | 6.125 09/15/33<sup>(a)(c)</sup> | 30337 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 20000 | 5.875 07/15/30<sup>(a)(c)</sup> | 20308 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 20000 | 6.875 03/01/33<sup>(a)(c)</sup> | 20242 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Technology – (continued) | Technology – (continued) | Technology – (continued) | Technology – (continued) |
|  Snap, Inc. – (continued) | Snap, Inc. – (continued) | Snap, Inc. – (continued) | Snap, Inc. – (continued) |
| $| 20000 | 6.875% 03/15/34<sup>(a)(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;20050 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
|  | 40000 | 5.150 04/01/35<sup>(a)</sup> | 40325 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
|  | 49000 | 4.800 09/15/34<sup>(a)</sup> | 48422 |
|  |  |  | 316767 |
| Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% | Transportation – 0.2% |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
|  | 20000 | 5.250 07/10/30<sup>(a)</sup> | 20404 |
| Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. |
|  | 30000 | 5.250 07/01/29<sup>(a)(c)</sup> | 30863 |
|  |  |  | 51267 |
| Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% |
|  Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
|  | 50000 | 4.000 03/01/27<sup>(a)</sup> | 49765 |
| TOTAL CORPORATE OBLIGATIONS<br>(Cost $4,673,757) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $4,673,757) | TOTAL CORPORATE OBLIGATIONS<br>(Cost $4,673,757) | 4721586 |
| Asset-Backed Securities – 15.0% | Asset-Backed Securities – 15.0% | Asset-Backed Securities – 15.0% | Asset-Backed Securities – 15.0% |
|  GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-1, Class A3 |
|  | 52691 | 5.090 03/22/27<sup>(a)</sup> | 52847 |
|  Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B | Massachusetts Development Finance Agency, Series B |
|  | 130000 | 4.571 05/01/45<sup>(a)</sup> | 115663 |
|  New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 | New York State Dormitory Authority, Series 1 |
|  | 100000 | 4.294 07/01/44<sup>(a)</sup> | 87043 |
|  SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 | SFS Auto Receivables Securitization Trust, Series 2024-2A, Class A4 |
|  | 135000 | 5.260 08/20/30<sup>(a)(c)</sup> | 138292 |
|  AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) | AIMCO CLO 10 Ltd., Series 2019-10A, Class ARR (TSFR3M + 1.410%) |
|  | 250000 | 5.742 07/22/37<sup>(a)(b)(c)</sup> | 250834 |
|  ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) | ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) | ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) | ARES LI CLO Ltd., Series 2019-51A, Class A1R2 (TSFR3M + 1.360%) |
|  | 250000 | 5.678 10/15/37<sup>(a)(b)(c)</sup> | 250862 |
|  Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) | Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) | Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) | Carlyle U.S. CLO Ltd., Series 2021-10A, Class A1R (TSFR3M + 1.310%) |
|  | 250000 | 5.635 01/20/38<sup>(a)(b)(c)</sup> | 250666 |
|  Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R3 (TSFR3M + 1.100%) | Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R3 (TSFR3M + 1.100%) | Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R3 (TSFR3M + 1.100%) | Carlyle Global Market Strategies CLO Ltd., Series 2015-5A, Class A1R3 (TSFR3M + 1.100%) |
|  | 162696 | 5.425 01/20/32<sup>(a)(b)(c)</sup> | 162987 |
|  Dryden 97 CLO Ltd., Series 2022-97A, Class A (TSFR3M + 1.300%) | Dryden 97 CLO Ltd., Series 2022-97A, Class A (TSFR3M + 1.300%) | Dryden 97 CLO Ltd., Series 2022-97A, Class A (TSFR3M + 1.300%) | Dryden 97 CLO Ltd., Series 2022-97A, Class A (TSFR3M + 1.300%) |
|  | 250000 | 5.625 04/20/35<sup>(a)(b)(c)</sup> | 250000 |
|  Goldentree Loan Management U.S. CLO 17 Ltd., Series 2023- 17A, Class AR (TSFR3M + 1.280%) | Goldentree Loan Management U.S. CLO 17 Ltd., Series 2023- 17A, Class AR (TSFR3M + 1.280%) | Goldentree Loan Management U.S. CLO 17 Ltd., Series 2023- 17A, Class AR (TSFR3M + 1.280%) | Goldentree Loan Management U.S. CLO 17 Ltd., Series 2023- 17A, Class AR (TSFR3M + 1.280%) |
|  | 250000 | 5.605 01/20/39<sup>(a)(b)(c)</sup> | 250535 |
|  Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) | Invesco U.S. CLO Ltd., Series 2023-3A, Class BR (TSFR3M + 1.750%) |
|  | 250000 | 6.068 07/15/38<sup>(a)(b)(c)</sup> | 251563 |
|  Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) | Silver Point CLO 2 Ltd., Series 2023-2A, Class A1R (TSFR3M + 1.370%) |
|  | 250000 | 5.695 04/20/38<sup>(a)(b)(c)</sup> | 250991 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1R (TSFR3M + 1.220%) | Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1R (TSFR3M + 1.220%) | Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1R (TSFR3M + 1.220%) | Trinitas CLO XVIII Ltd., Series 2021-18A, Class A1R (TSFR3M + 1.220%) |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.545% | 01/20/35<sup>(a)(b)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;300322 |
| Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) | Whitebox CLO III Ltd., Series 2021-3A, Class A1R (TSFR3M + 1.270%) |
| 250000 | 5.588 | 10/15/35<sup>(a)(b)(c)</sup> | 250550 |
| Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% | Diversified Financial Services – 0.9% |
| Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A | Barclays Dryrock Issuance Trust, Series 2023-1, Class A |
| 175000 | 4.720 | 02/15/29 | 175613 |
| TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,028,591) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,028,591) | TOTAL ASSET-BACKED SECURITIES<br>(Cost $3,028,591) | 3038768 |
| Foreign Corporate Debt – 2.6% | Foreign Corporate Debt – 2.6% | Foreign Corporate Debt – 2.6% | Foreign Corporate Debt – 2.6% |
| Banks – 1.0% | Banks – 1.0% | Banks – 1.0% | Banks – 1.0% |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| 200000 | 5.200 | 05/12/26 | 200662 |
| Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% | Consumer Noncyclical – 0.7% |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 75000 | 6.000 | 02/20/34<sup>(a)</sup> | 79617 |
| BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
| 50000 | 5.931 | 02/02/29<sup>(a)</sup> | 52519 |
|  |  |  | 132136 |
| Energy – 0.1% | Energy – 0.1% | Energy – 0.1% | Energy – 0.1% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 25000 | 5.700 | 03/08/33<sup>(a)</sup> | 26062 |
| Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% | Financial Company – 0.1% |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 20000 | 5.200 | 03/27/28<sup>(a)(c)</sup> | 20316 |
| Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% |
| Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) |
| 100000 | 4.700 | 05/15/28<sup>(a)(c)</sup> | 100806 |
| Mining – 0.2% | Mining – 0.2% | Mining – 0.2% | Mining – 0.2% |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 40000 | 6.400 | 06/28/54<sup>(a)</sup> | 40001 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $516,931)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $516,931)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $516,931)** | 519983 |
| Collateralized Mortgage Obligations – 2.0% | Collateralized Mortgage Obligations – 2.0% | Collateralized Mortgage Obligations – 2.0% | Collateralized Mortgage Obligations – 2.0% |
| Angel Oak Mortgage Trust, Series 2021-6, Class A1 | Angel Oak Mortgage Trust, Series 2021-6, Class A1 | Angel Oak Mortgage Trust, Series 2021-6, Class A1 | Angel Oak Mortgage Trust, Series 2021-6, Class A1 |
| 85963 | 1.458 | 09/25/66<sup>(a)(b)(c)</sup> | 72547 |
| Ellington Financial Mortgage Trust, Series 2022-1, Class A1 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1 | Ellington Financial Mortgage Trust, Series 2022-1, Class A1 |
| 283199 | 2.206 | 01/25/67<sup>(a)(b)(c)</sup> | 248712 |
| J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 | J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 | J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 | J.P. Morgan Mortgage Trust, Series 2023-DSC2, Class A1 |
| 77045 | 5.250 | 11/25/63<sup>(a)(b)(c)</sup> | 78537 |
| TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(Cost $394,995) | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(Cost $394,995) | TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS<br>(Cost $394,995) | 399796 |
| Sovereign Debt Obligations – 1.7% | Sovereign Debt Obligations – 1.7% | Sovereign Debt Obligations – 1.7% | Sovereign Debt Obligations – 1.7% |
| Sovereign – 1.7% | Sovereign – 1.7% | Sovereign – 1.7% | Sovereign – 1.7% |
| Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl | Eagle Funding Luxco Sarl |
| 250000 | 5.500 | 08/17/30<sup>(a)(c)</sup> | 254005 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 60000 | 5.500 | 03/30/36<sup>(a)</sup> | 60533 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Principal<br>Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) | Sovereign Debt Obligations – (continued) |
| Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) | Sovereign – (continued) |
|  Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
| $| 30000 | 5.500% | 03/18/54<sup>(a)</sup> | $28111 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $336,877) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $336,877) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $336,877) | TOTAL SOVEREIGN DEBT OBLIGATIONS<br>(Cost $336,877) | 342649 |
| U.S. Treasury Bonds – 0.3% | U.S. Treasury Bonds – 0.3% | U.S. Treasury Bonds – 0.3% | U.S. Treasury Bonds – 0.3% | U.S. Treasury Bonds – 0.3% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  | 30000 | 4.750 <sup>(e)</sup> | 02/15/45 | 29555 |
|  | 30000 | 5.000 <sup>(e)</sup> | 05/15/45 | 30506 |
| **TOTAL U.S. TREASURY BONDS**<br> **(Cost $59,687)** | **TOTAL U.S. TREASURY BONDS**<br> **(Cost $59,687)** | **TOTAL U.S. TREASURY BONDS**<br> **(Cost $59,687)** | **TOTAL U.S. TREASURY BONDS**<br> **(Cost $59,687)** | 60061 |
|  | **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company – 6.4%<sup>(g)</sup> | Investment Company – 6.4%<sup>(g)</sup> | Investment Company – 6.4%<sup>(g)</sup> | Investment Company – 6.4%<sup>(g)</sup> | Investment Company – 6.4%<sup>(g)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
|  | 1294739 | 4.154% |  | 1294739 |
| (Cost $1,294,739) | (Cost $1,294,739) | (Cost $1,294,739) | (Cost $1,294,739) | (Cost $1,294,739) |
| TOTAL INVESTMENTS – 124.8%<br>(Cost $25,077,718) | TOTAL INVESTMENTS – 124.8%<br>(Cost $25,077,718) | TOTAL INVESTMENTS – 124.8%<br>(Cost $25,077,718) | TOTAL INVESTMENTS – 124.8%<br>(Cost $25,077,718) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25236880 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (24.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (24.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (24.8)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (24.8)%** | (5010036) |
| **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $20226844 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

(b) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025.

(c) Exempt from registration under Rule 144A of the Securities Act of 1933.

(d) TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned. Total market value of TBA securities (excluding forward sales contracts, if any) amounts to $5,298,590 which represents approximately 26.2% of the Fund's net assets as of August 31, 2025.

(e) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

(f) When-issued security.

(g) Represents an affiliated issuer.

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  U.S. Treasury 2 Year Note | 2 | 12/31/25 | $417172 | $654 |
|  U.S. Treasury 5 Year Note | 3 | 12/31/25 | 328523 | 1056 |
|  U.S. Treasury Long Bond | 4 | 12/19/25 | 457000 | 2908 |
|  U.S. Treasury Ultra Bond | 14 | 12/19/25 | 1630562 | (5023) |
|  **Total** |  |  |  | $(405) |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Note | (12) | 12/19/25 | (1350375) | (4244) |
|  U.S. Treasury 10 Year Ultra Note | (8) | 12/19/25 | (915500) | (4172) |
|  **Total** |  |  |  | $(8416) |
|  **Total Futures Contracts** |  |  |  | $(8821) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS CORE BOND ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SWAP CONTRACTS — At August 31, 2025, the Fund had the following swap contracts:

#### OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Obligation/Index** | **Financing**<br> **Rate**<br> **Received**<br> (Paid) by the<br> **Fund** | **Credit Spread at**<br> **August 31, 2025<sup>(a)</sup>** | **Counterparty** | **Termination Date** | **Notional**<br> **Amount (000's)** | **Value** | **Upfront Premium**<br> (Received) Paid | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  CDXIG544<sup>(b)</sup>  | 1.000% | (2.157)% | BARC | 06/20/2030 | 2140 | $50504 | $43924 | $6580 |
|  TOTAL |  |  |  |  |  | $50504 | $43924 | $6580 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – 81.6% | Corporate Obligations – 81.6% | Corporate Obligations – 81.6% | Corporate Obligations – 81.6% |
| Advertising – 0.2% | Advertising – 0.2% | Advertising – 0.2% | Advertising – 0.2% |
| Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. | Lamar Media Corp. |
| $22000 | 3.625% | 01/15/31<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;20389 |
| Aerospace & Defense – 3.6% | Aerospace & Defense – 3.6% | Aerospace & Defense – 3.6% | Aerospace & Defense – 3.6% |
| Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 22000 | 6.250 | 03/15/33<sup>(a)(b)</sup> | 22752 |
| Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) | Boeing Co. (The) |
| 60000 | 3.450 | 11/01/28<sup>(a)</sup> | 58554 |
| 200000 | 3.250 | 02/01/35<sup>(a)</sup> | 170622 |
| 100000 | 5.875 | 02/15/40 | 100955 |
| Hexcel Corp. | Hexcel Corp. | Hexcel Corp. | Hexcel Corp. |
| 28000 | 5.875 | 02/26/35<sup>(a)</sup> | 28582 |
| TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. | TransDigm, Inc. |
| 23000 | 6.375 | 05/31/33<sup>(a)(b)</sup> | 23320 |
|  |  |  | 404785 |
| Banks – 18.0% | Banks – 18.0% | Banks – 18.0% | Banks – 18.0% |
| American Express Co. | American Express Co. | American Express Co. | American Express Co. |
| (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) |
| 21000 | 4.918 | 07/20/33<sup>(a)(c)</sup> | 21257 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) | (SOFR + 1.830%) |
| 336000 | 4.571 | 04/27/33<sup>(a)(c)</sup> | 332549 |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 1.200%) | 1.200%) | 1.200%) | 1.200%) |
| 41000 | 2.482 | 09/21/36<sup>(a)(c)</sup> | 35442 |
| Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN | Bank of America Corp., MTN |
| (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) | (SOFR + 1.330%) |
| 87000 | 2.972 | 02/04/33<sup>(a)(c)</sup> | 78550 |
| Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. | Capital One Financial Corp. |
| 90000 | 4.100 | 02/09/27<sup>(a)</sup> | 89806 |
| (SOFR + 2.600%) | (SOFR + 2.600%) | (SOFR + 2.600%) | (SOFR + 2.600%) |
| 50000 | 5.247 | 07/26/30<sup>(a)(c)</sup> | 51381 |
| (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) | (SOFR + 1.990%) |
| 23000 | 5.884 | 07/26/35<sup>(a)(c)</sup> | 23909 |
| (SOFR + 2.036%) | (SOFR + 2.036%) | (SOFR + 2.036%) | (SOFR + 2.036%) |
| 12000 | 6.183 | 01/30/36<sup>(a)(c)</sup> | 12384 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) | (SOFR + 1.422%) |
| 68000 | 2.976 | 11/05/30<sup>(a)(c)</sup> | 64271 |
| (SOFR + 2.338%) | (SOFR + 2.338%) | (SOFR + 2.338%) | (SOFR + 2.338%) |
| 86000 | 6.270 | 11/17/33<sup>(a)(c)</sup> | 93216 |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 1.730%) | 1.730%) | 1.730%) | 1.730%) |
| 51000 | 5.411 | 09/19/39<sup>(a)(c)</sup> | 50471 |
| Citigroup, Inc., Series X | Citigroup, Inc., Series X | Citigroup, Inc., Series X | Citigroup, Inc., Series X |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 3.417%) | 3.417%) | 3.417%) | 3.417%) |
| 25000 | 3.875 | 05/18/74<sup>(a)(c)</sup> | 24746 |
| Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. | Citizens Financial Group, Inc. |
| (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) | (SOFR + 2.010%) |
| 93000 | 5.841 | 01/23/30<sup>(a)(c)</sup> | 96744 |
| First Horizon Corp. | First Horizon Corp. | First Horizon Corp. | First Horizon Corp. |
| (SOFR + 1.766%) | (SOFR + 1.766%) | (SOFR + 1.766%) | (SOFR + 1.766%) |
| 25000 | 5.514 | 03/07/31<sup>(a)(c)</sup> | 25730 |
| Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. | Huntington Bancshares, Inc. |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 1.700%) | 1.700%) | 1.700%) | 1.700%) |
| 55000 | 6.141 | 11/18/39<sup>(a)(c)</sup> | 56679 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| (SOFR + 1.800%) | (SOFR + 1.800%) | (SOFR + 1.800%) |
| $157000 | 4.586% 04/26/33<sup>(a)(c)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;156179 |
| (SOFR + 1.680%) | (SOFR + 1.680%) | (SOFR + 1.680%) |
| 25000 | 5.572 04/22/36<sup>(a)(c)</sup> | 26000 |
| (SOFR + 1.635%) | (SOFR + 1.635%) | (SOFR + 1.635%) |
| 25000 | 5.576 07/23/36<sup>(a)(c)</sup> | 25520 |
| (TSFR3M + 1.622%) | (TSFR3M + 1.622%) | (TSFR3M + 1.622%) |
| 69000 | 3.882 07/24/38<sup>(a)(c)</sup> | 60976 |
| M&T Bank Corp., MTN | M&T Bank Corp., MTN | M&T Bank Corp., MTN |
| (SOFR + 1.610%) | (SOFR + 1.610%) | (SOFR + 1.610%) |
| 79000 | 5.385 01/16/36<sup>(a)(c)</sup> | 79152 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley |
| (SOFR + 1.630%) | (SOFR + 1.630%) | (SOFR + 1.630%) |
| 144000 | 5.449 07/20/29<sup>(a)(c)</sup> | 148637 |
| (SOFR + 1.730%) | (SOFR + 1.730%) | (SOFR + 1.730%) |
| 97000 | 5.466 01/18/35<sup>(a)(c)</sup> | 100056 |
| (SOFR + 1.360%) | (SOFR + 1.360%) | (SOFR + 1.360%) |
| 69000 | 2.484 09/16/36<sup>(a)(c)</sup> | 59770 |
| Regions Financial Corp. | Regions Financial Corp. | Regions Financial Corp. |
| (SOFR + 1.490%) | (SOFR + 1.490%) | (SOFR + 1.490%) |
| 99000 | 5.722 06/06/30<sup>(a)(c)</sup> | 103033 |
| State Street Corp. | State Street Corp. | State Street Corp. |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 2.135%) | 2.135%) | 2.135%) |
| 23000 | 6.450 06/15/74<sup>(a)(c)</sup> | 23423 |
| Truist Financial Corp., MTN | Truist Financial Corp., MTN | Truist Financial Corp., MTN |
| (SOFR + 1.620%) | (SOFR + 1.620%) | (SOFR + 1.620%) |
| 32000 | 5.435 01/24/30<sup>(a)(c)</sup> | 33144 |
| (SOFR + 1.922%) | (SOFR + 1.922%) | (SOFR + 1.922%) |
| 88000 | 5.711 01/24/35<sup>(a)(c)</sup> | 91644 |
| Truist Financial Corp., Series P | Truist Financial Corp., Series P | Truist Financial Corp., Series P |
| (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + | (US 5 Year CMT T-Note + |
| 4.605%) | 4.605%) | 4.605%) |
| 28000 | 4.950 12/01/73<sup>(a)(c)</sup> | 27941 |
| Wells Fargo & Co., MTN | Wells Fargo & Co., MTN | Wells Fargo & Co., MTN |
| (TSFR3M + 1.572%) | (TSFR3M + 1.572%) | (TSFR3M + 1.572%) |
| 60000 | 3.584 05/22/28<sup>(a)(c)</sup> | 59347 |
|  |  | 2051957 |
| Basic Industry – 0.2% | Basic Industry – 0.2% | Basic Industry – 0.2% |
| Packaging Corp. of America | Packaging Corp. of America | Packaging Corp. of America |
| 10000 | 5.200 08/15/35<sup>(a)</sup> | 10062 |
| Qnity Electronics, Inc. | Qnity Electronics, Inc. | Qnity Electronics, Inc. |
| 5000 | 5.750 08/15/32<sup>(a)(b)</sup> | 5084 |
| 5000 | 6.250 08/15/33<sup>(a)(b)</sup> | 5168 |
|  |  | 20314 |
| Building Materials – 0.2% | Building Materials – 0.2% | Building Materials – 0.2% |
| Owens Corning | Owens Corning | Owens Corning |
| 23000 | 5.950 06/15/54<sup>(a)</sup> | 23032 |
| Capital Goods – 4.4% | Capital Goods – 4.4% | Capital Goods – 4.4% |
| AECOM | AECOM | AECOM |
| 28000 | 6.000 08/01/33<sup>(a)(b)</sup> | 28519 |
| Atkore, Inc. | Atkore, Inc. | Atkore, Inc. |
| 25000 | 4.250 06/01/31<sup>(a)(b)</sup> | 23196 |
| Ball Corp. | Ball Corp. | Ball Corp. |
| 25000 | 2.875 08/15/30<sup>(a)</sup> | 22612 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) | Capital Goods – (continued) |
| Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 16000 | 6.750% | 05/15/35<sup>(a)(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16708 |
| CACI International, Inc. | CACI International, Inc. | CACI International, Inc. | CACI International, Inc. |
| 22000 | 6.375 | 06/15/33<sup>(a)(b)</sup> | 22728 |
| Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. | Carlisle Cos., Inc. |
| 5000 | 5.550 | 09/15/40<sup>(a)</sup> | 5008 |
| Crown Americas LLC | Crown Americas LLC | Crown Americas LLC | Crown Americas LLC |
| 23000 | 5.875 | 06/01/33<sup>(a)(b)</sup> | 23265 |
| Esab Corp. | Esab Corp. | Esab Corp. | Esab Corp. |
| 22000 | 6.250 | 04/15/29<sup>(a)(b)</sup> | 22622 |
| General Electric Co. | General Electric Co. | General Electric Co. | General Electric Co. |
| 15000 | 4.900 | 01/29/36<sup>(a)</sup> | 15060 |
| General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN | General Electric Co., MTN |
| 70000 | 5.875 | 01/14/38 | 75076 |
| Nordson Corp. | Nordson Corp. | Nordson Corp. | Nordson Corp. |
| 28000 | 5.800 | 09/15/33<sup>(a)</sup> | 29757 |
| QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. | QXO Building Products, Inc. |
| 22000 | 6.750 | 04/30/32<sup>(a)(b)</sup> | 22799 |
| Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. | Regal Rexnord Corp. |
| 101000 | 6.300 | 02/15/30<sup>(a)</sup> | 106887 |
| Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. | Roper Technologies, Inc. |
| 15000 | 5.100 | 09/15/35<sup>(a)</sup> | 14963 |
| Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 23000 | 6.250 | 08/01/33<sup>(a)(b)</sup> | 23485 |
| Veralto Corp. | Veralto Corp. | Veralto Corp. | Veralto Corp. |
| 46000 | 5.450 | 09/18/33<sup>(a)</sup> | 47511 |
|  |  |  | 500196 |
| Communications – 2.1% | Communications – 2.1% | Communications – 2.1% | Communications – 2.1% |
| CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. | CCO Holdings LLC / CCO Holdings Capital Corp. |
| 22000 | 4.500 | 06/01/33<sup>(a)(b)</sup> | 19630 |
| Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital | Charter Communications Operating LLC / Charter Communications Operating Capital |
| 89000 | 3.750 | 02/15/28<sup>(a)</sup> | 87661 |
| News Corp. | News Corp. | News Corp. | News Corp. |
| 105000 | 3.875 | 05/15/29<sup>(a)(b)</sup> | 101306 |
| Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC | Time Warner Cable LLC |
| 38000 | 5.875 | 11/15/40<sup>(a)</sup> | 36315 |
|  |  |  | 244912 |
| Consumer Cyclical – 9.2% | Consumer Cyclical – 9.2% | Consumer Cyclical – 9.2% | Consumer Cyclical – 9.2% |
| AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. | AutoNation, Inc. |
| 67000 | 5.890 | 03/15/35<sup>(a)</sup> | 68521 |
| Carnival Corp. | Carnival Corp. | Carnival Corp. | Carnival Corp. |
| 22000 | 5.875 | 06/15/31<sup>(a)(b)</sup> | 22543 |
| Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 72000 | 3.700 | 01/15/31<sup>(a)</sup> | 67381 |
| Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. | Cinemark USA, Inc. |
| 22000 | 7.000 | 08/01/32<sup>(a)(b)</sup> | 22821 |
| Dollar General Corp. | Dollar General Corp. | Dollar General Corp. | Dollar General Corp. |
| 86000 | 5.450 | 07/05/33<sup>(a)</sup> | 88768 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 73000 | 5.400 | 02/15/35<sup>(a)</sup> | 74132 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 50000 | 1.500 | 06/10/26<sup>(a)</sup> | 48845 |
| 60000 | 3.850 | 01/05/28<sup>(a)</sup> | 59290 |
| 122000 | 5.850 | 04/06/30<sup>(a)</sup> | 127480 |
| 55000 | 5.450 | 07/15/30<sup>(a)</sup> | 56496 |
| 17000 | 5.750 | 02/08/31<sup>(a)</sup> | 17644 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Consumer Cyclical – (continued) | Consumer Cyclical – (continued) | Consumer Cyclical – (continued) |
| General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) | General Motors Financial Co., Inc. – (continued) |
| 18000 | 3.100% 01/12/32<sup>(a)</sup> | 16006 |
| Hyatt Hotels Corp. | Hyatt Hotels Corp. | Hyatt Hotels Corp. |
| 79000 | 5.500 06/30/34<sup>(a)</sup> | 79710 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 69000 | 5.600 03/30/28<sup>(a)(b)</sup> | 71010 |
| Marriott International, Inc., Series HH | Marriott International, Inc., Series HH | Marriott International, Inc., Series HH |
| 59000 | 2.850 04/15/31<sup>(a)</sup> | 54132 |
| RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. | RHP Hotel Properties LP / RHP Finance Corp. |
| 20000 | 6.500 06/15/33<sup>(a)(b)</sup> | 20667 |
| Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. | Royal Caribbean Cruises Ltd. |
| 81000 | 6.250 03/15/32<sup>(a)(b)</sup> | 83718 |
| 23000 | 6.000 02/01/33<sup>(a)(b)</sup> | 23599 |
| Travel + Leisure Co. | Travel + Leisure Co. | Travel + Leisure Co. |
| 20000 | 6.125 09/01/33<sup>(a)(b)</sup> | 20069 |
| WESCO Distribution, Inc. | WESCO Distribution, Inc. | WESCO Distribution, Inc. |
| 22000 | 6.375 03/15/33<sup>(a)(b)</sup> | 22805 |
|  |  | 1045637 |
| Consumer Noncyclical – 9.0% | Consumer Noncyclical – 9.0% | Consumer Noncyclical – 9.0% |
| Altria Group, Inc. | Altria Group, Inc. | Altria Group, Inc. |
| 10000 | 5.250 08/06/35<sup>(a)</sup> | 9988 |
| Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC | Amneal Pharmaceuticals LLC |
| 8000 | 6.875 08/01/32<sup>(a)(b)</sup> | 8229 |
| Cardinal Health, Inc. | Cardinal Health, Inc. | Cardinal Health, Inc. |
| 10000 | 4.500 09/15/30<sup>(a)</sup> | 10017 |
| 88000 | 5.350 11/15/34<sup>(a)</sup> | 89295 |
| Darling Ingredients, Inc. | Darling Ingredients, Inc. | Darling Ingredients, Inc. |
| 22000 | 6.000 06/15/30<sup>(a)(b)</sup> | 22244 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 141000 | 5.500 06/01/33<sup>(a)</sup> | 145028 |
| Insulet Corp. | Insulet Corp. | Insulet Corp. |
| 19000 | 6.500 04/01/33<sup>(a)(b)</sup> | 19696 |
| J M Smucker Co. (The) | J M Smucker Co. (The) | J M Smucker Co. (The) |
| 98000 | 6.200 11/15/33<sup>(a)</sup> | 105302 |
| Kroger Co. (The) | Kroger Co. (The) | Kroger Co. (The) |
| 93000 | 5.000 09/15/34<sup>(a)</sup> | 92664 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 50000 | 4.550 04/01/32<sup>(a)</sup> | 49588 |
| Mars, Inc. | Mars, Inc. | Mars, Inc. |
| 50000 | 5.000 03/01/32<sup>(a)(b)</sup> | 51002 |
| 57000 | 5.200 03/01/35<sup>(a)(b)</sup> | 57514 |
| 58000 | 5.700 05/01/55<sup>(a)(b)</sup> | 56645 |
| Revvity, Inc. | Revvity, Inc. | Revvity, Inc. |
| 69000 | 3.300 09/15/29<sup>(a)</sup> | 65921 |
| Royalty Pharma PLC | Royalty Pharma PLC | Royalty Pharma PLC |
| 78000 | 5.400 09/02/34<sup>(a)</sup> | 79041 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 128000 | 5.600 03/23/34<sup>(a)</sup> | 132728 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 46000 | 3.050 05/15/41<sup>(a)</sup> | 33912 |
|  |  | 1028814 |
| Electric – 4.1% | Electric – 4.1% | Electric – 4.1% |
| Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. | Berkshire Hathaway Energy Co. |
| 51000 | 2.850 05/15/51<sup>(a)</sup> | 31116 |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 74000 | 4.875 06/01/28<sup>(a)</sup> | 75291 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Electric – (continued)** | **Electric – (continued)** | **Electric – (continued)** | **Electric – (continued)** |
| Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. | Duke Energy Corp. |
| 29000 | 4.800% | 12/15/45<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25163 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 82000 | 1.900 | 06/15/28<sup>(a)</sup> | 77347 |
| Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. | Pacific Gas and Electric Co. |
| 50000 | 2.950 | 03/01/26<sup>(a)</sup> | 49560 |
| 78000 | 2.100 | 08/01/27<sup>(a)</sup> | 74741 |
| 81000 | 5.000 | 06/04/28<sup>(a)</sup> | 82219 |
| 12000 | 6.950 | 03/15/34<sup>(a)</sup> | 13138 |
| Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC | Vistra Operations Co. LLC |
| 41000 | 4.300 | 07/15/29<sup>(a)(b)</sup> | 40605 |
|  |  |  | 469180 |
| Energy – 3.9% | Energy – 3.9% | Energy – 3.9% | Energy – 3.9% |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| 50000 | 3.900 | 07/15/26<sup>(a)</sup> | 49826 |
| 34000 | 5.150 | 03/15/45<sup>(a)</sup> | 29908 |
| Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC | Howard Midstream Energy Partners LLC |
| 5000 | 6.625 | 01/15/34<sup>(a)(b)</sup> | 5083 |
| Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP | Kinder Morgan Energy Partners LP |
| 55000 | 6.550 | 09/15/40 | 58820 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 46000 | 5.500 | 02/15/49<sup>(a)</sup> | 41372 |
| Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 12000 | 5.375 | 01/01/32<sup>(a)</sup> | 12071 |
| 55000 | 5.550 | 10/01/34<sup>(a)</sup> | 54725 |
| ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. | ONEOK, Inc. |
| 25000 | 5.550 | 11/01/26<sup>(a)</sup> | 25300 |
| 83000 | 4.550 | 07/15/28<sup>(a)</sup> | 83636 |
| Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC | Permian Resources Operating LLC |
| 20000 | 6.250 | 02/01/33<sup>(a)(b)</sup> | 20422 |
| Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC | Sabine Pass Liquefaction LLC |
| 50000 | 5.000 | 03/15/27<sup>(a)</sup> | 50287 |
| Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP | Western Midstream Operating LP |
| 20000 | 5.450 | 04/01/44<sup>(a)</sup> | 17560 |
|  |  |  | 449010 |
| Financial Company – 3.5% | Financial Company – 3.5% | Financial Company – 3.5% | Financial Company – 3.5% |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 50000 | 3.625 | 04/01/27<sup>(a)</sup> | 49595 |
| Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN | Air Lease Corp., GMTN |
| 75000 | 3.750 | 06/01/26<sup>(a)</sup> | 74557 |
| Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. | Ally Financial, Inc. |
| (SOFRINDX + 1.960%) | (SOFRINDX + 1.960%) | (SOFRINDX + 1.960%) |  |
| 28000 | 5.737 | 05/15/29<sup>(a)(c)</sup> | 28726 |
| Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC | Apollo Debt Solutions BDC |
| 55000 | 6.550 | 03/15/32<sup>(a)(b)</sup> | 57220 |
| Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC | Aviation Capital Group LLC |
| 75000 | 1.950 | 01/30/26<sup>(a)(b)</sup> | 74138 |
| 77000 | 5.375 | 07/15/29<sup>(a)(b)</sup> | 78883 |
| Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund | Blackstone Secured Lending Fund |
| 23000 | 5.300 | 06/30/30<sup>(a)</sup> | 23182 |
| OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. | OneMain Finance Corp. |
| 15000 | 6.125 | 05/15/30<sup>(a)</sup> | 15244 |
|  |  |  | 401545 |
| Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% | Food and Beverage – 0.5% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 53000 | 4.800 | 05/01/30<sup>(a)</sup> | 53749 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Healthcare – 4.3% | Healthcare – 4.3% | Healthcare – 4.3% |
| Cigna Group (The) | Cigna Group (The) | Cigna Group (The) |
| $66000 | 4.900% 12/15/48<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57338 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 20000 | 5.450 09/15/35<sup>(a)</sup> | 20047 |
| 143000 | 4.780 03/25/38<sup>(a)</sup> | 131747 |
| HCA, Inc. | HCA, Inc. | HCA, Inc. |
| 50000 | 5.250 06/15/26<sup>(a)</sup> | 50086 |
| 71000 | 3.500 09/01/30<sup>(a)</sup> | 67700 |
| Solventum Corp. | Solventum Corp. | Solventum Corp. |
| 92000 | 5.400 03/01/29<sup>(a)</sup> | 95923 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 65000 | 5.625 07/15/54<sup>(a)</sup> | 61871 |
|  |  | 484712 |
| Insurance – 1.3% | Insurance – 1.3% | Insurance – 1.3% |
| American International Group, Inc. | American International Group, Inc. | American International Group, Inc. |
| 56000 | 4.850 05/07/30<sup>(a)</sup> | 57293 |
| MetLife, Inc., Series G | MetLife, Inc., Series G | MetLife, Inc., Series G |
| (US 5 Year CMT T-Note +3.576%) | (US 5 Year CMT T-Note +3.576%) |  |
| 25000 | 3.850 03/15/74<sup>(a)(c)</sup> | 24956 |
| Willis North America, Inc. | Willis North America, Inc. | Willis North America, Inc. |
| 69000 | 2.950 09/15/29<sup>(a)</sup> | 65338 |
|  |  | 147587 |
| REITs and Real Estate – 5.7% | REITs and Real Estate – 5.7% | REITs and Real Estate – 5.7% |
| CBRE Services, Inc. | CBRE Services, Inc. | CBRE Services, Inc. |
| 55000 | 5.500 04/01/29<sup>(a)</sup> | 57040 |
| Cousins Properties LP | Cousins Properties LP | Cousins Properties LP |
| 45000 | 5.250 07/15/30<sup>(a)</sup> | 46180 |
| 110000 | 5.875 10/01/34<sup>(a)</sup> | 113760 |
| Essential Properties LP | Essential Properties LP | Essential Properties LP |
| 15000 | 5.400 12/01/35<sup>(a)</sup> | 14811 |
| Essex Portfolio LP | Essex Portfolio LP | Essex Portfolio LP |
| 87000 | 3.000 01/15/30<sup>(a)</sup> | 82215 |
| Extra Space Storage LP | Extra Space Storage LP | Extra Space Storage LP |
| 10000 | 4.950 01/15/33<sup>(a)</sup> | 10030 |
| GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. | GLP Capital LP / GLP Financing II, Inc. |
| 50000 | 5.375 04/15/26<sup>(a)</sup> | 50153 |
| Highwoods Realty LP | Highwoods Realty LP | Highwoods Realty LP |
| 65000 | 7.650 02/01/34<sup>(a)</sup> | 73538 |
| Host Hotels & Resorts LP | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 39000 | 5.700 06/15/32<sup>(a)</sup> | 40076 |
| Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP | Invitation Homes Operating Partnership LP |
| 59000 | 2.300 11/15/28<sup>(a)</sup> | 55712 |
| Kilroy Realty LP | Kilroy Realty LP | Kilroy Realty LP |
| 51000 | 6.250 01/15/36<sup>(a)</sup> | 52064 |
| Kimco Realty OP LLC | Kimco Realty OP LLC | Kimco Realty OP LLC |
| 50000 | 3.800 04/01/27<sup>(a)</sup> | 49686 |
|  |  | 645265 |
| Software – 2.8% | Software – 2.8% | Software – 2.8% |
| Fair Isaac Corp. | Fair Isaac Corp. | Fair Isaac Corp. |
| 20000 | 6.000 05/15/33<sup>(a)(b)</sup> | 20351 |
| MSCI, Inc. | MSCI, Inc. | MSCI, Inc. |
| 43000 | 3.625 11/01/31<sup>(a)(b)</sup> | 40144 |
| 67000 | 3.250 08/15/33<sup>(a)(b)</sup> | 59272 |
| Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 15000 | 5.250 02/03/32<sup>(a)</sup> | 15423 |
| 50000 | 4.000 11/15/47<sup>(a)</sup> | 37850 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) |
| Oracle Corp. – (continued) | Oracle Corp. – (continued) | Oracle Corp. – (continued) |
| 59000 | 6.900% 11/09/52<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63835 |
| Paychex, Inc. | Paychex, Inc. | Paychex, Inc. |
| 57000 | 5.100 04/15/30<sup>(a)</sup> | 58654 |
| 20000 | 5.350 04/15/32<sup>(a)</sup> | 20667 |
|  |  | 316196 |
| Technology – 5.9% | Technology – 5.9% | Technology – 5.9% |
| AppLovin Corp. | AppLovin Corp. | AppLovin Corp. |
| 38000 | 5.375 12/01/31<sup>(a)</sup> | 39087 |
| 74000 | 5.500 12/01/34<sup>(a)</sup> | 75423 |
| Block, Inc. | Block, Inc. | Block, Inc. |
| 22000 | 6.500 05/15/32<sup>(a)</sup> | 22793 |
| 5000 | 6.000 08/15/33<sup>(a)(b)</sup> | 5133 |
| Broadcom, Inc. | Broadcom, Inc. | Broadcom, Inc. |
| 30000 | 5.200 07/15/35<sup>(a)</sup> | 30288 |
| 89000 | 3.137 11/15/35<sup>(a)(b)</sup> | 75220 |
| Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. | Go Daddy Operating Co LLC / GD Finance Co., Inc. |
| 21000 | 3.500 03/01/29<sup>(a)(b)</sup> | 19907 |
| Intel Corp. | Intel Corp. | Intel Corp. |
| 37000 | 2.000 08/12/31<sup>(a)</sup> | 32046 |
| 23000 | 5.700 02/10/53<sup>(a)</sup> | 21122 |
| Keysight Technologies, Inc. | Keysight Technologies, Inc. | Keysight Technologies, Inc. |
| 13000 | 5.350 07/30/30<sup>(a)</sup> | 13508 |
| Match Group Holdings II LLC | Match Group Holdings II LLC | Match Group Holdings II LLC |
| 20000 | 6.125 09/15/33<sup>(a)(b)</sup> | 20225 |
| NetApp, Inc. | NetApp, Inc. | NetApp, Inc. |
| 11000 | 5.500 03/17/32<sup>(a)</sup> | 11388 |
| Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. | Seagate Data Storage Technology Pte Ltd. |
| 22000 | 5.875 07/15/30<sup>(a)(b)</sup> | 22339 |
| Snap, Inc. | Snap, Inc. | Snap, Inc. |
| 26000 | 6.875 03/01/33<sup>(a)(b)</sup> | 26314 |
| 20000 | 6.875 03/15/34<sup>(a)(b)</sup> | 20050 |
| Synopsys, Inc. | Synopsys, Inc. | Synopsys, Inc. |
| 43000 | 5.000 04/01/32<sup>(a)</sup> | 43851 |
| 51000 | 5.150 04/01/35<sup>(a)</sup> | 51414 |
| Uber Technologies, Inc. | Uber Technologies, Inc. | Uber Technologies, Inc. |
| 141000 | 4.800 09/15/34<sup>(a)</sup> | 139337 |
|  |  | 669445 |
| Transportation – 1.1% | Transportation – 1.1% | Transportation – 1.1% |
| Delta Air Lines, Inc. | Delta Air Lines, Inc. | Delta Air Lines, Inc. |
| 27000 | 5.250 07/10/30<sup>(a)</sup> | 27546 |
| Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. | Penske Truck Leasing Co. LP / PTL Finance Corp. |
| 90000 | 5.250 07/01/29<sup>(a)(b)</sup> | 92589 |
|  |  | 120135 |
| Wireless – 1.6% | Wireless – 1.6% | Wireless – 1.6% |
| AT&T, Inc. | AT&T, Inc. | AT&T, Inc. |
| 68000 | 4.750 05/15/46<sup>(a)</sup> | 59063 |
| Crown Castle, Inc. | Crown Castle, Inc. | Crown Castle, Inc. |
| 70000 | 4.000 03/01/27<sup>(a)</sup> | 69671 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 58000 | 5.050 07/15/33<sup>(a)</sup> | 58606 |
|  |  | 187340 |
| TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS | TOTAL CORPORATE OBLIGATIONS |
| (Cost $9,198,257) | (Cost $9,198,257) | 9284200 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – 9.2% | Foreign Corporate Debt – 9.2% | Foreign Corporate Debt – 9.2% | Foreign Corporate Debt – 9.2% |
| Banks – 2.9% | Banks – 2.9% | Banks – 2.9% | Banks – 2.9% |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| $200000 | 4.836% | 05/09/28<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200869 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 125000 | 3.010 | 10/19/26 | 123398 |
|  |  |  | 324267 |
| Consumer Noncyclical –1.7% | Consumer Noncyclical –1.7% | Consumer Noncyclical –1.7% | Consumer Noncyclical –1.7% |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 75000 | 3.215 | 09/06/26<sup>(a)</sup> | 74137 |
| 50000 | 6.000 | 02/20/34<sup>(a)</sup> | 53078 |
| BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) | BAT International Finance PLC (United Kingdom) |
| 60000 | 5.931 | 02/02/29<sup>(a)</sup> | 63023 |
|  |  |  | 190238 |
| Electric – 0.4% | Electric – 0.4% | Electric – 0.4% | Electric – 0.4% |
| Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) | Emera U.S. Finance LP (Canada) |
| 50000 | 3.550 | 06/15/26<sup>(a)</sup> | 49582 |
| Energy – 0.4% | Energy – 0.4% | Energy – 0.4% | Energy – 0.4% |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 44000 | 5.700 | 03/08/33<sup>(a)</sup> | 45869 |
| Financial Company – 0.3% | Financial Company – 0.3% | Financial Company – 0.3% | Financial Company – 0.3% |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 28000 | 5.200 | 03/27/28<sup>(a)(b)</sup> | 28443 |
| Food and Beverage – 2.0% | Food and Beverage – 2.0% | Food and Beverage – 2.0% | Food and Beverage – 2.0% |
| Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) | Bacardi Ltd. (Bermuda) |
| 100000 | 4.700 | 05/15/28<sup>(a)(b)</sup> | 100806 |
| JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) | JDE Peet's NV (Netherlands) |
| 150000 | 2.250 | 09/24/31<sup>(a)(b)</sup> | 130725 |
|  |  |  | 231531 |
| Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% | Metals and Mining – 0.4% |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 50000 | 4.000 | 03/27/27<sup>(a)(b)</sup> | 49766 |
| Mining – 0.3% | Mining – 0.3% | Mining – 0.3% | Mining – 0.3% |
| Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) | Vale Overseas Ltd. (Brazil) |
| 30000 | 6.400 | 06/28/54<sup>(a)</sup> | 30001 |
| Technology – 0.2% | Technology – 0.2% | Technology – 0.2% | Technology – 0.2% |
| NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) | NXP BV / NXP Funding LLC / NXP USA, Inc. (Netherlands) |
| 23000 | 2.650 | 02/15/32<sup>(a)</sup> | 20260 |
| Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% | Wirelines – 0.6% |
| British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) | British Telecommunications PLC (United Kingdom) |
| 58000 | 9.625 | 12/15/30 | 71400 |
| TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT | TOTAL FOREIGN CORPORATE DEBT |
| **(Cost $1,033,285)** | **(Cost $1,033,285)** | **(Cost $1,033,285)** | 1041357 |
| Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% | Sovereign Debt Obligations – 1.6% |
| Sovereign – 1.6% | Sovereign – 1.6% | Sovereign – 1.6% | Sovereign – 1.6% |
| Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN | Mexico Government International Bond, MTN |
| 100000 | 4.750 | 03/08/44 | 79755 |
| Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond | Peruvian Government International Bond |
| 50000 | 5.500 | 03/30/36<sup>(a)</sup> | 50444 |
| Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond | Republic of Poland Government International Bond |
| 40000 | 5.500 | 03/18/54<sup>(a)</sup> | 37481 |
| Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond | Romanian Government International Bond |
| 20000 | 6.625 | 05/16/36<sup>(b)</sup> | 19967 |
| TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS | TOTAL SOVEREIGN DEBT OBLIGATIONS |
| (Cost $185,258) | (Cost $185,258) | (Cost $185,258) | 187647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Notes – 1.2% | U.S. Treasury Notes – 1.2% | U.S. Treasury Notes – 1.2% |  |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| $70000 | 3.625 %<sup>(d)</sup> | 08/31/30<sup>(e)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69795 |
| 70000 | 3.875 <sup>(d)</sup> | 08/31/32<sup>(e)</sup> | 69795 |
| TOTAL U.S. TREASURY NOTES | TOTAL U.S. TREASURY NOTES | TOTAL U.S. TREASURY NOTES | TOTAL U.S. TREASURY NOTES |
| (Cost $139,474) | (Cost $139,474) | (Cost $139,474) | 139590 |
| U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% | U.S. Treasury Bonds – 0.2% |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 10000 | 4.750 <sup>(d)</sup> | 02/15/45 | 9851 |
| 10000 | 5.000 <sup>(d)</sup> | 05/15/45 | 10169 |
| TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS | TOTAL U.S. TREASURY BONDS |  |
| (Cost $19,896) | (Cost $19,896) | (Cost $19,896) | 20020 |
| **Shares** | **Dividend**<br> **Rate** | **Dividend**<br> **Rate** | **Value** |
| Investment Company – 3.5%<sup>(f)</sup> | Investment Company – 3.5%<sup>(f)</sup> | Investment Company – 3.5%<sup>(f)</sup> | Investment Company – 3.5%<sup>(f)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 396080 | 4.154% | 4.154% | 396080 |
| **(Cost $396,080)** | **(Cost $396,080)** | **(Cost $396,080)** |  |
| TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% | TOTAL INVESTMENTS – 97.3% |
| (Cost $10,972,250) | (Cost $10,972,250) | (Cost $10,972,250) | $11068894 |
| **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%**  | **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%**  | **OTHER ASSETS IN EXCESS OF**<br> **LIABILITIES – 2.7%**  | 312972 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $11381866 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Securities with "Call" features. Maturity dates disclosed are the final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

&nbsp;&nbsp;&nbsp;&nbsp;(e) When-issued security.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CMT | —Constant Maturity Treasury Index |
| GMTN | —Global Medium Term Note |
| LP | —Limited Partnership |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| TSFR | —Term Secured Overnight Financing Rate |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ADDITIONAL INVESTMENT INFORMATION |  |  |  |  |
| FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts: | FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts: | FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts: | FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts: |  |
| **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Number of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contracts**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expiration** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notional** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  U.S. Treasury 2 Year Note | 1 | 12/31/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208586 | $139 |
|  U.S. Treasury 5 Year Note | 6 | 12/31/25 | 657047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2015 |
|  U.S. Treasury Long Bond | 3 | 12/19/25 | 342750 | 1021 |
|  U.S. Treasury Ultra Bond | 11 | 12/19/25 | 1281156 | (2529) |
|  **Total** |  |  |  | $646 |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury 10 Year Note | (10) | 12/19/25 | (1125313) | (2728) |
|  U.S. Treasury 10 Year Ultra Note | (3) | 12/19/25 | (343312) | (1268) |
|  **Total** |  |  |  | $(3996) |
|  **Total Futures Contracts** |  |  |  | $(3350) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS CORPORATE BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ADDITIONAL INVESTMENT INFORMATION (continued)**

SWAP CONTRACTS — At August 31, 2025, the Fund had the following swap contracts:

#### OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financing** | | | |  | | | |
|  | **Rate** | | | |  | | | |
|  | **Received** | | | |  | | | **Unrealized** |
|  | **(Paid) by the** | **Credit Spread at** | | | **Notional** | | **Upfront Premium** | **Appreciation/** |
| **Reference Obligation/Index** | **Fund** | **August 31, 2025<sup>(a)</sup>** | **Counterparty** | **Termination Date** | **Amount (000's)** | **Value** | **(Received) Paid** | **(Depreciation)** |
|  CDXIG544<sup>(b)</sup> | 1.000% | (2.157)% | Bank of<br>America N.A | 06/20/2030 | 3320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78352 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68279 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10073 |
|  TOTAL |  |  |  |  |  | $78352 | $68279 | $10073 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Credit spread on the referenced obligation, together with the period of expiration, are indicators of payment/performance risk. The likelihood of a credit event occurring which would require a fund or its counterparty to make a payment or otherwise be required to perform under the swap contract is generally greater as the credit spread and term of the swap contract increase.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Payments made quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – 28.3% | Corporate Obligations – 28.3% | Corporate Obligations – 28.3% | Corporate Obligations – 28.3% |
| Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% | Aerospace & Defense – 0.1% |
| RTX Corp. | RTX Corp. | RTX Corp. | RTX Corp. |
| $921000 | 2.650% | 11/01/26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905202 |
| Banks – 11.8% | Banks – 11.8% | Banks – 11.8% | Banks – 11.8% |
| American Express Co.<br>(SOFRINDX + 1.350%) | American Express Co.<br>(SOFRINDX + 1.350%) | American Express Co.<br>(SOFRINDX + 1.350%) | American Express Co.<br>(SOFRINDX + 1.350%) |
| 1116000 | 5.716 | 10/30/26<sup>(a)</sup> | 1117155 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.750%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.750%) |
| 5917000 | 5.115 | 04/23/27<sup>(a)</sup> | 5928657 |
| Bank of America Corp. | Bank of America Corp. | Bank of America Corp. | Bank of America Corp. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) |
| 4508000 | 1.734 | 07/22/27<sup>(a)</sup> | 4405007 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.580%) |
| 7482000 | 4.376 | 04/27/28<sup>(a)</sup> | 7498637 |
| Bank of America NA | Bank of America NA | Bank of America NA | Bank of America NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.020%) |
| 1695000 | 5.385 | 08/18/26<sup>(a)</sup> | 1704518 |
| Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) | Charles Schwab Corp. (The) |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.520%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.520%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.520%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFRINDX + 0.520%) |
| 1259000 | 4.885 | 05/13/26<sup>(a)</sup> | 1260043 |
| 1031000 | 2.450 | 03/03/27 | 1007281 |
| Citibank NA | Citibank NA | Citibank NA | Citibank NA |
| 3542000 | 4.929 | 08/06/26 | 3565240 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.712%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.712%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.712%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.712%) |
| 4966000 | 4.876 | 11/19/27<sup>(a)</sup> | 5003057 |
| Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. | Citigroup, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.143%) |
| 4478000 | 5.509 | 05/07/28<sup>(a)</sup> | 4503434 |
| Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA | Fifth Third Bank NA |
| 1659000 | 3.850 | 03/15/26 | 1652463 |
| HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. | HSBC USA, Inc. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.960%) |
| 7365000 | 5.316 | 03/04/27<sup>(a)</sup> | 7404788 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.970%) |
| 1488000 | 5.326 | 06/03/28<sup>(a)</sup> | 1498874 |
| JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.800%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.800%) |
| 6589000 | 1.045 | 11/19/26<sup>(a)</sup> | 6540614 |
| &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.507%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.507%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.507%) | &nbsp;&nbsp;&nbsp;&nbsp; (3M U.S. T-Bill MMY + 1.507%) |
| 2000000 | 3.960 | 01/29/27<sup>(a)</sup> | 1997038 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.885%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.885%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.885%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.885%) |
| 2633000 | 1.578 | 04/22/27<sup>(a)</sup> | 2587627 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.560%) |
| 2497000 | 4.323 | 04/26/28<sup>(a)</sup> | 2500040 |
| Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. | Manufacturers & Traders Trust Co. |
| 11033000 | 4.650 | 01/27/26 | 11032389 |
| Morgan Stanley | Morgan Stanley | Morgan Stanley | Morgan Stanley |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.295%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 1.295%) |
| 5000000 | 5.050 | 01/28/27<sup>(a)</sup> | 5011890 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.879%) |
| 4090000 | 1.593 | 05/04/27<sup>(a)</sup> | 4013106 |
| Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN | Morgan Stanley, GMTN |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.858%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.858%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.858%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.858%) |
| 5092000 | 1.512 | 07/20/27<sup>(a)</sup> | 4965641 |
| Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA | Morgan Stanley Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.685%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.685%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.685%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.685%) |
| 1552000 | 5.047 | 10/15/27<sup>(a)</sup> | 1555003 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** |  | **Maturity**<br> **Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA | Morgan Stanley Private Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.770%) |
| $9000000 | 5.131 | % | 07/06/28<sup>(a)</sup> | $9022104 |
| PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA | PNC Bank NA |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.504%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.504%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.504%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.504%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.504%) |
| 3718000 | 4.775 |  | 01/15/27<sup>(a)</sup> | 3721639 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.500%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.500%) |
| 2657000 | 4.862 |  | 01/15/27<sup>(a)</sup> | 2657296 |
| PNC Financial Services Group, Inc. (The)<br>(SOFRINDX + 1.085%) | PNC Financial Services Group, Inc. (The)<br>(SOFRINDX + 1.085%) | PNC Financial Services Group, Inc. (The)<br>(SOFRINDX + 1.085%) | PNC Financial Services Group, Inc. (The)<br>(SOFRINDX + 1.085%) | PNC Financial Services Group, Inc. (The)<br>(SOFRINDX + 1.085%) |
| 794000 | 4.758 |  | 01/26/27<sup>(a)</sup> | 794694 |
| State Street Corp.<br>(SOFR + 0.845%) | State Street Corp.<br>(SOFR + 0.845%) | State Street Corp.<br>(SOFR + 0.845%) | State Street Corp.<br>(SOFR + 0.845%) | State Street Corp.<br>(SOFR + 0.845%) |
| 1383000 | 5.210 |  | 08/03/26<sup>(a)</sup> | 1388548 |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.640%) |
| 1299000 | 5.004 |  | 10/22/27<sup>(a)</sup> | 1299628 |
| Truist Bank | Truist Bank | Truist Bank | Truist Bank | Truist Bank |
| &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.590%) | &nbsp;&nbsp;&nbsp;&nbsp; (SOFR + 0.590%) |
| 8276000 | 4.671 |  | 05/20/27<sup>(a)</sup> | 8293014 |
| U.S. Bancorp<br>(SOFR + 1.430%) | U.S. Bancorp<br>(SOFR + 1.430%) | U.S. Bancorp<br>(SOFR + 1.430%) | U.S. Bancorp<br>(SOFR + 1.430%) | U.S. Bancorp<br>(SOFR + 1.430%) |
| 790000 | 5.727 |  | 10/21/26<sup>(a)</sup> | 791188 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN<br>(3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN<br>(3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN<br>(3M U.S. T-Bill MMY + 1.432%) | &nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN<br>(3M U.S. T-Bill MMY + 1.432%) |  |
| 4000000 | 3.196 |  | 06/17/27<sup>(a)</sup> | 3964208 |
|  |  |  |  | 118684821 |
| Basic Industry – 0.4% | Basic Industry – 0.4% | Basic Industry – 0.4% | Basic Industry – 0.4% | Basic Industry – 0.4% |
| &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The) | &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The) | &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The) | &nbsp;&nbsp;&nbsp; Dow Chemical Co. (The) |  |
| 816000 | 4.550 |  | 11/30/25 | 814989 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | &nbsp;&nbsp;&nbsp; Mosaic Co. (The) | &nbsp;&nbsp;&nbsp; Mosaic Co. (The) |  |
| 3200000 | 4.050 |  | 11/15/27 | 3183909 |
|  |  |  |  | 3998898 |
| Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% | Brokerage – 0.4% |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., MTN | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., MTN | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., MTN | &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc., MTN |  |
| 3599000 | 4.750 |  | 08/11/26 | 3610761 |
| Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% | Building Materials – 0.1% |
| &nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC | &nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC | &nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC | &nbsp;&nbsp;&nbsp; Amrize Finance U.S. LLC |  |
| 1000000 | 4.600 |  | 04/07/27<sup>(b)</sup> | 1005248 |
| Capital Goods – 0.7% | Capital Goods – 0.7% | Capital Goods – 0.7% | Capital Goods – 0.7% | Capital Goods – 0.7% |
| &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., MTN<br>(SOFR + 0.530%) | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., MTN<br>(SOFR + 0.530%) | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., MTN<br>(SOFR + 0.530%) | &nbsp;&nbsp;&nbsp; Caterpillar Financial Services Corp., MTN<br>(SOFR + 0.530%) |  |
| 2414000 | 4.893 |  | 07/07/27<sup>(a)</sup> | 2417355 |
| &nbsp;&nbsp;&nbsp; General Electric Co., MTN<br>(3M U.S. T-Bill MMY + 0.642%) | &nbsp;&nbsp;&nbsp; General Electric Co., MTN<br>(3M U.S. T-Bill MMY + 0.642%) | &nbsp;&nbsp;&nbsp; General Electric Co., MTN<br>(3M U.S. T-Bill MMY + 0.642%) | &nbsp;&nbsp;&nbsp; General Electric Co., MTN<br>(3M U.S. T-Bill MMY + 0.642%) |  |
| 1469000 | 4.963 |  | 05/05/26<sup>(a)</sup> | 1470630 |
| &nbsp;&nbsp;&nbsp; John Deere Capital Corp.<br>(SOFR + 0.680%) | &nbsp;&nbsp;&nbsp; John Deere Capital Corp.<br>(SOFR + 0.680%) | &nbsp;&nbsp;&nbsp; John Deere Capital Corp.<br>(SOFR + 0.680%) | &nbsp;&nbsp;&nbsp; John Deere Capital Corp.<br>(SOFR + 0.680%) |  |
| 1134000 | 5.042 |  | 07/15/27<sup>(a)</sup> | 1137679 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. |  |
| 1935000 | 3.800 |  | 12/15/26 | 1923413 |
|  |  |  |  | 6949077 |
| Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% | Consumer Cyclical – 3.5% |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 5000000 | 4.550 |  | 07/09/27 | 5038348 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| **Consumer Cyclical – (continued)** | **Consumer Cyclical – (continued)** | **Consumer Cyclical – (continued)** | **Consumer Cyclical – (continued)** |
| (SOFR + 0.870%) | (SOFR + 0.870%) | (SOFR + 0.870%) |  |
| $5650000 | 5.232% | 07/09/27<sup>(a)</sup> | 5666379 |
| Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. | Expedia Group, Inc. |
| 921000 | 5.000 | 02/15/26 | 921574 |
| General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. | General Motors Financial Co., Inc. |
| 3307000 | 5.250 | 03/01/26 | 3313053 |
| 4500000 | 5.400 | 04/06/26 | 4520014 |
| 1948000 | 5.000 | 07/15/27 | 1969505 |
| (SOFRINDX + 1.050%) | (SOFRINDX + 1.050%) | (SOFRINDX + 1.050%) |  |
| 2568000 | 5.412 | 07/15/27<sup>(a)</sup> | 2562634 |
| (SOFRINDX + 1.170%) | (SOFRINDX + 1.170%) | (SOFRINDX + 1.170%) |  |
| 5602000 | 5.533 | 04/04/28<sup>(a)</sup> | 5594955 |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 1762000 | 3.500 | 11/02/26<sup>(b)</sup> | 1743852 |
| Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. | Marriott International, Inc. |
| 3640000 | 4.200 | 07/15/27 | 3645641 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34975955 |
| **Consumer Noncyclical – 1.7%** | **Consumer Noncyclical – 1.7%** | **Consumer Noncyclical – 1.7%** | **Consumer Noncyclical – 1.7%** |
| Amgen, Inc. | Amgen, Inc. | Amgen, Inc. | Amgen, Inc. |
| 9136000 | 5.507 | 03/02/26 | 9138493 |
| Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. | Bunge Ltd. Finance Corp. |
| 1000000 | 3.250 | 08/15/26 | 990922 |
| Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings | Laboratory Corp. of America Holdings |
| 2392000 | 1.550 | 06/01/26 | 2342947 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 1666000 | 1.250 | 01/15/26 | 1644979 |
| 1716000 | 4.600 | 04/15/27 | 1729786 |
| 1602000 | 3.700 | 05/15/27 | 1593115 |
|  |  |  | 17440242 |
| Distributors – 1.6% | Distributors – 1.6% | Distributors – 1.6% | Distributors – 1.6% |
| Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
| 215000 | 5.500 | 03/30/26<sup>(b)</sup> | 216211 |
| 1370000 | 5.450 | 06/24/26<sup>(b)</sup> | 1380641 |
| 3690000 | 4.850 | 03/25/27<sup>(b)</sup> | 3719655 |
| (SOFR + 1.500%) | (SOFR + 1.500%) | (SOFR + 1.500%) |  |
| 3000000 | 5.860 | 01/08/27<sup>(a)(b)</sup> | 3029921 |
| (SOFR + 1.030%) | (SOFR + 1.030%) | (SOFR + 1.030%) |  |
| 3748000 | 5.396 | 09/24/27<sup>(a)(b)</sup> | 3756575 |
| (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) |  |
| 3915000 | 5.283 | 01/07/28<sup>(a)(b)</sup> | 3914195 |
|  |  |  | 16017198 |
| Electric – 2.3% | Electric – 2.3% | Electric – 2.3% | Electric – 2.3% |
| DTE Energy Co. | DTE Energy Co. | DTE Energy Co. | DTE Energy Co. |
| 2268000 | 4.950 | 07/01/27 | 2297486 |
| Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC | Entergy New Orleans LLC |
| 2257000 | 4.000 | 06/01/26 | 2240649 |
| Eversource Energy | Eversource Energy | Eversource Energy | Eversource Energy |
| 1030000 | 4.750 | 05/15/26 | 1032098 |
| 1000000 | 2.900 | 03/01/27 | 981957 |
| Eversource Energy, Series U | Eversource Energy, Series U | Eversource Energy, Series U | Eversource Energy, Series U |
| 4250000 | 1.400 | 08/15/26 | 4133958 |
| NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| 9616000 | 4.685 | 09/01/27 | 9706789 |
| Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K | Southwestern Electric Power Co., Series K |
| 2560000 | 2.750 | 10/01/26 | 2516252 |
|  |  |  | 22909189 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Energy – 0.4% | Energy – 0.4% | Energy – 0.4% | Energy – 0.4% |
| Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
| $307000 | 5.625% | 05/01/27<sup>(b)</sup> | $306979 |
| Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC | Gulfstream Natural Gas System LLC |
| 368000 | 6.190 | 11/01/25<sup>(b)</sup> | 368757 |
| MPLX LP | MPLX LP | MPLX LP | MPLX LP |
| 3138000 | 4.125 | 03/01/27 | 3130162 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3805898 |
| **Financial Company – 0.5%** | **Financial Company – 0.5%** | **Financial Company – 0.5%** | **Financial Company – 0.5%** |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 1266000 | 1.875 | 08/15/26 | 1236487 |
| Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN | Air Lease Corp., MTN |
| 3538000 | 2.875 | 01/15/26 | 3514688 |
|  |  |  | 4751175 |
| Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% | Food and Beverage – 0.2% |
| Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. | Constellation Brands, Inc. |
| 1900000 | 3.500 | 05/09/27 | 1877552 |
| Healthcare – 0.1% | Healthcare – 0.1% | Healthcare – 0.1% | Healthcare – 0.1% |
| Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. | Bio-Rad Laboratories, Inc. |
| 1000000 | 3.300 | 03/15/27 | 985257 |
| UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. | UnitedHealth Group, Inc. |
| 326000 | 3.100 | 03/15/26 | 323536 |
|  |  |  | 1308793 |
| Insurance – 3.5% | Insurance – 3.5% | Insurance – 3.5% | Insurance – 3.5% |
| Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding | Corebridge Global Funding |
| 1061000 | 5.350 | 06/24/26<sup>(b)</sup> | 1070032 |
| (SOFR + 1.300%) | (SOFR + 1.300%) | (SOFR + 1.300%) |  |
| 1860000 | 5.667 | 09/25/26<sup>(a)(b)</sup> | 1873286 |
| (SOFR + 0.750%) | (SOFR + 0.750%) | (SOFR + 0.750%) |  |
| 3560000 | 5.113 | 01/07/28<sup>(a)(b)</sup> | 3554939 |
| Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding | Equitable Financial Life Global Funding |
| 3980000 | 4.600 | 04/01/27<sup>(b)</sup> | 4003309 |
| Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding | Jackson National Life Global Funding |
| 4584000 | 4.900 | 01/13/27<sup>(b)</sup> | 4620724 |
| 4540000 | 5.550 | 07/02/27<sup>(b)</sup> | 4639636 |
| (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) |  |
| 4347000 | 5.247 | 06/09/27<sup>(a)(b)</sup> | 4364951 |
| Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I | Metropolitan Life Global Funding I |
| (SOFR + 0.700%) | (SOFR + 0.700%) | (SOFR + 0.700%) |  |
| 9018000 | 5.065 | 08/25/28<sup>(a)(b)</sup> | 9037565 |
| New York Life Global Funding | New York Life Global Funding | New York Life Global Funding | New York Life Global Funding |
| (SOFR + 0.580%) | (SOFR + 0.580%) | (SOFR + 0.580%) |  |
| 801000 | 4.944 | 08/28/26<sup>(a)(b)</sup> | 803274 |
| Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding | Protective Life Global Funding |
| 939000 | 1.618 | 04/15/26<sup>(b)</sup> | 923213 |
|  |  |  | 34890929 |
| Revenue – 0.0% | Revenue – 0.0% | Revenue – 0.0% | Revenue – 0.0% |
| Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 | Baylor Scott & White Holdings, Series 2021 |
| 290000 | 0.827 | 11/15/25 | 286966 |
| PeaceHealth Obligated Group, Series 2020 | PeaceHealth Obligated Group, Series 2020 | PeaceHealth Obligated Group, Series 2020 | PeaceHealth Obligated Group, Series 2020 |
| 21000 | 1.375 | 11/15/25 | 20862 |
|  |  |  | 307828 |
| Software – 0.4% | Software – 0.4% | Software – 0.4% | Software – 0.4% |
| Oracle Corp. | Oracle Corp. | Oracle Corp. | Oracle Corp. |
| 1250000 | 1.650 | 03/25/26 | 1230693 |
| 1171000 | 2.650 | 07/15/26 | 1155201 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) | Corporate Obligations – (continued) |
| Software – (continued) | Software – (continued) | Software – (continued) | Software – (continued) |
| Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. | Take-Two Interactive Software, Inc. |
| 1729000 | 5.000% | 03/28/26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1733809 |
|  |  |  | 4119703 |
| Technology – 0.3% | Technology – 0.3% | Technology – 0.3% | Technology – 0.3% |
| Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. | Dell International LLC / EMC Corp. |
| 502000 | 6.020 | 06/15/26 | 506338 |
| Intel Corp. | Intel Corp. | Intel Corp. | Intel Corp. |
| 1000000 | 3.750 | 03/25/27 | 990550 |
| PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. | PayPal Holdings, Inc. |
| (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) | (SOFR + 0.670%) |
| 1909000 | 5.026 | 03/06/28<sup>(a)</sup> | 1913386 |
|  |  |  | 3410274 |
| Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% | Transportation – 0.1% |
| ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC | ERAC USA Finance LLC |
| 1000000 | 3.300 | 12/01/26<sup>(b)</sup> | 989404 |
| Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% | Wireless – 0.2% |
| Pacific Bell Telephone Co. | Pacific Bell Telephone Co. | Pacific Bell Telephone Co. | Pacific Bell Telephone Co. |
| 599000 | 7.125 | 03/15/26 | 604756 |
| T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. | T-Mobile USA, Inc. |
| 1287000 | 5.375 | 04/15/27 | 1287000 |
|  |  |  | 1891756 |
| **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $283,036,541)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $283,036,541)** | **TOTAL CORPORATE OBLIGATIONS**<br> **(Cost $283,036,541)** | 283849903 |
| Foreign Corporate Debt – 25.4% | Foreign Corporate Debt – 25.4% | Foreign Corporate Debt – 25.4% | Foreign Corporate Debt – 25.4% |
| Banks – 18.9% | Banks – 18.9% | Banks – 18.9% | Banks – 18.9% |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) | (US 1 Year CMT T-Note + 0.800%) |
| 3100000 | 1.542 | 06/16/27<sup>(a)(b)</sup> | 3031096 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| 10200000 | 4.250 | 04/11/27 | 10204639 |
| (SOFR + 1.120%) | (SOFR + 1.120%) | (SOFR + 1.120%) | (SOFR + 1.120%) |
| 800000 | 5.482 | 07/15/28<sup>(a)</sup> | 805289 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (SOFR + 0.429%) | (SOFR + 0.429%) | (SOFR + 0.429%) | (SOFR + 0.429%) |
| 2014000 | 4.588 | 12/11/26<sup>(a)</sup> | 2015626 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (SOFRINDX + 1.160%) | (SOFRINDX + 1.160%) | (SOFRINDX + 1.160%) | (SOFRINDX + 1.160%) |
| 2983000 | 5.519 | 12/11/26<sup>(a)</sup> | 3009840 |
| Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) | Bank of Montreal, MTN (Canada) |
| 2900000 | 4.850 | 07/30/26 | 2890353 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 1853000 | 4.750 | 02/02/26 | 1855342 |
| 1076000 | 1.300 | 09/15/26 | 1045420 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| (SOFRINDX + 1.400%) | (SOFRINDX + 1.400%) | (SOFRINDX + 1.400%) | (SOFRINDX + 1.400%) |
| 2251000 | 5.762 | 07/13/26<sup>(a)(b)</sup> | 2268555 |
| (SOFR + 1.130%) | (SOFR + 1.130%) | (SOFR + 1.130%) | (SOFR + 1.130%) |
| 2896000 | 5.495 | 01/23/27<sup>(a)(b)</sup> | 2909929 |
| 285000 | 4.753 | 07/13/27<sup>(b)</sup> | 287980 |
| Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) | Barclays PLC (United Kingdom) |
| (US 1 Year CMT T-Note + 3.050%) | (US 1 Year CMT T-Note + 3.050%) | (US 1 Year CMT T-Note + 3.050%) | (US 1 Year CMT T-Note + 3.050%) |
| 1895000 | 7.325 | 11/02/26<sup>(a)</sup> | 1903145 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) | (SOFR + 1.520%) |
| $2081000 | 1.652% | 10/06/26<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2075046 |
| (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) | (SOFR + 2.100%) |
| 2873000 | 5.975 | 01/18/27<sup>(a)(b)</sup> | 2887164 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) | (SOFR + 1.220%) |
| 1851000 | 5.585 | 10/02/26<sup>(a)</sup> | 1865641 |
| 3078000 | 3.450 | 04/07/27 | 3051211 |
| 3159000 | 5.237 | 06/28/27 | 3220272 |
| (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) | (SOFR + 0.940%) |
| 2877000 | 5.307 | 06/28/27<sup>(a)</sup> | 2902318 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US 1 Year CMT T-Note + 0.550%) | (US 1 Year CMT T-Note + 0.550%) | (US 1 Year CMT T-Note + 0.550%) | (US 1 Year CMT T-Note + 0.550%) |
| 5148000 | 1.106 | 02/24/27<sup>(a)(b)</sup> | 5068646 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 0.892%) | (SOFR + 0.892%) | (SOFR + 0.892%) | (SOFR + 0.892%) |
| 1938000 | 1.247 | 01/26/27<sup>(a)(b)</sup> | 1912582 |
| (SOFR + 0.870%) | (SOFR + 0.870%) | (SOFR + 0.870%) | (SOFR + 0.870%) |
| 2500000 | 5.229 | 03/11/27<sup>(a)(b)</sup> | 2508756 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US 1 Year CMT T-Note + 1.350%) | (US 1 Year CMT T-Note + 1.350%) | (US 1 Year CMT T-Note + 1.350%) | (US 1 Year CMT T-Note + 1.350%) |
| 2069000 | 1.621 | 09/11/26<sup>(a)(b)</sup> | 2067022 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) | (SOFR + 1.870%) |
| 4099000 | 2.129 | 11/24/26<sup>(a)</sup> | 4075695 |
| (SOFR + 1.219%) | (SOFR + 1.219%) | (SOFR + 1.219%) | (SOFR + 1.219%) |
| 4591000 | 5.584 | 11/16/27<sup>(a)</sup> | 4608642 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) | (US 1 Year CMT T-Note + 0.850%) |
| 3750000 | 1.127 | 09/16/26<sup>(a)(b)</sup> | 3744160 |
| HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) | HSBC Holdings PLC (United Kingdom) |
| (3M U.S. T-Bill MMY + 1.609%) | (3M U.S. T-Bill MMY + 1.609%) | (3M U.S. T-Bill MMY + 1.609%) | (3M U.S. T-Bill MMY + 1.609%) |
| 2123000 | 4.292 | 09/12/26<sup>(a)</sup> | 2122654 |
| Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) |
| 3201000 | 7.000 | 11/21/25<sup>(b)</sup> | 3214885 |
| 4515000 | 3.875 | 07/14/27<sup>(b)</sup> | 4477926 |
| Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) |
| (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) | (SOFR + 0.920%) |
| 2462000 | 5.285 | 07/02/27<sup>(a)(b)</sup> | 2478789 |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) | (SOFR + 1.069%) |
| 6098000 | 1.340 | 01/12/27<sup>(a)(b)</sup> | 6030352 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) | (US 1 Year CMT T-Note + 0.750%) |
| 3233000 | 1.538 | 07/20/27<sup>(a)</sup> | 3154323 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| 1421000 | 2.839 | 09/13/26 | 1401560 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| (SOFR + 0.557%) | (SOFR + 0.557%) | (SOFR + 0.557%) | (SOFR + 0.557%) |
| 3265000 | 4.702 | 03/05/27<sup>(a)</sup> | 3268371 |
| (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) | (SOFRINDX + 1.030%) |
| 1000000 | 5.395 | 07/02/27<sup>(a)</sup> | 1002524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| (SOFR + 1.036%) | (SOFR + 1.036%) | (SOFR + 1.036%) |  |
| $792000 | 5.600% | 07/02/27<sup>(a)</sup> | $799589 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.290%) | (SOFR + 1.290%) | (SOFR + 1.290%) |  |
| 926000 | 5.655 | 02/16/28<sup>(a)(b)</sup> | 932915 |
| NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) | NatWest Group PLC (United Kingdom) |
| (US 1 Year CMT T-Note + 2.850%) | (US 1 Year CMT T-Note + 2.850%) | (US 1 Year CMT T-Note + 2.850%) |  |
| 2152000 | 7.472 | 11/10/26<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163535 |
| NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) | NatWest Markets PLC (United Kingdom) |
| 2937000 | 1.600 | 09/29/26<sup>(b)</sup> | 2858442 |
| 860000 | 5.416 | 05/17/27<sup>(b)</sup> | 878790 |
| (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) |  |
| 3000000 | 5.265 | 05/17/27<sup>(a)(b)</sup> | 3013806 |
| (SOFR + 0.950%) | (SOFR + 0.950%) | (SOFR + 0.950%) |  |
| 4603000 | 5.314 | 03/21/28<sup>(a)(b)</sup> | 4620995 |
| Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) | Royal Bank of Canada, GMTN (Canada) |
| (SOFR + 0.790%) | (SOFR + 0.790%) | (SOFR + 0.790%) |  |
| 1480000 | 5.069 | 07/23/27<sup>(a)</sup> | 1489633 |
| (SOFRINDX + 0.720%) | (SOFRINDX + 0.720%) | (SOFRINDX + 0.720%) |  |
| 2950000 | 5.083 | 10/18/27<sup>(a)</sup> | 2953957 |
| Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) | Santander UK Group Holdings PLC (United Kingdom) |
| (SOFR + 0.989%) | (SOFR + 0.989%) | (SOFR + 0.989%) |  |
| 1777000 | 1.673 | 06/14/27<sup>(a)</sup> | 1738775 |
| Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) | Skandinaviska Enskilda Banken AB (Sweden) |
| (SOFR + 0.890%) | (SOFR + 0.890%) | (SOFR + 0.890%) |  |
| 2427000 | 5.246 | 03/05/27<sup>(a)(b)</sup> | 2442170 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 4207000 | 5.250 | 02/19/27<sup>(b)</sup> | 4249043 |
| (SOFR + 1.100%) | (SOFR + 1.100%) | (SOFR + 1.100%) |  |
| 10095000 | 5.466 | 02/19/27<sup>(a)(b)</sup> | 10133077 |
| Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) | Standard Chartered PLC (United Kingdom) |
| (US 1 Year CMT T-Note + 2.050%) | (US 1 Year CMT T-Note + 2.050%) | (US 1 Year CMT T-Note + 2.050%) |  |
| 1000000 | 6.170 | 01/09/27<sup>(a)(b)</sup> | 1005426 |
| (US 1 Year CMT T-Note + 1.000%) | (US 1 Year CMT T-Note + 1.000%) | (US 1 Year CMT T-Note + 1.000%) |  |
| 4906000 | 1.456 | 01/14/27<sup>(a)(b)</sup> | 4849856 |
| (SOFR + 1.930%) | (SOFR + 1.930%) | (SOFR + 1.930%) |  |
| 2000000 | 6.293 | 07/06/27<sup>(a)(b)</sup> | 2020974 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 1651000 | 3.784 | 03/09/26 | 1646415 |
| 2388000 | 2.632 | 07/14/26 | 2356543 |
| Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) |
| (SOFR + 1.250%) | (SOFR + 1.250%) | (SOFR + 1.250%) |  |
| 1807000 | 5.610 | 06/15/26<sup>(a)(b)</sup> | 1821484 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| (SOFR + 0.620%) | (SOFR + 0.620%) | (SOFR + 0.620%) |  |
| 1802000 | 4.982 | 12/17/26<sup>(a)</sup> | 1806479 |
| (SOFR + 0.820%) | (SOFR + 0.820%) | (SOFR + 0.820%) |  |
| 3142000 | 5.186 | 01/31/28<sup>(a)</sup> | 3154741 |
| Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) | Toronto-Dominion Bank (The), GMTN (Canada) |
| 1368000 | 4.980 | 04/05/27 | 1385917 |
| Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) | Toronto-Dominion Bank (The), MTN (Canada) |
| (SOFR + 1.080%) | (SOFR + 1.080%) | (SOFR + 1.080%) |  |
| 2356000 | 5.444 | 07/17/26<sup>(a)</sup> | 2371347 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Banks – (continued) | Banks – (continued) | Banks – (continued) | Banks – (continued) |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US 1 Year CMT T-Note + 1.550%) | (US 1 Year CMT T-Note + 1.550%) | (US 1 Year CMT T-Note + 1.550%) |  |
| $7602000 | 5.711% | 01/12/27<sup>(a)(b)</sup> | 7634649 |
| (US 1 Year CMT T-Note + 1.080%) | (US 1 Year CMT T-Note + 1.080%) | (US 1 Year CMT T-Note + 1.080%) |  |
| 2000000 | 1.364 | 01/30/27<sup>(a)(b)</sup> | 1974647 |
| (SOFRINDX + 0.980%) | (SOFRINDX + 0.980%) | (SOFRINDX + 0.980%) |  |
| 786000 | 1.305 | 02/02/27<sup>(a)(b)</sup> | 775807 |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| 5755000 | 4.625 | 04/12/27<sup>(b)</sup> | 5765248 |
| (US 1 Year CMT T-Note + 1.200%) | (US 1 Year CMT T-Note + 1.200%) | (US 1 Year CMT T-Note + 1.200%) |  |
| 10881000 | 1.982 | 06/03/27<sup>(a)(b)</sup> | 10680796 |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 2288000 | 5.132 | 02/26/27<sup>(b)</sup> | 2320120 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189210929 |
| Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% | Consumer Cyclical – 2.3% |
| BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) | BMW U.S. Capital LLC (Germany) |
| 2366000 | 4.150 | 08/11/27<sup>(b)</sup> | 2367583 |
| (SOFRINDX + 0.920%) | (SOFRINDX + 0.920%) | (SOFRINDX + 0.920%) |  |
| 4460000 | 5.284 | 03/21/28<sup>(a)(b)</sup> | 4472042 |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| 968000 | 3.650 | 04/07/27<sup>(b)</sup> | 959505 |
| 3933000 | 4.300 | 08/12/27<sup>(b)</sup> | 3939283 |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| 2131000 | 4.875 | 07/31/26<sup>(b)</sup> | 2142789 |
| 4880000 | 4.650 | 04/01/27<sup>(b)</sup> | 4914900 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 1203000 | 5.400 | 03/20/26<sup>(b)</sup> | 1206967 |
| 3300000 | 4.900 | 08/14/26<sup>(b)</sup> | 3312869 |
|  |  |  | 23315938 |
| Distributors – 0.8% | Distributors – 0.8% | Distributors – 0.8% | Distributors – 0.8% |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| (SOFR + 0.960%) | (SOFR + 0.960%) | (SOFR + 0.960%) |  |
| 1070000 | 5.324 | 09/25/27<sup>(a)(b)</sup> | 1072031 |
| (SOFR + 0.840%) | (SOFR + 0.840%) | (SOFR + 0.840%) |  |
| 7247000 | 5.202 | 01/13/28<sup>(a)(b)</sup> | 7233111 |
|  |  |  | 8305142 |
| Electric – 0.2% | Electric – 0.2% | Electric – 0.2% | Electric – 0.2% |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 2193000 | 3.625 | 05/25/27<sup>(b)</sup> | 2171880 |
| Financial Company – 0.9% | Financial Company – 0.9% | Financial Company – 0.9% | Financial Company – 0.9% |
| AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) | AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Ireland) |
| 8891000 | 2.450 | 10/29/26 | 8706972 |
| Metals and Mining – 1.1% | Metals and Mining – 1.1% | Metals and Mining – 1.1% | Metals and Mining – 1.1% |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 1901000 | 1.625 | 09/01/25<sup>(b)</sup> | 1901000 |
| (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) | (SOFRINDX + 0.750%) |  |
| 4906000 | 5.117 | 10/01/26<sup>(a)(b)</sup> | 4909932 |
| (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) | (SOFRINDX + 1.060%) |  |
| 4275000 | 5.423 | 04/04/27<sup>(a)(b)</sup> | 4290483 |
|  |  |  | 11101415 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) | Foreign Corporate Debt – (continued) |
| Telecommunications – 0.3% | Telecommunications – 0.3% | Telecommunications – 0.3% | Telecommunications – 0.3% |
| NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) | NBN Co. Ltd. (Australia) |
| $3106000 | 1.450% | 05/05/26<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3047615 |
| Wireless – 0.5% | Wireless – 0.5% | Wireless – 0.5% | Wireless – 0.5% |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| 4696000 | 4.567 | 07/16/27<sup>(b)</sup> | 4727804 |
| Wirelines – 0.4% | Wirelines – 0.4% | Wirelines – 0.4% | Wirelines – 0.4% |
| NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) | NTT Finance Corp. (Japan) |
| (SOFR + 1.080%) | (SOFR + 1.080%) | (SOFR + 1.080%) |  |
| 3813000 | 5.442 | 07/16/28<sup>(a)(b)</sup> | 3851673 |
| **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $253,533,102)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $253,533,102)** | **TOTAL FOREIGN CORPORATE DEBT**<br> **(Cost $253,533,102)** | 254439368 |
| Asset-Backed Securities – 19.1% | Asset-Backed Securities – 19.1% | Asset-Backed Securities – 19.1% | Asset-Backed Securities – 19.1% |
| Ally Auto Receivables Trust, Series 2022-1, Class A3 | Ally Auto Receivables Trust, Series 2022-1, Class A3 | Ally Auto Receivables Trust, Series 2022-1, Class A3 | Ally Auto Receivables Trust, Series 2022-1, Class A3 |
| 103004 | 3.310 | 11/15/26 | 102953 |
| American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A | American Express Credit Account Master Trust, Series 2023-1, Class A |
| 6175000 | 4.870 | 05/15/28 | 6208036 |
| American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A | American Express Credit Account Master Trust, Series 2025-2, Class A |
| 2750000 | 4.280 | 04/15/30 | 2773989 |
| BA Credit Card Trust, Series 2022-A2, Class A2 | BA Credit Card Trust, Series 2022-A2, Class A2 | BA Credit Card Trust, Series 2022-A2, Class A2 | BA Credit Card Trust, Series 2022-A2, Class A2 |
| 2100000 | 5.000 | 04/15/28 | 2103348 |
| BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 | BA Credit Card Trust, Series 2023-A2, Class A2 |
| 6075000 | 4.980 | 11/15/28 | 6143271 |
| Chase Auto Owner Trust, Series 2024-2A, Class A2 | Chase Auto Owner Trust, Series 2024-2A, Class A2 | Chase Auto Owner Trust, Series 2024-2A, Class A2 | Chase Auto Owner Trust, Series 2024-2A, Class A2 |
| 239156 | 5.660 | 05/26/27<sup>(b)</sup> | 239454 |
| Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 | Chase Auto Owner Trust, Series 2024-5A, Class A3 |
| 2000000 | 4.180 | 08/27/29<sup>(b)</sup> | 2002409 |
| Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A | Chase Issuance Trust, Series 2023-A1, Class A |
| 3975000 | 5.160 | 09/15/28 | 4020557 |
| City of New York NY, Series G-1 | City of New York NY, Series G-1 | City of New York NY, Series G-1 | City of New York NY, Series G-1 |
| 3220000 | 5.698 | 03/01/27 | 3256714 |
| City of San Antonio TX | City of San Antonio TX | City of San Antonio TX | City of San Antonio TX |
| 1730000 | 5.635 | 02/01/26 | 1734200 |
| Drive Auto Receivables Trust, Series 2024-2, Class A2 | Drive Auto Receivables Trust, Series 2024-2, Class A2 | Drive Auto Receivables Trust, Series 2024-2, Class A2 | Drive Auto Receivables Trust, Series 2024-2, Class A2 |
| 436906 | 4.940 | 12/15/27 | 437291 |
| Exeter Automobile Receivables Trust, Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A2 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A2 |
| 255399 | 4.790 | 04/15/27 | 255432 |
| Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 | Exeter Automobile Receivables Trust, Series 2024-5A, Class A3 |
| 1825000 | 4.450 | 03/15/28 | 1824732 |
| Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 | Ford Credit Auto Lease Trust, Series 2024-B, Class A3 |
| 2000000 | 4.990 | 12/15/27 | 2014742 |
| Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 | Ford Credit Auto Lease Trust, Series 2025-A, Class A3 |
| 2925000 | 4.720 | 06/15/28 | 2950791 |
| Ford Credit Auto Owner Trust, Series 2020-2, Class A | Ford Credit Auto Owner Trust, Series 2020-2, Class A | Ford Credit Auto Owner Trust, Series 2020-2, Class A | Ford Credit Auto Owner Trust, Series 2020-2, Class A |
| 1625000 | 1.060 | 04/15/33<sup>(b)</sup> | 1618581 |
| Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 | Ford Credit Auto Owner Trust, Series 2024-C, Class A3 |
| 2025000 | 4.070 | 07/15/29 | 2027092 |
| GM Financial Automobile Leasing Trust, Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2023-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2023-3, Class A3 |
| 1117815 | 5.380 | 11/20/26 | 1119299 |
| GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 | GM Financial Automobile Leasing Trust, Series 2024-3, Class A3 |
| 2700000 | 4.210 | 10/20/27 | 2702159 |
| GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 | GM Financial Consumer Automobile Receivables Trust, Series 2025-1, Class A3 |
| 2475000 | 4.620 | 12/17/29 | 2501688 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 | GMF Floorplan Owner Revolving Trust, Series 2023-1, Class A1 |
| 1500000 | 5.340% | 06/15/28<sup>(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512923 |
| Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-B, Class A3 |
| 2400000 | 5.410 | 05/17/27<sup>(b)</sup> | 2418212 |
| Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 | Hyundai Auto Lease Securitization Trust, Series 2024-C, Class A3 |
| 4000000 | 4.620 | 04/17/28<sup>(b)</sup> | 4024046 |
| Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 | Hyundai Auto Receivables Trust, Series 2022-C, Class A3 |
| 1230113 | 5.390 | 06/15/27 | 1233908 |
| Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 | Hyundai Auto Receivables Trust, Series 2023-A, Class A3 |
| 1250918 | 4.580 | 04/15/27 | 1251773 |
| Hyundai Auto Receivables Trust, Series 2023-C, Class A2A | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A | Hyundai Auto Receivables Trust, Series 2023-C, Class A2A |
| 59321 | 5.800 | 01/15/27 | 59357 |
| Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 | Hyundai Auto Receivables Trust, Series 2024-B, Class A3 |
| 1925000 | 4.840 | 03/15/29 | 1945039 |
| M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A | M&T Bank Auto Receivables Trust, Series 2025-1A, Class A2A |
| 2733985 | 4.630 | 05/15/28<sup>(b)</sup> | 2740079 |
| Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A | Mercedes-Benz Auto Lease Trust, Series 2024-B, Class A2A |
| 672683 | 4.570 | 12/15/26 | 673099 |
| Nelnet Student Loan Trust, Series 2016-1A, Class A | Nelnet Student Loan Trust, Series 2016-1A, Class A | Nelnet Student Loan Trust, Series 2016-1A, Class A | Nelnet Student Loan Trust, Series 2016-1A, Class A |
| (SOFR + 0.914%) | (SOFR + 0.914%) | (SOFR + 0.914%) |  |
| 178191 | 5.263 | 09/25/65<sup>(a)(b)</sup> | 178470 |
| Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 | Nissan Auto Lease Trust, Series 2024-A, Class A3 |
| 4000000 | 4.910 | 04/15/27 | 4015269 |
| Rhode Island Student Loan Authority, Series 2012-1, Class A1 | Rhode Island Student Loan Authority, Series 2012-1, Class A1 | Rhode Island Student Loan Authority, Series 2012-1, Class A1 | Rhode Island Student Loan Authority, Series 2012-1, Class A1 |
| (SOFR + 1.014%) | (SOFR + 1.014%) | (SOFR + 1.014%) |  |
| 243364 | 5.370 | 07/01/31<sup>(a)</sup> | 243188 |
| Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 | Santander Drive Auto Receivables Trust, Series 2024-4, Class A3 |
| 4125000 | 4.850 | 01/16/29 | 4135120 |
| Santander Drive Auto Receivables Trust, Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2 | Santander Drive Auto Receivables Trust, Series 2024-5, Class A2 |
| 981212 | 4.880 | 09/15/27 | 981625 |
| Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-2, Class A2 |
| 1688879 | 4.710 | 06/15/28 | 1692011 |
| Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 | Toyota Auto Receivables Owner Trust, Series 2022-D, Class A3 |
| 940435 | 5.300 | 09/15/27 | 944926 |
| Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 | Toyota Auto Receivables Owner Trust, Series 2024-C, Class A3 |
| 2100000 | 4.880 | 03/15/29 | 2119016 |
| Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 | Toyota Lease Owner Trust, Series 2024-A, Class A3 |
| 2062166 | 5.250 | 04/20/27<sup>(b)</sup> | 2069673 |
| Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 | Toyota Lease Owner Trust, Series 2024-B, Class A3 |
| 3250000 | 4.210 | 09/20/27<sup>(b)</sup> | 3253370 |
| Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A | Volkswagen Auto Loan Enhanced Trust, Series 2024-1, Class A2A |
| 2423542 | 4.650 | 11/22/27 | 2428039 |
| Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A | Westlake Automobile Receivables Trust, Series 2025-2A, Class A2A |
| 1900000 | 4.660 | 09/15/28<sup>(b)</sup> | 1905137 |
| World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 | World Omni Auto Receivables Trust, Series 2023-C, Class A3 |
| 2076307 | 5.150 | 11/15/28 | 2086124 |
|  |  |  | 87947142 |
| 1988 CLO 3 Ltd., Series 2023-3A, Class A1 | 1988 CLO 3 Ltd., Series 2023-3A, Class A1 | 1988 CLO 3 Ltd., Series 2023-3A, Class A1 | 1988 CLO 3 Ltd., Series 2023-3A, Class A1 |
| (3M U.S. T-Bill MMY + 2.000%) | (3M U.S. T-Bill MMY + 2.000%) | (3M U.S. T-Bill MMY + 2.000%) |  |
| 6500000 | 6.318 | 10/15/38<sup>(a)(b)</sup> | 6515178 |
| AGL CLO 16 Ltd., Series 2021-16A, Class AR | AGL CLO 16 Ltd., Series 2021-16A, Class AR | AGL CLO 16 Ltd., Series 2021-16A, Class AR | AGL CLO 16 Ltd., Series 2021-16A, Class AR |
| (3M U.S. T-Bill MMY + 0.950%) | (3M U.S. T-Bill MMY + 0.950%) | (3M U.S. T-Bill MMY + 0.950%) |  |
| 2270000 | 5.275 | 01/20/35<sup>(a)(b)</sup> | 2271893 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| AGL CLO 5 Ltd., Series 2020-5A, Class A1RR | AGL CLO 5 Ltd., Series 2020-5A, Class A1RR | AGL CLO 5 Ltd., Series 2020-5A, Class A1RR |
| (3M U.S. T-Bill MMY + 1.200%) | (3M U.S. T-Bill MMY + 1.200%) |  |
| $4000000 | 5.525% 07/20/34<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4002176 |
| Apidos CLO XXIII, Series 2015-23A, Class ARR | Apidos CLO XXIII, Series 2015-23A, Class ARR | Apidos CLO XXIII, Series 2015-23A, Class ARR |
| (3M U.S. T-Bill MMY + 1.050%) | (3M U.S. T-Bill MMY + 1.050%) |  |
| 3848286 | 5.368 04/15/33<sup>(a)(b)</sup> | 3849079 |
| ARES LII CLO Ltd., Series 2019-52A, Class A1RR | ARES LII CLO Ltd., Series 2019-52A, Class A1RR | ARES LII CLO Ltd., Series 2019-52A, Class A1RR |
| (3M U.S. T-Bill MMY + 0.880%) | (3M U.S. T-Bill MMY + 0.880%) |  |
| 2397270 | 5.212 04/22/31<sup>(a)(b)</sup> | 2394274 |
| Bain Capital Credit CLO, Series 2018-2A, Class A1R | Bain Capital Credit CLO, Series 2018-2A, Class A1R | Bain Capital Credit CLO, Series 2018-2A, Class A1R |
| (3M U.S. T-Bill MMY + 1.080%) | (3M U.S. T-Bill MMY + 1.080%) |  |
| 343961 | 5.405 07/19/31<sup>(a)(b)</sup> | 343962 |
| Bryant Park Funding Ltd., Series 2023-21A, Class A1 | Bryant Park Funding Ltd., Series 2023-21A, Class A1 | Bryant Park Funding Ltd., Series 2023-21A, Class A1 |
| (3M U.S. T-Bill MMY + 2.050%) | (3M U.S. T-Bill MMY + 2.050%) |  |
| 4200000 | 6.379 10/18/36<sup>(a)(b)</sup> | 4209026 |
| CarVal CLO II Ltd., Series 2019-1A, Class AR2 | CarVal CLO II Ltd., Series 2019-1A, Class AR2 | CarVal CLO II Ltd., Series 2019-1A, Class AR2 |
| (3M U.S. T-Bill MMY + 1.020%) | (3M U.S. T-Bill MMY + 1.020%) |  |
| 2402434 | 5.345 04/20/32<sup>(a)(b)</sup> | 2402677 |
| Cedar Funding Ltd., Series 2018-7A, Class AR | Cedar Funding Ltd., Series 2018-7A, Class AR | Cedar Funding Ltd., Series 2018-7A, Class AR |
| (3M U.S. T-Bill MMY + 1.080%) | (3M U.S. T-Bill MMY + 1.080%) |  |
| 422041 | 5.405 01/20/31<sup>(a)(b)</sup> | 421725 |
| Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 | Dryden 43 Senior Loan Fund, Series 2016-43A, Class AR3 |
| (3M U.S. T-Bill MMY + 1.070%) | (3M U.S. T-Bill MMY + 1.070%) |  |
| 4000000 | 5.395 04/20/34<sup>(a)(b)</sup> | 4003828 |
| Dryden 80 CLO Ltd., Series 2019-80A, Class ARR | Dryden 80 CLO Ltd., Series 2019-80A, Class ARR | Dryden 80 CLO Ltd., Series 2019-80A, Class ARR |
| (3M U.S. T-Bill MMY + 0.950%) | (3M U.S. T-Bill MMY + 0.950%) |  |
| 10000000 | – 01/17/33<sup>(a)(b)(c)(d)</sup> | 10000000 |
| Dryden 97 CLO Ltd., Series 2022-97A, Class XR | Dryden 97 CLO Ltd., Series 2022-97A, Class XR | Dryden 97 CLO Ltd., Series 2022-97A, Class XR |
| (3M U.S. T-Bill MMY + 1.050%) | (3M U.S. T-Bill MMY + 1.050%) |  |
| 5000000 | – 10/20/38<sup>(a)(b)(c)(d)</sup> | 5000000 |
| Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR | Dryden XXVI Senior Loan Fund, Series 2013-26A, Class AR |
| (3M U.S. T-Bill MMY + 1.162%) | (3M U.S. T-Bill MMY + 1.162%) |  |
| 57717 | 5.479 04/15/29<sup>(a)(b)</sup> | 57795 |
| Fort Greene Park CLO LLC, Series 2025-2A, Class AR | Fort Greene Park CLO LLC, Series 2025-2A, Class AR | Fort Greene Park CLO LLC, Series 2025-2A, Class AR |
| (3M U.S. T-Bill MMY + 0.950%) | (3M U.S. T-Bill MMY + 0.950%) |  |
| 6000000 | 5.282 04/22/34<sup>(a)(b)</sup> | 5988606 |
| Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR | Golub Capital Partners CLO 53B Ltd., Series 2021-53A, Class AR |
| (3M U.S. T-Bill MMY + 0.980%) | (3M U.S. T-Bill MMY + 0.980%) |  |
| 1500000 | 5.305 07/20/34<sup>(a)(b)</sup> | 1499595 |
| Invesco CLO Ltd., Series 2022-2A, Class A1R | Invesco CLO Ltd., Series 2022-2A, Class A1R | Invesco CLO Ltd., Series 2022-2A, Class A1R |
| (3M U.S. T-Bill MMY + 1.150%) | (3M U.S. T-Bill MMY + 1.150%) |  |
| 4900000 | 5.441 07/20/35<sup>(a)(b)</sup> | 4899951 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Jamestown CLO XV Ltd., Series 2020-15A, Class A1R | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R | Jamestown CLO XV Ltd., Series 2020-15A, Class A1R |
| (3M U.S. T-Bill MMY + 1.370%) | (3M U.S. T-Bill MMY + 1.370%) | (3M U.S. T-Bill MMY + 1.370%) |  |
| $4400000 | 5.688% | 07/15/35<sup>(a)(b)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403626 |
| Marathon CLO XIII Ltd., Series 2019-1A, Class AAR2 | Marathon CLO XIII Ltd., Series 2019-1A, Class AAR2 | Marathon CLO XIII Ltd., Series 2019-1A, Class AAR2 | Marathon CLO XIII Ltd., Series 2019-1A, Class AAR2 |
| (3M U.S. T-Bill MMY + 1.200%) | (3M U.S. T-Bill MMY + 1.200%) | (3M U.S. T-Bill MMY + 1.200%) |  |
| 1549229 | 5.518 | 04/15/32<sup>(a)(b)</sup> | 1549229 |
| Mountain View CLO LLC, Series 2016-1A, Class AR2 | Mountain View CLO LLC, Series 2016-1A, Class AR2 | Mountain View CLO LLC, Series 2016-1A, Class AR2 | Mountain View CLO LLC, Series 2016-1A, Class AR2 |
| (3M U.S. T-Bill MMY + 1.260%) | (3M U.S. T-Bill MMY + 1.260%) | (3M U.S. T-Bill MMY + 1.260%) |  |
| 975475 | 5.580 | 04/14/33<sup>(a)(b)</sup> | 976564 |
| Mountain View CLO XVI Ltd., Series 2022-1A, Class A1R | Mountain View CLO XVI Ltd., Series 2022-1A, Class A1R | Mountain View CLO XVI Ltd., Series 2022-1A, Class A1R | Mountain View CLO XVI Ltd., Series 2022-1A, Class A1R |
| (3M U.S. T-Bill MMY + 1.460%) | (3M U.S. T-Bill MMY + 1.460%) | (3M U.S. T-Bill MMY + 1.460%) |  |
| 2325000 | 5.778 | 04/15/34<sup>(a)(b)</sup> | 2326437 |
| Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR | Neuberger Berman Loan Advisers CLO 50 Ltd., Series 2022-50A, Class AR |
| (3M U.S. T-Bill MMY + 1.250%) | (3M U.S. T-Bill MMY + 1.250%) | (3M U.S. T-Bill MMY + 1.250%) |  |
| 3075000 | 5.569 | 07/23/36<sup>(a)(b)</sup> | 3079560 |
| Sculptor CLO XXVIII Ltd., Series 28A, Class AR | Sculptor CLO XXVIII Ltd., Series 28A, Class AR | Sculptor CLO XXVIII Ltd., Series 28A, Class AR | Sculptor CLO XXVIII Ltd., Series 28A, Class AR |
| (3M U.S. T-Bill MMY + 1.060%) | (3M U.S. T-Bill MMY + 1.060%) | (3M U.S. T-Bill MMY + 1.060%) |  |
| 7000000 | 5.385 | 01/20/35<sup>(a)(b)</sup> | 6999300 |
| Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR | Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR | Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR | Trinitas CLO VI Ltd., Series 2017-6A, Class ARRR |
| (3M U.S. T-Bill MMY + 1.330%) | (3M U.S. T-Bill MMY + 1.330%) | (3M U.S. T-Bill MMY + 1.330%) |  |
| 5900000 | 5.648 | 01/25/34<sup>(a)(b)</sup> | 5905044 |
| Trysail CLO Ltd., Series 2021-1A, Class A1 | Trysail CLO Ltd., Series 2021-1A, Class A1 | Trysail CLO Ltd., Series 2021-1A, Class A1 | Trysail CLO Ltd., Series 2021-1A, Class A1 |
| (3M U.S. T-Bill MMY + 1.582%) | (3M U.S. T-Bill MMY + 1.582%) | (3M U.S. T-Bill MMY + 1.582%) |  |
| 2328725 | 5.907 | 07/20/32<sup>(a)(b)</sup> | 2324163 |
| Venture 34 CLO Ltd., Series 2018-34A, Class AR | Venture 34 CLO Ltd., Series 2018-34A, Class AR | Venture 34 CLO Ltd., Series 2018-34A, Class AR | Venture 34 CLO Ltd., Series 2018-34A, Class AR |
| (3M U.S. T-Bill MMY + 1.280%) | (3M U.S. T-Bill MMY + 1.280%) | (3M U.S. T-Bill MMY + 1.280%) |  |
| 1902800 | 5.598 | 10/15/31<sup>(a)(b)</sup> | 1903955 |
| Zais CLO 13 Ltd., Series 2019-13A, Class A1AR | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR | Zais CLO 13 Ltd., Series 2019-13A, Class A1AR |
| (3M U.S. T-Bill MMY + 1.300%) | (3M U.S. T-Bill MMY + 1.300%) | (3M U.S. T-Bill MMY + 1.300%) |  |
| 807754 | 5.618 | 07/15/32<sup>(a)(b)</sup> | 807870 |
|  |  |  | 88135513 |
| Barclays Dryrock Issuance Trust, Series 2023-2, Class A | Barclays Dryrock Issuance Trust, Series 2023-2, Class A | Barclays Dryrock Issuance Trust, Series 2023-2, Class A | Barclays Dryrock Issuance Trust, Series 2023-2, Class A |
| (SOFR + 0.900%) | (SOFR + 0.900%) | (SOFR + 0.900%) |  |
| 2050000 | 5.243 | 08/15/28<sup>(a)</sup> | 2051861 |
| Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A | Capital One Multi-Asset Execution Trust, Series 2022-A3, Class A |
| 3000000 | 4.950 | 10/15/27 | 3003121 |
| Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 | Citibank Credit Card Issuance Trust, Series 2023-A1, Class A1 |
| 1300000 | 5.230 | 12/08/27 | 1303173 |
| Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A | Discover Card Execution Note Trust, Series 2023-A1, Class A |
| 2925000 | 4.310 | 03/15/28 | 2927806 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A2 |
| 539489 | 4.700 | 09/15/27 | 539752 |
| Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-1A, Class A3 |
| 450000 | 4.670 | 08/15/28 | 451382 |
| Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 | Exeter Automobile Receivables Trust, Series 2025-3A, Class A3 |
| 1450000 | 4.780 | 07/16/29 | 1459960 |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A2 |
| 348328 | 4.760 | 08/16/27 | 348495 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) | Asset-Backed Securities – (continued) |
| Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 | Santander Drive Auto Receivables Trust, Series 2025-1, Class A3 |
| 1575000 | 4.740% | 01/16/29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579984 |
| Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 | Toyota Auto Receivables Owner Trust, Series 2023-B, Class A3 |
| 1905306 | 4.710 | 02/15/28 | 1910720 |
|  |  |  | 15576254 |
| **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $191,314,531)**  | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $191,314,531)**  | **TOTAL ASSET-BACKED SECURITIES**<br> **(Cost $191,314,531)**  | 191658909 |
| Mortgage-Backed Securities – 7.5% | Mortgage-Backed Securities – 7.5% | Mortgage-Backed Securities – 7.5% | Mortgage-Backed Securities – 7.5% |
| BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB | BBCMS Mortgage Trust, Series 2018-C2, Class ASB |
| 338563 | 4.236 | 12/15/51 | 337838 |
| BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 | BMARK, Series 2023-V4, Class A3 |
| 4450000 | 6.841 | 11/15/56<sup>(a)</sup> | 4735989 |
| BX, Series 2021-MFM1, Class A | BX, Series 2021-MFM1, Class A | BX, Series 2021-MFM1, Class A | BX, Series 2021-MFM1, Class A |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.814%) | 0.814%) | 0.814%) | 0.814%) |
| 10704 | 5.177 | 01/15/34<sup>(a)(b)</sup> | 10701 |
| BX Trust, Series 2021-ARIA, Class A | BX Trust, Series 2021-ARIA, Class A | BX Trust, Series 2021-ARIA, Class A | BX Trust, Series 2021-ARIA, Class A |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 1.014%) | 1.014%) | 1.014%) | 1.014%) |
| 1300000 | 5.377 | 10/15/36<sup>(a)(b)</sup> | 1298520 |
| BXHPP Trust, Series 2021-FILM, Class A | BXHPP Trust, Series 2021-FILM, Class A | BXHPP Trust, Series 2021-FILM, Class A | BXHPP Trust, Series 2021-FILM, Class A |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.764%) | 0.764%) | 0.764%) | 0.764%) |
| 1850000 | 5.127 | 08/15/36<sup>(a)(b)</sup> | 1791395 |
| CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 | CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 | CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 | CFCRE Commercial Mortgage Trust, Series 2016-C3, Class A3 |
| 4145000 | 3.865 | 01/10/48 | 4129918 |
| Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 | Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class A4 |
| 458574 | 3.778 | 09/10/58 | 454301 |
| Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3 | Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3 | Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3 | Citigroup Commercial Mortgage Trust, Series 2016-GC37, Class A3 |
| 2218652 | 3.050 | 04/10/49 | 2213208 |
| COMM Mortgage Trust, Series 2016-DC2, Class A4 | COMM Mortgage Trust, Series 2016-DC2, Class A4 | COMM Mortgage Trust, Series 2016-DC2, Class A4 | COMM Mortgage Trust, Series 2016-DC2, Class A4 |
| 156122 | 3.497 | 02/10/49 | 155828 |
| CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 | CSAIL Commercial Mortgage Trust, Series 2015-C3, Class A4 |
| 78353 | 3.718 | 08/15/48 | 78104 |
| DBJPM Mortgage Trust, Series 2016-C3, Class ASB | DBJPM Mortgage Trust, Series 2016-C3, Class ASB | DBJPM Mortgage Trust, Series 2016-C3, Class ASB | DBJPM Mortgage Trust, Series 2016-C3, Class ASB |
| 63068 | 2.756 | 08/10/49 | 62663 |
| Extended Stay America Trust, Series 2021-ESH, Class A | Extended Stay America Trust, Series 2021-ESH, Class A | Extended Stay America Trust, Series 2021-ESH, Class A | Extended Stay America Trust, Series 2021-ESH, Class A |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 1.194%) | 1.194%) | 1.194%) | 1.194%) |
| 1233799 | 5.557 | 07/15/38<sup>(a)(b)</sup> | 1233413 |
| Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation | Federal Home Loan Mortgage Corporation |
| 9169657 | 6.500 | 06/01/54 | 9594700 |
| FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB | FHLMC REMIC, Series 2003-2682, Class FB |
| (SOFR + 1.014%) | (SOFR + 1.014%) | (SOFR + 1.014%) | (SOFR + 1.014%) |
| 93459 | 5.357 | 10/15/33<sup>(a)</sup> | 93887 |
| FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA | FHLMC REMIC, Series 2003-2711, Class FA |
| (SOFR + 1.114%) | (SOFR + 1.114%) | (SOFR + 1.114%) | (SOFR + 1.114%) |
| 95517 | 5.457 | 11/15/33<sup>(a)</sup> | 96405 |
| FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG | FHLMC REMIC, Series 2005-3033, Class FG |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 313729 | 4.807 | 09/15/35<sup>(a)</sup> | 310653 |
| FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC | FHLMC REMIC, Series 2007-3298, Class FC |
| (SOFR + 0.534%) | (SOFR + 0.534%) | (SOFR + 0.534%) | (SOFR + 0.534%) |
| 71968 | 4.877 | 04/15/37<sup>(a)</sup> | 71105 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC | FHLMC REMIC, Series 2007-3314, Class FC |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| $15711 | 4.857% | 12/15/36<sup>(a)</sup> | $15553 |
| FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB | FHLMC REMIC, Series 2007-3316, Class FB |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 383309 | 4.757 | 08/15/35<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378957 |
| FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA | FHLMC REMIC, Series 2007-3371, Class FA |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 80517 | 5.057 | 09/15/37<sup>(a)</sup> | 80195 |
| FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF | FHLMC REMIC, Series 2009-3593, Class CF |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 852902 | 5.057 | 02/15/36<sup>(a)</sup> | 851191 |
| FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW | FHLMC REMIC, Series 2012-4040, Class FW |
| (SOFR + 0.484%) | (SOFR + 0.484%) | (SOFR + 0.484%) | (SOFR + 0.484%) |
| 218486 | 4.827 | 05/15/32<sup>(a)</sup> | 218183 |
| FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE | FHLMC REMIC, Series 2012-4057, Class FE |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 578542 | 4.907 | 06/15/42<sup>(a)</sup> | 571951 |
| FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF | FHLMC REMIC, Series 2012-4068, Class UF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 142392 | 4.957 | 06/15/42<sup>(a)</sup> | 140613 |
| FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF | FHLMC REMIC, Series 2012-4098, Class MF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 73727 | 4.757 | 11/15/41<sup>(a)</sup> | 73410 |
| FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF | FHLMC REMIC, Series 2012-4107, Class MF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1227235 | 4.857 | 09/15/42<sup>(a)</sup> | 1209883 |
| FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF | FHLMC REMIC, Series 2012-4126, Class GF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1760816 | 4.857 | 11/15/42<sup>(a)</sup> | 1733943 |
| FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF | FHLMC REMIC, Series 2013-4203, Class QF |
| (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) |
| 758093 | 4.707 | 05/15/43<sup>(a)</sup> | 747090 |
| FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF | FHLMC REMIC, Series 2013-4215, Class NF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 563862 | 4.807 | 06/15/43<sup>(a)</sup> | 551390 |
| FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL | FHLMC REMIC, Series 2013-4248, Class FL |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 52435 | 4.907 | 05/15/41<sup>(a)</sup> | 52054 |
| FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB | FHLMC REMIC, Series 2013-4263, Class FB |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 38049 | 4.857 | 11/15/43<sup>(a)</sup> | 37669 |
| FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD | FHLMC REMIC, Series 2013-4272, Class FD |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 38203 | 4.807 | 11/15/43<sup>(a)</sup> | 37743 |
| FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS | FHLMC REMIC, Series 2018-4787, Class ZS |
| 584540 | 5.000 | 07/01/48 | 589772 |
| FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC | FHLMC REMIC, Series 2018-4818, Class FC |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 163459 | 4.757 | 04/15/48<sup>(a)</sup> | 157716 |
| FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF | FHLMC REMIC, Series 2018-4852, Class BF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 1083203 | 4.857 | 12/15/48<sup>(a)</sup> | 1056176 |
| FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F | FHLMC REMIC, Series 2019-4897, Class F |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 823518 | 4.857 | 07/15/49<sup>(a)</sup> | 810486 |
| FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F | FHLMC REMIC, Series 2019-4903, Class F |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 131526 | 4.907 | 09/15/48<sup>(a)</sup> | 127927 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FHLMC REMIC, Series 2019-4906, Class NF | FHLMC REMIC, Series 2019-4906, Class NF | FHLMC REMIC, Series 2019-4906, Class NF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| $939058 | 4.828% 03/15/38<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916891 |
| FHLMC REMIC, Series 2019-4942, Class FA | FHLMC REMIC, Series 2019-4942, Class FA | FHLMC REMIC, Series 2019-4942, Class FA |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 837681 | 4.963 01/25/50<sup>(a)</sup> | 823622 |
| FHLMC REMIC, Series 2020-5002, Class FJ | FHLMC REMIC, Series 2020-5002, Class FJ | FHLMC REMIC, Series 2020-5002, Class FJ |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 145496 | 4.863 07/25/50<sup>(a)</sup> | 143031 |
| FHLMC STRIPS, Series 2006-239, Class F22 | FHLMC STRIPS, Series 2006-239, Class F22 | FHLMC STRIPS, Series 2006-239, Class F22 |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 119274 | 4.807 08/15/36<sup>(a)</sup> | 117986 |
| FHLMC STRIPS, Series 2006-239, Class F30 | FHLMC STRIPS, Series 2006-239, Class F30 | FHLMC STRIPS, Series 2006-239, Class F30 |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 298185 | 4.757 08/15/36<sup>(a)</sup> | 294600 |
| FNMA REMIC, Series 2002-53, Class FY | FNMA REMIC, Series 2002-53, Class FY | FNMA REMIC, Series 2002-53, Class FY |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 117081 | 4.963 08/25/32<sup>(a)</sup> | 116956 |
| FNMA REMIC, Series 2004-54, Class FL | FNMA REMIC, Series 2004-54, Class FL | FNMA REMIC, Series 2004-54, Class FL |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 42824 | 4.863 07/25/34<sup>(a)</sup> | 42790 |
| FNMA REMIC, Series 2004-54, Class FN | FNMA REMIC, Series 2004-54, Class FN | FNMA REMIC, Series 2004-54, Class FN |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 156708 | 4.913 07/25/34<sup>(a)</sup> | 156662 |
| FNMA REMIC, Series 2005-120, Class FE | FNMA REMIC, Series 2005-120, Class FE | FNMA REMIC, Series 2005-120, Class FE |
| (SOFR + 0.634%) | (SOFR + 0.634%) | (SOFR + 0.634%) |
| 252154 | 4.983 01/25/36<sup>(a)</sup> | 250972 |
| FNMA REMIC, Series 2005-87, Class FE | FNMA REMIC, Series 2005-87, Class FE | FNMA REMIC, Series 2005-87, Class FE |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 255907 | 4.913 10/25/35<sup>(a)</sup> | 254516 |
| FNMA REMIC, Series 2006-110, Class AF | FNMA REMIC, Series 2006-110, Class AF | FNMA REMIC, Series 2006-110, Class AF |
| (SOFR + 0.444%) | (SOFR + 0.444%) | (SOFR + 0.444%) |
| 1525894 | 4.793 11/25/36<sup>(a)</sup> | 1509644 |
| FNMA REMIC, Series 2006-16, Class FC | FNMA REMIC, Series 2006-16, Class FC | FNMA REMIC, Series 2006-16, Class FC |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 50401 | 4.763 03/25/36<sup>(a)</sup> | 50039 |
| FNMA REMIC, Series 2006-36, Class FB | FNMA REMIC, Series 2006-36, Class FB | FNMA REMIC, Series 2006-36, Class FB |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 32411 | 4.763 05/25/36<sup>(a)</sup> | 32019 |
| FNMA REMIC, Series 2006-42, Class PF | FNMA REMIC, Series 2006-42, Class PF | FNMA REMIC, Series 2006-42, Class PF |
| (SOFR + 0.524%) | (SOFR + 0.524%) | (SOFR + 0.524%) |
| 53048 | 4.873 06/25/36<sup>(a)</sup> | 52726 |
| FNMA REMIC, Series 2006-44, Class FP | FNMA REMIC, Series 2006-44, Class FP | FNMA REMIC, Series 2006-44, Class FP |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 599669 | 4.863 06/25/36<sup>(a)</sup> | 595557 |
| FNMA REMIC, Series 2006-61, Class FD | FNMA REMIC, Series 2006-61, Class FD | FNMA REMIC, Series 2006-61, Class FD |
| (SOFR + 0.474%) | (SOFR + 0.474%) | (SOFR + 0.474%) |
| 118024 | 4.823 07/25/36<sup>(a)</sup> | 116932 |
| FNMA REMIC, Series 2006-79, Class DF | FNMA REMIC, Series 2006-79, Class DF | FNMA REMIC, Series 2006-79, Class DF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 237635 | 4.813 08/25/36<sup>(a)</sup> | 235855 |
| FNMA REMIC, Series 2006-88, Class AF | FNMA REMIC, Series 2006-88, Class AF | FNMA REMIC, Series 2006-88, Class AF |
| (SOFR + 0.574%) | (SOFR + 0.574%) | (SOFR + 0.574%) |
| 257900 | 4.923 09/25/36<sup>(a)</sup> | 256031 |
| FNMA REMIC, Series 2007-35, Class PF | FNMA REMIC, Series 2007-35, Class PF | FNMA REMIC, Series 2007-35, Class PF |
| (SOFR + 0.364%) | (SOFR + 0.364%) | (SOFR + 0.364%) |
| 44867 | 4.713 04/25/37<sup>(a)</sup> | 44219 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FNMA REMIC, Series 2007-67, Class FB | FNMA REMIC, Series 2007-67, Class FB | FNMA REMIC, Series 2007-67, Class FB |
| (SOFR + 0.434%) | (SOFR + 0.434%) | (SOFR + 0.434%) |
| $105509 | 4.783% 07/25/37<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104153 |
| FNMA REMIC, Series 2008-1, Class CF | FNMA REMIC, Series 2008-1, Class CF | FNMA REMIC, Series 2008-1, Class CF |
| (SOFR + 0.814%) | (SOFR + 0.814%) | (SOFR + 0.814%) |
| 37972 | 5.163 02/25/38<sup>(a)</sup> | 37931 |
| FNMA REMIC, Series 2009-110, Class FG | FNMA REMIC, Series 2009-110, Class FG | FNMA REMIC, Series 2009-110, Class FG |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 114450 | 5.213 01/25/40<sup>(a)</sup> | 114938 |
| FNMA REMIC, Series 2010-113, Class FA | FNMA REMIC, Series 2010-113, Class FA | FNMA REMIC, Series 2010-113, Class FA |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 88398 | 4.863 10/25/40<sup>(a)</sup> | 87819 |
| FNMA REMIC, Series 2010-116, Class FE | FNMA REMIC, Series 2010-116, Class FE | FNMA REMIC, Series 2010-116, Class FE |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 115057 | 4.863 10/25/40<sup>(a)</sup> | 114214 |
| FNMA REMIC, Series 2010-141, Class FB | FNMA REMIC, Series 2010-141, Class FB | FNMA REMIC, Series 2010-141, Class FB |
| (SOFR + 0.584%) | (SOFR + 0.584%) | (SOFR + 0.584%) |
| 72587 | 4.933 12/25/40<sup>(a)</sup> | 72155 |
| FNMA REMIC, Series 2010-15, Class FJ | FNMA REMIC, Series 2010-15, Class FJ | FNMA REMIC, Series 2010-15, Class FJ |
| (SOFR + 1.044%) | (SOFR + 1.044%) | (SOFR + 1.044%) |
| 216521 | 5.393 06/25/36<sup>(a)</sup> | 218310 |
| FNMA REMIC, Series 2010-39, Class FE | FNMA REMIC, Series 2010-39, Class FE | FNMA REMIC, Series 2010-39, Class FE |
| (SOFR + 0.884%) | (SOFR + 0.884%) | (SOFR + 0.884%) |
| 361685 | 5.233 06/25/37<sup>(a)</sup> | 363020 |
| FNMA REMIC, Series 2010-39, Class FG | FNMA REMIC, Series 2010-39, Class FG | FNMA REMIC, Series 2010-39, Class FG |
| (SOFR + 1.034%) | (SOFR + 1.034%) | (SOFR + 1.034%) |
| 159853 | 5.383 03/25/36<sup>(a)</sup> | 161251 |
| FNMA REMIC, Series 2010-46, Class WF | FNMA REMIC, Series 2010-46, Class WF | FNMA REMIC, Series 2010-46, Class WF |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 1210968 | 5.213 05/25/40<sup>(a)</sup> | 1208396 |
| FNMA REMIC, Series 2010-49, Class FB | FNMA REMIC, Series 2010-49, Class FB | FNMA REMIC, Series 2010-49, Class FB |
| (SOFR + 0.864%) | (SOFR + 0.864%) | (SOFR + 0.864%) |
| 106986 | 5.213 05/25/40<sup>(a)</sup> | 107112 |
| FNMA REMIC, Series 2010-59, Class FN | FNMA REMIC, Series 2010-59, Class FN | FNMA REMIC, Series 2010-59, Class FN |
| (SOFR + 0.844%) | (SOFR + 0.844%) | (SOFR + 0.844%) |
| 1208142 | 5.193 06/25/40<sup>(a)</sup> | 1207407 |
| FNMA REMIC, Series 2011-53, Class FT | FNMA REMIC, Series 2011-53, Class FT | FNMA REMIC, Series 2011-53, Class FT |
| (SOFR + 0.694%) | (SOFR + 0.694%) | (SOFR + 0.694%) |
| 100832 | 5.043 06/25/41<sup>(a)</sup> | 100305 |
| FNMA REMIC, Series 2011-87, Class FJ | FNMA REMIC, Series 2011-87, Class FJ | FNMA REMIC, Series 2011-87, Class FJ |
| (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) |
| 107123 | 5.013 09/25/41<sup>(a)</sup> | 105774 |
| FNMA REMIC, Series 2012-101, Class FC | FNMA REMIC, Series 2012-101, Class FC | FNMA REMIC, Series 2012-101, Class FC |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 94081 | 4.963 09/25/42<sup>(a)</sup> | 92509 |
| FNMA REMIC, Series 2012-14, Class BF | FNMA REMIC, Series 2012-14, Class BF | FNMA REMIC, Series 2012-14, Class BF |
| (SOFR + 0.714%) | (SOFR + 0.714%) | (SOFR + 0.714%) |
| 493401 | 5.063 03/25/42<sup>(a)</sup> | 488881 |
| FNMA REMIC, Series 2012-37, Class BF | FNMA REMIC, Series 2012-37, Class BF | FNMA REMIC, Series 2012-37, Class BF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 102253 | 4.963 12/25/35<sup>(a)</sup> | 101700 |
| FNMA REMIC, Series 2013-10, Class KF | FNMA REMIC, Series 2013-10, Class KF | FNMA REMIC, Series 2013-10, Class KF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 69256 | 4.763 02/25/43<sup>(a)</sup> | 68193 |
| FNMA REMIC, Series 2013-130, Class FB | FNMA REMIC, Series 2013-130, Class FB | FNMA REMIC, Series 2013-130, Class FB |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 70249 | 4.913 01/25/44<sup>(a)</sup> | 69429 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| FNMA REMIC, Series 2013-19, Class DF | FNMA REMIC, Series 2013-19, Class DF | FNMA REMIC, Series 2013-19, Class DF | FNMA REMIC, Series 2013-19, Class DF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| $277754 | 4.763% | 09/25/41<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276654 |
| FNMA REMIC, Series 2013-2, Class QF | FNMA REMIC, Series 2013-2, Class QF | FNMA REMIC, Series 2013-2, Class QF | FNMA REMIC, Series 2013-2, Class QF |
| (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) | (SOFR + 0.614%) |
| 43636 | 4.963 | 02/25/43<sup>(a)</sup> | 43208 |
| FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE | FNMA REMIC, Series 2014-17, Class FE |
| (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) | (SOFR + 0.664%) |
| 621310 | 5.013 | 04/25/44<sup>(a)</sup> | 611610 |
| FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD | FNMA REMIC, Series 2014-28, Class FD |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 1151140 | 4.913 | 05/25/44<sup>(a)</sup> | 1138955 |
| FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF | FNMA REMIC, Series 2014-47, Class AF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 219900 | 4.778 | 08/25/44<sup>(a)</sup> | 218606 |
| FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF | FNMA REMIC, Series 2015-27, Class KF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 49578 | 4.763 | 05/25/45<sup>(a)</sup> | 49297 |
| FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF | FNMA REMIC, Series 2015-87, Class BF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 259726 | 4.763 | 12/25/45<sup>(a)</sup> | 255973 |
| FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF | FNMA REMIC, Series 2016-49, Class EF |
| (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) | (SOFR + 0.514%) |
| 581438 | 4.863 | 08/25/46<sup>(a)</sup> | 576547 |
| FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA | FNMA REMIC, Series 2017-16, Class FA |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 571690 | 4.913 | 03/25/47<sup>(a)</sup> | 558170 |
| FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF | FNMA REMIC, Series 2017-91, Class GF |
| (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) | (SOFR + 0.464%) |
| 1352217 | 4.813 | 11/25/47<sup>(a)</sup> | 1312991 |
| FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF | FNMA REMIC, Series 2018-15, Class JF |
| (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) | (SOFR + 0.414%) |
| 745989 | 4.763 | 03/25/48<sup>(a)</sup> | 721838 |
| FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA | FNMA REMIC, Series 2018-3385, Class MA |
| 676004 | 4.500 | 06/01/48 | 661186 |
| FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM | FNMA REMIC, Series 2019-41, Class FM |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 868421 | 4.913 | 08/25/49<sup>(a)</sup> | 853562 |
| FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF | FNMA REMIC, Series 2019-6, Class KF |
| (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) | (SOFR + 0.564%) |
| 1409306 | 4.913 | 03/25/49<sup>(a)</sup> | 1390950 |
| Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP | Government National Mortgage Association, Series 2004-59, Class FP |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.414%) | 0.414%) | 0.414%) | 0.414%) |
| 254240 | 4.774 | 08/16/34<sup>(a)</sup> | 253447 |
| Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA | Government National Mortgage Association, Series 2005-4, Class FA |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.484%) | 0.484%) | 0.484%) | 0.484%) |
| 197603 | 4.844 | 01/16/35<sup>(a)</sup> | 197204 |
| Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA | Government National Mortgage Association, Series 2007-59, Class FA |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.614%) | 0.614%) | 0.614%) | 0.614%) |
| 85367 | 4.955 | 10/20/37<sup>(a)</sup> | 85179 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) | Mortgage-Backed Securities – (continued) |
| Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF | Government National Mortgage Association, Series 2013-99, Class PF |
| (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) | (1M U.S. T-Bill MMY + 0.414%) |
| $1238513 | 4.755% | 07/20/43<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;1220391 |
| Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F | Government National Mortgage Association, Series 2019-110, Class F |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.564%) | 0.564%) | 0.564%) | 0.564%) |
| 1363229 | 4.905 | 09/20/49<sup>(a)</sup> | 1342241 |
| Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB | Government National Mortgage Association, Series 2019-56, Class FB |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.564%) | 0.564%) | 0.564%) | 0.564%) |
| 1547632 | 4.905 | 05/20/49<sup>(a)</sup> | 1523365 |
| Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA | Government National Mortgage Association, Series 2019-58, Class FA |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.514%) | 0.514%) | 0.514%) | 0.514%) |
| 649457 | 4.855 | 05/20/49<sup>(a)</sup> | 637225 |
| J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A | J.P. Morgan Chase Commercial Mortgage Securities Trust, Series 2024-OMNI, Class A |
| 4800000 | 5.990 | 10/05/39<sup>(a)(b)</sup> | 4901008 |
| JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB | JP Morgan Chase Commercial Mortgage Securities Trust, Series 2016-JP2, Class ASB |
| 13583 | 2.713 | 08/15/49 | 13545 |
| LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 | LCCM, Series 2017-LC26, Class A4 |
| 900000 | 3.551 | 07/12/50<sup>(b)</sup> | 882928 |
| Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3 | Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C29, Class A3 |
| 3864023 | 3.058 | 05/15/49 | 3838962 |
| Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB | Morgan Stanley Capital I, Series 2017-HR2, Class ASB |
| 1664815 | 3.509 | 12/15/50 | 1648096 |
| Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB | Morgan Stanley Capital I Trust, Series 2016-BNK2, Class ASB |
| 119795 | 2.860 | 11/15/49 | 118760 |
| ONE PARK Mortgage Trust, Series 2021-PARK, Class A | ONE PARK Mortgage Trust, Series 2021-PARK, Class A | ONE PARK Mortgage Trust, Series 2021-PARK, Class A | ONE PARK Mortgage Trust, Series 2021-PARK, Class A |
| (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + | (1M U.S. T-Bill MMY + |
| 0.814%) | 0.814%) | 0.814%) | 0.814%) |
| 908000 | 5.177 | 03/15/36<sup>(a)(b)</sup> | 890565 |
| UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB | UBS Commercial Mortgage Trust, Series 2017-C2, Class ASB |
| 307836 | 3.264 | 08/15/50 | 305206 |
| Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3 | Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3 | Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3 | Wells Fargo Commercial Mortgage Trust, Series 2016-C32, Class A3 |
| 518791 | 3.294 | 01/15/59 | 516491 |
| Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A | Wells Fargo Commercial Mortgage Trust, Series 2024-1CHI, Class A |
| 1018000 | 5.484 | 07/15/35<sup>(a)(b)</sup> | 1031197 |
| TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $75,213,172) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $75,213,172) | TOTAL MORTGAGE-BACKED SECURITIES<br>(Cost $75,213,172) | 75020432 |
| U.S. Treasury Notes – 7.0% | U.S. Treasury Notes – 7.0% | U.S. Treasury Notes – 7.0% | U.S. Treasury Notes – 7.0% |
| U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
| 5761400 | 4.875 <sup>(e)</sup> | 04/30/26 | 5793583 |
| 8490000 | 4.125 <sup>(e)</sup> | 02/28/27 | 8538751 |
| 26074600 | 3.875 <sup>(e)</sup> | 03/31/27 | 26143861 |
| 14056200 | 4.375 <sup>(e)</sup> | 07/15/27 | 14237942 |
| 10253000 | 2.250 <sup>(e)</sup> | 08/15/27 | 9986262 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

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------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) | U.S. Treasury Notes – (continued) |
| $4967000 | 3.875 %<sup>(e)</sup> | 10/15/27 | &nbsp;&nbsp;&nbsp;&nbsp;4992611 |
| TOTAL U.S. TREASURY NOTES<br>(Cost $69,575,431) | TOTAL U.S. TREASURY NOTES<br>(Cost $69,575,431) | TOTAL U.S. TREASURY NOTES<br>(Cost $69,575,431) | 69693010 |
| Certificate of Deposits – 3.5% | Certificate of Deposits – 3.5% | Certificate of Deposits – 3.5% | Certificate of Deposits – 3.5% |
| Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank | Bayerische Landesbank |
| (SOFR + 0.390%) | (SOFR + 0.390%) | (SOFR + 0.390%) | (SOFR + 0.390%) |
| 3489000 | 4.730 | 01/28/26<sup>(a)</sup> | 3492594 |
| Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch |
| (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) | (SOFR + 0.400%) |
| 3200000 | 4.762 | 10/10/25<sup>(a)</sup> | 3199857 |
| Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch | Deutsche Bank AG-New York Branch |
| 1800000 | 4.630 | 11/06/25 | 1800360 |
| Kookmin Bank | Kookmin Bank | Kookmin Bank | Kookmin Bank |
| 3058000 | 4.780 | 12/28/25 | 3060294 |
| Landesbank | Landesbank | Landesbank | Landesbank |
| 5505000 | 4.540 | 12/16/25 | 5509184 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| (SOFR + 0.590%) | (SOFR + 0.590%) | (SOFR + 0.590%) | (SOFR + 0.590%) |
| 4866000 | 4.930 | 03/26/26<sup>(a)</sup> | 4870379 |
| 5500000 | 4.420 | 08/19/26 | 5503080 |
| Natixis SA | Natixis SA | Natixis SA | Natixis SA |
| (SOFR + 0.620%) | (SOFR + 0.620%) | (SOFR + 0.620%) | (SOFR + 0.620%) |
| 4667000 | 4.960 | 10/29/26<sup>(a)</sup> | 4686543 |
| Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch | Toronto-Dominion Bank (The) - New York Branch |
| 3211000 | 4.580 | 12/17/25 | 3212862 |
| TOTAL CERTIFICATE OF DEPOSITS<br>(Cost $35,288,040) | TOTAL CERTIFICATE OF DEPOSITS<br>(Cost $35,288,040) | TOTAL CERTIFICATE OF DEPOSITS<br>(Cost $35,288,040) | 35335153 |
| U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% | U.S. Government Agency Obligations – 0.4% |
| Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks | Federal Home Loan Banks |
| $4350000 | 4.380 | 08/14/26 | 4349279 |
| (Cost $4,350,000) | (Cost $4,350,000) | (Cost $4,350,000) | (Cost $4,350,000) |
| Short-Term Investment – 7.3% | Short-Term Investment – 7.3% | Short-Term Investment – 7.3% | Short-Term Investment – 7.3% |
| Commercial Paper – 7.3% | Commercial Paper – 7.3% | Commercial Paper – 7.3% | Commercial Paper – 7.3% |
| ABBVIE, Inc. | ABBVIE, Inc. | ABBVIE, Inc. | ABBVIE, Inc. |
| $3231000 | 4.657% |  | 3199982 |
| Air Lease Corp. | Air Lease Corp. | Air Lease Corp. | Air Lease Corp. |
| 3394000 | 4.804 |  | 3391353 |
| American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. | American Honda Finance Corp. |
| 3909000 | 4.633 |  | 3871356 |
| ANZ Group Holdings Ltd. | ANZ Group Holdings Ltd. | ANZ Group Holdings Ltd. | ANZ Group Holdings Ltd. |
| 2668000 | 4.189 |  | 2588680 |
| BASF SE | BASF SE | BASF SE | BASF SE |
| 1030000 | 4.840 |  | 1023604 |
| BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. | BofA Securities, Inc. |
| 1652000 | 4.638 |  | 1636950 |
| Commonspirit Health | Commonspirit Health | Commonspirit Health | Commonspirit Health |
| 3535000 | 4.951 |  | 3529344 |
| 3037000 | 4.957 |  | 3013554 |
| 3353000 | 4.980 |  | 3324366 |
| CVS Health Corp. | CVS Health Corp. | CVS Health Corp. | CVS Health Corp. |
| 2464000 | 5.250 |  | 2454514 |
| First Abu Dhabi Bank P.J.S.C. | First Abu Dhabi Bank P.J.S.C. | First Abu Dhabi Bank P.J.S.C. | First Abu Dhabi Bank P.J.S.C. |
| 3980000 | 4.725 |  | 3903067 |
| Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest Rate** | **Maturity Date** | **Value** |
| Short-Term Investment - (continued) | Short-Term Investment - (continued) | Short-Term Investment - (continued) | Short-Term Investment - (continued) |
| Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) | Commercial Paper – (continued) |
| 4000000 | 4.844% |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3981760 |
| Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. | Macquarie Bank Ltd. |
| 1020000 | 4.690 |  | 1019984 |
| National Bank of Canada | National Bank of Canada | National Bank of Canada | National Bank of Canada |
| 5135000 | 4.189 |  | 4980950 |
| National Bank of Canada, GMTN | National Bank of Canada, GMTN | National Bank of Canada, GMTN | National Bank of Canada, GMTN |
| (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) | (SOFRINDX + 0.900%) |
| 2437000 | 5.282 <sup>(a)</sup> |  | 2441088 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) | (SOFR + 0.630%) |
| 5500000 | 4.990 <sup>(a)</sup> |  | 5499937 |
| National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait | National Bank of Kuwait |
| 5000000 | 4.503 |  | 4851307 |
| Societe Generale SA | Societe Generale SA | Societe Generale SA | Societe Generale SA |
| 7000000 | 4.224 |  | 6780970 |
| Standard Chartered FRN | Standard Chartered FRN | Standard Chartered FRN | Standard Chartered FRN |
| 2311000 | 4.640 |  | 2311971 |
| Telus Corp. | Telus Corp. | Telus Corp. | Telus Corp. |
| 5259000 | 4.826 |  | 5133994 |
| VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. | VW Credit, Inc. |
| 2589000 | 4.728 |  | 2576391 |
| Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA | Wells Fargo Bank NA |
| (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) | (SOFR + 1.070%) |
| 2122000 | 5.373 <sup>(a)</sup> |  | 2141098 |
| TOTAL SHORT-TERM INVESTMENT<br>(Cost $73,648,746) | TOTAL SHORT-TERM INVESTMENT<br>(Cost $73,648,746) | TOTAL SHORT-TERM INVESTMENT<br>(Cost $73,648,746) | 73656220 |
| **Shares** | **Dividend<br>Rate** |  | **Value** |
| Investment Company – 2.1%<sup>(f)</sup> | Investment Company – 2.1%<sup>(f)</sup> | Investment Company – 2.1%<sup>(f)</sup> | Investment Company – 2.1%<sup>(f)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| 21032465 | 4.154% |  | 21032465 |
| (Cost $21,032,465) | (Cost $21,032,465) | (Cost $21,032,465) | (Cost $21,032,465) |
| TOTAL INVESTMENTS – 100.6%<br>(Cost $1,006,992,028) | TOTAL INVESTMENTS – 100.6%<br>(Cost $1,006,992,028) | TOTAL INVESTMENTS – 100.6%<br>(Cost $1,006,992,028) | $1009034739 |
| **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF OTHER**<br> **ASSETS – (0.6)%** | (6369080) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1002665659 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Variable rate security. Interest rate or distribution rate disclosed is that which is in effect on August 31, 2025.

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) When-issued security.

(d) Zero coupon bond until next reset date.

(e) Interest rates represent either the stated coupon rate, annualized yield on date of purchase for discounted securities, or, for floating rate securities, the current reset rate, which is based upon current interest rate indices.

(f) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT BOND ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| BA | —Banker Acceptance Rate |
| CLO | —Collateralized Loan Obligation |
| CMT | —Constant Maturity Treasury Index |
| FHLMC | —Federal Home Loan Mortgage Corp. |
| FNMA | —Federal National Mortgage Association |
| GMTN | —Global Medium Term Note |
| LP | —Limited Partnership |
| MMY | —Money Market Yield |
| MTN | —Medium Term Note |
| PLC | —Public Limited Company |
| SOFR | —Secured Overnight Financing Rate |
| SOFRINDX | —Secured Overnight Financing Rate Index |
| T-Bill | —Treasury Bill |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF** | **Corporate Bond ETF** | **Ultra Short Bond ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $23,782,979, $10,576,170 and $985,959,563, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23942141 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10672814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988002274 |
|  Investments in affiliated issuers, at value (cost $1,294,739, $396,080 and $21,032,465, respectively) | 1294739 | 396080 | 21032465 |
|  Cash | 308570 | 176707 | 1865108 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 246076 | 10027 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 158477 | 141343 | 7308902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 71278 | 64591 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold on an extended-settlement basis |  |  | 32666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold |  |  | 1265981 |
|  Unrealized gain on swap contracts | 6580 | 10073 |  |
|  Upfront payments received on swap contracts | 43924 | 68279 |  |
|  **Total assets** | 26071785 | 11539914 | 1019507396 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts | 10613 | 7285 |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 5832475 | 149525 | 16774376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1853 | 1238 | 60158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 7203 |
|  **Total liabilities** | 5844941 | 158048 | 16841737 |
| Net Assets: |  |  |  |
|  Paid-in capital | 19999323 | 11255517 | 996957354 |
|  Total distributable earnings | 227521 | 126349 | 5708305 |
|  **NET ASSETS** | $20226844 | $11381866 | $1002665659 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 400000 | 225000 | 19800000 |
|  Net asset value per share: | $50.57 | $50.59 | $50.64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Operations *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF \*** | **Corporate Bond<br>ETF\*** | **Ultra Short Bond<br>ETF** |
| Investment income: |  |  |  |
|  Interest | $151323 | $95849 | $38300269 |
|  Dividends — affiliated issuers | 12543 | 3800 | 1236254 |
|  **Total Investment Income** | 163866 | 99649 | 39536523 |
| Expenses: |  |  |  |
|  Management fees | 9482 | 6201 | 1556131 |
|  Trustee fees |  |  | 31994 |
|  **Total expenses** | 9482 | 6201 | 1588125 |
|  Less — expense reductions | (475) | (144) | (361077) |
|  **Net expenses** | 9007 | 6057 | 1227048 |
|  **NET INVESTMENT INCOME** | 154859 | 93592 | 38309475 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 29195 | 1160 | 1797830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (30223) | (16849) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | (1215) | (1913) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 159162 | 96644 | 638982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (8821) | (3350) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Contracts | 6580 | 10073 |  |
|  **Net realized and unrealized gain** | 154678 | 85765 | 2436812 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40746287 |

---

\* For the period June 24, 2025 (commencement of operations) through August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Core Bond ETF** | **Corporate Bond ETF** |
|  | **For the Period<br>June 24, 2025<sup>\*</sup> <br>to<br>August 31, 2025** | **For the Period<br>June 24, 2025<sup>\*</sup>to<br>August 31, 2025** |
| From operations: |  |  |
|  Net investment income | $154859 | $93592 |
|  Net realized loss | (2243) | (17602) |
|  Net change in unrealized gain | 156921 | 103367 |
|  **Net increase in net assets resulting from operations** | 309537 | 179357 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (82016) | (53008) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 19999323 | 11255517 |
| **Net increase in net assets resulting from share transactions** | 19999323 | 11255517 |
|  **TOTAL INCREASE** | 20226844 | 11381866 |
| Net Assets: |  |  |
|  Beginning of period | $– | $– |
|  End of period | $20226844 | $11381866 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statement of Changes in Net Assets (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |
|  Net investment income | $38309475 | $32634169 |
|  Net realized gain | 1797830 | 1293582 |
|  Net change in unrealized gain | 638982 | 5635326 |
|  **Net increase in net assets resulting from operations** | 40746287 | 39563077 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (37818250) | (32016744) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 765935053 | 274297911 |
|  Cost of shares redeemed | (381901053) | (238449615) |
| **Net increase in net assets resulting from share transactions** | 384034000 | 35848296 |
|  **TOTAL INCREASE** | 386962037 | 43394629 |
| Net Assets: |  |  |
|  Beginning of year | $615703622 | $572308993 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002665659 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615703622 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Core Bond ETF** |
|  | **For the Period<br>June 24, 2025<sup>\*</sup>to<br>August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.38 |
|  Net realized and unrealized gain | 0.40 |
|  Total from investment operations | 0.78 |
|  Distributions to shareholders from net investment income | (0.21) |
|  Net asset value, end of period | $50.57 |
|  Market price, end of period | $50.57 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.53% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20227 |
|  Ratio of net expenses to average net assets | 0.24 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.05 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 115% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **Corporate Bond ETF** |
|  | **For the Period**<br> **June 24, 2025<sup>\*</sup>**<br> **to**<br> **August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $50.00 |
|  Net investment income<sup>(a)</sup>  | 0.42 |
|  Net realized and unrealized gain | 0.41 |
|  Total from investment operations | 0.83 |
|  Distributions to shareholders from net investment income | (0.24) |
|  Net asset value, end of period | $50.59 |
|  Market price, end of period | $50.61 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.63% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11382 |
|  Ratio of net expenses to average net assets | 0.28 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.29 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 4.40 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 3% |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** | **Ultra Short Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $50.57 | $49.98 | $49.95 | $50.71 | $50.77 |
|  Net investment income<sup>(a)</sup>  | 2.43 | 2.70 | 2.12 | 0.49 | 0.28 |
|  Net realized and unrealized gain (loss) | 0.16 | 0.56 | (0.05) | (0.79) | 0.02 |
|  Total from investment operations | 2.59 | 3.26 | 2.07 | (0.30) | 0.30 |
|  Distributions to shareholders from net investment income | (2.52) | (2.67) | (2.04) | (0.46) | (0.36) |
|  Net asset value, end of year | $50.64 | $50.57 | $49.98 | $49.95 | $50.71 |
|  Market price, end of year | $50.64 | $50.60 | $49.99 | $49.95 | $50.71 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 5.26% | 6.72% | 4.25% | (0.58)% | 0.59% |
|  Net assets, end of year (in 000's) | $1002666 | $615704 | $572309 | $503197 | $330874 |
|  Ratio of net expenses to average net assets | 0.15% | 0.16% | 0.16% | 0.15% | 0.16% |
|  Ratio of total expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 4.82% | 5.38% | 4.25% | 0.98% | 0.55% |
|  Portfolio turnover rate<sup>(c)</sup>  | 127% | 87% | 76% | 37% | 51% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Calculated based on the average shares outstanding methodology.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares.

&nbsp;&nbsp;&nbsp;&nbsp;(c) The F und'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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists the series of the Trust that is included in this report (collectively, the "Funds" or individually a "Fund") along with their diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Core Bond ETF<sup>(a)</sup>  | Non-Diversified |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Corporate Bond ETF<sup>(a)</sup>  | Non-Diversified |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs Ultra Short Bond ETF | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 24, 2025.

The investment objective of the Core Bond ETF is to seek a total return consisting of capital appreciation and income. The investment objective of the Corporate Bond ETF is to seek a high level of total return consisting of capital appreciation and income. The investment objective of the Ultra Short Bond ETF is to provide current income with preservation of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Core Bond ETF and Corporate Bond ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Shares of the Ultra Short Bond ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe BZX"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contracts.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**33**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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 distributions, if any, are declared and paid monthly. Capital gains distributions, if any, are declared and paid annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), including investments for which market quotations are not readily available. With respect to a Fund's 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.

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Debt Securities— Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. When-Issued Securities and Forward Commitments — When-issued securities, including TBA ("To Be Announced") securities, are securities that are authorized but not yet issued in the market and purchased in order to secure what is considered to be an advantageous price or yield to a Fund. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. Although a Fund will generally purchase securities on a when-issued or forward commitment basis with the intention of acquiring the securities for its portfolio, the Fund may dispose of when-issued securities or forward commitments prior to settlement, which may result in a realized gain or loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statement of Assets and Liabilities as receivables/payables for collateral on other investments. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Money Market Funds — Investments in the Goldman Sachs Financial Square Government Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/ receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**35**

------

OLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Swap Contracts — Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, if any, is recorded as a receivable or payable for variation margin.

A *credit default swap* is an agreement that involves one party (the buyer of protection) making a stream of payments to another party (the seller of protection) in exchange for the right to receive protection on a reference security or obligation, including a group of assets or exposure to the performance of an index. A Fund's investment in credit default swaps may involve greater risks than if the Fund had invested in the referenced obligation directly. Credit events are contract specific but may include bankruptcy, failure to pay, restructuring and obligation acceleration. If a Fund buys protection through a credit default swap and no credit event occurs, its payments are limited to the periodic payments previously made to the counterparty. Upon the occurrence of a specified credit event, the Fund, as a buyer of credit protection, is entitled to receive an amount equal to the notional amount of the swap and deliver to the seller the defaulted reference obligation in a physically settled trade. A Fund may also receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade.

As a seller of protection, a Fund generally receives a payment stream throughout the term of the swap, provided that there is no credit event. In addition, if a Fund sells protection through a credit default swap, the Fund could suffer a loss because the value of the referenced obligation and the premium payments received may be less than the notional amount of the swap paid to the buyer of protection. Upon the occurrence of a specified credit event, a Fund, as a seller of credit protection, may be required to take possession of the defaulted reference obligation and pay the buyer an amount equal to the notional amount of the swap in a physically settled trade. A Fund may also pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap reduced by the recovery value of the reference obligation in a cash settled trade. Recovery values are at times established

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

through the credit event auction process in which market participants are ensured that a transparent price has been set for the defaulted security or obligation. In addition, a Fund is entitled to a return of any assets, which have been pledged as collateral to the counterparty upon settlement.

The maximum potential amount of future payments (undiscounted) that a Fund as seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. These potential amounts would be partially offset by any recovery values of the respective referenced obligations or net amounts received from a settlement of a credit default swap for the same reference security or obligation where a Fund bought credit protection.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| Core Bond ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $3038768 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Collateralized Mortgage Obligations |  | 399796 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 4721586 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 519983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 7989766 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 342649 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 60061 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 6869532 |  |  |
|  Investment Company | 1294739 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17012548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Derivative Type** |  |  |  |
|  **Assets<sup>(a)</sup>**  |  |  |  |
|  Credit Default Swap Contracts | $— | $6580 | $— |
|  Futures Contracts | 4618 |  |  |
|  **Total** | $4618 | $6580 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(13439) | $— | $— |
| **Corporate Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9284200 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 1041357 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sovereign Debt Obligations |  | 187647 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | 20020 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 139590 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**37**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
|  Investment Company | $396080 | $— | $— |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555690 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10513204 | $— |
| Derivative Type |  |  |  |
|  **Assets<sup>(a)</sup>**  |  |  |  |
|  Credit Default Swap Contracts | $— | $10073 | $— |
|  Futures Contracts | 3175 |  |  |
|  **Total** | $3175 | $10073 | $— |
|  **Liabilities** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $(6525) | $— | $— |
| **Ultra Short Bond ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities | $— | $191658909 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Certificate of Deposit |  | 35335153 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Obligations |  | 283849903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign Corporate Debt |  | 254439368 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 75020432 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Agency Obligations |  | 4349279 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes | 69693010 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investment |  | 73656220 |  |
|  Investment Company | 21032465 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90725475 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918309264 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond ETF** |  |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Credit | Variation margin on swap contracts | $6580 | Variation margin on swap contracts | $— |
|  Interest Rate | Variation margin on futures contracts | $4618 | Variation margin on futures contracts | $(13439) |
|  Total |  | $11198 |  | $(13439) |
| **Corporate Bond ETF** | **Corporate Bond ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
|  Credit | Variation margin on swap contracts | $10073 | Variation margin on swap contracts | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  Interest Rate | Variation margin on futures contracts | $3175 | Variation margin on futures contracts | $(6525) |
|  Total |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13248 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6525) |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| **Core Bond ETF** |  |  |  |
| Risk | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net<br>change in unrealized gain (loss) on swap contracts | $(1215) | $6580 |
|  Interest Rate | Net realized gain (loss) from futures/Net change in<br>unrealized gain (loss) on futures and swap contracts | (30223) | (8821) |
|  **Total** |  | $(31438) | $(2241) |
| Corporate Bond ETF |  |  |  |
| Risk | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
|  Credit | Net realized gain (loss) from swap contracts/Net<br>change in unrealized gain (loss) on swap contracts | (1913) | 10073 |
|  Interest Rate | Net realized gain (loss) from futures/Net change in<br>unrealized gain (loss) on futures and swap contracts | (16849) | (3350) |
|  **Total** |  | $(18762) | $6723 |

---

For the fiscal year ended August 31, 2025, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | **Average number of Contracts or Notional<br>Amounts<sup>(a)</sup>**  | **Average number of Contracts or Notional<br>Amounts<sup>(a)</sup>**  |
| **Fund** | **Futures Contracts** | **Swap Contracts** |
|  Core Bond ETF | 42 | $2426667 |
|  Corporate Bond ETF | 33 | $3756667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts for futures and notional amounts for swap contracts, based on absolute values, which is indicative of volume of this derivative type for the months that the Fund held such derivatives during the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

The Funds operate 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 Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual<br>Unitary Management<br>Fee** | **Effective Net<br>Unitary<br>Management<br>Fee\*** |
|  Goldman Sachs Core Bond ETF | 0.25% | 0.24% |
|  Goldman Sachs Corporate Bond ETF | 0.29% | 0.28% |
|  Goldman Sachs Ultra Short Bond ETF | 0.20% | 0.15% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.16% as an annual percentage rate of average daily net assets of the Ultra Short Bond ETF. This arrangement will remain in effect through at least December 29, 2025, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Trustees. For the year ended August 31, 2025, GSAM waived $317,624, of the Fund's management fees for Ultra Short Bond ETF.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Government Fund, which is an affiliated underlying fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2025, the management fee waived by GSAM for the Funds was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management<br>Fee Waived** |
|  Core Bond ETF | $475 |
|  Corporate Bond ETF | 144 |
|  Ultra Short Bond ETF | 43453 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Transactions with Affiliates — The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Government Fund for the fiscal year ended August 31, 2025:

#### Core Bond ETF\*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of June 24,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $– | $3487486 | $2192747 | $1294739 | 1294739 | $12543 |

---

#### Corporate Bond ETF\*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of June 24,<br>2025** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  |  | 1038168 | 642088 | 396080 | 396080 | 3800 |

---

\* For the period June 24, 2025 (commencement of operations) through August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

#### Ultra Short Bond ETF

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |  |  |
|  | $20893997 | $1047004942 | $1046866474 | $21032465 | 21032465 | $1236254 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Core Bond ETF**  | **Goldman Sachs Core Bond ETF**  | **Goldman Sachs Corporate Bond ETF**  | **Goldman Sachs Corporate Bond ETF**  |
|  | **For the Period**<br> **June 24, 2025<sup>(a)</sup>** <br> **to**<br> **August 31, 2025** | **For the Period**<br> **June 24, 2025<sup>(a)</sup>** <br> **to**<br> **August 31, 2025** | **For the Period** <br> **June 24, 2025<sup>(a)</sup>** <br> **to**<br> **August 31, 2025** | **For the Period** <br> **June 24, 2025<sup>(a)</sup>** <br> **to**<br> **August 31, 2025** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 400000 | $19999323 | 225000 | $11255517 |
|  Shares redeemed |  |  |  |  |
|  **NET INCREASE IN SHARES** | 400000 | $&nbsp;&nbsp;&nbsp;&nbsp;19999323 | 225000 | $&nbsp;&nbsp;&nbsp;&nbsp;11255517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on June 24, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** | **Goldman Sachs Ultra Short Bond ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 15200000 | $765935053 | 5475000 | $274297911 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (7575000) | (381901053) | (4750000) | (238449615) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 7625000 | $&nbsp;&nbsp;&nbsp;&nbsp;384034000 | 725000 | $&nbsp;&nbsp;&nbsp;&nbsp;35848296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Purchase of**<br> **U.S. Government and**<br> **Agency Obligations** | **Purchases (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** | **Sales and**<br> **Maturities of**<br> **U.S. Government and**<br> **Agency Obligations** | **Sales and**<br> **Maturities (Excluding**<br> **U.S. Government and**<br> **Agency Obligations)** |
|  Goldman Sachs Core Bond ETF | $32239966 | $10427702 | $19023138 | $361983 |
|  Goldman Sachs Corporate Bond ETF | 338521 | 10097062 | 179883 | 80028 |
|  Goldman Sachs Ultra Short Bond ETF | 390786750 | 717100705 | 411605724 | 399757890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF <sup>(a)</sup>** | **Corporate Bond**<br> **ETF<sup>(a)</sup>**  | **Ultra Short Bond ETF** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82016 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37818250 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | |
|:---|:---|
|  | **Ultra Short Bond ETF** |
|  Distributions paid from: |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32016744 |

---

As of the Funds' most recent fiscal year end, August 31, 2025, the Funds' capital loss carryforwards and certain timing differences on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF <sup>(a)</sup>** | **Corporate Bond<br>ETF<sup>(a)</sup>** | **Ultra Short Bond**<br> **ETF** |
|  Undistributed ordinary income — net | $83492 | $38472 | $4660985 |
|  Capital loss carryforwards: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term |  | (4517) | (70427) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term |  | (12097) | (863327) |
|  Total capital loss carryforwards |  | (16614) | (933754) |
|  Timing differences — (Straddle Loss Deferrals) | (22140) | (230) |  |
|  Unrealized gains (losses) — net | 166169 | 104721 | 1981074 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;227521 | $&nbsp;&nbsp;&nbsp;&nbsp;126349 | $&nbsp;&nbsp;&nbsp;&nbsp;5708305 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commenced operations on June 24, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Core Bond ETF <sup>(a)</sup>** | **Corporate Bond ETF<sup>(a)</sup>** | **Ultra Short Bond ETF** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25063974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10964056 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1007053664 |
|  Gross unrealized gain | 170373 | 108151 | 3018190 |
|  Gross unrealized loss | (4204) | (3430) | (1037116) |
|  Net unrealized gain (loss) | $166169 | $104721 | $1981074 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commenced operations on June 24, 2025.

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of swap transactions, and market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by the Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

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GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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 the Cboe BZX and 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, the Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries 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.

Mortgage-Backed and Other Asset-Backed Securities Risk — Mortgage-related and other asset-backed securities are subject to credit/ default, interest rate and certain additional risks, including "extension risk" (i.e., in periods of rising interest rates, issuers may pay principal later than expected) and "prepayment risk" (i.e., in periods of declining interest rates, issuers may pay principal more quickly than expected, causing the Fund to reinvest proceeds at lower prevailing interest rates). Due to these risks, asset-backed securities may become more volatile in certain interest rate environments. Mortgage-backed securities offered by non-governmental issuers are subject to other risks as well, including failures of private insurers to meet their obligations and unexpectedly high rates of default on the mortgages backing the securities, particularly during periods of rising interest rates. Other asset-backed securities are subject to risks similar to those associated with mortgage-backed securities, as well as risks associated with the nature and servicing of the assets backing the securities. Asset-backed securities may not have the benefit of a security interest in collateral comparable to that of mortgage assets, resulting in additional credit risk.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

Non-Diversification Risk — Goldman Sachs Core Bond ETF and Goldman Sachs Corporate bond ETF 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, the Funds 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

U.S. Government Securities Risk — The U.S. Government may not provide financial support to U.S. Government agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. U.S. Government securities issued by the Federal National Mortgage Association ("Fannie Mae") and the Federal Home Loan Mortgage Corporation ("Freddie Mac") and the Federal Home Loan Banks, are neither issued nor guaranteed by the U.S. Treasury and, therefore, are not backed by the full faith and credit of the United States. The maximum potential liability of the issuers of some U.S. Government Securities held by the Fund may greatly exceed their current resources, including any legal right to support from the U.S. Treasury. It is possible that issuers of the U.S. Government Securities will not have the Funds to meet their payment obligations in the future.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. OTHER MATTERS

Effective after the close of business on February 11, 2025, the Goldman Sachs Access Ultra Short Bond ETF was renamed the Goldman Sachs Ultra Short Bond ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Ultra Short Bond ETF, Goldman Sachs Core Bond ETF and Goldman Sachs Corporate Bond ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Ultra Short Bond ETF | For the year ended August 31, 2025 | For the two years ended August 31, 2025 | For the five years ended August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Core Bond ETF and Goldman Sachs Corporate Bond ETF | For the period June 24, 2025 (commencement of operations) through August 31, 2025 | For the period June 24, 2025 (commencement of operations) through August 31, 2025 | For the period June 24, 2025 (commencement of operations) through August 31, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Ultra Short Bond ETF (Unaudited)</u> 

#### Background
The Goldman Sachs Ultra Short Bond ETF (formerly, the Goldman Sachs Access Ultra Short Bond ETF) (the "Fund") is an investment portfolio of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"), (ii) a benchmark performance index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertaking of the Investment Adviser to implement a fee waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Ultra Short Bond ETF (Unaudited) (continued)</u> 

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also the changes in the Investment Adviser's senior management personnel and in personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, the Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays 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 is an actively managed ETF that seeks to provide current income with preservation of capital. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Fund. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Fund and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Fund's category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on the Fund's investment performance was provided for the one-, three- and five year periods ending on the applicable dates. As part of this review, the Trustees reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. They observed that the Fund had placed in the top half of it's peer group for the one-, three-, and five-year periods ended March 31, 2025, and had outperformed its benchmark index for the one-, three-, and five-year periods ended March 31, 2025. The Trustees considered the investment performance trend of the Fund over time and reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which the Fund's performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Fund's risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

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GOLDMAN SACHS ACTIVE FIXED INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Ultra Short Bond ETF (Unaudited) (continued)</u> 

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate 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. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund's overall net and gross expenses to a peer group and a category universe; and data comparing the Fund's net expenses to the peer and category medians. The Trustees also considered information 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 certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing the Fund's management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund.

In addition, the Trustees considered the Investment Adviser's undertakings to implement a management fee waiver for the Fund.

#### Profitability
The Trustees reviewed the Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for the Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund's fee structure, the amount of assets in the Fund, the Fund's recent creation and redemption activity, and information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its affiliates. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) 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; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) 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 more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (e) the Investment Adviser's ability to hire and retain qualified personnel to provide

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**49**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs Ultra Short Bond ETF (Unaudited) (continued)</u> 

services to the Fund because of the reputation of the Goldman Sachs organization; (f) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (g) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 provided to it by the Investment Adviser, the Investment Adviser's costs and the Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2026.

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<u>Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Core Bond ETF and Corporate Bond ETF (Unaudited)</u> 

#### Background
The Goldman Sachs Core Bond ETF and Goldman Sachs Corporate Bond ETF (each, a "Fund") are newly-organized investment portfolios of Goldman Sachs ETF Trust (the "Trust") that commenced investment operations on June 24, 2025. At a meeting held on April 15-16, 2025 (the "Meeting") in connection with the Funds' organization, the Board of Trustees, including all of the Trustees who are not parties to the Funds' 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") on behalf of the Funds. At the Meeting, the Trustees reviewed the Management Agreement with respect to each 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 each Fund; a comparison of each Fund's proposed management fee and anticipated expenses with those paid by other similar exchange-traded funds ("ETFs"); potential benefits to be derived by the Investment Adviser and its affiliates from their relationships with each Fund; and potential benefits to be derived by each Fund from its relationship with the Investment Adviser. Various information was also provided at prior meetings at which the Funds were 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 and other regulatory requirements related to the approval of registered fund investment management agreements 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 to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees also considered information about each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund would operate as an actively-managed ETF and seek to achieve a total return consisting of capital appreciation and income. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational resources to the Funds. They also considered that although the Funds were new (and therefore had no performance data to evaluate), the Investment Adviser has committed substantial financial and operational resources to ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management 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 and litigation, indemnification and extraordinary expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Funds, which would include both advisory and non-advisory services directed to the needs and operations of the Funds as ETFs. The Trustees also considered information provided regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms, as well as each Fund's peer group and category medians. The comparisons of each Fund's unitary management fee rate and projected expense ratio to those of relevant peer funds were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Funds. The Trustees concluded

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<u>Statement Regarding Basis for Initial Approval of Management Agreement for Goldman Sachs Core Bond ETF and Corporate Bond ETF (Unaudited) (continued)</u> 

that the Investment Adviser's management of the Funds likely would benefit the Funds and their shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

#### Profitability
In addition, the Trustees recognized that there was not yet profitability data to evaluate for the Funds, but considered the Investment Adviser's representations that (i) such data would be provided after the Funds commenced operations, and (ii) the Funds were not expected to be profitable to the Investment Adviser and its affiliates initially.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, would not have management fee breakpoints. The Trustees considered each 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. They further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### 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 each Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) 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 Funds; (e) the investment of cash in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs & Co. LLC ("Goldman Sachs"). In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds are expected to receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 management fee to be paid by each Fund was reasonable in light of the services to be provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's reasonably foreseeable asset levels. The Trustees unanimously concluded that the engagement of the Investment Adviser likely would benefit each Fund and its shareholders and that the Management Agreement should be approved with respect to each Fund for an initial two-year period from its effective date.

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#### Goldman Sachs Access Fixed Income ETFs - Tax Information (Unaudited)
**For the fiscal year ended August 31, 2025, the Core Bond ETF, Corporate Bond ETF, and Ultra Short Bond ETF designate 100%, 100%, and 100%, respectively, of the dividends paid from net investment company taxable income as section 163(j) Interest Dividends.** 

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**55**

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![LOGO](g86349dsp056.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282

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![LOGO](g86883dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs ActiveBeta® ETFs Goldman Sachs ActiveBeta® Emerging Markets Equity ETF (GEM) Goldman Sachs ActiveBeta® Europe Equity ETF (GSEU) Goldman Sachs ActiveBeta® International Equity ETF (GSIE) Goldman Sachs ActiveBeta® Japan Equity ETF (GSJY) Goldman Sachs ActiveBeta® U.S. Large Cap Equity ETF (GSLC) Goldman Sachs ActiveBeta® U.S. Small Cap Equity ETF (GSSC) Goldman Sachs ActiveBeta® World Low Vol Plus Equity ETF (GLOV)

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## Goldman Sachs ActiveBeta<sup>®</sup> Equity ETFs

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| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedules of Investments](#ab86883_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF](#ab86883_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF](#ab86883_3) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF](#ab86883_4) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF](#ab86883_5) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF](#ab86883_6) | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF](#ab86883_7) | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Golman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF](#ab86883_8) | 61 |
|  **[Financial Statements](#ab86883_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#ab86883_10) | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#ab86883_11) | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#ab86883_12) | 74 |
|  **[Financial Highlights](#ab86883_13)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF](#ab86883_14) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF](#ab86883_15) | 79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF](#ab86883_16) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF](#ab86883_17) | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF](#ab86883_18) | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF](#ab86883_19) | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF](#ab86883_20) | 84 |
|  **[Notes to Financial Statements](#ab86883_21)** | 85 |
|  **[Report of Independent Registered Public Accounting Firm](#ab86883_22)** | 105 |
|  **[Statement Regarding Basis for Approval of Management Agreements](#ab86883_23)** | 106 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 97.3% | Common Stocks – 97.3% | Common Stocks – 97.3% |
| Brazil – 2.9% | Brazil – 2.9% | Brazil – 2.9% |
| 311210 | Ambev SA (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708064 |
| 466270 | B3 SA – Brasil Bolsa Balcao (Financials) | 1114973 |
| 312620 | Banco Bradesco SA (Financials) | 831641 |
| 61930 | Banco BTG Pactual SA (Financials) | 511814 |
| 281299 | Banco do Brasil SA (Financials) | 1108488 |
| 398317 | BB Seguridade Participacoes SA (Financials) | 2408350 |
| 139956 | BRF SA (Consumer Staples) | 531916 |
| 553443 | Caixa Seguridade Participacoes SA (Financials) | 1437620 |
| 118940 | Centrais Eletricas Brasileiras SA (Utilities) | 986474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48844 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 1102209 |
| 133659 | CPFL Energia SA (Utilities) | 969429 |
| 84188 | Embraer SA (Industrials) | 1181836 |
| 93348 | Engie Brasil Energia SA (Utilities) | 686855 |
| 53354 | Equatorial Energia SA (Utilities) | 359455 |
| 145537 | Klabin SA (Materials) | 496286 |
| 70000 | Localiza Rent a Car SA (Industrials) | 462188 |
| 172066 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 456467 |
| 233772 | NU Holdings Ltd., Class A (Financials)\* | 3459826 |
| 263695 | Petroleo Brasileiro SA - Petrobras (Energy) | 1639562 |
| 69400 | Porto Seguro SA (Financials) | 661640 |
| 148168 | Raia Drogasil SA (Consumer Staples) | 479053 |
| 58768 | Suzano SA (Materials) | 567857 |
| 178597 | Telefonica Brasil SA (Communication Services) | 1114401 |
| 182800 | TIM SA (Communication Services) | 766143 |
| 176562 | TOTVS SA (Information Technology) | 1401931 |
| 291860 | Vale SA (Materials) | 2987370 |
| 137184 | Vibra Energia SA (Consumer Discretionary) | 607561 |
| 108210 | WEG SA (Industrials) | 750758 |
| 34505 | XP, Inc., Class A (Financials) | 625921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30416088 |
| Chile – 1.2% | Chile – 1.2% | Chile – 1.2% |
| 11326012 | Banco de Chile (Financials) | 1629376 |
| 29865 | Banco de Credito e Inversiones SA (Financials) | 1212606 |
| 23209594 | Banco Santander Chile (Financials) | 1400274 |
| 604795 | Cencosud SA (Consumer Staples) | 1924208 |
| 658009 | Empresas CMPC SA (Materials) | 1035858 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Chile – (continued) | Chile – (continued) | Chile – (continued) | Chile – (continued) |
| 115465 | Empresas Copec SA (Consumer Discretionary) | $| 863281 |
| 4981857 | Enel Americas SA (Utilities) |  | 519908 |
| 13884020 | Enel Chile SA (Utilities) |  | 977494 |
| 315143 | Falabella SA (Consumer Discretionary) |  | 1800845 |
| 41551394 | Latam Airlines Group SA (Industrials) |  | 1050208 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12414058 |
| China – 31.2% | China – 31.2% | China – 31.2% | China – 31.2% |
| 310609 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) |  | 858636 |
| 136500 | 3SBio, Inc. (Health Care)\*<sup>(a)</sup> |  | 510572 |
| 109568 | AAC Technologies Holdings, Inc. (Information Technology) |  | 608286 |
| 776880 | Agricultural Bank of China Ltd., Class A (Financials) |  | 765668 |
| 2883395 | Agricultural Bank of China Ltd., Class H (Financials) |  | 1941780 |
| 46219 | Akeso, Inc. (Health Care)\*<sup>(a)</sup> |  | 923093 |
| 1759381 | Alibaba Group Holding Ltd. (Consumer Discretionary) |  | 26111377 |
| 406558 | Aluminum Corp. of China Ltd., Class A (Materials) |  | 446924 |
| 836186 | Aluminum Corp. of China Ltd., Class H (Materials) |  | 743315 |
| 120700 | Anhui Conch Cement Co. Ltd., Class A (Materials) |  | 412625 |
| 151998 | Anhui Conch Cement Co. Ltd., Class H (Materials) |  | 477684 |
| 75865 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)\* |  | 579947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70496 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) |  | 1387889 |
| 137911 | ANTA Sports Products Ltd. (Consumer Discretionary) |  | 1698270 |
| 19806 | APT Medical, Inc., Class A (Health Care) |  | 790733 |
| 33538 | Autohome, Inc. ADR (Communication Services) |  | 968577 |
| 130372 | Baidu, Inc., Class A (Communication Services)\* |  | 1495059 |
| 611778 | Bank of Beijing Co. Ltd., Class A (Financials) |  | 515341 |
| 365503 | Bank of Changsha Co. Ltd., Class A (Financials) |  | 493132 |
| 93292 | Bank of Chengdu Co. Ltd., Class A (Financials) |  | 241914 |
| 465899 | Bank of China Ltd., Class A (Financials) |  | 361061 |
| 8348480 | Bank of China Ltd., Class H (Financials) |  | 4561982 |
| 383708 | Bank of Communications Co. Ltd., Class A (Financials) |  | 391638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1927977 | Bank of Communications Co. Ltd., Class H (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664384 |
| 342067 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 762145 |
| 391128 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 594698 |
| 335552 | Bank of Nanjing Co. Ltd., Class A (Financials) | 523858 |
| 348995 | Bank of Shanghai Co. Ltd., Class A (Financials) | 467430 |
| 414200 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 402988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)\* | 518227 |
| 317197 | Beijing Enterprises Holdings Ltd. (Utilities) | 1316661 |
| 499980 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 374838 |
| 119827 | BeOne Medicines Ltd., Class H (Health Care)\* | 2831267 |
| 10052 | Bestechnic Shanghai Co. Ltd., Class A (Information Technology) | 399339 |
| 20746 | Bilibili, Inc., Class Z (Communication Services)\*<sup>(b)</sup> | 481404 |
| 154544 | BOC Aviation Ltd. (Industrials)<sup>(a)</sup> | 1383707 |
| 575812 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 341956 |
| 3309641 | Bosideng International Holdings Ltd. (Consumer Discretionary) | 1906179 |
| 215090 | BYD Co. Ltd., Class H (Consumer Discretionary) | 3156333 |
| 51195 | BYD Electronic International Co. Ltd. (Information Technology) | 270427 |
| 233689 | C&D International Investment Group Ltd. (Real Estate) | 555157 |
| 353700 | Caitong Securities Co. Ltd., Class A (Financials) | 430530 |
| 4270 | Cambricon Technologies Corp. Ltd., Class A (Information Technology)\* | 894723 |
| 24820 | Changchun High-Tech Industry Group Co. Ltd., Class A (Health Care) | 359121 |
| 2228768 | China CITIC Bank Corp. Ltd., Class H (Financials) | 1989805 |
| 4015000 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(a)</sup> | 592270 |
| 311336 | China Coal Energy Co. Ltd., Class H (Energy) | 377796 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2213075 | China Communications Services Corp. Ltd., Class H (Industrials) | $1314358 |
| 206413 | China Construction Bank Corp., Class A (Financials) | 260813 |
| 10864208 | China Construction Bank Corp., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10465851 |
| 1036949 | China Everbright Bank Co. Ltd., Class A (Financials) | 550299 |
| 2241813 | China Everbright Bank Co. Ltd., Class H (Financials) | 1006477 |
| 976021 | China Feihe Ltd. (Consumer<br>Staples)<sup>(a)</sup> | 549617 |
| 540920 | China Galaxy Securities Co. Ltd., Class H (Financials) | 775038 |
| 1246524 | China Gas Holdings Ltd. (Utilities) | 1243990 |
| 532462 | China Hongqiao Group Ltd. (Materials) | 1737570 |
| 147600 | China International Capital Corp. Ltd., Class H (Financials)<sup>(a)</sup> | 401004 |
| 687295 | China Life Insurance Co. Ltd., Class H (Financials) | 2117643 |
| 420067 | China Mengniu Dairy Co. Ltd. (Consumer Staples) | 819028 |
| 72103 | China Merchants Bank Co. Ltd., Class A (Financials) | 434169 |
| 343695 | China Merchants Bank Co. Ltd., Class H (Financials) | 2116172 |
| 766009 | China Merchants Port Holdings Co. Ltd. (Industrials) | 1472896 |
| 324100 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 416341 |
| 1247858 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 805883 |
| 2868704 | China Minsheng Banking Corp. Ltd., Class H (Financials) | 1633824 |
| 594000 | China National Building Material Co. Ltd., Class H (Materials) | 429736 |
| 379421 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 418691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67200 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 535973 |
| 419091 | China Overseas Land & Investment Ltd. (Real Estate) | 747777 |
| 259186 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 1178927 |
| 2037036 | China Petroleum & Chemical Corp., Class H (Energy) | 1126192 |
| 3097862 | China Power International Development Ltd. (Utilities) | 1243778 |
| 222283 | China Resources Land Ltd. (Real Estate) | 871357 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85334 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(a)</sup> | $424051 |
| 2823800 | China Resources Pharmaceutical Group Ltd. (Health Care)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1767626 |
| 240520 | China Resources Power Holdings Co. Ltd. (Utilities) | 553799 |
| 97684 | China Shenhua Energy Co. Ltd., Class H (Energy) | 437055 |
| 317276 | China State Construction International Holdings Ltd. (Industrials) | 434655 |
| 607363 | China Taiping Insurance Holdings Co. Ltd. (Financials) | 1260560 |
| 1122986 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | 670058 |
| 595628 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(a)</sup> | 896974 |
| 140744 | China Yangtze Power Co. Ltd., Class A (Utilities) | 555048 |
| 2129566 | China Zheshang Bank Co. Ltd., Class A (Financials) | 968691 |
| 503518 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 372027 |
| 388643 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) | 725853 |
| 755033 | CITIC Ltd. (Industrials) | 1076979 |
| 250300 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 458937 |
| 107000 | CITIC Securities Co. Ltd., Class H (Financials) | 392817 |
| 175663 | CMOC Group Ltd., Class A (Materials) | 304823 |
| 250960 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 538365 |
| 326143 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 566871 |
| 1868716 | CSPC Pharmaceutical Group Ltd. (Health Care) | 2413845 |
| 399725 | Daqin Railway Co. Ltd., Class A (Industrials) | 354111 |
| 757151 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 370986 |
| 7800 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 338312 |
| 80721 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 1098031 |
| 32065 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 1603520 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1017176 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | $395572 |
| 2070906 | Far East Horizon Ltd. (Financials) | 1979034 |
| 1035409 | Fosun International Ltd. (Industrials) | 702594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28512 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | 251624 |
| 492625 | GD Power Development Co. Ltd., Class A (Utilities) | 331285 |
| 802613 | Geely Automobile Holdings Ltd. (Consumer Discretionary) | 2013778 |
| 445600 | GEM Co. Ltd., Class A (Industrials) | 466070 |
| 124595 | GF Securities Co. Ltd., Class A (Financials) | 382734 |
| 164469 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138183 |
| 106100 | Giant Network Group Co. Ltd., Class A (Communication Services) | 470708 |
| 48525 | Goneo Group Co. Ltd., Class A (Industrials) | 321147 |
| 35590 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 212856 |
| 874942 | Guangdong Investment Ltd. (Utilities) | 820414 |
| 543644 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 599147 |
| 127413 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 474928 |
| 253512 | Guoyuan Securities Co. Ltd., Class A (Financials) | 328867 |
| 813327 | Haidilao International Holding Ltd. (Consumer Discretionary)<sup>(a)</sup> | 1438686 |
| 198783 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 669082 |
| 51800 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 403328 |
| 345676 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 728449 |
| 272443 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(a)</sup> | 1258798 |
| 110271 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 298946 |
| 508753 | Hengan International Group Co. Ltd. (Consumer Staples) | 1615824 |
| 34715 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 2013556 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 63063 | Hua Hong Semiconductor Ltd., Class H (Information<br>Technology)\*<sup>(a)(b)</sup> | $435205 |
| 124162 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 217198 |
| 614737 | Huaneng Power International, Inc., Class H (Utilities) | 440796 |
| 198294 | Huatai Securities Co. Ltd., Class H (Financials)<sup>(a)</sup> | 501849 |
| 587838 | Huaxia Bank Co. Ltd., Class A (Financials) | 624745 |
| 188941 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 507977 |
| 129799 | Hundsun Technologies, Inc., Class A (Information Technology) | 683181 |
| 330069 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 344305 |
| 6730096 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981196 |
| 228512 | Industrial Bank Co. Ltd., Class A (Financials) | 718952 |
| 532708 | Industrial Securities Co. Ltd., Class A (Financials) | 509314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89423 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 260380 |
| 99692 | Innovent Biologics, Inc. (Health Care)\*<sup>(a)</sup> | 1238501 |
| 86146 | JD Health International, Inc. (Consumer Staples)\*<sup>(a)</sup> | 693955 |
| 367607 | JD Logistics, Inc.<br>(Industrials)\*<sup>(a)</sup> | 604988 |
| 212063 | JD.com, Inc., Class A (Consumer Discretionary) | 3204400 |
| 523089 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 617305 |
| 134200 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 1247833 |
| 54300 | Jiangsu Hoperun Software Co. Ltd., Class A (Information Technology)\* | 499333 |
| 84300 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 443111 |
| 188141 | Jiangxi Copper Co. Ltd., Class A (Materials) | 736948 |
| 228000 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 480148 |
| 19174 | Kanzhun Ltd. ADR (Industrials)\* | 452890 |
| 370759 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 775204 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 114510 | Kingsoft Corp. Ltd. (Communication Services) | $500587 |
| 357455 | Kuaishou Technology (Communication Services)\*<sup>(a)</sup> | 3454945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69099 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials) | 527158 |
| 1271101 | Kunlun Energy Co. Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180471 |
| 4013 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 833835 |
| 7400 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 673948 |
| 225764 | LB Group Co. Ltd., Class A (Materials) | 589228 |
| 807771 | Lenovo Group Ltd. (Information Technology) | 1148060 |
| 48259 | Li Auto, Inc., Class A (Consumer Discretionary)\* | 567655 |
| 589231 | Li Ning Co. Ltd. (Consumer Discretionary) | 1427756 |
| 477920 | Longfor Group Holdings Ltd. (Real Estate)<sup>(a)(b)</sup> | 648601 |
| 261586 | Meihua Holdings Group Co. Ltd., Class A (Materials) | 406180 |
| 522500 | Meitu, Inc. (Communication Services)\*<sup>(a)</sup> | 792210 |
| 498310 | Meituan, Class B (Consumer Discretionary)\*<sup>(a)</sup> | 6564574 |
| 98139 | MINISO Group Holding Ltd. (Consumer Discretionary)<sup>(b)</sup> | 605764 |
| 1097170 | MMG Ltd. (Materials)\* | 726207 |
| 416017 | Nanjing Securities Co. Ltd., Class A (Financials) | 514560 |
| 11400 | NetEase Cloud Music, Inc. (Communication Services)\*<sup>(a)</sup> | 408571 |
| 167039 | NetEase, Inc. (Communication Services) | 4551022 |
| 45300 | New China Life Insurance Co. Ltd., Class A (Financials) | 433997 |
| 179720 | New China Life Insurance Co. Ltd., Class H (Financials) | 1109785 |
| 275062 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples) | 381537 |
| 147049 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 689612 |
| 241946 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(a)</sup> | 1551141 |
| 67255 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 8085396 |
| 380958 | People's Insurance Co. Group |  |
|  | of China Ltd. (The), Class A |  |
|  | (Financials) | 480289 |
| 2071423 | People's Insurance Co. Group |  |
|  | of China Ltd. (The), Class H |  |
|  | (Financials) | 1854645 |
| 505504 | PetroChina Co. Ltd., Class A |  |
|  | (Energy) | 618857 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2535523 | PetroChina Co. Ltd., Class H (Energy) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442553 |
| 826822 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 1989672 |
| 319749 | Ping An Bank Co. Ltd., Class A (Financials) | 540935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81034 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 681237 |
| 517573 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 3737804 |
| 570100 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 637108 |
| 156064 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(a)</sup> | 6454079 |
| 371013 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 314612 |
| 856265 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(a)</sup> | 594213 |
| 60584 | Qfin Holdings, Inc. ADR (Financials) | 1764206 |
| 38600 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Information Technology) | 319571 |
| 15500 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 535976 |
| 262762 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 693168 |
| 15623 | Seres Group Co. Ltd., Class A (Consumer Discretionary) | 300296 |
| 33600 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 282752 |
| 1281718 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 730580 |
| 187537 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 404415 |
| 63204 | Shanghai Allist Pharmaceuticals Co. Ltd., Class A (Health Care) | 1011576 |
| 409725 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 510229 |
| 149700 | Shanghai International Airport Co. Ltd., Class A (Industrials) | 679270 |
| 155900 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 408639 |
| 497507 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | 952016 |
| 439200 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 424229 |
| 478900 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 474678 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 144000 | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A (Energy) | $262211 |
| 8668 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 245846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68700 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 513601 |
| 54700 | Shenzhen Kinwong Electronic Co. Ltd., Class A (Information Technology) | 490647 |
| 16519 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | 563072 |
| 154200 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 247229 |
| 7700 | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (Health Care)\* | 448616 |
| 179065 | Sinolink Securities Co. Ltd., Class A (Financials) | 259190 |
| 541731 | Sinopharm Group Co. Ltd., Class H (Health Care) | 1297372 |
| 132992 | Sinotruk Hong Kong Ltd. (Industrials) | 386906 |
| 241932 | Smoore International Holdings Ltd. (Consumer Staples)<sup>(a)(b)</sup> | 586842 |
| 30350 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 324100 |
| 79600 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | 737799 |
| 69206 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 1928942 |
| 177181 | TBEA Co. Ltd., Class A (Industrials) | 352233 |
| 662200 | TCL Technology Group Corp., Class A (Information Technology) | 431376 |
| 721418 | Tencent Holdings Ltd. (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55199348 |
| 21285 | Tencent Music Entertainment Group ADR (Communication Services) | 521908 |
| 954178 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 1350024 |
| 92583 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary) | 260558 |
| 1072100 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 678830 |
| 40035 | Trip.com Group Ltd. (Consumer Discretionary) | 2968275 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 23639 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | $507773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54192 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 2033608 |
| 87647 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 1467211 |
| 1581631 | Want Want China Holdings Ltd. (Consumer Staples) | 1095558 |
| 251633 | Weichai Power Co. Ltd., Class H (Industrials) | 526128 |
| 288561 | Western Mining Co. Ltd., Class A (Materials) | 755554 |
| 77800 | Wingtech Technology Co. Ltd., Class A (Information Technology)\* | 474372 |
| 1903162 | Wintime Energy Group Co. Ltd., Class A (Utilities) | 387430 |
| 33200 | WuXi AppTec Co. Ltd., Class A (Health Care) | 481490 |
| 46812 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(a)</sup> | 647911 |
| 193621 | Wuxi Biologics Cayman, Inc. (Health Care)\*<sup>(a)</sup> | 824569 |
| 57500 | WuXi XDC Cayman, Inc. (Health Care)\* | 417466 |
| 378232 | Xiamen C & D, Inc., Class A (Industrials) | 618102 |
| 1512776 | Xiaomi Corp., Class B (Information Technology)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10255484 |
| 82464 | XPeng, Inc., Class A (Consumer Discretionary)\* | 887489 |
| 525800 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)\* | 382384 |
| 418452 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 440024 |
| 47268 | Yum China Holdings, Inc. (Consumer Discretionary) | 2113825 |
| 167338 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 639252 |
| 60800 | Zangge Mining Co. Ltd., Class A (Materials) | 460174 |
| 153000 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 483307 |
| 152854 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 588214 |
| 722818 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | 636975 |
| 62888 | Zhejiang Leapmotor Technology Co. Ltd., Class H (Consumer Discretionary)\*<sup>(a)</sup> | 521926 |
| 436898 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 647729 |
| 146510 | Zhejiang NHU Co. Ltd., Class A (Materials) | 512172 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 421600 | Zhongtai Securities Co. Ltd., Class A (Financials) | $| 426761 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331171686 |
| Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66619 | Grupo Cibest SA (Financials) |  | 977979 |
| Czech Republic – 0.4% | Czech Republic – 0.4% | Czech Republic – 0.4% | Czech Republic – 0.4% |
| 14743 | CEZ AS (Utilities) |  | 922512 |
| 30915 | Komercni Banka AS (Financials) |  | 1511142 |
| 181618 | Moneta Money Bank AS (Financials)<sup>(a)</sup> |  | 1332073 |
|  |  |  | 3765727 |
| Egypt – 0.3% | Egypt – 0.3% | Egypt – 0.3% | Egypt – 0.3% |
| 1467712 | Commercial International Bank - Egypt (CIB) (Financials) |  | 2935122 |
| 565527 | Eastern Co. SAE (Consumer Staples) |  | 450605 |
| 196358 | Talaat Moustafa Group (Real Estate) |  | 224213 |
|  |  |  | 3609940 |
| Greece – 1.1% | Greece – 1.1% | Greece – 1.1% | Greece – 1.1% |
| 376870 | Alpha Bank SA (Financials) |  | 1494096 |
| 414960 | Eurobank Ergasias Services and Holdings SA (Financials) |  | 1525133 |
| 106207 | Hellenic Telecommunications Organization SA (Communication Services) |  | 1976615 |
| 29490 | JUMBO SA (Consumer Discretionary) |  | 1052111 |
| 132204 | National Bank of Greece SA (Financials) |  | 1830632 |
| 80275 | OPAP SA (Consumer Discretionary) |  | 1801251 |
| 193026 | Piraeus Financial Holdings SA (Financials)\* |  | 1493444 |
| 44963 | Public Power Corp. SA (Utilities) |  | 751546 |
|  |  |  | 11924828 |
| Hong Kong – 0.3% | Hong Kong – 0.3% | Hong Kong – 0.3% | Hong Kong – 0.3% |
| 22500 | Orient Overseas International Ltd. (Industrials) |  | 393382 |
| 3123923 | Sino Biopharmaceutical Ltd. (Health Care) |  | 3249808 |
|  |  |  | 3643190 |
| Hungary – 0.6% | Hungary – 0.6% | Hungary – 0.6% | Hungary – 0.6% |
| 133888 | MOL Hungarian Oil & Gas PLC (Energy) |  | 1150737 |
| 41778 | OTP Bank Nyrt (Financials) |  | 3638783 |
| 47070 | Richter Gedeon Nyrt (Health Care) |  | 1425804 |
|  |  |  | 6215324 |
| India – 15.8% | India – 15.8% | India – 15.8% | India – 15.8% |
| 3614 | ABB India Ltd. (Industrials) |  | 204781 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 44481 | Adani Power Ltd. (Utilities)\* | $302840 |
| 11101 | Alkem Laboratories Ltd. (Health Care) | 667332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18163 | APL Apollo Tubes Ltd. (Materials) | 330369 |
| 12691 | Apollo Hospitals Enterprise Ltd. (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1094707 |
| 267446 | Ashok Leyland Ltd. (Industrials) | 384936 |
| 32727 | Asian Paints Ltd. (Materials) | 934292 |
| 29219 | Astral Ltd. (Industrials) | 450358 |
| 48764 | AU Small Finance Bank Ltd. (Financials)<sup>(a)</sup> | 396891 |
| 95032 | Aurobindo Pharma Ltd. (Health Care) | 1107231 |
| 213251 | Axis Bank Ltd. (Financials) | 2526434 |
| 164606 | Bajaj Finance Ltd. (Financials) | 1637885 |
| 35882 | Bajaj Finserv Ltd. (Financials) | 778256 |
| 5056 | Bajaj Holdings & Investment Ltd. (Financials) | 731839 |
| 13398 | Balkrishna Industries Ltd. (Consumer Discretionary) | 347679 |
| 406380 | Bank of Baroda (Financials) | 1072479 |
| 294886 | Bharat Electronics Ltd. (Industrials) | 1234720 |
| 45775 | Bharat Forge Ltd. (Consumer Discretionary) | 574217 |
| 209535 | Bharat Petroleum Corp. Ltd. (Energy) | 731993 |
| 219894 | Bharti Airtel Ltd. (Communication Services) | 4707787 |
| 1925 | Bosch Ltd. (Consumer Discretionary) | 871914 |
| 20374 | Britannia Industries Ltd. (Consumer Staples) | 1344978 |
| 64000 | BSE Ltd. (Financials) | 1520653 |
| 1064486 | Canara Bank (Financials) | 1252796 |
| 44980 | CG Power & Industrial Solutions Ltd. (Industrials) | 353984 |
| 21497 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 346177 |
| 114780 | Cipla Ltd. (Health Care) | 2067840 |
| 163977 | Coal India Ltd. (Energy) | 696626 |
| 32497 | Colgate-Palmolive India Ltd. (Consumer Staples) | 858919 |
| 66402 | Container Corp. Of India Ltd. (Industrials) | 396915 |
| 32158 | Coromandel International Ltd. (Materials) | 841684 |
| 6876 | Cummins India Ltd. (Industrials) | 298209 |
| 14700 | Divi's Laboratories Ltd. (Health Care) | 1021648 |
| 5634 | Dixon Technologies India Ltd. (Consumer Discretionary) | 1065837 |
| 128389 | Dr Reddy's Laboratories Ltd. (Health Care) | 1833793 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 7488 | Eicher Motors Ltd. (Consumer Discretionary) | $517996 |
| 294918 | Eternal Ltd. (Consumer Discretionary)\* | 1049492 |
| 241902 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 631056 |
| 522809 | GAIL India Ltd. (Utilities) | 1025610 |
| 32885 | Grasim Industries Ltd. (Materials) | 1034599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56439 | Havells India Ltd. (Industrials) | 975972 |
| 187200 | HCL Technologies Ltd. (Information Technology) | 3086929 |
| 30537 | HDFC Asset Management Co. Ltd. (Financials)<sup>(a)</sup> | 1890928 |
| 931095 | HDFC Bank Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10043056 |
| 63432 | HDFC Life Insurance Co. Ltd. (Financials)<sup>(a)</sup> | 555100 |
| 14889 | Hero MotoCorp Ltd. (Consumer Discretionary) | 858627 |
| 258224 | Hindalco Industries Ltd. (Materials) | 2060420 |
| 7098 | Hindustan Aeronautics Ltd. (Industrials) | 348580 |
| 132649 | Hindustan Petroleum Corp. Ltd. (Energy) | 565189 |
| 30393 | Hindustan Unilever Ltd. (Consumer Staples) | 916305 |
| 2940 | Hitachi Energy India Ltd. (Industrials) | 636833 |
| 36069 | Hyundai Motor India Ltd. (Consumer Discretionary) | 1005906 |
| 577924 | ICICI Bank Ltd. (Financials) | 9156578 |
| 10993 | ICICI Lombard General Insurance Co. Ltd.<br>(Financials)<sup>(a)</sup> | 229222 |
| 681496 | IDFC First Bank Ltd. (Financials) | 525201 |
| 64933 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 558226 |
| 276090 | Indian Oil Corp. Ltd. (Energy) | 427546 |
| 79480 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 623376 |
| 307024 | Indus Towers Ltd. (Communication Services)\* | 1178357 |
| 23785 | IndusInd Bank Ltd. (Financials)\* | 199369 |
| 22880 | Info Edge India Ltd. (Communication Services) | 352213 |
| 360038 | Infosys Ltd. (Information Technology) | 5997426 |
| 24606 | InterGlobe Aviation Ltd. (Industrials)<sup>(a)</sup> | 1574705 |
| 240740 | ITC Ltd. (Consumer Staples) | 1118110 |
| 126583 | Jindal Stainless Ltd. (Materials) | 1094684 |
| 66676 | Jindal Steel Ltd. (Materials) | 714803 |
| 92915 | JSW Steel Ltd. (Materials) | 1081196 |
| 119248 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 848507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63701 | Kotak Mahindra Bank Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415423 |
| 38834 | Larsen & Toubro Ltd. (Industrials) | 1585085 |
| 24885 | LTIMindtree Ltd. (Information Technology)<sup>(a)</sup> | 1448000 |
| 49330 | Lupin Ltd. (Health Care) | 1059534 |
| 51366 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 1862839 |
| 9210 | Mankind Pharma Ltd. (Health Care) | 258000 |
| 110530 | Marico Ltd. (Consumer Staples) | 909378 |
| 7128 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 1195041 |
| 68314 | Max Healthcare Institute Ltd. (Health Care) | 893811 |
| 68398 | Mphasis Ltd. (Information Technology) | 2161492 |
| 481 | MRF Ltd. (Consumer Discretionary) | 768498 |
| 43190 | Muthoot Finance Ltd. (Financials) | 1291346 |
| 102736 | Nestle India Ltd. (Consumer Staples) | 1346397 |
| 1916928 | NMDC Ltd. (Materials) | 1494898 |
| 213233 | NTPC Ltd. (Utilities) | 791680 |
| 524496 | Oil & Natural Gas Corp. Ltd. (Energy) | 1389431 |
| 15026 | Oracle Financial Services Software Ltd. (Information Technology) | 1412533 |
| 3065 | Page Industries Ltd. (Consumer Discretionary) | 1540262 |
| 11713 | PB Fintech Ltd. (Financials)\* | 235101 |
| 32484 | Persistent Systems Ltd. (Information Technology) | 1953499 |
| 324701 | Petronet LNG Ltd. (Energy) | 991882 |
| 12569 | PI Industries Ltd. (Materials) | 526392 |
| 27007 | Pidilite Industries Ltd. (Materials) | 933762 |
| 10488 | Polycab India Ltd. (Industrials) | 842981 |
| 382143 | Power Finance Corp. Ltd. (Financials) | 1644690 |
| 212818 | Power Grid Corp. of India Ltd. (Utilities) | 663977 |
| 952065 | Punjab National Bank (Financials) | 1088652 |
| 322997 | REC Ltd. (Financials) | 1281398 |
| 490554 | Reliance Industries Ltd. (Energy) | 7546544 |
| 1065366 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 1120031 |
| 64370 | SBI Cards & Payment Services Ltd. (Financials) | 586255 |
| 37291 | SBI Life Insurance Co. Ltd.<br>(Financials)<sup>(a)</sup> | 763166 |
| 3500 | Shree Cement Ltd. (Materials) | 1161401 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| 162918 | Shriram Finance Ltd. (Financials) | $| 1071523 |
| 8453 | Solar Industries India Ltd. (Materials) |  | 1321752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10173 | SRF Ltd. (Materials) |  | 327065 |
| 216128 | State Bank of India (Financials) |  | 1965955 |
| 113224 | Sun Pharmaceutical Industries Ltd. (Health Care) |  | 2046353 |
| 6240 | Sundaram Finance Ltd. (Financials) |  | 317838 |
| 111778 | Swiggy Ltd. (Consumer Discretionary)\* |  | 519150 |
| 82321 | Tata Communications Ltd. (Communication Services) |  | 1444998 |
| 101512 | Tata Consultancy Services Ltd. (Information Technology) |  | 3549341 |
| 23882 | Tata Consumer Products Ltd. (Consumer Staples) |  | 288404 |
| 23805 | Tata Elxsi Ltd. (Information Technology) |  | 1412275 |
| 419359 | Tata Motors Ltd. (Consumer Discretionary) |  | 3180018 |
| 107648 | Tata Power Co. Ltd. (The) (Utilities) |  | 456530 |
| 893697 | Tata Steel Ltd. (Materials) |  | 1564876 |
| 163435 | Tech Mahindra Ltd. (Information Technology) |  | 2744321 |
| 11264 | Titan Co. Ltd. (Consumer Discretionary) |  | 463312 |
| 44291 | Torrent Pharmaceuticals Ltd. (Health Care) |  | 1787140 |
| 26125 | Trent Ltd. (Consumer Discretionary) |  | 1568865 |
| 17848 | TVS Motor Co. Ltd. (Consumer Discretionary) |  | 662873 |
| 11139 | UltraTech Cement Ltd. (Materials) |  | 1595919 |
| 734704 | Union Bank of India Ltd. (Financials) |  | 1039475 |
| 246172 | UPL Ltd. (Materials) |  | 1997181 |
| 285589 | Vedanta Ltd. (Materials) |  | 1361695 |
| 455836 | Wipro Ltd. (Information Technology) |  | 1288665 |
| 116361 | Zydus Lifesciences Ltd. (Health Care) |  | 1293946 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167303965 |
| Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% | Indonesia – 0.9% |
| 2381874 | Astra International Tbk PT (Industrials) |  | 794439 |
| 3627418 | Bank Central Asia Tbk PT (Financials) |  | 1776313 |
| 3423683 | Bank Mandiri Persero Tbk PT (Financials) |  | 982051 |
| 3664254 | Bank Rakyat Indonesia Persero Tbk PT (Financials) |  | 899953 |
| 2942900 | Barito Pacific Tbk PT (Materials)\* |  | 390840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| 74900 | Dian Swastatika Sentosa Tbk PT (Energy)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450581 |
| 1980369 | Indofood Sukses Makmur Tbk PT (Consumer Staples) |  | 894709 |
| 10215619 | Kalbe Farma Tbk PT (Health Care) |  | 752697 |
| 4282300 | Petrindo Jaya Kreasi Tbk PT (Energy) |  | 405118 |
| 5746755 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) |  | 766699 |
| 3761623 | Telkom Indonesia Persero Tbk PT (Communication Services) |  | 714001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293819 | United Tractors Tbk PT (Energy) |  | 434759 |
|  |  |  | 9262160 |
| Kazakhstan – –% | Kazakhstan – –% | Kazakhstan – –% | Kazakhstan – –% |
| 70023 | Solidcore Resources PLC (Materials)\*<sup>(c)</sup> |  |  |
| Kuwait – 0.6% | Kuwait – 0.6% | Kuwait – 0.6% | Kuwait – 0.6% |
| 195385 | Boubyan Bank KSCP (Financials) |  | 442007 |
| 365856 | Gulf Bank KSCP (Financials) |  | 408436 |
| 822879 | Kuwait Finance House KSCP (Financials) |  | 2077066 |
| 702267 | Mobile Telecommunications Co. KSCP (Communication Services) |  | 1177151 |
| 659005 | National Bank of Kuwait SAKP (Financials) |  | 2202796 |
| 441764 | Warba Bank KSCP (Financials)\* |  | 406403 |
|  |  |  | 6713859 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 17718 | Reinet Investments SCA (Financials) |  | 536184 |
| Mexico – 1.6% | Mexico – 1.6% | Mexico – 1.6% | Mexico – 1.6% |
| 978778 | Alfa SAB de CV, Class A (Consumer Staples) |  | 735481 |
| 1920402 | America Movil SAB de CV, Series B (Communication Services) |  | 1913759 |
| 1153686 | Cemex SAB de CV, Series CPO (Materials) |  | 1045121 |
| 55106 | Coca-Cola Femsa SAB de CV (Consumer Staples) |  | 468347 |
| 141813 | Fomento Economico Mexicano SAB de CV (Consumer Staples) |  | 1229688 |
| 66564 | Gruma SAB de CV, Class B (Consumer Staples) |  | 1145560 |
| 84229 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) |  | 1078404 |
| 19491 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) |  | 469239 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) | Mexico – (continued) | Mexico – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286035 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890575 |
| 60287 | Grupo Comercial Chedraui SA de CV (Consumer Staples) |  | 487903 |
| 342162 | Grupo Financiero Banorte SAB de CV, Class O (Financials) |  | 3132669 |
| 132965 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) |  | 350803 |
| 151317 | Grupo Mexico SAB de CV, Series B (Materials) |  | 992981 |
| 36441 | Industrias Penoles SAB de CV (Materials)\* |  | 1189285 |
| 322985 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) |  | 607183 |
| 46000 | Qualitas Controladora SAB de CV (Financials) |  | 415010 |
| 6321 | Southern Copper Corp. (Materials) |  | 607385 |
| 381150 | Wal-Mart de Mexico SAB de CV (Consumer Staples) |  | 1139085 |
|  |  |  | 17898478 |
| Netherlands – –% | Netherlands – –% | Netherlands – –% | Netherlands – –% |
| 40500 | Nebius Group NV, Class A (Information Technology)\*<sup>(c)</sup> |  |  |
| Peru – 0.2% | Peru – 0.2% | Peru – 0.2% | Peru – 0.2% |
| 6703 | Credicorp Ltd. (Financials) |  | 1724011 |
| Philippines – 0.2% | Philippines – 0.2% | Philippines – 0.2% | Philippines – 0.2% |
| 123194 | Bank of the Philippine Islands (Financials) |  | 243607 |
| 34350 | International Container Terminal Services, Inc. (Industrials) |  | 290332 |
| 441040 | Metropolitan Bank & Trust Co. (Financials) |  | 540254 |
| 23620 | PLDT, Inc. (Communication Services) |  | 479055 |
|  |  |  | 1553248 |
| Poland – 1.5% | Poland – 1.5% | Poland – 1.5% | Poland – 1.5% |
| 147561 | Bank Millennium SA (Financials)\* |  | 570579 |
| 43373 | Bank Pekao SA (Financials) |  | 2181208 |
| 19197 | CCC SA (Consumer Discretionary)\*<sup>(b)</sup> |  | 879272 |
| 19649 | CD Projekt SA (Communication Services)<sup>(b)</sup> |  | 1358859 |
| 91410 | Dino Polska SA (Consumer Staples)\*<sup>(a)</sup> |  | 1139646 |
| 11482 | KGHM Polska Miedz SA (Materials)\* |  | 403330 |
| 445 | LPP SA (Consumer Discretionary) |  | 2106603 |
| 1768 | mBank SA (Financials)\* |  | 426098 |
| 68547 | ORLEN SA (Energy) |  | 1463154 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Poland – (continued) | Poland – (continued) | Poland – (continued) | Poland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189279 | PGE Polska Grupa Energetyczna SA (Utilities)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589305 |
| 105230 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) |  | 2050366 |
| 114554 | Powszechny Zaklad Ubezpieczen SA (Financials) |  | 1903837 |
| 2847 | Santander Bank Polska SA (Financials) |  | 395341 |
|  |  |  | 15467598 |
| Qatar – 0.9% | Qatar – 0.9% | Qatar – 0.9% | Qatar – 0.9% |
| 859043 | Al Rayan Bank (Financials) |  | 567426 |
| 713774 | Barwa Real Estate Co. (Real Estate) |  | 536360 |
| 740647 | Commercial Bank PSQC (The) (Financials) |  | 956067 |
| 596433 | Dukhan Bank (Financials) |  | 600528 |
| 150696 | Industries Qatar QSC (Industrials) |  | 531844 |
| 1526027 | Mesaieed Petrochemical Holding Co. (Materials) |  | 570007 |
| 292860 | Ooredoo QPSC (Communication Services) |  | 1035989 |
| 90116 | Qatar Fuel QSC (Energy) |  | 370513 |
| 144508 | Qatar International Islamic Bank QSC (Financials) |  | 448487 |
| 194933 | Qatar Islamic Bank (Financials) |  | 1311689 |
| 587718 | Qatar National Bank QPSC (Financials) |  | 3066916 |
|  |  |  | 9995826 |
| Romania – 0.1% | Romania – 0.1% | Romania – 0.1% | Romania – 0.1% |
| 73655 | NEPI Rockcastle NV (Real Estate)\* |  | 609887 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 1256908 | Gazprom PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 1190600 | GMK Norilskiy Nickel PAO (Materials)\*<sup>(c)</sup> |  |  |
| 35708229 | Inter RAO UES PJSC (Utilities)\*<sup>(c)</sup> |  |  |
| 62206 | LUKOIL PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 824628 | Moscow Exchange MICEX-RTS PJSC (Financials)\*<sup>(c)</sup> |  |  |
| 839494 | Novolipetsk Steel PJSC (Materials)\*<sup>(c)</sup> |  |  |
| 127440 | PhosAgro PJSC, GDR (Materials)\*<sup>(c)</sup> |  |  |
| 820 | PhosAgro PJSC NPV (Materials)\*<sup>(c)</sup> |  |  |
| 112870 | Polyus PJSC (Materials)\*<sup>(c)</sup> |  |  |
| 90086 | Rosneft Oil Co. PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 1661273 | Sberbank of Russia PJSC<br>(Financials)\*<sup>(c)</sup> |  |  |
| 152107 | Severstal PAO (Materials)<sup>(c)</sup> |  |  |
| 3362523 | Surgutneftegas PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 277377 | Tatneft PJSC (Energy)<sup>(c)</sup> |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Russia – (continued) | Russia – (continued) | Russia – (continued) | Russia – (continued) |
| 1366 | TKS Holding MKPAO JSC (Financials)\*<sup>(c)</sup> | $|  |
| 159827 | VTB Bank PJSC (Financials)\*<sup>(c)</sup> |  |  |
| Saudi Arabia – 2.1% | Saudi Arabia – 2.1% | Saudi Arabia – 2.1% | Saudi Arabia – 2.1% |
| 181763 | Al Rajhi Bank (Financials) |  | 4563210 |
| 81235 | Alinma Bank (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545579 |
| 110464 | Arab National Bank (Financials) |  | 691835 |
| 33895 | Bank AlBilad (Financials) |  | 236132 |
| 206610 | Bank Al-Jazira (Financials)\* |  | 668473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179106 | Banque Saudi Fransi (Financials) |  | 774239 |
| 8525 | Co. for Cooperative Insurance (The) (Financials) |  | 266279 |
| 71730 | Dar Al Arkan Real Estate Development Co. (Real Estate)\* |  | 357866 |
| 50171 | Etihad Etisalat Co. (Communication Services) |  | 855081 |
| 159880 | Jarir Marketing Co. (Consumer Discretionary) |  | 543273 |
| 35474 | Nahdi Medical Co. (Consumer Staples) |  | 1092904 |
| 123521 | Riyad Bank (Financials) |  | 854593 |
| 13742 | SABIC Agri-Nutrients Co. (Materials) |  | 444614 |
| 5320 | SAL Saudi Logistics Services (Industrials) |  | 241032 |
| 48238 | Saudi Arabian Mining Co. (Materials)\* |  | 671079 |
| 428119 | Saudi Arabian Oil Co.<br>(Energy)<sup>(a)</sup> |  | 2704126 |
| 31148 | Saudi Aramco Base Oil Co. (Materials) |  | 716399 |
| 76284 | Saudi Awwal Bank (Financials) |  | 613167 |
| 40674 | Saudi Basic Industries Corp. (Materials) |  | 661243 |
| 219084 | Saudi Investment Bank (The) (Financials) |  | 792911 |
| 224490 | Saudi National Bank (The) (Financials) |  | 2083242 |
| 135713 | Saudi Telecom Co. (Communication Services) |  | 1519094 |
| 39435 | Yanbu National Petrochemical Co. (Materials) |  | 345353 |
|  |  |  | 22241724 |
| South Africa – 3.5% | South Africa – 3.5% | South Africa – 3.5% | South Africa – 3.5% |
| 140157 | Absa Group Ltd. (Financials) |  | 1495536 |
| 43156 | Bid Corp. Ltd. (Consumer Staples) |  | 1125038 |
| 74754 | Bidvest Group Ltd. (Industrials) |  | 1000874 |
| 15958 | Capitec Bank Holdings Ltd. (Financials) |  | 3218585 |
| 68609 | Clicks Group Ltd. (Consumer Staples) |  | 1446804 |
| 105867 | Discovery Ltd. (Financials) |  | 1298376 |
| 566062 | FirstRand Ltd. (Financials) |  | 2380540 |
| 41554 | Gold Fields Ltd. (Materials) |  | 1361456 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) | South Africa – (continued) | South Africa – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75248 | Harmony Gold Mining Co. Ltd. (Materials) | $| 1000089 |
| 78704 | Impala Platinum Holdings Ltd. (Materials)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709298 |
| 216116 | MTN Group Ltd. (Communication Services) |  | 1829696 |
| 12238 | Naspers Ltd., Class N (Consumer Discretionary) |  | 4017605 |
| 100504 | Nedbank Group Ltd. (Financials)<sup>(b)</sup> |  | 1286110 |
| 1764372 | Old Mutual Ltd. (Financials) |  | 1386070 |
| 468547 | OUTsurance Group Ltd. (Financials) |  | 2011492 |
| 878515 | Pepkor Holdings Ltd. (Consumer Discretionary)<sup>(a)</sup> |  | 1261139 |
| 95847 | Remgro Ltd. (Financials) |  | 918398 |
| 429570 | Sanlam Ltd. (Financials) |  | 2214159 |
| 134111 | Sasol Ltd. (Materials)\* |  | 903636 |
| 127767 | Shoprite Holdings Ltd. (Consumer Staples) |  | 1898624 |
| 234071 | Sibanye Stillwater Ltd. (Materials)\* |  | 441056 |
| 202613 | Standard Bank Group Ltd. (Financials) |  | 2849722 |
| 136637 | Vodacom Group Ltd. (Communication Services)<sup>(b)</sup> |  | 1097884 |
|  |  |  | 37152187 |
| South Korea – 10.3% | South Korea – 10.3% | South Korea – 10.3% | South Korea – 10.3% |
| 2719 | Alteogen, Inc. (Health Care)\*<sup>(b)</sup> |  | 857602 |
| 5512 | Amorepacific Corp. (Consumer Staples) |  | 476960 |
| 4088 | Celltrion, Inc. (Health Care) |  | 492824 |
| 27684 | Coway Co. Ltd. (Consumer Discretionary) |  | 2074931 |
| 10240 | DB Insurance Co. Ltd. (Financials) |  | 971520 |
| 11527 | Doosan Bobcat, Inc. (Industrials)\* |  | 442756 |
| 1462 | Doosan Co. Ltd. (Industrials) |  | 588901 |
| 29745 | Doosan Enerbility Co. Ltd. (Industrials)\* |  | 1320098 |
| 26883 | Hana Financial Group, Inc. (Financials) |  | 1589486 |
| 34491 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) |  | 996090 |
| 22094 | Hanmi Semiconductor Co. Ltd. (Information Technology)<sup>(b)</sup> |  | 1382613 |
| 2486 | Hanwha Aerospace Co. Ltd. (Industrials) |  | 1580740 |
| 12209 | Hanwha Ocean Co. Ltd. (Industrials)\*<sup>(b)</sup> |  | 983570 |
| 18107 | Hanwha Systems Co. Ltd. (Industrials) |  | 662936 |
| 10033 | HD Hyundai Co. Ltd. (Energy) |  | 989408 |
| 2196 | HD Hyundai Electric Co. Ltd. (Industrials) |  | 777939 |
| 2606 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) |  | 974731 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 8928 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | $2610489 |
| 31043 | HMM Co. Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493473 |
| 712 | Hyosung Heavy Industries Corp. (Industrials) | 635051 |
| 7909 | Hyundai Glovis Co. Ltd. (Industrials) | 1049034 |
| 6071 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 1390839 |
| 3627 | Hyundai Motor Co. (Consumer Discretionary) | 573954 |
| 9634 | Hyundai Rotem Co. Ltd. (Industrials) | 1331193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123843 | Industrial Bank of Korea (Financials) | 1694295 |
| 11733 | Kakao Corp. (Communication Services) | 527468 |
| 28117 | KB Financial Group, Inc. (Financials) | 2188282 |
| 25665 | Kia Corp. (Consumer Discretionary) | 1953143 |
| 9471 | Korea Aerospace Industries Ltd. (Industrials) | 648545 |
| 53565 | Korea Electric Power Corp. (Utilities) | 1400531 |
| 24307 | Korea Investment Holdings Co. Ltd. (Financials) | 2349837 |
| 450 | Korea Zinc Co. Ltd. (Materials) | 265744 |
| 74872 | Korean Air Lines Co. Ltd. (Industrials) | 1279058 |
| 4143 | Krafton, Inc. (Communication Services)\* | 975963 |
| 4277 | KT&G Corp. (Consumer Staples) | 414394 |
| 20792 | LG Corp. (Industrials) | 1114191 |
| 131909 | LG Display Co. Ltd. (Information Technology)\* | 1138578 |
| 37509 | LG Electronics, Inc. (Consumer Discretionary) | 1993825 |
| 6513 | LG H&H Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 1384349 |
| 271151 | LG Uplus Corp. (Communication Services) | 2896308 |
| 1394 | LIG Nex1 Co. Ltd. (Industrials) | 490820 |
| 25698 | Meritz Financial Group, Inc. (Financials) | 2338282 |
| 127662 | Mirae Asset Securities Co. Ltd. (Financials)<sup>(b)</sup> | 1758480 |
| 8689 | NAVER Corp. (Communication Services) | 1340615 |
| 157115 | NH Investment & Securities Co. Ltd. (Financials) | 2195824 |
| 9781 | Orion Corp. (Consumer Staples)<sup>(b)</sup> | 758419 |
| 1266 | POSCO Holdings, Inc. (Materials) | 259984 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 10860 | Posco International Corp. (Industrials)<sup>(b)</sup> | $| 374954 |
| 8467 | Samsung C&T Corp. (Industrials) |  | 1021948 |
| 8763 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) |  | 1011661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519425 | Samsung Electronics Co. Ltd. (Information Technology) |  | 26041304 |
| 3101 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) |  | 990357 |
| 53538 | Samsung Heavy Industries Co. Ltd. (Industrials)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820255 |
| 3636 | Samsung Life Insurance Co. Ltd. (Financials) |  | 374258 |
| 4291 | Samsung SDS Co. Ltd. (Information Technology) |  | 454641 |
| 1030 | Samyang Foods Co. Ltd. (Consumer Staples) |  | 1160209 |
| 38577 | Shinhan Financial Group Co. Ltd. (Financials) |  | 1811961 |
| 23698 | SK Biopharmaceuticals Co. Ltd. (Health Care)\*<sup>(b)</sup> |  | 1680721 |
| 62549 | SK Hynix, Inc. (Information Technology) |  | 12102630 |
| 4598 | SK Square Co. Ltd. (Industrials)\* |  | 492791 |
| 50490 | SK Telecom Co. Ltd. (Communication Services) |  | 1968393 |
| 117120 | Woori Financial Group, Inc. (Financials) |  | 2089247 |
| 3018 | Yuhan Corp. (Health Care) |  | 246389 |
|  |  |  | 109255792 |
| Taiwan – 18.0% | Taiwan – 18.0% | Taiwan – 18.0% | Taiwan – 18.0% |
| 50831 | Accton Technology Corp. (Information Technology) |  | 1687743 |
| 656313 | Acer, Inc. (Information Technology) |  | 634425 |
| 113085 | Advantech Co. Ltd. (Information Technology) |  | 1272551 |
| 4000 | Alchip Technologies Ltd. (Information Technology) |  | 530594 |
| 188131 | ASE Technology Holding Co. Ltd. (Information Technology) |  | 929285 |
| 722757 | Asia Cement Corp. (Materials) |  | 875976 |
| 69753 | Asustek Computer, Inc. (Information Technology) |  | 1442088 |
| 1447576 | AUO Corp. (Information Technology)\* |  | 608494 |
| 139000 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* |  | 918497 |
| 40856 | Catcher Technology Co. Ltd. (Information Technology) |  | 251929 |
| 902808 | Cathay Financial Holding Co. Ltd. (Financials) |  | 1816277 |
| 171201 | Chailease Holding Co. Ltd. (Financials) |  | 652445 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 1491198 | Chang Hwa Commercial Bank Ltd. (Financials) | $936587 |
| 812972 | China Airlines Ltd. (Industrials) | 563797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966987 | China Steel Corp. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;635812 |
| 324958 | Chunghwa Telecom Co. Ltd. (Communication Services) | 1408493 |
| 1334149 | Compal Electronics, Inc. (Information Technology) | 1206733 |
| 1904255 | CTBC Financial Holding Co. Ltd. (Financials) | 2563342 |
| 158570 | Delta Electronics, Inc. (Information Technology) | 3688097 |
| 1704465 | E.Sun Financial Holding Co. Ltd. (Financials) | 1865073 |
| 23873 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 313158 |
| 35210 | Elite Material Co. Ltd. (Information Technology) | 1405198 |
| 26235 | eMemory Technology, Inc. (Information Technology) | 1772200 |
| 364488 | Eva Airways Corp. (Industrials) | 463219 |
| 162206 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 984289 |
| 1330461 | Far Eastern New Century Corp. (Industrials) | 1201221 |
| 198082 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 761368 |
| 751411 | First Financial Holding Co. Ltd. (Financials) | 696855 |
| 696018 | Formosa Chemicals & Fibre Corp. (Materials) | 685328 |
| 26181 | Fortune Electric Co. Ltd. (Industrials) | 554118 |
| 987293 | Fubon Financial Holding Co. Ltd. (Financials) | 2709691 |
| 7574 | Global Unichip Corp. (Information Technology) | 329525 |
| 887330 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 5906922 |
| 48152 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 867916 |
| 1690152 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 1542559 |
| 1468576 | Innolux Corp. (Information Technology) | 674970 |
| 73126 | International Games System Co. Ltd. (Communication Services) | 1829974 |
| 4911 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 336562 |
| 2656117 | KGI Financial Holding Co. Ltd. (Financials) | 1325039 |
| 8000 | King Slide Works Co. Ltd. (Information Technology) | 791639 |
| 17466 | Lotes Co. Ltd. (Information Technology) | 831320 |
| 172447 | MediaTek, Inc. (Information Technology) | 7728369 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911059 | Mega Financial Holding Co. Ltd. (Financials) | $1193605 |
| 90068 | Micro-Star International Co. Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397755 |
| 295031 | Nan Ya Plastics Corp. (Materials) | 416930 |
| 83885 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 1186812 |
| 113727 | Novatek Microelectronics Corp. (Information Technology) | 1618320 |
| 388999 | Pegatron Corp. (Information Technology) | 893300 |
| 29553 | PharmaEssentia Corp. (Health Care) | 479990 |
| 131118 | President Chain Store Corp. (Consumer Staples) | 1091596 |
| 28791 | Quanta Computer, Inc. (Information Technology) | 247228 |
| 124969 | Realtek Semiconductor Corp. (Information Technology) | 2183007 |
| 290813 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 390040 |
| 1203366 | SinoPac Financial Holdings Co. Ltd. (Financials) | 921139 |
| 533725 | Synnex Technology International Corp. (Information Technology) | 1148828 |
| 1560771 | Taishin Financial Holding Co. Ltd. (Financials) | 829668 |
| 1619107 | Taiwan Business Bank (Financials) | 799768 |
| 1127241 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 873930 |
| 657642 | Taiwan High Speed Rail Corp. (Industrials) | 593759 |
| 152555 | Taiwan Mobile Co. Ltd. (Communication Services) | 531481 |
| 2825778 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 107227874 |
| 883076 | TCC Group Holdings Co. Ltd. (Materials) | 648524 |
| 700037 | Uni-President Enterprises Corp. (Consumer Staples) | 1772449 |
| 674326 | United Microelectronics Corp. (Information Technology) | 893381 |
| 18146 | Voltronic Power Technology Corp. (Industrials) | 587662 |
| 131332 | Wan Hai Lines Ltd. (Industrials) | 355724 |
| 59216 | Wistron Corp. (Information Technology) | 218892 |
| 4000 | Wiwynn Corp. (Information Technology) | 387968 |
| 400993 | WPG Holdings Ltd. (Information Technology) | 878867 |
| 123444 | Yageo Corp. (Information Technology) | 563321 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220744 | Yang Ming Marine Transport Corp. (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416655 |
| 1399715 | Yuanta Financial Holding Co. Ltd. (Financials) |  | 1488109 |
| 162021 | Zhen Ding Technology Holding Ltd. (Information Technology) |  | 1041467 |
|  |  |  | 190477727 |
| Thailand – 1.0% | Thailand – 1.0% | Thailand – 1.0% | Thailand – 1.0% |
| 60216 | Advanced Info Service PCL, NVDR (Communication Services) |  | 546489 |
| 446200 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) |  | 285116 |
| 129400 | Bumrungrad Hospital PCL, NVDR (Health Care) |  | 711011 |
| 300100 | Central Pattana PCL, NVDR (Real Estate) |  | 477084 |
| 903300 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) |  | 610658 |
| 380677 | CP ALL PCL, NVDR (Consumer Staples) |  | 517049 |
| 656300 | CP AXTRA PCL, NVDR (Consumer Staples) |  | 362641 |
| 502300 | Delta Electronics Thailand PCL, NVDR (Information Technology) |  | 2325822 |
| 178763 | Gulf Development PCL, NVDR (Utilities)\* |  | 259357 |
| 135000 | Kasikornbank PCL, NVDR (Financials) |  | 702192 |
| 960600 | Krung Thai Bank PCL, NVDR (Financials) |  | 729457 |
| 950100 | Minor International PCL, NVDR (Consumer Discretionary) |  | 686289 |
| 1146200 | PTT PCL, NVDR (Energy) |  | 1096842 |
| 118000 | SCB X PCL, NVDR (Financials) |  | 468066 |
| 132200 | Siam Cement PCL (The), NVDR (Materials) |  | 877389 |
| 979000 | True Corp. PCL, NVDR (Communication Services)\* |  | 344516 |
|  |  |  | 10999978 |
| Turkey – 0.5% | Turkey – 0.5% | Turkey – 0.5% | Turkey – 0.5% |
| 573376 | Akbank TAS (Financials) |  | 950982 |
| 164593 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) |  | 733169 |
| 53395 | BIM Birlesik Magazalar AS (Consumer Staples) |  | 687712 |
| 593850 | Eregli Demir ve Celik Fabrikalari TAS (Materials) |  | 430920 |
| 79806 | Turk Hava Yollari AO (Industrials) |  | 649696 |
| 221794 | Turkcell Iletisim Hizmetleri AS (Communication Services) |  | 510962 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 1941690 | Turkiye Is Bankasi AS, Class C (Financials) | Turkiye Is Bankasi AS, Class C (Financials) | $| 710144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;881722 | Yapi ve Kredi Bankasi AS (Financials)\* | Yapi ve Kredi Bankasi AS (Financials)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704521 |
|  |  |  |  | 5378106 |
| United Arab Emirates – 1.7% | United Arab Emirates – 1.7% | United Arab Emirates – 1.7% | United Arab Emirates – 1.7% | United Arab Emirates – 1.7% |
| 331194 | Abu Dhabi Commercial Bank PJSC (Financials) | Abu Dhabi Commercial Bank PJSC (Financials) |  | 1365172 |
| 398686 | Abu Dhabi Islamic Bank PJSC (Financials) | Abu Dhabi Islamic Bank PJSC (Financials) |  | 2316352 |
| 414371 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |  | 424186 |
| 240216 | ADNOC Drilling Co. PJSC (Energy) | ADNOC Drilling Co. PJSC (Energy) |  | 360357 |
| 322500 | Aldar Properties PJSC (Real Estate) | Aldar Properties PJSC (Real Estate) |  | 844664 |
| 2664751 | Americana Restaurants International PLC - Foreign Company (Consumer Discretionary) | Americana Restaurants International PLC - Foreign Company (Consumer Discretionary) |  | 1407464 |
| 843037 | Dubai Islamic Bank PJSC (Financials) | Dubai Islamic Bank PJSC (Financials) |  | 2219485 |
| 176826 | Emaar Development PJSC (Real Estate) | Emaar Development PJSC (Real Estate) |  | 710096 |
| 628997 | Emaar Properties PJSC (Real Estate) | Emaar Properties PJSC (Real Estate) |  | 2465983 |
| 303537 | Emirates NBD Bank PJSC (Financials) | Emirates NBD Bank PJSC (Financials) |  | 2086662 |
| 210897 | Emirates Telecommunications Group Co. PJSC (Communication Services) | Emirates Telecommunications Group Co. PJSC (Communication Services) |  | 1038121 |
| 394374 | First Abu Dhabi Bank PJSC (Financials) | First Abu Dhabi Bank PJSC (Financials) |  | 1782360 |
| 233056 | Salik Co. PJSC (Industrials) | Salik Co. PJSC (Industrials) |  | 418777 |
|  |  |  |  | 17439679 |
| United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% | United Kingdom – 0.2% |
| 30820 | Anglogold Ashanti PLC (Materials) | Anglogold Ashanti PLC (Materials) |  | 1715730 |
| 12894 | Metlen Energy & Metals PLC (Industrials)\* | Metlen Energy & Metals PLC (Industrials)\* |  | 827066 |
|  |  |  |  | 2542796 |
| TOTAL COMMON STOCKS<br>(Cost $741,349,754) | TOTAL COMMON STOCKS<br>(Cost $741,349,754) | TOTAL COMMON STOCKS<br>(Cost $741,349,754) |  | 1030692025 |
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – 1.8% | Preferred Stocks – 1.8% | Preferred Stocks – 1.8% | Preferred Stocks – 1.8% | Preferred Stocks – 1.8% |
| Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% | Brazil – 1.2% |
| 355180 | Banco Bradesco SA (Financials) | 7.44% |  | 1101247 |
| 64779 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 8.08 |  | 569491 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 276655 | Cia Energetica de Minas Gerais (Utilities) | 12.86% | $| 566245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415856 | Cia Paranaense de Energia - Copel (Utilities) | 6.83 |  | 920873 |
| 250957 | Gerdau SA (Materials) | 3.79 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;770241 |
| 714540 | Itau Unibanco Holding SA (Financials) | 7.44 |  | 5066716 |
| 841608 | Itausa SA (Financials) | 9.63 |  | 1739622 |
| 356826 | Petroleo Brasileiro SA - Petrobras (Energy) | 9.67 |  | 2044415 |
|  |  |  |  | 12778850 |
| Colombia – 0.2% | Colombia – 0.2% | Colombia – 0.2% | Colombia – 0.2% | Colombia – 0.2% |
| 119288 | Grupo Cibest SA (Financials) | 8.97 |  | 1492946 |
| India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% | India – 0.0% |
| 93888 | TVS Motor Co. Ltd. (Consumer Discretionary)\* | 0.00 |  | 10642 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 3212489 | Surgutneftegas PJSC (Energy)\*<sup>(c)</sup> | 0.00 |  |  |
| South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% |
| 5056 | Hyundai Motor Co. (Consumer<br>Discretionary)<sup>(b)</sup> | 7.82 |  | 600065 |
| 2672 | Hyundai Motor Co. (Consumer Discretionary) | 7.64 |  | 326733 |
| 82397 | Samsung Electronics Co. Ltd. (Information Technology) | 2.63 |  | 3354555 |
|  |  |  |  | 4281353 |
| TOTAL PREFERRED STOCKS<br>(Cost $14,268,237) | TOTAL PREFERRED STOCKS<br>(Cost $14,268,237) | TOTAL PREFERRED STOCKS<br>(Cost $14,268,237) |  | 18563791 |
| **Shares** | **Description** | **Description** | **Value** | **Value** |
| Exchange-Traded Fund – 0.8% | Exchange-Traded Fund – 0.8% | Exchange-Traded Fund – 0.8% | Exchange-Traded Fund – 0.8% | Exchange-Traded Fund – 0.8% |
| United States – 0.8% | United States – 0.8% | United States – 0.8% | United States – 0.8% | United States – 0.8% |
| 331159 | iShares MSCI Malaysia ETF | iShares MSCI Malaysia ETF |  |  |
| **(Cost $9,507,789)** | **(Cost $9,507,789)** | **(Cost $9,507,789)** |  | 8235924 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> | Investment Company – 0.2%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257838 | 4.114% | $2257838 |
| **(Cost $2,257,838)** | **(Cost $2,257,838)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $767,383,618) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $767,383,618) | 1059749578 |
| Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 0.9%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 9440420 | 4.154% | 9440420 |
| (Cost $9,440,420) | (Cost $9,440,420) |  |
| TOTAL INVESTMENTS – 101.0%<br>(Cost $776,824,038) | TOTAL INVESTMENTS – 101.0%<br>(Cost $776,824,038) | $1069189998 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.0)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.0)%** | (10062601) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059127397 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

---

| | |
|:---|:---|
| Sector Name | **% of** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market** <br> **Value**  |
|  Financials | 25.6% |
|  Information Technology | 23.7 |
|  Consumer Discretionary | 12.3 |
|  Communication Services | 10.1 |
|  Industrials | 5.9 |
|  Materials | 5.6 |
|  Health Care | 4.4 |
|  Consumer Staples | 4.3 |
|  Energy | 2.9 |
|  Utilities | 2.3 |
|  Real Estate | 1 |
|  Exchange-Traded Fund | 0.8 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 0.9 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of security is on loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| GDR | —Global Depositary Receipt |
| NVDR | —Non-Voting Depository Receipt |
| PLC | —Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Australia – 0.6% | Australia – 0.6% | Australia – 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89393 | Glencore PLC (Materials)\* | $352903 |
| 5181 | Rio Tinto PLC (Materials) | 324930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677833 |
| Austria – 0.4% | Austria – 0.4% | Austria – 0.4% |
| 2633 | Erste Group Bank AG (Financials) | 250561 |
| 6190 | Mondi PLC (Materials) | 87101 |
| 2334 | OMV AG (Energy) | 128565 |
|  |  | 466227 |
| Belgium – 1.2% | Belgium – 1.2% | Belgium – 1.2% |
| 5979 | Ageas SA/NV (Financials) | 421305 |
| 3185 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 199600 |
| 3998 | Groupe Bruxelles Lambert NV (Financials) | 351443 |
| 1467 | KBC Group NV (Financials) | 173000 |
| 84 | Sofina SA (Financials) | 25426 |
| 515 | UCB SA (Health Care) | 120471 |
|  |  | 1291245 |
| Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% |
| 6474 | Yara International ASA (Materials) | 235636 |
| China – 0.3% | China – 0.3% | China – 0.3% |
| 4718 | Prosus NV (Consumer Discretionary)\* | 291639 |
| Denmark – 3.4% | Denmark – 3.4% | Denmark – 3.4% |
| 220 | AP Moller – Maersk A/S, Class A (Industrials)<sup>(a)</sup> | 451919 |
| 218 | AP Moller – Maersk A/S, Class B (Industrials) | 449007 |
| 184 | Carlsberg AS, Class B (Consumer Staples) | 22517 |
| 2836 | Danske Bank A/S (Financials) | 116646 |
| 4787 | Demant A/S (Health Care)\* | 183155 |
| 356 | DSV A/S (Industrials) | 78879 |
| 489 | Genmab A/S (Health Care)\* | 121766 |
| 23419 | Novo Nordisk A/S, Class B (Health Care) | 1317611 |
| 2413 | Pandora A/S (Consumer Discretionary) | 333349 |
| 9505 | ROCKWOOL A/S, Class B (Industrials) | 359200 |
| 7544 | Tryg A/S (Financials) | 198500 |
| 5530 | Vestas Wind Systems A/S (Industrials) | 110127 |
|  |  | 3742676 |
| Finland – 1.6% | Finland – 1.6% | Finland – 1.6% |
| 1955 | Elisa OYJ (Communication Services) | 104165 |
| 966 | Kesko OYJ, Class B (Consumer Staples) | 21427 |
| 1969 | Kone OYJ, Class B (Industrials) | 123809 |
| 1861 | Metso Corp. (Industrials) | 24059 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Finland – (continued) | Finland – (continued) | Finland – (continued) | Finland – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53617 | Nokia OYJ (Information Technology) | $| 230889 |
| 18778 | Nordea Bank Abp (Financials) |  | 286615 |
| 6893 | Orion OYJ, Class B (Health Care) |  | 550256 |
| 20110 | Sampo OYJ, Class A (Financials) |  | 230821 |
| 1184 | UPM-Kymmene OYJ (Materials) |  | 33718 |
| 4447 | Wartsila OYJ Abp (Industrials) |  | 130339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1736098 |
| France – 14.0% | France – 14.0% | France – 14.0% | France – 14.0% |
| 3134 | Accor SA (Consumer Discretionary) |  | 155061 |
| 173 | Aeroports de Paris SA (Industrials)<sup>(a)</sup> |  | 22740 |
| 3120 | Air Liquide SA (Materials) |  | 643549 |
| 2003 | Airbus SE (Industrials) |  | 419809 |
| 14082 | Alstom SA (Industrials)\* |  | 338561 |
| 922 | Amundi SA (Financials)<sup>(b)</sup> |  | 68152 |
| 15289 | AXA SA (Financials) |  | 712073 |
| 788 | BioMerieux (Health Care) |  | 109483 |
| 7889 | BNP Paribas SA (Financials) |  | 709455 |
| 31379 | Bollore SE (Communication Services) |  | 183205 |
| 16211 | Bouygues SA (Industrials) |  | 695244 |
| 5509 | Bureau Veritas SA (Industrials) |  | 166108 |
| 1641 | Capgemini SE (Information Technology) |  | 233280 |
| 32035 | Carrefour SA (Consumer Staples) |  | 463650 |
| 4397 | Cie de Saint-Gobain SA (Industrials) |  | 474525 |
| 4751 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) |  | 172003 |
| 23295 | Credit Agricole SA (Financials) |  | 426180 |
| 5675 | Danone SA (Consumer Staples) |  | 472820 |
| 140 | Dassault Aviation SA (Industrials) |  | 44245 |
| 3155 | Dassault Systemes (Information Technology) |  | 98232 |
| 5162 | Eiffage SA (Industrials) |  | 649529 |
| 13567 | Engie SA (Utilities) |  | 280921 |
| 1706 | EssilorLuxottica SA (Health Care) |  | 519587 |
| 667 | FDJ UNITED (Consumer Discretionary) |  | 21486 |
| 1044 | Gecina SA REIT (Real Estate) |  | 102465 |
| 10792 | Getlink SE (Industrials) |  | 204008 |
| 209 | Hermes International SCA (Consumer Discretionary) |  | 511531 |
| 2856 | Ipsen SA (Health Care) |  | 387782 |
| 6626 | Klepierre SA REIT (Real Estate) |  | 258576 |
| 1066 | Legrand SA (Industrials) |  | 162333 |
| 1975 | L'Oreal SA (Consumer Staples) |  | 919841 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| 1604 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | $| 946439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17075 | Orange SA (Communication Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277810 |
| 621 | Publicis Groupe SA (Communication Services) |  | 57307 |
| 7065 | Rexel SA (Industrials) |  | 228902 |
| 1614 | Safran SA (Industrials) |  | 538230 |
| 9558 | Societe Generale SA (Financials) |  | 589813 |
| 3663 | Teleperformance SE (Industrials) |  | 282635 |
| 216 | Thales SA (Industrials) |  | 56937 |
| 14155 | TotalEnergies SE (Energy) |  | 886412 |
| 6173 | Veolia Environnement SA (Utilities) |  | 203831 |
| 4033 | Vinci SA (Industrials) |  | 547121 |
|  |  |  | 15241871 |
| Germany – 15.8% | Germany – 15.8% | Germany – 15.8% | Germany – 15.8% |
| 2274 | adidas AG (Consumer Discretionary) |  | 442777 |
| 3316 | Allianz SE (Financials) |  | 1401955 |
| 1859 | BASF SE (Materials) |  | 98702 |
| 22498 | Bayer AG (Health Care) |  | 738930 |
| 454 | Bayerische Motoren Werke AG (Consumer Discretionary) |  | 47540 |
| 1680 | Beiersdorf AG (Consumer Staples) |  | 193183 |
| 2256 | Brenntag SE (Industrials) |  | 139638 |
| 6343 | Commerzbank AG (Financials) |  | 242187 |
| 3945 | Continental AG (Consumer Discretionary) |  | 346322 |
| 265 | CTS Eventim AG & Co. KGaA (Communication Services) |  | 24830 |
| 765 | Daimler Truck Holding AG (Industrials) |  | 35970 |
| 26820 | Deutsche Bank AG (Financials) |  | 942727 |
| 1457 | Deutsche Boerse AG (Financials) |  | 429084 |
| 4850 | Deutsche Lufthansa AG (Industrials) |  | 45166 |
| 12175 | Deutsche Post AG (Industrials) |  | 554073 |
| 22565 | Deutsche Telekom AG (Communication Services) |  | 824594 |
| 8642 | E.ON SE (Utilities) |  | 154210 |
| 9567 | Evonik Industries AG (Materials) |  | 184658 |
| 7584 | Fresenius Medical Care AG (Health Care) |  | 388727 |
| 7772 | Fresenius SE & Co. KGaA (Health Care) |  | 422198 |
| 5587 | GEA Group AG (Industrials) |  | 406762 |
| 185 | Hannover Rueck SE (Financials) |  | 53876 |
| 2741 | Heidelberg Materials AG (Materials) |  | 648085 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 1768 | Henkel AG & Co. KGaA (Consumer Staples) | $| 135859 |
| 902 | Hensoldt AG (Industrials) |  | 93596 |
| 3928 | Infineon Technologies AG (Information Technology) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160737 |
| 2754 | Knorr-Bremse AG (Industrials) |  | 287541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11381 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 710700 |
| 480 | Merck KGaA (Health Care) |  | 60847 |
| 232 | MTU Aero Engines AG (Industrials) |  | 103463 |
| 894 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) |  | 569885 |
| 2641 | Nemetschek SE (Information Technology) |  | 364773 |
| 651 | Rational AG (Industrials) |  | 485392 |
| 325 | Rheinmetall AG (Industrials) |  | 642707 |
| 607 | RWE AG (Utilities) |  | 24327 |
| 7853 | SAP SE (Information Technology) |  | 2129774 |
| 1638 | Scout24 SE (Communication Services)<sup>(b)</sup> |  | 212243 |
| 5022 | Siemens AG (Industrials) |  | 1390795 |
| 6680 | Siemens Energy AG (Industrials)\* |  | 709335 |
| 394 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> |  | 21818 |
| 1276 | Talanx AG (Financials) |  | 175941 |
| 8693 | Zalando SE (Consumer Discretionary)\*<sup>(b)</sup> |  | 242169 |
|  |  |  | 17288096 |
| Hong Kong – 0.1% | Hong Kong – 0.1% | Hong Kong – 0.1% | Hong Kong – 0.1% |
| 7786 | Prudential PLC (Financials) |  | 103994 |
| Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% |
| 272 | AerCap Holdings NV (Industrials) |  | 33592 |
| 8751 | AIB Group PLC (Financials) |  | 71087 |
| 8524 | Bank of Ireland Group PLC (Financials) |  | 126114 |
| 275 | Kingspan Group PLC (Industrials) |  | 21212 |
|  |  |  | 252005 |
| Italy – 5.6% | Italy – 5.6% | Italy – 5.6% | Italy – 5.6% |
| 9456 | Banca Mediolanum SpA (Financials) |  | 191259 |
| 22732 | Banco BPM SpA (Financials) |  | 311977 |
| 15533 | BPER Banca SpA (Financials) |  | 161414 |
| 4266 | Coca-Cola HBC AG (Consumer Staples)\* |  | 215327 |
| 52621 | Enel SpA (Utilities) |  | 485599 |
| 21135 | Eni SpA (Energy) |  | 377065 |
| 342 | Ferrari NV (Consumer Discretionary) |  | 162807 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) | Italy – (continued) | Italy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14244 | FinecoBank Banca Fineco SpA (Financials) | $| 312612 |
| 11379 | Generali (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444326 |
| 8670 | Infrastrutture Wireless Italiane SpA (Communication<br>Services)<sup>(b)</sup> |  | 105136 |
| 92248 | Intesa Sanpaolo SpA (Financials) |  | 580373 |
| 3693 | Leonardo SpA (Industrials) |  | 210643 |
| 3793 | Mediobanca Banca di Credito Finanziario SpA (Financials) |  | 91902 |
| 1817 | Moncler SpA (Consumer Discretionary) |  | 105638 |
| 18258 | Poste Italiane SpA<br>(Financials)<sup>(b)</sup> |  | 427634 |
| 2636 | Prysmian SpA (Industrials) |  | 230544 |
| 1364 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) |  | 84219 |
| 4542 | Ryanair Holdings PLC (Industrials) |  | 134240 |
| 26566 | Snam SpA (Utilities) |  | 161821 |
| 116924 | Telecom Italia SpA (Communication Services)\* |  | 56058 |
| 13243 | Terna - Rete Elettrica Nazionale (Utilities) |  | 133246 |
| 10371 | UniCredit SpA (Financials) |  | 801677 |
| 17681 | Unipol Assicurazioni SpA (Financials) |  | 369417 |
|  |  |  | 6154934 |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| 2653 | ArcelorMittal (Materials) |  | 88378 |
| 5136 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 103702 |
| 373 | Eurofins Scientific SE (Health Care) |  | 28300 |
|  |  |  | 220380 |
| Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% |
| 4977 | Fresnillo PLC (Materials) |  | 120228 |
| Netherlands – 7.0% | Netherlands – 7.0% | Netherlands – 7.0% | Netherlands – 7.0% |
| 12855 | ABN AMRO Bank NV (Financials)<sup>(a)(b)</sup> |  | 370903 |
| 94 | Adyen NV (Financials)\*<sup>(b)</sup> |  | 157823 |
| 12943 | Aegon Ltd. (Financials) |  | 101837 |
| 1531 | Akzo Nobel NV (Materials) |  | 105730 |
| 196 | Argenx SE (Health Care)\* |  | 138569 |
| 123 | ASM International NV (Information Technology) |  | 59129 |
| 2932 | ASML Holding NV (Information Technology) |  | 2184753 |
| 4067 | ASR Nederland NV (Financials) |  | 282198 |
| 255 | BE Semiconductor Industries NV (Information Technology) |  | 34355 |
| 1820 | Euronext NV (Financials)<sup>(b)</sup> |  | 300587 |
| 7639 | EXOR NV (Financials) |  | 765836 |
| 3979 | Heineken Holding NV (Consumer Staples) |  | 282007 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) | Netherlands – (continued) |
| 531 | Heineken NV (Consumer Staples) | $| 42886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22435 | ING Groep NV (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;534658 |
| 8928 | JDE Peet's NV (Consumer Staples) |  | 326465 |
| 22070 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 884779 |
| 41084 | Koninklijke KPN NV (Communication Services) |  | 196010 |
| 7347 | NN Group NV (Financials) |  | 505833 |
| 2005 | Randstad NV (Industrials) |  | 94789 |
| 1264 | Universal Music Group NV (Communication Services) |  | 35715 |
| 1973 | Wolters Kluwer NV (Industrials) |  | 248491 |
|  |  |  | 7653353 |
| Norway – 1.1% | Norway – 1.1% | Norway – 1.1% | Norway – 1.1% |
| 6084 | DNB Bank ASA (Financials) |  | 160283 |
| 3112 | Equinor ASA (Energy) |  | 76751 |
| 9612 | Gjensidige Forsikring ASA (Financials) |  | 267100 |
| 3142 | Kongsberg Gruppen ASA (Industrials) |  | 93830 |
| 2163 | Mowi ASA (Consumer Staples) |  | 44477 |
| 25513 | Norsk Hydro ASA (Materials) |  | 165508 |
| 18235 | Orkla ASA (Consumer Staples) |  | 203812 |
| 10329 | Telenor ASA (Communication Services) |  | 172297 |
|  |  |  | 1184058 |
| Poland – 0.3% | Poland – 0.3% | Poland – 0.3% | Poland – 0.3% |
| 25708 | InPost SA (Industrials)\* |  | 373432 |
| Portugal – 0.4% | Portugal – 0.4% | Portugal – 0.4% | Portugal – 0.4% |
| 98986 | Banco Comercial Portugues SA, Class R (Financials) |  | 83885 |
| 12843 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 317792 |
|  |  |  | 401677 |
| Singapore – 0.0% | Singapore – 0.0% | Singapore – 0.0% | Singapore – 0.0% |
| 1097 | STMicroelectronics NV (Information Technology) |  | 29854 |
| South Africa – 0.1% | South Africa – 0.1% | South Africa – 0.1% | South Africa – 0.1% |
| 2923 | Anglo American PLC (Materials) |  | 89961 |
| Spain – 5.7% | Spain – 5.7% | Spain – 5.7% | Spain – 5.7% |
| 214 | Acciona SA (Utilities) |  | 42382 |
| 6874 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 519371 |
| 7905 | Aena SME SA (Industrials)<sup>(b)</sup> |  | 228915 |
| 1890 | Amadeus IT Group SA (Consumer Discretionary) |  | 158397 |
| 47928 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 868986 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82644 | Banco de Sabadell SA (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313905 |
| 136974 | Banco Santander SA (Financials) |  | 1308278 |
| 6542 | Bankinter SA (Financials) |  | 97594 |
| 26311 | CaixaBank SA (Financials) |  | 262699 |
| 7454 | Endesa SA (Utilities) |  | 227197 |
| 28304 | Grifols SA (Health Care) |  | 399877 |
| 38068 | Iberdrola SA (Utilities) |  | 716280 |
| 9723 | Industria de Diseno Textil SA (Consumer Discretionary) |  | 480269 |
| 6340 | Redeia Corp. SA (Utilities) |  | 123262 |
| 81495 | Telefonica SA (Communication Services)<sup>(a)</sup> |  | 436695 |
|  |  |  | 6184107 |
| Sweden – 4.1% | Sweden – 4.1% | Sweden – 4.1% | Sweden – 4.1% |
| 2060 | AddTech AB, Class B (Industrials) |  | 72163 |
| 1186 | Alfa Laval AB (Industrials) |  | 53937 |
| 7485 | Assa Abloy AB, Class B (Industrials) |  | 264180 |
| 11989 | Atlas Copco AB, Class A (Industrials) |  | 191245 |
| 7196 | Atlas Copco AB, Class B (Industrials) |  | 102208 |
| 2560 | Boliden AB (Materials)\* |  | 88109 |
| 1874 | Epiroc AB, Class A (Industrials) |  | 39119 |
| 1520 | Epiroc AB, Class B (Industrials) |  | 28261 |
| 1315 | Essity AB, Class B (Consumer Staples) |  | 35507 |
| 26946 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)<sup>(a)</sup> |  | 395250 |
| 11957 | Hexagon AB, Class B (Information Technology) |  | 133072 |
| 2525 | Holmen AB, Class B (Materials) |  | 98268 |
| 5569 | Industrivarden AB, Class A (Financials) |  | 221441 |
| 5560 | Industrivarden AB, Class C (Financials) |  | 221083 |
| 3580 | Indutrade AB (Industrials) |  | 89027 |
| 2144 | Investment AB Latour, Class B (Industrials) |  | 54381 |
| 8748 | Investor AB, Class B (Financials) |  | 269250 |
| 3843 | L E Lundbergforetagen AB, Class B (Financials) |  | 194382 |
| 1535 | Lifco AB, Class B (Industrials) |  | 54485 |
| 2333 | Saab AB, Class B (Industrials) |  | 131905 |
| 4318 | Sandvik AB (Industrials) |  | 109067 |
| 1384 | Securitas AB, Class B (Industrials) |  | 21163 |
| 5985 | Skandinaviska Enskilda Banken AB, Class A (Financials) |  | 110614 |
| 14643 | Skanska AB, Class B (Industrials) |  | 363211 |
| 2596 | SKF AB, Class B (Industrials) |  | 66559 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 8584 | Svenska Handelsbanken AB, Class A (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110315 |
| 4811 | Swedbank AB, Class A (Financials) |  | 135293 |
| 746 | Swedish Orphan Biovitrum AB (Health Care)\* |  | 22634 |
| 6797 | Tele2 AB, Class B (Communication Services) |  | 119625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57895 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 460540 |
| 12977 | Telia Co. AB (Communication Services) |  | 48393 |
| 1461 | Trelleborg AB, Class B (Industrials) |  | 56489 |
| 3424 | Volvo AB, Class B (Industrials) |  | 105222 |
|  |  |  | 4466398 |
| Switzerland – 7.9% | Switzerland – 7.9% | Switzerland – 7.9% | Switzerland – 7.9% |
| 8955 | ABB Ltd. (Industrials) |  | 601595 |
| 8282 | Avolta AG (Consumer Discretionary)\* |  | 476574 |
| 914 | Baloise Holding AG (Financials) |  | 237236 |
| 835 | Banque Cantonale Vaudoise (Financials) |  | 97184 |
| 86 | Belimo Holding AG (Industrials) |  | 94712 |
| 281 | BKW AG (Utilities) |  | 58588 |
| 2 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) |  | 30511 |
| 1696 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 296622 |
| 277 | EMS-Chemie Holding AG (Materials) |  | 212677 |
| 599 | Galderma Group AG (Health Care) |  | 104650 |
| 726 | Geberit AG (Industrials) |  | 532609 |
| 1131 | Helvetia Holding AG (Financials) |  | 291296 |
| 1945 | Julius Baer Group Ltd. (Financials) |  | 140450 |
| 1485 | Kuehne + Nagel International AG (Industrials) |  | 302557 |
| 4338 | Logitech International SA (Information Technology) |  | 448540 |
| 177 | Lonza Group AG (Health Care) |  | 125598 |
| 317 | Partners Group Holding AG (Financials) |  | 435401 |
| 1827 | Sandoz Group AG (Health Care) |  | 114689 |
| 583 | Schindler Holding AG (Industrials) |  | 208670 |
| 587 | Schindler Holding AG Participation Certificates (Industrials) |  | 218330 |
| 3579 | SGS SA (Industrials) |  | 365313 |
| 621 | Sika AG (Materials) |  | 144165 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 623 | Sonova Holding AG (Health |  |  |
|  | Care) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181586 |
| 2036 | Straumann Holding AG (Health |  |  |
|  | Care) |  | 239056 |
| 408 | Swiss Life Holding AG |  |  |
|  | (Financials) |  | 441164 |
| 1471 | Swiss Prime Site AG (Real |  |  |
|  | Estate) |  | 204712 |
| 233 | Swisscom AG (Communication |  |  |
|  | Services) |  | 168543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18760 | UBS Group AG (Financials) |  | 760214 |
| 424 | VAT Group AG (Industrials)<sup>(b)</sup> |  | 138707 |
| 1247 | Zurich Insurance Group AG |  |  |
|  | (Financials) |  | 912016 |
|  |  |  | 8583965 |
| United Kingdom – 17.7% | United Kingdom – 17.7% | United Kingdom – 17.7% | United Kingdom – 17.7% |
| 9350 | 3i Group PLC (Financials) |  | 507693 |
| 11681 | Admiral Group PLC |  |  |
|  | (Financials) |  | 572241 |
| 376 | Ashtead Group PLC |  |  |
|  | (Industrials) |  | 27665 |
| 5605 | Associated British Foods PLC |  |  |
|  | (Consumer Staples) |  | 163569 |
| 11168 | AstraZeneca PLC (Health Care) |  | 1778937 |
| 53658 | Auto Trader Group PLC |  |  |
|  | (Communication Services)<sup>(b)</sup> |  | 582277 |
| 42115 | Aviva PLC (Financials) |  | 370757 |
| 9313 | BAE Systems PLC (Industrials) |  | 221134 |
| 139331 | Barclays PLC (Financials) |  | 678428 |
| 15783 | Barratt Redrow PLC (Consumer |  |  |
|  | Discretionary) |  | 76701 |
| 10643 | British American Tobacco PLC |  |  |
|  | (Consumer Staples) |  | 601771 |
| 46394 | BT Group PLC |  |  |
|  | (Communication Services) |  | 135704 |
| 3524 | Bunzl PLC (Industrials) |  | 119123 |
| 200459 | Centrica PLC (Utilities) |  | 435901 |
| 1466 | Coca-Cola Europacific Partners |  |  |
|  | PLC (Consumer Staples) |  | 130269 |
| 7673 | Compass Group PLC |  |  |
|  | (Consumer Discretionary) |  | 260409 |
| 3732 | DCC PLC (Industrials) |  | 237181 |
| 6095 | Diageo PLC (Consumer |  |  |
|  | Staples) |  | 168728 |
| 2239 | Entain PLC (Consumer |  |  |
|  | Discretionary) |  | 26559 |
| 4399 | Halma PLC (Information |  |  |
|  | Technology) |  | 195415 |
| 5122 | Hikma Pharmaceuticals PLC |  |  |
|  | (Health Care) |  | 123523 |
| 124771 | HSBC Holdings PLC |  |  |
|  | (Financials) |  | 1595870 |
| 9445 | Imperial Brands PLC |  |  |
|  | (Consumer Staples) |  | 398388 |
| 10336 | Informa PLC (Communication |  |  |
|  | Services) |  | 121547 |
| 368 | InterContinental Hotels Group |  |  |
|  | PLC (Consumer Discretionary) |  | 44508 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29152 | International Consolidated |  |  |
|  | Airlines Group SA (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150548 |
| 1657 | Intertek Group PLC |  |  |
|  | (Industrials) |  | 104995 |
| 121193 | J Sainsbury PLC (Consumer |  |  |
|  | Staples) |  | 490231 |
| 438381 | JD Sports Fashion PLC |  |  |
|  | (Consumer Discretionary) |  | 568702 |
| 153768 | Kingfisher PLC (Consumer |  |  |
|  | Discretionary) |  | 534744 |
| 6922 | Land Securities Group PLC |  |  |
|  | REIT (Real Estate) |  | 51810 |
| 62949 | Legal & General Group PLC |  |  |
|  | (Financials) |  | 210492 |
| 355467 | Lloyds Banking Group PLC |  |  |
|  | (Financials) |  | 381898 |
| 1193 | London Stock Exchange Group |  |  |
|  | PLC (Financials) |  | 147770 |
| 100195 | M&G PLC (Financials) |  | 358862 |
| 47431 | Marks & Spencer Group PLC |  |  |
|  | (Consumer Staples) |  | 221338 |
| 13777 | National Grid PLC (Utilities) |  | 193766 |
| 62828 | NatWest Group PLC |  |  |
|  | (Financials) |  | 433417 |
| 2287 | Next PLC (Consumer |  |  |
|  | Discretionary) |  | 369392 |
| 14149 | Pearson PLC (Consumer |  |  |
|  | Discretionary) |  | 205879 |
| 13101 | Phoenix Group Holdings PLC |  |  |
|  | (Financials) |  | 120626 |
| 2953 | Reckitt Benckiser Group PLC |  |  |
|  | (Consumer Staples) |  | 220628 |
| 13552 | RELX PLC (Industrials) |  | 630943 |
| 43192 | Rolls-Royce Holdings PLC |  |  |
|  | (Industrials) |  | 624394 |
| 28920 | Sage Group PLC (The) |  |  |
|  | (Information Technology) |  | 424521 |
| 7417 | Segro PLC REIT (Real Estate) |  | 62830 |
| 4794 | Smith & Nephew PLC (Health |  |  |
|  | Care) |  | 89576 |
| 4682 | Smiths Group PLC (Industrials) |  | 149032 |
| 825 | Spirax Group PLC (Industrials) |  | 81311 |
| 25488 | Standard Chartered PLC |  |  |
|  | (Financials) |  | 477277 |
| 54866 | Tesco PLC (Consumer Staples) |  | 313334 |
| 13136 | Unilever PLC (Consumer |  |  |
|  | Staples) |  | 825609 |
| 527451 | Vodafone Group PLC |  |  |
|  | (Communication Services) |  | 629665 |
| 1224 | Whitbread PLC (Consumer |  |  |
|  | Discretionary) |  | 52008 |
| 27481 | Wise PLC, Class A |  |  |
|  | (Financials)\* |  | 391331 |
| 49101 | WPP PLC (Communication |  |  |
|  | Services) |  | 259315 |
|  |  |  | 19350542 |
| United States – 11.3% | United States – 11.3% | United States – 11.3% | United States – 11.3% |
| 1678 | Alcon AG (Health Care) |  | 133686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) | United States – (continued) | United States – (continued) |
| 4034 | Amrize Ltd. (Materials)\* | Amrize Ltd. (Materials)\* | $| 210724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93932 | BP PLC (Energy) | BP PLC (Energy) |  | 548364 |
| 5833 | Experian PLC (Industrials) | Experian PLC (Industrials) |  | 301988 |
| 3201 | Ferrovial SE (Industrials) | Ferrovial SE (Industrials) |  | 174937 |
| 31442 | GSK PLC (Health Care) | GSK PLC (Health Care) |  | 617018 |
| 41191 | Haleon PLC (Health Care) | Haleon PLC (Health Care) |  | 201958 |
| 5088 | Holcim AG (Materials)\* | Holcim AG (Materials)\* |  | 426627 |
| 16892 | Nestle SA (Consumer Staples) | Nestle SA (Consumer Staples) |  | 1593753 |
| 15911 | Novartis AG (Health Care) | Novartis AG (Health Care) |  | 2014338 |
| 2932 | QIAGEN NV (Health Care) | QIAGEN NV (Health Care) |  | 136281 |
| 5801 | Roche Holding AG (Health Care) | Roche Holding AG (Health Care) |  | 1889745 |
| 596 | Roche Holding AG (Health Care) | Roche Holding AG (Health Care) |  | 204522 |
| 6677 | Sanofi SA (Health Care) | Sanofi SA (Health Care) |  | 660326 |
| 3454 | Schneider Electric SE (Industrials) | Schneider Electric SE (Industrials) |  | 849213 |
| 38990 | Shell PLC (Energy) | Shell PLC (Energy) |  | 1434934 |
| 690 | Spotify Technology SA (Communication Services)\* | Spotify Technology SA (Communication Services)\* |  | 470497 |
| 2008 | Swiss Re AG (Financials) | Swiss Re AG (Financials) |  | 364131 |
| 3813 | Tenaris SA (Energy) | Tenaris SA (Energy) |  | 69245 |
|  |  |  |  | 12302287 |
| TOTAL COMMON STOCKS<br>(Cost $90,564,284) | TOTAL COMMON STOCKS<br>(Cost $90,564,284) | TOTAL COMMON STOCKS<br>(Cost $90,564,284) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108442496 |
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – 0.4% | Preferred Stocks – 0.4% | Preferred Stocks – 0.4% | Preferred Stocks – 0.4% | Preferred Stocks – 0.4% |
| Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% | Germany – 0.4% |
| 380 | Bayerische Motoren Werke AG (Consumer Discretionary) | 5.24% |  | 36384 |
| 1542 | Henkel AG & Co. KGaA (Consumer Staples) | 2.83 |  | 130062 |
| 3083 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.25 |  | 131319 |
| 739 | Volkswagen AG (Consumer Discretionary) | 6.37 |  | 86137 |
| TOTAL PREFERRED STOCKS<br>(Cost $367,641) | TOTAL PREFERRED STOCKS<br>(Cost $367,641) | TOTAL PREFERRED STOCKS<br>(Cost $367,641) |  | 383902 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(c)</sup> | Investment Company – 0.1%<sup>(c)</sup> | Investment Company – 0.1%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98599 | 4.114% | $98599 |
| **(Cost $98,599)** | **(Cost $98,599)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $91,030,524) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $91,030,524) | 108924997 |
| Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.8%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 893934 | 4.154% | 893934 |
| (Cost $893,934) | (Cost $893,934) |  |
| TOTAL INVESTMENTS – 100.6%<br>(Cost $91,924,458) | TOTAL INVESTMENTS – 100.6%<br>(Cost $91,924,458) | $109818931 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.6)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.6)%** | (632785) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109186146 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\* Non-income producing security.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br> Market <br>Value** |
|  Financials | 27.4% |
|  Industrials | 19.6 |
|  Health Care | 13.0 |
|  Consumer Staples | 9.1 |
|  Consumer Discretionary | 8.0 |
|  Information Technology | 6.5 |
|  Communication Services | 4.8 |
|  Materials | 4.0 |
|  Energy | 3.2 |
|  Utilities | 2.9 |
|  Real Estate | 0.6 |
|  Investment Company | 0.1 |
|  Securities Lending Reinvestment Vehicle | 0.8 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> EUROPE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS— At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized <br>Appreciation/ <br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EUROPE SEP 25 | 5 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217918 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 99.3% | Common Stocks – 99.3% | Common Stocks – 99.3% |
| Australia – 5.6% | Australia – 5.6% | Australia – 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490100 | ANZ Group Holdings Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;10800344 |
| 87502 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 4164107 |
| 20526 | ASX Ltd. (Financials) | 840179 |
| 485251 | BHP Group Ltd. (Materials) | 13717008 |
| 143764 | BlueScope Steel Ltd. (Materials) | 2159447 |
| 170494 | Brambles Ltd. (Industrials) | 2895718 |
| 48258 | Cochlear Ltd. (Health Care) | 9524417 |
| 958869 | Coles Group Ltd. (Consumer Staples) | 14986608 |
| 229232 | Commonwealth Bank of Australia (Financials) | 25550515 |
| 66368 | Computershare Ltd. (Industrials) | 1658023 |
| 488311 | Evolution Mining Ltd. (Materials) | 2767733 |
| 1842426 | Glencore PLC (Materials)\* | 7273471 |
| 304622 | Insurance Australia Group Ltd. (Financials) | 1736558 |
| 3231058 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 12434601 |
| 21746 | Macquarie Group Ltd. (Financials) | 3204648 |
| 1124783 | Medibank Pvt Ltd. (Financials) | 3754470 |
| 397974 | National Australia Bank Ltd. (Financials) | 11145685 |
| 196657 | Origin Energy Ltd. (Utilities) | 1662960 |
| 71324 | Pro Medicus Ltd. (Health Care) | 13948920 |
| 461268 | Qantas Airways Ltd. (Industrials) | 3547325 |
| 427927 | QBE Insurance Group Ltd. (Financials) | 6063695 |
| 53306 | REA Group Ltd. (Communication Services) | 8758132 |
| 19008 | Rio Tinto Ltd. (Materials) | 1436532 |
| 108295 | Rio Tinto PLC (Materials) | 6791802 |
| 1090403 | Scentre Group REIT (Real Estate) | 2911769 |
| 27697 | SGH Ltd. (Industrials) | 915630 |
| 962224 | Sigma Healthcare Ltd. (Health Care)<sup>(a)</sup> | 1964900 |
| 218282 | Sonic Healthcare Ltd. (Health Care) | 3435918 |
| 1603042 | South32 Ltd. (Materials) | 2853800 |
| 452391 | Stockland REIT (Real Estate) | 1835758 |
| 302822 | Suncorp Group Ltd. (Financials) | 4217633 |
| 1626024 | Telstra Group Ltd. (Communication Services) | 5204099 |
| 335496 | Transurban Group (Industrials) | 3205900 |
| 1161564 | Vicinity Ltd. REIT (Real Estate) | 1969031 |
| 45092 | Washington H Soul Pattinson & Co. Ltd. (Financials)<sup>(a)</sup> | 1291477 |
| 270018 | Wesfarmers Ltd. (Consumer Discretionary) | 16225290 |
| 490742 | Westpac Banking Corp. (Financials) | 12401174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) | Australia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548414 | Woolworths Group Ltd. (Consumer Staples) | $| &nbsp;&nbsp;&nbsp;&nbsp;10337387 |
|  |  |  | 239592664 |
| Austria – 0.3% | Austria – 0.3% | Austria – 0.3% | Austria – 0.3% |
| 74315 | Erste Group Bank AG (Financials) |  | 7071944 |
| 194416 | Mondi PLC (Materials) |  | 2735664 |
| 64023 | OMV AG (Energy) |  | 3526629 |
|  |  |  | 13334237 |
| Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% | Belgium – 0.8% |
| 153331 | Ageas SA/NV (Financials) |  | 10804340 |
| 73414 | Anheuser-Busch InBev SA/NV (Consumer Staples) |  | 4600755 |
| 3867 | D'ieteren Group (Consumer Discretionary) |  | 837823 |
| 89555 | Groupe Bruxelles Lambert NV (Financials) |  | 7872299 |
| 48518 | KBC Group NV (Financials) |  | 5721630 |
| 7757 | Sofina SA (Financials) |  | 2347979 |
| 9602 | UCB SA (Health Care) |  | 2246144 |
|  |  |  | 34430970 |
| Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% | Brazil – 0.2% |
| 46976 | Wheaton Precious Metals Corp. (Materials) |  | 4718985 |
| 150557 | Yara International ASA (Materials) |  | 5479867 |
|  |  |  | 10198852 |
| Canada – 10.4% | Canada – 10.4% | Canada – 10.4% | Canada – 10.4% |
| 45790 | Agnico Eagle Mines Ltd. (Materials) |  | 6603939 |
| 42500 | Alamos Gold, Inc., Class A (Materials) |  | 1295167 |
| 61196 | Alimentation Couche-Tard, Inc. (Consumer Staples) |  | 3102701 |
| 129325 | AltaGas Ltd. (Utilities) |  | 3834678 |
| 15622 | AtkinsRealis Group, Inc. (Industrials) |  | 1074578 |
| 100698 | Bank of Montreal (Financials) |  | 12189082 |
| 238237 | Bank of Nova Scotia (The) (Financials) |  | 14882980 |
| 7495 | Bombardier, Inc., Class B (Industrials)\* |  | 876505 |
| 55969 | Brookfield Asset Management Ltd., Class A (Financials)<sup>(a)</sup> |  | 3369269 |
| 92046 | Brookfield Corp. (Financials) |  | 6051926 |
| 31518 | CAE, Inc. (Industrials)\* |  | 850076 |
| 28312 | Cameco Corp. (Energy) |  | 2190806 |
| 200220 | Canadian Imperial Bank of Commerce (Financials) |  | 15471313 |
| 9642 | Canadian National Railway Co. (Industrials) |  | 933686 |
| 26088 | Canadian Pacific Kansas City Ltd. (Industrials) |  | 1987739 |
| 92730 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) |  | 11566344 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128909 | Canadian Utilities Ltd., Class A (Utilities) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589491 |
| 14278 | CCL Industries, Inc., Class B (Materials) | 855567 |
| 16989 | Celestica, Inc. (Information Technology)\* | 3310068 |
| 473734 | Cenovus Energy, Inc. (Energy) | 7880902 |
| 35239 | CGI, Inc. (Information Technology) | 3422902 |
| 5662 | Constellation Software, Inc. (Information Technology) | 18765450 |
| 37143 | Dollarama, Inc. (Consumer Discretionary) | 5066024 |
| 113205 | Element Fleet Management Corp. (Industrials) | 3017810 |
| 95409 | Emera, Inc. (Utilities) | 4545470 |
| 459831 | Empire Co. Ltd. (Consumer Staples) | 17854686 |
| 279623 | Enbridge, Inc. (Energy) | 13533594 |
| 7182 | Fairfax Financial Holdings Ltd. (Financials) | 12367928 |
| 5470 | FirstService Corp. (Real Estate) | 1101570 |
| 84593 | Fortis, Inc. (Utilities) | 4211320 |
| 12820 | Franco-Nevada Corp. (Materials) | 2416840 |
| 160047 | George Weston Ltd. (Consumer Staples) | 10309594 |
| 15888 | Gildan Activewear, Inc. (Consumer Discretionary) | 867681 |
| 47542 | Great-West Lifeco, Inc. (Financials)<sup>(a)</sup> | 1883743 |
| 94539 | Hydro One Ltd. (Utilities)<sup>(b)</sup> | 3443603 |
| 28295 | iA Financial Corp., Inc. (Financials) | 3044966 |
| 113649 | IGM Financial, Inc. (Financials) | 4075951 |
| 36629 | Imperial Oil Ltd. (Energy)<sup>(a)</sup> | 3324743 |
| 20085 | Intact Financial Corp. (Financials) | 4023437 |
| 80889 | Keyera Corp. (Energy) | 2607042 |
| 271701 | Kinross Gold Corp. (Materials) | 5681588 |
| 416638 | Loblaw Cos. Ltd. (Consumer Staples) | 17021177 |
| 162333 | Lundin Gold, Inc. (Materials) | 9985085 |
| 306998 | Magna International, Inc. (Consumer Discretionary) | 14096037 |
| 266166 | Manulife Financial Corp. (Financials) | 8190767 |
| 61734 | Metro, Inc. (Consumer Staples) | 4426305 |
| 79833 | National Bank of Canada (Financials) | 8394109 |
| 46200 | Nutrien Ltd. (Materials) | 2663411 |
| 39082 | Open Text Corp. (Information Technology) | 1292913 |
| 66611 | Pan American Silver Corp. (Materials) | 2260393 |
| 82667 | Pembina Pipeline Corp. (Energy) | 3123156 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) | Canada – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223108 | Power Corp. of Canada (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9446278 |
| 60455 | Rogers Communications, Inc., Class B (Communication Services) |  | 2166860 |
| 264471 | Royal Bank of Canada (Financials) |  | 38445043 |
| 135361 | Saputo, Inc. (Consumer Staples) |  | 3389571 |
| 96174 | Shopify, Inc., Class A (Information Technology)\* |  | 13588137 |
| 43509 | Stantec, Inc. (Industrials) |  | 4730706 |
| 90109 | Sun Life Financial, Inc. (Financials)<sup>(a)</sup> |  | 5264972 |
| 260332 | Suncor Energy, Inc. (Energy)<sup>(a)</sup> |  | 10764447 |
| 122170 | TC Energy Corp. (Energy) |  | 6364105 |
| 83539 | TELUS Corp. (Communication Services) |  | 1377561 |
| 22967 | TFI International, Inc. (Industrials) |  | 2176675 |
| 5801 | Thomson Reuters Corp. (Industrials) |  | 1030571 |
| 111460 | TMX Group Ltd. (Financials) |  | 4452880 |
| 21544 | Toromont Industries Ltd. (Industrials) |  | 2253180 |
| 261559 | Toronto-Dominion Bank (The) (Financials) |  | 19645263 |
| 75822 | WSP Global, Inc. (Industrials) |  | 15445498 |
|  |  |  | 439477859 |
| China – 0.5% | China – 0.5% | China – 0.5% | China – 0.5% |
| 1646515 | BOC Hong Kong Holdings Ltd. (Financials) |  | 7438606 |
| 107300 | Prosus NV (Consumer Discretionary)\* |  | 6632659 |
| 444000 | SITC International Holdings Co. Ltd. (Industrials) |  | 1565079 |
| 1429594 | Wilmar International Ltd. (Consumer Staples) |  | 3287063 |
|  |  |  | 18923407 |
| Denmark – 2.1% | Denmark – 2.1% | Denmark – 2.1% | Denmark – 2.1% |
| 5453 | AP Moller – Maersk A/S, Class A (Industrials)<sup>(a)</sup> |  | 11201427 |
| 5359 | AP Moller – Maersk A/S, Class B (Industrials) |  | 11037746 |
| 6958 | Carlsberg AS, Class B (Consumer Staples) |  | 851468 |
| 85305 | Danske Bank A/S (Financials) |  | 3508644 |
| 114411 | Demant A/S (Health Care)\* |  | 4377480 |
| 8158 | DSV A/S (Industrials) |  | 1807559 |
| 11272 | Genmab A/S (Health Care)\* |  | 2806842 |
| 459223 | Novo Nordisk A/S, Class B (Health Care) |  | 25837032 |
| 66918 | Pandora A/S (Consumer Discretionary) |  | 9244542 |
| 250646 | ROCKWOOL A/S, Class B (Industrials) |  | 9472059 |
| 140162 | Tryg A/S (Financials) |  | 3687982 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Denmark – (continued) | Denmark – (continued) | Denmark – (continued) | Denmark – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145752 | Vestas Wind Systems A/S (Industrials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2902584 |
|  |  |  | 86735365 |
| Finland – 1.1% | Finland – 1.1% | Finland – 1.1% | Finland – 1.1% |
| 40006 | Elisa OYJ (Communication Services) |  | 2131568 |
| 59055 | Kesko OYJ, Class B (Consumer Staples) |  | 1309899 |
| 55882 | Kone OYJ, Class B (Industrials) |  | 3513822 |
| 66876 | Metso Corp. (Industrials) |  | 864585 |
| 1863033 | Nokia OYJ (Information Technology) |  | 8022729 |
| 605989 | Nordea Bank Abp (Financials) |  | 9249412 |
| 142138 | Orion OYJ, Class B (Health Care) |  | 11346617 |
| 447698 | Sampo OYJ, Class A (Financials) |  | 5138648 |
| 86791 | UPM-Kymmene OYJ (Materials) |  | 2471659 |
| 91126 | Wartsila OYJ Abp (Industrials) |  | 2670843 |
|  |  |  | 46719782 |
| France – 8.2% | France – 8.2% | France – 8.2% | France – 8.2% |
| 102353 | Accor SA (Consumer Discretionary) |  | 5064127 |
| 14036 | Aeroports de Paris SA (Industrials)<sup>(a)</sup> |  | 1844994 |
| 54847 | Air Liquide SA (Materials) |  | 11313054 |
| 38771 | Airbus SE (Industrials) |  | 8126011 |
| 375413 | Alstom SA (Industrials)\* |  | 9025714 |
| 43698 | Amundi SA (Financials)<sup>(b)</sup> |  | 3230031 |
| 16926 | Arkema SA (Materials) |  | 1200601 |
| 357073 | AXA SA (Financials) |  | 16630402 |
| 18354 | BioMerieux (Health Care)<sup>(a)</sup> |  | 2550077 |
| 185100 | BNP Paribas SA (Financials) |  | 16645968 |
| 832878 | Bollore SE (Communication Services) |  | 4862724 |
| 387352 | Bouygues SA (Industrials) |  | 16612426 |
| 195879 | Bureau Veritas SA (Industrials) |  | 5906164 |
| 45961 | Capgemini SE (Information Technology) |  | 6533694 |
| 763991 | Carrefour SA (Consumer Staples) |  | 11057429 |
| 98068 | Cie de Saint-Gobain SA (Industrials) |  | 10583518 |
| 155089 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) |  | 5614780 |
| 15011 | Covivio SA REIT (Real Estate) |  | 983063 |
| 562663 | Credit Agricole SA (Financials) |  | 10293881 |
| 82091 | Danone SA (Consumer Staples) |  | 6839515 |
| 3566 | Dassault Aviation SA (Industrials) |  | 1126982 |
| 76934 | Dassault Systemes (Information Technology) |  | 2395365 |
| 129089 | Eiffage SA (Industrials) |  | 16243122 |
| 173121 | Engie SA (Utilities) |  | 3584672 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30093 | EssilorLuxottica SA (Health Care) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9165256 |
| 65254 | FDJ UNITED (Consumer Discretionary) |  | 2101974 |
| 23130 | Gecina SA REIT (Real Estate) |  | 2270129 |
| 181367 | Getlink SE (Industrials) |  | 3428488 |
| 4728 | Hermes International SCA (Consumer Discretionary) |  | 11571864 |
| 73640 | Ipsen SA (Health Care) |  | 9998701 |
| 104018 | Klepierre SA REIT (Real Estate) |  | 4059251 |
| 15738 | Legrand SA (Industrials) |  | 2396617 |
| 42534 | L'Oreal SA (Consumer Staples) |  | 19809886 |
| 31412 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) |  | 18534637 |
| 309950 | Orange SA (Communication Services) |  | 5042875 |
| 30033 | Publicis Groupe SA (Communication Services) |  | 2771514 |
| 194790 | Rexel SA (Industrials) |  | 6311092 |
| 33280 | Safran SA (Industrials) |  | 11098073 |
| 216495 | Societe Generale SA (Financials) |  | 13359650 |
| 96339 | Teleperformance SE (Industrials) |  | 7433462 |
| 6216 | Thales SA (Industrials) |  | 1638518 |
| 290912 | TotalEnergies SE (Energy) |  | 18217435 |
| 8987 | Unibail-Rodamco-Westfield REIT (Real Estate)\* |  | 934113 |
| 138781 | Veolia Environnement SA (Utilities) |  | 4582526 |
| 86223 | Vinci SA (Industrials) |  | 11697104 |
|  |  |  | 344691479 |
| Germany – 9.2% | Germany – 9.2% | Germany – 9.2% | Germany – 9.2% |
| 49655 | adidas AG (Consumer Discretionary) |  | 9668466 |
| 71274 | Allianz SE (Financials) |  | 30133576 |
| 32642 | BASF SE (Materials) |  | 1733092 |
| 537223 | Bayer AG (Health Care) |  | 17644691 |
| 9183 | Bayerische Motoren Werke AG (Consumer Discretionary) |  | 961580 |
| 37910 | Beiersdorf AG (Consumer Staples) |  | 4359272 |
| 58273 | Brenntag SE (Industrials) |  | 3606871 |
| 167018 | Commerzbank AG (Financials) |  | 6377038 |
| 104817 | Continental AG (Consumer Discretionary) |  | 9201631 |
| 8296 | CTS Eventim AG & Co. KGaA (Communication Services) |  | 777324 |
| 17639 | Daimler Truck Holding AG (Industrials) |  | 829369 |
| 619763 | Deutsche Bank AG (Financials) |  | 21784760 |
| 31641 | Deutsche Boerse AG (Financials) |  | 9318213 |
| 311478 | Deutsche Lufthansa AG (Industrials) |  | 2900641 |
| 334925 | Deutsche Post AG (Industrials) |  | 15242129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 455768 | Deutsche Telekom AG (Communication Services) | $| 16655149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174755 | E.ON SE (Utilities) |  | 3118379 |
| 273812 | Evonik Industries AG (Materials) |  | 5284999 |
| 197823 | Fresenius Medical Care AG (Health Care) |  | &nbsp;&nbsp;&nbsp;&nbsp;10139663 |
| 201071 | Fresenius SE & Co. KGaA (Health Care) |  | 10922770 |
| 110816 | GEA Group AG (Industrials) |  | 8067977 |
| 6436 | Hannover Rueck SE (Financials) |  | 1874296 |
| 68402 | Heidelberg Materials AG (Materials) |  | 16173052 |
| 28159 | Henkel AG & Co. KGaA (Consumer Staples) |  | 2163833 |
| 21460 | Hensoldt AG (Industrials) |  | 2226795 |
| 41361 | Infineon Technologies AG (Information Technology) |  | 1692522 |
| 66218 | Knorr-Bremse AG (Industrials) |  | 6913735 |
| 264628 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 16525021 |
| 8012 | Merck KGaA (Health Care) |  | 1015643 |
| 6529 | MTU Aero Engines AG (Industrials) |  | 2911679 |
| 19091 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) |  | 12169651 |
| 62725 | Nemetschek SE (Information Technology) |  | 8663522 |
| 14937 | Rational AG (Industrials) |  | 11137164 |
| 6709 | Rheinmetall AG (Industrials) |  | 13267460 |
| 20497 | RWE AG (Utilities) |  | 821478 |
| 157286 | SAP SE (Information Technology) |  | 42656764 |
| 42952 | Scout24 SE (Communication Services)<sup>(b)</sup> |  | 5565482 |
| 91221 | Siemens AG (Industrials) |  | 25262793 |
| 134164 | Siemens Energy AG (Industrials)\* |  | 14246587 |
| 16504 | Siemens Healthineers AG (Health Care)<sup>(b)</sup> |  | 913932 |
| 38370 | Talanx AG (Financials) |  | 5290648 |
| 224849 | Zalando SE (Consumer Discretionary)\*<sup>(b)</sup> |  | 6263827 |
|  |  |  | 386483474 |
| Hong Kong – 1.9% | Hong Kong – 1.9% | Hong Kong – 1.9% | Hong Kong – 1.9% |
| 653246 | AIA Group Ltd. (Financials) |  | 6150485 |
| 179500 | CK Asset Holdings Ltd. (Real Estate) |  | 845481 |
| 262574 | CLP Holdings Ltd. (Utilities) |  | 2217910 |
| 28669 | Futu Holdings Ltd. ADR (Financials) |  | 5320967 |
| 98800 | Hang Seng Bank Ltd. (Financials) |  | 1411818 |
| 2166509 | HKT Trust & HKT Ltd. (Communication Services) |  | 3279284 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 3042180 | Hong Kong & China Gas Co. Ltd. (Utilities) | $| 2735517 |
| 227494 | Hong Kong Exchanges & Clearing Ltd. (Financials) |  | 13160822 |
| 292384 | Hongkong Land Holdings Ltd. (Real Estate) |  | 1812781 |
| 192774 | Jardine Matheson Holdings Ltd. (Industrials) |  | 11680177 |
| 167300 | Link REIT (Real Estate) |  | 889308 |
| 480832 | MTR Corp. Ltd. (Industrials) |  | 1625831 |
| 131000 | Power Assets Holdings Ltd. (Utilities) |  | 852793 |
| 171566 | Prudential PLC (Financials) |  | 2291518 |
| 784080 | Sino Land Co. Ltd. (Real Estate) |  | 931339 |
| 276712 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 3251322 |
| 102500 | Swire Pacific Ltd., Class A (Industrials) |  | 877630 |
| 470821 | Techtronic Industries Co. Ltd. (Industrials) |  | 6063537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16845436 | WH Group Ltd. (Consumer Staples)<sup>(b)</sup> |  | 18021247 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;83419767 |
| Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% | Ireland – 0.2% |
| 10376 | AerCap Holdings NV (Industrials) |  | 1281436 |
| 419345 | AIB Group PLC (Financials) |  | 3406456 |
| 238613 | Bank of Ireland Group PLC (Financials) |  | 3530311 |
|  |  |  | 8218203 |
| Israel – 1.0% | Israel – 1.0% | Israel – 1.0% | Israel – 1.0% |
| 9157 | Azrieli Group Ltd. (Real Estate) |  | 876124 |
| 187767 | Bank Hapoalim BM (Financials) |  | 3666019 |
| 261551 | Bank Leumi Le-Israel BM (Financials) |  | 5020578 |
| 14328 | Check Point Software Technologies Ltd. (Information Technology)\* |  | 2767310 |
| 5781 | Elbit Systems Ltd. (Industrials) |  | 2794785 |
| 404640 | ICL Group Ltd. (Materials) |  | 2625372 |
| 374708 | Israel Discount Bank Ltd., Class A (Financials) |  | 3707251 |
| 57786 | Mizrahi Tefahot Bank Ltd. (Financials) |  | 3775169 |
| 18262 | Nice Ltd. (Information Technology)\* |  | 2590331 |
| 52303 | Phoenix Financial Ltd. (Financials) |  | 1854700 |
| 93716 | Teva Pharmaceutical Industries Ltd. ADR (Health Care)\* |  | 1722500 |
| 78993 | Wix.com Ltd. (Information Technology)\* |  | 11144333 |
|  |  |  | 42544472 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – 3.6% | Italy – 3.6% | Italy – 3.6% |
| 267435 | Banca Mediolanum SpA (Financials) | $5409209 |
| 567559 | Banco BPM SpA (Financials) | 7789250 |
| 403946 | BPER Banca SpA (Financials) | 4197689 |
| 66222 | Coca-Cola HBC AG (Consumer Staples)\* | 3342571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950425 | Enel SpA (Utilities) | 8770741 |
| 585317 | Eni SpA (Energy) | 10442510 |
| 6444 | Ferrari NV (Consumer Discretionary) | 3067620 |
| 559713 | FinecoBank Banca Fineco SpA (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;12283962 |
| 300874 | Generali (Financials) | 11748502 |
| 216056 | Infrastrutture Wireless Italiane SpA (Communication Services)<sup>(b)</sup> | 2619980 |
| 2346772 | Intesa Sanpaolo SpA (Financials) | 14764582 |
| 85341 | Leonardo SpA (Industrials) | 4867724 |
| 174854 | Mediobanca Banca di Credito Finanziario SpA (Financials) | 4236603 |
| 48344 | Moncler SpA (Consumer Discretionary) | 2810662 |
| 399768 | Poste Italiane SpA (Financials)<sup>(b)</sup> | 9363256 |
| 43449 | Prysmian SpA (Industrials) | 3800042 |
| 52494 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) | 3241186 |
| 108948 | Ryanair Holdings PLC (Industrials) | 3219975 |
| 347694 | Snam SpA (Utilities) | 2117904 |
| 5303126 | Telecom Italia SpA (Communication Services)\* | 2542516 |
| 109083 | Terna - Rete Elettrica Nazionale (Utilities) | 1097552 |
| 256409 | UniCredit SpA (Financials) | 19820387 |
| 449891 | Unipol Assicurazioni SpA (Financials) | 9399772 |
|  |  | 150954195 |
| Japan – 19.1% | Japan – 19.1% | Japan – 19.1% |
| 229964 | Advantest Corp. (Information Technology) | 18285917 |
| 169575 | Aeon Co. Ltd. (Consumer Staples) | 2063889 |
| 81308 | AGC, Inc. (Industrials) | 2565639 |
| 717291 | Aisin Corp. (Consumer Discretionary) | 11978870 |
| 57900 | Ajinomoto Co., Inc. (Consumer Staples) | 1580937 |
| 549636 | ANA Holdings, Inc. (Industrials)<sup>(a)</sup> | 11119998 |
| 437457 | Asahi Group Holdings Ltd. (Consumer Staples) | 5531340 |
| 485703 | Asahi Kasei Corp. (Materials) | 4001075 |
| 480720 | Asics Corp. (Consumer Discretionary) | 13093133 |
| 383009 | Astellas Pharma, Inc. (Health Care) | 4225946 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 120786 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | $4191416 |
| 46523 | Bridgestone Corp. (Consumer Discretionary) | 2123280 |
| 163208 | Canon, Inc. (Information Technology) | 4835381 |
| 91495 | Capcom Co. Ltd. (Communication Services) | 2495743 |
| 37388 | Central Japan Railway Co. (Industrials) | 998966 |
| 164498 | Chubu Electric Power Co., Inc. (Utilities) | 2279948 |
| 22491 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 997064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338796 | Dai Nippon Printing Co. Ltd. (Industrials) | 5719093 |
| 491940 | Dai-ichi Life Holdings, Inc. (Financials) | 4109412 |
| 168829 | Daiichi Sankyo Co. Ltd. (Health Care) | 4057875 |
| 8236 | Daikin Industries Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1043348 |
| 19423 | Daito Trust Construction Co. Ltd. (Real Estate) | 2076240 |
| 85504 | Daiwa House Industry Co. Ltd. (Real Estate) | 3045125 |
| 397971 | Daiwa Securities Group, Inc. (Financials) | 3125221 |
| 102103 | Denso Corp. (Consumer Discretionary) | 1485040 |
| 14561 | Disco Corp. (Information Technology) | 4100782 |
| 144749 | Eisai Co. Ltd. (Health Care) | 4473836 |
| 1842763 | ENEOS Holdings, Inc. (Energy) | 11042145 |
| 24022 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 7611125 |
| 88183 | FUJIFILM Holdings Corp. (Information Technology) | 2108704 |
| 69248 | Fujikura Ltd. (Industrials) | 6022796 |
| 283983 | Fujitsu Ltd. (Information Technology) | 6916555 |
| 132823 | Hankyu Hanshin Holdings, Inc. (Industrials) | 3946922 |
| 11094 | Hikari Tsushin, Inc. (Industrials) | 2973260 |
| 497827 | Hitachi Ltd. (Industrials) | 13728599 |
| 130548 | Honda Motor Co. Ltd. (Consumer Discretionary) | 1459968 |
| 75761 | Hoya Corp. (Health Care) | 9932908 |
| 219109 | Hulic Co. Ltd. (Real Estate) | 2359348 |
| 1556006 | Idemitsu Kosan Co. Ltd. (Energy) | 10428128 |
| 37432 | IHI Corp. (Industrials) | 3943968 |
| 479229 | Inpex Corp. (Energy) | 8218618 |
| 141280 | Isuzu Motors Ltd. (Consumer Discretionary) | 1872988 |
| 126785 | ITOCHU Corp. (Industrials) | 7250902 |
| 543591 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | 11614132 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 159574 | Japan Exchange Group, Inc. (Financials) | $1682958 |
| 67400 | Japan Post Bank Co. Ltd. (Financials) | 855210 |
| 613342 | Japan Post Holdings Co. Ltd. (Financials) | 6322446 |
| 320099 | Japan Post Insurance Co. Ltd. (Financials) | 9038859 |
| 89819 | Japan Tobacco, Inc. (Consumer Staples) | 2867846 |
| 418936 | JFE Holdings, Inc. (Materials) | 5247222 |
| 86240 | Kajima Corp. (Industrials) | 2587347 |
| 57608 | Kao Corp. (Consumer Staples) | 2630370 |
| 34700 | Kawasaki Heavy Industries Ltd. (Industrials) | 2132930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164188 | Kawasaki Kisen Kaisha Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2536765 |
| 155692 | KDDI Corp. (Communication Services) | 2704529 |
| 7752 | Keyence Corp. (Information Technology) | 2997845 |
| 334756 | Kirin Holdings Co. Ltd. (Consumer Staples) | 4868867 |
| 67869 | Komatsu Ltd. (Industrials) | 2328786 |
| 17928 | Konami Group Corp. (Communication Services) | 2735752 |
| 168103 | Kubota Corp. (Industrials) | 1975561 |
| 174946 | Kyocera Corp. (Information Technology) | 2355650 |
| 28877 | Lasertec Corp. (Information Technology) | 3078968 |
| 1000604 | LY Corp. (Communication Services) | 3194845 |
| 244159 | Marubeni Corp. (Industrials) | 5624013 |
| 419066 | MatsukiyoCocokara & Co. (Consumer Staples) | 8699562 |
| 118571 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 2469539 |
| 1934683 | Mitsubishi Chemical Group Corp. (Materials) | 11129121 |
| 628155 | Mitsubishi Corp. (Industrials) | 14349272 |
| 110453 | Mitsubishi Electric Corp. (Industrials) | 2672086 |
| 824664 | Mitsubishi HC Capital, Inc. (Financials) | 6798950 |
| 373686 | Mitsubishi Heavy Industries Ltd. (Industrials) | 9551804 |
| 1345711 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 20704656 |
| 326130 | Mitsui & Co. Ltd. (Industrials) | 7609885 |
| 315955 | Mizuho Financial Group, Inc. (Financials) | 10533627 |
| 514218 | MonotaRO Co. Ltd. (Industrials) | 8921984 |
| 369686 | MS&AD Insurance Group Holdings, Inc. (Financials) | 8716860 |
| 141488 | Murata Manufacturing Co. Ltd. (Information Technology) | 2343598 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 332530 | NEC Corp. (Information Technology) | $10275420 |
| 75984 | Nintendo Co. Ltd. (Communication Services) | 6888112 |
| 2466 | Nippon Building Fund, Inc. REIT (Real Estate) | 2388321 |
| 114500 | Nippon Paint Holdings Co. Ltd. (Materials) | 837158 |
| 367835 | Nippon Steel Corp. (Materials) | 7803889 |
| 200624 | Nippon Yusen KK (Industrials) | 7287095 |
| 46562 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | 879073 |
| 48882 | Nitto Denko Corp. (Materials) | 1120632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148370 | Nomura Holdings, Inc. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8290633 |
| 36311 | Nomura Research Institute Ltd. (Information Technology) | 1433397 |
| 31400 | NTT Data Group Corp. (Information Technology) | 846030 |
| 7577212 | NTT, Inc. (Communication Services) | 8040386 |
| 87500 | Obayashi Corp. (Industrials) | 1428188 |
| 91219 | Obic Co. Ltd. (Information Technology) | 3250521 |
| 376381 | Olympus Corp. (Health Care) | 4415571 |
| 7828 | Oracle Corp. Japan (Information Technology) | 814389 |
| 127495 | ORIX Corp. (Financials) | 3325768 |
| 103808 | Osaka Gas Co. Ltd. (Utilities) | 2967357 |
| 129191 | Otsuka Corp. (Information Technology) | 2667850 |
| 118639 | Otsuka Holdings Co. Ltd. (Health Care) | 6275161 |
| 96505 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 3507241 |
| 284191 | Panasonic Holdings Corp. (Consumer Discretionary) | 2932398 |
| 628135 | Rakuten Group, Inc. (Consumer Discretionary)\* | 3922608 |
| 349873 | Recruit Holdings Co. Ltd. (Industrials) | 20443116 |
| 181966 | Renesas Electronics Corp. (Information Technology) | 2189913 |
| 229352 | Resona Holdings, Inc. (Financials) | 2335306 |
| 203200 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 4412066 |
| 117316 | Sanrio Co. Ltd. (Consumer Discretionary) | 6161237 |
| 87495 | SBI Holdings, Inc. (Financials) | 4170799 |
| 15600 | SCREEN Holdings Co. Ltd. (Information Technology) | 1209113 |
| 103063 | SCSK Corp. (Information Technology) | 3305457 |
| 57544 | Secom Co. Ltd. (Industrials) | 2135193 |
| 144228 | Sekisui Chemical Co. Ltd. (Industrials) | 2762753 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 167550 | Sekisui House Ltd. (Consumer Discretionary) | $3803468 |
| 566069 | Seven & i Holdings Co. Ltd. (Consumer Staples)<sup>(a)</sup> | 7377307 |
| 77190 | SG Holdings Co. Ltd. (Industrials) | 835382 |
| 125341 | Shimadzu Corp. (Information Technology) | 3092015 |
| 52855 | Shin-Etsu Chemical Co. Ltd. (Materials) | 1640458 |
| 153590 | Shionogi & Co. Ltd. (Health Care) | 2667492 |
| 600953 | Shiseido Co. Ltd. (Consumer Staples) | 9847730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3945484 | SoftBank Corp. (Communication Services) | 6132194 |
| 55334 | SoftBank Group Corp. (Communication Services) | 6116607 |
| 307822 | Sompo Holdings, Inc. (Financials) | 9973160 |
| 615438 | Sony Group Corp. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;17114479 |
| 641461 | Subaru Corp. (Consumer Discretionary) | 12816113 |
| 408729 | Sumitomo Corp. (Industrials) | 11544350 |
| 350483 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 10032897 |
| 374097 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 10313943 |
| 161423 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 4638472 |
| 463737 | Suzuki Motor Corp. (Consumer Discretionary) | 6225272 |
| 127633 | Sysmex Corp. (Health Care) | 1623827 |
| 75386 | T&D Holdings, Inc. (Financials) | 1981369 |
| 16548 | Taisei Corp. (Industrials) | 1128183 |
| 297560 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 8959733 |
| 259213 | TDK Corp. (Information Technology) | 3417922 |
| 64308 | TIS, Inc. (Information Technology) | 2157105 |
| 39486 | Toho Co. Ltd. (Communication Services) | 2516669 |
| 337787 | Tokio Marine Holdings, Inc. (Financials) | 14726202 |
| 60364 | Tokyo Electron Ltd. (Information Technology) | 8495979 |
| 186104 | Tokyo Gas Co. Ltd. (Utilities) | 7138687 |
| 72052 | Tokyo Metro Co. Ltd. (Industrials)<sup>(a)</sup> | 839646 |
| 240303 | Tokyu Corp. (Industrials) | 3045011 |
| 302285 | Toray Industries, Inc. (Materials) | 2045017 |
| 7600 | Toyota Industries Corp. (Industrials) | 845796 |
| 740026 | Toyota Motor Corp. (Consumer Discretionary) | 14480468 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 445840 | Toyota Tsusho Corp. (Industrials) | $| 12061137 |
| 187054 | Trend Micro, Inc. (Information Technology) |  | 10002118 |
| 118810 | West Japan Railway Co. (Industrials) |  | 2666296 |
| 58927 | Yakult Honsha Co. Ltd. (Consumer Staples) |  | 964224 |
| 149984 | Yokogawa Electric Corp. (Information Technology) |  | 4440528 |
| 161076 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 10230095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1003396 | ZOZO, Inc. (Consumer Discretionary) |  | 9386442 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;807349237 |
| Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% | Luxembourg – 0.2% |
| 53823 | ArcelorMittal (Materials) |  | 1792977 |
| 169131 | CVC Capital Partners PLC (Financials)<sup>(b)</sup> |  | 3414948 |
| 20269 | Eurofins Scientific SE (Health Care) |  | 1537847 |
|  |  |  | 6745772 |
| Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% | Mexico – 0.1% |
| 107137 | Fresnillo PLC (Materials) |  | 2588084 |
| Netherlands – 4.3% | Netherlands – 4.3% | Netherlands – 4.3% | Netherlands – 4.3% |
| 322717 | ABN AMRO Bank NV<br>(Financials)<sup>(a)(b)</sup> |  | 9311305 |
| 2805 | Adyen NV (Financials)\*<sup>(b)</sup> |  | 4709502 |
| 506088 | Aegon Ltd. (Financials) |  | 3981955 |
| 53074 | Akzo Nobel NV (Materials) |  | 3665267 |
| 3695 | Argenx SE (Health Care)\* |  | 2612301 |
| 56693 | ASML Holding NV (Information Technology) |  | 42244276 |
| 110432 | ASR Nederland NV (Financials) |  | 7662578 |
| 36579 | Euronext NV (Financials)<sup>(b)</sup> |  | 6041303 |
| 198828 | EXOR NV (Financials) |  | 19933186 |
| 100188 | Heineken Holding NV (Consumer Staples) |  | 7100708 |
| 622065 | ING Groep NV (Financials) |  | 14824681 |
| 245144 | JDE Peet's NV (Consumer Staples) |  | 8964046 |
| 489243 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 19613586 |
| 589451 | Koninklijke KPN NV (Communication Services) |  | 2812248 |
| 204298 | NN Group NV (Financials) |  | 14065687 |
| 123433 | Randstad NV (Industrials) |  | 5835485 |
| 60971 | Wolters Kluwer NV (Industrials) |  | 7679048 |
|  |  |  | 181057162 |
| New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% |
| 266678 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) |  | 5759133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| New Zealand – (continued) | New Zealand – (continued) | New Zealand – (continued) | New Zealand – (continued) |
| 48546 | Xero Ltd. (Information Technology)\* | $| 5197805 |
|  |  |  | 10956938 |
| Norway – 0.7% | Norway – 0.7% | Norway – 0.7% | Norway – 0.7% |
| 248272 | DNB Bank ASA (Financials) |  | 6540724 |
| 42080 | Equinor ASA (Energy) |  | 1037818 |
| 237018 | Gjensidige Forsikring ASA (Financials) |  | 6586291 |
| 75377 | Kongsberg Gruppen ASA (Industrials) |  | 2251006 |
| 112893 | Mowi ASA (Consumer Staples) |  | 2321354 |
| 620528 | Norsk Hydro ASA (Materials) |  | 4025500 |
| 277583 | Orkla ASA (Consumer Staples) |  | 3102536 |
| 171359 | Telenor ASA (Communication Services) |  | 2858414 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;28723643 |
| Poland – 0.2% | Poland – 0.2% | Poland – 0.2% | Poland – 0.2% |
| 726186 | InPost SA (Industrials)\* |  | 10548518 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250647 | Banco Comercial Portugues SA, Class R (Financials) |  | 1907294 |
| 282313 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 6985664 |
|  |  |  | 8892958 |
| Singapore – 1.8% | Singapore – 1.8% | Singapore – 1.8% | Singapore – 1.8% |
| 579662 | CapitaLand Ascendas REIT REIT (Real Estate) |  | 1228902 |
| 734881 | CapitaLand Integrated Commercial Trust REIT (Real Estate) |  | 1305946 |
| 429520 | DBS Group Holdings Ltd. (Financials) |  | 16912978 |
| 4861938 | Genting Singapore Ltd. (Consumer Discretionary) |  | 2728445 |
| 168098 | Grab Holdings Ltd., Class A (Industrials)\* |  | 838809 |
| 714907 | Keppel Ltd. (Industrials) |  | 4875632 |
| 786925 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 10267439 |
| 37218 | Sea Ltd. ADR (Consumer Discretionary)\* |  | 6942646 |
| 433200 | Sembcorp Industries Ltd. (Utilities) |  | 2049512 |
| 883868 | Singapore Airlines Ltd. (Industrials) |  | 4533010 |
| 966814 | Singapore Exchange Ltd. (Financials) |  | 12486444 |
| 505987 | Singapore Technologies Engineering Ltd. (Industrials) |  | 3028823 |
| 907668 | Singapore Telecommunications Ltd. (Communication Services) |  | 3049142 |
| 263637 | United Overseas Bank Ltd. (Financials) |  | 7231010 |
|  |  |  | 77478738 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – 3.6% | Spain – 3.6% | Spain – 3.6% |
| 8503 | Acciona SA (Utilities)<sup>(a)</sup> | $1684009 |
| 185029 | ACS Actividades de Construccion y Servicios SA (Industrials) | 13980022 |
| 192227 | Aena SME SA (Industrials)<sup>(b)</sup> | 5566547 |
| 62204 | Amadeus IT Group SA (Consumer Discretionary) | 5213185 |
| 1235466 | Banco Bilbao Vizcaya Argentaria SA (Financials) | 22400309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003338 | Banco de Sabadell SA (Financials)<sup>(a)</sup> | 7609230 |
| 3200752 | Banco Santander SA (Financials) | 30571305 |
| 186634 | Bankinter SA (Financials) | 2784213 |
| 739043 | CaixaBank SA (Financials) | 7378882 |
| 171973 | Endesa SA (Utilities) | 5241711 |
| 748873 | Grifols SA (Health Care)<sup>(a)</sup> | 10580038 |
| 687950 | Iberdrola SA (Utilities) | 12944332 |
| 223893 | Industria de Diseno Textil SA (Consumer Discretionary) | 11059227 |
| 78550 | Redeia Corp. SA (Utilities) | 1527171 |
| 109713 | Repsol SA (Energy) | 1799153 |
| 1851928 | Telefonica SA (Communication Services) | 9923656 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;150262990 |
| Sweden – 2.4% | Sweden – 2.4% | Sweden – 2.4% |
| 44321 | AddTech AB, Class B (Industrials) | 1552585 |
| 51016 | Alfa Laval AB (Industrials) | 2320122 |
| 130481 | Assa Abloy AB, Class B (Industrials) | 4605268 |
| 216325 | Atlas Copco AB, Class A (Industrials) | 3450761 |
| 133183 | Atlas Copco AB, Class B (Industrials) | 1891650 |
| 62608 | Boliden AB (Materials)\* | 2154826 |
| 602576 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary)<sup>(a)</sup> | 8838711 |
| 197980 | Hexagon AB, Class B (Information Technology) | 2203368 |
| 69086 | Holmen AB, Class B (Materials) | 2688691 |
| 112001 | Industrivarden AB, Class A (Financials) | 4453513 |
| 118433 | Industrivarden AB, Class C (Financials) | 4709270 |
| 87684 | Indutrade AB (Industrials) | 2180510 |
| 59495 | Investment AB Latour, Class B (Industrials) | 1509051 |
| 188835 | Investor AB, Class B (Financials) | 5812042 |
| 87389 | L E Lundbergforetagen AB, Class B (Financials) | 4420202 |
| 32565 | Lifco AB, Class B (Industrials) | 1155903 |
| 57956 | Saab AB, Class B (Industrials) | 3276768 |
| 64345 | Sandvik AB (Industrials) | 1625270 |
| 52932 | Securitas AB, Class B (Industrials) | 809409 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 275051 | Skandinaviska Enskilda Banken AB, Class A (Financials) | $| 5083448 |
| 375124 | Skanska AB, Class B (Industrials) |  | 9304738 |
| 55045 | SKF AB, Class B (Industrials) |  | 1411298 |
| 252385 | Svenska Handelsbanken AB, Class A (Financials) |  | 3243447 |
| 197804 | Swedbank AB, Class A (Financials) |  | 5562555 |
| 133293 | Tele2 AB, Class B (Communication Services) |  | 2345922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337233 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 10637346 |
| 226507 | Telia Co. AB (Communication Services) |  | 844671 |
| 40066 | Trelleborg AB, Class B (Industrials) |  | 1549131 |
| 52079 | Volvo AB, Class B (Industrials) |  | 1600433 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;101240909 |
| Switzerland – 4.8% | Switzerland – 4.8% | Switzerland – 4.8% | Switzerland – 4.8% |
| 159204 | ABB Ltd. (Industrials) |  | 10695289 |
| 241859 | Avolta AG (Consumer Discretionary)\* |  | 13917373 |
| 20542 | Baloise Holding AG (Financials) |  | 5331845 |
| 22053 | Banque Cantonale Vaudoise (Financials)<sup>(a)</sup> |  | 2566709 |
| 1950 | Belimo Holding AG (Industrials) |  | 2147550 |
| 4134 | BKW AG (Utilities) |  | 861929 |
| 24215 | Cie Financiere Richemont SA (Consumer Discretionary) |  | 4235087 |
| 11935 | DSM-Firmenich AG (Materials) |  | 1166489 |
| 8225 | EMS-Chemie Holding AG (Materials) |  | 6315046 |
| 17472 | Galderma Group AG (Health Care) |  | 3052489 |
| 18612 | Geberit AG (Industrials) |  | 13654157 |
| 196 | Givaudan SA (Materials) |  | 826632 |
| 26733 | Helvetia Holding AG (Financials) |  | 6885241 |
| 50825 | Julius Baer Group Ltd. (Financials) |  | 3670111 |
| 47711 | Kuehne + Nagel International AG (Industrials) |  | 9720732 |
| 106953 | Logitech International SA (Information Technology) |  | 11058703 |
| 4500 | Lonza Group AG (Health Care) |  | 3193167 |
| 8515 | Partners Group Holding AG (Financials) |  | 11695404 |
| 49090 | Sandoz Group AG (Health Care) |  | 3081602 |
| 10746 | Schindler Holding AG (Industrials) |  | 3846262 |
| 11810 | Schindler Holding AG Participation Certificates (Industrials) |  | 4392631 |
| 113003 | SGS SA (Industrials) |  | 11534353 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 15022 | Sika AG (Materials) | $| 3487368 |
| 17010 | Sonova Holding AG (Health Care) |  | 4957924 |
| 44396 | Straumann Holding AG (Health Care) |  | 5212731 |
| 8329 | Swiss Life Holding AG (Financials) |  | 9006015 |
| 14090 | Swiss Prime Site AG (Real Estate) |  | 1960839 |
| 3497 | Swisscom AG (Communication Services) |  | 2529586 |
| 415072 | UBS Group AG (Financials) |  | 16820013 |
| 11732 | VAT Group AG (Industrials)<sup>(b)</sup> |  | 3837989 |
| 25862 | Zurich Insurance Group AG (Financials) |  | 18914652 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;200575918 |
| United Kingdom – 10.3% | United Kingdom – 10.3% | United Kingdom – 10.3% | United Kingdom – 10.3% |
| 229255 | 3i Group PLC (Financials) |  | 12448249 |
| 281351 | Admiral Group PLC (Financials) |  | 13783126 |
| 165069 | Associated British Foods PLC (Consumer Staples) |  | 4817156 |
| 213581 | AstraZeneca PLC (Health Care) |  | 34021063 |
| 1266883 | Auto Trader Group PLC (Communication Services)<sup>(b)</sup> |  | 13747751 |
| 1064261 | Aviva PLC (Financials) |  | 9369161 |
| 146312 | BAE Systems PLC (Industrials) |  | 3474135 |
| 3199548 | Barclays PLC (Financials) |  | 15579190 |
| 381289 | Barratt Redrow PLC (Consumer Discretionary) |  | 1852961 |
| 192403 | British American Tobacco PLC (Consumer Staples) |  | 10878744 |
| 1009417 | BT Group PLC (Communication Services) |  | 2952568 |
| 93135 | Bunzl PLC (Industrials) |  | 3148268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4984270 | Centrica PLC (Utilities) |  | 10838371 |
| 1366316 | CK Hutchison Holdings Ltd. (Industrials) |  | 8999702 |
| 37596 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 3340781 |
| 146088 | Compass Group PLC (Consumer Discretionary) |  | 4957990 |
| 97702 | DCC PLC (Industrials) |  | 6209294 |
| 58641 | Diageo PLC (Consumer Staples) |  | 1623360 |
| 82312 | Entain PLC (Consumer Discretionary) |  | 976403 |
| 112294 | Halma PLC (Information Technology) |  | 4988383 |
| 118291 | Hikma Pharmaceuticals PLC (Health Care) |  | 2852735 |
| 2880664 | HSBC Holdings PLC (Financials) |  | 36844820 |
| 138885 | Imperial Brands PLC (Consumer Staples) |  | 5858139 |
| 291303 | Informa PLC (Communication Services) |  | 3425589 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 18647 | InterContinental Hotels Group PLC (Consumer Discretionary) | $| 2255280 |
| 768347 | International Consolidated Airlines Group SA (Industrials) |  | 3967936 |
| 42313 | Intertek Group PLC (Industrials) |  | 2681132 |
| 2881881 | J Sainsbury PLC (Consumer Staples) |  | 11657336 |
| 9659805 | JD Sports Fashion PLC (Consumer Discretionary) |  | 12531456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3673536 | Kingfisher PLC (Consumer Discretionary) |  | 12775100 |
| 278869 | Land Securities Group PLC REIT (Real Estate) |  | 2087284 |
| 1485094 | Legal & General Group PLC (Financials) |  | 4965930 |
| 8797284 | Lloyds Banking Group PLC (Financials) |  | 9451406 |
| 23228 | London Stock Exchange Group PLC (Financials) |  | 2877119 |
| 2252254 | M&G PLC (Financials) |  | 8066749 |
| 1155829 | Marks & Spencer Group PLC (Consumer Staples) |  | 5393707 |
| 258694 | National Grid PLC (Utilities) |  | 3638384 |
| 1501485 | NatWest Group PLC (Financials) |  | 10357937 |
| 55842 | Next PLC (Consumer Discretionary) |  | 9019490 |
| 231505 | Pearson PLC (Consumer Discretionary) |  | 3368585 |
| 495077 | Phoenix Group Holdings PLC (Financials) |  | 4558375 |
| 49534 | Reckitt Benckiser Group PLC (Consumer Staples) |  | 3700837 |
| 320701 | RELX PLC (Industrials) |  | 14930936 |
| 749634 | Rolls-Royce Holdings PLC (Industrials) |  | 10836886 |
| 640751 | Sage Group PLC (The) (Information Technology) |  | 9405686 |
| 205556 | Segro PLC REIT (Real Estate) |  | 1741282 |
| 89649 | Smiths Group PLC (Industrials) |  | 2853594 |
| 15273 | Spirax Group PLC (Industrials) |  | 1505293 |
| 602622 | Standard Chartered PLC (Financials) |  | 11284431 |
| 1104038 | Tesco PLC (Consumer Staples) |  | 6305038 |
| 194403 | Unilever PLC (Consumer Staples) |  | 12218394 |
| 12576998 | Vodafone Group PLC (Communication Services) |  | 15014268 |
| 56483 | Whitbread PLC (Consumer Discretionary) |  | 2399992 |
| 751078 | Wise PLC, Class A (Financials)\* |  | 10695402 |
| 1265268 | WPP PLC (Communication Services) |  | 6682203 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;436215387 |
| United States – 6.2% | United States – 6.2% | United States – 6.2% | United States – 6.2% |
| 35209 | Alcon AG (Health Care) |  | 2805087 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) | United States – (continued) |
| 96778 | Amrize Ltd. (Materials)\* | $| 5055395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1961978 | BP PLC (Energy) |  | 11453807 |
| 16766 | CSL Ltd. (Health Care) |  | 2336116 |
| 3169 | CyberArk Software Ltd. (Information Technology)\* |  | 1436381 |
| 158363 | Experian PLC (Industrials) |  | 8198807 |
| 102409 | Ferrovial SE (Industrials) |  | 5596723 |
| 571388 | GSK PLC (Health Care) |  | 11212920 |
| 588015 | Haleon PLC (Health Care) |  | 2883015 |
| 115095 | Holcim AG (Materials)\* |  | 9650666 |
| 64326 | James Hardie Industries PLC CDI (Materials)\* |  | 1312300 |
| 25105 | Monday.com Ltd. (Information Technology)\* |  | 4845265 |
| 332217 | Nestle SA (Consumer Staples) |  | 31344521 |
| 340147 | Novartis AG (Health Care) |  | 43062725 |
| 59734 | QIAGEN NV (Health Care) |  | 2776472 |
| 12336 | Roche Holding AG (Health Care) |  | 4233191 |
| 120304 | Roche Holding AG (Health Care) |  | 39190453 |
| 104661 | Sanofi SA (Health Care) |  | 10350516 |
| 59640 | Schneider Electric SE (Industrials) |  | 14663313 |
| 715798 | Shell PLC (Energy) |  | 26343231 |
| 14383 | Spotify Technology SA (Communication Services)\* |  | 9807480 |
| 49182 | Swiss Re AG (Financials) |  | 8918681 |
| 155425 | Tenaris SA (Energy) |  | 2822568 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;260299633 |
| Zambia – 0.0% | Zambia – 0.0% | Zambia – 0.0% | Zambia – 0.0% |
| 71970 | First Quantum Minerals Ltd. (Materials)\* |  | 1261749 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,973,552,686)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,973,552,686)** |  | 4189922362 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.1% | Preferred Stocks – 0.1% |  |  |
| Germany – 0.1% | Germany – 0.1% | Germany – 0.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21224 | Henkel AG & Co. KGaA (Consumer Staples) | 2.83% | 1790166 |
| 109162 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.25 | 4649705 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |  |
| Germany – (continued) | Germany – (continued) | Germany – (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13639 | Volkswagen AG (Consumer Discretionary) | 6.37% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589741 |
| TOTAL PREFERRED STOCKS | TOTAL PREFERRED STOCKS | TOTAL PREFERRED STOCKS |  |
| (Cost $7,995,981) | (Cost $7,995,981) | (Cost $7,995,981) | 8029612 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Description** | **Expiration Month** | **Value** |
| Warrant – 0.0% | Warrant – 0.0% |  |  |
| Canada – 0.0% | Canada – 0.0% | Canada – 0.0% |  |
| 8722 | Constellation Software, Inc. (Information Technology)\* |  |  |
| (Cost $0) | (Cost $0) | 03/40 |  |
| Right – 0.0% | Right – 0.0% |  |  |
| Italy – 0.0% | Italy – 0.0% | Italy – 0.0% |  |
| 2319244 | Telecom Italia SpA-RSP\* |  |  |
| (Cost $0) | (Cost $0) | 09/25 |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 8060169 | 4.114% | 8060169 |
| **(Cost $8,060,169)** | **(Cost $8,060,169)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,989,608,836) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,989,608,836) | 4206012143 |
| Securities Lending Reinvestment Vehicle – 1.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.6%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.6%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66146693 | 4.154% | 66146693 |
| (Cost $66,146,693) | (Cost $66,146,693) |  |
| TOTAL INVESTMENTS – 101.2%<br>(Cost $3,055,755,529) | TOTAL INVESTMENTS – 101.2%<br>(Cost $3,055,755,529) | $4272158836 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.2)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.2)%** | (52644065) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $4219514771 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

\* Non-income producing security.

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

(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| Investment Abbreviations: | Investment Abbreviations: |
| ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —American Depositary Receipt |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| **Sector Name** | **% of<br> Market <br>Value** |
|  Financials | 28.8% |
|  Industrials | 18.5 |
|  Consumer Discretionary | 10.1 |
|  Health Care | 9 |
|  Consumer Staples | 8.3 |
|  Information Technology | 7.5 |
|  Materials | 4.8 |
|  Communication Services | 4.2 |
|  Energy | 3.7 |
|  Utilities | 2.4 |
|  Real Estate | 1 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 1.5 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional**<br> **Amount** | **Unrealized<br> Appreciation/<br> (Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 132 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17959260 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307672 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – 99.7% | Common Stocks – 99.7% | Common Stocks – 99.7% |
| Communication Services – 6.8% | Communication Services – 6.8% | Communication Services – 6.8% |
| 6420 | Capcom Co. Ltd. (Japan) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26040 | KDDI Corp. (Japan) | 452341 |
| 1745 | Konami Group Corp. (Japan) | 266281 |
| 50300 | LY Corp. (Japan) | 160604 |
| 10769 | Nintendo Co. Ltd. (Japan) | 976233 |
| 431679 | NTT, Inc. (Japan) | 458066 |
| 374420 | SoftBank Corp. (Japan) | 581935 |
| 8792 | SoftBank Group Corp. (Japan) | 971866 |
| 3400 | Toho Co. Ltd. (Japan) | 216701 |
|  |  | 4259148 |
| Consumer Discretionary – 18.2% | Consumer Discretionary – 18.2% | Consumer Discretionary – 18.2% |
| 38608 | Aisin Corp. (Japan) | 644760 |
| 19200 | Asics Corp. (Japan) | 522941 |
| 10778 | Bandai Namco Holdings, Inc. (Japan) | 374009 |
| 4541 | Bridgestone Corp. (Japan) | 207248 |
| 14908 | Denso Corp. (Japan) | 216830 |
| 2329 | Fast Retailing Co. Ltd. (Japan) | 737920 |
| 39836 | Honda Motor Co. Ltd. (Japan) | 445501 |
| 6220 | Isuzu Motors Ltd. (Japan) | 82460 |
| 5289 | Nissan Motor Co. Ltd. (Japan)\*<sup>(a)</sup> | 11974 |
| 353 | Nitori Holdings Co. Ltd. (Japan) | 32589 |
| 1668 | Oriental Land Co. Ltd. (Japan) | 39978 |
| 8330 | Pan Pacific International Holdings Corp. (Japan) | 302734 |
| 31765 | Panasonic Holdings Corp. (Japan) | 327764 |
| 13000 | Rakuten Group, Inc. (Japan)\* | 81183 |
| 8000 | Ryohin Keikaku Co. Ltd. (Japan) | 173703 |
| 4700 | Sanrio Co. Ltd. (Japan) | 246836 |
| 7714 | Sekisui House Ltd. (Japan) | 175112 |
| 76463 | Sony Group Corp. (Japan) | 2126330 |
| 36440 | Subaru Corp. (Japan) | 728055 |
| 20352 | Sumitomo Electric Industries Ltd. (Japan) | 582595 |
| 17544 | Suzuki Motor Corp. (Japan) | 235513 |
| 120471 | Toyota Motor Corp. (Japan) | 2357318 |
| 14667 | Yamaha Motor Co. Ltd. (Japan) | 107686 |
| 4590 | Zensho Holdings Co. Ltd. (Japan) | 291515 |
| 28684 | ZOZO, Inc. (Japan) | 268330 |
|  |  | 11320884 |
| Consumer Staples – 5.1% | Consumer Staples – 5.1% | Consumer Staples – 5.1% |
| 27558 | Aeon Co. Ltd. (Japan)<sup>(a)</sup> | 335407 |
| 8704 | Ajinomoto Co., Inc. (Japan) | 237659 |
| 20529 | Asahi Group Holdings Ltd. (Japan) | 259575 |
| 12441 | Japan Tobacco, Inc. (Japan) | 397231 |
| 4972 | Kao Corp. (Japan) | 227021 |
| 6870 | Kikkoman Corp. (Japan) | 59471 |
| 16614 | Kirin Holdings Co. Ltd. (Japan) | 241643 |
| 400 | Kobe Bussan Co. Ltd. (Japan) | 11221 |
| 14518 | MatsukiyoCocokara & Co. (Japan) | 301385 |
| 7719 | MEIJI Holdings Co. Ltd. (Japan) | 160768 |
| 5486 | Nissin Foods Holdings Co. Ltd. (Japan) | 103574 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| 31341 | Seven & i Holdings Co. Ltd. (Japan)<sup>(a)</sup> | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14165 | Shiseido Co. Ltd. (Japan) |  | 232120 |
| 2864 | Suntory Beverage & Food Ltd. (Japan) |  | 88948 |
| 6742 | Yakult Honsha Co. Ltd. (Japan) |  | 110319 |
|  |  |  | 3174794 |
| Energy – 2.9% | Energy – 2.9% | Energy – 2.9% | Energy – 2.9% |
| 121495 | ENEOS Holdings, Inc. (Japan) |  | 728018 |
| 94192 | Idemitsu Kosan Co. Ltd. (Japan) |  | 631261 |
| 26008 | Inpex Corp. (Japan) |  | 446029 |
|  |  |  | 1805308 |
| Financials – 18.7% | Financials – 18.7% | Financials – 18.7% | Financials – 18.7% |
| 4548 | Chiba Bank Ltd. (The) (Japan) |  | 47222 |
| 15036 | Concordia Financial Group Ltd. (Japan) |  | 115260 |
| 60792 | Dai-ichi Life Holdings, Inc. (Japan) |  | 507825 |
| 17336 | Daiwa Securities Group, Inc. (Japan) |  | 136138 |
| 21252 | Japan Exchange Group, Inc. (Japan) |  | 224136 |
| 8089 | Japan Post Bank Co. Ltd. (Japan) |  | 102638 |
| 37644 | Japan Post Holdings Co. Ltd. (Japan) |  | 388041 |
| 20894 | Japan Post Insurance Co. Ltd. (Japan) |  | 589998 |
| 27389 | Mitsubishi HC Capital, Inc. (Japan) |  | 225809 |
| 153960 | Mitsubishi UFJ Financial Group, Inc. (Japan) |  | 2368777 |
| 35873 | Mizuho Financial Group, Inc. (Japan) |  | 1195970 |
| 24550 | MS&AD Insurance Group Holdings, Inc. (Japan) |  | 578867 |
| 80115 | Nomura Holdings, Inc. (Japan) |  | 578389 |
| 11957 | ORIX Corp. (Japan) |  | 311904 |
| 18485 | Resona Holdings, Inc. (Japan) |  | 188218 |
| 6054 | SBI Holdings, Inc. (Japan) |  | 288588 |
| 21118 | Sompo Holdings, Inc. (Japan) |  | 684204 |
| 47721 | Sumitomo Mitsui Financial Group, Inc. (Japan) |  | 1315679 |
| 8646 | Sumitomo Mitsui Trust Group, Inc. (Japan) |  | 248442 |
| 12331 | T&D Holdings, Inc. (Japan) |  | 324096 |
| 28354 | Tokio Marine Holdings, Inc. (Japan) |  | 1236124 |
|  |  |  | 11656325 |
| Health Care – 5.2% | Health Care – 5.2% | Health Care – 5.2% | Health Care – 5.2% |
| 20902 | Astellas Pharma, Inc. (Japan) |  | 230623 |
| 6662 | Chugai Pharmaceutical Co. Ltd. (Japan) |  | 295338 |
| 18447 | Daiichi Sankyo Co. Ltd. (Japan) |  | 443381 |
| 5488 | Eisai Co. Ltd. (Japan) |  | 169621 |
| 4338 | Hoya Corp. (Japan) |  | 568748 |
| 16801 | Olympus Corp. (Japan) |  | 197104 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376 | Otsuka Holdings Co. Ltd. (Japan) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390138 |
| 5303 | Shionogi & Co. Ltd. (Japan) |  | 92100 |
| 8669 | Sysmex Corp. (Japan) |  | 110292 |
| 20104 | Takeda Pharmaceutical Co. Ltd. (Japan) |  | 605345 |
| 7278 | Terumo Corp. (Japan) |  | 132028 |
|  |  |  | 3234718 |
| Industrials – 23.6% | Industrials – 23.6% | Industrials – 23.6% | Industrials – 23.6% |
| 2600 | AGC, Inc. (Japan) |  | 82042 |
| 18045 | ANA Holdings, Inc. (Japan)<sup>(a)</sup> |  | 365078 |
| 4029 | Central Japan Railway Co. (Japan) |  | 107650 |
| 5672 | Dai Nippon Printing Co. Ltd. (Japan) |  | 95747 |
| 1996 | Daifuku Co. Ltd. (Japan) |  | 63853 |
| 1844 | Daikin Industries Ltd. (Japan) |  | 233600 |
| 4872 | East Japan Railway Co. (Japan) |  | 119921 |
| 6287 | FANUC Corp. (Japan) |  | 178901 |
| 1328 | Fuji Electric Co. Ltd. (Japan) |  | 85428 |
| 4800 | Fujikura Ltd. (Japan) |  | 417477 |
| 6838 | Hankyu Hanshin Holdings, Inc. (Japan) |  | 203196 |
| 738 | Hikari Tsushin, Inc. (Japan) |  | 197788 |
| 64169 | Hitachi Ltd. (Japan) |  | 1769591 |
| 2300 | IHI Corp. (Japan) |  | 242336 |
| 15372 | ITOCHU Corp. (Japan) |  | 879133 |
| 19146 | Japan Airlines Co. Ltd. (Japan)<sup>(a)</sup> |  | 409065 |
| 7463 | Kajima Corp. (Japan) |  | 223903 |
| 2100 | Kawasaki Heavy Industries Ltd. (Japan) |  | 129082 |
| 1061 | Kawasaki Kisen Kaisha Ltd. (Japan) |  | 16393 |
| 10775 | Komatsu Ltd. (Japan) |  | 369722 |
| 6597 | Kubota Corp. (Japan) |  | 77528 |
| 2365 | Makita Corp. (Japan) |  | 80973 |
| 17963 | Marubeni Corp. (Japan) |  | 413764 |
| 5604 | MINEBEA MITSUMI, Inc. (Japan) |  | 97233 |
| 48849 | Mitsubishi Corp. (Japan) |  | 1115883 |
| 22001 | Mitsubishi Electric Corp. (Japan) |  | 532250 |
| 45920 | Mitsubishi Heavy Industries Ltd. (Japan) |  | 1173763 |
| 30650 | Mitsui & Co. Ltd. (Japan) |  | 715184 |
| 16278 | MonotaRO Co. Ltd. (Japan) |  | 282433 |
| 1456 | NIDEC Corp. (Japan) |  | 31842 |
| 8768 | Nippon Yusen KK (Japan) |  | 318473 |
| 4323 | Obayashi Corp. (Japan) |  | 70561 |
| 21359 | Recruit Holdings Co. Ltd. (Japan) |  | 1248009 |
| 4234 | Secom Co. Ltd. (Japan) |  | 157104 |
| 9159 | Sekisui Chemical Co. Ltd. (Japan) |  | 175445 |
| 3600 | SG Holdings Co. Ltd. (Japan) |  | 38961 |
| 267 | SMC Corp. (Japan) |  | 82923 |
| 23105 | Sumitomo Corp. (Japan) |  | 652589 |
| 943 | Taisei Corp. (Japan) |  | 64290 |
| 4500 | Tokyo Metro Co. Ltd. (Japan)<sup>(a)</sup> |  | 52440 |
| 14380 | Tokyu Corp. (Japan)<sup>(a)</sup> |  | 182217 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 778 | Toyota Industries Corp. (Japan) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86583 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23686 | Toyota Tsusho Corp. (Japan) |  | 640768 |
| 8148 | West Japan Railway Co. (Japan) |  | 182855 |
|  |  |  | 14663977 |
| Information Technology – 12.4% | Information Technology – 12.4% | Information Technology – 12.4% | Information Technology – 12.4% |
| 12473 | Advantest Corp. (Japan) |  | 991808 |
| 13029 | Canon, Inc. (Japan)<sup>(a)</sup> |  | 386012 |
| 1271 | Disco Corp. (Japan) |  | 357949 |
| 7856 | FUJIFILM Holdings Corp. (Japan) |  | 187859 |
| 22790 | Fujitsu Ltd. (Japan) |  | 555062 |
| 2015 | Keyence Corp. (Japan) |  | 779239 |
| 5168 | Kyocera Corp. (Japan) |  | 69587 |
| 1748 | Lasertec Corp. (Japan) |  | 186378 |
| 18486 | Murata Manufacturing Co. Ltd. (Japan) |  | 306201 |
| 25742 | NEC Corp. (Japan) |  | 795447 |
| 3293 | Nomura Research Institute Ltd. (Japan) |  | 129993 |
| 4514 | NTT Data Group Corp. (Japan) |  | 121624 |
| 3635 | Obic Co. Ltd. (Japan) |  | 129531 |
| 801 | Oracle Corp. Japan (Japan) |  | 83332 |
| 3868 | Otsuka Corp. (Japan) |  | 79876 |
| 18283 | Renesas Electronics Corp. (Japan) |  | 220031 |
| 1787 | SCREEN Holdings Co. Ltd. (Japan) |  | 138505 |
| 6847 | SCSK Corp. (Japan) |  | 219598 |
| 6830 | Shimadzu Corp. (Japan) |  | 168488 |
| 28060 | TDK Corp. (Japan) |  | 369993 |
| 3797 | TIS, Inc. (Japan) |  | 127364 |
| 6002 | Tokyo Electron Ltd. (Japan) |  | 844756 |
| 4059 | Trend Micro, Inc. (Japan) |  | 217042 |
| 7496 | Yokogawa Electric Corp. (Japan) |  | 221932 |
|  |  |  | 7687607 |
| Materials – 4.2% | Materials – 4.2% | Materials – 4.2% | Materials – 4.2% |
| 22406 | Asahi Kasei Corp. (Japan) |  | 184574 |
| 20361 | JFE Holdings, Inc. (Japan) |  | 255024 |
| 119108 | Mitsubishi Chemical Group Corp. (Japan) |  | 685160 |
| 5300 | Nippon Paint Holdings Co. Ltd. (Japan) |  | 38750 |
| 668 | Nippon Sanso Holdings Corp. (Japan) |  | 24504 |
| 23136 | Nippon Steel Corp. (Japan) |  | 490847 |
| 8875 | Nitto Denko Corp. (Japan) |  | 203462 |
| 17152 | Shin-Etsu Chemical Co. Ltd. (Japan) |  | 532346 |
| 1600 | Sumitomo Metal Mining Co. Ltd. (Japan) |  | 43971 |
| 21421 | Toray Industries, Inc. (Japan) |  | 144917 |
|  |  |  | 2603555 |
| Real Estate – 1.3% | Real Estate – 1.3% | Real Estate – 1.3% | Real Estate – 1.3% |
| 1199 | Daito Trust Construction Co. Ltd. (Japan) |  | 128168 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 5923 | Daiwa House Industry Co. Ltd. (Japan) | $210941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10139 | Hulic Co. Ltd. (Japan) | 109176 |
| 2597 | Mitsubishi Estate Co. Ltd. (Japan) | 55858 |
| 8672 | Mitsui Fudosan Co. Ltd. (Japan) | 92730 |
| 181 | Nippon Building Fund, Inc. REIT (Japan) | 175298 |
| 398 | Sumitomo Realty & Development Co. Ltd. (Japan) | 16524 |
|  |  | 788695 |
| Utilities – 1.3% | Utilities – 1.3% | Utilities – 1.3% |
| 7393 | Chubu Electric Power Co., Inc. (Japan) | 102467 |
| 15228 | Kansai Electric Power Co., Inc. (The) (Japan) | 213342 |
| 5457 | Osaka Gas Co. Ltd. (Japan) | 155989 |
| 8903 | Tokyo Gas Co. Ltd. (Japan) | 341507 |
|  |  | 813305 |
| **TOTAL COMMON STOCKS**<br> **(Cost $49,426,686)** | **TOTAL COMMON STOCKS**<br> **(Cost $49,426,686)** | 62008316 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 31345 | 4.114% | 31345 |
| **(Cost $31,345)** | **(Cost $31,345)** |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $49,458,031)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $49,458,031)** | 62039661 |
| Securities Lending Reinvestment Vehicle – 1.7%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 1028582 | 4.154% | 1028582 |
| **(Cost $1,028,582)** | **(Cost $1,028,582)** | **(Cost $1,028,582)** |
| **TOTAL INVESTMENTS – 101.5%**<br> **(Cost $50,486,613)** | **TOTAL INVESTMENTS – 101.5%**<br> **(Cost $50,486,613)** | $63068243 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.5)%** | (956699) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62111544 |

---

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:** | **Investment Abbreviations:** |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> JAPAN EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Topix Index Future | 3 | 09/11/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62779 | $5572 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 10.2% | Communication Services – 10.2% | Communication Services – 10.2% |
| 1420025 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302337523 |
| 437716 | Alphabet, Inc., Class C | 93465497 |
| 2053419 | AT&T, Inc. | 60144643 |
| 77645 | Charter Communications, Inc., Class A\* | 20620959 |
| 1056490 | Comcast Corp., Class A | 35888965 |
| 150525 | Electronic Arts, Inc. | 25882774 |
| 385872 | Fox Corp., Class A<sup>(a)</sup> | 23036558 |
| 416787 | Fox Corp., Class B | 22735731 |
| 135588 | Live Nation Entertainment, Inc.\* | 22574046 |
| 577439 | Meta Platforms, Inc., Class A | 426554189 |
| 77128 | Netflix, Inc.\* | 93189906 |
| 896924 | News Corp., Class A | 26378535 |
| 522280 | News Corp., Class B<sup>(a)</sup> | 17689623 |
| 366070 | Omnicom Group, Inc. | 28674263 |
| 1088957 | Pinterest, Inc., Class A\* | 39888495 |
| 108922 | Reddit, Inc., Class A\* | 24516164 |
| 143243 | ROBLOX Corp., Class A\* | 17846645 |
| 66004 | Take-Two Interactive Software, Inc.\* | 15396753 |
| 56791 | TKO Group Holdings, Inc. | 10765302 |
| 115745 | T-Mobile US, Inc. | 29166583 |
| 34044 | Trade Desk, Inc. (The), Class A\* | 1860845 |
| 974098 | Verizon Communications, Inc. | 43084355 |
| 318306 | Walt Disney Co. (The) | 37681064 |
| 3072445 | Warner Bros Discovery, Inc.\* | 35763260 |
|  |  | 1455142678 |
| Consumer Discretionary – 11.3% | Consumer Discretionary – 11.3% | Consumer Discretionary – 11.3% |
| 2276894 | Amazon.com, Inc.\* | 521408726 |
| 8293 | AutoZone, Inc.\* | 34818409 |
| 13779 | Booking Holdings, Inc. | 77149310 |
| 31208 | Burlington Stores, Inc.\* | 9071542 |
| 1125136 | Carnival Corp.\* | 35880587 |
| 41229 | Carvana Co.\* | 15333890 |
| 149612 | D.R. Horton, Inc. | 25356242 |
| 24441 | Darden Restaurants, Inc. | 5057821 |
| 247772 | Deckers Outdoor Corp.\* | 29640964 |
| 13136 | Dick's Sporting Goods, Inc. | 2795341 |
| 77064 | Domino's Pizza, Inc. | 35318431 |
| 70565 | DoorDash, Inc., Class A\* | 17306066 |
| 22860 | Duolingo, Inc.\* | 6809080 |
| 158707 | eBay, Inc. | 14380441 |
| 122093 | Expedia Group, Inc. | 26225576 |
| 19666 | Flutter Entertainment PLC (United Kingdom)\* | 6040805 |
| 2614827 | Ford Motor Co. | 30776514 |
| 63247 | General Motors Co. | 3705642 |
| 80553 | Hilton Worldwide Holdings, Inc. | 22237461 |
| 237536 | Home Depot, Inc. (The) | 96622519 |
| 74180 | Lennar Corp., Class A | 9876325 |
| 204496 | Lowe's Cos., Inc. | 52772238 |
| 44754 | Marriott International, Inc., Class A | 11987806 |
| 81124 | McDonald's Corp. | 25435619 |
| 269476 | NIKE, Inc., Class B | 20849358 |
| 1489 | NVR, Inc.\* | 12087181 |
| 438654 | O'Reilly Automotive, Inc.\* | 45479647 |
| 186115 | PulteGroup, Inc. | 24570902 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39177 | Ralph Lauren Corp. | 11632827 |
| 67674 | Ross Stores, Inc. | 9958906 |
| 68794 | Royal Caribbean Cruises Ltd. | 24987357 |
| 125171 | Tapestry, Inc. | 12744911 |
| 408890 | Tesla, Inc.\* | 136516104 |
| 423936 | TJX Cos., Inc. (The) | 57913897 |
| 205600 | Tractor Supply Co. | 12697856 |
| 88617 | Ulta Beauty, Inc.\* | 43664254 |
| 47341 | Viking Holdings Ltd.\* | 3011834 |
| 172432 | Williams-Sonoma, Inc. | 32449978 |
| 236627 | Yum! Brands, Inc. | 34777070 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1599349437 |
| Consumer Staples – 6.4% | Consumer Staples – 6.4% | Consumer Staples – 6.4% |
| 470489 | Altria Group, Inc. | 31621566 |
| 147138 | Archer-Daniels-Midland Co. | 9216724 |
| 9137 | Casey's General Stores, Inc. | 4518429 |
| 135164 | Church & Dwight Co., Inc. | 12591878 |
| 219785 | Clorox Co. (The) | 25978587 |
| 647503 | Coca-Cola Co. (The) | 44671232 |
| 513465 | Colgate-Palmolive Co. | 43167003 |
| 34193 | Constellation Brands, Inc., Class A | 5537214 |
| 109714 | Costco Wholesale Corp. | 103495410 |
| 253367 | Dollar General Corp. | 27556195 |
| 216031 | Dollar Tree, Inc.\* | 23584104 |
| 261185 | Estee Lauder Cos., Inc. (The), Class A | 23958500 |
| 261414 | General Mills, Inc. | 12895553 |
| 248672 | Hormel Foods Corp. | 6326216 |
| 139376 | Kellanova | 11080392 |
| 380767 | Keurig Dr Pepper, Inc. | 11076512 |
| 156677 | Kimberly-Clark Corp. | 20233268 |
| 715811 | Kraft Heinz Co. (The) | 20021234 |
| 663359 | Kroger Co. (The) | 45002275 |
| 122090 | McCormick & Co., Inc. | 8591473 |
| 60099 | Mondelez International, Inc., Class A | 3692483 |
| 343572 | Monster Beverage Corp.\* | 21442328 |
| 238655 | PepsiCo, Inc. | 35476066 |
| 274094 | Philip Morris International, Inc. | 45809330 |
| 400240 | Procter & Gamble Co. (The) | 62853690 |
| 169483 | Sprouts Farmers Market, Inc.\* | 23819141 |
| 460456 | Sysco Corp. | 37052894 |
| 259210 | Target Corp. | 24878976 |
| 361883 | Tyson Foods, Inc., Class A | 20547717 |
| 174612 | US Foods Holding Corp.\* | 13549891 |
| 1313076 | Walmart, Inc. | 127342110 |
|  |  | 907588391 |
| Energy – 2.4% | Energy – 2.4% | Energy – 2.4% |
| 125079 | Baker Hughes Co. | 5678587 |
| 40791 | Cheniere Energy, Inc. | 9864080 |
| 162861 | Chevron Corp. | 26155477 |
| 128140 | ConocoPhillips | 12682016 |
| 233452 | Coterra Energy, Inc. | 5705567 |
| 92393 | EOG Resources, Inc. | 11532494 |
| 192275 | EQT Corp. | 9967536 |
| 90562 | Expand Energy Corp. | 8764590 |
| 713779 | Exxon Mobil Corp. | 81577802 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;769694 | Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17495145 |
| 871771 | Kinder Morgan, Inc. | 23520382 |
| 112369 | Marathon Petroleum Corp. | 20193833 |
| 356096 | Occidental Petroleum Corp. | 16953730 |
| 104472 | ONEOK, Inc. | 7979571 |
| 27313 | Phillips 66 | 3648470 |
| 266487 | Schlumberger NV | 9817381 |
| 83421 | Targa Resources Corp. | 13994707 |
| 6381 | Texas Pacific Land Corp. | 5956536 |
| 139043 | Valero Energy Corp. | 21135926 |
| 421667 | Williams Cos., Inc. (The) | 24406086 |
|  |  | 337029916 |
| Financials – 14.6% | Financials – 14.6% | Financials – 14.6% |
| 49743 | Affirm Holdings, Inc.\* | 4400266 |
| 92707 | Aflac, Inc. | 9906670 |
| 66758 | Allstate Corp. (The) | 13581915 |
| 140311 | American Express Co. | 46482228 |
| 147420 | American International Group, Inc. | 11988194 |
| 85296 | Ameriprise Financial, Inc. | 43911234 |
| 50153 | Aon PLC, Class A | 18406151 |
| 157111 | Apollo Global Management, Inc. | 21403232 |
| 132943 | Arch Capital Group Ltd. | 12168273 |
| 34547 | Ares Management Corp., Class A | 6190822 |
| 42630 | Arthur J Gallagher & Co. | 12906232 |
| 1190548 | Bank of America Corp. | 60408406 |
| 559218 | Bank of New York Mellon Corp. (The) | 59053421 |
| 322663 | Berkshire Hathaway, Inc., Class B\* | 162293036 |
| 23551 | Blackrock, Inc. | 26545274 |
| 92963 | Blackstone, Inc. | 15933858 |
| 169793 | Block, Inc.\* | 13522315 |
| 166831 | Brown & Brown, Inc. | 16174265 |
| 284997 | Capital One Financial Corp. | 64757018 |
| 40470 | Cboe Global Markets, Inc. | 9548896 |
| 129380 | Charles Schwab Corp. (The) | 12399779 |
| 78208 | Chubb Ltd. | 21512675 |
| 90638 | Cincinnati Financial Corp. | 13921997 |
| 493873 | Citigroup, Inc. | 47693316 |
| 222255 | Citizens Financial Group, Inc. | 11619491 |
| 92080 | CME Group, Inc. | 24540241 |
| 10263 | Coinbase Global, Inc., Class A\* | 3125494 |
| 355654 | Corebridge Financial, Inc. | 12366090 |
| 18639 | Corpay, Inc.\* | 6070163 |
| 46598 | FactSet Research Systems, Inc. | 17395965 |
| 188014 | Fidelity National Financial, Inc. | 11256398 |
| 228958 | Fifth Third Bancorp | 10479408 |
| 4160 | First Citizens BancShares, Inc., Class A | 8253066 |
| 128208 | Fiserv, Inc.\* | 17715781 |
| 242367 | Global Payments, Inc. | 21527037 |
| 201974 | Hartford Insurance Group, Inc. (The) | 26723180 |
| 629805 | Huntington Bancshares, Inc. | 11216827 |
| 215034 | Interactive Brokers Group, Inc., Class A | 13383716 |
| 180228 | Intercontinental Exchange, Inc. | 31828265 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;620089 | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186907226 |
| 52701 | KKR & Co., Inc. | 7351262 |
| 335044 | Loews Corp. | 32432259 |
| 44288 | LPL Financial Holdings, Inc. | 16142090 |
| 50382 | M&T Bank Corp. | 10160034 |
| 10558 | Markel Group, Inc.\* | 20683755 |
| 151323 | Marsh & McLennan Cos., Inc. | 31143787 |
| 220675 | Mastercard, Inc., Class A | 131365621 |
| 185033 | MetLife, Inc. | 15054285 |
| 82581 | Moody's Corp. | 42096491 |
| 289439 | Morgan Stanley | 43554781 |
| 5793 | MSCI, Inc. | 3288802 |
| 224870 | Nasdaq, Inc. | 21304184 |
| 286949 | Northern Trust Corp. | 37670665 |
| 205503 | PayPal Holdings, Inc.\* | 14424256 |
| 66215 | PNC Financial Services Group, Inc. (The) | 13735640 |
| 187978 | Principal Financial Group, Inc. | 15134109 |
| 106200 | Progressive Corp. (The) | 26237772 |
| 126224 | Prudential Financial, Inc. | 13841724 |
| 117477 | Raymond James Financial, Inc. | 19905303 |
| 386360 | Regions Financial Corp. | 10582400 |
| 179319 | Robinhood Markets, Inc., Class A\* | 18654556 |
| 37670 | S&P Global, Inc. | 20659735 |
| 292450 | SoFi Technologies, Inc.\* | 7469173 |
| 393058 | State Street Corp. | 45189878 |
| 622949 | Synchrony Financial | 47555927 |
| 234901 | T. Rowe Price Group, Inc. | 25280046 |
| 123368 | Toast, Inc., Class A\* | 5563897 |
| 58361 | Tradeweb Markets, Inc., Class A | 7199413 |
| 60325 | Travelers Cos., Inc. (The) | 16378841 |
| 131914 | Truist Financial Corp. | 6176213 |
| 310139 | US Bancorp | 15144087 |
| 383152 | Visa, Inc., Class A | 134785211 |
| 135644 | W R Berkley Corp. | 9724318 |
| 558247 | Wells Fargo & Co. | 45876738 |
| 54899 | Willis Towers Watson PLC | 17940444 |
|  |  | 2089225518 |
| Health Care – 8.5% | Health Care – 8.5% | Health Care – 8.5% |
| 231464 | Abbott Laboratories | 30706014 |
| 301131 | AbbVie, Inc. | 63357962 |
| 82597 | Agilent Technologies, Inc. | 10379139 |
| 73577 | Align Technology, Inc.\* | 10444991 |
| 45163 | Alnylam Pharmaceuticals, Inc.\* | 20165731 |
| 36562 | Amgen, Inc. | 10519253 |
| 39157 | Becton Dickinson & Co. | 7556518 |
| 216399 | Biogen, Inc.\* | 28612276 |
| 380695 | Boston Scientific Corp.\* | 40163323 |
| 564649 | Bristol-Myers Squibb Co. | 26640140 |
| 146513 | Cardinal Health, Inc. | 21798204 |
| 95186 | Cencora, Inc. | 27757189 |
| 84099 | Cigna Group (The) | 25302866 |
| 360064 | CVS Health Corp. | 26338682 |
| 58188 | Danaher Corp. | 11976254 |
| 35590 | Dexcom, Inc.\* | 2681351 |
| 58228 | Edwards Lifesciences Corp.\* | 4736266 |
| 53742 | Elevance Health, Inc. | 17124888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;177348 | Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129921598 |
| 293985 | Gilead Sciences, Inc. | 33211485 |
| 18538 | HCA Healthcare, Inc. | 7488610 |
| 271893 | Hologic, Inc.\* | 18249458 |
| 66348 | Humana, Inc. | 20147234 |
| 94122 | IDEXX Laboratories, Inc.\* | 60905405 |
| 58084 | Insulet Corp.\* | 19741590 |
| 44015 | Intuitive Surgical, Inc.\* | 20832079 |
| 98541 | IQVIA Holdings, Inc.\* | 18802608 |
| 504380 | Johnson & Johnson | 89361005 |
| 59818 | Labcorp Holdings, Inc. | 16628806 |
| 25527 | McKesson Corp. | 17527859 |
| 178098 | Medtronic PLC | 16529275 |
| 464793 | Merck & Co., Inc. | 39098387 |
| 33534 | Mettler-Toledo International, Inc.\* | 43629075 |
| 185520 | Natera, Inc.\* | 31213740 |
| 260877 | Pfizer, Inc. | 6459315 |
| 144015 | Quest Diagnostics, Inc. | 26158885 |
| 24449 | Regeneron Pharmaceuticals, Inc. | 14197534 |
| 12270 | ResMed, Inc. | 3368238 |
| 308426 | Royalty Pharma PLC, Class A | 11097168 |
| 86721 | STERIS PLC | 21251848 |
| 58184 | Stryker Corp. | 22773799 |
| 181456 | Summit Therapeutics, Inc.\*<sup>(a)</sup> | 4300507 |
| 45096 | Thermo Fisher Scientific, Inc. | 22219701 |
| 161380 | UnitedHealth Group, Inc. | 50006821 |
| 9796 | Veeva Systems, Inc., Class A\* | 2637083 |
| 36747 | Vertex Pharmaceuticals, Inc.\* | 14368812 |
| 12907 | Waters Corp.\* | 3895333 |
| 171889 | Zimmer Biomet Holdings, Inc. | 18237423 |
| 103943 | Zoetis, Inc. | 16256685 |
|  |  | 1206778413 |
| Industrials – 8.5% | Industrials – 8.5% | Industrials – 8.5% |
| 66617 | 3M Co. | 10360942 |
| 62754 | AMETEK, Inc. | 11596939 |
| 81088 | Automatic Data Processing, Inc. | 24654806 |
| 17646 | Axon Enterprise, Inc.\* | 13186679 |
| 21778 | Boeing Co. (The)\* | 5110861 |
| 80798 | Broadridge Financial Solutions, Inc. | 20653585 |
| 322997 | Builders FirstSource, Inc.\* | 44793224 |
| 28614 | Carlisle Cos., Inc. | 11041856 |
| 65807 | Caterpillar, Inc. | 27575765 |
| 188352 | Cintas Corp. | 39559571 |
| 7912 | Comfort Systems USA, Inc. | 5565143 |
| 82804 | CSX Corp. | 2691958 |
| 18872 | Cummins, Inc. | 7519360 |
| 13683 | Curtiss-Wright Corp. | 6542526 |
| 21935 | Deere & Co. | 10498968 |
| 449898 | Delta Air Lines, Inc. | 27794698 |
| 69385 | Dover Corp. | 12410201 |
| 26706 | Eaton Corp. PLC | 9324133 |
| 48722 | EMCOR Group, Inc. | 30207640 |
| 45028 | Emerson Electric Co. | 5943696 |
| 82871 | Expeditors International of Washington, Inc. | 9989270 |
| 1055613 | Fastenal Co. | 52421742 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70554 | FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16302913 |
| 107352 | Ferguson Enterprises, Inc. | 24814415 |
| 481083 | Fortive Corp. | 23024632 |
| 45957 | GE Vernova, Inc. | 28170262 |
| 46545 | General Dynamics Corp. | 15107111 |
| 163364 | General Electric Co. | 44957773 |
| 8851 | HEICO Corp. | 2761689 |
| 11052 | HEICO Corp., Class A | 2707851 |
| 62545 | Honeywell International, Inc. | 13728627 |
| 106818 | Howmet Aerospace, Inc. | 18597014 |
| 15019 | Hubbell, Inc. | 6473039 |
| 102754 | Illinois Tool Works, Inc. | 27193846 |
| 143529 | Ingersoll Rand, Inc. | 11400508 |
| 39638 | J.B. Hunt Transport Services, Inc. | 5747114 |
| 134641 | Jacobs Solutions, Inc. | 19688553 |
| 163271 | Johnson Controls International PLC | 17452037 |
| 64758 | L3Harris Technologies, Inc. | 17978116 |
| 128521 | Leidos Holdings, Inc. | 23252019 |
| 40928 | Lennox International, Inc. | 22832094 |
| 7607 | Northrop Grumman Corp. | 4488434 |
| 156295 | Otis Worldwide Corp. | 13500762 |
| 28714 | PACCAR, Inc. | 2870826 |
| 16338 | Parker-Hannifin Corp. | 12406260 |
| 61209 | Paychex, Inc. | 8535901 |
| 124701 | Pentair PLC | 13409099 |
| 38651 | Quanta Services, Inc. | 14608532 |
| 114710 | Republic Services, Inc. | 26838699 |
| 156283 | Rocket Lab Corp.\* | 7595354 |
| 641433 | Rollins, Inc. | 36266622 |
| 178126 | RTX Corp. | 28250784 |
| 49586 | Snap-on, Inc. | 16127351 |
| 89871 | Southwest Airlines Co. | 2956756 |
| 407509 | SS&C Technologies Holdings, Inc. | 36129748 |
| 56562 | Symbotic, Inc.\*<sup>(a)</sup> | 2682736 |
| 41754 | Trane Technologies PLC | 17352962 |
| 6401 | TransDigm Group, Inc. | 8954231 |
| 212757 | Uber Technologies, Inc.\* | 19945969 |
| 327720 | United Airlines Holdings, Inc.\* | 34410600 |
| 249556 | Veralto Corp. | 26500352 |
| 56277 | Verisk Analytics, Inc. | 15088989 |
| 65140 | Vertiv Holdings Co., Class A | 8308607 |
| 51518 | W.W. Grainger, Inc. | 52213493 |
| 64328 | Waste Management, Inc. | 14563216 |
| 13462 | Watsco, Inc. | 5416840 |
| 153059 | Westinghouse Air Brake Technologies Corp. | 29616916 |
| 79116 | Xylem, Inc. | 11199661 |
|  |  | 1201872876 |
| Information Technology – 33.3% | Information Technology – 33.3% | Information Technology – 33.3% |
| 133600 | Accenture PLC, Class A (Ireland) | 34731992 |
| 149174 | Adobe, Inc.\* | 53210366 |
| 133898 | Advanced Micro Devices, Inc.\* | 21775832 |
| 295398 | Amphenol Corp., Class A | 32157026 |
| 22289 | Analog Devices, Inc. | 5601449 |
| 3658410 | Apple, Inc. | 849263297 |
| 199733 | Applied Materials, Inc. | 32109077 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;141445 | AppLovin Corp., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67694163 |
| 161657 | Arista Networks, Inc.\* | 22074263 |
| 20333 | Astera Labs, Inc.\* | 3704673 |
| 170159 | Atlassian Corp., Class A\* | 30250867 |
| 109320 | Autodesk, Inc.\* | 34403004 |
| 90466 | Bentley Systems, Inc., Class B | 5034433 |
| 958966 | Broadcom, Inc. | 285186899 |
| 57148 | Cadence Design Systems, Inc.\* | 20026374 |
| 65586 | CDW Corp. | 10805949 |
| 802325 | Cisco Systems, Inc. | 55432634 |
| 57537 | Cloudflare, Inc., Class A\* | 12008547 |
| 422750 | Cognizant Technology Solutions Corp., Class A | 30543687 |
| 260528 | Corning, Inc. | 17463192 |
| 33333 | Crowdstrike Holdings, Inc., Class A\* | 14123192 |
| 302338 | Docusign, Inc.\* | 23177231 |
| 42240 | F5, Inc.\* | 13227034 |
| 30169 | Fair Isaac Corp.\* | 45906357 |
| 263430 | Fortinet, Inc.\* | 20750381 |
| 79080 | Gartner, Inc.\* | 19864105 |
| 672282 | Gen Digital, Inc. | 20302916 |
| 136420 | GoDaddy, Inc., Class A\* | 20232450 |
| 37907 | Guidewire Software, Inc.\* | 8226577 |
| 1086779 | Hewlett Packard Enterprise Co. | 24528602 |
| 424593 | HP, Inc. | 12117884 |
| 52506 | HubSpot, Inc.\* | 25369324 |
| 275937 | Intel Corp.\* | 6719066 |
| 212592 | International Business Machines Corp. | 51764026 |
| 40863 | Intuit, Inc. | 27255621 |
| 122191 | Jabil, Inc. | 25028383 |
| 57782 | Keysight Technologies, Inc.\* | 9443312 |
| 27084 | KLA Corp. | 23617248 |
| 319184 | Lam Research Corp. | 31966278 |
| 95842 | Micron Technology, Inc. | 11406156 |
| 1784108 | Microsoft Corp. | 903989683 |
| 66991 | Motorola Solutions, Inc. | 31650568 |
| 160978 | NetApp, Inc. | 18156709 |
| 506657 | Nutanix, Inc., Class A\* | 34052417 |
| 6029022 | NVIDIA Corp. | 1050135052 |
| 83606 | Okta, Inc.\* | 7756129 |
| 434441 | ON Semiconductor Corp.\* | 21543929 |
| 199773 | Oracle Corp. | 45174668 |
| 311358 | Palantir Technologies, Inc., Class A\* | 48792912 |
| 70705 | Palo Alto Networks, Inc.\* | 13470717 |
| 102179 | PTC, Inc.\* | 21815216 |
| 507241 | Pure Storage, Inc., Class A\* | 39366974 |
| 282186 | QUALCOMM, Inc. | 45355756 |
| 61366 | Roper Technologies, Inc. | 32297539 |
| 185793 | Salesforce, Inc. | 47609456 |
| 44429 | Seagate Technology Holdings PLC | 7437415 |
| 34802 | ServiceNow, Inc.\* | 31929443 |
| 21380 | Snowflake, Inc.\* | 5102551 |
| 51948 | Strategy, Inc., Class A\* | 17371931 |
| 22582 | Synopsys, Inc.\* | 13628689 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 106717 | TE Connectivity PLC (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22037060 |
| 43719 | Teledyne Technologies, Inc.\* | 23528254 |
| 79518 | Texas Instruments, Inc. | 16100805 |
| 139851 | Trimble, Inc.\* | 11302758 |
| 57802 | Twilio, Inc., Class A\* | 6104469 |
| 13831 | Tyler Technologies, Inc.\* | 7785193 |
| 18221 | Ubiquiti, Inc. | 9623057 |
| 256583 | VeriSign, Inc. | 70142095 |
| 280632 | Western Digital Corp. | 22545975 |
| 32726 | Workday, Inc., Class A\* | 7553815 |
| 272193 | Zoom Communications, Inc., Class A\* | 22161954 |
| 32109 | Zscaler, Inc.\* | 8895798 |
|  |  | 4722922854 |
| Materials – 1.2% | Materials – 1.2% | Materials – 1.2% |
| 102585 | Ball Corp. | 5400074 |
| 169954 | Corteva, Inc. | 12608887 |
| 80228 | CRH PLC | 9061753 |
| 54353 | Ecolab, Inc. | 15057955 |
| 91203 | International Paper Co. | 4530965 |
| 56775 | Linde PLC | 27154915 |
| 13643 | Martin Marietta Materials, Inc. | 8409545 |
| 266861 | Newmont Corp. | 19854458 |
| 74212 | Packaging Corp. of America | 16175248 |
| 49084 | PPG Industries, Inc. | 5459613 |
| 69835 | Reliance, Inc. | 20647416 |
| 53365 | Sherwin-Williams Co. (The) | 19522518 |
| 19091 | Vulcan Materials Co. | 5558536 |
|  |  | 169441883 |
| Real Estate – 1.1% | Real Estate – 1.1% | Real Estate – 1.1% |
| 60051 | AvalonBay Communities, Inc. REIT | 11760988 |
| 129046 | Camden Property Trust REIT | 14450571 |
| 86332 | CBRE Group, Inc., Class A\* | 13996144 |
| 123457 | Equity Residential REIT | 8162977 |
| 26353 | Essex Property Trust, Inc. REIT | 7120844 |
| 387301 | Invitation Homes, Inc. REIT | 12118648 |
| 566102 | Kimco Realty Corp. REIT | 12731634 |
| 81321 | Mid-America Apartment Communities, Inc. REIT | 11858228 |
| 202360 | Realty Income Corp. REIT | 11890674 |
| 24658 | Simon Property Group, Inc. REIT | 4454714 |
| 87666 | Sun Communities, Inc. REIT | 11122185 |
| 107352 | Ventas, Inc. REIT | 7308524 |
| 500224 | VICI Properties, Inc. REIT | 16897567 |
| 96421 | Welltower, Inc. REIT | 16225726 |
| 35937 | Zillow Group, Inc., Class C\*<sup>(a)</sup> | 3029849 |
|  |  | 163129273 |
| Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% |
| 212387 | Alliant Energy Corp. | 13820022 |
| 135007 | Ameren Corp. | 13470999 |
| 66340 | American Electric Power Co., |  |
|  | Inc. | 7365067 |
| 123690 | Atmos Energy Corp. | 20548620 |
| 344241 | CenterPoint Energy, Inc. | 12981328 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;160926 | CMS Energy Corp. | 11517474 |
| 56297 | Consolidated Edison, Inc. | 5530054 |
| 24654 | Constellation Energy Corp. | 7592939 |
| 90092 | DTE Energy Co. | 12311072 |
| 124253 | Duke Energy Corp. | 15219750 |
| 117882 | Entergy Corp. | 10384225 |
| 245224 | Evergy, Inc. | 17474662 |
| 240876 | Exelon Corp. | 10521464 |
| 186010 | FirstEnergy Corp. | 8113756 |
| 69397 | NextEra Energy, Inc. | 5000054 |
| 489709 | NiSource, Inc. | 20699999 |
| 257559 | NRG Energy, Inc. | 37490288 |
| 288470 | PG&E Corp. | 4407822 |
| 452996 | PPL Corp. | 16520764 |
| 83212 | Public Service Enterprise Group, Inc. | 6850844 |
| 122785 | Southern Co. (The) | 11333056 |
| 181846 | Vistra Corp. | 34388897 |
| 130883 | WEC Energy Group, Inc. | 13940348 |
| 114119 | Xcel Energy, Inc. | 8261074 |
|  |  | 325744578 |
|  **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |  |
|  **(Cost $8,582,012,368)** | **(Cost $8,582,012,368)** | 14178225817 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 8520556 | 4.114% | 8520556 |
|  **(Cost $8,520,556)** | **(Cost $8,520,556)** | **(Cost $8,520,556)** |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |
|  **(Cost $8,590,532,924)** | **(Cost $8,590,532,924)** | 14186746373 |
| Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.2%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 28030086 | 4.154% | 28030086 |
|  **(Cost $28,030,086)** | **(Cost $28,030,086)** | **(Cost $28,030,086)** |
|  **TOTAL INVESTMENTS – 100.1%**<br> **(Cost $8,618,563,010)** | **TOTAL INVESTMENTS – 100.1%**<br> **(Cost $8,618,563,010)** | $14214776459 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.1)%** | (17413640) |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $14197362819 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Public Limited Company |
| REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 98.8% | Common Stocks – 98.8% | Common Stocks – 98.8% |
| Communication Services – 3.2% | Communication Services – 3.2% | Communication Services – 3.2% |
| 25680 | Advantage Solutions, Inc.\* | $46738 |
| 28713 | AMC Networks, Inc., Class A\* | 202714 |
| 21430 | Angi, Inc.\* | 379740 |
| 2318 | Atlanta Braves Holdings, Inc., Class A\* | 110117 |
| 5589 | Atlanta Braves Holdings, Inc., Class C\* | 251393 |
| 19456 | Bandwidth, Inc., Class A\* | 291840 |
| 11977 | Boston Omaha Corp., Class A\*<sup>(a)</sup> | 159773 |
| 22361 | Bumble, Inc., Class A\* | 137967 |
| 1573 | Cable One, Inc. | 254008 |
| 39602 | Cargurus, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1370229 |
| 41824 | Cars.com, Inc.\* | 545803 |
| 23036 | Cinemark Holdings, Inc. | 594329 |
| 4464 | Cogent Communications Holdings, Inc. | 170659 |
| 36571 | CuriosityStream, Inc. | 167495 |
| 17877 | EchoStar Corp., Class A\* | 1104620 |
| 29313 | EverQuote, Inc., Class A\* | 681527 |
| 69762 | EW Scripps Co. (The), Class A\* | 208588 |
| 46759 | fuboTV, Inc.\* | 165059 |
| 9695 | Gambling.com Group Ltd. (Malta)\* | 84637 |
| 159617 | Gannett Co., Inc.\* | 656026 |
| 54094 | Getty Images Holdings, Inc.\*<sup>(a)</sup> | 99533 |
| 64292 | Gray Media, Inc. | 394110 |
| 20320 | Grindr, Inc. (Singapore)\* | 317805 |
| 8735 | Ibotta, Inc., Class A\* | 235321 |
| 17533 | IDT Corp., Class B | 1123339 |
| 14002 | IMAX Corp.\* | 399897 |
| 15471 | John Wiley & Sons, Inc., Class A | 627813 |
| 33414 | Liberty Latin America Ltd., Class A (Puerto Rico)\* | 269317 |
| 35394 | Liberty Latin America Ltd., Class C (Puerto Rico)\* | 291646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157484 | Lumen Technologies, Inc.\* | 782696 |
| 8874 | Madison Square Garden Entertainment Corp.\* | 361261 |
| 17287 | Magnite, Inc.\* | 448598 |
| 23219 | Marcus Corp. (The) | 358501 |
| 38115 | MediaAlpha, Inc., Class A\* | 402876 |
| 71721 | Nextdoor Holdings, Inc.\* | 147028 |
| 17749 | Nexxen International Ltd. (Israel)\* | 178022 |
| 64364 | Playtika Holding Corp. | 238790 |
| 10730 | QuinStreet, Inc.\* | 168246 |
| 17684 | Scholastic Corp. | 453771 |
| 17175 | Shutterstock, Inc. | 359473 |
| 10284 | Sinclair, Inc. | 148810 |
| 13162 | Spok Holdings, Inc. | 239022 |
| 25618 | Stagwell, Inc.\* | 144486 |
| 39561 | TEGNA, Inc. | 838693 |
| 21638 | Telephone and Data Systems, Inc. | 867467 |
| 41401 | Thryv Holdings, Inc.\* | 532417 |
| 8733 | TripAdvisor, Inc.\* | 152129 |
| 77986 | TrueCar, Inc.\* | 171569 |
| 47004 | Uniti Group, Inc.\* | 296125 |
| 41242 | Yelp, Inc.\* | 1304072 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) |
| 12385 | Ziff Davis, Inc.\* | $| 473231 |
| 22946 | ZipRecruiter, Inc., Class A\* |  | 114730 |
|  |  |  | 20524056 |
| Consumer Discretionary – 11.8% | Consumer Discretionary – 11.8% | Consumer Discretionary – 11.8% | Consumer Discretionary – 11.8% |
| 24735 | 1-800-Flowers.com, Inc.,<br>Class A\*<sup>(a)</sup> |  | 138516 |
| 14822 | Abercrombie & Fitch Co.,<br>Class A\* |  | 1386302 |
| 9112 | Academy Sports & Outdoors, Inc. |  | 487948 |
| 14185 | Accel Entertainment, Inc.\* |  | 164404 |
| 7550 | Acushnet Holdings Corp. |  | 578708 |
| 22344 | Adient PLC\* |  | 554131 |
| 9419 | Adtalem Global Education, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1233418 |
| 8355 | A-Mark Precious Metals, Inc. |  | 195591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101992 | American Axle & Manufacturing Holdings, Inc.\* |  | 593593 |
| 50202 | American Eagle Outfitters, Inc. |  | 649614 |
| 10935 | American Outdoor Brands, Inc.\* |  | 114161 |
| 19910 | American Public Education, Inc.\* |  | 600884 |
| 2206 | America's Car-Mart, Inc.\* |  | 98851 |
| 26393 | Arko Corp. |  | 131965 |
| 3696 | Asbury Automotive Group, Inc.\* |  | 929692 |
| 9326 | Bassett Furniture Industries, Inc. |  | 156863 |
| 8296 | Beazer Homes USA, Inc.\* |  | 208727 |
| 62952 | Bed Bath & Beyond, Inc.\*<sup>(a)</sup> |  | 567198 |
| 5444 | BJ's Restaurants, Inc.\* |  | 182701 |
| 3862 | Boot Barn Holdings, Inc.\* |  | 686548 |
| 21137 | Brightstar Lottery PLC<sup>(a)</sup> |  | 351720 |
| 8684 | Brinker International, Inc.\* |  | 1354530 |
| 19810 | Buckle, Inc. (The) |  | 1121048 |
| 14040 | Build-A-Bear Workshop, Inc. |  | 853772 |
| 34024 | Caleres, Inc. |  | 510360 |
| 12048 | Capri Holdings Ltd.\* |  | 248068 |
| 12031 | Carriage Services, Inc. |  | 526717 |
| 8317 | Carter's, Inc. |  | 237534 |
| 1734 | Cavco Industries, Inc.\* |  | 919870 |
| 4931 | Century Communities, Inc. |  | 324854 |
| 7574 | Champion Homes, Inc.\* |  | 571534 |
| 8904 | Cheesecake Factory, Inc. (The) |  | 547240 |
| 4846 | Citi Trends, Inc.\* |  | 172663 |
| 13527 | Coursera, Inc.\* |  | 155561 |
| 1953 | Cracker Barrel Old Country Store, Inc. |  | 116828 |
| 36162 | Cricut, Inc., Class A |  | 206123 |
| 28731 | Dana, Inc. |  | 579217 |
| 13591 | Denny's Corp.\* |  | 62111 |
| 8655 | Dine Brands Global, Inc. |  | 207287 |
| 5332 | Dorman Products, Inc.\* |  | 862664 |
| 28158 | El Pollo Loco Holdings, Inc.\* |  | 299320 |
| 18336 | Ethan Allen Interiors, Inc. |  | 541095 |
| 60787 | EVgo, Inc.\* |  | 235246 |
| 101259 | Figs, Inc., Class A\* |  | 713876 |
| 12783 | Foot Locker, Inc.\* |  | 315740 |
| 11409 | Fox Factory Holding Corp.\* |  | 330062 |
| 23173 | Frontdoor, Inc.\* |  | 1407760 |
| 34471 | Funko, Inc., Class A\* |  | 119270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 15033 | Garrett Motion, Inc. (Switzerland) | $195279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10030 | Genesco, Inc.\* | 320759 |
| 23122 | Genius Sports Ltd. (United Kingdom)\* | 295730 |
| 7813 | Gentherm, Inc.\* | 287284 |
| 13722 | GigaCloud Technology, Inc., Class A (Hong Kong)\*<sup>(a)</sup> | 363221 |
| 18662 | G-III Apparel Group Ltd.\* | 503874 |
| 10028 | Golden Entertainment, Inc. | 249396 |
| 20077 | Goodyear Tire & Rubber Co. (The)\* | 170253 |
| 992 | Graham Holdings Co., Class B | 1077362 |
| 7026 | Green Brick Partners, Inc.\* | 490696 |
| 3258 | Group 1 Automotive, Inc. | 1514253 |
| 23464 | Groupon, Inc.\* | 612410 |
| 40562 | Hanesbrands, Inc.\* | 255946 |
| 13230 | Haverty Furniture Cos., Inc. | 298336 |
| 7562 | Helen of Troy Ltd.\* | 185647 |
| 12618 | Hilton Grand Vacations, Inc.\* | 599607 |
| 1114 | Hovnanian Enterprises, Inc., Class A\* | 156361 |
| 25205 | Inspired Entertainment, Inc.\* | 234407 |
| 4586 | Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200707 |
| 9400 | JAKKS Pacific, Inc. | 167038 |
| 4784 | Johnson Outdoors, Inc., Class A | 192891 |
| 11949 | KB Home | 759359 |
| 18365 | Kontoor Brands, Inc. | 1418696 |
| 8127 | Lakeland Industries, Inc.<sup>(a)</sup> | 123449 |
| 18935 | Latham Group, Inc.\* | 152048 |
| 28532 | Laureate Education, Inc.\* | 784059 |
| 15358 | La-Z-Boy, Inc. | 567785 |
| 5858 | LCI Industries | 617550 |
| 17183 | Leggett & Platt, Inc. | 165129 |
| 2306 | LGI Homes, Inc.\* | 142764 |
| 17725 | Life Time Group Holdings, Inc.\* | 494882 |
| 33909 | Lincoln Educational Services Corp.\* | 637828 |
| 10274 | Lindblad Expeditions Holdings, Inc.\* | 149795 |
| 12897 | Lovesac Co. (The)\* | 246720 |
| 46028 | Luminar Technologies, Inc.\* | 78248 |
| 5772 | M/I Homes, Inc.\* | 849985 |
| 8810 | Malibu Boats, Inc., Class A\* | 292492 |
| 2455 | Marriott Vacations Worldwide Corp. | 191858 |
| 13776 | MasterCraft Boat Holdings, Inc.\* | 302245 |
| 5823 | Matthews International Corp., Class A | 143071 |
| 8451 | Meritage Homes Corp. | 656558 |
| 8662 | Modine Manufacturing Co.\* | 1179158 |
| 2820 | Monarch Casino & Resort, Inc. | 294211 |
| 13494 | Monro, Inc. | 223731 |
| 17150 | Motorcar Parts of America, Inc.\* | 255535 |
| 12802 | Movado Group, Inc. | 233893 |
| 2724 | Nathan's Famous, Inc. | 285203 |
| 28358 | National Vision Holdings, Inc.\* | 650533 |
| 8743 | ODP Corp. (The)\* | 177133 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 24931 | OneSpaWorld Holdings Ltd. (Bahamas) | $562693 |
| 13998 | Oxford Industries, Inc. | 616612 |
| 3218 | Papa John's International, Inc. | 156749 |
| 10818 | Patrick Industries, Inc. | 1209993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114369 | Peloton Interactive, Inc., Class A\* | 869204 |
| 34054 | Perdoceo Education Corp. | 1114928 |
| 51042 | Petco Health & Wellness Co., Inc.\* | 203658 |
| 12947 | Phinia, Inc. | 757141 |
| 3346 | Polaris, Inc. | 189317 |
| 20022 | Potbelly Corp.\* | 259085 |
| 5816 | Pursuit Attractions and Hospitality, Inc.\* | 216937 |
| 9032 | RCI Hospitality Holdings, Inc. | 336081 |
| 101070 | RealReal, Inc. (The)\* | 771164 |
| 3824 | Red Rock Resorts, Inc., Class A | 236591 |
| 30634 | Revolve Group, Inc.\* | 685283 |
| 80174 | Rush Street Interactive, Inc.\* | 1787880 |
| 80498 | Sally Beauty Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115702 |
| 10840 | Savers Value Village, Inc.\* | 131056 |
| 19159 | Serve Robotics, Inc.\*<sup>(a)</sup> | 212665 |
| 1583 | Shake Shack, Inc., Class A\* | 167798 |
| 20412 | Shoe Carnival, Inc. | 426611 |
| 9444 | Signet Jewelers Ltd. | 831544 |
| 21715 | Sleep Number Corp.\* | 228659 |
| 61310 | Solid Power, Inc.\* | 265472 |
| 3227 | Sonic Automotive, Inc., Class A | 265227 |
| 67683 | Sonos, Inc.\* | 942147 |
| 8168 | Standard Motor Products, Inc. | 317000 |
| 28430 | Steven Madden Ltd. | 825607 |
| 118279 | Stitch Fix, Inc., Class A\* | 625696 |
| 2256 | Strategic Education, Inc. | 183526 |
| 2965 | Strattec Security Corp.\* | 195305 |
| 12858 | Stride, Inc.\* | 2098297 |
| 4761 | Sturm Ruger & Co., Inc. | 165064 |
| 28894 | Super Group SGHC Ltd. (Guernsey) | 336037 |
| 5478 | Superior Group of Cos., Inc. | 71981 |
| 36771 | Target Hospitality Corp.\* | 333513 |
| 17770 | Taylor Morrison Home Corp.\* | 1197165 |
| 30548 | ThredUp, Inc., Class A\* | 330529 |
| 33802 | Topgolf Callaway Brands Corp.\* | 323147 |
| 19783 | Tri Pointe Homes, Inc.\* | 698933 |
| 85111 | Udemy, Inc.\* | 583861 |
| 3158 | United Parks & Resorts, Inc.\* | 166048 |
| 22150 | Universal Technical Institute, Inc.\* | 588968 |
| 39979 | Upbound Group, Inc. | 1015866 |
| 11510 | Urban Outfitters, Inc.\* | 772091 |
| 26258 | Victoria's Secret & Co.\* | 604459 |
| 5477 | Visteon Corp. | 678929 |
| 28169 | Warby Parker, Inc., Class A\* | 738028 |
| 2698 | Winmark Corp. | 1251440 |
| 12669 | Winnebago Industries, Inc. | 455831 |
| 19698 | Wolverine World Wide, Inc. | 629154 |
| 13621 | XPEL, Inc.\* | 506156 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 14814 | Zumiez, Inc.\* | $| 254653 |
|  |  |  | 75504741 |
| Consumer Staples – 3.5% | Consumer Staples – 3.5% | Consumer Staples – 3.5% | Consumer Staples – 3.5% |
| 7612 | Andersons, Inc. (The) |  | 311331 |
| 42220 | B&G Foods, Inc. |  | 190412 |
| 85686 | Beauty Health Co. (The)\* |  | 178227 |
| 13245 | Cal-Maine Foods, Inc. |  | 1531652 |
| 6247 | Central Garden & Pet Co.\*<sup>(a)</sup> |  | 227578 |
| 12314 | Central Garden & Pet Co., Class A\* |  | 406732 |
| 18203 | Chefs' Warehouse, Inc. (The)\* |  | 1149337 |
| 26632 | Dole PLC |  | 392023 |
| 12121 | Edgewell Personal Care Co. |  | 291146 |
| 13130 | Energizer Holdings, Inc. |  | 361863 |
| 17356 | Fresh Del Monte Produce, Inc. |  | 629676 |
| 8229 | Grocery Outlet Holding Corp.\* |  | 149027 |
| 8122 | Guardian Pharmacy Services, Inc., Class A\* |  | 214583 |
| 101623 | Hain Celestial Group, Inc. (The)\* |  | 182921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112752 | Herbalife Ltd.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102715 |
| 106848 | Honest Co., Inc. (The)\* |  | 423118 |
| 11889 | Ingles Markets, Inc., Class A |  | 804766 |
| 6622 | Interparfums, Inc. |  | 761133 |
| 2234 | J & J Snack Foods Corp. |  | 249247 |
| 2295 | John B Sanfilippo & Son, Inc. |  | 148946 |
| 12110 | Lifevantage Corp.<sup>(a)</sup> |  | 158641 |
| 34181 | Mama's Creations, Inc.\* |  | 272764 |
| 2403 | Marzetti Company (The) |  | 438788 |
| 12580 | Medifast, Inc.\* |  | 176497 |
| 3870 | MGP Ingredients, Inc. |  | 114436 |
| 19097 | National Beverage Corp.\* |  | 803029 |
| 6526 | Natural Grocers by Vitamin Cottage, Inc. |  | 250925 |
| 55786 | Nu Skin Enterprises, Inc., Class A |  | 678916 |
| 7049 | PriceSmart, Inc. |  | 756076 |
| 1350 | Seneca Foods Corp., Class A\* |  | 152820 |
| 10548 | Simply Good Foods Co. (The)\* |  | 301989 |
| 31154 | SpartanNash Co. |  | 834927 |
| 2926 | Spectrum Brands Holdings, Inc. |  | 166753 |
| 11224 | TreeHouse Foods, Inc.\* |  | 205848 |
| 9676 | Turning Point Brands, Inc. |  | 962762 |
| 46648 | United Natural Foods, Inc.\* |  | 1319205 |
| 7381 | Universal Corp. |  | 412967 |
| 11306 | USANA Health Sciences, Inc.\* |  | 360775 |
| 9760 | Village Super Market, Inc., Class A |  | 354093 |
| 7347 | Vita Coco Co., Inc. (The)\* |  | 262582 |
| 23122 | Vital Farms, Inc.\* |  | 1181303 |
| 4561 | WD-40 Co. |  | 985358 |
| 9686 | Weis Markets, Inc. |  | 694002 |
| 9702 | WK Kellogg Co. |  | 222370 |
| 36108 | Zevia PBC, Class A\* |  | 101102 |
|  |  |  | 21875361 |
| Energy – 3.0% | Energy – 3.0% | Energy – 3.0% | Energy – 3.0% |
| 24848 | Archrock, Inc. |  | 615236 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 20850 | Ardmore Shipping Corp. (Ireland) | $242277 |
| 9246 | Aris Water Solutions, Inc., Class A | 224400 |
| 9248 | Atlas Energy Solutions, Inc.<sup>(a)</sup> | 108294 |
| 84550 | Berry Corp. | 282397 |
| 4375 | Bristow Group, Inc.\* | 168481 |
| 5720 | Cactus, Inc., Class A | 239954 |
| 9964 | California Resources Corp. | 495012 |
| 2950 | Centrus Energy Corp., Class A\*<sup>(a)</sup> | 595103 |
| 64794 | Clean Energy Fuels Corp.\* | 170408 |
| 29610 | CNX Resources Corp.\* | 864612 |
| 18649 | Comstock Resources, Inc.\* | 300808 |
| 10873 | Core Laboratories, Inc. | 125148 |
| 7569 | Core Natural Resources, Inc. | 562074 |
| 10322 | DHT Holdings, Inc. | 120974 |
| 12739 | Energy Services of America Corp. | 129810 |
| 14133 | Epsilon Energy Ltd. | 82819 |
| 36937 | Evolution Petroleum Corp. | 190595 |
| 5794 | Excelerate Energy, Inc., Class A | 141489 |
| 6360 | FLEX LNG Ltd. (Norway)\*<sup>(a)</sup> | 173310 |
| 95831 | Gevo, Inc.\*<sup>(a)</sup> | 165788 |
| 12812 | Golar LNG Ltd. (Cameroon) | 561422 |
| 17894 | Granite Ridge Resources, Inc. | 99491 |
| 3596 | Gulfport Energy Corp.\* | 625812 |
| 57145 | Helix Energy Solutions Group, Inc.\* | 376586 |
| 8044 | Helmerich & Payne, Inc. | 168039 |
| 3144 | International Seaways, Inc. | 142800 |
| 6636 | Kinetik Holdings, Inc. | 277584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11705 | Kodiak Gas Services, Inc. | 418922 |
| 35931 | Liberty Energy, Inc. | 404224 |
| 14569 | Lightbridge Corp.\*<sup>(a)</sup> | 220429 |
| 41798 | Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039934 |
| 17785 | Murphy Oil Corp. | 442135 |
| 3921 | NACCO Industries, Inc., Class A | 153390 |
| 25694 | National Energy Services Reunited Corp.\*<sup>(a)</sup> | 240496 |
| 8638 | Natural Gas Services Group, Inc. | 225970 |
| 7820 | Navigator Holdings Ltd. | 125824 |
| 11006 | Noble Corp. PLC | 317193 |
| 51049 | Nordic American Tankers Ltd. | 158762 |
| 6309 | Northern Oil & Gas, Inc. | 165043 |
| 12194 | Oceaneering International, Inc.\* | 297534 |
| 51527 | Oil States International, Inc.\* | 288551 |
| 4887 | Par Pacific Holdings, Inc.\* | 169286 |
| 58211 | Patterson-UTI Energy, Inc. | 338206 |
| 5243 | PBF Energy, Inc., Class A | 143239 |
| 20407 | Peabody Energy Corp. | 355082 |
| 14092 | ProFrac Holding Corp., Class A\* | 56368 |
| 43706 | ProPetro Holding Corp.\* | 222901 |
| 3226 | REX American Resources Corp.\* | 201851 |
| 5072 | Riley Exploration Permian, Inc. | 148407 |
| 33662 | RPC, Inc. | 160568 |
| 12097 | Sable Offshore Corp.\* | 326377 |
| 14376 | SandRidge Energy, Inc. | 170212 |
| 7713 | Scorpio Tankers, Inc. (Monaco) | 388735 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 5241 | Seadrill Ltd. (Norway)\* | $| 167240 |
| 17375 | SFL Corp. Ltd. (Norway) |  | 141259 |
| 9143 | SM Energy Co. |  | 261033 |
| 14726 | Solaris Oilfield Infrastructure, Inc., Class A |  | 465194 |
| 25043 | Talos Energy, Inc.\* |  | 247425 |
| 34341 | Teekay Corp. Ltd. (Bermuda) |  | 281596 |
| 6128 | Teekay Tankers Ltd., Class A (Canada) |  | 301314 |
| 39830 | TETRA Technologies, Inc.\* |  | 187201 |
| 5722 | Tidewater, Inc.\* |  | 344464 |
| 111877 | Transocean Ltd.\* |  | 338987 |
| 43583 | VAALCO Energy, Inc. |  | 169102 |
| 4080 | Valaris Ltd.\* |  | 202654 |
| 5677 | Vitesse Energy, Inc. |  | 151065 |
| 19944 | World Kinect Corp. |  | 534699 |
|  |  |  | 19223595 |
| Financials – 22.2% | Financials – 22.2% | Financials – 22.2% | Financials – 22.2% |
| 4870 | 1st Source Corp. |  | 313725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25200 | Acadian Asset Management, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1284444 |
| 7045 | ACRES Commercial Realty Corp. REIT\* |  | 147945 |
| 17009 | Amalgamated Financial Corp. |  | 491390 |
| 19125 | Ambac Financial Group, Inc.\* |  | 172699 |
| 27978 | American Coastal Insurance Corp. |  | 309157 |
| 15724 | Ameris Bancorp |  | 1152255 |
| 11254 | AMERISAFE, Inc. |  | 519710 |
| 2657 | Ames National Corp. |  | 53087 |
| 15550 | Apollo Commercial Real Estate Finance, Inc. REIT |  | 164675 |
| 32558 | Arbor Realty Trust, Inc. REIT |  | 388743 |
| 7274 | ARMOUR Residential REIT, Inc. REIT |  | 111365 |
| 8422 | Arrow Financial Corp. |  | 250386 |
| 26489 | Artisan Partners Asset Management, Inc., Class A |  | 1239420 |
| 22289 | Associated Banc-Corp. |  | 601134 |
| 23058 | Atlantic Union Bankshares Corp. |  | 823862 |
| 2605 | Atlanticus Holdings Corp.\* |  | 173754 |
| 16894 | Axos Financial, Inc.\* |  | 1540902 |
| 5115 | Baldwin Insurance Group, Inc. (The), Class A\* |  | 161992 |
| 16694 | Banc of California, Inc. |  | 282462 |
| 5813 | BancFirst Corp. |  | 772955 |
| 19194 | Banco Latinoamericano de Comercio Exterior SA, Class E (Panama) |  | 885419 |
| 22633 | Bancorp, Inc. (The)\* |  | 1725540 |
| 3023 | Bank First Corp. |  | 392748 |
| 6016 | Bank of Hawaii Corp. |  | 409810 |
| 27427 | Bank of NT Butterfield & Son Ltd. (The) (Bermuda) |  | 1237506 |
| 19922 | BankUnited, Inc. |  | 780743 |
| 6493 | Bankwell Financial Group, Inc. |  | 274524 |
| 8911 | Banner Corp. |  | 597304 |
| 14724 | BCB Bancorp, Inc. |  | 131044 |
| 11624 | Berkshire Hills Bancorp, Inc. |  | 303735 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 55977 | BGC Group, Inc., Class A | $549134 |
| 21330 | Blackstone Mortgage Trust, Inc., Class A REIT | 417215 |
| 4785 | Bowhead Specialty Holdings, Inc.\* | 148622 |
| 13465 | Bread Financial Holdings, Inc. | 891248 |
| 43846 | Brookline Bancorp, Inc. | 480114 |
| 20992 | Burford Capital Ltd. | 293888 |
| 5622 | Business First Bancshares, Inc. | 140606 |
| 9914 | BV Financial, Inc.\* | 166357 |
| 9950 | Byline Bancorp, Inc. | 287655 |
| 1936 | C&F Financial Corp. | 139353 |
| 25239 | Cadence Bank | 949996 |
| 8935 | Camden National Corp. | 365352 |
| 7306 | Cannae Holdings, Inc. | 136622 |
| 22692 | Cantaloupe, Inc.\* | 246662 |
| 8587 | Capital City Bank Group, Inc. | 376626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19415 | Capitol Federal Financial, Inc. | 125809 |
| 5719 | Cass Information Systems, Inc. | 246603 |
| 14388 | Cathay General Bancorp | 718105 |
| 5338 | CB Financial Services, Inc. | 177702 |
| 16306 | Central Pacific Financial Corp. | 510704 |
| 3618 | Chemung Financial Corp. | 195083 |
| 18462 | Chimera Investment Corp. REIT | 261607 |
| 2965 | ChoiceOne Financial Services, Inc. | 91500 |
| 9843 | Citizens Community Bancorp, Inc. | 162705 |
| 33151 | Citizens, Inc.\* | 175369 |
| 4522 | City Holding Co. | 580987 |
| 12907 | Civista Bancshares, Inc. | 273499 |
| 10124 | CNB Financial Corp. | 266362 |
| 36562 | CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443102 |
| 3948 | Coastal Financial Corp.\* | 452046 |
| 12014 | Cohen & Steers, Inc. | 887354 |
| 562 | Columbia Financial, Inc.\* | 8447 |
| 8835 | Community Financial System, Inc. | 529128 |
| 5914 | Community Trust Bancorp, Inc. | 345496 |
| 17789 | Compass Diversified Holdings | 133418 |
| 21533 | ConnectOne Bancorp, Inc. | 551245 |
| 5253 | Consumer Portfolio Services, Inc.\* | 41971 |
| 10233 | Customers Bancorp, Inc.\* | 733604 |
| 15224 | CVB Financial Corp. | 306459 |
| 8070 | Dave, Inc.\* | 1720685 |
| 3003 | Diamond Hill Investment Group, Inc. | 437717 |
| 26242 | DigitalBridge Group, Inc. | 299421 |
| 11903 | Dime Community Bancshares, Inc. | 366136 |
| 6076 | Donegal Group, Inc., Class A | 108700 |
| 11795 | Donnelley Financial Solutions, Inc.\* | 669602 |
| 25090 | Dynex Capital, Inc. REIT | 316636 |
| 8474 | Eagle Bancorp Montana, Inc. | 148549 |
| 6431 | Eagle Bancorp, Inc. | 124890 |
| 17765 | Eastern Bankshares, Inc. | 303959 |
| 7466 | ECB Bancorp, Inc.\*<sup>(a)</sup> | 127071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 32929 | eHealth, Inc.\* | $127435 |
| 31707 | Ellington Financial, Inc. REIT | 432483 |
| 8478 | Employers Holdings, Inc. | 366758 |
| 14576 | Enact Holdings, Inc. | 548786 |
| 15602 | Enova International, Inc.\* | 1892523 |
| 9378 | Enterprise Financial Services Corp. | 574309 |
| 7680 | Esquire Financial Holdings, Inc. | 753408 |
| 24034 | Essent Group Ltd. | 1507893 |
| 17980 | EVERTEC, Inc. (Puerto Rico) | 641526 |
| 14565 | Farmers National Banc Corp. | 221097 |
| 7461 | FB Financial Corp. | 400506 |
| 5165 | Federal Agricultural Mortgage Corp., Class C | 1082429 |
| 2126 | Fidelity D&D Bancorp, Inc. | 92800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17621 | Financial Institutions, Inc. | 487573 |
| 8252 | Finwise Bancorp\* | 159511 |
| 8726 | First Bancorp | 476352 |
| 7349 | First Bancorp, Inc. (The) | 199746 |
| 55950 | First BanCorp. (Puerto Rico) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1243769 |
| 9206 | First Busey Corp. | 227388 |
| 8777 | First Business Financial Services, Inc. | 459213 |
| 18300 | First Commonwealth Financial Corp. | 324825 |
| 5855 | First Community Corp/SC | 159666 |
| 20311 | First Financial Bancorp | 537835 |
| 24430 | First Financial Bankshares, Inc. | 908063 |
| 8137 | First Financial Corp. | 480083 |
| 8690 | First Internet Bancorp | 218249 |
| 12973 | First Interstate BancSystem, Inc., Class A | 424477 |
| 13539 | First Merchants Corp. | 562139 |
| 8048 | First Mid Bancshares, Inc. | 325461 |
| 8920 | First National Corp.<sup>(a)</sup> | 208371 |
| 6343 | First Savings Financial Group, Inc. | 173925 |
| 5671 | First United Corp. | 211925 |
| 6893 | FirstCash Holdings, Inc. | 1015132 |
| 10011 | Flagstar Financial, Inc. | 128341 |
| 12572 | Flushing Financial Corp. | 172991 |
| 21838 | Franklin BSP Realty Trust, Inc. REIT | 252229 |
| 4544 | Franklin Financial Services Corp. | 212205 |
| 3815 | FS Bancorp, Inc. | 162939 |
| 35689 | Fulton Financial Corp. | 701646 |
| 5993 | GBank Financial Holdings, Inc.\* | 238072 |
| 17750 | GCM Grosvenor, Inc., Class A | 230040 |
| 84766 | Genworth Financial, Inc., Class A\* | 726445 |
| 4837 | German American Bancorp, Inc. | 202090 |
| 14855 | Glacier Bancorp, Inc. | 730123 |
| 7769 | Goosehead Insurance, Inc., Class A | 658112 |
| 4678 | Great Southern Bancorp, Inc. | 296071 |
| 6078 | Greene County Bancorp, Inc. | 145811 |
| 26925 | Hamilton Insurance Group Ltd., Class B (Bermuda)\* | 641892 |
| 17305 | Hancock Whitney Corp. | 1088831 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 21594 | Hanmi Financial Corp. | $543305 |
| 5419 | Hanover Bancorp, Inc. | 122198 |
| 15275 | HarborOne Bancorp, Inc. | 196437 |
| 4566 | Hawthorn Bancshares, Inc. | 152641 |
| 7018 | HCI Group, Inc. | 1169971 |
| 23652 | Heritage Commerce Corp. | 244325 |
| 15433 | Heritage Financial Corp. | 377183 |
| 24357 | Heritage Insurance Holdings, Inc.\* | 554609 |
| 9488 | Hilltop Holdings, Inc. | 332839 |
| 1304 | Hingham Institution For Savings (The)<sup>(a)</sup> | 370519 |
| 4903 | Hippo Holdings, Inc.\* | 165770 |
| 4615 | Home Bancorp, Inc. | 259663 |
| 33018 | Home BancShares, Inc. | 982616 |
| 6863 | HomeTrust Bancshares, Inc. | 283854 |
| 34557 | Hope Bancorp, Inc. | 384619 |
| 12038 | Horace Mann Educators Corp. | 553507 |
| 23294 | Horizon Bancorp, Inc. | 392737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19139 | Independent Bank Corp. | 629482 |
| 9004 | Independent Bank Corp. | 643876 |
| 14988 | International Bancshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1072242 |
| 29414 | International Money Express, Inc.\* | 426503 |
| 26216 | Invesco Mortgage Capital, Inc. REIT | 205009 |
| 1382 | Investors Title Co. | 343095 |
| 19425 | Jackson Financial, Inc., Class A | 1919190 |
| 24188 | James River Group Holdings Ltd. | 135937 |
| 22163 | Kearny Financial Corp. | 149600 |
| 12647 | Kingstone Cos., Inc. | 170229 |
| 19121 | KKR Real Estate Finance Trust, Inc. REIT | 184135 |
| 22236 | Ladder Capital Corp. REIT | 258382 |
| 6380 | Lakeland Financial Corp. | 436711 |
| 4743 | Landmark Bancorp, Inc. | 126022 |
| 8719 | Lemonade, Inc.\* | 461235 |
| 30834 | LendingClub Corp.\* | 529728 |
| 5860 | Live Oak Bancshares, Inc. | 226723 |
| 49799 | Lument Finance Trust, Inc. REIT | 111550 |
| 10586 | Marex Group PLC (United Kingdom) | 374321 |
| 54392 | Marqeta, Inc., Class A\* | 346205 |
| 48498 | MBIA, Inc.\* | 386044 |
| 15317 | Medallion Financial Corp. | 161748 |
| 10241 | Mercantile Bank Corp. | 504369 |
| 16781 | Merchants Bancorp | 544040 |
| 12456 | Mercury General Corp. | 963222 |
| 10379 | Meridian Corp. | 163365 |
| 5940 | Metropolitan Bank Holding Corp. | 471577 |
| 30085 | MFA Financial, Inc. REIT | 306867 |
| 4293 | Mid Penn Bancorp, Inc. | 129391 |
| 1948 | Middlefield Banc Corp. | 59804 |
| 8770 | Midland States Bancorp, Inc. | 161543 |
| 11907 | MidWestOne Financial Group, Inc. | 360068 |
| 15653 | Moelis & Co., Class A | 1128738 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 7633 | National Bank Holdings Corp., Class A | $299366 |
| 6710 | National Bankshares, Inc. | 210291 |
| 25446 | Navient Corp. | 348865 |
| 6729 | NB Bancorp, Inc. | 127111 |
| 8587 | NBT Bancorp, Inc. | 380147 |
| 9204 | NCR Atleos Corp.\* | 364662 |
| 2117 | Nelnet, Inc., Class A | 272267 |
| 20026 | New York Mortgage Trust, Inc. REIT | 144588 |
| 11114 | NewtekOne, Inc. | 137480 |
| 9016 | Nexpoint Real Estate Finance, Inc. REIT | 135240 |
| 4097 | Nicolet Bankshares, Inc. | 566574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25652 | NMI Holdings, Inc., Class A\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009406 |
| 8203 | Northeast Bank | 906924 |
| 5216 | Northeast Community Bancorp, Inc. | 117621 |
| 1709 | Northrim BanCorp, Inc. | 160697 |
| 37093 | Northwest Bancshares, Inc. | 469226 |
| 5286 | Norwood Financial Corp. | 143039 |
| 7876 | Oak Valley Bancorp | 224387 |
| 19698 | OceanFirst Financial Corp. | 362246 |
| 17963 | OFG Bancorp (Puerto Rico) | 803844 |
| 4349 | Ohio Valley Banc Corp. | 160913 |
| 56789 | Old National Bancorp | 1299900 |
| 20310 | Old Second Bancorp, Inc. | 374923 |
| 13481 | OP Bancorp | 196014 |
| 27895 | Oportun Financial Corp.\* | 184386 |
| 27756 | OppFi, Inc. | 283389 |
| 16632 | Orchid Island Capital, Inc. REIT | 117422 |
| 8000 | Origin Bancorp, Inc. | 311120 |
| 13281 | Oscar Health, Inc., Class A\* | 221261 |
| 27884 | P10, Inc., Class A | 344089 |
| 55212 | Pagseguro Digital Ltd., Class A (Brazil) | 494700 |
| 6338 | Palomar Holdings, Inc.\* | 779701 |
| 3183 | Park National Corp. | 546744 |
| 11629 | Parke Bancorp, Inc. | 262234 |
| 15606 | Pathward Financial, Inc. | 1240209 |
| 11532 | Patria Investments Ltd., Class A (Cayman Islands) | 156143 |
| 43259 | Payoneer Global, Inc.\* | 300650 |
| 10762 | Paysafe Ltd.\* | 151852 |
| 11995 | PCB Bancorp | 265090 |
| 14489 | Peapack-Gladstone Financial Corp. | 420326 |
| 4366 | PennyMac Financial Services, Inc. | 480697 |
| 26497 | PennyMac Mortgage Investment Trust REIT | 326178 |
| 2697 | Peoples Bancorp of North Carolina, Inc. | 85441 |
| 11188 | Peoples Bancorp, Inc. | 346157 |
| 4811 | Peoples Financial Services Corp. | 252145 |
| 22705 | Perella Weinberg Partners | 502462 |
| 3537 | Piper Sandler Cos. | 1180615 |
| 10468 | PJT Partners, Inc., Class A | 1873772 |
| 2735 | Plumas Bancorp | 118672 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 16401 | PRA Group, Inc.\* | $280293 |
| 8108 | Preferred Bank | 765395 |
| 14292 | Priority Technology Holdings, Inc.\* | 119624 |
| 4973 | ProAssurance Corp.\* | 118407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30607 | PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1078591 |
| 29447 | Provident Financial Services, Inc. | 584228 |
| 6530 | QCR Holdings, Inc. | 511821 |
| 40948 | Radian Group, Inc. | 1428266 |
| 37951 | Redwood Trust, Inc. REIT | 232260 |
| 10029 | Regional Management Corp. | 439671 |
| 13497 | Remitly Global, Inc.\* | 250099 |
| 17559 | Renasant Corp. | 687084 |
| 6036 | Republic Bancorp, Inc., Class A | 463203 |
| 23384 | Riverview Bancorp, Inc. | 118323 |
| 5709 | Root, Inc., Class A\* | 526484 |
| 8494 | S&T Bancorp, Inc. | 335598 |
| 3100 | Safety Insurance Group, Inc. | 229431 |
| 6530 | SB Financial Group, Inc. | 137130 |
| 12817 | Seacoast Banking Corp. of Florida | 398737 |
| 16516 | Security National Financial Corp., Class A\* | 148644 |
| 8478 | Selective Insurance Group, Inc. | 663234 |
| 50910 | Selectquote, Inc.\* | 115057 |
| 12183 | ServisFirst Bancshares, Inc. | 1073931 |
| 14229 | Sezzle, Inc.\* | 1346063 |
| 8567 | Sierra Bancorp | 262664 |
| 23435 | Simmons First National Corp., Class A | 486979 |
| 34912 | SiriusPoint Ltd. (Sweden)\* | 653553 |
| 12144 | Skyward Specialty Insurance Group, Inc.\* | 586555 |
| 6913 | Southern First Bancshares, Inc.\* | 311776 |
| 6402 | Southern Missouri Bancorp, Inc. | 368339 |
| 5859 | Southside Bancshares, Inc. | 183035 |
| 9004 | SR Bancorp, Inc. | 135690 |
| 12795 | Stellar Bancorp, Inc. | 395621 |
| 9279 | StepStone Group, Inc., Class A | 575855 |
| 7510 | Stewart Information Services Corp. | 547028 |
| 8556 | Stock Yards Bancorp, Inc. | 690555 |
| 37794 | StoneCo Ltd., Class A (Brazil)\* | 622467 |
| 16226 | StoneX Group, Inc.\* | 1657810 |
| 7994 | Texas Capital Bancshares, Inc.\* | 692041 |
| 2360 | Timberland Bancorp, Inc. | 78942 |
| 7286 | Tiptree, Inc. | 170857 |
| 4094 | Tompkins Financial Corp. | 287153 |
| 18738 | Towne Bank | 687497 |
| 14585 | TPG RE Finance Trust, Inc. REIT | 136370 |
| 8169 | TriCo Bancshares | 371036 |
| 7012 | Trupanion, Inc.\* | 325076 |
| 7058 | TrustCo Bank Corp. | 280838 |
| 12930 | Trustmark Corp. | 520691 |
| 25469 | Two Harbors Investment Corp. REIT | 254690 |
| 14821 | UMB Financial Corp. | 1806680 |
| 21321 | United Bankshares, Inc. | 817447 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 18196 | United Community Banks, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607746 |
| 4511 | United Fire Group, Inc. |  | 138668 |
| 13790 | United Security Bancshares |  | 131281 |
| 8105 | Unity Bancorp, Inc. |  | 424297 |
| 22513 | Universal Insurance Holdings, Inc. |  | 549092 |
| 17114 | Univest Financial Corp. |  | 542000 |
| 4408 | Upstart Holdings, Inc.\* |  | 323018 |
| 84392 | Valley National Bancorp |  | 882740 |
| 18935 | Veritex Holdings, Inc. |  | 650417 |
| 12201 | Victory Capital Holdings, Inc., Class A |  | 869687 |
| 5534 | Virginia National Bankshares Corp. |  | 230270 |
| 2716 | Virtus Investment Partners, Inc. |  | 547084 |
| 13496 | WaFd, Inc. |  | 424449 |
| 3377 | Walker & Dunlop, Inc. |  | 287214 |
| 5974 | Washington Trust Bancorp, Inc. |  | 181191 |
| 16742 | Waterstone Financial, Inc. |  | 250963 |
| 17752 | WesBanco, Inc. |  | 582266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14563 | West BanCorp, Inc. |  | 290678 |
| 10564 | Westamerica BanCorp |  | 528306 |
| 21039 | Western New England Bancorp, Inc. |  | 263829 |
| 53104 | WisdomTree, Inc. |  | 722745 |
| 3710 | World Acceptance Corp.\* |  | 636005 |
| 10170 | WSFS Financial Corp. |  | 592809 |
|  |  |  | 139413554 |
| Health Care – 15.0% | Health Care – 15.0% | Health Care – 15.0% | Health Care – 15.0% |
| 26887 | 10X Genomics, Inc., Class A\* |  | 376687 |
| 72482 | ACADIA Pharmaceuticals, Inc.\* |  | 1883807 |
| 40461 | AdaptHealth Corp.\* |  | 383975 |
| 34727 | Adaptive Biotechnologies Corp.\* |  | 457702 |
| 10031 | ADC Therapeutics SA (Switzerland)\* |  | 30795 |
| 5198 | Addus HomeCare Corp.\* |  | 598654 |
| 62581 | ADMA Biologics, Inc.\* |  | 1080148 |
| 4350 | Agios Pharmaceuticals, Inc.\* |  | 164038 |
| 231923 | Akebia Therapeutics, Inc.\* |  | 728238 |
| 36965 | Aldeyra Therapeutics, Inc.\* |  | 215876 |
| 22944 | Alignment Healthcare, Inc.\* |  | 375364 |
| 67553 | Alkermes PLC\* |  | 1957010 |
| 68607 | Alphatec Holdings, Inc.\* |  | 1090851 |
| 98765 | Amicus Therapeutics, Inc.\* |  | 749626 |
| 14170 | AMN Healthcare Services, Inc.\* |  | 294453 |
| 108690 | Amneal Pharmaceuticals, Inc.\* |  | 1039076 |
| 24135 | Amphastar Pharmaceuticals, Inc.\* |  | 739014 |
| 35531 | Amylyx Pharmaceuticals, Inc.\* |  | 333281 |
| 44286 | AngioDynamics, Inc.\* |  | 454374 |
| 10196 | ANI Pharmaceuticals, Inc.\* |  | 953326 |
| 13664 | Anika Therapeutics, Inc.\* |  | 128168 |
| 47099 | Aquestive Therapeutics, Inc.\* |  | 177563 |
| 59233 | Arbutus Biopharma Corp.\* |  | 219754 |
| 5791 | Arcellx, Inc.\* |  | 401837 |
| 9116 | Arcturus Therapeutics Holdings, Inc.\* |  | 155063 |
| 35783 | Arcutis Biotherapeutics, Inc.\* |  | 555352 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 17361 | ARS Pharmaceuticals, Inc.\* | $201735 |
| 15903 | Artivion, Inc.\* | 698619 |
| 5135 | Astrana Health, Inc.\* | 164115 |
| 26728 | AtriCure, Inc.\* | 988669 |
| 40129 | aTyr Pharma, Inc.\* | 215894 |
| 20347 | Aurinia Pharmaceuticals, Inc. (Canada)\* | 243961 |
| 74038 | Avadel Pharmaceuticals PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092801 |
| 42577 | Avanos Medical, Inc.\* | 508369 |
| 11214 | Avidity Biosciences, Inc.\* | 522348 |
| 29422 | Avita Medical, Inc.\*<sup>(a)</sup> | 127691 |
| 8078 | Axogen, Inc.\* | 130379 |
| 9437 | Axsome Therapeutics, Inc.\* | 1144519 |
| 8627 | Azenta, Inc.\* | 263469 |
| 8300 | Benitec Biopharma, Inc. (Australia)\*<sup>(a)</sup> | 109892 |
| 144863 | BioCryst Pharmaceuticals, Inc.\* | 1203812 |
| 11649 | BioLife Solutions, Inc.\* | 291807 |
| 1213 | Bioventus, Inc., Class A\* | 8976 |
| 6514 | Bridgebio Pharma, Inc.\* | 337165 |
| 20109 | BrightSpring Health Services, Inc.\* | 476382 |
| 35437 | Brookdale Senior Living, Inc.\* | 272865 |
| 100885 | Butterfly Network, Inc.\* | 162425 |
| 40713 | CareDx, Inc.\* | 556140 |
| 32506 | Castle Biosciences, Inc.\* | 780469 |
| 77867 | Catalyst Pharmaceuticals, Inc.\* | 1603282 |
| 194830 | Cerus Corp.\* | 255227 |
| 3133 | Cidara Therapeutics, Inc.\* | 204867 |
| 29809 | ClearPoint Neuro, Inc.\* | 312696 |
| 70956 | Clover Health Investments Corp.\* | 185905 |
| 27714 | Collegium Pharmaceutical, Inc.\* | 1075303 |
| 66231 | Community Health Systems, Inc.\* | 182798 |
| 8129 | Concentra Group Holdings Parent, Inc. | 193470 |
| 7916 | CONMED Corp. | 430314 |
| 42562 | CorMedix, Inc.\* | 631194 |
| 9750 | CorVel Corp.\* | 868237 |
| 48907 | Corvus Pharmaceuticals, Inc.\*<sup>(a)</sup> | 280726 |
| 4214 | Crinetics Pharmaceuticals, Inc.\* | 130592 |
| 2890 | CRISPR Therapeutics AG (Switzerland)\* | 149789 |
| 35112 | Cross Country Healthcare, Inc.\* | 469799 |
| 22677 | CryoPort, Inc.\* | 200918 |
| 17347 | Cullinan Therapeutics, Inc.\* | 130796 |
| 106761 | Cytek Biosciences, Inc.\* | 441991 |
| 2665 | Cytokinetics, Inc.\* | 94154 |
| 40564 | Definitive Healthcare Corp.\* | 163473 |
| 19595 | Delcath Systems, Inc.\* | 215937 |
| 82409 | DocGo, Inc.\* | 128558 |
| 41491 | Dynavax Technologies Corp.\* | 419889 |
| 17952 | Editas Medicine, Inc.\* | 46137 |
| 7896 | Electromed, Inc.\* | 195268 |
| 61675 | Embecta Corp. | 893054 |
| 50577 | Emergent BioSolutions, Inc.\* | 419789 |
| 53193 | Enhabit, Inc.\* | 419161 |
| 8582 | Enovis Corp.\* | 265184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 10720 | Ensign Group, Inc. (The) | $1841482 |
| 19091 | Entrada Therapeutics, Inc.\* | 104428 |
| 18217 | Eton Pharmaceuticals, Inc.\* | 315336 |
| 13187 | Evolent Health, Inc., Class A\* | 127255 |
| 58287 | Evolus, Inc.\* | 444730 |
| 65112 | Fortrea Holdings, Inc.\* | 641353 |
| 61109 | Fulcrum Therapeutics, Inc.\* | 395986 |
| 14772 | Fulgent Genetics, Inc.\* | 327495 |
| 8773 | GeneDx Holdings Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136016 |
| 6618 | Glaukos Corp.\* | 634137 |
| 5191 | GRAIL, Inc.\*<sup>(a)</sup> | 170213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10223 | Guardant Health, Inc.\* | 689235 |
| 5629 | Haemonetics Corp.\* | 307006 |
| 31442 | Harmony Biosciences Holdings, Inc.\* | 1159895 |
| 10520 | Harrow, Inc.\*<sup>(a)</sup> | 410280 |
| 47604 | Health Catalyst, Inc.\* | 161378 |
| 12441 | HealthEquity, Inc.\* | 1111355 |
| 15493 | HealthStream, Inc. | 435043 |
| 56832 | Heron Therapeutics, Inc.\* | 76723 |
| 34837 | Hims & Hers Health, Inc.\* | 1475347 |
| 3856 | ICU Medical, Inc.\* | 492257 |
| 5944 | Ideaya Biosciences, Inc.\* | 145925 |
| 56364 | Innoviva, Inc.\* | 1151516 |
| 6981 | Integer Holdings Corp.\* | 753040 |
| 18244 | Integra LifeSciences Holdings Corp.\* | 276032 |
| 8929 | iRadimed Corp. | 646817 |
| 5051 | iRhythm Technologies, Inc.\* | 858569 |
| 12938 | Joint Corp. (The)\* | 138954 |
| 17577 | Keros Therapeutics, Inc.\* | 267346 |
| 48594 | KORU Medical Systems, Inc.\* | 205067 |
| 1995 | Krystal Biotech, Inc.\* | 294661 |
| 54041 | Kura Oncology, Inc.\* | 426924 |
| 3333 | Kymera Therapeutics, Inc.\* | 137320 |
| 12655 | Lantheus Holdings, Inc.\* | 694759 |
| 6724 | LeMaitre Vascular, Inc. | 641234 |
| 10768 | LENSAR, Inc.\* | 132231 |
| 4578 | LENZ Therapeutics, Inc.\* | 176848 |
| 39941 | LifeMD, Inc.\* | 247235 |
| 43941 | LifeStance Health Group, Inc.\* | 240797 |
| 5593 | Ligand Pharmaceuticals, Inc.\* | 904444 |
| 9367 | Liquidia Corp.\* | 259279 |
| 10883 | LivaNova PLC\* | 613475 |
| 458 | Madrigal Pharmaceuticals, Inc.\* | 200535 |
| 45159 | MannKind Corp.\* | 207280 |
| 11228 | Merit Medical Systems, Inc.\* | 1016583 |
| 5931 | Mesa Laboratories, Inc. | 401825 |
| 133338 | MiMedx Group, Inc.\* | 946700 |
| 7284 | Mirum Pharmaceuticals, Inc.\* | 538069 |
| 3602 | Monopar Therapeutics, Inc.\* | 123008 |
| 104179 | Myriad Genetics, Inc.\* | 663620 |
| 6249 | National HealthCare Corp. | 709136 |
| 11795 | National Research Corp. | 173269 |
| 41375 | Neuronetics, Inc.\*<sup>(a)</sup> | 137779 |
| 14198 | NeuroPace, Inc.\* | 129912 |
| 59742 | Niagen Bioscience, Inc.\* | 591446 |
| 7592 | Novocure Ltd.\* | 93609 |
| 2260 | Nutex Health, Inc.\*<sup>(a)</sup> | 189365 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 14729 | Nuvectis Pharma, Inc.\* | $96622 |
| 17245 | Ocular Therapeutix, Inc.\* | 210561 |
| 89500 | OmniAb, Inc.\* | 143200 |
| 1368 | OmniAb, Inc. 12.5 Earnout\*<sup>(b)</sup> |  |
| 1368 | OmniAb, Inc. 15.00 Earnout\*<sup>(b)</sup> |  |
| 8361 | Omnicell, Inc.\* | 272485 |
| 67536 | Oncology Institute, Inc. (The)\*<sup>(a)</sup> | 229622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109911 | OPKO Health, Inc.\* | 151677 |
| 26153 | Option Care Health, Inc.\* | 750068 |
| 84289 | OraSure Technologies, Inc.\* | 278997 |
| 75814 | Organogenesis Holdings, Inc.\* | 390442 |
| 39299 | Orthofix Medical, Inc.\* | 588699 |
| 12112 | OrthoPediatrics Corp.\* | 258712 |
| 48603 | Owens & Minor, Inc.\* | 238155 |
| 33931 | Pacira BioSciences, Inc.\* | 904940 |
| 40701 | Pediatrix Medical Group, Inc.\* | 700464 |
| 15561 | Pennant Group, Inc. (The)\* | 373620 |
| 27463 | Personalis, Inc.\*<sup>(a)</sup> | 134294 |
| 434 | Perspective Therapeutics, Inc.\* | 1458 |
| 23400 | Phibro Animal Health Corp., Class A | 867438 |
| 37293 | Phreesia, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180696 |
| 11527 | Premier, Inc., Class A | 298549 |
| 15626 | Prestige Consumer Healthcare, Inc.\* | 1063193 |
| 18823 | Privia Health Group, Inc.\* | 433682 |
| 17412 | Progyny, Inc.\* | 412142 |
| 11124 | Protagonist Therapeutics, Inc.\* | 656872 |
| 21988 | PTC Therapeutics, Inc.\* | 1084668 |
| 28058 | Puma Biotechnology, Inc.\* | 141412 |
| 9368 | RadNet, Inc.\* | 672248 |
| 5786 | Rhythm Pharmaceuticals, Inc.\* | 596826 |
| 10299 | Rigel Pharmaceuticals, Inc.\* | 400116 |
| 2637 | Sanara Medtech, Inc.\* | 88761 |
| 8026 | SANUWAVE Health, Inc.\* | 334203 |
| 32739 | Select Medical Holdings Corp. | 425934 |
| 42572 | SI-BONE, Inc.\* | 709675 |
| 41456 | SIGA Technologies, Inc. | 347816 |
| 8510 | Simulations Plus, Inc.\* | 120587 |
| 3525 | Soleno Therapeutics, Inc.\* | 238537 |
| 18766 | STAAR Surgical Co.\* | 513438 |
| 20330 | Stoke Therapeutics, Inc.\* | 401721 |
| 34803 | Supernus Pharmaceuticals, Inc.\* | 1570311 |
| 13833 | Surgery Partners, Inc.\* | 313871 |
| 15917 | Surmodics, Inc.\* | 541815 |
| 25445 | Tactile Systems Technology, Inc.\* | 338673 |
| 138243 | Talkspace, Inc.\* | 367726 |
| 25364 | Tandem Diabetes Care, Inc.\* | 317304 |
| 9840 | Tarsus Pharmaceuticals, Inc.\* | 576427 |
| 103709 | Teladoc Health, Inc.\* | 801671 |
| 46082 | TG Therapeutics, Inc.\* | 1351585 |
| 20937 | Theravance Biopharma, Inc.\* | 290606 |
| 1195 | TransMedics Group, Inc.\* | 137377 |
| 29908 | Travere Therapeutics, Inc.\* | 523390 |
| 10710 | TruBridge, Inc.\* | 213772 |
| 3996 | Twist Bioscience Corp.\* | 107772 |
| 960 | UFP Technologies, Inc.\* | 201754 |
| 4658 | US Physical Therapy, Inc. | 386102 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 53303 | Vanda Pharmaceuticals, Inc.\* | $| 252123 |
| 46963 | Varex Imaging Corp.\* |  | 542423 |
| 6530 | Vaxcyte, Inc.\* |  | 201059 |
| 16487 | Veracyte, Inc.\* |  | 500216 |
| 40127 | Verastem, Inc.\* |  | 371175 |
| 19161 | Vericel Corp.\* |  | 696694 |
| 38614 | Viemed Healthcare, Inc.\* |  | 284585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45822 | Voyager Therapeutics, Inc.\* |  | 153962 |
| 8310 | Waystar Holding Corp.\* |  | 314783 |
| 3671 | Xenon Pharmaceuticals, Inc. (Canada)\* |  | 142104 |
| 93889 | Xeris Biopharma Holdings, Inc.\* |  | 735151 |
| 42698 | Y-mAbs Therapeutics, Inc.\* |  | 365068 |
| 28973 | Zimvie, Inc.\* |  | 547010 |
| 16805 | Zymeworks, Inc.\* |  | 248882 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94954522 |
| Industrials – 16.5% | Industrials – 16.5% | Industrials – 16.5% | Industrials – 16.5% |
| 3804 | AAR Corp.\* |  | 287811 |
| 12740 | ABM Industries, Inc. |  | 626426 |
| 100004 | ACCO Brands Corp. |  | 402016 |
| 3801 | Acme United Corp. |  | 163519 |
| 14399 | ACV Auctions, Inc., Class A\* |  | 167892 |
| 14403 | Aebi Schmidt Holding AG (Switzerland) |  | 177013 |
| 1411 | AeroVironment, Inc.\* |  | 340545 |
| 2217 | Alamo Group, Inc. |  | 468807 |
| 4612 | Albany International Corp., Class A |  | 292908 |
| 44239 | Alight, Inc., Class A |  | 171647 |
| 4484 | Allegiant Travel Co.\* |  | 280967 |
| 10522 | Allient, Inc. |  | 477488 |
| 4586 | American Superconductor Corp.\* |  | 228841 |
| 7899 | American Woodmark Corp.\* |  | 510038 |
| 33063 | Amprius Technologies, Inc.\* |  | 234417 |
| 9758 | Apogee Enterprises, Inc. |  | 429108 |
| 2592 | ArcBest Corp. |  | 191186 |
| 46751 | Archer Aviation, Inc., Class A\* |  | 418421 |
| 8954 | Arcosa, Inc. |  | 885998 |
| 3868 | Argan, Inc. |  | 882755 |
| 19180 | Array Technologies, Inc.\* |  | 172812 |
| 8933 | Astec Industries, Inc. |  | 413509 |
| 3479 | Astronics Corp.\* |  | 126531 |
| 8229 | Atkore, Inc. |  | 478846 |
| 21474 | Atmus Filtration Technologies, Inc. |  | 956022 |
| 7320 | AZZ, Inc. |  | 826355 |
| 14566 | Barrett Business Services, Inc. |  | 710821 |
| 8578 | BlackSky Technology, Inc.\* |  | 150630 |
| 10859 | Bloom Energy Corp., Class A\* |  | 574875 |
| 17414 | Blue Bird Corp.\* |  | 1016803 |
| 6073 | BlueLinx Holdings, Inc.\* |  | 501691 |
| 10600 | Boise Cascade Co. |  | 922200 |
| 13672 | Bowman Consulting Group Ltd.\* |  | 584205 |
| 34223 | BrightView Holdings, Inc.\* |  | 492811 |
| 6475 | Brink's Co. (The) |  | 725459 |
| 4160 | Brookfield Business Corp., Class A (Canada)<sup>(a)</sup> |  | 137280 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 20191 | Byrna Technologies, Inc.\* | $411896 |
| 7233 | Casella Waste Systems, Inc., Class A\* | 712885 |
| 7823 | CBIZ, Inc.\* | 504896 |
| 4034 | CECO Environmental Corp.\* | 183910 |
| 6037 | Chart Industries, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203536 |
| 16390 | Cimpress PLC (Ireland)\* | 1034455 |
| 16078 | Columbus McKinnon Corp. | 240848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55566 | Conduent, Inc.\* | 154473 |
| 6524 | Construction Partners, Inc., Class A\* | 782228 |
| 22727 | CoreCivic, Inc.\* | 460904 |
| 26798 | Costamare, Inc. (Monaco) | 306569 |
| 6849 | Covenant Logistics Group, Inc. | 165266 |
| 2512 | CRA International, Inc. | 486725 |
| 11872 | CSG Systems International, Inc. | 761708 |
| 3497 | CSW Industrials, Inc. | 956569 |
| 46099 | Deluxe Corp. | 906306 |
| 8266 | Distribution Solutions Group, Inc.\*<sup>(a)</sup> | 266248 |
| 43434 | DNOW, Inc.\* | 694944 |
| 5194 | Douglas Dynamics, Inc. | 174882 |
| 10001 | Driven Brands Holdings, Inc.\* | 184218 |
| 3118 | Ducommun, Inc.\* | 284424 |
| 11154 | DXP Enterprises, Inc.\* | 1392912 |
| 4024 | Dycom Industries, Inc.\* | 1015939 |
| 15824 | Energy Recovery, Inc.\* | 224859 |
| 17778 | Enerpac Tool Group Corp. | 752721 |
| 5798 | EnerSys | 595165 |
| 12783 | Ennis, Inc. | 233545 |
| 3072 | Enpro, Inc. | 672061 |
| 53782 | Eos Energy Enterprises, Inc.\*<sup>(a)</sup> | 371096 |
| 4262 | ESCO Technologies, Inc. | 856278 |
| 2556 | EVI Industries, Inc. | 70903 |
| 3370 | Exponent, Inc. | 240551 |
| 9029 | Federal Signal Corp. | 1110477 |
| 24658 | Fluor Corp.\* | 1011471 |
| 12651 | Forrester Research, Inc.\* | 123221 |
| 12302 | Franklin Covey Co.\* | 240627 |
| 10022 | Franklin Electric Co., Inc. | 980753 |
| 21818 | FTAI Infrastructure, Inc. | 104726 |
| 5078 | GATX Corp. | 854678 |
| 9876 | Genco Shipping & Trading Ltd. | 166312 |
| 9391 | Gencor Industries, Inc.\* | 152698 |
| 33142 | GEO Group, Inc. (The)\* | 687365 |
| 7428 | Gibraltar Industries, Inc.\* | 464919 |
| 15903 | Global Industrial Co. | 593659 |
| 16276 | GMS, Inc.\* | 1789221 |
| 7712 | Gorman-Rupp Co. (The) | 329842 |
| 7343 | Graham Corp.\* | 360174 |
| 12141 | Granite Construction, Inc. | 1308193 |
| 14728 | Great Lakes Dredge & Dock Corp.\* | 171729 |
| 5634 | Greenbrier Cos., Inc. (The) | 262713 |
| 12886 | Griffon Corp. | 981398 |
| 7973 | Healthcare Services Group, Inc.\* | 124459 |
| 19281 | Heartland Express, Inc. | 165624 |
| 5785 | Heidrick & Struggles International, Inc. | 293936 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 9175 | Helios Technologies, Inc. | $497652 |
| 1985 | Herc Holdings, Inc. | 259618 |
| 13708 | Hillenbrand, Inc. | 348046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42471 | Hillman Solutions Corp.\* | 419614 |
| 1999 | HireQuest, Inc. | 19510 |
| 27042 | HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215267 |
| 14488 | Hub Group, Inc., Class A | 542141 |
| 27780 | Hudson Technologies, Inc.\* | 282245 |
| 4057 | Huron Consulting Group, Inc.\* | 555647 |
| 11146 | Hyster-Yale, Inc. | 417975 |
| 7208 | IBEX Holdings Ltd.\* | 212852 |
| 3106 | ICF International, Inc. | 305071 |
| 7164 | IES Holdings, Inc.\* | 2502457 |
| 26526 | Innodata, Inc.\*<sup>(a)</sup> | 1007457 |
| 7878 | Insperity, Inc. | 435023 |
| 6283 | Insteel Industries, Inc. | 241142 |
| 30049 | Interface, Inc. | 802909 |
| 36339 | Intuitive Machines, Inc.\*<sup>(a)</sup> | 318693 |
| 20701 | Janus International Group, Inc.\* | 214255 |
| 2658 | JBT Marel Corp. | 380865 |
| 20578 | Joby Aviation, Inc.\* | 291179 |
| 2669 | Kadant, Inc. | 862834 |
| 25687 | Kelly Services, Inc., Class A | 365526 |
| 18881 | Kennametal, Inc. | 404620 |
| 20035 | Kforce, Inc. | 653141 |
| 9906 | Korn Ferry | 734431 |
| 13037 | Kratos Defense & Security Solutions, Inc.\* | 858356 |
| 1236 | L B Foster Co., Class A\* | 32173 |
| 110762 | Legalzoom.com, Inc.\* | 1227243 |
| 4763 | Limbach Holdings, Inc.\* | 545649 |
| 908 | Lindsay Corp. | 124605 |
| 26307 | LSI Industries, Inc. | 603220 |
| 30599 | Manitowoc Co., Inc. (The)\* | 302930 |
| 12894 | Marten Transport Ltd. | 152665 |
| 23440 | Masterbrand, Inc.\* | 297922 |
| 22902 | Matrix Service Co.\* | 346507 |
| 7058 | Matson, Inc. | 734385 |
| 9292 | Maximus, Inc. | 816953 |
| 10222 | Mayville Engineering Co., Inc.\* | 149241 |
| 2389 | McGrath RentCorp | 290240 |
| 3286 | Mercury Systems, Inc.\* | 221969 |
| 30492 | Microvast Holdings, Inc.\* | 81414 |
| 7883 | Miller Industries, Inc. | 331795 |
| 28490 | MillerKnoll, Inc. | 601424 |
| 13060 | Mistras Group, Inc.\* | 124854 |
| 4153 | Moog, Inc., Class A | 813365 |
| 47142 | MRC Global, Inc.\* | 710901 |
| 29717 | Mueller Water Products, Inc., Class A | 783340 |
| 1250 | MYR Group, Inc.\* | 234088 |
| 4064 | NANO Nuclear Energy, Inc.\*<sup>(a)</sup> | 132243 |
| 2329 | National Presto Industries, Inc. | 244126 |
| 7913 | NEXTracker, Inc., Class A\* | 532228 |
| 26356 | NuScale Power Corp.\*<sup>(a)</sup> | 913235 |
| 8544 | NWPX Infrastructure, Inc.\* | 452490 |
| 4150 | Omega Flex, Inc. | 146495 |
| 26612 | OPENLANE, Inc.\* | 769619 |
| 17825 | Orion Group Holdings, Inc.\* | 131905 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 113 | PAMT Corp.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 |
| 50636 | Pitney Bowes, Inc. | 613708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70407 | Planet Labs PBC\* | 499186 |
| 684 | Powell Industries, Inc. | 182053 |
| 3950 | Power Solutions International, Inc.\* | 327416 |
| 2496 | Preformed Line Products Co. | 476911 |
| 14795 | Primoris Services Corp. | 1753947 |
| 4780 | Proto Labs, Inc.\* | 238092 |
| 9450 | Quanex Building Products Corp. | 201002 |
| 39169 | Radiant Logistics, Inc.\* | 253423 |
| 5616 | RCM Technologies, Inc.\* | 152362 |
| 19139 | Redwire Corp.\* | 170529 |
| 30860 | Resideo Technologies, Inc.\* | 1050783 |
| 37823 | Resources Connection, Inc. | 193276 |
| 14327 | REV Group, Inc. | 762340 |
| 79136 | Richtech Robotics, Inc., Class B\*<sup>(a)</sup> | 240969 |
| 16909 | Rush Enterprises, Inc., Class A | 970577 |
| 9398 | Rush Enterprises, Inc., Class B | 545460 |
| 7595 | RXO, Inc.\* | 124026 |
| 34826 | Safe Bulkers, Inc. (Monaco) | 148011 |
| 55675 | Satellogic, Inc., Class A\* | 207668 |
| 35584 | Shoals Technologies Group, Inc., Class A\* | 231652 |
| 4046 | Sky Harbour Group Corp.\*<sup>(a)</sup> | 42645 |
| 9805 | SkyWest, Inc.\* | 1190327 |
| 31164 | Spire Global, Inc.\*<sup>(a)</sup> | 281723 |
| 6499 | SPX Technologies, Inc.\* | 1216028 |
| 1616 | Standex International Corp. | 329777 |
| 61357 | Steelcase, Inc., Class A | 1027116 |
| 5836 | Sterling Infrastructure, Inc.\* | 1625501 |
| 5416 | Tecnoglass, Inc. | 393093 |
| 8924 | Tennant Co. | 732125 |
| 11549 | Terex Corp. | 576757 |
| 12848 | Thermon Group Holdings, Inc.\* | 340729 |
| 31018 | Titan International, Inc.\* | 273579 |
| 18057 | Titan Machinery, Inc.\* | 361140 |
| 2369 | TriNet Group, Inc. | 171563 |
| 7483 | Trinity Industries, Inc. | 212667 |
| 32966 | TrueBlue, Inc.\* | 196807 |
| 25360 | Tutor Perini Corp.\* | 1494718 |
| 13427 | UFP Industries, Inc. | 1355724 |
| 1838 | UniFirst Corp. | 326833 |
| 48896 | Upwork, Inc.\* | 752509 |
| 5628 | V2X, Inc.\* | 323610 |
| 16478 | Verra Mobility Corp.\* | 409478 |
| 28470 | Vestis Corp. | 133240 |
| 4418 | Vicor Corp.\* | 225804 |
| 7711 | Virco Mfg. Corp. | 66392 |
| 1957 | VSE Corp. | 317817 |
| 24144 | Wabash National Corp. | 267757 |
| 6796 | Watts Water Technologies, Inc., Class A | 1881812 |
| 7480 | Werner Enterprises, Inc. | 215798 |
| 11447 | Willdan Group, Inc.\* | 1257567 |
| 1826 | Willis Lease Finance Corp. | 271490 |
| 2998 | WNS Holdings Ltd. (United Kingdom)\* | 226199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 4222 | Worthington Enterprises, Inc. | $| 277808 |
| 7700 | Xometry, Inc., Class A\* |  | 380996 |
| 20903 | Zurn Elkay Water Solutions Corp. |  | 948160 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103458582 |
| Information Technology – 13.7% | Information Technology – 13.7% | Information Technology – 13.7% | Information Technology – 13.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134274 | 8x8, Inc.\* |  | 265863 |
| 39936 | A10 Networks, Inc. |  | 707267 |
| 26534 | ACI Worldwide, Inc.\* |  | 1309453 |
| 4619 | ACM Research, Inc., Class A\* |  | 130348 |
| 41092 | Adeia, Inc. |  | 618024 |
| 37751 | ADTRAN Holdings, Inc.\* |  | 354104 |
| 4679 | Advanced Energy Industries, Inc. |  | 700353 |
| 9782 | Aeva Technologies, Inc.\* |  | 144823 |
| 3325 | Agilysys, Inc.\* |  | 362824 |
| 22896 | Airship AI Holdings, Inc.\* |  | 102345 |
| 9438 | Alarm.com Holdings, Inc.\* |  | 553350 |
| 10949 | Alkami Technology, Inc.\* |  | 280294 |
| 6358 | Alpha & Omega Semiconductor Ltd.\* |  | 182920 |
| 2624 | Ambarella, Inc.\* |  | 216428 |
| 10996 | Amplitude, Inc., Class A\* |  | 125684 |
| 29888 | Appian Corp., Class A\* |  | 919953 |
| 9265 | Applied Optoelectronics, Inc.\* |  | 224213 |
| 59786 | Arlo Technologies, Inc.\* |  | 1040874 |
| 29849 | Arteris, Inc.\* |  | 281178 |
| 60338 | Asana, Inc., Class A\* |  | 880935 |
| 13219 | ASGN, Inc.\* |  | 717131 |
| 30497 | Atomera, Inc.\*<sup>(a)</sup> |  | 100030 |
| 37532 | AvePoint, Inc.\* |  | 614024 |
| 5028 | Axcelis Technologies, Inc.\* |  | 402441 |
| 60830 | Backblaze, Inc., Class A\* |  | 507931 |
| 6769 | Badger Meter, Inc. |  | 1238185 |
| 1043 | Bel Fuse, Inc., Class A |  | 119350 |
| 5130 | Bel Fuse, Inc., Class B |  | 690293 |
| 6736 | Belden, Inc. |  | 877027 |
| 13872 | Benchmark Electronics, Inc. |  | 563064 |
| 71412 | BigBear.ai Holdings, Inc.\*<sup>(a)</sup> |  | 362059 |
| 12386 | Bitdeer Technologies Group, Class A\*<sup>(a)</sup> |  | 176996 |
| 3105 | BK Technologies Corp.\* |  | 219772 |
| 6646 | Blackbaud, Inc.\* |  | 443355 |
| 5840 | BlackLine, Inc.\* |  | 317521 |
| 122391 | Blend Labs, Inc., Class A\* |  | 443055 |
| 42334 | Box, Inc., Class A\* |  | 1381358 |
| 4550 | Braze, Inc., Class A\* |  | 126035 |
| 6674 | C3.ai, Inc., Class A\* |  | 112857 |
| 16200 | Calix, Inc.\* |  | 963090 |
| 40765 | Cerence, Inc.\* |  | 429255 |
| 21418 | Cleanspark, Inc.\* |  | 202828 |
| 9983 | Clear Secure, Inc., Class A |  | 362483 |
| 7937 | Clearfield, Inc.\* |  | 258905 |
| 20342 | Clearwater Analytics Holdings, Inc., Class A\* |  | 420469 |
| 4174 | Climb Global Solutions, Inc. |  | 515739 |
| 11385 | Cohu, Inc.\* |  | 226562 |
| 67757 | Commerce.com, Inc., Series 1\* |  | 315070 |
| 106230 | CommScope Holding Co., Inc.\* |  | 1703929 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 13679 | Commvault Systems, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26299 | CompoSecure, Inc., Class A\*<sup>(a)</sup> | 502837 |
| 21050 | Consensus Cloud Solutions, Inc.\* | 559299 |
| 27121 | Core Scientific, Inc.\*<sup>(a)</sup> | 389186 |
| 5218 | CoreCard Corp.\* | 144382 |
| 21396 | Corsair Gaming, Inc.\* | 191066 |
| 40714 | Couchbase, Inc.\* | 993014 |
| 17430 | Credo Technology Group Holding Ltd.\* | 2144849 |
| 7873 | CTS Corp. | 334524 |
| 754 | Daily Journal Corp.\* | 352269 |
| 32953 | Daktronics, Inc.\* | 571735 |
| 8656 | Diebold Nixdorf, Inc.\* | 528968 |
| 9569 | Digi International, Inc.\* | 332236 |
| 9018 | Digimarc Corp.\*<sup>(a)</sup> | 78096 |
| 53906 | Digital Turbine, Inc.\* | 226405 |
| 5467 | DigitalOcean Holdings, Inc.\* | 178334 |
| 6962 | Diodes, Inc.\* | 378976 |
| 37445 | Domo, Inc., Class B\* | 549693 |
| 37847 | D-Wave Quantum, Inc. (Canada)\* | 591170 |
| 15431 | eGain Corp.\* | 97061 |
| 7939 | ePlus, Inc. | 574545 |
| 39424 | Evolv Technologies Holdings, Inc.\* | 324854 |
| 56535 | Extreme Networks, Inc.\* | 1208718 |
| 4526 | Fabrinet (Thailand)\* | 1499419 |
| 7189 | Five9, Inc.\* | 193528 |
| 4014 | FormFactor, Inc.\* | 117169 |
| 5942 | Frequency Electronics, Inc.\* | 191630 |
| 14316 | Freshworks, Inc., Class A\* | 192837 |
| 16695 | Grid Dynamics Holdings, Inc.\* | 138402 |
| 28438 | Hackett Group, Inc. (The) | 592079 |
| 42444 | Harmonic, Inc.\* | 408311 |
| 13666 | Hut 8 Corp. (Canada)\* | 365292 |
| 7224 | Ichor Holdings Ltd.\* | 121724 |
| 33871 | Immersion Corp. | 239129 |
| 3729 | Impinj, Inc.\* | 699076 |
| 40913 | Information Services Group, Inc. | 211520 |
| 5323 | Insight Enterprises, Inc.\* | 692842 |
| 7292 | Intapp, Inc.\* | 335359 |
| 5400 | InterDigital, Inc. | 1467234 |
| 23100 | IonQ, Inc.\* | 987294 |
| 5019 | Itron, Inc.\* | 617036 |
| 19159 | Jamf Holding Corp.\* | 178562 |
| 22051 | Kimball Electronics, Inc.\* | 636612 |
| 27306 | Knowles Corp.\* | 582983 |
| 108523 | Kopin Corp.\*<sup>(a)</sup> | 227898 |
| 9253 | Kulicke & Soffa Industries, Inc. (Singapore) | 346988 |
| 12597 | Life360, Inc.\* | 1139336 |
| 18692 | LiveRamp Holdings, Inc.\* | 521881 |
| 32075 | Mirion Technologies, Inc.\* | 657538 |
| 26619 | Mitek Systems, Inc.\* | 270715 |
| 17721 | N-able, Inc.\* | 142831 |
| 17409 | Napco Security Technologies, Inc. | 662412 |
| 17019 | NCR Voyix Corp.\* | 224310 |
| 8980 | Neonode, Inc.\*<sup>(a)</sup> | 215071 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18894 | NETGEAR, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513350 |
| 20473 | NetScout Systems, Inc.\* | 509573 |
| 23689 | NextNav, Inc.\* | 421901 |
| 3957 | Novanta, Inc.\* | 460634 |
| 4518 | NVE Corp. | 291772 |
| 50358 | Olo, Inc., Class A\* | 516170 |
| 38913 | OneSpan, Inc. | 588559 |
| 27344 | Ooma, Inc.\* | 353284 |
| 3091 | OSI Systems, Inc.\* | 711085 |
| 4968 | Ouster, Inc.\* | 141737 |
| 33876 | Pagaya Technologies Ltd., Class A\* | 1249347 |
| 29372 | PagerDuty, Inc.\* | 491687 |
| 5722 | PAR Technology Corp.\* | 292852 |
| 8737 | PC Connection, Inc. | 561003 |
| 10538 | PDF Solutions, Inc.\* | 215502 |
| 12790 | Penguin Solutions, Inc.\* | 308623 |
| 23782 | Photronics, Inc.\* | 539138 |
| 7300 | Plexus Corp.\* | 1000173 |
| 49523 | Porch Group, Inc.\* | 840405 |
| 4911 | Power Integrations, Inc. | 221486 |
| 9725 | Progress Software Corp.\* | 450170 |
| 33568 | PROS Holdings, Inc.\* | 520304 |
| 11232 | Q2 Holdings, Inc.\* | 884295 |
| 7535 | Qualys, Inc.\* | 1023328 |
| 16429 | Quantum Computing, Inc.\*<sup>(a)</sup> | 259250 |
| 20729 | Rackspace Technology, Inc.\* | 26119 |
| 14804 | Rambus, Inc.\* | 1092091 |
| 17174 | Rapid7, Inc.\* | 355674 |
| 33740 | Red Cat Holdings, Inc.\*<sup>(a)</sup> | 301636 |
| 4609 | Red Violet, Inc. | 231556 |
| 64813 | Ribbon Communications, Inc.\* | 264437 |
| 41116 | Rigetti Computing, Inc.\* | 667313 |
| 6381 | Rogers Corp.\* | 500653 |
| 11824 | Sanmina Corp.\* | 1389556 |
| 4833 | Sapiens International Corp. NV (Israel) | 207336 |
| 13316 | ScanSource, Inc.\* | 581243 |
| 52630 | SEMrush Holdings, Inc., Class A\* | 415777 |
| 13810 | Semtech Corp.\* | 802223 |
| 2177 | Silicon Laboratories, Inc.\* | 292480 |
| 1991 | SiTime Corp.\* | 481165 |
| 42668 | SoundHound AI, Inc., Class A\* | 555537 |
| 63142 | Sprinklr, Inc., Class A\* | 545547 |
| 38411 | Sprout Social, Inc., Class A\* | 606510 |
| 6748 | SPS Commerce, Inc.\* | 744304 |
| 4612 | Synaptics, Inc.\* | 322194 |
| 21260 | Telos Corp.\* | 131387 |
| 21472 | Tenable Holdings, Inc.\* | 663914 |
| 58617 | Terawulf, Inc.\* | 553931 |
| 8745 | TSS, Inc.\*<sup>(a)</sup> | 121774 |
| 26348 | TTM Technologies, Inc.\* | 1174330 |
| 15516 | Turtle Beach Corp.\* | 245463 |
| 10064 | Ultra Clean Holdings, Inc.\* | 241737 |
| 76898 | Unisys Corp.\* | 300671 |
| 12838 | Varonis Systems, Inc.\* | 757699 |
| 14471 | Veeco Instruments, Inc.\* | 354829 |
| 24394 | Verint Systems, Inc.\* | 497394 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6408 | Vertex, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165455 |
| 11955 | Viant Technology, Inc., Class A\* | 124332 |
| 8890 | Viasat, Inc.\* | 287414 |
| 34183 | Viavi Solutions, Inc.\* | 385584 |
| 14766 | Vishay Intertechnology, Inc. | 228282 |
| 12721 | Vishay Precision Group, Inc.\* | 361531 |
| 26581 | VTEX, Class A (Brazil)\* | 108451 |
| 40873 | Vuzix Corp.\*<sup>(a)</sup> | 86651 |
| 7456 | Workiva, Inc.\* | 613181 |
| 47338 | Xerox Holdings Corp. | 188405 |
| 49643 | Xperi, Inc.\* | 297858 |
| 111294 | Yext, Inc.\* | 1011662 |
| 69683 | Zeta Global Holdings Corp., Class A\* | 1368574 |
|  |  | 86913887 |
| Materials – 3.1% | Materials – 3.1% |  |
| 13469 | AdvanSix, Inc. | 289045 |
| 2561 | Alpha Metallurgical Resources, Inc.\* | 382076 |
| 16072 | Arq, Inc.\* | 124076 |
| 39603 | ASP Isotopes, Inc.\*<sup>(a)</sup> | 367516 |
| 14234 | Avient Corp. | 532352 |
| 3934 | Balchem Corp. | 637662 |
| 9297 | Cabot Corp. | 758263 |
| 5944 | Caledonia Mining Corp. PLC (South Africa) | 152048 |
| 6637 | Century Aluminum Co.\* | 148204 |
| 52653 | Coeur Mining, Inc.\* | 692387 |
| 19968 | Commercial Metals Co. | 1151555 |
| 6451 | Compass Minerals International, Inc.\* | 122892 |
| 13613 | Constellium SE\* | 197252 |
| 8046 | Core Molding Technologies, Inc.\* | 154483 |
| 36771 | Ecovyst, Inc.\* | 334248 |
| 14466 | Flotek Industries, Inc.\* | 174894 |
| 5624 | Greif, Inc., Class A | 367303 |
| 4221 | Hawkins, Inc. | 706300 |
| 8232 | HB Fuller Co. | 502564 |
| 3522 | Ingevity Corp.\* | 205614 |
| 5841 | Innospec, Inc. | 511613 |
| 3857 | Intrepid Potash, Inc.\* | 117369 |
| 2739 | Kaiser Aluminum Corp. | 213286 |
| 8827 | Knife River Corp.\* | 714987 |
| 10876 | Koppers Holdings, Inc. | 315186 |
| 16220 | LSB Industries, Inc.\* | 134950 |
| 9495 | MAC Copper Ltd. (Australia)\* | 115269 |
| 3581 | Materion Corp. | 396775 |
| 32022 | Mativ Holdings, Inc. | 402517 |
| 19266 | Metallus, Inc.\* | 316540 |
| 7941 | Minerals Technologies, Inc. | 519738 |
| 21581 | Myers Industries, Inc. | 361266 |
| 10661 | O-I Glass, Inc.\* | 138486 |
| 10789 | Olympic Steel, Inc. | 363697 |
| 11192 | Orion SA (Germany) | 118076 |
| 35272 | Perimeter Solutions, Inc.\* | 789740 |
| 23715 | Perpetua Resources Corp.\*<sup>(a)</sup> | 447502 |
| 2851 | Quaker Chemical Corp. | 413595 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64478 | Rayonier Advanced Materials, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359142 |
| 17142 | Ryerson Holding Corp. |  | 390838 |
| 5655 | Sensient Technologies Corp. |  | 641616 |
| 3117 | Smith-Midland Corp.\* |  | 134561 |
| 34420 | SSR Mining, Inc. (Canada)\* |  | 664650 |
| 5309 | Stepan Co. |  | 265609 |
| 34720 | SunCoke Energy, Inc. |  | 268038 |
| 7900 | Sylvamo Corp. |  | 364427 |
| 6812 | TriMas Corp. |  | 263420 |
| 12598 | U.S. Gold Corp.\*<sup>(a)</sup> |  | 165412 |
| 88211 | United States Antimony Corp.\*<sup>(a)</sup> |  | 401360 |
| 5103 | United States Lime & Minerals, Inc. |  | 642570 |
| 2580 | Warrior Met Coal, Inc. |  | 157741 |
|  |  |  | 19110710 |
| Real Estate – 4.6% | Real Estate – 4.6% | Real Estate – 4.6% | Real Estate – 4.6% |
| 24769 | Acadia Realty Trust REIT |  | 495628 |
| 7074 | Alexander & Baldwin, Inc. REIT |  | 136811 |
| 15622 | American Assets Trust, Inc. REIT |  | 326500 |
| 18372 | American Healthcare REIT, Inc. REIT |  | 786138 |
| 65882 | Anywhere Real Estate, Inc.\* |  | 402539 |
| 15317 | Apartment Investment and Management Co., Class A REIT |  | 119932 |
| 42762 | Apple Hospitality REIT, Inc. REIT |  | 558472 |
| 77593 | Brandywine Realty Trust REIT |  | 330546 |
| 24041 | Broadstone Net Lease, Inc. REIT |  | 446922 |
| 10975 | BRT Apartments Corp. REIT |  | 175600 |
| 24260 | CareTrust REIT, Inc. REIT |  | 834787 |
| 14553 | CBL & Associates Properties, Inc. REIT |  | 463513 |
| 1989 | Centerspace REIT |  | 118345 |
| 52104 | Chatham Lodging Trust REIT |  | 397554 |
| 34722 | City Office REIT, Inc. REIT |  | 240623 |
| 148599 | Compass, Inc., Class A\* |  | 1349279 |
| 18836 | COPT Defense Properties REIT |  | 542100 |
| 13464 | CTO Realty Growth, Inc. REIT |  | 232658 |
| 5721 | Curbline Properties Corp. REIT |  | 128894 |
| 41378 | Cushman & Wakefield PLC\* |  | 652531 |
| 48994 | DiamondRock Hospitality Co. REIT |  | 419389 |
| 83905 | Douglas Elliman, Inc.\* |  | 228222 |
| 35409 | Douglas Emmett, Inc. REIT |  | 573980 |
| 7162 | Easterly Government Properties, Inc. REIT |  | 163938 |
| 8439 | Elme Communities REIT |  | 144138 |
| 41127 | Empire State Realty Trust, Inc., Class A REIT |  | 314622 |
| 27694 | Essential Properties Realty Trust, Inc. REIT |  | 867376 |
| 85911 | eXp World Holdings, Inc. |  | 930416 |
| 6631 | Forestar Group, Inc.\* |  | 183480 |
| 16244 | Four Corners Property Trust, Inc. REIT |  | 420557 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70706 | Franklin Street Properties Corp. REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117372 |
| 5605 | FRP Holdings, Inc.\* | 144048 |
| 10702 | Getty Realty Corp. REIT | 305970 |
| 13672 | Gladstone Commercial Corp. REIT | 183888 |
| 13072 | Global Medical REIT, Inc. REIT | 98040 |
| 29285 | Global Net Lease, Inc. REIT | 230473 |
| 94507 | Hudson Pacific Properties, Inc. REIT\* | 265565 |
| 30932 | Independence Realty Trust, Inc. REIT | 560179 |
| 31638 | Industrial Logistics Properties Trust REIT | 194890 |
| 2246 | Innovative Industrial Properties, Inc. REIT | 127258 |
| 14201 | InvenTrust Properties Corp. REIT | 422764 |
| 18587 | JBG SMITH Properties REIT | 398505 |
| 29001 | Kite Realty Group Trust REIT | 661803 |
| 6561 | LTC Properties, Inc. REIT | 239476 |
| 21482 | LXP Industrial Trust REIT | 195057 |
| 29252 | Macerich Co. (The) REIT | 538237 |
| 7660 | Marcus & Millichap, Inc. | 249639 |
| 7946 | Modiv Industrial, Inc. REIT | 120541 |
| 6670 | National Health Investors, Inc. REIT | 522194 |
| 12247 | NET Lease Office Properties REIT | 362756 |
| 24748 | Newmark Group, Inc., Class A | 450661 |
| 5970 | NexPoint Residential Trust, Inc. REIT | 206025 |
| 29048 | Outfront Media, Inc. REIT | 542617 |
| 84189 | Paramount Group, Inc. REIT\* | 606161 |
| 39296 | Pebblebrook Hotel Trust REIT | 437757 |
| 11289 | Phillips Edison & Co., Inc. REIT | 397260 |
| 54585 | Piedmont Realty Trust, Inc. REIT | 462335 |
| 4756 | PotlatchDeltic Corp. REIT | 199895 |
| 18285 | RE/MAX Holdings, Inc., Class A\* | 172245 |
| 109540 | Real Brokerage, Inc. (The) (Canada)\*<sup>(a)</sup> | 589325 |
| 43795 | RLJ Lodging Trust REIT | 337221 |
| 9329 | RMR Group, Inc. (The), Class A | 157474 |
| 8553 | Ryman Hospitality Properties, Inc. REIT | 844951 |
| 33450 | Sabra Health Care REIT, Inc. REIT | 639229 |
| 111576 | Service Properties Trust REIT | 301255 |
| 6599 | Sila Realty Trust, Inc. REIT | 164579 |
| 8041 | SL Green Realty Corp. REIT | 457452 |
| 3511 | St Joe Co. (The) | 177165 |
| 69449 | Summit Hotel Properties, Inc. REIT | 380580 |
| 38224 | Sunstone Hotel Investors, Inc. REIT | 362364 |
| 18788 | Tanger, Inc. REIT | 642174 |
| 6004 | Terreno Realty Corp. REIT | 346851 |
| 12982 | UMH Properties, Inc. REIT | 203688 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17741 | Urban Edge Properties REIT | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367061 |
| 9282 | Veris Residential, Inc. REIT | 146006 |
| 9261 | Whitestone REIT | 121875 |
| 33928 | Xenia Hotels & Resorts, Inc. REIT | 479403 |
|  |  | 29117754 |
| Utilities – 2.2% | Utilities – 2.2% |  |
| 13050 | ALLETE, Inc. | 837158 |
| 3760 | American States Water Co. | 280233 |
| 15881 | Avista Corp. | 580292 |
| 13386 | Black Hills Corp. | 800617 |
| 27606 | Brookfield Infrastructure Corp., Class A (Canada)<sup>(a)</sup> | 1110313 |
| 5175 | California Water Service Group | 242863 |
| 3970 | Chesapeake Utilities Corp. | 490613 |
| 10972 | Consolidated Water Co. Ltd. | 365038 |
| 14864 | Genie Energy Ltd., Class B | 227419 |
| 3832 | H2O America | 193018 |
| 14946 | Hallador Energy Co.\* | 243769 |
| 38476 | Hawaiian Electric Industries, Inc.\* | 498649 |
| 5979 | MGE Energy, Inc. | 509112 |
| 40479 | Montauk Renewables, Inc.\* | 87030 |
| 13455 | New Jersey Resources Corp. | 636287 |
| 9029 | Northwest Natural Holding Co. | 374974 |
| 8910 | Northwestern Energy Group, Inc. | 512414 |
| 7063 | Oklo, Inc.\*<sup>(a)</sup> | 520119 |
| 9980 | ONE Gas, Inc. | 763470 |
| 4561 | Ormat Technologies, Inc. | 419110 |
| 5772 | Otter Tail Corp. | 484790 |
| 14253 | Portland General Electric Co. | 609743 |
| 22409 | Pure Cycle Corp.\* | 226331 |
| 2338 | RGC Resources, Inc. | 51997 |
| 12733 | Southwest Gas Holdings, Inc. | 1017112 |
| 11401 | Spire, Inc. | 873317 |
| 15964 | TXNM Energy, Inc. | 904201 |
| 3816 | Unitil Corp. | 179199 |
| 3670 | York Water Co. (The) | 114027 |
|  |  | 14153215 |
| TOTAL COMMON STOCKS<br>(Cost $511,985,106) | TOTAL COMMON STOCKS<br>(Cost $511,985,106) | 624249977 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Units** | **Description** | **Expiration Month** | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |
| Health Care – –% | Health Care – –% | Health Care – –% | Health Care – –% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104 | Chinook Therapeutics, Inc.\*<sup>(b)</sup> | 12/25 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Units** | **Description** | **Expiration Month** | **Value** |
| Rights – (continued) | Rights – (continued) |  |  |
| Materials – 0.0% | Materials – 0.0% | Materials – 0.0% |  |
| 15501 | Resolute Forest Products\*<sup>(b)</sup> | 09/23 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22012 |
| TOTAL RIGHTS<br>(Cost $0) | TOTAL RIGHTS<br>(Cost $0) | TOTAL RIGHTS<br>(Cost $0) | 22012 |
| **Shares** | **Dividend Rate** | **Dividend Rate** | **Value** |
| Investment Company – 1.0%<sup>(c)</sup> | Investment Company – 1.0%<sup>(c)</sup> | Investment Company – 1.0%<sup>(c)</sup> |  |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| 6147842 | 4.114% | 4.114% | 6147842 |
| **(Cost $6,147,842)** | **(Cost $6,147,842)** | **(Cost $6,147,842)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $518,132,948) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $518,132,948) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $518,132,948) | 630419831 |

---

---

| | | |
|:---|:---|:---|
| Securities Lending Reinvestment Vehicle – 1.7%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 1.7%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10633875 | 4.154% | 10633875 |
| **(Cost $10,633,875)** | **(Cost $10,633,875)** |  |
| TOTAL INVESTMENTS – 101.5%<br>(Cost $528,766,823) | TOTAL INVESTMENTS – 101.5%<br>(Cost $528,766,823) | $641053706 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.5)%** | (9675516) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631378190 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> U.S. SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

FUTURES CONTRACTS(continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized** <br> **Appreciation/** <br> (Depreciation)  |
|  **Long position contracts:** |  |  |  |  |
|  Russell 2000 E-Mini Index | 53 | 09/19/25 | $6279970 | $401702 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Australia – 3.0% | Australia – 3.0% | Australia – 3.0% |
| 91528 | AGL Energy Ltd. (Utilities) | $493019 |
| 56569 | ANZ Group Holdings Ltd. (Financials) | 1246612 |
| 198028 | Aurizon Holdings Ltd. (Industrials) | 419934 |
| 118378 | Brambles Ltd. (Industrials) | 2010565 |
| 468290 | Coles Group Ltd. (Consumer Staples) | 7319122 |
| 13591 | Commonwealth Bank of Australia (Financials) | 1514872 |
| 48519 | EBOS Group Ltd. (Health Care) | 933580 |
| 417699 | Endeavour Group Ltd. (Consumer Staples) | 1044327 |
| 152834 | Insurance Australia Group Ltd. (Financials) | 871260 |
| 767502 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 2953702 |
| 523024 | Medibank Pvt Ltd. (Financials) | 1745828 |
| 6937 | National Australia Bank Ltd. (Financials) | 194278 |
| 114565 | Origin Energy Ltd. (Utilities) | 968778 |
| 49554 | QBE Insurance Group Ltd. (Financials) | 702177 |
| 54873 | Ramsay Health Care Ltd. (Health Care) | 1217498 |
| 63526 | Suncorp Group Ltd. (Financials) | 884775 |
| 669611 | Telstra Group Ltd. (Communication Services) | 2143094 |
| 339694 | Vicinity Ltd. REIT (Real Estate) | 575834 |
| 154956 | Wesfarmers Ltd. (Consumer Discretionary) | 9311253 |
| 32059 | Westpac Banking Corp. (Financials) | 810139 |
| 182460 | Woolworths Group Ltd. (Consumer Staples) | 3439299 |
| 120894 | Worley Ltd. (Industrials) | 1162348 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41962294 |
| Austria – 0.3% | Austria – 0.3% | Austria – 0.3% |
| 27836 | Erste Group Bank AG (Financials) | 2648922 |
| 6013 | OMV AG (Energy) | 331219 |
| 12638 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) | 655320 |
|  |  | 3635461 |
| Belgium – 0.3% | Belgium – 0.3% | Belgium – 0.3% |
| 7524 | Ackermans & van Haaren NV (Industrials) | 1951598 |
| 22806 | Ageas SA/NV (Financials) | 1607006 |
| 10826 | Anheuser-Busch InBev SA/NV (Consumer Staples) | 678450 |
| 5759 | KBC Group NV (Financials) | 679147 |
| 590 | Warehouses De Pauw CVA REIT (Real Estate) | 15138 |
|  |  | 4931339 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – 0.1% | Brazil – 0.1% | Brazil – 0.1% |
| 20480 | Yara International ASA (Materials) | $745417 |
| Canada – 3.8% | Canada – 3.8% | Canada – 3.8% |
| 24070 | AltaGas Ltd. (Utilities) | 713711 |
| 4867 | Bank of Montreal (Financials) | 589130 |
| 36357 | Bank of Nova Scotia (The) (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2271270 |
| 39159 | Canadian Imperial Bank of Commerce (Financials) | 3025877 |
| 18617 | Canadian Tire Corp. Ltd., Class A (Consumer Discretionary) | 2322125 |
| 9476 | Canadian Utilities Ltd., Class A (Utilities) | 263861 |
| 15140 | CGI, Inc. (Information Technology) | 1470607 |
| 482 | Constellation Software, Inc. (Information Technology) | 1597483 |
| 5814 | Dollarama, Inc. (Consumer Discretionary) | 792986 |
| 20413 | Emera, Inc. (Utilities) | 972515 |
| 40270 | Empire Co. Ltd. (Consumer Staples) | 1563636 |
| 22771 | Enbridge, Inc. (Energy) | 1102103 |
| 398 | Fairfax Financial Holdings Ltd. (Financials) | 685385 |
| 2692 | FirstService Corp. (Real Estate) | 542125 |
| 52104 | George Weston Ltd. (Consumer Staples) | 3356333 |
| 370 | Gildan Activewear, Inc. (Consumer Discretionary) | 20207 |
| 38723 | Great-West Lifeco, Inc.<br>(Financials)<sup>(a)</sup> | 1534310 |
| 4716 | Hydro One Ltd. (Utilities)<sup>(b)</sup> | 171781 |
| 10752 | Keyera Corp. (Energy) | 346536 |
| 194746 | Loblaw Cos. Ltd. (Consumer Staples) | 7956082 |
| 18950 | Metro, Inc. (Consumer Staples) | 1358708 |
| 16959 | National Bank of Canada (Financials) | 1783168 |
| 21545 | Open Text Corp. (Information Technology) | 712753 |
| 99447 | Power Corp. of Canada (Financials) | 4210535 |
| 39322 | Quebecor, Inc., Class B (Communication Services) | 1195169 |
| 23345 | Rogers Communications, Inc., Class B (Communication Services) | 836744 |
| 15510 | Royal Bank of Canada (Financials) | 2254624 |
| 15403 | Stantec, Inc. (Industrials) | 1674759 |
| 21225 | Sun Life Financial, Inc.<br>(Financials)<sup>(a)</sup> | 1240154 |
| 16398 | TC Energy Corp. (Energy) | 854208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10773 | Toronto-Dominion Bank (The) (Financials) | 809142 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Canada – (continued) | Canada – (continued) | Canada – (continued) | Canada – (continued) |
| 22812 | WSP Global, Inc. (Industrials) | $| 4646972 |
|  |  |  | 52874999 |
| Denmark – 0.0% | Denmark – 0.0% | Denmark – 0.0% | Denmark – 0.0% |
| 4502 | Coloplast A/S, Class B (Health Care) |  | 432604 |
| Finland – 0.4% | Finland – 0.4% | Finland – 0.4% | Finland – 0.4% |
| 79781 | Nordea Bank Abp (Financials) |  | 1217724 |
| 38708 | Orion OYJ, Class B (Health Care) |  | 3089989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61199 | Sampo OYJ, Class A (Financials) |  | 702438 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5010151 |
| France – 2.1% | France – 2.1% | France – 2.1% | France – 2.1% |
| 85733 | AXA SA (Financials) |  | 3992949 |
| 70823 | Bouygues SA (Industrials) |  | 3037397 |
| 87823 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) |  | 3179508 |
| 109626 | Credit Agricole SA (Financials) |  | 2005600 |
| 10251 | Danone SA (Consumer Staples) |  | 854075 |
| 70436 | Engie SA (Utilities) |  | 1458459 |
| 8964 | L'Oreal SA (Consumer Staples) |  | 4174915 |
| 454973 | Orange SA (Communication Services) |  | 7402394 |
| 29763 | TotalEnergies SE (Energy) |  | 1863813 |
| 12160 | Vinci SA (Industrials) |  | 1649639 |
|  |  |  | 29618749 |
| Germany – 2.7% | Germany – 2.7% | Germany – 2.7% | Germany – 2.7% |
| 8594 | Allianz SE (Financials) |  | 3633414 |
| 9101 | Beiersdorf AG (Consumer Staples) |  | 1046524 |
| 8145 | Deutsche Boerse AG (Financials) |  | 2398687 |
| 112557 | Deutsche Post AG (Industrials) |  | 5122365 |
| 222801 | Deutsche Telekom AG (Communication Services) |  | 8141826 |
| 23680 | E.ON SE (Utilities) |  | 422553 |
| 46886 | Fresenius SE & Co. KGaA (Health Care) |  | 2546986 |
| 767 | Hannover Rueck SE (Financials) |  | 223366 |
| 13635 | Henkel AG & Co. KGaA (Consumer Staples) |  | 1047760 |
| 44602 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 2785227 |
| 4526 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) |  | 2885121 |
| 17630 | SAP SE (Information Technology) |  | 4781346 |
| 17012 | Talanx AG (Financials) |  | 2345700 |
|  |  |  | 37380875 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – 0.0% | Hong Kong – 0.0% | Hong Kong – 0.0% |
| 18411 | Hang Seng Bank Ltd. (Financials) | $263087 |
| Ireland – 0.3% | Ireland – 0.3% | Ireland – 0.3% |
| 17805 | Accenture PLC, Class A (Information Technology) | 4628766 |
| Israel – 0.9% | Israel – 0.9% | Israel – 0.9% |
| 82849 | Bank Hapoalim BM (Financials) | 1617569 |
| 55015 | Bank Leumi Le-Israel BM (Financials) | 1056035 |
| 18176 | Check Point Software Technologies Ltd. (Information Technology)\* | 3510513 |
| 19015 | First International Bank Of Israel Ltd. (The) (Financials) | 1346864 |
| 105631 | Israel Discount Bank Ltd., Class A (Financials) | 1045082 |
| 184179 | Mivne Real Estate KD Ltd. (Real Estate) | 675689 |
| 49296 | Mizrahi Tefahot Bank Ltd. (Financials) | 3220516 |
|  |  | 12472268 |
| Italy – 1.4% | Italy – 1.4% | Italy – 1.4% |
| 325418 | A2A SpA (Utilities) | 818178 |
| 68714 | Banca Mediolanum SpA (Financials) | 1389827 |
| 121822 | Enel SpA (Utilities) | 1124201 |
| 157927 | Eni SpA (Energy) | 2817540 |
| 251345 | Generali (Financials) | 9814498 |
| 157500 | Intesa Sanpaolo SpA (Financials) | 990902 |
| 91751 | Poste Italiane SpA (Financials)<sup>(b)</sup> | 2148967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63045 | Snam SpA (Utilities) | 384025 |
| 28048 | Terna - Rete Elettrica Nazionale (Utilities) | 282209 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19770347 |
| Japan – 4.7% | Japan – 4.7% | Japan – 4.7% |
| 79398 | Aeon Co. Ltd. (Consumer Staples) | 966349 |
| 160769 | ANA Holdings, Inc. (Industrials)<sup>(a)</sup> | 3252609 |
| 320605 | Asahi Kasei Corp. (Materials) | 2641047 |
| 100417 | Bridgestone Corp. (Consumer Discretionary) | 4582968 |
| 220706 | Canon, Inc. (Information Technology) | 6538880 |
| 91168 | Central Japan Railway Co. (Industrials) | 2435907 |
| 42860 | Chubu Electric Power Co., Inc. (Utilities) | 594041 |
| 236218 | Daiwa Securities Group, Inc. (Financials) | 1854993 |
| 59540 | Haseko Corp. (Consumer Discretionary) | 987433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156174 | Japan Airlines Co. Ltd. (Industrials)<sup>(a)</sup> | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3336747 |
| 79126 | KDDI Corp. (Communication Services) | 1374499 |
| 161892 | Kyushu Electric Power Co., Inc. (Utilities) | 1716226 |
| 101262 | Lixil Corp. (Industrials) | 1323837 |
| 14590 | Marui Group Co. Ltd. (Financials) | 315699 |
| 281478 | Mitsubishi HC Capital, Inc. (Financials) | 2320648 |
| 20461 | NH Foods Ltd. (Consumer Staples) | 775518 |
| 42967 | Nichirei Corp. (Consumer Staples) | 496612 |
| 78531 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 1730276 |
| 3328983 | Nippon Telegraph & Telephone Corp. (Communication Services) | 3532475 |
| 40321 | Nippon Television Holdings, Inc. (Communication Services) | 1064150 |
| 80571 | Nisshin Seifun Group, Inc. (Consumer Staples) | 982272 |
| 9660 | Obic Co. Ltd. (Information Technology) | 344227 |
| 53927 | Oji Holdings Corp. (Materials) | 298164 |
| 143407 | Ono Pharmaceutical Co. Ltd. (Health Care) | 1618426 |
| 2515 | Oracle Corp. Japan (Information Technology) | 261649 |
| 47265 | Osaka Gas Co. Ltd. (Utilities) | 1351073 |
| 133043 | Otsuka Holdings Co. Ltd. (Health Care) | 7037030 |
| 52123 | SCSK Corp. (Information Technology) | 1671699 |
| 58481 | Sekisui Chemical Co. Ltd. (Industrials) | 1120230 |
| 24953 | SG Holdings Co. Ltd. (Industrials) | 270052 |
| 12072 | Shimadzu Corp. (Information Technology) | 297802 |
| 6982 | Shimamura Co. Ltd. (Consumer Discretionary) | 517617 |
| 1955082 | SoftBank Corp. (Communication Services) | 3038650 |
| 17558 | Suntory Beverage & Food Ltd. (Consumer Staples) | 545306 |
| 98274 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 2959097 |
| 9860 | TIS, Inc. (Information Technology) | 330737 |
| 17554 | Tokyu Corp. (Industrials) | 222436 |
| 36275 | Tsuruha Holdings, Inc. (Consumer Staples) | 561327 |
| 18111 | West Japan Railway Co. (Industrials) | 406441 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117808 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372781 |
|  |  |  | 66047930 |
| Netherlands – 1.7% | Netherlands – 1.7% | Netherlands – 1.7% | Netherlands – 1.7% |
| 15404 | EXOR NV (Financials) |  | 1544303 |
| 16865 | Heineken Holding NV (Consumer Staples) |  | 1195287 |
| 91218 | ING Groep NV (Financials) |  | 2173853 |
| 305058 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 12229672 |
| 388451 | Koninklijke KPN NV (Communication Services) |  | 1853285 |
| 34758 | Wolters Kluwer NV (Industrials) |  | 4377628 |
|  |  |  | 23374028 |
| New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% | New Zealand – 0.1% |
| 26526 | Mainfreight Ltd. (Industrials) |  | 928926 |
| 4243 | Xero Ltd. (Information Technology)\* |  | 454297 |
|  |  |  | 1383223 |
| Norway – 0.7% | Norway – 0.7% | Norway – 0.7% | Norway – 0.7% |
| 88503 | DNB Bank ASA (Financials) |  | 2331611 |
| 63077 | Gjensidige Forsikring ASA (Financials) |  | 1752793 |
| 58796 | SpareBank 1 Sor-Norge ASA (Financials) |  | 1032263 |
| 142424 | Storebrand ASA (Financials) |  | 2191476 |
| 118594 | Telenor ASA (Communication Services) |  | 1978249 |
|  |  |  | 9286392 |
| Singapore – 1.2% | Singapore – 1.2% | Singapore – 1.2% | Singapore – 1.2% |
| 31987 | DBS Group Holdings Ltd. (Financials) |  | 1259535 |
| 67008 | Keppel Ltd. (Industrials) |  | 456992 |
| 306561 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 3999868 |
| 482056 | Singapore Airlines Ltd. (Industrials) |  | 2472275 |
| 297653 | Singapore Exchange Ltd. (Financials) |  | 3844201 |
| 353182 | Singapore Telecommunications Ltd. (Communication Services) |  | 1186449 |
| 88455 | United Overseas Bank Ltd. (Financials) |  | 2426135 |
| 114199 | UOL Group Ltd. (Real Estate) |  | 663120 |
|  |  |  | 16308575 |
| Spain – 1.1% | Spain – 1.1% | Spain – 1.1% | Spain – 1.1% |
| 62380 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 4713173 |
| 49107 | Aena SME SA (Industrials)<sup>(b)</sup> |  | 1422050 |
| 3312 | Amadeus IT Group SA (Consumer Discretionary) |  | 277572 |
| 44684 | Endesa SA (Utilities) |  | 1361962 |
| 98078 | Iberdrola SA (Utilities) |  | 1845416 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 26661 | Naturgy Energy Group SA (Utilities) | $| 845702 |
| 13659 | Redeia Corp. SA (Utilities) |  | 265559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987253 | Telefonica SA (Communication Services) |  | 5290248 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16021682 |
| Sweden – 0.9% | Sweden – 0.9% | Sweden – 0.9% | Sweden – 0.9% |
| 29088 | Axfood AB (Consumer Staples) |  | 917254 |
| 10236 | Essity AB, Class B (Consumer Staples) |  | 276390 |
| 138502 | Investor AB, Class A (Financials) |  | 4265066 |
| 5020 | Securitas AB, Class B (Industrials) |  | 76763 |
| 51554 | Skandinaviska Enskilda Banken AB, Class A (Financials) |  | 952813 |
| 24973 | Skanska AB, Class B (Industrials) |  | 619441 |
| 72860 | Svenska Handelsbanken AB, Class A (Financials) |  | 936338 |
| 33185 | Swedbank AB, Class A (Financials) |  | 933214 |
| 106212 | Tele2 AB, Class B (Communication Services) |  | 1869303 |
| 475905 | Telia Co. AB (Communication Services) |  | 1774705 |
|  |  |  | 12621287 |
| Switzerland – 1.2% | Switzerland – 1.2% | Switzerland – 1.2% | Switzerland – 1.2% |
| 2974 | Geberit AG (Industrials) |  | 2181789 |
| 681 | Schindler Holding AG (Industrials) |  | 253292 |
| 53065 | SGS SA (Industrials) |  | 5416409 |
| 1220 | Swiss Life Holding AG (Financials) |  | 1319167 |
| 2154 | Swisscom AG (Communication Services) |  | 1558115 |
| 13476 | TE Connectivity PLC (Information Technology) |  | 2782794 |
| 4999 | Zurich Insurance Group AG (Financials) |  | 3656111 |
|  |  |  | 17167677 |
| United Kingdom – 3.5% | United Kingdom – 3.5% | United Kingdom – 3.5% | United Kingdom – 3.5% |
| 14262 | Admiral Group PLC (Financials) |  | 698682 |
| 39069 | Associated British Foods PLC (Consumer Staples) |  | 1140138 |
| 9555 | AstraZeneca PLC (Health Care) |  | 1522005 |
| 91662 | Auto Trader Group PLC (Communication Services)<sup>(b)</sup> |  | 994683 |
| 90188 | Aviva PLC (Financials) |  | 793965 |
| 64936 | BAE Systems PLC (Industrials) |  | 1541886 |
| 54474 | British American Tobacco PLC (Consumer Staples) |  | 3080039 |
| 31817 | Bunzl PLC (Industrials) |  | 1075519 |
| 268985 | Centrica PLC (Utilities) |  | 584912 |

---

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 751947 | CK Hutchison Holdings Ltd. (Industrials) | $| 4952953 |
| 5623 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 499660 |
| 22588 | Compass Group PLC (Consumer Discretionary) |  | 766600 |
| 7984 | DCC PLC (Industrials) |  | 507410 |
| 6332 | Halma PLC (Information Technology) |  | 281283 |
| 203214 | HSBC Holdings PLC (Financials) |  | 2599187 |
| 52734 | Imperial Brands PLC (Consumer Staples) |  | 2224309 |
| 2557 | InterContinental Hotels Group PLC (Consumer Discretionary) |  | 309259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477798 | J Sainsbury PLC (Consumer Staples) |  | 1932714 |
| 16835 | Next PLC (Consumer Discretionary) |  | 2719156 |
| 38260 | Pearson PLC (Consumer Discretionary) |  | 556714 |
| 3613 | Reckitt Benckiser Group PLC (Consumer Staples) |  | 269938 |
| 120622 | RELX PLC (Industrials) |  | 5615821 |
| 349737 | Sage Group PLC (The) (Information Technology) |  | 5133845 |
| 48513 | Smith & Nephew PLC (Health Care) |  | 906467 |
| 1124280 | Tesco PLC (Consumer Staples) |  | 6420638 |
| 2305 | Unilever PLC (Consumer Staples) |  | 144871 |
| 216854 | WPP PLC (Communication Services) |  | 1145261 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48417915 |
| United States – 69.0% | United States – 69.0% | United States – 69.0% | United States – 69.0% |
| 9893 | Abbott Laboratories (Health Care) |  | 1312405 |
| 28723 | AbbVie, Inc. (Health Care) |  | 6043319 |
| 14949 | Adobe, Inc. (Information Technology)\* |  | 5332308 |
| 58224 | Aflac, Inc. (Financials) |  | 6221817 |
| 20428 | Alliant Energy Corp. (Utilities) |  | 1329250 |
| 17932 | Allstate Corp. (The) (Financials) |  | 3648265 |
| 56753 | Alphabet, Inc., Class A (Communication Services) |  | 12083281 |
| 51162 | Alphabet, Inc., Class C (Communication Services) |  | 10924622 |
| 54199 | Altria Group, Inc. (Consumer Staples) |  | 3642715 |
| 92759 | Amazon.com, Inc. (Consumer Discretionary)\* |  | 21241811 |
| 38193 | Amdocs Ltd. (Information Technology) |  | 3268175 |
| 20312 | Ameren Corp. (Utilities) |  | 2026731 |
| 12288 | American Electric Power Co., Inc. (Utilities) |  | 1364214 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 6714 | American Express Co. (Financials) | $2224214 |
| 18812 | American International Group, Inc. (Financials) | 1529792 |
| 7384 | Ameriprise Financial, Inc. (Financials) | 3801357 |
| 3913 | AMETEK, Inc. (Industrials) | 723122 |
| 71523 | Amphenol Corp., Class A (Information Technology) | 7785994 |
| 8223 | Aon PLC, Class A (Financials) | 3017841 |
| 198980 | Apple, Inc. (Information Technology) | 46191217 |
| 43634 | Arch Capital Group Ltd. (Financials) | 3993820 |
| 30036 | Archer-Daniels-Midland Co. (Consumer Staples) | 1881455 |
| 5986 | Arthur J Gallagher & Co. (Financials) | 1812262 |
| 390499 | AT&T, Inc. (Communication Services) | 11437716 |
| 13323 | Atmos Energy Corp. (Utilities) | 2213350 |
| 13578 | Autodesk, Inc. (Information Technology)\* | 4272997 |
| 4720 | Automatic Data Processing, Inc. (Industrials) | 1435116 |
| 3109 | AutoZone, Inc. (Consumer Discretionary)\* | 13053230 |
| 89283 | Bank of America Corp. (Financials) | 4530219 |
| 49197 | Bank of New York Mellon Corp. (The) (Financials) | 5195203 |
| 4854 | Becton Dickinson & Co. (Health Care) | 936725 |
| 31736 | Berkshire Hathaway, Inc., Class B (Financials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15962573 |
| 30725 | Biogen, Inc. (Health Care)\* | 4062460 |
| 39599 | Boston Scientific Corp. (Health Care)\* | 4177695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476623 | BP PLC (Energy) | 2782471 |
| 78561 | Bristol-Myers Squibb Co. (Health Care) | 3706508 |
| 23756 | Broadcom, Inc. (Information Technology) | 7064797 |
| 4818 | Broadridge Financial Solutions, Inc. (Industrials) | 1231577 |
| 8221 | Cadence Design Systems, Inc. (Information Technology)\* | 2880885 |
| 45768 | Cardinal Health, Inc. (Health Care) | 6809363 |
| 12859 | Cboe Global Markets, Inc. (Financials) | 3034081 |
| 18876 | CDW Corp. (Information Technology) | 3110010 |
| 26789 | Cencora, Inc. (Health Care) | 7811940 |
| 50699 | CenterPoint Energy, Inc. (Utilities) | 1911859 |
| 3183 | Charles Schwab Corp. (The) (Financials) | 305059 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 7831 | Cheniere Energy, Inc. (Energy) $| 1893692 |
| 10519 | Chevron Corp. (Energy) | 1689351 |
| 10723 | Chubb Ltd. (Financials) | 2949576 |
| 14483 | Church & Dwight Co., Inc. (Consumer Staples) | 1349236 |
| 16611 | Cigna Group (The) (Health Care) | 4997752 |
| 16319 | Cincinnati Financial Corp. (Financials) | 2506598 |
| 34684 | Cintas Corp. (Industrials) | 7284681 |
| 135421 | Cisco Systems, Inc. (Information Technology) | 9356237 |
| 69003 | Citigroup, Inc. (Financials) | 6663620 |
| 21413 | Clorox Co. (The) (Consumer Staples) | 2531017 |
| 9449 | CME Group, Inc. (Financials) | 2518253 |
| 20911 | CMS Energy Corp. (Utilities) | 1496600 |
| 34786 | Coca-Cola Co. (The) (Consumer Staples) | 2399886 |
| 73480 | Cognizant Technology Solutions Corp., Class A (Information Technology) | 5308930 |
| 106926 | Colgate-Palmolive Co. (Consumer Staples) | 8989269 |
| 143795 | Comcast Corp., Class A (Communication Services) | 4884716 |
| 4477 | Consolidated Edison, Inc. (Utilities) | 439776 |
| 6667 | Corpay, Inc. (Financials)\* | 2171242 |
| 14675 | Corteva, Inc. (Materials) | 1088738 |
| 8739 | Costco Wholesale Corp. (Consumer Staples) | 8243673 |
| 31874 | Coterra Energy, Inc. (Energy) | 779001 |
| 72322 | CVS Health Corp. (Health Care) | 5290354 |
| 33645 | Dell Technologies, Inc., Class C (Information Technology) | 4109737 |
| 5166 | Dominion Energy, Inc. (Utilities) | 309443 |
| 4008 | Domino's Pizza, Inc. (Consumer Discretionary) | 1836866 |
| 9288 | DTE Energy Co. (Utilities) | 1269205 |
| 14696 | Duke Energy Corp. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800113 |
| 3309 | Ecolab, Inc. (Materials) | 916725 |
| 20776 | Electronic Arts, Inc. (Communication Services) | 3572433 |
| 6989 | Eli Lilly & Co. (Health Care) | 5120002 |
| 23776 | Entergy Corp. (Utilities) | 2094428 |
| 11105 | EOG Resources, Inc. (Energy) | 1386126 |
| 10541 | Everest Group Ltd. (Financials) | 3603757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32836 | Exelon Corp. (Utilities) | 1434276 |
| 11550 | Expeditors International of Washington, Inc. (Industrials) | 1392237 |
| 15777 | Experian PLC (Industrials) | 816811 |
| 28727 | Exxon Mobil Corp. (Energy) | 3283209 |
| 192938 | Fastenal Co. (Industrials) | 9581301 |
| 18692 | Ferguson Enterprises, Inc. (Industrials) | 4320656 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 14617 | Fifth Third Bancorp (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669020 |
| 14108 | FirstEnergy Corp. (Utilities) | 615391 |
| 36364 | Fortive Corp. (Industrials) | 1740381 |
| 77132 | Fox Corp., Class A (Communication Services) | 4604780 |
| 46851 | Fox Corp., Class B (Communication Services) | 2555722 |
| 11938 | Gartner, Inc. (Information Technology)\* | 2998706 |
| 21089 | Gen Digital, Inc. (Information Technology) | 636888 |
| 7960 | General Dynamics Corp. (Industrials) | 2583577 |
| 12707 | General Electric Co. (Industrials) | 3496966 |
| 36766 | General Mills, Inc. (Consumer Staples) | 1813667 |
| 17951 | Genuine Parts Co. (Consumer Discretionary) | 2501113 |
| 75618 | Gilead Sciences, Inc. (Health Care) | 8542565 |
| 174702 | GSK PLC (Health Care) | 3428353 |
| 61187 | Haleon PLC (Health Care) | 299997 |
| 42300 | Hartford Insurance Group, Inc. (The) (Financials) | 5596713 |
| 4977 | HCA Healthcare, Inc. (Health Care) | 2010509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319530 | Hewlett Packard Enterprise Co. (Information Technology) | 7211792 |
| 904 | Hilton Worldwide Holdings, Inc. (Consumer Discretionary) | 249558 |
| 22219 | Home Depot, Inc. (The) (Consumer Discretionary) | 9038023 |
| 8757 | Hormel Foods Corp. (Consumer Staples) | 222778 |
| 121197 | HP, Inc. (Information Technology) | 3458962 |
| 14330 | Illinois Tool Works, Inc. (Industrials) | 3792435 |
| 11777 | Intercontinental Exchange, Inc. (Financials) | 2079818 |
| 53736 | International Business Machines Corp. (Information Technology) | 13084179 |
| 1104 | Intuit, Inc. (Information Technology) | 736368 |
| 47241 | Johnson & Johnson (Health Care) | 8369688 |
| 38334 | JPMorgan Chase & Co. (Financials) | 11554634 |
| 8592 | Kellanova (Consumer Staples) | 683064 |
| 9853 | Keurig Dr Pepper, Inc. (Consumer Staples) | 286624 |
| 21175 | Keysight Technologies, Inc. (Information Technology)\* | 3460630 |
| 23309 | Kimberly-Clark Corp. (Consumer Staples) | 3010124 |
| 106297 | Kinder Morgan, Inc. (Energy) | 2867893 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141302 | Kraft Heinz Co. (The) (Consumer Staples) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3952217 |
| 128633 | Kroger Co. (The) (Consumer Staples) | 8726463 |
| 6800 | L3Harris Technologies, Inc. (Industrials) | 1887816 |
| 7185 | Labcorp Holdings, Inc. (Health Care) | 1997358 |
| 23125 | Leidos Holdings, Inc. (Industrials) | 4183775 |
| 290 | Linde PLC (Materials) | 138704 |
| 1741 | Lockheed Martin Corp. (Industrials) | 793252 |
| 62870 | Loews Corp. (Financials) | 6085816 |
| 36378 | Lowe's Cos., Inc. (Consumer Discretionary) | 9387707 |
| 2358 | Markel Group, Inc. (Financials)\* | 4619463 |
| 28348 | Marsh & McLennan Cos., Inc. (Financials) | 5834302 |
| 20137 | Mastercard, Inc., Class A (Financials) | 11987355 |
| 13399 | McDonald's Corp. (Consumer Discretionary) | 4201122 |
| 11575 | McKesson Corp. (Health Care) | 7947858 |
| 2946 | Medtronic PLC (Health Care) | 273418 |
| 53331 | Merck & Co., Inc. (Health Care) | 4486204 |
| 21573 | Meta Platforms, Inc., Class A (Communication Services) | 15935975 |
| 26559 | MetLife, Inc. (Financials) | 2160840 |
| 84103 | Microsoft Corp. (Information Technology) | 42614149 |
| 894 | Mid-America Apartment Communities, Inc. REIT (Real Estate) | 130363 |
| 24211 | Mondelez International, Inc., Class A (Consumer Staples) | 1487524 |
| 24285 | Monster Beverage Corp. (Consumer Staples)\* | 1515627 |
| 14224 | Moody's Corp. (Financials) | 7250826 |
| 23959 | Motorola Solutions, Inc. (Information Technology) | 11319669 |
| 11440 | Nasdaq, Inc. (Financials) | 1083826 |
| 42551 | NetApp, Inc. (Information Technology) | 4799327 |
| 1782 | Netflix, Inc. (Communication Services)\* | 2153102 |
| 21463 | Northern Trust Corp. (Financials) | 2817663 |
| 555 | Northrop Grumman Corp. (Industrials) | 327472 |
| 34450 | Novartis AG (Health Care) | 4361382 |
| 216847 | NVIDIA Corp. (Information Technology) | 37770410 |
| 201 | NVR, Inc. (Consumer Discretionary)\* | 1631648 |
| 68588 | Occidental Petroleum Corp. (Energy) | 3265475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926 | ONEOK, Inc. (Energy) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834528 |
| 7656 | Oracle Corp. (Information Technology) | 1731251 |
| 158066 | O'Reilly Automotive, Inc. (Consumer Discretionary)\* | 16388283 |
| 15584 | Otis Worldwide Corp. (Industrials) | 1346146 |
| 17179 | PACCAR, Inc. (Industrials) | 1717556 |
| 3849 | Packaging Corp. of America (Materials) | 838928 |
| 9864 | Palantir Technologies, Inc., Class A (Information Technology)\* | 1545787 |
| 11046 | Paychex, Inc. (Industrials) | 1540420 |
| 30488 | PepsiCo, Inc. (Consumer Staples) | 4532041 |
| 20979 | Philip Morris International, Inc. (Consumer Staples) | 3506220 |
| 7475 | PNC Financial Services Group, Inc. (The) (Financials) | 1550614 |
| 9266 | PPG Industries, Inc. (Materials) | 1030657 |
| 48062 | PPL Corp. (Utilities) | 1752821 |
| 11795 | Principal Financial Group, Inc. (Financials) | 949615 |
| 33100 | Procter & Gamble Co. (The) (Consumer Staples) | 5198024 |
| 17560 | Progressive Corp. (The) (Financials) | 4338374 |
| 24027 | Prudential Financial, Inc. (Financials) | 2634801 |
| 13766 | Public Service Enterprise Group, Inc. (Utilities) | 1133355 |
| 15526 | QUALCOMM, Inc. (Information Technology) | 2495494 |
| 19854 | Quest Diagnostics, Inc. (Health Care) | 3606281 |
| 3858 | Raymond James Financial, Inc. (Financials) | 653700 |
| 23717 | Republic Services, Inc. (Industrials) | 5549067 |
| 8142 | Roche Holding AG (Health Care) | 2793988 |
| 9068 | Roche Holding AG (Health Care) | 2954008 |
| 107138 | Rollins, Inc. (Industrials) | 6057583 |
| 5492 | Roper Technologies, Inc. (Information Technology) | 2890495 |
| 6845 | Ross Stores, Inc. (Consumer Discretionary) | 1007310 |
| 73765 | Royalty Pharma PLC, Class A (Health Care) | 2654065 |
| 21585 | RTX Corp. (Industrials) | 3423381 |
| 5829 | Salesforce, Inc. (Information Technology) | 1493681 |
| 6718 | Sherwin-Williams Co. (The) (Materials) | 2457646 |
| 4484 | Snap-on, Inc. (Industrials) | 1458376 |
| 20842 | Southern Co. (The) (Utilities) | 1923717 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46160 | SS&C Technologies Holdings, Inc. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4092546 |
| 37113 | State Street Corp. (Financials) | 4266882 |
| 2048 | Stryker Corp. (Health Care) | 801608 |
| 18117 | Swiss Re AG (Financials) | 3285343 |
| 76488 | Sysco Corp. (Consumer Staples) | 6154989 |
| 6779 | T. Rowe Price Group, Inc. (Financials) | 729556 |
| 947 | Tesla, Inc. (Consumer Discretionary)\* | 316175 |
| 488 | Thermo Fisher Scientific, Inc. (Health Care) | 240447 |
| 79075 | TJX Cos., Inc. (The) (Consumer Discretionary) | 10802436 |
| 18088 | T-Mobile US, Inc. (Communication Services) | 4557995 |
| 68310 | Tractor Supply Co. (Consumer Discretionary) | 4218826 |
| 231 | TransDigm Group, Inc. (Industrials) | 323141 |
| 10812 | Travelers Cos., Inc. (The) (Financials) | 2935566 |
| 63150 | Tyson Foods, Inc., Class A (Consumer Staples) | 3585657 |
| 15275 | UnitedHealth Group, Inc. (Health Care) | 4733264 |
| 16911 | Ventas, Inc. REIT (Real Estate) | 1151301 |
| 29393 | VeriSign, Inc. (Information Technology) | 8035164 |
| 8579 | Verisk Analytics, Inc. (Industrials) | 2300202 |
| 177389 | Verizon Communications, Inc. (Communication Services) | 7845915 |
| 2886 | Vertex Pharmaceuticals, Inc. (Health Care)\* | 1128484 |
| 31049 | Visa, Inc., Class A (Financials) | 10922417 |
| 56079 | W R Berkley Corp. (Financials) | 4020304 |
| 9101 | W.W. Grainger, Inc. (Industrials) | 9223864 |
| 207644 | Walmart, Inc. (Consumer Staples) | 20137315 |
| 13435 | Walt Disney Co. (The) (Communication Services) | 1590435 |
| 9168 | Warner Music Group Corp., Class A (Communication Services) | 305753 |
| 15508 | Waste Management, Inc. (Industrials) | 3510856 |
| 17955 | WEC Energy Group, Inc. (Utilities) | 1912387 |
| 28411 | Wells Fargo & Co. (Financials) | 2334816 |
| 14169 | Welltower, Inc. REIT (Real Estate) | 2384359 |
| 13262 | Westinghouse Air Brake Technologies Corp. (Industrials) | 2566197 |
| 43675 | Williams Cos., Inc. (The) (Energy) | 2527909 |
| 2906 | Willis Towers Watson PLC (Financials) | 949652 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20311 | Xcel Energy, Inc. (Utilities) | Xcel Energy, Inc. (Utilities) | $1470313 |
| 46763 | Yum! Brands, Inc. (Consumer Discretionary) | Yum! Brands, Inc. (Consumer Discretionary) | 6872758 |
| 21438 | Zimmer Biomet Holdings, Inc. (Health Care) | Zimmer Biomet Holdings, Inc. (Health Care) | 2274572 |
| 15232 | Zoetis, Inc. (Health Care) | Zoetis, Inc. (Health Care) | 2382285 |
|  |  |  | 963214272 |
| **TOTAL COMMON STOCKS**<br> **(Cost $1,070,449,584)** | **TOTAL COMMON STOCKS**<br> **(Cost $1,070,449,584)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387569338 |
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.2% | Preferred Stocks – 0.2% | Preferred Stocks – 0.2% |  |
| Germany – 0.2% | Germany – 0.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25095 | Henkel AG & Co. KGaA (Consumer Staples) | 2.83% | 2116670 |
| 24890 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.25 | 1060178 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $3,011,374)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $3,011,374)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $3,011,374)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176848 |
| **Shares** | **Dividend Rate** |  | **Value** |
| Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289004 | 4.114% |  | 3289004 |
| **(Cost $3,289,004)** | **(Cost $3,289,004)** | **(Cost $3,289,004)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,076,749,962) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,076,749,962) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $1,076,749,962) | 1394035190 |
| Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 0.4%<sup>(c)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6105075 | 4.154% |  | 6105075 |
| (Cost $6,105,075) | (Cost $6,105,075) |  |  |
| TOTAL INVESTMENTS – 100.2%<br>(Cost $1,082,855,037) | TOTAL INVESTMENTS – 100.2%<br>(Cost $1,082,855,037) | TOTAL INVESTMENTS – 100.2%<br>(Cost $1,082,855,037) | $1400140265 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (0.2)%** | (3451785) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396688480 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Exempt from registration under Rule 144A of the Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents an affiliated issuer.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| CVA | —Dutch Certification |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market** <br> **Value** |
|  Financials | 21.1% |
|  Information Technology | 19.9 |
|  Consumer Staples | 11.9 |
|  Industrials | 11.4 |
|  Health Care | 9.8 |
|  Consumer Discretionary | 9.8 |
|  Communication Services | 9.2 |
|  Utilities | 3.1 |
|  Energy | 2.0 |
|  Materials | 0.8 |
|  Real Estate | 0.4 |
|  Investment Company | 0.2 |
|  Securities Lending Reinvestment Vehicle | 0.4 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> WORLD LOW VOL PLUS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of**<br> **Contracts** | **Expiration**<br> **Date** | **Notional**<br> **Amount** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Appreciation/** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Depreciation)**  |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 6 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816330 | $19551 |
|  S&P 500 E-Mini Index | 6 | 09/19/25 | 1941825 | 112639 |
| Total Futures Contracts |  |  |  | $132190 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging**<br> **Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe**<br> **Equity ETF** | **ActiveBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $765,125,780, $90,931,925, $2,981,548,667 and $49,426,686, respectively)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1057491740 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108826398 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197951974 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62008316 |
|  Investments in affiliated issuers, at value (cost $2,257,838, $98,599, $8,060,169 and $31,345, respectively) | 2257838 | 98599 | 8060169 | 31345 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 9440420 | 893934 | 66146693 | 1028582 |
|  Foreign Currency, at value (cost $6,740,289, $10,147, $1,426,134 and $–, respectively) | 6773941 | 11387 | 1991821 |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1891926 | 156810 | 7005952 | 62167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 251373 | 89539 | 4937577 | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 16882 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 12745 | 476 | 50110 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  | 14702 | 597936 | 3267 |
|  **Total assets** | 1078136865 | 110091845 | 4286742232 | 63146649 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts |  | 1215 | 111660 | 440 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 9440420 | 893934 | 66146693 | 1028582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 6003708 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 2510897 |  | 563733 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 162620 | 10550 | 405375 | 5956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign bank overdraft (cost $–, $–, $– and $127, respectively) |  |  |  | 127 |
|  Accrued expenses | 891823 |  |  |  |
|  **Total liabilities** | 19009468 | 905699 | 67227461 | 1035105 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 834470590 | 96195896 | 3330526149 | 52305945 |
|  Total distributable earnings | 224656807 | 12990250 | 888988622 | 9805599 |
|  **NET ASSETS** | $1059127397 | $109186146 | $4219514771 | $62111544 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 27650000 | 2550000 | 103700000 | 1400000 |
|  Net asset value per share: | $38.30 | $42.82 | $40.69 | $44.37 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $7,863,529, $847,721, $61,938,218 and $962,586 for ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, ActiveBeta<sup>®</sup> Europe Equity ETF, ActiveBeta<sup>®</sup> International Equity ETF and ActiveBeta<sup>®</sup> Japan Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large**<br> **Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small**<br> **Cap Equity ETF** | **ActiveBeta<sup>®</sup> World Low**<br> **Vol Plus Equity ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $8,582,012,368, $511,985,106 and $1,073,460,958, respectively)<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14178225817 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624271989 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1390746186 |
|  Investments in affiliated issuers, at value (cost $8,520,556, $6,147,842 and $3,289,004, respectively) | 8520556 | 6147842 | 3289004 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 28030086 | 10633875 | 6105075 |
|  Foreign Currency, at value (cost $–, $– and $79,137, respectively) |  |  | 79157 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 11084172 | 531162 | 1705464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 6335138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 19553 | 29142 | 5957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 582725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  | 537113 | 167949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims |  | 275 | 846850 |
|  **Total assets** | 14232215322 | 642734123 | 1402945642 |
| Liabilities: |  |  |  |
|  Variation margin on futures contracts |  | 33140 | 18614 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 28030086 | 10633875 | 6105075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 6335129 | 642004 | 257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 487288 | 46914 | 133216 |
|  **Total liabilities** | 34852503 | 11355933 | 6257162 |
| Net Assets: |  |  |  |
|  Paid-in capital | 9788289100 | 589477896 | 1125788289 |
|  Total distributable earnings | 4409073719 | 41900294 | 270900191 |
|  **NET ASSETS** | $14197362819 | $631378190 | $1396688480 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 112052500 | 8500000 | 24800000 |
|  Net asset value per share: | $126.70 | $74.28 | $56.32 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $27,218,235, $10,097,134 and $5,365,611 for ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF, ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><sup></sup>International<br>Equity ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** |
| Investment income: |  |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $3,542,057, $468,523, $14,205,589 and $100,307, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26278535 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891654 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117051233 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775062 |
|  Dividends — affiliated issuers | 406421 | 17940 | 533968 | 4197 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 80248 | 15477 | 891482 | 5732 |
|  **Total Investment Income** | 26765204 | 2925071 | 118476683 | 784991 |
| Expenses: |  |  |  |  |
|  Management fees | 3765311 | 188662 | 9408684 | 82411 |
|  Custody, accounting and administrative services | 1089477 |  |  |  |
|  Professional fees | 280000 |  |  |  |
|  Printing and mailing costs | 220238 |  |  |  |
|  Registration fees | 138705 |  |  |  |
|  Trustee fees | 32054 | 25708 | 49993 | 19994 |
|  Other | 10496 |  |  |  |
|  **Total expenses** | 5536281 | 214370 | 9458677 | 102405 |
|  Less — expense reductions | (1316938) | (756) | (22061) | (175) |
|  **Net expenses** | 4219343 | 213614 | 9436616 | 102230 |
|  **NET INVESTMENT INCOME** | 22545861 | 2711457 | 109040067 | 682761 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 17835723 | (962390) | (7484318) | (587432) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 507230 | 42080 | 1772761 | 15334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (464054) | (3206) | (264530) | 4256 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 3764516 | 943587 | 144354375 |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $5,361,907, $–, $– and $–, respectively) | 112480354 | 14181489 | 348301744 | 7677284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1118) | (346409) | 6152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 73805 | 3860 | 114991 | (2828) |
|  **Net realized and unrealized gain** | 134197574 | 14204302 | 486448614 | 7112766 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156743435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16915759 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595488681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7795527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Large Cap Equity<br>ETF** | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity<br>ETF** | **ActiveBeta<sup>®</sup> World<br>Low Vol Plus Equity<br>ETF** |
| Investment income: |  |  |  |
| Dividends — unaffiliated issuers (net of foreign withholding taxes of $1,148, $20,875 and $1,690,895, respectively) | $&nbsp;&nbsp;&nbsp;&nbsp;160247362 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7247869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24440768 |
|  Dividends — affiliated issuers | 709191 | 172627 | 95494 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 40690 | 180948 | 144994 |
|  **Total Investment Income** | 160997243 | 7601444 | 24681256 |
| Expenses: |  |  |  |
|  Management fees | 11804846 | 1044978 | 2864015 |
|  Trustee fees | 105733 | 30526 | 34099 |
|  **Total expenses** | 11910579 | 1075504 | 2898114 |
|  Less — expense reductions | (28442) | (7123) | (3892) |
|  **Net expenses** | 11882137 | 1068381 | 2894222 |
|  **NET INVESTMENT INCOME** | 149115106 | 6533063 | 21787034 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (169673266) | (23621459) | (5942189) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 1181861463 | 25798787 | 20727015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (43081) | 4658 | 414371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | 27059 |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 814568230 | 41168204 | 127407192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (112020) | 412127 | 87371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | 990 |
|  **Net realized and unrealized gain** | 1826601326 | 43762317 | 142721809 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1975716432 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50295380 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164508843 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $22545861 | $23394286 | $2711457 | $362139 |
|  Net realized gain (loss) | 21643415 | (15886167) | 20071 | (26367) |
|  Net change in unrealized gain | 112554159 | 114758311 | 14184231 | 2872386 |
|  **Net increase in net assets resulting from operations** | 156743435 | 122266430 | 16915759 | 3208158 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (22003213) | (12364152) | (2581711) | (332282) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 45930496 | 5715467 | 56343369 | 29280613 |
|  Cost of shares redeemed | (64544215) | (142324464) | (3534596) | (1700198) |
| **Net increase (decrease) in net assets resulting from share transactions** | (18613719) | (136608997) | 52808773 | 27580415 |
|  **TOTAL INCREASE (DECREASE)** | 116126503 | (26706719) | 67142821 | 30456291 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $943000894 | $969707613 | $42043325 | $11587034 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059127397 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943000894 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109186146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42043325 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $109040067 | $92895316 | $682761 | $344552 |
|  Net realized gain (loss) | 138378288 | (22638371) | (567842) | (496403) |
|  Net change in unrealized gain | 348070326 | 527471286 | 7680608 | 3177337 |
|  **Net increase in net assets resulting from operations** | 595488681 | 597728231 | 7795527 | 3025486 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (118651713) | (92008656) | (693894) | (354819) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 270850309 | 46484328 | 31248097 | 7419872 |
|  Cost of shares redeemed | (314708326) | (16729868) |  |  |
| **Net increase (decrease) in net assets resulting from share transactions** | (43858017) | 29754460 | 31248097 | 7419872 |
|  **TOTAL INCREASE** | 432978951 | 535474035 | 38349730 | 10090539 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $3786535820 | $3251061785 | $23761814 | $13671275 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219514771 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786535820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62111544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23761814 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025**  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2025**  | **For the Fiscal**<br> **Year Ended**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024**  |
| From operations: |  |  |  |  |
|  Net investment income | $149115106 | $153501862 | $6533063 | $6538748 |
|  Net realized gain | 1012145116 | 797272583 | 2181986 | 24844142 |
|  Net change in unrealized gain | 814456210 | 1858466408 | 41580331 | 55473298 |
| **Net increase in net assets resulting from operations** | 1975716432 | 2809240853 | 50295380 | 86856188 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (151104370) | (157684522) | (7159099) | (6791933) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 1819423315 | 772702058 | 120867951 | 53050343 |
|  Cost of shares redeemed | (2167839667) | (2113564319) | (47489190) | (101090288) |
| **Net increase (decrease) in net assets resulting from share transactions** | (348416352) | (1340862261) | 73378761 | (48039945) |
|  **TOTAL INCREASE** | 1476195710 | 1310694070 | 116515042 | 32024310 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $12721167109 | $11410473039 | $514863148 | $482838838 |
|  End of year | $14197362819 | $12721167109 | $631378190 | $514863148 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Fiscal**<br> **Year Ended<br> August 31, 2024**  |
| From operations: |  |  |
|  Net investment income | $21787034 | $16640225 |
|  Net realized gain | 15226256 | 1358501 |
|  Net change in unrealized gain | 127495553 | 165421128 |
|  **Net increase in net assets resulting from operations** | 164508843 | 183419854 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (20846784) | (16305859) |
| From share transactions: |  |  |
|  Proceeds from sales of shares | 315273854 | 173772285 |
|  Cost of shares redeemed | (63072957) | (62814367) |
|  **Net increase in net assets resulting from share transactions** | 252200897 | 110957918 |
|  **TOTAL INCREASE** | 395862956 | 278071913 |
| Net Assets: |  |  |
|  Beginning of year | $1000825524 | $722753611 |
|  End of year | $1396688480 | $1000825524 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $33.38 | $29.61 | $29.42 | $39.33 | $33.28 |
|  Net investment income<sup>(a)</sup>  | 0.82 | 0.76 | 0.91 | 1.13 | 0.67 |
|  Net realized and unrealized gain (loss) | 4.92 | 3.39 | 0.06 | (9.55) | 6.07 |
|  Total from investment operations | 5.74 | 4.15 | 0.97 | (8.42) | 6.74 |
|  Distributions to shareholders from net investment income | (0.82) | (0.38) | (0.78) | (1.49) | (0.69) |
|  Net asset value, end of year | $38.30 | $33.38 | $29.61 | $29.42 | $39.33 |
|  Market price, end of year | $38.48 | $33.26 | $29.48 | $29.03 | $39.16 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 17.72% | 14.16% | 3.50% | (21.97)% | 20.49% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1059127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943001 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388289 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of total expenses to average net assets | 0.59% | 0.54% | 0.52% | 0.51% | 0.51% |
|  Ratio of net investment income to average net assets | 2.40% | 2.48% | 3.15% | 3.29% | 1.76% |
|  Portfolio turnover rate<sup>(c)</sup>  | 32% | 28% | 21% | 18% | 46% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $38.22 | $33.11 | $27.47 | $37.99 | $29.85 |
|  Net investment income<sup>(a)</sup>  | 1.23 | 0.87 | 1.16 | 1.01 | 0.84 |
|  Net realized and unrealized gain (loss) | 4.42 | 5.10 | 5.50 | (10.29) | 8.15 |
|  Total from investment operations | 5.65 | 5.97 | 6.66 | (9.28) | 8.99 |
|  Distributions to shareholders from net investment income | (1.05) | (0.86) | (1.02) | (1.24) | (0.85) |
|  Net asset value, end of year | $42.82 | $38.22 | $33.11 | $27.47 | $37.99 |
|  Market price, end of year | $42.82 | $38.34 | $33.05 | $27.26 | $38.05 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 15.00% | 18.23% | 24.40% | (24.81)% | 30.45% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11587 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20893 |
|  Ratio of net expenses to average net assets | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 3.16% | 2.47% | 3.74% | 2.98% | 2.47% |
|  Portfolio turnover rate<sup>(c)</sup>  | 26% | 28% | 14% | 19% | 19% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $35.99 | $31.20 | $27.64 | $35.76 | $28.72 |
|  Net investment income<sup>(a)</sup>  | 1.05 | 0.88 | 0.92 | 0.96 | 0.75 |
|  Net realized and unrealized gain (loss) | 4.79 | 4.78 | 3.55 | (8.07) | 6.97 |
|  Total from investment operations | 5.84 | 5.66 | 4.47 | (7.11) | 7.72 |
|  Distributions to shareholders from net investment income | (1.14) | (0.87) | (0.91) | (1.01) | (0.68) |
|  Net asset value, end of year | $40.69 | $35.99 | $31.20 | $27.64 | $35.76 |
|  Market price, end of year | $40.61 | $35.95 | $31.21 | $27.52 | $35.75 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 16.61% | 18.44% | 16.40% | (20.18)% | 27.12% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4219515 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3251062 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2720037 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3093235 |
|  Ratio of net expenses to average net assets | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 2.88% | 2.70% | 3.08% | 2.97% | 2.31% |
|  Portfolio turnover rate<sup>(c)</sup>  | 22% | 28% | 14% | 18% | 21% |

---

<sup>(a</sup>) Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $39.60 | $34.18 | $30.15 | $37.91 | $32.60 |
|  Net investment income<sup>(a)</sup>  | 0.66 | 0.68 | 0.69 | 0.70 | 0.60 |
|  Net realized and unrealized gain (loss) | 4.70 | 5.48 | 3.99 | (7.75) | 5.25 |
|  Total from investment operations | 5.36 | 6.16 | 4.68 | (7.05) | 5.85 |
|  Distributions to shareholders from net investment income | (0.59) | (0.74) | (0.65) | (0.71) | (0.54) |
|  Net asset value, end of year | $44.37 | $39.60 | $34.18 | $30.15 | $37.91 |
|  Market price, end of year | $43.99 | $39.77 | $34.18 | $29.78 | $37.75 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 13.76% | 18.29% | 15.69% | (18.76)% | 18.02% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62112 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23762 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13671 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12059 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15163 |
|  Ratio of net expenses to average net assets | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 1.67% | 1.86% | 2.19% | 2.03% | 1.64% |
|  Portfolio turnover rate<sup>(c)</sup>  | 23% | 25% | 17% | 21% | 21% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $110.95 | $88.55 | $78.36 | $90.95 | $70.70 |
|  Net investment income<sup>(a)</sup>  | 1.31 | 1.27 | 1.23 | 1.17 | 0.96 |
|  Net realized and unrealized gain (loss) | 15.77 | 22.42 | 10.21 | (12.61) | 20.21 |
|  Total from investment operations | 17.08 | 23.69 | 11.44 | (11.44) | 21.17 |
|  Distributions to shareholders from net investment income | (1.33) | (1.29) | (1.25) | (1.15) | (0.92) |
|  Net asset value, end of year | $126.70 | $110.95 | $88.55 | $78.36 | $90.95 |
|  Market price, end of year | $126.77 | $110.96 | $88.57 | $78.33 | $90.91 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 15.51% | 26.98% | 14.83% | (12.70)% | 30.21% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14197363 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12721167 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11410473 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11616494 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13769847 |
|  Ratio of net expenses to average net assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 1.13% | 1.31% | 1.53% | 1.36% | 1.22% |
|  Portfolio turnover rate<sup>(c)</sup>  | 19% | 17% | 11% | 12% | 16% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $69.11 | $58.88 | $55.87 | $64.97 | $43.57 |
|  Net investment income<sup>(a)</sup>  | 0.83 | 0.83 | 0.84 <sup>(b)</sup> | 0.74 <sup>(c)</sup> | 0.53 <sup>(d)</sup> |
|  Net realized and unrealized gain (loss) | 5.26 | 10.26 | 2.97 | (9.07) | 21.35 |
|  Total from investment operations | 6.09 | 11.09 | 3.81 | (8.33) | 21.88 |
|  Distributions to shareholders from net investment income | (0.92) | (0.86) | (0.80) | (0.77) | (0.48) |
|  Net asset value, end of year | $74.28 | $69.11 | $58.88 | $55.87 | $64.97 |
|  Market price, end of year | $74.29 | $69.13 | $58.85 | $55.92 | $64.94 |
|  **Total Return at Net Asset Value<sup>(e)</sup>**  | 8.94% | 19.00% | 6.95% | (12.95)% | 50.45% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630898 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482839 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412543 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 1.21% | 1.35% | 1.49 %<sup>(b)</sup> | 1.22 %<sup>(c)</sup> | 0.90 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 30% | 24% | 17% | 20% | 25% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.23 per share and 0.41% of average net assets. 

<sup>(c)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.21 per share and 0.34% of average net assets. 

<sup>(d)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.09 per share and 0.16% of average net assets. 

<sup>(e)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete redemption of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. 

<sup>(f)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Period<br>March 15, 2022<sup>\*</sup>** <br> **to<br>August 31, 2022** |
|  | **2025** | **2024** | **2023** | **For the Period<br>March 15, 2022<sup>\*</sup>** <br> **to<br>August 31, 2022** |
| Per Share Operating Performance: |  |  |  |  |
|  Net asset value, beginning of period | $50.29 | $41.30 | $37.97 | $40.57 |
|  Net investment income<sup>(a)</sup>  | 0.98 | 0.90 | 0.87 | 0.47 |
|  Net realized and unrealized gain (loss) | 5.98 | 8.98 | 3.30 | (2.76) |
|  Total from investment operations | 6.96 | 9.88 | 4.17 | (2.29) |
|  Distributions to shareholders from net investment income | (0.93) | (0.89) | (0.84) | (0.31) |
|  Net asset value, end of period | $56.32 | $50.29 | $41.30 | $37.97 |
|  Market price, end of period | $56.40 | $50.29 | $41.34 | $37.98 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 14.02% | 24.22% | 11.15% | (5.65)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000826 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722754 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558112 |
|  Ratio of net expenses to average net assets | 0.25% | 0.25% | 0.25% | 0.25 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.88% | 2.02% | 2.22% | 2.54 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 22% | 25% | 31% | 13% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | Diversified |
| Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM" or the "Investment Adviser"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), except for ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF, which is listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**85**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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. For each Fund, income distributions, if any, are declared and paid quarterly, with the exception of ActiveBeta<sup>®</sup> Europe Equity ETF and ActiveBeta<sup>®</sup> Japan Equity ETF, which are paid semiannually. Capital gains distributions, if any, are declared and paid at least annually. 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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

(Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities— Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) **—** Underlying funds ("Underlying Funds") include ETFs and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov**.**

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**87**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $40762127 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 873929189 | 15799746 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 41062344 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 17898478 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 47025082 | 12778850 |  |
|  Exchange-Traded Fund | 8235924 |  |  |
|  Investment Company | 2257838 |  |  |
|  Securities Lending Reinvestment Vehicle | 9440420 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040611402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28578596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at fiscal year end. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Europe Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $89961 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 425487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 94220161 | 754805 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 12422515 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 677833 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 235636 |  |  |
|  Investment Company | 98599 |  |  |
|  Securities Lending Reinvestment Vehicle | 893934 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109064126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $999 | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> International Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1261749 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 1029715621 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 2186519657 | 17340917 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 701053276 | 1312300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 250549602 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 10198852 |  |  |
|  Investment Company | 8060169 |  |  |
|  Securities Lending Reinvestment Vehicle | 66146693 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4253505619 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18653217 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $307672 | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Japan Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $62008316 | $— | $— |
|  Investment Company | 31345 |  |  |
|  Securities Lending Reinvestment Vehicle | 1028582 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63068243 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $5572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**89**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $62809857 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 14115415960 |  |  |
|  Investment Company | 8520556 |  |  |
|  Securities Lending Reinvestment Vehicle | 28030086 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14214776459 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— |

---

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| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $713470 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 2912791 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 5243285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 613929652 |  | 22012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 225161 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 1225618 |  |  |
|  Investment Company | 6147842 |  |  |
|  Securities Lending Reinvestment Vehicle | 10633875 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641031694 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $22012 |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $401702 | $— | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $95091860 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 232297273 | 3176848 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1016089271 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 43345517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 745417 |  |  |
|  Investment Company | 3289004 |  |  |
|  Securities Lending Reinvestment Vehicle | 6105075 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1396963417 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3176848 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $132190 | $— | $— |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at period end. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Europe Equity ETF | ActiveBeta<sup>®</sup> Europe Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $999 | Variation margin on futures contracts | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> International Equity ETF | ActiveBeta<sup>®</sup> International Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $307672 | Variation margin on futures contracts | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Japan Equity ETF | ActiveBeta<sup>®</sup> Japan Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $5572 | Variation margin on futures contracts | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $401702 | Variation margin on futures contracts | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $132190 | Variation margin on futures contracts | $— |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | ActiveBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | $507230 | $— |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Europe Equity ETF | ActiveBeta<sup>®</sup> Europe Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 42080 | (1118) |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> International Equity ETF | ActiveBeta<sup>®</sup> International Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 1772761 | (346409) |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> Japan Equity ETF | ActiveBeta<sup>®</sup> Japan Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 15334 | 6152 |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | (43081) | (112020) |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 4658 | 412127 |

---

---

| | | | |
|:---|:---|:---|:---|
| ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF |  |  |
| **Risk**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** | **Statement of Operations** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized** <br> **Gain (Loss)** | **Net Change in** <br> **Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net change in unrealized gain (loss) on futures contracts | 414371 | 87371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended August 31, 2025, the relevant values for each derivative type was as follows:

---

| | |
|:---|:---|
| **Fund** | **Average**<br> **Number of**<br> **Contracts<sup>(a)</sup>**  |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | 52 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 10 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 132 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 14 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 34 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 32 |
|  ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 9 |

---

<sup>(a)</sup> Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended August 31, 2025. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreements, GSAM manages the Funds, subject to the general supervision of the Trustees.

As compensation for the services rendered pursuant to the Agreements, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

For each Fund except the Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, the Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such 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 and litigation, indemnification and extraordinary expenses. As the Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, unitary management fees with GSAM were at the following rates for each Fund except the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Unitary Management Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Europe Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> International Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Japan Equity ETF | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 0.25% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the fiscal year ended August 31, 2025, contractual and effective net management fees with GSAM were at the following rate for the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Contractual and Effective** <br> **Net Management Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | 0.40% |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Management Waiver — The ActiveBeta<sup>®</sup> Emerging Markets Equity ETF, ActiveBeta<sup>®</sup> Europe Equity ETF, ActiveBeta<sup>®</sup> International Equity ETF, ActiveBeta<sup>®</sup> Japan Equity ETF, ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF, ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Treasury Obligations Fund. For the fiscal year ended August 31, 2025, the management fee waived by GSAM for each Fund was as follows:

---

| | |
|:---|:---|
| **Fund** | **Management** <br> **Fee Waived** |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $16633 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 756 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 22061 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 175 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | 28442 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 7123 |
|  ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 3892 |

---

&nbsp;&nbsp;&nbsp;&nbsp;C. Other Expense Agreements and Affiliated Transactions — GSAM has agreed to reduce or limit certain "Other Expenses" of the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (excluding acquired fund fees and expenses, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to the extent such expenses exceed, on an annual basis, a percentage rate of the average daily net assets of the Fund. Such Other Expense reimbursements, if any, are accrued daily and paid monthly. In addition, the Fund is not obligated to reimburse GSAM for prior fiscal year expense reimbursements, if any. The Other Expense limitation as an annual percentage rate of average daily net assets for the ActiveBeta<sup>®</sup> Emerging Markets Equity ETF is 0.05%. This Other Expense limitation will remain in effect permanently and GSAM may not terminate the arrangement without the approval of the Trustees.

For the fiscal year ended August 31, 2025, these expense reimbursements amounted to $1,300,305.

&nbsp;&nbsp;&nbsp;&nbsp;D. Other Transactions with Affiliates — The Funds 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 Funds' investments in The Goldman Sachs Financial Square Treasury Obligations Fund for the fiscal year ended August 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** | **ActiveBeta<sup>®</sup> Emerging Markets Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $33344079 | $160500583 | $(191586824) | $2257838 | 2257838 | $406421 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** | **ActiveBeta<sup>®</sup> Europe Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100696 | &nbsp;&nbsp;&nbsp;&nbsp;4906681 | &nbsp;&nbsp;&nbsp;&nbsp;(4908778) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98599 | &nbsp;&nbsp;&nbsp;&nbsp;98599 | &nbsp;&nbsp;&nbsp;&nbsp;17940 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** | **ActiveBeta<sup>®</sup> International Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | 14915804 | 336150081 | (343005716) | 8060169 | 8060169 | 533968 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** | **ActiveBeta<sup>®</sup> Japan Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63992 | &nbsp;&nbsp;&nbsp;&nbsp;1098048 | &nbsp;&nbsp;&nbsp;&nbsp;(1130695) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31345 | &nbsp;&nbsp;&nbsp;&nbsp;31345 | &nbsp;&nbsp;&nbsp;&nbsp;4197 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | 11120844 | 173863332 | (176463620) | 8520556 | 8520556 | 709191 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;2136174 | &nbsp;&nbsp;&nbsp;&nbsp;29776730 | &nbsp;&nbsp;&nbsp;&nbsp;(25765062) | 6147842 | 6147842 | 172627 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** |  |  |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund - Institutional Shares |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;1037620 | &nbsp;&nbsp;&nbsp;&nbsp;31847352 | &nbsp;&nbsp;&nbsp;&nbsp;(29595968) | 3289004 | 3289004 | 95494 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized Participants transacting in Creation Units for cash may also pay a variable charge to compensate the relevant 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 Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45930496 | 150000 | $5715467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1950000) | (64544215) | (4650000) | (142324464) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (600000) | $(18613719) | (4500000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136608997) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1550000 | $56343369 | 800000 | $29280613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (100000) | (3534596) | (50000) | (1700198) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52808773 | 750000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27580415 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100000 | $270850309 | 1500000 | $46484328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8600000) | (314708326) | (500000) | (16729868) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (1500000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(43858017) | 1000000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29754460 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 800000 | $31248097 | 200000 | $7419872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31248097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7419872 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15600000 | $1819423315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8150000 | $772702058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (18200000) | (2167839667) | (22350000) | (2113564319) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (2600000) | $(348416352) | (14200000) | $(1340862261) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1750000 | $120867951 | 850000 | $53050343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (700000) | (47489190) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1600000) | (101090288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73378761 | (750000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48039945) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** | **Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 6100000 | $315273854 | 3800000 | $173772285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1200000) | (63072957) | (1400000) | (62814367) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252200897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110957918 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $296432434 | $302779393 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 22229533 | 22272427 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 1050088184 | 825520596 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 9321781 | 9285635 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2579196379 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2569704308 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 161689029 | 165372273 |
|  ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 260658778 | 255513135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $6336628 | $15706794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Europe Equity ETF | 56321036 | 3533507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> International Equity ETF | 31977964 | 311565216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> Japan Equity ETF | 31158126 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811816862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2163315603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 120763957 | 47135368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 308880617 | 63234810 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the event of a default by a borrower with respect to any loan, BNYM may exercise any and all remedies provided under the applicable borrower agreement to make the Funds whole. These remedies include purchasing replacement securities by applying the collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Both the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025 are reported under Investment Income on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended August 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value<br>as of August 31, 2024** | **Purchases at<br>Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of August 31, 2025** |
|  ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $2732799 | $83224770 | $(76517149) | $9440420 |
|  ActiveBeta<sup>®</sup> Europe Equity ETF | 231612 | 15880774 | (15218452) | 893934 |
|  ActiveBeta<sup>®</sup> International Equity ETF | 54806952 | 1007065291 | (995725550) | 66146693 |
|  ActiveBeta<sup>®</sup> Japan Equity ETF | 79131 | 12076324 | (11126873) | 1028582 |
|  ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF |  | 77104755 | (49074669) | 28030086 |
|  ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 5579452 | 63318060 | (58263637) | 10633875 |
|  ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 4770593 | 165305690 | (163971208) | 6105075 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** | **ActiveBeta<sup>®</sup> U.S.<br>Large Cap Equity ETF** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $22003213 | $2581711 | $118651713 | $693894 | $151104370 |

---

---

| | | |
|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> World<br>Low Vol Plus Equity ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $7159099 | $20846784 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** | **ActiveBeta<sup>®</sup> U.S.<br>Large Cap Equity ETF** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12364152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332282 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92008656 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157684522 |

---

---

| | | |
|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity ETF** | **ActiveBeta<sup>®</sup> World<br>Low Vol Plus Equity<br>ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6791933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16305859 |

---

As of the Funds' most recent fiscal year ended August 31, 2025 components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup><br>Emerging Markets<br>Equity ETF** | **ActiveBeta<sup>®</sup><br>Europe Equity ETF** | **ActiveBeta<sup>®</sup><br>International<br>Equity ETF** | **ActiveBeta<sup>®</sup>**<br> **Japan Equity ETF** | **ActiveBeta<sup>®</sup> U.S.<br>Large Cap Equity<br>ETF** |
|  Undistributed ordinary income — net | $19813280 | $660194 | $22844369 | $245746 | $23921681 |
|  Capital loss carryforwards: |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | (47320749) | (1320713) | (118022499) | (594946) | (377129419) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (11461319) | (2855406) | (193303410) | (1556798) | (605028544) |
|  Total capital loss carryforwards | (58782068) | (4176119) | (311325909) | (2151744) | (982157963) |
|  Timing differences — (Post October Capital Loss Deferral) | (3277400) | (824561) | (9990526) | (593829) | (179848150) |
|  Unrealized gains (losses) — net | 266902995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17330736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187460688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12305426 | 5547158151 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224656807 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12990250 | $888988622 | $9805599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409073719 |

---

---

| | | |
|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S.<br>Small Cap Equity<br>ETF** | **ActiveBeta<sup>®</sup>**<br> **World Low Vol<br>Plus Equity ETF** |
|  Undistributed ordinary income — net | $2132426 | $4561987 |
|  Capital loss carryforwards: |  |  |
|  Perpetual Short-Term | (16558167) | (26618943) |
|  Perpetual Long-Term | (31852917) | (17666674) |
|  Total capital loss carryforwards | (48411084) | (44285617) |
|  Timing differences — (Post October Capital Loss Deferral) | (20730655) | (5380633) |
|  Unrealized gains (losses) — net | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108909607 | 316004454 |
|  Total accumulated earnings (losses) — net | $41900294 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270900191 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

As of August 31, 2025 the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> Emerging<br>Markets Equity ETF** | **ActiveBeta<sup>®</sup> Europe<br>Equity ETF** | **ActiveBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **ActiveBeta<sup>®</sup> Japan<br>Equity ETF** |
|  Tax Cost | $795992907 | $92493360 | $3085283364 | $50767610 |
|  Gross unrealized gain | 356390264 | 20267428 | 1264402917 | 13500907 |
|  Gross unrealized loss | (89487269) | (2936692) | (76942229) | (1195481) |
|  Net unrealized gain (loss) | $266902995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17330736 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187460688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12305426 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **ActiveBeta<sup>®</sup> U.S. Large<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> U.S. Small<br>Cap Equity ETF** | **ActiveBeta<sup>®</sup> World Low<br>Vol Plus Equity ETF** |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8667618308 | $532545801 | $1084298801 |
|  Gross unrealized gain | 5699993539 | 158628380 | 336655453 |
|  Gross unrealized loss | (152835388) | (49718773) | (20650999) |
|  Net unrealized gain (loss) | $5547158151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108909607 | $316004454 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

In order to present components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemption in-kind transactions.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in**<br> **Capital** | **Total<br> Distributable <br>Earnings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF | $3136317 | $(3136317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF | 913217 | (913217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF | 141555607 | (141555607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1176838235 | (1176838235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF | 24241335 | (24241335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF | 20678528 | (20678528) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a reference index if applicable), including fundamental information that may be based on assumptions and estimates. Neither a Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

Foreign Risk — Foreign securities may be subject to risk of loss because of more or less foreign government regulation; less public information; less stringent investor protections; less stringent accounting, corporate governance, financial reporting and disclosure standards; and less economic, political and social stability in the countries in which the Fund invests. The imposition of sanctions, exchange controls (including repatriation restrictions), confiscations, trade restrictions (including tariffs) and other government restrictions by the United States and other governments, or from problems in share registration, settlement or custody, may also result in losses. The type and severity of sanctions and other similar measures, including counter sanctions and other retaliatory actions, that may be imposed could vary broadly in scope, and their impact is impossible to predict. For example, the imposition of sanctions and other similar measures could, among other things, cause a decline in the value and/or liquidity of securities issued by the sanctioned country or companies located in or economically tied to the sanctioned country and increase market volatility and disruption in the sanctioned country and throughout the world. Sanctions and other similar measures could limit or prevent the Fund from buying and selling securities (in the sanctioned country and other markets), significantly delay or prevent the settlement of securities transactions, and significantly impact the Fund's liquidity and performance. Foreign risk also involves the risk of negative foreign currency rate fluctuations, which may cause the value of securities denominated in such foreign currency (or other instruments through which the Fund has exposure to foreign currencies) to decline in value. Currency exchange rates may fluctuate significantly over short periods of time.

Geographic and Sector Risk — If the Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

Index Risk — GSAM (the "Index Provider") constructs each Fund's index (an "Index") in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track its Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When an Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and its Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Provider may utilize third party data in constructing each Index, but it does not guarantee the accuracy or availability of any such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Provider for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Provider can guarantee the availability or timeliness of the production of the Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

Industry Concentration Risk — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk — Different investment styles (e.g., "growth", "value" or "quantitative") tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. A Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

Large Shareholder Transaction Risk — Certain shareholders, including other funds advised by the Investment Adviser, may from time to time own a substantial amount of a Fund's Shares. In addition, a third party investor, the Investment Adviser or an affiliate of the Investment Adviser, an authorized participant, a lead market maker, or another entity (i.e., a seed investor) may invest in a Fund and hold its investment solely to facilitate commencement of a Fund or to facilitate a Fund's achieving a specified size or scale. Any such investment may be held for a limited period of time. There can be no assurance that any large shareholder would not redeem its investment, that the size of a Fund would be maintained at such levels or that a Fund would continue to meet applicable listing requirements. Redemptions by large shareholders could have a significant negative impact on a Fund, including on a Fund's liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries and/ or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the same forces influencing the prices of the securities of a Fund's Index trading individually or in the aggregate at any point in time.

Mid-Cap and Small-Cap Risk — Investments in mid-capitalization and small-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104.0 ------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of 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 and Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 and Goldman Sachs ActiveBeta World Low Vol Plus Equity ETF (seven of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**105**

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GOLDMAN SACHS ACTIVEBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs</u> 

**ActiveBeta<sup>®</sup> Europe Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap ETF, Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF (Unaudited)** 

#### Background
The Goldman Sachs ActiveBeta<sup>®</sup> Europe Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> International Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> Japan Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF, Goldman Sachs ActiveBeta<sup>®</sup> U.S. Small Cap Equity ETF and Goldman Sachs ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"), (ii) its underlying index and (with the exception of the ActiveBeta World Low Vol Plus Equity ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) with respect to the ActiveBeta<sup>®</sup> U.S. Large Cap Equity ETF and the ActiveBeta<sup>®</sup> International Equity ETF, comparative information on the advisory fees charged and services provided to other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) managed by the Investment Adviser having investment objectives and policies similar to those of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Funds' category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three- and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**107**

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund's performance to that of its respective proprietary index and to a comparable market capitalization-weighted reference index and (with the exception of the ActiveBeta<sup>®</sup> World Low Vol Plus Equity ETF) a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that each Fund's investment performance was consistent with the investment objective of tracking its respective proprietary index.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds' securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) 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 Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**109**

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs</u> 

#### ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (Unaudited)

#### Background
The Goldman Sachs ActiveBeta<sup>®</sup> Emerging Markets Equity ETF (the "Fund") is an investment portfolio of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Fund at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Fund.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to the Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"), (ii) its underlying index and a composite of accounts with comparable investment strategies managed by the Investment Adviser; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) comparative information on the advisory fees charged and services provided to other types of accounts (such as bank collective trusts, private wealth management accounts, institutional separate accounts, sub-advised mutual funds, and non-U.S. funds) managed by the Investment Adviser having investment objectives and policies similar to those of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertaking of the Investment Adviser to implement an expense limitation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Fund and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Fund. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement

#### Investment Performance
The Trustees also considered the investment performance of the Fund. In this regard, they compared the investment performance of the Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Fund's category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on the Fund's investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates. As part of this review, they reviewed the investment performance of the Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing the Fund's performance to that of its proprietary index, a comparable market capitalization-weighted reference index, and a composite of accounts with comparable investment strategies managed by the Investment Adviser. The Trustees observed that the Fund's investment performance was consistent with the investment objective of tracking its proprietary index.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Fund's risk profile, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**111**

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

#### Costs of Services Provided
The Trustees considered the contractual terms of the Management Agreement and the fee rate payable by the Fund. In this regard, the Trustees considered information on the services rendered by the Investment Adviser to the Fund, which included both advisory and non-advisory services that were directed to the needs and operations of the Fund as an ETF.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Fund. The analyses provided a comparison of the Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared the Fund's overall net and gross expenses to a peer group and a category universe; and data comparing the Fund's net expenses to the peer and category medians. The Trustees also considered information 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 to those of relevant peer funds were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In addition, the Trustees considered the Investment Adviser's undertaking to implement an expense limitation. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Fund. The Trustees also considered comparative fee information for services provided by the Investment Adviser to accounts having investment objectives and policies similar to those of the Fund, and information that indicated that services provided to the Fund differed in various significant respects from the services provided to such account which, in many cases, operated under less stringent legal and regulatory structures, required fewer services from the Investment Adviser to a smaller number of client contact points, and were less time-intensive.

Profitability

The Trustees reviewed the Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules with respect to the Fund for various functions, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for the Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, does not have management fee breakpoints. They considered information previously provided regarding the Fund's fee structure, the amount of assets in the Fund, the Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, information comparing the contractual management fee rate charged by other advisers to other funds in the peer group, and the Investment Adviser's undertaking to limit certain expenses of the Fund that exceed a specified level. The Trustees recognized that if the assets of the Fund increase over time, the Fund and its shareholders could realize economies of scale as certain Fund expenses, such as certain fixed fees, become a smaller percentage of overall assets. They further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund's management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Fund's securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) the Investment Adviser's ability to negotiate better pricing with custodians on behalf of its

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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<u>Statement Regarding Basis for Approval of Management Agreement for Goldman Sachs (continued)</u> 

other clients, as a result of the relationship with the Fund; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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 more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund receives certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) 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; (g) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 management fee paid by the Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and the Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit the Fund and its shareholders and that the Management Agreement should be approved and continued with respect to the Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs ActiveBeta ETFs - Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2025, the total amount of income received by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF from sources within foreign countries and possessions of the United States was $0.9877, $0.1668, $0.8399, and $0.3639 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF was 84.13%, 75.76%, 77.24% and 81.94%, respectively. The total amount of taxes paid by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF and ActiveBeta Japan Equity ETF to foreign countries was $0.2154, $0.0165, $0.0787, and $0.0470 per share, respectively.

For the fiscal year ended August 31, 2025, 68.20%, 92.00%, 78.17%, 92.99%, 100%, 79.96%, and 100% of the dividends paid from net investment company taxable income by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta Europe Equity ETF, ActiveBeta International Equity ETF, ActiveBeta Japan Equity ETF, ActiveBeta U.S. Large Cap Equity ETF, ActiveBeta U.S. Small Cap Equity ETF, and ActiveBeta World Low Vol Plus Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2025, 0.06%, 98.50%, 68.29%, and 51.59% of the dividends paid from net investment company taxable income by the ActiveBeta Emerging Markets Equity ETF, ActiveBeta U.S. Large Cap Equity ETF, ActiveBeta U.S. Small Cap Equity ETF, and ActiveBeta World Low Vol Plus Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

For the year ended August 31, 2025, 12.65% of the dividends paid from net investment company taxable income by the ActiveBeta U.S. Small Cap Equity ETF qualify as section 199A dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**115**

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![LOGO](g86883dsp116.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 TRUSTEES (continued) Michael Latham James A. McNamaraLawrence W. Stranghoener OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. ACTBETAAR-25

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![LOGO](g98513dsp001.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Equity ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equal Weight U.S. Large Cap Equity ETF](#eq98513_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Hedge Industry VIP ETF](#eq98513_2) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs India Equity ETF](#eq98513_3) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Innovate Equity ETF](#eq98513_4) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs JUST U.S. Large Cap Equity ETF](#eq98513_5) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity ETF](#eq98513_6) | 24 |
|  [**Financial Statements**](#eq98513_7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#eq98513_8) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#eq98513_9) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#eq98513_10) | 30 |
|  [**Financial Highlights**](#eq98513_11) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Equal Weight U.S. Large Cap Equity ETF (GSEW)](#eq98513_12) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Hedge Industry VIP ETF (GVIP)](#eq98513_13) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs India Equity ETF (GIND)](#eq98513_14) | 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Innovate Equity ETF (GINN)](#eq98513_15) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs JUST U.S. Large Cap Equity ETF (JUST)](#eq98513_16) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Small Cap Equity ETF (GSC)](#eq98513_17) | 38 |
|  **[Notes to Financial Statements](#eq98513_18)** | 39 |
|  **[Report of Independent Registered Public Accounting Firm](#eq98513_19)** | 56 |
|  **[Statement Regarding Basis for Approval for Investment Advisory Contract](#eq98513_20)** | 57 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 4.3% | Communication Services – 4.3% | Communication Services – 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13296 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2830851 |
| 49870 | AST SpaceMobile, Inc.\* | 2440638 |
| 93594 | AT&T, Inc. | 2741368 |
| 9931 | Charter Communications, Inc., Class A\* | 2637475 |
| 80340 | Comcast Corp., Class A | 2729150 |
| 16109 | Electronic Arts, Inc. | 2769943 |
| 48329 | Fox Corp., Class A | 2885241 |
| 17393 | Live Nation Entertainment, Inc.\* | 2895761 |
| 3381 | Meta Platforms, Inc., Class A | 2497545 |
| 2217 | Netflix, Inc.\* | 2678690 |
| 89049 | News Corp., Class A | 2618931 |
| 35401 | Omnicom Group, Inc. | 2772960 |
| 67024 | Pinterest, Inc., Class A\* | 2455089 |
| 12318 | Reddit, Inc., Class A\* | 2772535 |
| 19594 | ROBLOX Corp., Class A\* | 2441216 |
| 11524 | Take-Two Interactive Software, Inc.\* | 2688204 |
| 16372 | TKO Group Holdings, Inc. | 3103476 |
| 10833 | T-Mobile US, Inc. | 2729808 |
| 29284 | Trade Desk, Inc. (The), Class A\* | 1600663 |
| 61111 | Verizon Communications, Inc. | 2702940 |
| 22665 | Walt Disney Co. (The) | 2683083 |
| 202428 | Warner Bros Discovery, Inc.\* | 2356262 |
|  |  | 58031829 |
| Consumer Discretionary – 9.3% | Consumer Discretionary – 9.3% | Consumer Discretionary – 9.3% |
| 20198 | Airbnb, Inc., Class A\* | 2636445 |
| 11825 | Amazon.com, Inc.\* | 2707925 |
| 645 | AutoZone, Inc.\* | 2708052 |
| 474 | Booking Holdings, Inc. | 2653950 |
| 9181 | Burlington Stores, Inc.\* | 2668733 |
| 89447 | Carnival Corp.\* | 2852465 |
| 7368 | Carvana Co.\* | 2740306 |
| 60897 | Chipotle Mexican Grill, Inc.\* | 2566200 |
| 16781 | D.R. Horton, Inc. | 2844044 |
| 12676 | Darden Restaurants, Inc. | 2623171 |
| 24474 | Deckers Outdoor Corp.\* | 2927825 |
| 12090 | Dick's Sporting Goods, Inc. | 2572752 |
| 5863 | Domino's Pizza, Inc. | 2687013 |
| 10107 | DoorDash, Inc., Class A\* | 2478742 |
| 57042 | DraftKings, Inc., Class A\* | 2736875 |
| 7740 | Duolingo, Inc.\* | 2305436 |
| 28064 | eBay, Inc. | 2542879 |
| 14218 | Expedia Group, Inc. | 3054026 |
| 8549 | Flutter Entertainment PLC |  |
|  | (United Kingdom)\* | 2625996 |
| 232211 | Ford Motor Co. | 2733123 |
| 11319 | Garmin Ltd. | 2737161 |
| 49496 | General Motors Co. | 2899971 |
| 19506 | Genuine Parts Co. | 2717771 |
| 10012 | Hilton Worldwide Holdings, Inc. | 2763913 |
| 6719 | Home Depot, Inc. (The) | 2733088 |
| 49520 | Las Vegas Sands Corp. | 2853838 |
| 21657 | Lennar Corp., Class A | 2883413 |
| 10878 | Lowe's Cos., Inc. | 2807177 |
| 9996 | Marriott International, Inc., Class A | 2677528 |
| 8468 | McDonald's Corp. | 2655057 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34377 | NIKE, Inc., Class B | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659748 |
| 330 | NVR, Inc.\* |  | 2678824 |
| 25106 | O'Reilly Automotive, Inc.\* |  | 2602990 |
| 21494 | PulteGroup, Inc. |  | 2837638 |
| 8676 | Ralph Lauren Corp. |  | 2576165 |
| 17902 | Ross Stores, Inc. |  | 2634458 |
| 8382 | Royal Caribbean Cruises Ltd. |  | 3044510 |
| 29156 | Starbucks Corp. |  | 2571268 |
| 23210 | Tapestry, Inc. |  | 2363242 |
| 8176 | Tesla, Inc.\* |  | 2729721 |
| 19906 | TJX Cos., Inc. (The) |  | 2719359 |
| 43325 | Tractor Supply Co. |  | 2675752 |
| 5077 | Ulta Beauty, Inc.\* |  | 2501590 |
| 45260 | Viking Holdings Ltd.\* |  | 2879441 |
| 12852 | Williams-Sonoma, Inc. |  | 2418618 |
| 18428 | Yum! Brands, Inc. |  | 2708363 |
|  |  |  | 123996562 |
| Consumer Staples – 6.3% | Consumer Staples – 6.3% | Consumer Staples – 6.3% | Consumer Staples – 6.3% |
| 41067 | Altria Group, Inc. |  | 2760113 |
| 45565 | Archer-Daniels-Midland Co. |  | 2854192 |
| 4998 | Casey's General Stores, Inc. |  | 2471611 |
| 28095 | Church & Dwight Co., Inc. |  | 2617330 |
| 20642 | Clorox Co. (The) |  | 2439884 |
| 37441 | Coca-Cola Co. (The) |  | 2583055 |
| 30729 | Colgate-Palmolive Co. |  | 2583387 |
| 15273 | Constellation Brands, Inc., Class A |  | 2473310 |
| 2697 | Costco Wholesale Corp. |  | 2544134 |
| 22913 | Dollar General Corp. |  | 2492018 |
| 22195 | Dollar Tree, Inc.\* |  | 2423028 |
| 28662 | Estee Lauder Cos., Inc. (The), Class A |  | 2629165 |
| 52516 | General Mills, Inc. |  | 2590614 |
| 13773 | Hershey Co. (The) |  | 2530789 |
| 92104 | Hormel Foods Corp. |  | 2343126 |
| 32575 | Kellanova |  | 2589712 |
| 119928 | Kenvue, Inc. |  | 2483709 |
| 77681 | Keurig Dr Pepper, Inc. |  | 2259740 |
| 19113 | Kimberly-Clark Corp. |  | 2468253 |
| 95202 | Kraft Heinz Co. (The) |  | 2662800 |
| 35403 | Kroger Co. (The) |  | 2401740 |
| 37391 | McCormick & Co., Inc. |  | 2631205 |
| 41638 | Mondelez International, Inc., Class A |  | 2558239 |
| 43976 | Monster Beverage Corp.\* |  | 2744542 |
| 18456 | PepsiCo, Inc. |  | 2743484 |
| 15575 | Philip Morris International, Inc. |  | 2603050 |
| 16984 | Procter & Gamble Co. (The) |  | 2667167 |
| 17247 | Sprouts Farmers Market, Inc.\* |  | 2423893 |
| 32327 | Sysco Corp. |  | 2601354 |
| 24620 | Target Corp. |  | 2363028 |
| 46814 | Tyson Foods, Inc., Class A |  | 2658099 |
| 30932 | US Foods Holding Corp.\* |  | 2400323 |
| 25239 | Walmart, Inc. |  | 2447678 |
|  |  |  | 84043772 |
| Energy – 4.7% | Energy – 4.7% | Energy – 4.7% | Energy – 4.7% |
| 59621 | Baker Hughes Co. |  | 2706793 |
| 10987 | Cheniere Energy, Inc. |  | 2656876 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16997 | Chevron Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2729718 |
| 27707 | ConocoPhillips |  | 2742162 |
| 107770 | Coterra Energy, Inc. |  | 2633899 |
| 79556 | Devon Energy Corp. |  | 2871972 |
| 17799 | Diamondback Energy, Inc. |  | 2647779 |
| 22172 | EOG Resources, Inc. |  | 2767509 |
| 50630 | EQT Corp. |  | 2624659 |
| 25763 | Expand Energy Corp. |  | 2493343 |
| 24202 | Exxon Mobil Corp. |  | 2766047 |
| 120920 | Halliburton Co. |  | 2748512 |
| 97011 | Kinder Morgan, Inc. |  | 2617357 |
| 16066 | Marathon Petroleum Corp. |  | 2887221 |
| 60613 | Occidental Petroleum Corp. |  | 2885785 |
| 34388 | ONEOK, Inc. |  | 2626555 |
| 21637 | Phillips 66 |  | 2890271 |
| 78453 | Schlumberger NV |  | 2890209 |
| 15878 | Targa Resources Corp. |  | 2663693 |
| 2721 | Texas Pacific Land Corp. |  | 2539999 |
| 19430 | Valero Energy Corp. |  | 2953554 |
| 176798 | Venture Global, Inc., Class A<sup>(a)</sup> |  | 2298374 |
| 44517 | Williams Cos., Inc. (The) |  | 2576644 |
|  |  |  | 62218931 |
| Financials – 16.8% | Financials – 16.8% | Financials – 16.8% | Financials – 16.8% |
| 34022 | Affirm Holdings, Inc.\* |  | 3009586 |
| 25616 | Aflac, Inc. |  | 2737326 |
| 12486 | Allstate Corp. (The) |  | 2540277 |
| 8832 | American Express Co. |  | 2925865 |
| 33036 | American International Group, Inc. |  | 2686488 |
| 5143 | Ameriprise Financial, Inc. |  | 2647668 |
| 7190 | Aon PLC, Class A |  | 2638730 |
| 17936 | Apollo Global Management, Inc. |  | 2443421 |
| 29132 | Arch Capital Group Ltd. |  | 2666452 |
| 13742 | Ares Management Corp., Class A |  | 2462566 |
| 9092 | Arthur J Gallagher & Co. |  | 2752603 |
| 57154 | Bank of America Corp. |  | 2899994 |
| 25612 | Bank of New York Mellon Corp. |  |  |
|  | (The) |  | 2704627 |
| 5569 | Berkshire Hathaway, Inc., Class B\* |  | 2801096 |
| 2334 | Blackrock, Inc. |  | 2630745 |
| 15315 | Blackstone, Inc. |  | 2624991 |
| 34170 | Block, Inc.\* |  | 2721299 |
| 133585 | Blue Owl Capital, Inc. |  | 2473994 |
| 28464 | Brown & Brown, Inc. |  | 2759585 |
| 12278 | Capital One Financial Corp. |  | 2789807 |
| 41489 | Carlyle Group, Inc. (The) |  | 2678530 |
| 10501 | Cboe Global Markets, Inc. |  | 2477711 |
| 26954 | Charles Schwab Corp. (The) |  | 2583271 |
| 9649 | Chubb Ltd. |  | 2654150 |
| 16989 | Cincinnati Financial Corp. |  | 2609510 |
| 28265 | Citigroup, Inc. |  | 2729551 |
| 55134 | Citizens Financial Group, Inc. |  | 2882406 |
| 9233 | CME Group, Inc. |  | 2460687 |
| 8665 | Coinbase Global, Inc., Class A\* |  | 2638839 |
| 75705 | Corebridge Financial, Inc. |  | 2632263 |
| 8185 | Corpay, Inc.\* |  | 2665609 |
| 7258 | Erie Indemnity Co., Class A |  | 2572090 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 6684 | FactSet Research Systems, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44808 | Fidelity National Financial, Inc. | 2682655 |
| 37040 | Fidelity National Information Services, Inc. | 2585762 |
| 63004 | Fifth Third Bancorp | 2883693 |
| 1397 | First Citizens BancShares, Inc., Class A | 2771522 |
| 19195 | Fiserv, Inc.\* | 2652365 |
| 30756 | Global Payments, Inc. | 2731748 |
| 3595 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 2679174 |
| 20232 | Hartford Insurance Group, Inc. (The) | 2676896 |
| 161604 | Huntington Bancshares, Inc. | 2878167 |
| 41138 | Interactive Brokers Group, Inc., Class A | 2560429 |
| 13843 | Intercontinental Exchange, Inc. | 2444674 |
| 8971 | JPMorgan Chase & Co. | 2704039 |
| 148011 | KeyCorp | 2865493 |
| 18004 | KKR & Co., Inc. | 2511378 |
| 27696 | Loews Corp. | 2680973 |
| 6927 | LPL Financial Holdings, Inc. | 2524753 |
| 13948 | M&T Bank Corp. | 2812754 |
| 1327 | Markel Group, Inc.\* | 2599673 |
| 12804 | Marsh & McLennan Cos., Inc. | 2635191 |
| 4583 | Mastercard, Inc., Class A | 2728214 |
| 34425 | MetLife, Inc. | 2800818 |
| 5044 | Moody's Corp. | 2571229 |
| 18462 | Morgan Stanley | 2778162 |
| 4776 | MSCI, Inc. | 2711431 |
| 27006 | Nasdaq, Inc. | 2558548 |
| 20790 | Northern Trust Corp. | 2729311 |
| 37450 | PayPal Holdings, Inc.\* | 2628616 |
| 13773 | PNC Financial Services Group, Inc. (The) | 2857071 |
| 33971 | Principal Financial Group, Inc. | 2735005 |
| 10487 | Progressive Corp. (The) | 2590918 |
| 25024 | Prudential Financial, Inc. | 2744132 |
| 15590 | Raymond James Financial, Inc. | 2641570 |
| 104107 | Regions Financial Corp. | 2851491 |
| 25076 | Robinhood Markets, Inc., Class A\* | 2608656 |
| 145610 | Rocket Cos., Inc., Class A<sup>(a)</sup> | 2587490 |
| 45134 | Ryan Specialty Holdings, Inc. | 2551425 |
| 4658 | S&P Global, Inc. | 2554634 |
| 121779 | SoFi Technologies, Inc.\* | 3110236 |
| 23561 | State Street Corp. | 2708808 |
| 37383 | Synchrony Financial | 2853818 |
| 24741 | T. Rowe Price Group, Inc. | 2662626 |
| 57098 | Toast, Inc., Class A\* | 2575120 |
| 43224 | TPG, Inc. | 2608568 |
| 19059 | Tradeweb Markets, Inc., Class A | 2351118 |
| 9751 | Travelers Cos., Inc. (The) | 2647494 |
| 60207 | Truist Financial Corp. | 2818892 |
| 58503 | US Bancorp | 2856701 |
| 7651 | Visa, Inc., Class A | 2691469 |
| 36829 | W R Berkley Corp. | 2640271 |
| 33317 | Wells Fargo & Co. | 2737991 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 8018 | Willis Towers Watson PLC | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620202 |
|  |  |  | 224990382 |
| Health Care – 10.7% | Health Care – 10.7% | Health Care – 10.7% | Health Care – 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19862 | Abbott Laboratories |  | 2634893 |
| 13330 | AbbVie, Inc. |  | 2804632 |
| 22991 | Agilent Technologies, Inc. |  | 2889049 |
| 19162 | Align Technology, Inc.\* |  | 2720238 |
| 6176 | Alnylam Pharmaceuticals, Inc.\* |  | 2757646 |
| 9137 | Amgen, Inc. |  | 2628806 |
| 14979 | Becton Dickinson & Co. |  | 2890647 |
| 20063 | Biogen, Inc.\* |  | 2652730 |
| 25005 | Boston Scientific Corp.\* |  | 2638028 |
| 57918 | Bristol-Myers Squibb Co. |  | 2732571 |
| 16525 | Cardinal Health, Inc. |  | 2458590 |
| 9135 | Cencora, Inc. |  | 2663857 |
| 9595 | Cigna Group (The) |  | 2886848 |
| 40941 | CVS Health Corp. |  | 2994834 |
| 13291 | Danaher Corp. |  | 2735554 |
| 34053 | Dexcom, Inc.\* |  | 2565553 |
| 33264 | Edwards Lifesciences Corp.\* |  | 2705694 |
| 9322 | Elevance Health, Inc. |  | 2970455 |
| 3488 | Eli Lilly & Co. |  | 2555239 |
| 37219 | GE HealthCare Technologies, Inc. |  | 2744157 |
| 23498 | Gilead Sciences, Inc. |  | 2654569 |
| 7093 | HCA Healthcare, Inc. |  | 2865288 |
| 38501 | Hologic, Inc.\* |  | 2584187 |
| 10121 | Humana, Inc. |  | 3073343 |
| 4130 | IDEXX Laboratories, Inc.\* |  | 2672482 |
| 23421 | Insmed, Inc.\* |  | 3187598 |
| 9309 | Insulet Corp.\* |  | 3163943 |
| 5453 | Intuitive Surgical, Inc.\* |  | 2580878 |
| 14603 | IQVIA Holdings, Inc.\* |  | 2786398 |
| 15177 | Johnson & Johnson |  | 2688909 |
| 9987 | Labcorp Holdings, Inc. |  | 2776286 |
| 3674 | McKesson Corp. |  | 2522715 |
| 29213 | Medtronic PLC |  | 2711259 |
| 32553 | Merck & Co., Inc. |  | 2738358 |
| 2137 | Mettler-Toledo International, Inc.\* |  | 2780322 |
| 19011 | Natera, Inc.\* |  | 3198601 |
| 108669 | Pfizer, Inc. |  | 2690644 |
| 14990 | Quest Diagnostics, Inc. |  | 2722784 |
| 4702 | Regeneron Pharmaceuticals, Inc. |  | 2730451 |
| 9252 | ResMed, Inc. |  | 2539767 |
| 69735 | Royalty Pharma PLC, Class A |  | 2509065 |
| 11752 | STERIS PLC |  | 2879945 |
| 6901 | Stryker Corp. |  | 2701120 |
| 91425 | Summit Therapeutics, Inc.\*<sup>(a)</sup> |  | 2166773 |
| 5785 | Thermo Fisher Scientific, Inc. |  | 2850385 |
| 10520 | UnitedHealth Group, Inc. |  | 3259832 |
| 9279 | Veeva Systems, Inc., Class A\* |  | 2497907 |
| 6767 | Vertex Pharmaceuticals, Inc.\* |  | 2646032 |
| 9371 | Waters Corp.\* |  | 2828168 |
| 10970 | West Pharmaceutical Services, Inc. |  | 2709042 |
| 28546 | Zimmer Biomet Holdings, Inc. |  | 3028731 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17748 | Zoetis, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775787 |
|  |  |  | 143151590 |
| Industrials – 15.3% | Industrials – 15.3% | Industrials – 15.3% | Industrials – 15.3% |
| 17354 | 3M Co. |  | 2699068 |
| 14091 | AMETEK, Inc. |  | 2604017 |
| 8636 | Automatic Data Processing, Inc. |  | 2625776 |
| 2965 | Axon Enterprise, Inc.\* |  | 2215715 |
| 11551 | Boeing Co. (The)\* |  | 2710789 |
| 9805 | Broadridge Financial Solutions, Inc. |  | 2506354 |
| 19862 | Builders FirstSource, Inc.\* |  | 2754462 |
| 7258 | Carlisle Cos., Inc. |  | 2800790 |
| 39504 | Carrier Global Corp. |  | 2575661 |
| 6079 | Caterpillar, Inc. |  | 2547344 |
| 11642 | Cintas Corp. |  | 2445169 |
| 3799 | Comfort Systems USA, Inc. |  | 2672141 |
| 55262 | Copart, Inc.\* |  | 2697338 |
| 72897 | CSX Corp. |  | 2369881 |
| 6862 | Cummins, Inc. |  | 2734095 |
| 5098 | Curtiss-Wright Corp. |  | 2437609 |
| 5115 | Deere & Co. |  | 2448244 |
| 48380 | Delta Air Lines, Inc. |  | 2988916 |
| 14921 | Dover Corp. |  | 2668770 |
| 7261 | Eaton Corp. PLC |  | 2535106 |
| 4192 | EMCOR Group, Inc. |  | 2599040 |
| 20075 | Emerson Electric Co. |  | 2649900 |
| 10832 | Equifax, Inc. |  | 2667922 |
| 22082 | Expeditors International of Washington, Inc. |  | 2661764 |
| 55795 | Fastenal Co. |  | 2770780 |
| 11574 | FedEx Corp. |  | 2674404 |
| 11630 | Ferguson Enterprises, Inc. |  | 2688274 |
| 54838 | Fortive Corp. |  | 2624547 |
| 3948 | GE Vernova, Inc. |  | 2420006 |
| 8232 | General Dynamics Corp. |  | 2671860 |
| 9519 | General Electric Co. |  | 2619629 |
| 8252 | HEICO Corp. |  | 2574789 |
| 11864 | Honeywell International, Inc. |  | 2604148 |
| 14302 | Howmet Aerospace, Inc. |  | 2489978 |
| 6146 | Hubbell, Inc. |  | 2648864 |
| 10122 | Illinois Tool Works, Inc. |  | 2678787 |
| 33874 | Ingersoll Rand, Inc. |  | 2690612 |
| 18186 | J.B. Hunt Transport Services, Inc. |  | 2636788 |
| 17788 | Jacobs Solutions, Inc. |  | 2601139 |
| 24889 | Johnson Controls International PLC |  | 2660385 |
| 9301 | L3Harris Technologies, Inc. |  | 2582144 |
| 15008 | Leidos Holdings, Inc. |  | 2715247 |
| 4384 | Lennox International, Inc. |  | 2445658 |
| 5988 | Lockheed Martin Corp. |  | 2728312 |
| 9194 | Norfolk Southern Corp. |  | 2574136 |
| 4402 | Northrop Grumman Corp. |  | 2597356 |
| 17365 | Old Dominion Freight Line, Inc. |  | 2621594 |
| 30224 | Otis Worldwide Corp. |  | 2610749 |
| 26772 | PACCAR, Inc. |  | 2676665 |
| 3745 | Parker-Hannifin Corp. |  | 2843766 |
| 18708 | Paychex, Inc. |  | 2608924 |
| 25279 | Pentair PLC |  | 2718251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 6717 | Quanta Services, Inc. | $| 2538757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11059 | Republic Services, Inc. |  | 2587474 |
| 59221 | Rocket Lab Corp.\* |  | 2878141 |
| 8126 | Rockwell Automation, Inc. |  | 2790712 |
| 44700 | Rollins, Inc. |  | 2527338 |
| 16582 | RTX Corp. |  | 2629905 |
| 8111 | Snap-on, Inc. |  | 2638022 |
| 87996 | Southwest Airlines Co. |  | 2895068 |
| 30277 | SS&C Technologies Holdings, Inc. |  | 2684359 |
| 41702 | Symbotic, Inc.\*<sup>(a)</sup> |  | 1977926 |
| 6123 | Trane Technologies PLC |  | 2544719 |
| 1875 | TransDigm Group, Inc. |  | 2622900 |
| 28771 | TransUnion |  | 2543356 |
| 29313 | Uber Technologies, Inc.\* |  | 2748094 |
| 11587 | Union Pacific Corp. |  | 2590506 |
| 29413 | United Airlines Holdings, Inc.\* |  | 3088365 |
| 30245 | United Parcel Service, Inc., Class B |  | 2644623 |
| 3020 | United Rentals, Inc. |  | 2888147 |
| 24314 | Veralto Corp. |  | 2581904 |
| 9855 | Verisk Analytics, Inc. |  | 2642323 |
| 18632 | Vertiv Holdings Co., Class A |  | 2376512 |
| 2740 | W.W. Grainger, Inc. |  | 2776990 |
| 11226 | Waste Management, Inc. |  | 2541454 |
| 6209 | Watsco, Inc. |  | 2498377 |
| 13833 | Westinghouse Air Brake Technologies Corp. |  | 2676685 |
| 18133 | Xylem, Inc. |  | 2566907 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204873227 |
| Information Technology – 16.7% | Information Technology – 16.7% | Information Technology – 16.7% | Information Technology – 16.7% |
| 10504 | Accenture PLC, Class A (Ireland) |  | 2730725 |
| 7581 | Adobe, Inc.\* |  | 2704143 |
| 15915 | Advanced Micro Devices, Inc.\* |  | 2588256 |
| 23828 | Amphenol Corp., Class A |  | 2593916 |
| 11846 | Analog Devices, Inc. |  | 2977018 |
| 12136 | Apple, Inc. |  | 2817251 |
| 14633 | Applied Materials, Inc. |  | 2352401 |
| 6767 | AppLovin Corp., Class A\* |  | 3238618 |
| 18723 | Arista Networks, Inc.\* |  | 2556626 |
| 14808 | Astera Labs, Inc.\* |  | 2698018 |
| 14090 | Atlassian Corp., Class A\* |  | 2504920 |
| 8601 | Autodesk, Inc.\* |  | 2706735 |
| 47042 | Bentley Systems, Inc., Class B |  | 2617887 |
| 8680 | Broadcom, Inc. |  | 2581345 |
| 7217 | Cadence Design Systems, Inc.\* |  | 2529053 |
| 15568 | CDW Corp. |  | 2564984 |
| 16497 | Circle Internet Group, Inc.\*<sup>(a)</sup> |  | 2177274 |
| 37713 | Cisco Systems, Inc. |  | 2605591 |
| 12209 | Cloudflare, Inc., Class A\* |  | 2548140 |
| 36781 | Cognizant Technology Solutions Corp., Class A |  | 2657427 |
| 23896 | CoreWeave, Inc., Class A\* |  | 2462244 |
| 40625 | Corning, Inc. |  | 2723094 |
| 5820 | Crowdstrike Holdings, Inc., Class A\* |  | 2465934 |
| 19245 | Datadog, Inc., Class A\* |  | 2630407 |
| 20417 | Dell Technologies, Inc., Class C |  | 2493936 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34615 | Docusign, Inc.\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2653586 |
| 8147 | F5, Inc.\* | 2551152 |
| 1886 | Fair Isaac Corp.\* | 2869813 |
| 14167 | First Solar, Inc.\* | 2765257 |
| 26994 | Fortinet, Inc.\* | 2126317 |
| 10468 | Gartner, Inc.\* | 2629457 |
| 90851 | Gen Digital, Inc. | 2743700 |
| 78501 | GLOBALFOUNDRIES, Inc.\* | 2621148 |
| 16770 | GoDaddy, Inc., Class A\* | 2487159 |
| 11648 | Guidewire Software, Inc.\* | 2527849 |
| 129468 | Hewlett Packard Enterprise Co. | 2922093 |
| 103941 | HP, Inc. | 2966476 |
| 5270 | HubSpot, Inc.\* | 2546306 |
| 128130 | Intel Corp.\* | 3119965 |
| 10314 | International Business Machines Corp. | 2511356 |
| 3369 | Intuit, Inc. | 2247123 |
| 11858 | Jabil, Inc. | 2428874 |
| 16174 | Keysight Technologies, Inc.\* | 2643317 |
| 2951 | KLA Corp. | 2573272 |
| 27233 | Lam Research Corp. | 2727385 |
| 34830 | Marvell Technology, Inc. | 2189588 |
| 39566 | Microchip Technology, Inc. | 2571790 |
| 24168 | Micron Technology, Inc. | 2876234 |
| 4952 | Microsoft Corp. | 2509129 |
| 11156 | MongoDB, Inc.\* | 3520945 |
| 3252 | Monolithic Power Systems, Inc. | 2717891 |
| 5910 | Motorola Solutions, Inc. | 2792239 |
| 25115 | NetApp, Inc. | 2832721 |
| 34768 | Nutanix, Inc., Class A\* | 2336757 |
| 14599 | NVIDIA Corp. | 2542854 |
| 27034 | Okta, Inc.\* | 2507944 |
| 55789 | ON Semiconductor Corp.\* | 2766576 |
| 10249 | Oracle Corp. | 2317606 |
| 14717 | Palantir Technologies, Inc., Class A\* | 2306301 |
| 15259 | Palo Alto Networks, Inc.\* | 2907145 |
| 12017 | PTC, Inc.\* | 2565629 |
| 45854 | Pure Storage, Inc., Class A\* | 3558729 |
| 17882 | QUALCOMM, Inc. | 2874174 |
| 4818 | Roper Technologies, Inc. | 2535762 |
| 10511 | Salesforce, Inc. | 2693444 |
| 72000 | Samsara, Inc., Class A\* | 2602080 |
| 17666 | Seagate Technology Holdings PLC | 2957288 |
| 2870 | ServiceNow, Inc.\* | 2633110 |
| 12466 | Snowflake, Inc.\* | 2975136 |
| 6855 | Strategy, Inc., Class A\* | 2292380 |
| 57179 | Super Micro Computer, Inc.\* | 2375216 |
| 4186 | Synopsys, Inc.\* | 2526335 |
| 13034 | TE Connectivity PLC (Switzerland) | 2691521 |
| 4726 | Teledyne Technologies, Inc.\* | 2543391 |
| 14062 | Texas Instruments, Inc. | 2847274 |
| 31183 | Trimble, Inc.\* | 2520210 |
| 20336 | Twilio, Inc., Class A\* | 2147685 |
| 4226 | Tyler Technologies, Inc.\* | 2378731 |
| 5674 | Ubiquiti, Inc. | 2996610 |
| 9566 | VeriSign, Inc. | 2615057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 35314 | Western Digital Corp. | $| 2837127 |
| 11396 | Workday, Inc., Class A\* |  | 2630425 |
| 35883 | Zoom Communications, Inc., Class A\* |  | 2921594 |
| 9091 | Zscaler, Inc.\* |  | 2518662 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222120838 |
| Materials – 5.0% | Materials – 5.0% | Materials – 5.0% | Materials – 5.0% |
| 8945 | Air Products and Chemicals, Inc. |  | 2630814 |
| 51883 | Amrize Ltd.\* |  | 2698435 |
| 48773 | Ball Corp. |  | 2567411 |
| 36459 | Corteva, Inc. |  | 2704893 |
| 26613 | CRH PLC |  | 3005938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121438 | Dow, Inc. |  | 2991018 |
| 36765 | DuPont de Nemours, Inc. |  | 2827964 |
| 9697 | Ecolab, Inc. |  | 2686457 |
| 65082 | Freeport-McMoRan, Inc. |  | 2889641 |
| 39539 | International Flavors & Fragrances, Inc. |  | 2669278 |
| 56577 | International Paper Co. |  | 2810745 |
| 5520 | Linde PLC |  | 2640161 |
| 52185 | LyondellBasell Industries NV, Class A |  | 2940625 |
| 4334 | Martin Marietta Materials, Inc. |  | 2671477 |
| 38290 | Newmont Corp. |  | 2848776 |
| 18808 | Nucor Corp. |  | 2797314 |
| 13604 | Packaging Corp. of America |  | 2965128 |
| 24645 | PPG Industries, Inc. |  | 2741263 |
| 9065 | Reliance, Inc. |  | 2680158 |
| 7378 | Sherwin-Williams Co. (The) |  | 2699094 |
| 60847 | Smurfit WestRock PLC |  | 2881714 |
| 27575 | Southern Copper Corp. (Mexico) |  | 2649682 |
| 21223 | Steel Dynamics, Inc. |  | 2778515 |
| 9228 | Vulcan Materials Co. |  | 2686824 |
|  |  |  | 66463325 |
| Real Estate – 5.1% | Real Estate – 5.1% | Real Estate – 5.1% | Real Estate – 5.1% |
| 12360 | American Tower Corp. REIT |  | 2519586 |
| 14014 | AvalonBay Communities, Inc. REIT |  | 2744642 |
| 24420 | Camden Property Trust REIT |  | 2734552 |
| 16658 | CBRE Group, Inc., Class A\* |  | 2700595 |
| 26862 | CoStar Group, Inc.\* |  | 2403880 |
| 24526 | Crown Castle, Inc. REIT |  | 2431508 |
| 15240 | Digital Realty Trust, Inc. REIT |  | 2554834 |
| 3349 | Equinix, Inc. REIT |  | 2632950 |
| 41061 | Equity Residential REIT |  | 2714953 |
| 10197 | Essex Property Trust, Inc. REIT |  | 2755331 |
| 18774 | Extra Space Storage, Inc. REIT |  | 2695571 |
| 86305 | Invitation Homes, Inc. REIT |  | 2700484 |
| 28049 | Iron Mountain, Inc. REIT |  | 2589764 |
| 122060 | Kimco Realty Corp. REIT |  | 2745129 |
| 18464 | Mid-America Apartment Communities, Inc. REIT |  | 2692421 |
| 24439 | Prologis, Inc. REIT |  | 2780669 |
| 9227 | Public Storage REIT |  | 2718182 |
| 45533 | Realty Income Corp. REIT |  | 2675519 |
| 11720 | SBA Communications Corp. REIT |  | 2400842 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| 15420 | Simon Property Group, Inc. REIT | $| 2785777 |
| 20738 | Sun Communities, Inc. REIT |  | 2631030 |
| 37855 | Ventas, Inc. REIT |  | 2577168 |
| 78311 | VICI Properties, Inc. REIT |  | 2645346 |
| 15300 | Welltower, Inc. REIT |  | 2574684 |
| 101669 | Weyerhaeuser Co. REIT |  | 2630177 |
| 30794 | Zillow Group, Inc., Class C\* |  | 2596242 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68631836 |
| Utilities – 5.6% | Utilities – 5.6% | Utilities – 5.6% | Utilities – 5.6% |
| 39471 | Alliant Energy Corp. |  | 2568378 |
| 25572 | Ameren Corp. |  | 2551574 |
| 22897 | American Electric Power Co., Inc. |  | 2542025 |
| 18309 | American Water Works Co., Inc. |  | 2627525 |
| 16460 | Atmos Energy Corp. |  | 2734500 |
| 67042 | CenterPoint Energy, Inc. |  | 2528154 |
| 35012 | CMS Energy Corp. |  | 2505809 |
| 24940 | Consolidated Edison, Inc. |  | 2449856 |
| 7715 | Constellation Energy Corp. |  | 2376066 |
| 42318 | Dominion Energy, Inc. |  | 2534848 |
| 18607 | DTE Energy Co. |  | 2542646 |
| 20712 | Duke Energy Corp. |  | 2537013 |
| 47136 | Edison International |  | 2645744 |
| 28619 | Entergy Corp. |  | 2521048 |
| 35500 | Evergy, Inc. |  | 2529730 |
| 39581 | Eversource Energy |  | 2535955 |
| 57788 | Exelon Corp. |  | 2524180 |
| 59793 | FirstEnergy Corp. |  | 2608171 |
| 36796 | NextEra Energy, Inc. |  | 2651152 |
| 61486 | NiSource, Inc. |  | 2599013 |
| 17775 | NRG Energy, Inc. |  | 2587329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171841 | PG&E Corp. |  | 2625730 |
| 71772 | PPL Corp. |  | 2617525 |
| 29962 | Public Service Enterprise Group, Inc. |  | 2466771 |
| 32023 | Sempra |  | 2643819 |
| 27351 | Southern Co. (The) |  | 2524497 |
| 12977 | Vistra Corp. |  | 2454080 |
| 23575 | WEC Energy Group, Inc. |  | 2510973 |
| 35423 | Xcel Energy, Inc. |  | 2564271 |
|  |  |  | 74108382 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $1,118,744,363) | (Cost $1,118,744,363) |  | 1332630674 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
| Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |
| 1146927 | 4.114% |  | 1146927 |
| (Cost $1,146,927) | (Cost $1,146,927) | (Cost $1,146,927) | (Cost $1,146,927) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE |
| (Cost $1,119,891,290) | (Cost $1,119,891,290) |  | 1333777601 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend<br>Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.5%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.5%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.5%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739710 | 4.154% | $6739710 |
| (Cost $6,739,710) | (Cost $6,739,710) | (Cost $6,739,710) |
| TOTAL INVESTMENTS – 100.4% | TOTAL INVESTMENTS – 100.4% | TOTAL INVESTMENTS – 100.4% |
| (Cost $1,126,631,000) | (Cost $1,126,631,000) | $1340517311 |
| LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.4)% | LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (0.4)% | (5017061) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $1335500250 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 100.1% | Common Stocks – 100.1% | Common Stocks – 100.1% |
| Communication Services – 11.7% | Communication Services – 11.7% | Communication Services – 11.7% |
| 36382 | Alphabet, Inc., Class A | $7746092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199120 | Frontier Communications Parent, Inc.\* | 7383369 |
| 32274 | GCI Liberty, Inc., Class A\*<sup>(a)</sup> |  |
| 9440 | Meta Platforms, Inc., Class A | 6973328 |
| 6000 | Netflix, Inc.\* | 7249500 |
| 30326 | Reddit, Inc., Class A\* | 6825776 |
| 10570 | Spotify Technology SA\* | 7207472 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43385537 |
| Consumer Discretionary – 24.6% | Consumer Discretionary – 24.6% | Consumer Discretionary – 24.6% |
| 60380 | Alibaba Group Holding Ltd. |  |
|  | ADR (China) | 8151300 |
| 31966 | Amazon.com, Inc.\* | 7320214 |
| 21552 | Carvana Co.\* | 8015620 |
| 260620 | Coupang, Inc. (South Korea)\* | 7448520 |
| 29839 | DoorDash, Inc., Class A\* | 7318015 |
| 25568 | Flutter Entertainment PLC |  |
|  | (United Kingdom)\* | 7853722 |
| 3183 | MercadoLibre, Inc. (Brazil)\* | 7871272 |
| 42431 | Sea Ltd. ADR (Singapore)\* | 7915079 |
| 61889 | SharkNinja, Inc.\* | 7238537 |
| 117159 | Skechers USA, Inc., Class A\* | 7390390 |
| 92966 | Somnigroup International, Inc. | 7804496 |
| 22002 | Tesla, Inc.\* | 7345808 |
|  |  | 91672973 |
| Consumer Staples – 2.0% | Consumer Staples – 2.0% | Consumer Staples – 2.0% |
| 92200 | Kellanova | 7329900 |
| Energy – 2.0% | Energy – 2.0% | Energy – 2.0% |
| 141851 | EQT Corp. | 7353556 |
| Financials – 18.1% | Financials – 18.1% | Financials – 18.1% |
| 95863 | Affirm Holdings, Inc.\* | 8480041 |
| 15407 | Berkshire Hathaway, Inc., Class B\* | 7749413 |
| 33397 | Capital One Financial Corp. | 7588466 |
| 75510 | Charles Schwab Corp. (The) | 7236878 |
| 25100 | JPMorgan Chase & Co. | 7565642 |
| 50550 | KKR & Co., Inc. | 7051220 |
| 12648 | Mastercard, Inc., Class A | 7529228 |
| 38137 | Mr Cooper Group, Inc.\* | 7189969 |
| 21371 | Visa, Inc., Class A | 7517890 |
|  |  | 67908747 |
| Health Care – 8.4% | Health Care – 8.4% | Health Care – 8.4% |
| 10788 | Eli Lilly & Co. | 7903073 |
| 57795 | Insmed, Inc.\* | 7865899 |
| 110298 | Merus NV (Netherlands)\* | 7262020 |
| 27196 | UnitedHealth Group, Inc. | 8427225 |
|  |  | 31458217 |
| Industrials – 10.0% | Industrials – 10.0% | Industrials – 10.0% |
| 65490 | AerCap Holdings NV (Ireland) | 8088015 |
| 11808 | GE Vernova, Inc. | 7237950 |
| 5227 | TransDigm Group, Inc. | 7311946 |
| 80781 | Uber Technologies, Inc.\* | 7573219 |
| 55715 | Vertiv Holdings Co., Class A | 7106448 |
|  |  | 37317578 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – 17.5% | Information Technology – 17.5% | Information Technology – 17.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40803 | Advanced Micro Devices, Inc.\* | $6635792 |
| 31718 | Apple, Inc. | 7363017 |
| 17038 | AppLovin Corp., Class A\* | 8154217 |
| 23723 | Broadcom, Inc. | 7054983 |
| 14131 | Microsoft Corp. | 7160036 |
| 40563 | NVIDIA Corp. | 7065263 |
| 30141 | Oracle Corp. | 6815784 |
| 30637 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) | 7073164 |
| 96844 | Western Digital Corp. | 7780447 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65102703 |
| Materials – 2.0% | Materials – 2.0% | Materials – 2.0% |
| 66070 | CRH PLC | 7462606 |
| Utilities – 3.8% | Utilities – 3.8% | Utilities – 3.8% |
| 19399 | Talen Energy Corp.\* | 7350669 |
| 36488 | Vistra Corp. | 6900246 |
|  |  | 14250915 |
| TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% |
| (Cost $315,678,499) | (Cost $315,678,499) | $373242732 |
| LIABILITIES IN EXCESS OF<br>OTHER ASSETS – (0.1)% | LIABILITIES IN EXCESS OF<br>OTHER ASSETS – (0.1)% | (281087) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $372961645 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  PLC | —Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 97.9% | Common Stocks – 97.9% | Common Stocks – 97.9% |
| Communication Services – 3.5% | Communication Services – 3.5% | Communication Services – 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12115 | Bharti Airtel Ltd. (India) | $259374 |
| 5185 | Info Edge India Ltd. (India) | 79817 |
| 3468 | PVR Inox Ltd. (India)\* | 44023 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383214 |
| Consumer Discretionary – 19.7% | Consumer Discretionary – 19.7% | Consumer Discretionary – 19.7% |
| 1291 | Amber Enterprises India Ltd. (India)\* | 106348 |
| 5576 | Arvind Fashions Ltd. (India) | 32847 |
| 8415 | ASK Automotive Ltd. (India) | 45970 |
| 6100 | Ather Energy Ltd. (India)\* | 31125 |
| 2226 | Bluestone Jewellery And |  |
|  | Lifestyle Ltd. (India)\* | 13494 |
| 8296 | BrainBees Solutions Ltd. |  |
|  | (India)\* | 34059 |
| 1798 | Cartrade Tech Ltd. (India)\* | 48872 |
| 6647 | Cello World Ltd. (India) | 40644 |
| 596 | Dixon Technologies India Ltd. |  |
|  | (India) | 112751 |
| 67291 | Eternal Ltd. (India)\* | 239461 |
| 7667 | Eureka Forbes Ltd. (India)\* | 49175 |
| 1717 | Ganesha Ecosphere Ltd. (India) | 25902 |
| 4703 | GNG Electronics Ltd. (India)\*<sup>(a)</sup> | 18221 |
| 7857 | Gokaldas Exports Ltd. (India)\* | 59932 |
| 4626 | Hyundai Motor India Ltd. (India) | 129012 |
| 13430 | Kalyan Jewellers India Ltd. |  |
|  | (India)\* | 76745 |
| 4114 | Landmark Cars Ltd. (India) | 28121 |
| 7704 | Mahindra & Mahindra Ltd. |  |
|  | (India) | 279393 |
| 984 | MakeMyTrip Ltd. (India)\* | 97170 |
| 3366 | Metro Brands Ltd. (India) | 43525 |
| 2856 | Pearl Global Industries Ltd. |  |
|  | (India) | 39931 |
| 11526 | Pricol Ltd. (India)\* | 60077 |
| 93834 | Samvardhana Motherson |  |
|  | International Ltd. (India) | 98649 |
| 3337 | SJS Enterprises Ltd. (India) | 48983 |
| 10625 | Sona Blw Precision Forgings Ltd. |  |
|  | (India)<sup>(a)</sup> | 53358 |
| 2011 | Trent Ltd. (India) | 120765 |
| 4603 | TVS Motor Co. Ltd. (India) | 170955 |
| 3145 | Whirlpool of India Ltd. (India) | 46364 |
|  |  | 2151849 |
| Consumer Staples – 6.1% | Consumer Staples – 6.1% | Consumer Staples – 6.1% |
| 5219 | Bikaji Foods International Ltd. |  |
|  | (India) | 46752 |
| 3910 | Colgate-Palmolive India Ltd. |  |
|  | (India) | 103344 |
| 8259 | Godrej Consumer Products Ltd. |  |
|  | (India) | 116326 |
| 3131 | Hindustan Unilever Ltd. (India) | 94395 |
| 3179 | Medplus Health Services Ltd. |  |
|  | (India)\* | 30338 |
| 8260 | Nestle India Ltd. (India) | 108251 |
| 13501 | Tata Consumer Products Ltd. |  |
|  | (India) | 163041 |
|  |  | 662447 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – 2.9% | Energy – 2.9% | Energy – 2.9% |
| 20477 | Reliance Industries Ltd. (India) | $315012 |
| Financials – 28.1% | Financials – 28.1% | Financials – 28.1% |
| 8255 | 360 ONE WAM Ltd. (India) | 95263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19652 | Aditya Birla Capital Ltd. (India)\* | 61892 |
| 2069 | Angel One Ltd. (India) | 51824 |
| 10571 | AU Small Finance Bank Ltd. |  |
|  | (India)<sup>(a)</sup> | 86038 |
| 21502 | Axis Bank Ltd. (India) | 254739 |
| 24739 | Bajaj Finance Ltd. (India) | 246161 |
| 7802 | Five-Star Business Finance Ltd. |  |
|  | (India) | 48201 |
| 20345 | Go Digit General Insurance Ltd. |  |
|  | (India)\* | 82477 |
| 1166 | HDB Financial Services Ltd. |  |
|  | (India)\* | 10285 |
| 36896 | HDFC Bank Ltd. (India) | 397971 |
| 5965 | Home First Finance Co. India |  |
|  | Ltd. (India)<sup>(a)</sup> | 82393 |
| 40193 | ICICI Bank Ltd. (India) | 636815 |
| 116607 | IDFC First Bank Ltd. (India) | 89864 |
| 5865 | India Shelter Finance Corp. Ltd. |  |
|  | (India) | 62633 |
| 4148 | Kfin Technologies Ltd. (India) | 48014 |
| 10435 | Kotak Mahindra Bank Ltd. |  |
|  | (India) | 231864 |
| 855 | Nuvama Wealth Management |  |
|  | Ltd. (India) | 61870 |
| 6718 | PB Fintech Ltd. (India)\* | 134843 |
| 18747 | REC Ltd. (India) | 74373 |
| 7622 | SBI Life Insurance Co. Ltd. |  |
|  | (India)<sup>(a)</sup> | 155985 |
| 6035 | Spandana Sphoorty Financial |  |
|  | Ltd. (India)\* | 16633 |
| 15119 | State Bank of India (India) | 137526 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067664 |
| Health Care – 9.0% | Health Care – 9.0% | Health Care – 9.0% |
| 3502 | Aether Industries Ltd. (India)\* | 29219 |
| 1648 | Apollo Hospitals Enterprise Ltd. |  |
|  | (India) | 142154 |
| 4455 | Cohance Lifesciences Ltd. |  |
|  | (India)\* | 44468 |
| 1480 | Divi's Laboratories Ltd. (India) | 102860 |
| 3998 | Jupiter Life Line Hospitals Ltd. |  |
|  | (India) | 63915 |
| 7048 | Laurus Labs Ltd. (India)<sup>(a)</sup> | 68456 |
| 4335 | Laxmi Dental Ltd. (India)\* | 16768 |
| 8721 | Medi Assist Healthcare Services |  |
|  | Ltd. (India)<sup>(a)</sup> | 49999 |
| 952 | Pfizer Ltd. (India) | 55637 |
| 7956 | SAI Life Sciences Ltd. (India)\*<sup>(a)</sup> | 74372 |
| 10588 | Sun Pharmaceutical Industries |  |
|  | Ltd. (India) | 191362 |
| 3540 | Torrent Pharmaceuticals Ltd. |  |
|  | (India) | 142839 |
|  |  | 982049 |
| Industrials – 7.4% | Industrials – 7.4% | Industrials – 7.4% |
| 11831 | Afcons Infrastructure Ltd. (India) | 56028 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 10183 | CMS Info Systems Ltd. (India) | $47358 |
| 1156 | Computer Age Management |  |
|  | Services Ltd. (India) | 48550 |
| 1088 | Doms Industries Ltd. (India) | 29989 |
| 4403 | INOX India Ltd. (India) | 55851 |
| 2839 | JNK India Ltd. (India) | 9495 |
| 1224 | KEI Industries Ltd. (India) | 52868 |
| 8891 | Praj Industries Ltd. (India) | 39435 |
| 1426 | Siemens Energy India Ltd. |  |
|  | (India)\* | 54550 |
| 2059 | Siemens Ltd. (India) | 71502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160793 | Suzlon Energy Ltd. (India)\* | 102848 |
| 10947 | TD Power Systems Ltd. (India) | 62271 |
| 6324 | Techno Electric & Engineering |  |
|  | Co. Ltd. (India) | 108433 |
| 13189 | Transformers & Rectifiers India |  |
|  | Ltd. (India) | 73283 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;812461 |
| Information Technology – 9.4% | Information Technology – 9.4% | Information Technology – 9.4% |
| 2686 | AurionPro Solutions Ltd. (India) | 40346 |
| 6477 | Coforge Ltd. (India) | 126591 |
| 1088 | Cognizant Technology Solutions |  |
|  | Corp., Class A | 78608 |
| 21924 | Infosys Ltd. (India) | 365205 |
| 2805 | Infosys Ltd. ADR (India) | 47180 |
| 1789 | Netweb Technologies India Ltd. |  |
|  | (India) | 44766 |
| 6713 | Newgen Software Technologies |  |
|  | Ltd. (India) | 67204 |
| 1926 | Persistent Systems Ltd. (India) | 115824 |
| 6511 | R Systems International Ltd. |  |
|  | (India) | 34067 |
| 7117 | Vikram Solar Ltd. (India)\* | 27150 |
| 8707 | Zensar Technologies Ltd. (India) | 75806 |
|  |  | 1022747 |
| Materials – 8.3% | Materials – 8.3% | Materials – 8.3% |
| 3439 | Aditya Birla Real Estate Ltd. |  |
|  | (India) | 68224 |
| 4879 | APL Apollo Tubes Ltd. (India) | 88745 |
| 6834 | Archean Chemical Industries |  |
|  | Ltd. (India) | 50843 |
| 4753 | Grasim Industries Ltd. (India) | 149535 |
| 3721 | Gravita India Ltd. (India) | 68314 |
| 18204 | Hindalco Industries Ltd. (India) | 145253 |
| 7548 | JK Lakshmi Cement Ltd. (India) | 78810 |
| 1598 | Navin Fluorine International Ltd. |  |
|  | (India) | 84905 |
| 144 | Shree Cement Ltd. (India) | 47783 |
| 63454 | Tata Steel Ltd. (India) | 111109 |
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 1360 | Tatva Chintan Pharma Chem Pvt |  |
|  | Ltd. (India) | $16037 |
|  |  | 909558 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – 2.0% | Real Estate – 2.0% | Real Estate – 2.0% |
| 6404 | Awfis Space Solutions Ltd. |  |
|  | (India)\* | $41132 |
| 6766 | Brigade Enterprises Ltd. (India) | 70794 |
| 4739 | Godrej Properties Ltd. (India)\* | 104623 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216549 |
| Utilities – 1.5% | Utilities – 1.5% | Utilities – 1.5% |
| 7690 | Acme Solar Holdings Ltd. (India) | 24807 |
| 64449 | NHPC Ltd. (India) | 56418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68223 | NTPC Green Energy Ltd. |  |
|  | (India)\* | 79612 |
|  |  | 160837 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $11,005,664) | (Cost $11,005,664) | 10684387 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Dividend Rate** | **Value** |
| Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% | Preferred Stock – 0.0% |
| Automobiles – 0.0% | Automobiles – 0.0% | Automobiles – 0.0% | Automobiles – 0.0% |
| 18412 | TVS Motor Co. Ltd.\* | 0.00 | 2087 |
| (Cost $0) | (Cost $0) | (Cost $0) | (Cost $0) |

---

---

| | | |
|:---|:---|:---|
| Shares | Dividend Rate | Value |
| Investment Company – 1.4%(b) | Investment Company – 1.4%(b) | Investment Company – 1.4%(b) |
| Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158176 | 4.114% | 158176 |
| (Cost $158,176) | (Cost $158,176) | (Cost $158,176) |
| TOTAL INVESTMENTS – 99.3% | TOTAL INVESTMENTS – 99.3% | TOTAL INVESTMENTS – 99.3% |
| (Cost $11,163,840) | (Cost $11,163,840) | $10844650 |
| OTHER ASSETS IN EXCESS OF<br> **LIABILITIES – 0.7%** | OTHER ASSETS IN EXCESS OF<br> **LIABILITIES – 0.7%** | 73028 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917678 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  IFSC NIFTY 50 | 2 | 09/30/25 | $98212 | $(2059) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** |
| Common Stocks – 99.6% | Common Stocks – 99.6% | Common Stocks – 99.6% |
| Communication Services – 11.1% | Communication Services – 11.1% | Communication Services – 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22962 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4888839 |
| 55863 | AMC Entertainment Holdings, Inc., Class A\* | 156975 |
| 38238 | Baidu, Inc., Class A (China)\* | 438500 |
| 13193 | Bilibili, Inc., Class Z (China)\* | 306139 |
| 15811 | Comcast Corp., Class A | 537100 |
| 2812 | CTS Eventim AG & Co. KGaA (Germany) | 263481 |
| 25400 | CyberAgent, Inc. (Japan) | 310526 |
| 3593 | Electronic Arts, Inc. | 617816 |
| 10456 | Grindr, Inc. (Singapore)\* | 163532 |
| 20239 | Hello Group, Inc. ADR (China) | 167984 |
| 3463 | IDT Corp., Class B | 221874 |
| 84128 | iQIYI, Inc. ADR (China)\* | 222939 |
| 4303 | Iridium Communications, Inc. | 107102 |
| 4141 | JOYY, Inc. ADR (China) | 223862 |
| 55002 | Kuaishou Technology (China)\*<sup>(a)</sup> | 531616 |
| 3338 | Live Nation Entertainment, Inc.\* | 555744 |
| 3496 | Madison Square Garden Entertainment Corp.\* | 142322 |
| 910 | Madison Square Garden Sports Corp.\* | 180034 |
| 7581 | Match Group, Inc. | 283075 |
| 5247 | Meta Platforms, Inc., Class A | 3875959 |
| 6632 | MIXI, Inc. (Japan) | 147930 |
| 29858 | NetEase, Inc. (China) | 813489 |
| 1193 | Netflix, Inc.\* | 1441442 |
| 100508 | Newborn Town, Inc. (China)\* | 158707 |
| 40517 | Playtika Holding Corp. | 150318 |
| 26285 | Rightmove PLC (United Kingdom) | 263928 |
| 23518 | Rumble, Inc.\*<sup>(b)</sup> | 171446 |
| 34180 | Snap, Inc., Class A\* | 244045 |
| 1273 | SOOP Co. Ltd. (South Korea) | 71330 |
| 3538 | Sphere Entertainment Co.\* | 160307 |
| 855 | Spotify Technology SA\* | 583007 |
| 2433 | Take-Two Interactive Software, Inc.\* | 567546 |
| 42278 | Tencent Holdings Ltd. (China) | 3234904 |
| 40648 | Tencent Music Entertainment Group, Class A (China) | 512020 |
| 2219 | TKO Group Holdings, Inc. | 420634 |
| 11196 | Ubisoft Entertainment SA (France)\* | 122505 |
| 8550 | Walt Disney Co. (The) | 1012149 |
| 28370 | Warner Bros Discovery, Inc.\* | 330227 |
| 9490 | Warner Music Group Corp., Class A | 316492 |
| 6137 | Weibo Corp., Class A (China) | 69472 |
| 18798 | Yalla Group Ltd. ADR (United Arab Emirates)\* | 147188 |
| 4028 | Ziff Davis, Inc.\* | 153910 |
|  |  | 25288415 |
| Consumer Discretionary – 15.5% | Consumer Discretionary – 15.5% | Consumer Discretionary – 15.5% |
| 3664 | Academy Sports & Outdoors, Inc. | 196207 |
| 1976 | adidas AG (Germany) | 384753 |
| 3967 | Airbnb, Inc., Class A\* | 517812 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16218 | Alibaba Group Holding Ltd. ADR (China) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2189430 |
| 20222 | Amazon.com, Inc.\* | 4630838 |
| 27452 | ANTA Sports Products Ltd. (China) | 338051 |
| 6934 | Aptiv PLC (Jersey)\* | 551461 |
| 13871 | Bandai Namco Holdings, Inc. (Japan) | 481340 |
| 129 | Booking Holdings, Inc. | 722277 |
| 8768 | BorgWarner, Inc. | 374920 |
| 968 | Carvana Co.\* | 360019 |
| 6094 | Chewy, Inc., Class A\* | 249610 |
| 3586 | Columbia Sportswear Co. | 199812 |
| 14255 | Coursera, Inc.\* | 163932 |
| 2289 | Deckers Outdoor Corp.\* | 273833 |
| 1435 | Dick's Sporting Goods, Inc. | 305368 |
| 32489 | D-MARKET Elektronik Hizmetler ve Ticaret AS ADR (Turkey)\* | 89670 |
| 736 | Duolingo, Inc.\* | 219225 |
| 4946 | eBay, Inc. | 448157 |
| 3749 | Etsy, Inc.\* | 198734 |
| 1726 | Expedia Group, Inc. | 370745 |
| 5433 | Foot Locker, Inc.\*<sup>(b)</sup> | 134195 |
| 66857 | Ford Motor Co. | 786907 |
| 11011 | GameStop Corp., Class A\* | 246756 |
| 14271 | General Motors Co. | 836138 |
| 154 | Graham Holdings Co., Class B | 167252 |
| 1153 | Grand Canyon Education, Inc.\* | 232410 |
| 12266 | Hesai Group ADR (China)\* | 316095 |
| 57280 | Honda Motor Co. Ltd. (Japan) | 640584 |
| 2092 | InterContinental Hotels Group PLC (United Kingdom) | 253019 |
| 220496 | JD Sports Fashion PLC (United Kingdom) | 286045 |
| 31948 | JD.com, Inc., Class A (China) | 482754 |
| 8816 | Las Vegas Sands Corp. | 508066 |
| 38001 | Li Auto, Inc., Class A (China)\* | 446993 |
| 93866 | Li Ning Co. Ltd. (China) | 227445 |
| 133847 | Lucid Group, Inc.<sup>(b)</sup> | 265017 |
| 2056 | Lululemon Athletica, Inc.\* | 415723 |
| 18866 | Macy's, Inc. | 249597 |
| 693 | MercadoLibre, Inc. (Brazil)\* | 1713727 |
| 28293 | Metaplanet, Inc. (Japan)\*<sup>(b)</sup> | 169382 |
| 9934 | MGM Resorts International\* | 394280 |
| 56332 | Minieye Technology Co. Ltd., Class H (China)\*<sup>(b)</sup> | 176312 |
| 20027 | Mobileye Global, Inc., Class A (Israel)\* | 280578 |
| 62713 | New Oriental Education & Technology Group, Inc. (China) | 294104 |
| 8781 | NIKE, Inc., Class B | 679386 |
| 85604 | NIO, Inc., Class A (China)\*<sup>(b)</sup> | 555624 |
| 5249 | On Holding AG, Class A (Switzerland)\* | 236625 |
| 5371 | PDD Holdings, Inc. ADR (China)\* | 645702 |
| 14855 | Pearson PLC (United Kingdom) | 216152 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29570 | Peloton Interactive, Inc., Class A\* | $| 224732 |
| 7377 | Penn Entertainment, Inc.\* |  | 149237 |
| 2479 | Planet Fitness, Inc., Class A\* |  | 259799 |
| 18433 | Playtech PLC (United Kingdom) |  | 101981 |
| 8364 | Prosus NV (China)\* |  | 517014 |
| 31494 | Rivian Automotive, Inc., Class A\* |  | 427374 |
| 48321 | Sabre Corp.\* |  | 86495 |
| 9167 | Sea Ltd. ADR (Singapore)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710012 |
| 25137 | Sharp Corp. (Japan)\* |  | 152337 |
| 32155 | Sony Group Corp. (Japan) |  | 894186 |
| 2009 | Stride, Inc.\* |  | 327849 |
| 21103 | TAL Education Group ADR (China)\* |  | 224114 |
| 7377 | Tesla, Inc.\* |  | 2462959 |
| 63795 | Toyota Motor Corp. (Japan) |  | 1248309 |
| 14837 | Udemy, Inc.\* |  | 101782 |
| 887 | Ulta Beauty, Inc.\* |  | 437051 |
| 27380 | Vinfast Auto Ltd. (Vietnam)\*<sup>(b)</sup> |  | 93640 |
| 2840 | Wayfair, Inc., Class A\* |  | 211864 |
| 52997 | XPeng, Inc., Class A (China)\* |  | 570361 |
| 41213 | Yamaha Motor Co. Ltd. (Japan) |  | 302589 |
|  |  |  | 35626747 |
| Consumer Staples – 1.2% | Consumer Staples – 1.2% | Consumer Staples – 1.2% | Consumer Staples – 1.2% |
| 559780 | Alibaba Health Information Technology Ltd. (China)\* |  | 392055 |
| 54238 | East Buy Holding Ltd. (China)\*<sup>(a) (b)</sup> |  | 187986 |
| 3132 | Natural Grocers by Vitamin Cottage, Inc. |  | 120425 |
| 5316 | Target Corp. |  | 510230 |
| 15214 | Walmart, Inc. |  | 1475454 |
|  |  |  | 2686150 |
| Energy – 1.2% | Energy – 1.2% | Energy – 1.2% | Energy – 1.2% |
| 365691 | China Suntien Green Energy Corp. Ltd., Class H (China) |  | 203583 |
| 16824 | Enbridge, Inc. (Canada) |  | 814272 |
| 22827 | Equinor ASA ADR (Norway) |  | 561772 |
| 12763 | Oceaneering International, Inc.\* |  | 311417 |
| 14315 | TotalEnergies SE (France) |  | 896431 |
|  |  |  | 2787475 |
| Financials – 14.2% | Financials – 14.2% | Financials – 14.2% | Financials – 14.2% |
| 10535 | 3i Group PLC (United Kingdom) |  | 572037 |
| 286 | Adyen NV (Netherlands)\*<sup>(a)</sup> |  | 480184 |
| 5918 | Affirm Holdings, Inc.\* |  | 523506 |
| 2230 | American Express Co. |  | 738754 |
| 1017 | Ameriprise Financial, Inc. |  | 523562 |
| 5419 | Apollo Global Management, Inc. |  | 738230 |
| 3327 | Ares Management Corp., Class A |  | 596198 |
| 14645 | AvidXchange Holdings, Inc.\* |  | 145571 |
| 20296 | BGC Group, Inc., Class A |  | 199104 |
| 1014 | Blackrock, Inc. |  | 1142920 |
| 5708 | Blackstone, Inc. |  | 978351 |
| 14717 | Block, Inc.\* |  | 1172062 |
| 22631 | Blue Owl Capital Corp. |  | 324529 |
| 3677 | Bread Financial Holdings, Inc. |  | 243381 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11753 | Cantaloupe, Inc.\* | $127755 |
| 8132 | Carlyle Group, Inc. (The) | 525002 |
| 10689 | Chime Financial, Inc., Class A\*<sup>(b)</sup> | 282297 |
| 2648 | Coinbase Global, Inc., Class A\* | 806422 |
| 1052 | Corpay, Inc.\* | 342605 |
| 3530 | Eurazeo SE (France) | 230971 |
| 3094 | Euronet Worldwide, Inc.\* | 288330 |
| 928 | Evercore, Inc., Class A | 298398 |
| 5639 | EVERTEC, Inc. (Puerto Rico) | 201199 |
| 1042 | FactSet Research Systems, Inc. | 388999 |
| 5162 | Fidelity National Information Services, Inc. | 360359 |
| 5869 | Fiserv, Inc.\* | 810978 |
| 15079 | Flywire Corp.\* | 198289 |
| 6761 | Galaxy Digital, Inc., Class A\* | 158961 |
| 11513 | GCM Grosvenor, Inc., Class A | 149209 |
| 12220 | GMO Financial Holdings, Inc. (Japan) | 82895 |
| 1780 | Goldman Sachs Group, Inc. (The)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326545 |
| 13799 | Green Dot Corp., Class A\* | 192082 |
| 9719 | Hercules Capital, Inc. | 189715 |
| 2888 | Integral Corp. (Japan) | 75040 |
| 9463 | Interactive Brokers Group, Inc., Class A | 588977 |
| 5057 | Intercontinental Exchange, Inc. | 893066 |
| 16126 | Invesco Ltd. | 352998 |
| 2343 | Jack Henry & Associates, Inc. | 382518 |
| 7361 | Japan Securities Finance Co. Ltd. (Japan) | 92348 |
| 6908 | KKR & Co., Inc. | 963597 |
| 4735 | Lazard, Inc. | 270653 |
| 42054 | Marqeta, Inc., Class A\* | 267674 |
| 2888 | Mastercard, Inc., Class A | 1719198 |
| 21663 | Mirae Asset Securities Co. Ltd. (South Korea) | 298397 |
| 7698 | Morgan Stanley | 1158395 |
| 1219 | MSCI, Inc. | 692051 |
| 3714 | Northern Trust Corp. | 487574 |
| 26954 | Pagseguro Digital Ltd., Class A (Brazil) | 241508 |
| 12384 | PayPal Holdings, Inc.\* | 869233 |
| 19846 | Paysafe Ltd.\* | 280027 |
| 14002 | Priority Technology Holdings, Inc.\* | 117197 |
| 8582 | Robinhood Markets, Inc., Class A\* | 892785 |
| 1707 | S&P Global, Inc. | 936187 |
| 1696 | Sezzle, Inc.\* | 160442 |
| 24252 | SoFi Technologies, Inc.\* | 619396 |
| 3812 | State Street Corp. | 438266 |
| 21597 | StoneCo Ltd., Class A (Brazil)\* | 355703 |
| 8270 | Toast, Inc., Class A\* | 372977 |
| 3404 | Tradeweb Markets, Inc., Class A | 419917 |
| 17335 | Up Fintech Holding Ltd. ADR (China)\* | 216688 |
| 3761 | Virtu Financial, Inc., Class A | 157661 |
| 5066 | Visa, Inc., Class A | 1782118 |
| 1681 | WEX, Inc.\* | 288039 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19986 | WisdomTree, Inc. | $| 272009 |
| 81257 | ZhongAn Online P&C Insurance Co. Ltd., Class H (China)\*<sup>(a)(b)</sup> |  | 205544 |
| 86256 | Zip Co. Ltd. (Australia)\* |  | 240496 |
|  |  |  | 32448079 |
| Health Care – 20.5% | Health Care – 20.5% | Health Care – 20.5% | Health Care – 20.5% |
| 10869 | 10X Genomics, Inc., Class A\* |  | 152275 |
| 10495 | Abbott Laboratories |  | 1392267 |
| 6642 | AbbVie, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1397477 |
| 20712 | AdaptHealth Corp.\* |  | 196557 |
| 21810 | Adaptive Biotechnologies Corp.\* |  | 287456 |
| 4840 | Agilent Technologies, Inc. |  | 608194 |
| 3297 | Amgen, Inc. |  | 948580 |
| 7628 | AstraZeneca PLC (United Kingdom) |  | 1215055 |
| 16819 | Baxter International, Inc. |  | 415261 |
| 11598 | Bayer AG (Germany) |  | 380928 |
| 8099 | Beam Therapeutics, Inc.\* |  | 132500 |
| 6776 | Beta Bionics, Inc.\* |  | 127660 |
| 3990 | Biogen, Inc.\* |  | 527558 |
| 5473 | BioNTech SE ADR (Germany)\* |  | 547300 |
| 6652 | Bio-Techne Corp. |  | 363399 |
| 6642 | Boston Scientific Corp.\* |  | 700731 |
| 19078 | Bristol-Myers Squibb Co. |  | 900100 |
| 8308 | CareDx, Inc.\* |  | 113487 |
| 6558 | CRISPR Therapeutics AG (Switzerland)\* |  | 339901 |
| 1762 | D&D PharmaTech, Inc. (South Korea)\* |  | 199488 |
| 3523 | Danaher Corp. |  | 725104 |
| 2088 | DaVita, Inc.\* |  | 287643 |
| 8490 | Dexcom, Inc.\* |  | 639637 |
| 5488 | Edwards Lifesciences Corp.\* |  | 446394 |
| 2427 | Eli Lilly & Co. |  | 1777972 |
| 8837 | Exact Sciences Corp.\* |  | 419051 |
| 9730 | Exelixis, Inc.\* |  | 364097 |
| 5757 | Fulgent Genetics, Inc.\* |  | 127633 |
| 5607 | Galapagos NV (Belgium)\*<sup>(b)</sup> |  | 176807 |
| 8700 | GE HealthCare Technologies, Inc. |  | 641451 |
| 1797 | GeneDx Holdings Corp.\* |  | 232694 |
| 8242 | Gilead Sciences, Inc. |  | 931099 |
| 3895 | Globus Medical, Inc., Class A\* |  | 238647 |
| 37856 | GSK PLC |  | 742886 |
| 8839 | Guardant Health, Inc.\* |  | 595925 |
| 67165 | HUTCHMED China Ltd. (China)\*<sup>(b)</sup> |  | 204187 |
| 11017 | Ideaya Biosciences, Inc.\* |  | 270467 |
| 5549 | Illumina, Inc.\* |  | 554678 |
| 83766 | ImmunityBio, Inc.\*<sup>(b)</sup> |  | 196012 |
| 5273 | Incyte Corp.\* |  | 446148 |
| 1955 | Insulet Corp.\* |  | 664465 |
| 17158 | Intellia Therapeutics, Inc.\* |  | 194829 |
| 2185 | Intuitive Surgical, Inc.\* |  | 1034150 |
| 52789 | Iovance Biotherapeutics, Inc.\* |  | 117719 |
| 1658 | iRhythm Technologies, Inc.\* |  | 281827 |
| 9696 | Johnson & Johnson |  | 1717840 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 11450 | Kestra Medical Technologies Ltd.\*<sup>(b)</sup> | $184803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28097 | Keymed Biosciences, Inc. (China)\*<sup>(a)</sup> | 249223 |
| 21723 | Koninklijke Philips NV (Netherlands) | 598801 |
| 17977 | Kura Oncology, Inc.\* | 142018 |
| 18411 | M3, Inc. (Japan) | 274049 |
| 55565 | MannKind Corp.\* | 255043 |
| 1669 | Masimo Corp.\* | 233176 |
| 12059 | Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119196 |
| 14574 | MeiraGTx Holdings PLC\* | 106390 |
| 13783 | Merck & Co., Inc. | 1159426 |
| 123418 | Mesoblast Ltd. (Australia)\* | 176094 |
| 176959 | Microport Scientific Corp. (China)\*<sup>(b)</sup> | 274886 |
| 17018 | Moderna, Inc.\* | 409964 |
| 3274 | Natera, Inc.\* | 550850 |
| 11169 | Novartis AG | 1413999 |
| 22696 | Novo Nordisk A/S ADR (Denmark) | 1281416 |
| 7975 | Omada Health, Inc.\* | 188928 |
| 22735 | Ono Pharmaceutical Co. Ltd. (Japan) | 256577 |
| 111806 | OPKO Health, Inc.\* | 154292 |
| 47553 | Pfizer, Inc. | 1177412 |
| 83157 | Pharmaron Beijing Co. Ltd., Class H (China)<sup>(a)</sup> | 222937 |
| 8192 | PHC Holdings Corp. (Japan) | 55069 |
| 30828 | Prime Medicine, Inc.\*<sup>(b)</sup> | 99883 |
| 4974 | PROCEPT BioRobotics Corp.\* | 199806 |
| 7146 | QIAGEN NV | 332289 |
| 1414 | Regeneron Pharmaceuticals, Inc. | 821110 |
| 1826 | ResMed, Inc. | 501255 |
| 7137 | REVOLUTION Medicines, Inc.\* | 270992 |
| 3604 | Revvity, Inc. | 324756 |
| 3963 | Roche Holding AG | 1290994 |
| 9137 | Sanofi SA | 903609 |
| 13326 | Sarepta Therapeutics, Inc.\* | 242533 |
| 77139 | Shanghai MicroPort MedBot Group Co. Ltd., Class H (China)\* | 201064 |
| 8611 | Siemens Healthineers AG (Germany)<sup>(a)</sup> | 476846 |
| 24492 | Smith & Nephew PLC (United Kingdom) | 457634 |
| 2521 | Stryker Corp. | 986745 |
| 11279 | Takara Bio, Inc. (Japan) | 69906 |
| 13797 | Tandem Diabetes Care, Inc.\* | 172600 |
| 50026 | Taysha Gene Therapies, Inc.\* | 146076 |
| 21086 | Teladoc Health, Inc.\* | 162995 |
| 1353 | Thermo Fisher Scientific, Inc. | 666650 |
| 4499 | Twist Bioscience Corp.\* | 121338 |
| 880 | UFP Technologies, Inc.\* | 184941 |
| 9425 | Ultragenyx Pharmaceutical, Inc.\* | 282373 |
| 10341 | uniQure NV (Netherlands)\* | 168869 |
| 10478 | Veracyte, Inc.\* | 317902 |
| 3009 | Verona Pharma PLC ADR (United Kingdom)\* | 318683 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 2300 | Vertex Pharmaceuticals, Inc.\* | $| 899346 |
| 81967 | Well Health Technologies Corp. (Canada)\* |  | 285373 |
| 449 | Ypsomed Holding AG (Switzerland) |  | 220272 |
| 3204 | Zimmer Biomet Holdings, Inc. |  | 339944 |
|  |  |  | 46926869 |
| Industrials – 6.7% | Industrials – 6.7% | Industrials – 6.7% | Industrials – 6.7% |
| 14764 | ABB Ltd. (Switzerland) |  | 991842 |
| 1954 | AeroVironment, Inc.\* |  | 471598 |
| 4917 | American Superconductor Corp.\* |  | 245358 |
| 539 | CACI International, Inc., Class A\* |  | 258569 |
| 4606 | CS Wind Corp. (South Korea) |  | 138321 |
| 3288 | Daihen Corp. (Japan) |  | 176017 |
| 6728 | Deluxe Corp. |  | 132273 |
| 1038 | Doosan Co. Ltd. (South Korea) |  | 418112 |
| 14675 | Doosan Enerbility Co. Ltd. (South Korea)\* |  | 651284 |
| 5658 | Doosan Robotics, Inc. (South Korea)\* |  | 254361 |
| 10339 | EHang Holdings Ltd. ADR (China)\*<sup>(b)</sup> |  | 163666 |
| 2104 | Exail Technologies SA (France)\* |  | 281244 |
| 5711 | ExlService Holdings, Inc.\* |  | 250028 |
| 17972 | FANUC Corp. (Japan) |  | 511405 |
| 383119 | Goldwind Science & Technology Co. Ltd., Class H (China) |  | 433941 |
| 4601 | Kawasaki Heavy Industries Ltd. (Japan) |  | 282813 |
| 3540 | Korea Aerospace Industries Ltd. (South Korea) |  | 242408 |
| 7540 | Kratos Defense & Security Solutions, Inc.\* |  | 496434 |
| 1510 | L3Harris Technologies, Inc. |  | 419206 |
| 578 | LIG Nex1 Co. Ltd. (South Korea) |  | 203511 |
| 4842 | Liquidity Services, Inc.\* |  | 128749 |
| 2280 | Lockheed Martin Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038836 |
| 19726 | Lyft, Inc., Class A\* |  | 319956 |
| 7847 | MDA Space Ltd.\* |  | 253822 |
| 7068 | MEITEC Group Holdings, Inc. (Japan) |  | 157270 |
| 21945 | Mitsubishi Electric Corp. (Japan) |  | 530895 |
| 13793 | Nordex SE (Germany)\* |  | 337425 |
| 3072 | Parsons Corp.\* |  | 246067 |
| 102693 | Plug Power, Inc.\*<sup>(b)</sup> |  | 161228 |
| 4858 | Proto Labs, Inc.\* |  | 241977 |
| 1522 | Rainbow Robotics (South Korea)\* |  | 299419 |
| 6043 | Siemens Energy AG (Germany)\* |  | 641693 |
| 9759 | SK oceanplant Co. Ltd. (South Korea)\* |  | 146359 |
| 6271 | SS&C Technologies Holdings, Inc. |  | 555987 |
| 17920 | Stratasys Ltd.\* |  | 190848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20718 | Sunrun, Inc.\* |  | 330867 |
| 4115 | Symbotic, Inc.\*<sup>(b)</sup> |  | 195174 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | <br>Value | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 4162 | Textron, Inc. | $| 333626 |
| 8520 | Uber Technologies, Inc.\* |  | 798750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20193 | UBTech Robotics Corp. Ltd., Class H (China)\* |  | 247884 |
| 1458 | Verisk Analytics, Inc. |  | 390919 |
| 6532 | Xometry, Inc., Class A\* |  | 323203 |
| 12908 | Yaskawa Electric Corp. (Japan) |  | 260050 |
| 2595 | Yuil Robotics Co. Ltd. (South Korea)\* |  | 129353 |
|  |  |  | 15282748 |
| Information Technology – 26.9% | Information Technology – 26.9% | Information Technology – 26.9% | Information Technology – 26.9% |
| 7508 | ACI Worldwide, Inc.\* |  | 370520 |
| 2018 | Adobe, Inc.\* |  | 719821 |
| 5866 | Advanced Micro Devices, Inc.\* |  | 953988 |
| 12952 | Aeva Technologies, Inc.\* |  | 191754 |
| 1979 | Ahnlab, Inc. (South Korea) |  | 85836 |
| 2875 | Akamai Technologies, Inc.\* |  | 227499 |
| 2440 | Alarm.com Holdings, Inc.\* |  | 143057 |
| 9499 | Alkami Technology, Inc.\* |  | 243174 |
| 7895 | Ambarella, Inc.\* |  | 651180 |
| 10228 | Appier Group, Inc. (Japan)\* |  | 107696 |
| 21458 | Apple, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981260 |
| 5377 | Arista Networks, Inc.\* |  | 734229 |
| 2773 | ASGN, Inc.\* |  | 150435 |
| 50519 | Aurora Innovation, Inc.\* |  | 284422 |
| 2486 | Autodesk, Inc.\* |  | 782344 |
| 23690 | Beijing Fourth Paradigm Technology Co. Ltd., Class H (China)\* |  | 185367 |
| 21094 | BigBear.ai Holdings, Inc.\*<sup>(b)</sup> |  | 106947 |
| 47095 | Bit Digital, Inc.\* |  | 121034 |
| 16875 | Bitdeer Technologies Group, Class A\*<sup>(b)</sup> |  | 241144 |
| 114387 | Bitfarms Ltd. (Canada)\*<sup>(b)</sup> |  | 152466 |
| 6927 | BitMine Immersion Technologies, Inc.\*<sup>(b)</sup> |  | 302156 |
| 73265 | Black Sesame International Holding Ltd. (China)\*<sup>(b)</sup> |  | 177903 |
| 52938 | BlackBerry Ltd. (Canada)\* |  | 202753 |
| 5822 | Broadcom, Inc. |  | 1731405 |
| 63320 | BYD Electronic International Co. Ltd. (China)<sup>(b)</sup> |  | 334475 |
| 9004 | C3.ai, Inc., Class A\* |  | 152258 |
| 14741 | Canadian Solar, Inc. (Canada)\*<sup>(b)</sup> |  | 144167 |
| 1746 | Check Point Software Technologies Ltd. (Israel)\* |  | 337222 |
| 2248 | Ciena Corp.\* |  | 211245 |
| 30390 | Cipher Mining, Inc.\* |  | 232180 |
| 15172 | Cisco Systems, Inc. |  | 1048233 |
| 22389 | Cleanspark, Inc.\*<sup>(b)</sup> |  | 212024 |
| 2308 | Cloudflare, Inc., Class A\* |  | 481703 |
| 8193 | Cognex Corp. |  | 360000 |
| 14622 | CommScope Holding Co., Inc.\* |  | 234537 |
| 8886 | CompoSecure, Inc., Class A\* |  | 169900 |
| 18193 | Core Scientific, Inc.\*<sup>(b)</sup> |  | 261070 |
| 5048 | Corning, Inc. |  | 338367 |
| 1643 | Crowdstrike Holdings, Inc., Class A\* |  | 696139 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 899 | CyberArk Software Ltd.\* | $407481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18313 | Dassault Systemes (France) | 570181 |
| 4925 | Digi International, Inc.\* | 170996 |
| 4043 | Docusign, Inc.\* | 309936 |
| 1251 | EPAM Systems, Inc.\* | 220626 |
| 10591 | Extreme Networks, Inc.\* | 226436 |
| 2554 | First Solar, Inc.\* | 498515 |
| 6524 | Fortinet, Inc.\* | 513895 |
| 8091 | Gen Digital, Inc. | 244348 |
| 2029 | Globant SA\* | 136471 |
| 5926 | GMO internet group, Inc. (Japan) | 159628 |
| 22079 | Hewlett Packard Enterprise Co. | 498323 |
| 321281 | Horizon Robotics (China)\* | 395633 |
| 22332 | HP, Inc. | 637355 |
| 561 | HubSpot, Inc.\* | 271058 |
| 7647 | Hut 8 Corp. (Canada)\*<sup>(b)</sup> | 204354 |
| 85779 | Intel Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088719 |
| 1067 | InterDigital, Inc. | 289915 |
| 3877 | International Business Machines Corp. | 944011 |
| 4014 | IONOS Group SE (Germany)\* | 179244 |
| 12433 | IREN, Ltd. (Australia)\* | 329226 |
| 1507 | Itron, Inc.\* | 185271 |
| 1425 | Keyence Corp. (Japan) | 551074 |
| 2675 | Keysight Technologies, Inc.\* | 437175 |
| 62525 | Kraken Robotics, Inc. (Canada)\* | 154838 |
| 20558 | MARA Holdings, Inc.\* | 328517 |
| 7320 | Marvell Technology, Inc. | 460172 |
| 8338 | MaxLinear, Inc.\* | 131073 |
| 6431 | Micron Technology, Inc. | 765353 |
| 8286 | Microsoft Corp. | 4198433 |
| 836 | Motorola Solutions, Inc. | 394977 |
| 1174 | Nagarro SE (Germany) | 72281 |
| 5521 | nCino, Inc.\* | 177279 |
| 12472 | NCR Voyix Corp.\* | 164381 |
| 1967 | Nemetschek SE (Germany) | 271680 |
| 5597 | NETGEAR, Inc.\* | 152070 |
| 6188 | NetScout Systems, Inc.\* | 154019 |
| 1813 | Nice Ltd. ADR (Israel)\*<sup>(b)</sup> | 256268 |
| 100818 | Nokia OYJ ADR (Finland) | 433517 |
| 2836 | Northern Data AG (Germany)\*<sup>(b)</sup> | 56432 |
| 2559 | Novanta, Inc.\* | 297893 |
| 24999 | NVIDIA Corp. | 4354326 |
| 2294 | NXP Semiconductors NV (Netherlands) | 538746 |
| 3619 | Okta, Inc.\* | 335735 |
| 4818 | OneSpan, Inc. | 72872 |
| 8027 | Open Text Corp. (Canada) | 265453 |
| 3245 | Oracle Corp. | 733792 |
| 1064 | OSI Systems, Inc.\* | 244773 |
| 4093 | Pagaya Technologies Ltd., Class A\* | 150950 |
| 5610 | Palantir Technologies, Inc., Class A\* | 879143 |
| 3763 | Palo Alto Networks, Inc.\* | 716927 |
| 185889 | PAX Global Technology Ltd. (Hong Kong) | 154751 |
| 1406 | PTC, Inc.\* | 300181 |
| 4101 | Q2 Holdings, Inc.\* | 322872 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | <br>Value | <br>Value |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 3461 | Qorvo, Inc.\* | $| 313913 |
| 5710 | QUALCOMM, Inc. |  | 917768 |
| 1281 | Qualys, Inc.\* |  | 173973 |
| 9803 | Quantum Computing, Inc.\* |  | 154691 |
| 4785 | Rapid7, Inc.\* |  | 99097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22069 | Red Cat Holdings, Inc.\*<sup>(b)</sup> |  | 197297 |
| 24795 | Ribbon Communications, Inc.\* |  | 101164 |
| 5441 | RingCentral, Inc., Class A\* |  | 166005 |
| 27606 | Riot Platforms, Inc.\* |  | 379859 |
| 44176 | RoboSense Technology Co. Ltd. (China)\*<sup>(b)</sup> |  | 227004 |
| 3331 | Salesforce, Inc. |  | 853569 |
| 2769 | SAP SE (Germany) |  | 750967 |
| 2526 | ScanSource, Inc.\* |  | 110260 |
| 16618 | Seiko Epson Corp. (Japan) |  | 214198 |
| 4858 | Semtech Corp.\* |  | 282201 |
| 12985 | SentinelOne, Inc., Class A\* |  | 244897 |
| 825 | ServiceNow, Inc.\* |  | 756904 |
| 7301 | Shopify, Inc., Class A (Canada)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031536 |
| 1694 | Silicon Laboratories, Inc.\* |  | 227589 |
| 4909 | Skyworks Solutions, Inc. |  | 367880 |
| 2962 | Snowflake, Inc.\* |  | 706911 |
| 6378 | SolarEdge Technologies, Inc.\* |  | 215704 |
| 955 | Sopra Steria Group (France) |  | 177288 |
| 13536 | SoundHound AI, Inc., Class A\* |  | 176239 |
| 6775 | Sprout Social, Inc., Class A\* |  | 106977 |
| 2347 | Strategy, Inc., Class A\* |  | 784860 |
| 4803 | Super Micro Computer, Inc.\* |  | 199517 |
| 1866 | Synaptics, Inc.\* |  | 130359 |
| 5931 | Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Taiwan) |  | 1369290 |
| 6405 | Tenable Holdings, Inc.\* |  | 198043 |
| 7027 | Teradyne, Inc. |  | 830872 |
| 39954 | Terawulf, Inc.\* |  | 377565 |
| 47140 | Tuya, Inc. ADR (China) |  | 125392 |
| 18472 | UiPath, Inc., Class A\* |  | 205409 |
| 3448 | Varonis Systems, Inc.\* |  | 203501 |
| 19131 | VTEX, Class A (Brazil)\* |  | 78054 |
| 1388 | Zebra Technologies Corp., Class A\* |  | 440121 |
| 10444 | Zeta Global Holdings Corp., Class A\* |  | 205120 |
| 1627 | Zscaler, Inc.\* |  | 450760 |
|  |  |  | 61624239 |
| Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% |
| 2359 | American Tower Corp. REIT |  | 480882 |
| 2681 | Digital Realty Trust, Inc. REIT |  | 449443 |
| 587 | Equinix, Inc. REIT |  | 461493 |
|  |  |  | 1391818 |
| Utilities – 1.7% | Utilities – 1.7% | Utilities – 1.7% | Utilities – 1.7% |
| 473334 | Beijing Jingneng Clean Energy Co. Ltd., Class H (China) |  | 144504 |
| 7220 | Boralex, Inc., Class A (Canada)<sup>(b)</sup> |  | 151873 |
| 6788 | Brookfield Renewable Corp. (Canada)<sup>(b)</sup> |  | 228756 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Shares | Description | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 12323 | Brookfield Renewable Partners LP (Canada) | $312709 |
| 10682 | Central Puerto SA ADR (Argentina)\*<sup>(b)</sup> | 114084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363496 | China Longyuan Power Group Corp. Ltd., Class H (China) | 313332 |
| 10995 | Dominion Energy, Inc. | 658601 |
| 25507 | Engie SA (France) | 528152 |
| 10348 | NextEra Energy, Inc. | 745573 |
| 30151 | ReNew Energy Global PLC, Class A (India)\* | 229449 |
| 12916 | RWE AG (Germany) | 517647 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3944680 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $181,954,496) | (Cost $181,954,496) | 228007220 |
| Exchange-Traded Fund – 0.1% | Exchange-Traded Fund – 0.1% | Exchange-Traded Fund – 0.1% |
| 108098 | Greencoat UK Wind PLC/Funds |  |
| (Cost $180,354) | (Cost $180,354) | 159336 |
| Units | Description Expiration Month | **Value** |
| Right – 0.0% | Right – 0.0% | Right – 0.0% |
| Health Care – 0.0% | Health Care – 0.0% | Health Care – 0.0% |
| 9282 | AstraZeneca PLC\*<sup>(d)</sup> |  |
| (Cost $0) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/28 | 28402 |
| Shares | Dividend Rate | **Value** |
| Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> | Investment Company – 0.2%<sup>(c)</sup> |
| Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| 423357 | 4.114% | 423357 |
| (Cost $423,357) | (Cost $423,357) | (Cost $423,357) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE |
| (Cost $182,558,207) | (Cost $182,558,207) | 228618315 |
| Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> | Securities Lending Reinvestment Vehicle – 2.9%<sup>(c)</sup> |
| Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares | Goldman Sachs Financial Square Government Fund - Institutional<br>Shares |
| 6658187 | 4.154% | 6658187 |
| (Cost $6,658,187) | (Cost $6,658,187) | (Cost $6,658,187) |
| TOTAL INVESTMENTS – 102.8% | TOTAL INVESTMENTS – 102.8% | TOTAL INVESTMENTS – 102.8% |
| (Cost $189,216,394) | (Cost $189,216,394) | $235276502 |
| LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (2.8)% | LIABILITIES IN EXCESS OF OTHER ASSETS<br>– (2.8)% | (6377394) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $228899108 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

 \* Non-income producing security.

(a) Exempt from registration under Rule 144A of the Securities Act of 1933.

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

(c) Represents an affiliated issuer.

(d) Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3.

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | —American Depositary Receipt |
|  LP | —Limited Partnership |
|  PLC | —Public Limited Company |
|  REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – 99.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – 99.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – 99.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services – 10.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services – 10.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services – 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50713 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10797305 |
| 41293 | Alphabet, Inc., Class C | 8817294 |
| 77272 | AT&T, Inc. | 2263297 |
| 1012 | Charter Communications, Inc., Class A\* | 268767 |
| 1463 | DoubleVerify Holdings, Inc.\* | 23803 |
| 3155 | Electronic Arts, Inc. | 542502 |
| 2643 | Fox Corp., Class A | 157787 |
| 1696 | Fox Corp., Class B | 92517 |
| 4437 | Interpublic Group of Cos., Inc. (The) | 119089 |
| 2259 | Match Group, Inc. | 84351 |
| 19048 | Meta Platforms, Inc., Class A | 14070758 |
| 5037 | Netflix, Inc.\* | 6085955 |
| 4682 | News Corp., Class A | 137698 |
| 1483 | News Corp., Class B | 50229 |
| 5002 | T-Mobile US, Inc. | 1260454 |
| 46136 | Verizon Communications, Inc. | 2040595 |
| 21415 | Walt Disney Co. (The) | 2535108 |
|  |  | 49347509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – 10.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – 10.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – 10.2% |
| 5048 | Airbnb, Inc., Class A\* | 658915 |
| 113818 | Amazon.com, Inc.\* | 26064322 |
| 2799 | Aptiv PLC (Jersey)\* | 222604 |
| 3226 | Aramark | 126169 |
| 2619 | Bath & Body Works, Inc. | 76501 |
| 2293 | Best Buy Co., Inc. | 168857 |
| 386 | Booking Holdings, Inc. | 2161233 |
| 2597 | BorgWarner, Inc. | 111048 |
| 759 | Boyd Gaming Corp. | 65168 |
| 686 | Bright Horizons Family |  |
|  | Solutions, Inc.\* | 80975 |
| 771 | Brunswick Corp. | 49028 |
| 760 | Burlington Stores, Inc.\* | 220917 |
| 2520 | Caesars Entertainment, Inc.\* | 67460 |
| 1848 | CarMax, Inc.\* | 113375 |
| 12253 | Carnival Corp.\* | 390748 |
| 16108 | Chipotle Mexican Grill, Inc.\* | 678791 |
| 1813 | Deckers Outdoor Corp.\* | 216889 |
| 5465 | eBay, Inc. | 495184 |
| 1329 | Etsy, Inc.\* | 70450 |
| 1482 | Expedia Group, Inc. | 318334 |
| 46885 | Ford Motor Co. | 551836 |
| 2441 | Gap, Inc. (The) | 53726 |
| 11667 | General Motors Co. | 683570 |
| 1703 | H&R Block, Inc. | 85746 |
| 1647 | Harley-Davidson, Inc. | 47961 |
| 1714 | Hasbro, Inc. | 139125 |
| 2768 | Hilton Worldwide Holdings, Inc. | 764134 |
| 11815 | Home Depot, Inc. (The) | 4805988 |
| 3801 | Las Vegas Sands Corp. | 219052 |
| 722 | Lear Corp. | 79420 |
| 6663 | Lowe's Cos., Inc. | 1719454 |
| 1249 | Lululemon Athletica, Inc.\* | 252548 |
| 3380 | Macy's, Inc. | 44717 |
| 2670 | Marriott International, Inc., Class A | 715186 |
| 4037 | Mattel, Inc.\* | 73877 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | Murphy USA, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82077 |
| 4952 | Newell Brands, Inc. |  | 29316 |
| 13940 | NIKE, Inc., Class B |  | 1078538 |
| 5360 | Norwegian Cruise Line Holdings Ltd.\* |  | 133142 |
| 243 | Penske Automotive Group, Inc. |  | 44812 |
| 2437 | PulteGroup, Inc. |  | 321733 |
| 3007 | Royal Caribbean Cruises Ltd. |  | 1092203 |
| 1678 | Service Corp. International |  | 132982 |
| 13362 | Starbucks Corp. |  | 1178395 |
| 2453 | Tapestry, Inc. |  | 249764 |
| 340 | TopBuild Corp.\* |  | 143058 |
| 6442 | Tractor Supply Co. |  | 397858 |
| 888 | Travel + Leisure Co. |  | 56130 |
| 564 | Ulta Beauty, Inc.\* |  | 277900 |
| 446 | Vail Resorts, Inc. |  | 73055 |
| 1539 | Valvoline, Inc.\* |  | 59682 |
| 4422 | VF Corp. |  | 66905 |
| 1157 | Wayfair, Inc., Class A\* |  | 86312 |
| 672 | Whirlpool Corp.<sup>(a)</sup> |  | 62597 |
| 902 | Wyndham Hotels & Resorts, Inc. |  | 78122 |
| 990 | Wynn Resorts Ltd. |  | 125482 |
| 1099 | YETI Holdings, Inc.\* |  | 38641 |
| 3364 | Yum! Brands, Inc. |  | 494407 |
|  |  |  | 48896419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples – 5.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples – 5.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples – 5.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples – 5.3% |
| 23720 | Altria Group, Inc. |  | 1594221 |
| 1964 | Bunge Global SA |  | 165408 |
| 1755 | Clorox Co. (The) |  | 207441 |
| 54730 | Coca-Cola Co. (The) |  | 3775823 |
| 11366 | Colgate-Palmolive Co. |  | 955540 |
| 5267 | Costco Wholesale Corp. |  | 4968466 |
| 641 | elf Beauty, Inc.\* |  | 80125 |
| 2751 | Estee Lauder Cos., Inc. (The), Class A |  | 252349 |
| 7711 | General Mills, Inc. |  | 380384 |
| 2063 | Hershey Co. (The) |  | 379076 |
| 4109 | Hormel Foods Corp. |  | 104533 |
| 925 | Ingredion, Inc. |  | 119824 |
| 3714 | Kellanova |  | 295263 |
| 17811 | Keurig Dr Pepper, Inc. |  | 518122 |
| 4634 | Kimberly-Clark Corp. |  | 598435 |
| 12586 | Kraft Heinz Co. (The) |  | 352030 |
| 8534 | Kroger Co. (The) |  | 578947 |
| 2015 | Lamb Weston Holdings, Inc. |  | 115923 |
| 3567 | McCormick & Co., Inc. |  | 251010 |
| 18234 | Mondelez International, Inc., Class A |  | 1120297 |
| 19196 | PepsiCo, Inc. |  | 2853485 |
| 672 | Post Holdings, Inc.\* |  | 76037 |
| 5523 | Target Corp. |  | 530098 |
| 2719 | The Campbell's Company |  | 86818 |
| 3983 | Tyson Foods, Inc., Class A |  | 226155 |
| 51326 | Walmart, Inc. |  | 4977595 |
|  |  |  | 25563405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – 3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – 3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – 3.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – 3.1% |
| 4002 | APA Corp. |  | 92926 |
| 10097 | Baker Hughes Co. |  | 458404 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2262 | Cheniere Energy, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546997 |
| 19249 | Chevron Corp. |  | 3091389 |
| 12728 | ConocoPhillips |  | 1259690 |
| 6301 | Devon Energy Corp. |  | 227466 |
| 5962 | EQT Corp. |  | 309070 |
| 43571 | Exxon Mobil Corp. |  | 4979730 |
| 8923 | Halliburton Co. |  | 202820 |
| 1746 | HF Sinclair Corp. |  | 88837 |
| 19618 | Kinder Morgan, Inc. |  | 529294 |
| 3210 | Marathon Petroleum Corp. |  | 576869 |
| 6889 | Occidental Petroleum Corp. |  | 327985 |
| 6195 | ONEOK, Inc. |  | 473174 |
| 4177 | Phillips 66 |  | 557964 |
| 2368 | Range Resources Corp. |  | 81151 |
| 3192 | Valero Energy Corp. |  | 485216 |
| 12316 | Williams Cos., Inc. (The) |  | 712850 |
|  |  |  | 15001832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – 14.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – 14.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – 14.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – 14.8% |
| 3040 | Affirm Holdings, Inc.\* |  | 268918 |
| 5822 | Aflac, Inc. |  | 622139 |
| 3159 | Allstate Corp. (The) |  | 642699 |
| 3302 | Ally Financial, Inc. |  | 135547 |
| 6414 | American Express Co. |  | 2124830 |
| 6977 | American International Group, Inc. |  | 567370 |
| 1143 | Ameriprise Financial, Inc. |  | 588428 |
| 2510 | Aon PLC, Class A |  | 921170 |
| 4927 | Apollo Global Management, Inc. |  | 671205 |
| 626 | Assurant, Inc. |  | 134972 |
| 919 | Axis Capital Holdings Ltd. |  | 90595 |
| 81982 | Bank of America Corp. |  | 4159767 |
| 8536 | Bank of New York Mellon Corp. (The) |  | 901402 |
| 1823 | Blackrock, Inc. |  | 2054776 |
| 854 | Brighthouse Financial, Inc.\* |  | 40360 |
| 7321 | Capital One Financial Corp. |  | 1663478 |
| 1268 | Cboe Global Markets, Inc. |  | 299185 |
| 22142 | Citigroup, Inc. |  | 2138253 |
| 2802 | Columbia Banking System, Inc. |  | 75009 |
| 1597 | Comerica, Inc. |  | 112716 |
| 3800 | Equitable Holdings, Inc. |  | 202388 |
| 514 | Everest Group Ltd. |  | 175726 |
| 8127 | Fifth Third Bancorp |  | 371973 |
| 6411 | First Horizon Corp. |  | 144889 |
| 6425 | Fiserv, Inc.\* |  | 887806 |
| 3641 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> |  | 2713455 |
| 476 | Hanover Insurance Group, Inc. (The) |  | 82576 |
| 3484 | Hartford Insurance Group, Inc. (The) |  | 460968 |
| 17366 | Huntington Bancshares, Inc. |  | 309288 |
| 6750 | Intercontinental Exchange, Inc. |  | 1192050 |
| 4921 | Invesco Ltd. |  | 107721 |
| 33197 | JPMorgan Chase & Co. |  | 10006240 |
| 11129 | KeyCorp |  | 215457 |
| 8001 | KKR & Co., Inc. |  | 1116059 |
| 1474 | Lazard, Inc. |  | 84254 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2284 | Lincoln National Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98052 |
| 893 | LPL Financial Holdings, Inc. |  | 325481 |
| 2003 | M&T Bank Corp. |  | 403925 |
| 5857 | Marsh & McLennan Cos., Inc. |  | 1205429 |
| 9423 | Mastercard, Inc., Class A |  | 5609418 |
| 6875 | MetLife, Inc. |  | 559350 |
| 3096 | MGIC Investment Corp. |  | 86162 |
| 1877 | Moody's Corp. |  | 956819 |
| 13625 | Morgan Stanley |  | 2050290 |
| 323 | Morningstar, Inc. |  | 84762 |
| 912 | MSCI, Inc. |  | 517761 |
| 4958 | Nasdaq, Inc. |  | 469721 |
| 1354 | OneMain Holdings, Inc. |  | 83758 |
| 11342 | PayPal Holdings, Inc.\* |  | 796095 |
| 4714 | PNC Financial Services Group, Inc. (The) |  | 977872 |
| 2729 | Principal Financial Group, Inc. |  | 219712 |
| 6945 | Progressive Corp. (The) |  | 1715832 |
| 4327 | Prudential Financial, Inc. |  | 474499 |
| 11052 | Regions Financial Corp. |  | 302714 |
| 792 | Reinsurance Group of America, Inc. |  | 154274 |
| 617 | RenaissanceRe Holdings Ltd. (Bermuda) |  | 149925 |
| 3718 | S&P Global, Inc. |  | 2039100 |
| 2535 | SLM Corp. |  | 79295 |
| 12717 | SoFi Technologies, Inc.\* |  | 324792 |
| 3523 | State Street Corp. |  | 405039 |
| 4431 | Synchrony Financial |  | 338262 |
| 1671 | Synovus Financial Corp. |  | 86240 |
| 2641 | T. Rowe Price Group, Inc. |  | 284224 |
| 3977 | Toast, Inc., Class A\* |  | 179363 |
| 1398 | Tradeweb Markets, Inc., Class A |  | 172457 |
| 2685 | Travelers Cos., Inc. (The) |  | 729004 |
| 15660 | Truist Financial Corp. |  | 733201 |
| 2181 | Unum Group |  | 152365 |
| 18520 | US Bancorp |  | 904332 |
| 19837 | Visa, Inc., Class A |  | 6978260 |
| 1186 | Voya Financial, Inc. |  | 89057 |
| 39101 | Wells Fargo & Co. |  | 3213320 |
| 4435 | Western Union Co. (The) |  | 38451 |
| 1213 | Willis Towers Watson PLC |  | 396396 |
|  |  |  | 70668678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – 9.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – 9.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – 9.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – 9.3% |
| 15689 | Abbott Laboratories |  | 2081303 |
| 16041 | AbbVie, Inc. |  | 3375026 |
| 2641 | Agilent Technologies, Inc. |  | 331868 |
| 1140 | Alnylam Pharmaceuticals, Inc.\* |  | 509021 |
| 4864 | Amgen, Inc. |  | 1399421 |
| 6229 | Avantor, Inc.\* |  | 83905 |
| 4673 | Baxter International, Inc. |  | 115376 |
| 2658 | Becton Dickinson & Co. |  | 512941 |
| 1335 | Biogen, Inc.\* |  | 176514 |
| 175 | Bio-Rad Laboratories, Inc., Class A\* |  | 52129 |
| 13322 | Boston Scientific Corp.\* |  | 1405471 |
| 18397 | Bristol-Myers Squibb Co. |  | 867971 |
| 2239 | Cardinal Health, Inc. |  | 333118 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2578 | Cencora, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751771 |
| 4633 | Centene Corp.\* |  | 134542 |
| 467 | Charles River Laboratories International, Inc.\* |  | 76266 |
| 2440 | Cigna Group (The) |  | 734123 |
| 17643 | CVS Health Corp. |  | 1290585 |
| 5855 | Danaher Corp. |  | 1205076 |
| 432 | DaVita, Inc.\* |  | 59512 |
| 2137 | DENTSPLY SIRONA, Inc. |  | 30559 |
| 5306 | Edwards Lifesciences Corp.\* |  | 431590 |
| 2063 | Elevance Health, Inc. |  | 657375 |
| 7311 | Eli Lilly & Co. |  | 5355892 |
| 4176 | GE HealthCare Technologies, Inc. |  | 307897 |
| 11320 | Gilead Sciences, Inc. |  | 1278820 |
| 1161 | Henry Schein, Inc.\* |  | 80782 |
| 2099 | Hologic, Inc.\* |  | 140885 |
| 1105 | Humana, Inc. |  | 335544 |
| 1463 | Illumina, Inc.\* |  | 146242 |
| 3205 | Intuitive Surgical, Inc.\* |  | 1516911 |
| 1656 | IQVIA Holdings, Inc.\* |  | 315981 |
| 21839 | Johnson & Johnson |  | 3869216 |
| 774 | Labcorp Holdings, Inc. |  | 215164 |
| 1775 | McKesson Corp. |  | 1218786 |
| 11643 | Medtronic PLC |  | 1080587 |
| 22999 | Merck & Co., Inc. |  | 1934676 |
| 2966 | Moderna, Inc.\* |  | 71451 |
| 2624 | Organon & Co. |  | 24718 |
| 51421 | Pfizer, Inc. |  | 1273184 |
| 1020 | Quest Diagnostics, Inc. |  | 185273 |
| 946 | Regeneron Pharmaceuticals, Inc. |  | 549342 |
| 1332 | ResMed, Inc. |  | 365647 |
| 3141 | Stryker Corp. |  | 1229419 |
| 426 | Teleflex, Inc. |  | 53851 |
| 3461 | Thermo Fisher Scientific, Inc. |  | 1705304 |
| 8342 | UnitedHealth Group, Inc. |  | 2584936 |
| 2345 | Vertex Pharmaceuticals, Inc.\* |  | 916942 |
| 10897 | Viatris, Inc. |  | 114963 |
| 544 | Waters Corp.\* |  | 164179 |
| 1821 | Zimmer Biomet Holdings, Inc. |  | 193208 |
| 4095 | Zoetis, Inc. |  | 640458 |
|  |  |  | 44485721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – 8.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – 8.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – 8.8% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – 8.8% |
| 6295 | 3M Co. |  | 979061 |
| 390 | Acuity, Inc. |  | 127323 |
| 1605 | AECOM |  | 200448 |
| 1585 | Alaska Air Group, Inc.\* |  | 99506 |
| 8172 | American Airlines Group, Inc.\* |  | 109260 |
| 2671 | AMETEK, Inc. |  | 493601 |
| 517 | Armstrong World Industries, Inc. |  | 101213 |
| 8441 | Boeing Co. (The)\* |  | 1980934 |
| 1548 | Booz Allen Hamilton Holding Corp. |  | 168299 |
| 1410 | Broadridge Financial Solutions, Inc. |  | 360424 |
| 1382 | C.H. Robinson Worldwide, Inc. |  | 177863 |
| 528 | Carlisle Cos., Inc. |  | 203750 |
| 9380 | Carrier Global Corp. |  | 611576 |

---

---

| | | |
|:---|:---|:---|
| Shares | Description | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5392 | Caterpillar, Inc. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2259464 |
| 10230 | CNH Industrial NV | 117134 |
| 21863 | CSX Corp. | 710766 |
| 1581 | Cummins, Inc. | 629934 |
| 1320 | Dayforce, Inc.\* | 92096 |
| 2844 | Deere & Co. | 1361252 |
| 7694 | Delta Air Lines, Inc. | 475335 |
| 4568 | Eaton Corp. PLC | 1594872 |
| 6613 | Emerson Electric Co. | 872916 |
| 2565 | FedEx Corp. | 592695 |
| 1536 | Flowserve Corp. | 82422 |
| 1493 | Fortune Brands Innovations, Inc. | 87370 |
| 417 | FTI Consulting, Inc.\* | 70323 |
| 12248 | General Electric Co. | 3370650 |
| 2036 | Genpact Ltd. | 92312 |
| 7544 | Honeywell International, Inc. | 1655908 |
| 4751 | Howmet Aerospace, Inc. | 827149 |
| 627 | Hubbell, Inc. | 270231 |
| 4670 | Ingersoll Rand, Inc. | 370938 |
| 973 | ITT, Inc. | 165653 |
| 954 | J.B. Hunt Transport Services, Inc. | 138320 |
| 1426 | Jacobs Solutions, Inc. | 208524 |
| 7633 | Johnson Controls International PLC | 815891 |
| 1171 | KBR, Inc. | 59089 |
| 2191 | L3Harris Technologies, Inc. | 608265 |
| 1171 | Leidos Holdings, Inc. | 211857 |
| 377 | Lennox International, Inc. | 210313 |
| 646 | Lincoln Electric Holdings, Inc. | 156739 |
| 2441 | Lockheed Martin Corp. | 1112193 |
| 2600 | Masco Corp. | 190814 |
| 669 | Nordson Corp. | 150585 |
| 1580 | Northrop Grumman Corp. | 932263 |
| 1952 | nVent Electric PLC | 176441 |
| 778 | Oshkosh Corp. | 108430 |
| 4619 | Otis Worldwide Corp. | 398989 |
| 1012 | Owens Corning | 151972 |
| 1481 | Parker-Hannifin Corp. | 1124597 |
| 1681 | Quanta Services, Inc. | 635351 |
| 2183 | RB Global, Inc. (Canada) | 250041 |
| 780 | Regal Rexnord Corp. | 116477 |
| 1308 | Rockwell Automation, Inc. | 449206 |
| 15390 | RTX Corp. | 2440854 |
| 433 | Science Applications International Corp. | 50964 |
| 1742 | Sensata Technologies Holding PLC | 56685 |
| 494 | Simpson Manufacturing Co., Inc. | 94413 |
| 542 | SiteOne Landscape Supply, Inc.\* | 77636 |
| 6065 | Southwest Airlines Co. | 199539 |
| 1373 | Spirit AeroSystems Holdings, |  |
|  | Inc., Class A\* | 57103 |
| 1815 | Stanley Black & Decker, Inc. | 134836 |
| 3123 | Tetra Tech, Inc. | 113740 |
| 2620 | Trane Technologies PLC | 1088872 |
| 1252 | Trex Co., Inc.\* | 77161 |
| 23969 | Uber Technologies, Inc.\* | 2247094 |
| 6966 | Union Pacific Corp. | 1557389 |
| 3910 | United Airlines Holdings, Inc.\* | 410550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8438 | United Parcel Service, Inc., Class B | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737819 |
| 770 | United Rentals, Inc. |  | 736382 |
| 1652 | Verisk Analytics, Inc. |  | 442934 |
| 507 | W.W. Grainger, Inc. |  | 513845 |
| 4372 | Waste Management, Inc. |  | 989777 |
| 490 | WESCO International, Inc. |  | 107722 |
| 2002 | Westinghouse Air Brake Technologies Corp. |  | 387387 |
| 2861 | Xylem, Inc. |  | 405003 |
|  |  |  | 42446740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – 31.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – 31.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – 31.4% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – 31.4% |
| 7264 | Accenture PLC, Class A (Ireland) |  | 1888422 |
| 3712 | Adobe, Inc.\* |  | 1324070 |
| 13959 | Advanced Micro Devices, Inc.\* |  | 2270152 |
| 1305 | Akamai Technologies, Inc.\* |  | 103265 |
| 4295 | Analog Devices, Inc. |  | 1079376 |
| 128604 | Apple, Inc. |  | 29854133 |
| 7056 | Applied Materials, Inc. |  | 1134323 |
| 1400 | Atlassian Corp., Class A\* |  | 248892 |
| 1891 | Autodesk, Inc.\* |  | 595098 |
| 40291 | Broadcom, Inc. |  | 11982140 |
| 2390 | Cadence Design Systems, Inc.\* |  | 837528 |
| 1599 | Ciena Corp.\* |  | 150258 |
| 459 | Cirrus Logic, Inc.\* |  | 52413 |
| 43619 | Cisco Systems, Inc. |  | 3013637 |
| 2635 | Cloudflare, Inc., Class A\* |  | 549951 |
| 4370 | Cognizant Technology Solutions |  |  |
|  | Corp., Class A |  | 315732 |
| 6728 | Corning, Inc. |  | 450978 |
| 510 | Dolby Laboratories, Inc., Class A |  | 36557 |
| 2078 | Dropbox, Inc., Class A\* |  | 60387 |
| 1568 | DXC Technology Co.\* |  | 22658 |
| 825 | Elastic NV\* |  | 70175 |
| 1078 | First Solar, Inc.\* |  | 210415 |
| 661 | Gartner, Inc.\* |  | 166037 |
| 4773 | Gen Digital, Inc. |  | 144145 |
| 1197 | Gitlab, Inc., Class A\* |  | 57480 |
| 1228 | GoDaddy, Inc., Class A\* |  | 182125 |
| 715 | Guidewire Software, Inc.\* |  | 155169 |
| 11463 | Hewlett Packard Enterprise Co. |  | 258720 |
| 8455 | HP, Inc. |  | 241306 |
| 429 | HubSpot, Inc.\* |  | 207280 |
| 37424 | Intel Corp.\* |  | 911274 |
| 8116 | International Business Machines Corp. |  | 1976165 |
| 2368 | Intuit, Inc. |  | 1579456 |
| 2044 | Keysight Technologies, Inc.\* |  | 334051 |
| 1152 | KLA Corp. |  | 1004544 |
| 11145 | Lam Research Corp. |  | 1116172 |
| 756 | Lumentum Holdings, Inc.\* |  | 100404 |
| 7524 | Marvell Technology, Inc. |  | 472996 |
| 9558 | Micron Technology, Inc. |  | 1137498 |
| 64703 | Microsoft Corp. |  | 32784363 |
| 1804 | Motorola Solutions, Inc. |  | 852318 |
| 1812 | NetApp, Inc. |  | 204375 |
| 204183 | NVIDIA Corp. |  | 35564595 |
| 3731 | ON Semiconductor Corp.\* |  | 185020 |

---

---

| | | | |
|:---|:---|:---|:---|
| Shares | Description | Value | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14446 | Oracle Corp. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3266674 |
| 5635 | Palo Alto Networks, Inc.\* |  | 1073580 |
| 898 | Pegasystems, Inc. |  | 48681 |
| 935 | Procore Technologies, Inc.\* |  | 64992 |
| 9683 | QUALCOMM, Inc. |  | 1556349 |
| 8145 | Salesforce, Inc. |  | 2087156 |
| 1780 | ServiceNow, Inc.\* |  | 1633079 |
| 1593 | Synopsys, Inc.\* |  | 961407 |
| 1033 | Teradata Corp.\* |  | 21672 |
| 1375 | Teradyne, Inc. |  | 162580 |
| 7892 | Texas Instruments, Inc. |  | 1597972 |
| 1340 | Twilio, Inc., Class A\* |  | 141517 |
| 374 | Tyler Technologies, Inc.\* |  | 210517 |
| 1826 | Vontier Corp. |  | 78354 |
| 1859 | Workday, Inc., Class A\* |  | 429094 |
| 624 | Zebra Technologies Corp., Class A\* |  | 197864 |
| 2314 | Zoom Communications, Inc., Class A\* |  | 188406 |
| 818 | Zscaler, Inc.\* |  | 226627 |
|  |  |  | 149832574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials – 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials – 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials – 1.9% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials – 1.9% |
| 1431 | Albemarle Corp. |  | 121521 |
| 3021 | Alcoa Corp. |  | 97246 |
| 786 | AptarGroup, Inc. |  | 109466 |
| 3462 | Ball Corp. |  | 182240 |
| 1332 | Celanese Corp. |  | 63443 |
| 2060 | CF Industries Holdings, Inc. |  | 178458 |
| 9619 | Corteva, Inc. |  | 713634 |
| 8326 | Dow, Inc. |  | 205069 |
| 4953 | DuPont de Nemours, Inc. |  | 380985 |
| 2962 | Ecolab, Inc. |  | 820592 |
| 1512 | FMC Corp. |  | 59119 |
| 16984 | Freeport-McMoRan, Inc. |  | 754090 |
| 3520 | Graphic Packaging Holding Co. |  | 78390 |
| 3108 | International Flavors & |  |  |
|  | Fragrances, Inc. |  | 209821 |
| 6224 | International Paper Co. |  | 309208 |
| 5539 | Linde PLC |  | 2649248 |
| 761 | Louisiana-Pacific Corp. |  | 72379 |
| 3159 | LyondellBasell Industries NV, Class A |  | 178010 |
| 3862 | Mosaic Co. (The) |  | 128991 |
| 13125 | Newmont Corp. |  | 976500 |
| 2810 | Nucor Corp. |  | 417931 |
| 2675 | PPG Industries, Inc. |  | 297540 |
|  |  |  | 9003881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – 2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – 2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – 2.2% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – 2.2% |
| 5005 | American Homes 4 Rent, Class A REIT |  | 179279 |
| 6835 | American Tower Corp. REIT |  | 1393315 |
| 2102 | AvalonBay Communities, Inc. REIT |  | 411677 |
| 4439 | Brixmor Property Group, Inc. REIT |  | 124248 |
| 4380 | CBRE Group, Inc., Class A\* |  | 710086 |
| 6019 | CoStar Group, Inc.\* |  | 538640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

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| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stocks – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 | Crown Castle, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639056 |
| 4909 | Digital Realty Trust, Inc. REIT |  | 822945 |
| 1411 | Equinix, Inc. REIT |  | 1109314 |
| 5601 | Equity Residential REIT |  | 370338 |
| 943 | Essex Property Trust, Inc. REIT |  | 254808 |
| 5234 | Healthcare Realty Trust, Inc. |  |  |
|  | REIT |  | 90967 |
| 458 | Howard Hughes Holdings, Inc.\* |  | 34932 |
| 4320 | Iron Mountain, Inc. REIT |  | 398865 |
| 698 | Jones Lang LaSalle, Inc.\* |  | 213288 |
| 9767 | Kimco Realty Corp. REIT |  | 219660 |
| 1720 | Mid-America Apartment |  |  |
|  | Communities, Inc. REIT |  | 250810 |
| 13530 | Prologis, Inc. REIT |  | 1539443 |
| 1593 | SBA Communications Corp. |  |  |
|  | REIT |  | 326326 |
| 6126 | Ventas, Inc. REIT |  | 417058 |
| 10809 | Weyerhaeuser Co. REIT |  | 279629 |
| 683 | Zillow Group, Inc., Class A\* |  | 55651 |
| 2300 | Zillow Group, Inc., Class C\* |  | 193913 |
|  |  |  | 10574248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities – 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities – 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities – 2.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities – 2.3% |
| 8325 | AES Corp. (The) |  | 112720 |
| 6272 | American Electric Power Co., |  |  |
|  | Inc. |  | 696317 |
| 2319 | American Water Works Co., Inc. |  | 332800 |
| 4121 | Consolidated Edison, Inc. |  | 404806 |
| 3698 | Constellation Energy Corp. |  | 1138910 |
| 9970 | Dominion Energy, Inc. |  | 597203 |
| 9061 | Duke Energy Corp. |  | 1109882 |
| 4527 | Edison International |  | 254101 |
| 5068 | Entergy Corp. |  | 446440 |
| 4252 | Eversource Energy |  | 272426 |
| 24151 | NextEra Energy, Inc. |  | 1740080 |
| 5557 | NiSource, Inc. |  | 234894 |
| 2343 | NRG Energy, Inc. |  | 341047 |
| 25420 | PG&E Corp. |  | 388418 |
| 8782 | PPL Corp. |  | 320280 |
| 5928 | Public Service Enterprise Group, |  |  |
|  | Inc. |  | 488052 |
| 7534 | Sempra |  | 622007 |
| 4039 | Vistra Corp. |  | 763815 |
| 6839 | Xcel Energy, Inc. |  | 495075 |
|  |  |  | 10759273 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $322,355,535) | (Cost $322,355,535) |  | 476580280 |
| **Shares** | **Dividend Rate** | **Value** | **Value** |
| Investment Company – 0.3%<sup>(b)</sup> | Investment Company – 0.3%<sup>(b)</sup> | Investment Company – 0.3%<sup>(b)</sup> | Investment Company – 0.3%<sup>(b)</sup> |
| Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury<br>Obligations Fund – Institutional Shares |
| 1368665 | 4.114% |  | 1368665 |
| (Cost $1,368,665) | (Cost $1,368,665) |  |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE |
| (Cost $323,724,200) | (Cost $323,724,200) |  | 477948945 |

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| | | |
|:---|:---|:---|
| Shares | Dividend Rate | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares | Goldman Sachs Financial Square Government Fund –<br>Institutional Shares |
| 62724 | 4.154% | $62724 |
| (Cost $62,724) | (Cost $62,724) |  |
| TOTAL INVESTMENTS – 99.9% | TOTAL INVESTMENTS – 99.9% |  |
| (Cost $323,786,924) | (Cost $323,786,924) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478011669 |
| OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1% | OTHER ASSETS IN EXCESS OF<br> LIABILITIES – 0.1% | 438066 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $478449735 |

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|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

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#### Investment Abbreviations:
PLC —Public Limited Company

REIT —Real Estate Investment Trust

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| The accompanying notes are an integral part of these financial statements. | **23** |

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GOLDMAN SACHS SMALL CAP EQUITY ETF

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Schedule of Investments *August 31, 2025*

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** |
| Common Stocks – 98.7% | Common Stocks – 98.7% | Common Stocks – 98.7% |
| Communication Services – 0.5% | Communication Services – 0.5% | Communication Services – 0.5% |
| 32358 | MNTN, Inc., Class A\*<sup>(a)</sup> | $660427 |
| Consumer Discretionary – 13.6% | Consumer Discretionary – 13.6% | Consumer Discretionary – 13.6% |
| 11449 | Boot Barn Holdings, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035289 |
| 23313 | Cheesecake Factory, Inc. (The)<sup>(a)</sup> | 1432817 |
| 78248 | Dana, Inc. | 1577480 |
| 43838 | First Watch Restaurant Group, |  |
|  | Inc.\* | 825908 |
| 10623 | Five Below, Inc.\* | 1541397 |
| 4006 | Installed Building Products, Inc. | 1048851 |
| 15812 | Kontoor Brands, Inc. | 1221477 |
| 12452 | M/I Homes, Inc.\* | 1833681 |
| 23213 | Meritage Homes Corp. | 1803418 |
| 17977 | Modine Manufacturing Co.\* | 2447209 |
| 15344 | Ollie's Bargain Outlet Holdings, |  |
|  | Inc.\* | 1946233 |
| 11968 | Patrick Industries, Inc. | 1338621 |
| 8122 | Shake Shack, Inc., Class A\* | 860932 |
|  |  | 19913313 |
| Consumer Staples – 1.6% | Consumer Staples – 1.6% | Consumer Staples – 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50178 | Primo Brands Corp., Class A | 1259970 |
| 22324 | Vital Farms, Inc.\* | 1140533 |
|  |  | 2400503 |
| Energy – 2.4% | Energy – 2.4% | Energy – 2.4% |
| 34043 | Archrock, Inc. | 842905 |
| 26378 | CNX Resources Corp.\* | 770237 |
| 26783 | Matador Resources Co. | 1348792 |
| 82010 | Patterson-UTI Energy, Inc. | 476478 |
|  |  | 3438412 |
| Financials – 21.0% | Financials – 21.0% | Financials – 21.0% |
| 9923 | Accelerant Holdings, Class A |  |
|  | (Cayman Islands)\* | 198956 |
| 12314 | Aspen Insurance Holdings Ltd., |  |
|  | Class A (Bermuda)\* | 449461 |
| 40034 | Atlantic Union Bankshares Corp. | 1430415 |
| 25320 | Banner Corp. | 1697200 |
| 3195 | Bullish (Cayman Islands)\* | 188601 |
| 56232 | Cadence Bank | 2116572 |
| 37489 | First Merchants Corp. | 1556543 |
| 29147 | Glacier Bancorp, Inc. | 1432575 |
| 10853 | Hamilton Lane, Inc., Class A | 1675052 |
| 7735 | Hanover Insurance Group, Inc. |  |
|  | (The) | 1341868 |
| 23657 | Kemper Corp. | 1269198 |
| 5317 | Miami International Holdings, |  |
|  | Inc.\* | 199813 |
| 54146 | NMI Holdings, Inc., Class A\* | 2130645 |
| 57378 | Pacific Premier Bancorp, Inc. | 1405187 |
| 13356 | PennyMac Financial Services, |  |
|  | Inc. | 1470496 |
| 95170 | Perella Weinberg Partners | 2106112 |
| 10637 | Pinnacle Financial Partners, Inc. | 1034129 |
| 9628 | Piper Sandler Cos. | 3213730 |
| 9523 | PJT Partners, Inc., Class A | 1704617 |
| 43113 | Skyward Specialty Insurance |  |
|  | Group, Inc.\* | 2082358 |

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| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 19043 | SouthState Corp. | $| 1943529 |
|  |  |  | 30647057 |
| Health Care – 13.0% | Health Care – 13.0% | Health Care – 13.0% | Health Care – 13.0% |
| 51027 | Alkermes PLC\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478252 |
| 28220 | AtriCure, Inc.\* |  | 1043858 |
| 18300 | Bridgebio Pharma, Inc.\* |  | 947208 |
| 44616 | Dynavax Technologies Corp.\* |  | 451514 |
| 11605 | GeneDx Holdings Corp.\* |  | 1502731 |
| 39807 | Halozyme Therapeutics, Inc.\* |  | 2911882 |
| 10781 | Integer Holdings Corp.\* |  | 1162946 |
| 11665 | iRhythm Technologies, Inc.\* |  | 1982817 |
| 6317 | Ligand Pharmaceuticals, Inc.\* |  | 1021522 |
| 19853 | Merit Medical Systems, Inc.\* |  | 1797491 |
| 12347 | Prestige Consumer Healthcare, |  |  |
|  | Inc.\* |  | 840090 |
| 18623 | REVOLUTION Medicines, Inc.\* |  | 707115 |
| 9352 | Rhythm Pharmaceuticals, Inc.\* |  | 964659 |
| 47908 | WaVe Life Sciences Ltd.\* |  | 459917 |
| 46056 | Waystar Holding Corp.\* |  | 1744601 |
|  |  |  | 19016603 |
| Industrials – 21.3% | Industrials – 21.3% | Industrials – 21.3% | Industrials – 21.3% |
| 15317 | Arcosa, Inc. |  | 1515617 |
| 24287 | ATI, Inc.\* |  | 1883214 |
| 8223 | Enpro, Inc. |  | 1798946 |
| 12951 | Esab Corp. |  | 1494157 |
| 12923 | ESCO Technologies, Inc. |  | 2596360 |
| 22767 | Federal Signal Corp. |  | 2800113 |
| 67839 | Gates Industrial Corp. PLC\* |  | 1733965 |
| 10485 | Granite Construction, Inc. |  | 1129759 |
| 33289 | Kratos Defense & Security |  |  |
|  | Solutions, Inc.\* |  | 2191748 |
| 10555 | Loar Holdings, Inc.\* |  | 745816 |
| 22140 | Mercury Systems, Inc.\* |  | 1495557 |
| 9940 | Moog, Inc., Class A |  | 1946749 |
| 12023 | MYR Group, Inc.\* |  | 2251547 |
| 15115 | Parsons Corp.\* |  | 1210712 |
| 17267 | SPX Technologies, Inc.\* |  | 3230828 |
| 11634 | Standex International Corp. |  | 2374150 |
| 21500 | Voyager Technologies, Inc., Class |  |  |
|  | A\*<sup>(a)</sup> |  | 659835 |
|  |  |  | 31059073 |
| Information Technology – 16.3% | Information Technology – 16.3% | Information Technology – 16.3% | Information Technology – 16.3% |
| 9220 | Advanced Energy Industries, Inc. |  | 1380050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10126 | Badger Meter, Inc. |  | 1852248 |
| 12295 | Belden, Inc. |  | 1600809 |
| 65557 | Clearwater Analytics Holdings, |  |  |
|  | Inc., Class A\* |  | 1355063 |
| 12354 | Commvault Systems, Inc.\* |  | 2305812 |
| 30391 | DigitalOcean Holdings, Inc.\* |  | 991354 |
| 7906 | Impinj, Inc.\* |  | 1482138 |
| 23261 | Intapp, Inc.\* |  | 1069773 |
| 33991 | JFrog Ltd.\* |  | 1678136 |
| 60809 | Knowles Corp.\* |  | 1298272 |
| 17172 | MACOM Technology Solutions |  |  |
|  | Holdings, Inc.\* |  | 2200592 |
| 43086 | PagerDuty, Inc.\* |  | 721260 |
| 20732 | Q2 Holdings, Inc.\* |  | 1632230 |

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| 24 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS SMALL CAP EQUITY ETF

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| | | |
|:---|:---|:---|
| **Shares** | **Description** | **<br>Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 6926 | SiTime Corp.\* | $1673807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25833 | Varonis Systems, Inc.\* | 1524664 |
| 12634 | Workiva, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1039020 |
|  |  | 23805228 |
| Materials – 3.9% | Materials – 3.9% | Materials – 3.9% |
| 40899 | Avient Corp. | 1529623 |
| 17150 | Commercial Metals Co. | 989041 |
| 39998 | Graphic Packaging Holding Co. | 890755 |
| 18005 | HB Fuller Co. | 1099205 |
| 15542 | Knife River Corp.\* | 1258902 |
|  |  | 5767526 |
| Real Estate – 4.5% | Real Estate – 4.5% | Real Estate – 4.5% |
| 35670 | Cousins Properties, Inc. REIT | 1051908 |
| 75137 | Independence Realty Trust, Inc. REIT | 1360731 |
| 35860 | InvenTrust Properties Corp. REIT | 1067552 |
| 92336 | Newmark Group, Inc., Class A | 1681439 |
| 25185 | Terreno Realty Corp. REIT | 1454937 |
|  |  | 6616567 |
| Utilities – 0.6% | Utilities – 0.6% | Utilities – 0.6% |
| 15618 | TXNM Energy, Inc. | 884603 |
| TOTAL COMMON STOCKS<br> **(Cost $129,954,923)** | TOTAL COMMON STOCKS<br> **(Cost $129,954,923)** | 144209312 |
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.2%<sup>(b)</sup> | Investment Company – 1.2%<sup>(b)</sup> | Investment Company – 1.2%<sup>(b)</sup> |
| Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| 1812482 | 4.114% | 1812482 |
| (Cost $1,812,482) | (Cost $1,812,482) | (Cost $1,812,482) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING<br>REINVESTMENT VEHICLE |
| (Cost $131,767,405) | (Cost $131,767,405) | 146021794 |
| Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 1.1%<sup>(b)</sup> |
| Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares | Goldman Sachs Financial Square Government<br>Fund - Institutional Shares |
| 1540377 | 4.154% | 1540377 |
| (Cost $1,540,377) | (Cost $1,540,377) | (Cost $1,540,377) |
| TOTAL INVESTMENTS – 101.0% | TOTAL INVESTMENTS – 101.0% | TOTAL INVESTMENTS – 101.0% |
| (Cost $133,307,782) | (Cost $133,307,782) | $147562171 |
| LIABILITIES IN EXCESS OF OTHER<br> **ASSETS – (1.0)%** | LIABILITIES IN EXCESS OF OTHER<br> **ASSETS – (1.0)%** | (1462146) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $146100025 |

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| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (b) Represents an affiliated issuer.

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

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|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

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GOLDMAN SACHS EQUITY ETFS

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Statements of Assets and Liabilities *August 31, 2025*

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| | | | |
|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large<br>Cap Equity ETF** | **Hedge Industry VIP ETF** | **India Equity ETF** |
| Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers, at value (cost $1,117,138,348, $315,678,499 and<br>$11,005,664, respectively)<sup>(a)</sup> | $1329951500 | $373242732 | $10686474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated issuers, at value (cost $2,752,942, $– and $158,176, respectively) | 3826101 |  | 158176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 6739710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency, at value (cost $–, $– and $25,627, respectively) |  |  | 25627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 1668300 | 331799 | 10936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 100001 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 40562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  |  | 5720 |
|  **Total assets** | 1342285612 | 373574531 | 10927495 |
| Liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Variation margin on futures contracts |  |  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 6739710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 45652 | 66552 | 3203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian |  | 546334 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  |  | 1927 |
|  **Total liabilities** | 6785362 | 612886 | 9817 |
| Net Assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | 1221643444 | 404019837 | 11283034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 113856806 | (31058192) | (365356) |
|  **NET ASSETS** | $1335500250 | $372961645 | $10917678 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares outstanding no par value (unlimited shares authorized): | 15850000 | 2600000 | 425000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share: | $84.26 | $143.45 | $25.69 |

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<sup>(a)</sup> Includes loaned securities having a market value of $6,513,475, $– and $– for Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF and India Equity ETF , respectively. 

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|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

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GOLDMAN SACHS EQUITY ETFS

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Statements of Assets and Liabilities (continued) *August 31, 2025*

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| | | | |
|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **JUST U.S. Large Cap<br>Equity ETF** | **Small Cap Equity ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $181,582,840, $321,134,778 and $129,954,923, respectively)<sup>(a)</sup> | $226868413 | $473866825 | $144209312 |
|  Investments in affiliated issuers, at value (cost $975,367, $2,589,422 and $1,812,482,respectively) | 1749902 | 4082120 | 1812482 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 6658187 | 62724 | 1540377 |
|  Foreign Currency, at value (cost $1,039, $– and $–, respectively) | 1028 |  |  |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 171830 | 525019 | 56058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 129258 |  | 3746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 22267 | 12248 | 2449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 456332 |
|  **Total assets** | 235600885 | 478548936 | 148080756 |
| Liabilities: |  |  |  |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 6658187 | 62724 | 1540377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 43590 | 36477 | 41286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 399068 |
|  **Total liabilities** | 6701777 | 99201 | 1980731 |
| Net Assets: |  |  |  |
|  Paid-in capital | 257658650 | 344063351 | 144111023 |
|  Total distributable earnings (loss) | (28759542) | 134386384 | 1989002 |
|  **NET ASSETS** | $228899108 | $478449735 | $146100025 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 3250000 | 5225000 | 2725000 |
|  Net asset value per share: | $70.43 | $91.57 | $53.61 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $6,329,114, $60,641 and $1,495,188 for Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity<br>ETF** | **Hedge Industry<br>VIP ETF** | **India Equity ETF \*** |
| Investment income: |  |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $446, $19,771 and $9,671, respectively) | $18149528 | $2472608 | $31208 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 763629 | 484710 |  |
|  Dividends — affiliated issuers | 91216 | 20648 | 2457 |
|  Non cash dividend income |  |  | 9815 |
|  Total Investment Income | 19004373 | 2977966 | 43480 |
| Expenses: |  |  |  |
|  Management fees | 952709 | 1426290 | 23000 |
|  Trustee fees | 33704 | 29245 |  |
|  **Total expenses** | 986413 | 1455535 | 23000 |
|  Less — expense reductions | (1750) | (862) | (66) |
|  **Net expenses** | 984663 | 1454673 | 22934 |
|  **NET INVESTMENT INCOME** | 18019710 | 1523293 | 20546 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (27249411) | (15670375) | (41287) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 46686 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 329893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 65108851 | 70400965 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions |  |  | (32303) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $–, $– and $1,927, respectively) | 71041120 | 12683109 | (321117) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 532406 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations |  |  | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  |  | (2059) |
|  **Net realized and unrealized gain (loss)** | 109809545 | 67413699 | (395133) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $127829255 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68936992 | $(374587) |

---

\* For the period April 1, 2025 (commencement of operations) through August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **JUST U.S. Large Cap<br>Equity ETF** | **Small Cap Equity<br>ETF** |
| Investment income: |  |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $156,515, $252 and $5,620, respectively) | $2842379 | $5640627 | $1199930 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 234563 | 12980 | 9137 |
|  Dividends — affiliated issuers | 45330 | 80830 | 77892 |
|  **Total Investment Income** | 3122272 | 5734437 | 1286959 |
| Expenses: |  |  |  |
|  Management fees | 1226431 | 814899 | 1037105 |
|  Trustee fees | 28877 | 29859 | 28157 |
|  **Total expenses** | 1255308 | 844758 | 1065262 |
|  Less — expense reductions | (706) | (1345) | (69829) |
|  **Net expenses** | 1254602 | 843413 | 995433 |
|  **NET INVESTMENT INCOME** | 1867670 | 4891024 | 291526 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 10402855 | (4113409) | (11758552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 114623 | (17711) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 565481 | 95638 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 49151981 | 22452343 | 6715186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (46152) | (25) |  |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (16914709) | 35758094 | 6644854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | (171138) | 752169 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2843 |  |  |
|  **Net realized and unrealized gain** | 43105784 | 54927099 | 1601488 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $44973454 | $59818123 | $1893014 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large Cap Equity ETF**  | **Equal Weight U.S. Large Cap Equity ETF**  | **Hedge Industry VIP ETF**  | **Hedge Industry VIP ETF**  |
|  | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $18019710 | $10337819 | $1523293 | $1381348 |
|  Net realized gain | 38236019 | 7281443 | 54730590 | 23962722 |
|  Net change in unrealized gain | 71573526 | 112370534 | 12683109 | 24120114 |
|  **Net increase in net assets resulting from operations** | 127829255 | 129989796 | 68936992 | 49464184 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (16518301) | (9660633) | (904128) | (1204174) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 594089469 | 295567457 | 229217606 | 244704861 |
|  Cost of shares redeemed | (187596129) | (60734754) | (211872367) | (147544852) |
| **Net increase in net assets resulting from share transactions** | 406493340 | 234832703 | 17345239 | 97160009 |
|  **TOTAL INCREASE** | 517804294 | 355161866 | 85378103 | 145420019 |
| Net Assets: |  |  |  |  |
|  Beginning of year | $817695956 | $462534090 | $287583542 | $142163523 |
|  End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335500250 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817695956 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372961645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287583542 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **India Equity ETF**  | **Innovate Equity ETF**  | **Innovate Equity ETF**  |
|  | **For the Period<br>April 1, 2025<sup>\*</sup>**<br> **to**<br> **August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |
|  Net investment income | $20546 | $1867670 | $2621785 |
|  Net realized gain (loss) | (71890) | 60188788 | 15870055 |
|  Net change in unrealized gain (loss) | (323243) | (17083004) | 47697959 |
|  **Net increase (decrease) in net assets resulting from operations** | (374587) | 44973454 | 66189799 |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings |  | (3331425) | (3615832) |
| From share transactions: |  |  |  |
|  Proceeds from sales of shares | 11977741 |  | 18893627 |
|  Cost of shares redeemed | (685476) | (164584299) | (65701777) |
| **Net increase (decrease) in net assets resulting from share transactions** | 11292265 | (164584299) | (46808150) |
|  **TOTAL INCREASE (DECREASE)** | 10917678 | (122942270) | 15765817 |
| Net Assets: |  |  |  |
|  Beginning of period | $– | $351841378 | $336075561 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10917678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228899108 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351841378 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JUST U.S. Large Cap Equity ETF**  | **JUST U.S. Large Cap Equity ETF**  | **Small Cap Equity ETF**  | **Small Cap Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Period<br>October 3, 2023<sup>\*</sup><br>to**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $4891024 | $4202236 | $291526 | $53722 |
|  Net realized gain (loss) | 18416836 | 12376168 | (5043366) | 443944 |
|  Net change in unrealized gain | 36510263 | 62911980 | 6644854 | 7609535 |
|  **Net increase in net assets resulting from operations** | 59818123 | 79490384 | 1893014 | 8107201 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (4768873) | (4197696) | (374278) | (44301) |
| &nbsp;&nbsp;&nbsp;&nbsp; From return of capital |  |  | (590432) |  |
|  **Total distributions to shareholders** | (4768873) | (4197696) | (964710) | (44301) |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 110925014 | 46501015 | 101932655 | 74294488 |
|  Cost of shares redeemed | (48439198) | (38625587) | (34419519) | (4698803) |
| **Net increase in net assets resulting from share transactions** | 62485816 | 7875428 | 67513136 | 69595685 |
|  **TOTAL INCREASE** | 117535066 | 83168116 | 68441440 | 77658585 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $360914669 | $277746553 | $77658585 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478449735 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360914669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146100025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77658585 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUAL WEIGHT U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** | **Equal Weight U.S. Large Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $76.06 | $62.93 | $58.98 | $70.00 | $50.86 |
|  Net investment income<sup>(a)</sup> | 1.30 | 1.18 | 1.03 | 0.94 | 0.85 |
|  Net realized and unrealized gain (loss) | 8.12 | 13.09 | 3.94 | (10.98) | 19.09 |
|  Total from investment operations | 9.42 | 14.27 | 4.97 | (10.04) | 19.94 |
|  Distributions to shareholders from net investment income | (1.22) | (1.14) | (1.02) | (0.98) | (0.80) |
|  Net asset value, end of year | $84.26 | $76.06 | $62.93 | $58.98 | $70.00 |
|  Market price, end of year | $84.23 | $76.06 | $62.93 | $58.99 | $69.99 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 12.52% | 22.93% | 8.58% | (14.48)% | 39.56% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335500 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613410 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;857504 |
|  Ratio of net expenses to average net assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 1.64% | 1.72% | 1.72% | 1.43% | 1.39% |
|  Portfolio turnover rate<sup>(c)</sup> | 46% | 39% | 44% | 47% | 43% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS HEDGE INDUSTRY VIP ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** | **Hedge Industry VIP ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $116.20 | $88.85 | $75.37 | $103.18 | $79.37 |
|  Net investment income (loss)<sup>(a)</sup> | 0.60 <sup>(b)</sup> | 0.76 | 0.17 | (0.04)<sup>(c)</sup> | (0.07) |
|  Net realized and unrealized gain (loss) | 27.00 | 27.33 | 13.32 | (27.77) | 23.88 |
|  Total from investment operations | 27.60 | 28.09 | 13.49 | (27.81) | 23.81 |
|  Distributions to shareholders from net investment income | (0.35) | (0.74) | (0.01) |  | – <sup>(d)</sup> |
|  Net asset value, end of year | $143.45 | $116.20 | $88.85 | $75.37 | $103.18 |
|  Market price, end of year | $143.39 | $116.03 | $88.90 | $75.47 | $103.21 |
|  **Total Return at Net Asset Value<sup>(e)</sup>** | 23.80% | 31.79% | 17.90% | (26.95)% | 30.00% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372962 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287584 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145084 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221834 |
|  Ratio of net expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income (loss) to average net assets | 0.47 %<sup>(b)</sup> | 0.74% | 0.23% | (0.05)%<sup>(c)</sup> | (0.08)% |
|  Portfolio turnover rate<sup>(f)</sup> | 137% | 144% | 120% | 117% | 136% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.20 per share and 0.15% of average net assets. 

<sup>(c)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.05 per share and 0.05% of average net assets. 

<sup>(d)</sup> Amount is less than $0.005 per share. 

<sup>(e)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(f)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS INDIA EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **India Equity ETF** |
|  | **For the Period<br>April 1, 2025<sup>\*</sup><br>to**<br> **August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $24.95 |
|  Net investment income<sup>(a)</sup> | 0.07 |
|  Net realized and unrealized gain | 0.67 |
|  Total from investment operations | 0.74 |
|  Net asset value, end of period | $25.69 |
|  Market price, end of period | $25.92 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 2.89% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10918 |
|  Ratio of net expenses to average net assets | 0.75 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.67 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 22% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS INNOVATE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** | **Innovate Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Period<br>November 6, 2020<sup>\*</sup><br>to**<br> **August 31, 2021** |
|  | **2025** | **2024** | **2023** | **2022** | **For the Period<br>November 6, 2020<sup>\*</sup><br>to**<br> **August 31, 2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of period | $59.13 | $49.42 | $43.67 | $63.23 | $50.03 |
|  Net investment income<sup>(a)</sup> | 0.47 | 0.40 | 0.43 | 0.33 | 0.24 |
|  Net realized and unrealized gain (loss) | 11.60 | 9.84 | 5.39 | (19.43) | 13.15 |
|  Total from investment operations | 12.07 | 10.24 | 5.82 | (19.10) | 13.39 |
|  Distributions to shareholders from net investment income | (0.77) | (0.53) | (0.07) | (0.46) | (0.19) |
|  Net asset value, end of period | $70.43 | $59.13 | $49.42 | $43.67 | $63.23 |
|  Market price, end of period | $70.42 | $59.14 | $49.42 | $43.62 | $63.34 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 20.58% | 20.86% | 13.38% | (30.35)% | 26.80% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351841 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336076 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493184 |
|  Ratio of net expenses to average net assets | 0.50% | 0.50% | 0.50% | 0.50% | 0.50 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.74% | 0.76% | 0.97% | 0.62% | 0.50 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 45% | 33% | 45% | 38% | 38% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS JUST U.S. LARGE CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** | **JUST U.S. Large Cap Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $80.65 | $64.22 | $56.72 | $65.65 | $50.92 |
|  Net investment income<sup>(a)</sup> | 0.97 | 0.93 | 0.89 | 0.82 | 0.74 |
|  Net realized and unrealized gain (loss) | 10.90 | 16.43 | 7.49 | (8.97) | 14.70 |
|  Total from investment operations | 11.87 | 17.36 | 8.38 | (8.15) | 15.44 |
|  Distributions to shareholders from net investment income | (0.95) | (0.93) | (0.88) | (0.78) | (0.71) |
|  Net asset value, end of year | $91.57 | $80.65 | $64.22 | $56.72 | $65.65 |
|  Market price, end of year | $91.56 | $80.67 | $64.27 | $56.84 | $65.68 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 14.84% | 27.27% | 15.00% | (12.53)% | 30.61% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478450 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277747 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;269428 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264240 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of net investment income to average net assets | 1.16% | 1.31% | 1.52% | 1.31% | 1.29% |
|  Portfolio turnover rate<sup>(c)</sup> | 14% | 9% | 9% | 12% | 11% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS SMALL CAP EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Small Cap Equity ETF** | **Small Cap Equity ETF** |
|  | **For the Fiscal<br>Year Ended August<br>31, 2025** | **For the Period<br>October 3, 2023<sup>\*</sup><br>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $52.65 | $39.36 |
|  Net investment income<sup>(a)</sup> | 0.11 | 0.09 |
|  Net realized and unrealized gain | 1.20 | 13.30 |
|  Total from investment operations | 1.31 | 13.39 |
|  Distributions to shareholders from net investment income | (0.14) | (0.10) |
|  Distributions to shareholders from return of capital | (0.21) |  |
|  Total distributions | (0.35) | (0.10) |
|  Net asset value, end of period | $53.61 | $52.65 |
|  Market price, end of period | $53.60 | $52.64 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 2.52% | 34.05% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77659 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.80% | 0.80 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.22% | 0.21 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 57% | 41% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/<br> Non-Diversified** |
|  Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | Diversified |
|  Goldman Sachs Hedge Industry VIP ETF | Diversified |
|  Goldman Sachs India Equity ETF<sup>(a)</sup> | Non-Diversified |
|  Goldman Sachs Innovate Equity ETF | Diversified |
|  Goldman Sachs JUST U.S. Large Cap Equity ETF | Diversified |
|  Goldman Sachs Small Cap Equity ETF | Non-diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

The investment objective of each Fund (except India Equity ETF and Small Cap Equity ETF) is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective index. The India Equity ETF seeks long-term capital appreciation and the Small Cap Equity ETF seeks long-term growth of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), shares of the India Equity ETF are listed and traded on the NASDAQ Stock Market LLC ("NASDAQ") and shares of the Equal Weight U.S. Large Cap Equity ETF are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date. Realized gains and losses are calculated using identified cost. Investment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**39**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

transactions are recorded on the following business day for daily NAV calculations. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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 distributions, if any, are declared and paid quarterly with respect to Equal Weight U.S. Large Cap Equity ETF, JUST U.S. Large Cap Equity ETF, India Equity ETF and Small Cap Equity ETF, and annually for Hedge Industry VIP ETF and Innovate Equity ETF. Capital gains distributions, if any, are declared and paid annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Equal Weight U.S. Large Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $8048242 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 1324582432 |  |  |
|  Investment Company | 1146927 |  |  |
|  Securities Lending Reinvestment Vehicle | 6739710 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340517311 | $— | $— |
| **Hedge Industry VIP ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $30588063 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 23203757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 311579640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 7871272 |  |  |
|  **Total** | $373242732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **India Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $10605779 | $2087 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 78608 |  |  |
|  Investment Company | 158176 |  |  |
|  **Total** | $10842563 | $2087 | $— |
| **Derivative Type** |  |  |  |
| Liabilities |  |  |  |
|  Futures Contracts<sup>(b)</sup> | $(2059) | $— | $— |
| **Innovate Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $34944777 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 17952196 |  | 28402 |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 171861355 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 745816 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2503076 |  |  |
|  Exchange-Traded Fund | 159336 |  |  |
|  Investment Company | 423357 |  |  |
|  Securities Lending Reinvestment Vehicle | 6658187 |  |  |
|  **Total** | $235248100 | $— | $28402 |
| **JUST U.S. Large Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | $2111026 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 474469254 |  |  |
|  Investment Company | 1368665 |  |  |
|  Securities Lending Reinvestment Vehicle | 62724 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478011669 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**43**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Small Cap Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | $144209312 | $— | $— |
|  Investment Company | 1812482 |  |  |
|  Securities Lending Reinvestment Vehicle | 1540377 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147562171 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount shown represents unrealized gain (loss) at fiscal year end.

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

4 INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| India Equity ETF | India Equity ETF |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities |  |
|  Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Variation margin on futures contracts | $(2059) |

---

1 Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

---

| | | | |
|:---|:---|:---|:---|
| India Equity ETF | India Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $1700 | $(2059) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 INVESTMENTS IN DERIVATIVES (continued)

For the fiscal year ended August 31, 2025, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | Futures Contracts |
|  India Equity ETF | 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of future contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate 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 Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net unitary management fees with GSAM were at the following rates:

---

| | |
|:---|:---|
| **Fund** | Unitary Management Fee |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Weight U.S. Large Cap Equity ETF | 0.09% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge Industry VIP ETF | 0.45% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India Equity ETF | 0.75% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate Equity ETF | 0.50% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUST U.S. Large Cap Equity ETF | 0.20% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Equity ETF | 0.80% |

---

The Investment Adviser has agreed to waive a portion of its management fee for Small Cap Equity ETF in order to achieve a net management fee rate of 0.75% as an annual percentage for the Fund's average daily net assets. This arrangement will remain in effect through at least December 29, 2025, and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. During the fiscal year ended August 31, 2025, the Small Cap Equity ETF waived $66,579 in management fees.

The Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, India Equity ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2025, the management fee waived by GSAM for each Fund was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | |
|:---|:---|
| **Fund** | Management<br>Fee Waived |
|  Equal Weight U.S. Large Cap Equity ETF | $1750 |
|  Hedge Industry VIP ETF | 862 |
|  India Equity ETF | 66 |
|  Innovate Equity ETF | 706 |
|  JUST U.S. Large Cap Equity ETF | 1345 |
|  Small Cap Equity ETF | 3250 |

---

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The Funds 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 Funds' investments in The Goldman Sachs Group, Inc. and Goldman Sachs Financial Square Treasury Obligations Fund for the fiscal year ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF | Equal Weight U.S. Large Cap Equity ETF |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $1324362 | $18613490 | $(18790925) | $– | $– | $1146927 | 1146927 | $43005 | $– |
|  Goldman Sachs Group, Inc. (The) |  |  |  |  |  |  |  |  |  |
|  | 1645556 | 1540411 | (1415778) | 376579 | 532406 | 2679174 | 3595 | 48211 |  |
|  Total | $2969918 | $20153901 | $(20206703) | $376579 | $532406 | $3826101 |  | $91216 | $– |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF | Hedge Industry VIP ETF |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** |  | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $193181 | $18022549 | $(18215730) |)$– |  | $– | $– | $– | $20648 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF | India Equity ETF |
| **Underlying Fund** | **Beginning value<br>as of April 1,<br>2025** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $– | $1738656 | $(1580480) | $– | $– | $158176 | 158176 | $2457 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIAED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF | Innovate Equity ETF |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $– | $12412011 | $(11988654) | $– | $– | $423357 | 423357 | $17036 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |  |  |  |  |
|  | 1956299 | 64244 | (1202964) | 680104 | (171138) | 1326545 | 1780 | 28294 |  |
|  Total | $1956299 | $12476255 | $(13191618) | $680104 | $(171138) | $1749902 |  | $45330 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF | JUST U.S. Large Cap Equity ETF |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $302378 | $10630552 | $(9564265) | $– | $– | $1368665 | 1368665 | $32744 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |  |
|  | 1752198 | 647476 | (516315) | 77927 | 752169 | 2713455 | 3641 | 48086 |  |
|  Total | $2054576 | $11278028 | $(10080580) | $77927 | $752169 | $4082120 |  | $80830 | $– |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF | Small Cap Equity ETF |
| **Underlying**<br> **Fund** | **Beginning value<br>as of August 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,**<br> **2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |  |  |
|  | $1331782 | $20012682 | $(19531982) | $– | $– | $1812482 | 1812482 | $77892 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 Statements of Changes in Net Assets. Share activity is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** | **Goldman Sachs Equal Weight U.S. Large Cap Equity ETF** |
|  | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2024** | **For the Fiscal<br>Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 7600000 | $594089469 | 4300000 | $295567457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2500000) | (187596129) | (900000) | (60734754) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 5100000 | $406493340 | 3400000 | $234832703 |
|  | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** | **Goldman Sachs Hedge Industry VIP ETF** |
|  | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2024** | **For the Fiscal<br>Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1750000 | $229217606 | 2275000 | $244704861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (1625000) | (211872367) | (1400000) | (147544852) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 125000 | $17345239 | 875000 | $97160009 |

---

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs India Equity ETF** | **Goldman Sachs India Equity ETF** |
|  | **For the Period<br>April 1, 2025<sup>(a)</sup><br>to<br>August 31, 2025** | **For the Period<br>April 1, 2025<sup>(a)</sup><br>to<br>August 31, 2025** |
|  | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 450000 | $11977741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (25000) | (685476) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 425000 | $11292265 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** | **Goldman Sachs Innovate Equity ETF** |
|  | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2024** | **For the Fiscal<br>Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 350000 | $18893627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2700000) | (164584299) | (1200000) | (65701777) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET DECREASE IN SHARES** | (2700000) | $(164584299) | (850000) | $(46808150) |
|  | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** | **Goldman Sachs JUST U.S. Large Cap Equity ETF** |
|  | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2025** | **For the Fiscal<br>Year Ended August 31, 2024** | **For the Fiscal<br>Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1325000 | $110925014 | 700000 | $46501015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (575000) | (48439198) | (550000) | (38625587) |
| &nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 750000 | $62485816 | 150000 | $7875428 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. CREATION AND REDEMPTION OF CREATIONUNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** | **Goldman Sachs Small Cap Equity ETF** |
|  | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Period October 3,<br>2023<sup>(a)</sup> to August 31, 2024** | **For the Period October 3,<br>2023<sup>(a)</sup> to August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold** | 1950000 | $101932655 | 1575000 | $74294488 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (700000) | (34419519) | (100000) | (4698803) |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 1250000 | $67513136 | 1475000 | $69595685 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on October 3, 2023.

7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales of long-term securities for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Equal Weight U.S. Large Cap Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510559734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;507043288 |
|  Hedge Industry VIP ETF | 445945862 | 442373245 |
|  India Equity ETF <sup>(a)</sup> | 12554050 | 1545089 |
|  Innovate Equity ETF | 113095237 | 121697663 |
|  JUST U.S. Large Cap Equity ETF | 60323749 | 57149450 |
|  Small Cap Equity ETF | 74908832 | 74223157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equal Weight U.S. Large Cap Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592892292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188228276 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hedge Industry VIP ETF | 227514614 | 211988752 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Innovate Equity ETF |  | 157804632 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;JUST U.S. Large Cap Equity ETF | 105601825 | 47289027 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Small Cap Equity ETF | 100508397 | 34181564 |

---

8. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**49**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

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. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Both the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025, are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as<br> of August 31, 2025** |
|  Equal Weight U.S. Large Cap Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $54871424 | $(48131714) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6739710 |
|  Hedge Industry VIP ETF | 1098925 | 37118892 | (38217817) |  |
|  Innovate Equity ETF | 4640626 | 51844330 | (49826769) | 6658187 |
|  JUST U.S. Large Cap Equity ETF | 522 | 2044371 | (1982169) | 62724 |
|  Small Cap Equity ETF | 423919 | 16581610 | (15465152) | 1540377 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9 . TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity ETF** | **Hedge Industry<br>VIP ETF** | **India Equity ETF <sup>(a)</sup>** | **Innovate Equity ETF** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16518301 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904128 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331425 |
|  |  |  | **JUST U.S. Large Cap<br>Equity ETF** | **Small Cap Equity ETF** |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768873 | $374278 |
|  Return of Capital |  |  | $— | $590432 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity ETF** | **Hedge Industry<br>VIP ETF** | **Innovate Equity ETF** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9660633 | $1204174 | $3615832 |
|  |  | **JUST U.S. Large Cap<br>Equity ETF** | **Small Cap Equity ETF** |
|  Distributions paid from: |  |  |  |
|  Ordinary Income |  | $4197696 | $44301 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S.<br>Large Cap Equity<br>ETF** | **Hedge Industry<br>VIP ETF** | **India Equity ETF <sup>(a)</sup>** | **Innovate Equity**<br> **ETF<sup>\*</sup>** |
|  Undistributed ordinary income — net | $3666521 | $1205430 | $— | $1695816 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (26592013) | (61923338) |  | (17572871) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (46075363) | (13461070) |  | (56612395) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total capital loss carryforwards | (72667376) | (75384408) |  | (74185266) |
|  Timing differences — (Qualified Late Year Ordinary Loss Deferral/ Post-October Capital Loss Deferral) | (18753819) | (13923401) |  |  |
|  Unrealized gains (losses) — net | 201611480 | 57044187 | (365356) | 43729908 |
|  Total accumulated earnings (losses) — net | $113856806 | $(31058192) | $(365356) | $(28759542) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

\* The Innovate Equity ETF utilized $665,678 of capital losses in the current fiscal year. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**51**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9 . TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **JUST U.S. Large<br>Cap Equity ETF** | **Small Cap Equity<br>ETF** |
|  Undistributed ordinary income — net | $824851 | $— |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (6141711) | (735715) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (6612502) | (94296) |
|  Total capital loss carryforwards | (12754213) | (830011) |
|  Timing differences — (Qualified Late Year Ordinary Loss Deferral/Post-October Capital Loss Deferral) | (4137087) | (11302682) |
|  Unrealized gains (losses) — net | 150452833 | 14121695 |
|  Total accumulated earnings (losses) — net | $134386384 | $1989002 |

---

As of the fiscal year ended August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Equal Weight U.S. Large<br>Cap Equity ETF** | **Hedge Industry VIP ETF** | **India Equity ETF <sup>(a)</sup>** | **Innovate Equity ETF** |
|  Tax Cost | $1138905831 | $316198545 | $11205953 | $191551667 |
|  Gross unrealized gain | 240079754 | 59215813 | 379946 | 62063766 |
|  Gross unrealized loss | (38468274) | (2171626) | (745302) | (18333858) |
|  Net unrealized gain (loss) | $201611480 | $57044187 | $(365356) | $43729908 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

---

| | | |
|:---|:---|:---|
|  | **JUST U.S. Large Cap<br>Equity ETF** | **Small Cap Equity ETF** |
|  Tax Cost | $327558836 | $133440476 |
|  Gross unrealized gain | 165059207 | 19220756 |
|  Gross unrealized loss | (14606374) | (5099061) |
|  Net unrealized gain (loss) | $150452833 | $14121695 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

In order to present components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds' and result primarily from redemption in-kind transactions and underlying fund transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9 . TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital**  | **Total<br>Distributable<br>Earnings** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Equal Weight U.S. Large Cap Equity ETF | $58893860 | $(58893860) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Hedge Industry VIP ETF | 68248141 | (68248141) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs India Equity ETF<sup>(a)</sup> | (9231) | 9231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Innovate Equity ETF | 48120576 | (48120576) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs JUST U.S. Large Cap Equity ETF | 22302160 | (22302160) |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Small Cap Equity ETF | 6706861 | (6706861) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on April 1, 2025.

GSAM has reviewed the Funds' tax positions for all open tax years (the current year, and prior three tax years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

10 . OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent the Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that the Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to the Fund and may negatively impact the Fund's performance.

Index Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — GSAM, JUST Capital Foundation, Inc. and Solactive AG (the "Index Providers") construct the respective Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**53**

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GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 . OTHER RISKS (continued)

decline or a decline in the value of one or more issuers. When the Index is rebalanced and a Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Providers may utilize third party data in constructing each Index, but not guarantee the accuracy or availability of such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. The Index Providers may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — In following its methodology, an Index from time to time may be concentrated to a significant degree in securities of issuers located in a single industry or group of industries. To the extent that an Index concentrates in the securities of issuers in a particular industry or group of industries, the Fund also will concentrate its investments to approximately the same extent. By concentrating its investments in an industry or group of industries, the applicable Fund may face more risks than if it were diversified broadly over numerous industries or groups of industries. If an Index is not concentrated in a particular industry or group of industries, the applicable Fund will not concentrate in a particular industry or group of industries.

Investment Style Risk — Different investment styles (e.g., growth, value or quantitative) tend to shift in and out of favor depending upon market and economic conditions and investor sentiment. The Fund may outperform or underperform other funds that invest in similar asset classes but employ different investment styles.

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 Cboe or NYSE Arca and may, therefore, have a material upward or downward effect on the market price of the Shares.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enters into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of the securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors or governments and/or general economic conditions throughout the world due to increasingly interconnected global economies and financial markets. Events such as war, military conflict, geopolitical disputes, acts of terrorism, social or political unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, tariffs and other restrictions on trade, sanctions or the spread of infectious illness or other public health threats, or the threat or potential of one or more such events and developments, could also significantly impact a Fund and its investments. Additionally, a Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

Market Trading Risk — Each Fund faces numerous market trading risks, including disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for Shares. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may pay more for, or receive less than, the underlying value of the Shares, respectively. The Investment Adviser cannot predict whether Shares will trade below, at or above their NAV. Price differences may be due, in large part, to the fact that supply and demand forces at work in the secondary trading market for Shares will be closely related to, but not identical to, the

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 . OTHER RISKS (continued)

same forces influencing the prices of the securities of a Fund's Index (except India Equity ETF and Small Cap Equity ETF) 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 India Equity ETF and Small Cap Equity ETF are non-diversified, meaning that each is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds. Thus, each 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. The JUST U.S. Large Cap Equity ETF is classified as "diversified"; however, the Fund may become "non-diversified" to the extent its Index is non-diversified and thus may invest a larger percentage of its assets in fewer issuers than diversified funds.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk (each Fund except India Equity ETF and Small Cap Equity ETF) — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. OTHER MATTERS

Effective after the close of business on April 30, 2025, the Goldman Sachs Small Cap Core Equity was renamed the Goldman Sachs Small Cap Equity ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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**55**

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## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs India Equity ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF and Goldman Sachs Small Cap Equity ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (six of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs Small Cap Equity ETF and Goldman Sachs JUST U.S. Large Cap Equity ETF<br>| For the year ended August 31, 2025 | For the two years ended August 31, 2025 | For each of the periods indicated therein |
| &nbsp;&nbsp;&nbsp;Goldman Sachs India Equity ETF | For the period April 1, 2025 (commencement of operations) through August 31, 2025 | For the period April 1, 2025 (commencement of operations) through August 31, 2025 | For the period April 1, 2025 (commencement of operations) through August 31, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

**Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF, and Goldman Sachs Small Cap Equity ETF (Unaudited)** 

#### Background
The Goldman Sachs Equal Weight U.S. Large Cap Equity ETF, Goldman Sachs Hedge Industry VIP ETF, Goldman Sachs Innovate Equity ETF, Goldman Sachs JUST U.S. Large Cap Equity ETF, and Goldman Sachs Small Cap Equity ETF (formerly, Goldman Sachs Small Cap Core Equity ETF) (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including (i) comparisons to the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"); (ii) its underlying index (except for the Small Cap Equity ETF) or its benchmark performance index (in the case of the Small Cap Equity ETF); and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance (except for Small Cap Equity ETF) and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in the case of the Small Cap Equity ETF, the undertaking of the Investment Adviser to implement a fee waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser and its affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### Nature, Extent, and Quality of the Services Provided Under the Management Agreement

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and/or ratings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Funds' category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one-, three-, and five-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund's (except for the Small Cap Equity ETF) performance to that of its respective index. The Trustees observed that each Fund's (except for the Small Cap Equity ETF) investment performance was consistent with the investment objective of tracking its index. With respect to the Small Cap Equity

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

ETF, the Trustees noted that the Fund had placed in the third quartile of its peer group, and had underperformed its benchmark index for the one-year period ended March 31, 2025. The Trustees noted that the Small Cap Equity ETF's investment performance was consistent with its investment objective of seeking long-term growth of capital.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds' fee rates and expense ratios to those of relevant peer funds were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for the Funds was provided for 2024 and 2023. The Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which certain Funds' securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) 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 Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive (or are expected to receive) certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited)</u> 

#### Goldman Sachs India Equity ETF (Unaudited)

#### Background
The Goldman Sachs India Equity ETF (the "Fund") is a newly-organized investment portfolio of Goldman Sachs ETF Trust (the "Trust") that commenced investment operations on April 1, 2025. At a meeting held on February 11-12, 2025 (the "Meeting") in connection with the Fund's organization, the Board of Trustees, including all of the Trustees 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") on behalf of the Fund. 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"); 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 and other regulatory requirements related to the approval of registered fund investment management agreements 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 to the Fund by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that would be provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers would operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. 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 an actively-managed ETF and seek to achieve long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who would provide services to the Fund. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Fund. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser would be able to commit substantial financial and operational 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 ETFs and has extensive experience managing other types of registered investment companies. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Fund and the Investment Adviser and its affiliates.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by the Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which the Fund pays a single management 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 and litigation, indemnification and extraordinary expenses. In addition, the Trustees considered information on the services to be rendered by the Investment Adviser to the Fund, which would include both advisory and non-advisory services 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, as well as the Fund's peer group and category medians. The comparisons of the Fund's unitary management fee rate and projected expense ratio to those of relevant peer funds were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. The Trustees concluded that the comparisons were

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**61**

------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Initial Approval of Management Agreement (Unaudited) (continued)</u> 

useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Fund. The Trustees concluded that the Investment Adviser's management of the Fund likely would benefit the Fund and its shareholders. They also noted that shareholders would be able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of the Fund.

#### Profitability
In addition, 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.

#### Economies of Scale
The Trustees noted that the Fund, similar to many other ETFs, would not have management fee breakpoints. The Trustees 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. They further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining the Fund's unitary management fee rate.

#### 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 as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Fund's securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Fund on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) 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; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) 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 more likely to do business with other areas of Goldman Sachs & Co LLC ("Goldman Sachs"). In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Fund and Its Shareholders
The Trustees also noted that the Fund is expected to receive certain other potential benefits as a result of its relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Fund with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Fund as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) 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; (g) the Fund's access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Fund's access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Fund's shareholders invested in the Fund in part because of the Fund's relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 management fee to be 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 for an initial two-year period from its effective date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62.0 ------

GOLDMAN SACHS EQUITY ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Goldman Sachs ETF Trust – Equity ETFs - Tax Information (Unaudited)

For the fiscal year ended August 31, 2025, 84.40%, 96.28%, 56.98%, 100% and 100% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF, respectively, qualify for the dividends received deduction available to corporations.

For the fiscal year ended August 31, 2025, 92.41%, 100%, 99.96%, 100% and 62.72% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Hedge Industry VIP ETF, Innovate Equity ETF, JUST U.S. Large Cap Equity ETF and Small Cap Equity ETF, respectively, qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2025, 7.59%, 0.04% & 27.87% of the dividends paid from net investment company taxable income by the Equal Weight U.S. Large Cap Equity ETF, Innovate Equity ETF and Small Cap Equity ETF, respectively, qualify as section 199A dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**63**

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![LOGO](g98513dsp064.jpg)

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![LOGO](g113525dsp001.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Future Thematic Equity ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | **Page** |
|  **Schedule of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Health Care Equity ETF](#fu113525_1) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Tech Leaders Equity ETF](#fu113525_2) | 5 |
|  **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#fu113525_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#fu113525_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fu113525_5) | 9 |
|  **Financial Highlights** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Health Care Equity ETF](#fu113525_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Future Tech Leaders Equity ETF](#fu113525_7) | 11 |
|  **[Notes to Financial Statements](#fu113525_8)** | 12 |
|  **[Report of Independent Registered Public Accounting Firm](#fu113525_9)** | 23 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#fu113525_10)** | 24 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – 98.4% | Common Stocks – 98.4% | Common Stocks – 98.4% |
| Canada – 0.8% | Canada – 0.8% | Canada – 0.8% |
| 4046 | Xenon Pharmaceuticals, Inc. (Health Care)\* | $156621 |
| Denmark – 2.6% | Denmark – 2.6% | Denmark – 2.6% |
| 9283 | Novo Nordisk A/S, Class B (Health Care) | 522285 |
| France – 1.2% | France – 1.2% | France – 1.2% |
| 1259 | Sartorius Stedim Biotech (Health Care) | 257743 |
| Germany – 0.5% | Germany – 0.5% | Germany – 0.5% |
| 956 | BioNTech SE ADR (Health Care)\* | 95600 |
| Japan – 4.1% | Japan – 4.1% | Japan – 4.1% |
| 4556 | Hoya Corp. (Health Care) | 597330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13251 | Kyowa Kirin Co. Ltd. (Health Care) | 229687 |
|  |  | 827017 |
| Netherlands – 2.9% | Netherlands – 2.9% | Netherlands – 2.9% |
| 844 | Argenx SE ADR (Health Care)\* | 601097 |
| Switzerland – 3.3% | Switzerland – 3.3% | Switzerland – 3.3% |
| 964 | Lonza Group AG (Health Care) | 684047 |
| United Kingdom – 4.6% | United Kingdom – 4.6% | United Kingdom – 4.6% |
| 5829 | AstraZeneca PLC (Health Care) | 928494 |
| United States – 78.4% | United States – 78.4% | United States – 78.4% |
| 9880 | Abbott Laboratories (Health Care) | 1310681 |
| 5370 | AbbVie, Inc. (Health Care) | 1129848 |
| 5078 | Agilent Technologies, Inc. (Health Care) | 638102 |
| 1320 | Align Technology, Inc. (Health Care)\* | 187387 |
| 1508 | Alnylam Pharmaceuticals, Inc. (Health Care)\* | 673337 |
| 3944 | Apogee Therapeutics, Inc. (Health Care)\* | 143443 |
| 9935 | BioMarin Pharmaceutical, Inc. (Health Care)\* | 578913 |
| 16640 | Boston Scientific Corp. (Health Care)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755520 |
| 1391 | Cencora, Inc. (Health Care) | 405630 |
| 4323 | Cooper Cos., Inc. (The) (Health Care)\* | 291349 |
| 1743 | Danaher Corp. (Health Care) | 358744 |
| 7217 | Dexcom, Inc. (Health Care)\* | 543729 |
| 2528 | Eli Lilly & Co. (Health Care) | 1851962 |
| 1473 | Insmed, Inc. (Health Care)\* | 200475 |
| 2931 | Insulet Corp. (Health Care)\* | 996188 |
| 2027 | Intuitive Surgical, Inc. (Health Care)\* | 959369 |
| 1829 | iRhythm Technologies, Inc. (Health Care)\* | 310893 |

---

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| 515 | Madrigal Pharmaceuticals, Inc. (Health Care)\* | $225493 |
| 295 | Mettler-Toledo International, Inc. (Health Care)\* | 383807 |
| 3408 | MoonLake Immunotherapeutics (Health Care)\* | 189996 |
| 929 | Natera, Inc. (Health Care)\* | 156304 |
| 4067 | Neurocrine Biosciences, Inc. (Health Care)\* | 567753 |
| 2610 | REVOLUTION Medicines, Inc. (Health Care)\* | 99102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17426 | Roivant Sciences Ltd. (Health Care)\* | 207892 |
| 1520 | Thermo Fisher Scientific, Inc. (Health Care) | 748934 |
| 3490 | Ultragenyx Pharmaceutical, Inc. (Health Care)\* | 104560 |
| 783 | UnitedHealth Group, Inc. (Health Care) | 242628 |
| 1914 | Veeva Systems, Inc., Class A (Health Care)\* | 515249 |
| 578 | West Pharmaceutical Services, Inc. (Health Care) | 142737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15920025 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $17,184,495) | (Cost $17,184,495) | 19992929 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 1.5%<sup>(a)</sup> | Investment Company – 1.5%<sup>(a)</sup> | Investment Company – 1.5%<sup>(a)</sup> |
| Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| 302347 | 4.114% | 302347 |
| (Cost $302,347)  | (Cost $302,347)  | (Cost $302,347)  |
| TOTAL INVESTMENTS – 99.9% | TOTAL INVESTMENTS – 99.9% | TOTAL INVESTMENTS – 99.9% |
| (Cost $17,486,842) | (Cost $17,486,842) | $20295276 |
| OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1% | OTHER ASSETS IN EXCESS OF LIABILITIES<br>– 0.1% | 13052 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $20308328 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | 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:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

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GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Sector Name** | **% of**<br> **Market<br>Value** |
|  Health Care | 98.5% |
|  Investment Company | 1.5 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

---

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GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares**<br>| **Description**<br>| **Value** |
| Common Stocks – 98.5% | Common Stocks – 98.5% | Common Stocks – 98.5% |
| Communication Services – 11.1% | Communication Services – 11.1% | Communication Services – 11.1% |
| 69475 | Capcom Co. Ltd. (Japan) | $1895095 |
| 56647 | Cellnex Telecom SA (Spain)\*<sup>(a)</sup> | 2015020 |
| 261407 | Kuaishou Technology (China)\*<sup>(a)</sup> | 2526603 |
| 128404 | NetEase, Inc. (China) | 3498401 |
| 22637 | ROBLOX Corp., Class A\* | 2820344 |
| 6781 | Spotify Technology SA\* | 4623828 |
| 83205 | Tencent Music Entertainment Group ADR (China) | 2040187 |
|  |  | 19419478 |
| Consumer Discretionary – 6.5% | Consumer Discretionary – 6.5% | Consumer Discretionary – 6.5% |
| 27130 | BYD Co. Ltd., Class H (China) | 398119 |
| 11444 | DoorDash, Inc., Class A\* | 2806641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787926 | Eternal Ltd. (India)\* | 2803905 |
| 1084 | MercadoLibre, Inc. (Brazil)\* | 2680634 |
| 37735 | Trip.com Group Ltd. (China) | 2797749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11487048 |
| Financials – 3.4% | Financials – 3.4% | Financials – 3.4% |
| 43319 | Fidelity National Information Services, Inc. | 3024099 |
| 7460 | Jack Henry & Associates, Inc. | 1217920 |
| 39573 | Toast, Inc., Class A\* | 1784742 |
|  |  | 6026761 |
| Health Care – 1.2% | Health Care – 1.2% | Health Care – 1.2% |
| 16660 | Hoya Corp. (Japan) | 2184267 |
| Industrials – 4.9% | Industrials – 4.9% | Industrials – 4.9% |
| 16070 | Booz Allen Hamilton Holding Corp. | 1747130 |
| 122999 | Daifuku Co. Ltd. (Japan) | 3934795 |
| 141030 | Ebara Corp. (Japan) | 2966121 |
|  |  | 8648046 |
| Information Technology – 71.4% | Information Technology – 71.4% | Information Technology – 71.4% |
| 119768 | Accton Technology Corp. (Taiwan) | 3976660 |
| 34300 | Advantest Corp. (Japan) | 2727414 |
| 42123 | Amphenol Corp., Class A | 4585510 |
| 7911 | AppLovin Corp., Class A\* | 3786126 |
| 3303 | ASM International NV (Netherlands) | 1587834 |
| 13382 | Atlassian Corp., Class A\* | 2379052 |
| 18280 | Cadence Design Systems, Inc.\* | 6405860 |
| 19263 | Cloudflare, Inc., Class A\* | 4020381 |
| 129500 | Coforge Ltd. (India) | 2531046 |
| 30003 | Datadog, Inc., Class A\* | 4100810 |
| 183025 | Delta Electronics, Inc. (Taiwan) | 4256883 |
| 83724 | Dynatrace, Inc.\* | 4236434 |
| 248436 | E Ink Holdings, Inc. (Taiwan) | 2137381 |
| 12058 | Elastic NV\* | 1025654 |
| 22283 | Entegris, Inc. | 1865978 |
| 194726 | Hamamatsu Photonics KK (Japan) | 2068943 |
| 6452 | HubSpot, Inc.\* | 3117413 |
| 85760 | Infineon Technologies AG (Germany) | 3509361 |
| 40609 | IsuPetasys Co. Ltd. (South Korea) | 1945376 |

---

---

| | | |
|:---|:---|:---|
| **Shares**<br>| **Description**<br>| **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 65093 | Jentech Precision Industrial Co. Ltd. (Taiwan) | $4460977 |
| 3532 | KLA Corp. | 3079904 |
| 62009 | Lotes Co. Ltd. (Taiwan) | 2951409 |
| 61447 | Marvell Technology, Inc. | 3862866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98299 | MediaTek, Inc. (Taiwan) | 4405359 |
| 34513 | Microchip Technology, Inc. | 2243345 |
| 13870 | Micron Technology, Inc. | 1650669 |
| 9876 | Monday.com Ltd.\* | 1906068 |
| 9281 | MongoDB, Inc.\* | 2929176 |
| 8776 | Motorola Solutions, Inc. | 4146309 |
| 46729 | NAURA Technology Group Co. |  |
|  | Ltd., Class A (China) | 2443779 |
| 33787 | Persistent Systems Ltd. (India) | 2031858 |
| 86628 | Samsara, Inc., Class A\* | 3130736 |
| 17987 | Shopify, Inc., Class A (Canada)\* | 2541203 |
| 29439 | SK Hynix, Inc. (South Korea) | 5696163 |
| 24412 | Snowflake, Inc., Class A\* | 5826168 |
| 15496 | Teradyne, Inc. | 1832247 |
| 3701 | Tyler Technologies, Inc.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2083219 |
| 371889 | Unisplendour Corp. Ltd., Class A(China) | 1456689 |
| 46644 | Varonis Systems, Inc.\* | 2752929 |
| 443734 | Venustech Group, Inc., Class A (China)\* | 1061553 |
| 9777 | Zscaler, Inc.\* | 2708718 |
|  |  | 125465460 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $136,630,355) | (Cost $136,630,355) | 173231060 |
| **Shares**<br>| **Dividend Rate**<br>| **Value** |
| Investment Company – 1.6%<sup>(b)</sup> | Investment Company – 1.6%<sup>(b)</sup> | Investment Company – 1.6%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| 2862302 | 4.114% | 2862302 |
| (Cost $2,862,302) | (Cost $2,862,302) | (Cost $2,862,302) |
| TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% | TOTAL INVESTMENTS – 100.1% |
| (Cost $139,492,657) | (Cost $139,492,657) | $176093362 |
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | LIABILITIES IN EXCESS OF OTHER ASSETS – (0.1)% | (243652) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $175849710 |
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | Represents an affiliated issuer.<br>|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
|  ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—American Depositary Receipt<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $17,184,495 and $136,630,355, respectively) | $19992929 | $173231060 |
|  Investments in affiliated issuers, at value (cost $302,347 and $2,862,302, respectively) | 302347 | 2862302 |
|  Foreign Currency, at value (cost $446 and $2,837, respectively) | 452 | 2817 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends | 13862 | 185619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 4521 | 21438 |
| Total assets | 20314111 | 176303236 |
| Liabilities: |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fees | 5783 | 49368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes |  | 404158 |
| Total liabilities | 5783 | 453526 |
| Net Assets: |  |  |
|  Paid-in capital | 36555417 | 252804186 |
|  Total distributable loss | (16247089) | (76954476) |
| NET ASSETS | $20308328 | $175849710 |
| SHARES ISSUED AND OUTSTANDING |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 625000 | 4775000 |
|  Net asset value per share: | $32.49 | $36.83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $4,370 and $136,574, respectively) | $177677 | $1138949 |
|  Dividends — affiliated issuers | 16709 | 114709 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 12 | 768 |
|  **Total Investment Income** | 194398 | 1254426 |
| Expenses: |  |  |
|  Management fees | 128563 | 1225257 |
|  Trustee fees | 27500 | 28373 |
|  **Total expenses** | 156063 | 1253630 |
|  Less — expense reductions | (683) | (4729) |
|  **Net expenses** | 155380 | 1248901 |
|  **NET INVESTMENT INCOME** | 39018 | 5525 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (2577669) | &nbsp;&nbsp;&nbsp;&nbsp;12718732 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125576 | 7818360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | 5342 | (20776) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $– and $(247125), respectively) | (647476) | 13962733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 272 | (851) |
|  **Net realized and unrealized gain (loss)** | (3093955) | 34478198 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(3054937) | $34483723 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Fiscal<br>Year Ended<br>August 31, 2024** |
| From operations: |  |  |  |  |
| Net investment income (loss) | $39018 | $7556 | $5525 | $(63486) |
| Net realized gain (loss) | (2446751) | (10242215) | 20516316 | (22519446) |
| Net change in unrealized gain (loss) | (647204) | 3438997 | 13961882 | 47247625 |
| **Net increase (decrease) in net assets resulting from operations** | (3054937) | (6795662) | 34483723 | 24664693 |
| Distributions to shareholders: |  |  |  |  |
| From distributable earnings | (3600) | (134205) |  | (431486) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares |  |  | 8141056 | 12937052 |
| Cost of shares redeemed | (827726) | (80716187) | (42349891) | (117490811) |
| **Net decrease in net assets resulting from share transactions** | (827726) | (80716187) | (34208835) | (104553759) |
| **TOTAL INCREASE (DECREASE)** | (3886263) | (87646054) | 274888 | (80320552) |
| Net Assets: |  |  |  |  |
| Beginning of year | $&nbsp;&nbsp;&nbsp;&nbsp;24194591 | $&nbsp;&nbsp;&nbsp;&nbsp;111840645 | $&nbsp;&nbsp;&nbsp;&nbsp;175574822 | $&nbsp;&nbsp;&nbsp;&nbsp;255895374 |
| End of year | $20308328 | $24194591 | $175849710 | $175574822 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS FUTURE HEALTH CARE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** |
|  | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>November 9, 2021<sup>\*</sup>to**<br> **August 31, 2022** |
|  | **2025** | **2024** | **2023** | **For the Period<br>November 9, 2021<sup>\*</sup>to**<br> **August 31, 2022** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |
|  Net asset value, beginning of period | $37.22 | $32.42 | $29.94 | $39.68 |
|  Net investment income (loss)<sup>(a)</sup>  | 0.06 | 0.01 | (0.04) | (0.08) |
|  Net realized and unrealized gain (loss) | (4.78) | 4.97 | 2.52 | (9.66) |
|  Total from investment operations | (4.72) | 4.98 | 2.48 | (9.74) |
|  Distributions to shareholders from net investment income | (0.01) | (0.18) | – <sup>(b)</sup> |  |
|  Net asset value, end of period | $32.49 | $37.22 | $32.42 | $29.94 |
|  Market price, end of period | $32.45 | $37.23 | $32.42 | $30.00 |
|  **Total Return at Net Asset Value<sup>(c)</sup>**  | (12.69)% | 15.44% | 8.28% | (24.55)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;20308 | $&nbsp;&nbsp;&nbsp;&nbsp;24195 | $&nbsp;&nbsp;&nbsp;&nbsp;111841 | $101781 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | 0.19% | 0.02% | (0.14)% | (0.33)%<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(e)</sup>  | 46% | 45% | 28% | 24% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Amount is less than $0.005 per share. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS FUTURE TECH LEADERS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
|  | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Fiscal**<br>**Year Ended August 31,** | **For the Period<br>September 14, 2021<sup>\*</sup>to**<br> **August 31, 2022** |
|  | **2025** | **2024** | **2023** | **For the Period<br>September 14, 2021<sup>\*</sup>to**<br> **August 31, 2022** |
| Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: | Per Share Operating Performance: |
|  Net asset value, beginning of period | $29.89 | $25.09 | $24.12 | $40.22 |
|  Net investment income (loss)<sup>(a)</sup>  | – <sup>(b)</sup> | (0.01) | 0.05 | 0.01 |
|  Net realized and unrealized gain (loss) | 6.94 | 4.88 | 0.92 | (16.11) |
|  Total from investment operations | 6.94 | 4.87 | 0.97 | (16.10) |
|  Distributions to shareholders from net investment income |  | (0.07) | – <sup>(b)</sup> | – <sup>(b)</sup> |
|  Net asset value, end of period | $36.83 | $29.89 | $25.09 | $24.12 |
|  Market price, end of period | $36.56 | $29.81 | $25.06 | $24.08 |
|  **Total Return at Net Asset Value<sup>(c)</sup>**  | 23.19% | 19.44% | 4.05% | (40.03)% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;175850 | $&nbsp;&nbsp;&nbsp;&nbsp;175575 | $&nbsp;&nbsp;&nbsp;&nbsp;255895 | $242407 |
|  Ratio of net expenses to average net assets | 0.75% | 0.75% | 0.75% | 0.75 %<sup>(d)</sup> |
|  Ratio of net investment income (loss) to average net assets | – %<sup>(e)</sup> | (0.03)% | 0.19% | 0.03 %<sup>(d)</sup> |
|  Portfolio turnover rate<sup>(f)</sup>  | 59% | 48% | 44% | 55% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Amount is less than $0.005 per share. 

<sup>(c)</sup> 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. 

<sup>(d)</sup> Annualized.

<sup>(e)</sup> Amount is less than 0.005%. 

<sup>(f)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** |
| Goldman Sachs Future Health Care Equity ETF | Non-Diversified |
| Goldman Sachs Future Tech Leaders Equity ETF | Non-Diversified |

---

The investment objective of each Fund is to seek long-term growth of capital.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims, if any, are recorded when the amount is known and there are no significant uncertainties on collectability. Such amounts recovered, if any, are reflected as other income in the Statements of Operations. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is payable upon sale of such investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each Fund is not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**12**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

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 annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translations. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**13**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Obligations Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as Level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Future Health Care Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $827017 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3089266 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 16076646 |  |  |
|  Investment Company | 302347 |  |  |
| Total | $20295276 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**14**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| **Future Tech Leaders Equity ETF** |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
| Assets |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $69196732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 7112215 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 94241479 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 2680634 |  |  |
|  Investment Company | 2862302 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176093362 | $— | $— |

---

<sup>(a)</sup> 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. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

---

| | |
|:---|:---|
| **Fund** | **Unitary Management Fee** |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Health Care Equity ETF | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Future Tech Leaders Equity ETF | 0.75% |

---

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest, except those management fees it earns from the Funds' investments of cash collateral received in connection with securities lending transactions in the Goldman Sachs Financial Square Government Fund ("Government Money Market Fund"). For the fiscal year ended August 31, 2025, GSAM waived $683 and $4,729 of the Funds' management fees for the Future Health Care Equity ETF and the Future Tech Leaders Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the fiscal year ended August 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following tables provide information about the Funds' investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the fiscal year ended August 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** | **Future Health Care Equity ETF** |
| **Underlying Fund** | **Beginning value**<br> **as of August 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of**<br> **August 31, 2025** | **Shares as of August**<br> **31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;206291 | $&nbsp;&nbsp;&nbsp;&nbsp;2939910 | $(2843854) | $&nbsp;&nbsp;&nbsp;&nbsp;302347 | 302347 | $&nbsp;&nbsp;&nbsp;&nbsp;16709 |
| **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** | **Future Tech Leaders Equity ETF** |
| **Underlying Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>August 31, 2025** | **Shares as of August<br>31, 2025** | **Dividend Income** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | 2572821 | 31915217 | (31625736) | 2862302 | 2862302 | 114709 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** | **Goldman Sachs Future Health Care Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (25000) | $(827726) | (2800000) | $(80716187) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET DECREASE IN SHARES | (25000) | $(827726) | (2800000) | $(80716187) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**16**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** | **Goldman Sachs Future Tech Leaders Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Share Activity** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 250000 | $8141056 | 525000 | $12937052 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1350000) | (42349891) | (4850000) | (117490811) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET DECREASE IN SHARES | (1100000) | $(34208835) | (4325000) | $(104553759) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Future Health Care Equity ETF | $9442762 | $9500514 |
|  Future Tech Leaders Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97650322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106652566 |

---

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Future Health Care Equity ETF | $— | $815946 |
|  Future Tech Leaders Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6193114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32198374 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**17**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. SECURITIES LENDING (continued)

collateral held from the defaulting broker against the purchase cost of the replacement securities. If BNYM is unable to purchase replacement securities, BNYM will indemnify the Funds by paying the Funds an amount equal to the market value of the securities loaned minus the value of cash collateral received from the borrower for the loan, subject to an exclusion for any shortfalls resulting from a loss of value in such cash collateral due to reinvestment risk. The Funds' master netting agreements with certain borrowers provide the right, in the event of a default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. However, in the event of a default by a borrower, a resolution authority could determine that such rights are not enforceable due to the restrictions or prohibitions against the right of set-off that may be imposed in accordance with a particular jurisdiction's bankruptcy or insolvency laws. The Funds' loaned securities were all subject to enforceable Securities Lending Agreements and the value of the collateral was at least equal to the value of the cash received. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable. The Funds did not have securities on loan as of August 31, 2025.

Each of the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025 are reported under Investment Income on the Statements of Operations.

The following table provides information about the Funds' investment in the Government Money Market Fund for the year ended August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Beginning value as<br>of August 31, 2024 | Purchases at Cost | Proceeds<br>from Sales | **Ending value as**<br> **of August 31, 2025** |
|  Future Health Care Equity ETF | $– $| 105316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(105316) | $— |
|  Future Tech Leaders Equity ETF | – | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5804576 | (5804576) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal years ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $3600 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows: | &nbsp;&nbsp;&nbsp;&nbsp; The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows: | &nbsp;&nbsp;&nbsp;&nbsp; The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows: |
|  | Future Health Care<br>Equity ETF | Future Tech Leaders<br>Equity ETF |
|  Distributions paid from: |  |  |
|  Ordinary Income | $134205 | $431486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $134205 | $431486 |

---

As of August 31, 2025, the components of accumulated earnings (losses) on a tax basis were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**18**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

---

| | | |
|:---|:---|:---|
|  | **Future Health<br>Care Equity ETF** | **Future Tech<br>Leaders Equity<br>ETF** |
|  Undistributed Ordinary Income— net | $67953 | $— |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (9167745) | (44562503) |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Long-Term | (7934115) | (66914820) |
|  Total capital loss carryforwards | (17101860) | (111477323) |
|  Timing differences – (Post October Capital Loss Deferral and Qualified Late Year Ordinary Loss Deferral) | (1927713) | (1026855) |
|  Unrealized gains (losses) — net | 2714531 | 35549702 |
|  Total accumulated earnings (losses) — net | $(16247089) | $(76954476) |

---

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Future Health Care<br>Equity ETF** | **Future Tech Leaders<br>Equity ETF** |
|  Tax Cost | $17580995 | $140139759 |
|  Gross unrealized gain | 4545150 | 43899369 |
|  Gross unrealized loss | (1830619) | (8349667) |
|  Net unrealized gain (loss) | $2714531 | $35549702 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales and differences in the tax treatment of passive foreign investment company investments.

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from net operating losses, redemption in-kind transactions and differences in the tax treatment of underlying fund investments.

---

| | |
|:---|:---|
| **Fund** | **Paid in**<br> **Capital** |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Future Health Care Equity ETF | $122014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Future Tech Leaders Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7490106 |

---

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Depositary Receipts Risk — Foreign securities may trade in the form of depositary receipts, which include American Depositary Receipts ("ADRs") and Global Depositary Receipts ("GDRs") (collectively "Depositary Receipts"). To the extent a Fund acquires Depositary Receipts through banks which do not have a contractual relationship with the foreign issuer of the security underlying the Depositary Receipts to issue and service such unsponsored Depositary Receipts, there may be an increased possibility that a Fund would not become aware of and be able to respond to corporate actions such as stock splits or rights offerings involving the foreign issuer in a timely manner. In addition, the lack of information may result in inefficiencies in the valuation of such instruments. Investment in Depositary Receipts does not eliminate all the risks inherent in investing in securities of non-U.S. issuers. The market value of Depositary Receipts is dependent upon the market value of the underlying securities and fluctuations in the relative value of the currencies in which the Depositary Receipts and the underlying securities are quoted. The issuers of Depositary Receipts may discontinue issuing new Depositary Receipts and withdraw existing Depositary Receipts at any time, which may result in costs and delays in the distribution of the underlying assets to a Fund and may negatively impact a Fund's performance.

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 and Sector Risk — If a Fund invests a significant portion of its total assets in certain issuers within the same state, geographic region or economic sector, an adverse economic, business, political, environmental or other development affecting that state, region or sector may affect the value of the Fund's investments more than if its investments were not so focused.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**20**

------

GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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.

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, governments or countries 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.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculations may also be impacted by operational risks arising form factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**22**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Future Health Care Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Future Health Care Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF (two of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025, the statements of changes in net assets for each of the two years in the period ended August 31, 2025, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2025, and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025, by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Future Health Care Equity ETF and Goldman Sachs Future Tech Leaders Equity ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"); (ii) a benchmark performance index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**24**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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 each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are actively-managed ETFs that seek long-term growth of capital. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings compiled by the Outside Data Provider as of December 31, 2024, and updated information prepared by the Investment Adviser regarding the Funds' category rankings using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one- and three-year periods ending on the applicable dates. The Trustees also reviewed each Fund's investment performance relative to its performance benchmark. As part of this review, they considered the investment performance trends of the Funds over time and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions.

In addition, the Trustees considered materials prepared and presentations made by the Investment Adviser's senior management and portfolio management personnel in which Fund performance was assessed. The Trustees also considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management. They noted the efforts of the Funds' portfolio management team to continue to enhance the investment models used in managing the Funds. The Trustees observed that the Future Health Care Equity ETF had placed in the third quartile of the Fund's peer group and underperformed its benchmark index for the one- and three-year periods ended March 31, 2025. They noted that the Future Tech Leaders Equity ETF had placed in the third quartile of the Fund's peer group for the one-year period and in the fourth quartile for the three-year period, and had underperformed its benchmark index for the one- and three-year periods ended March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds' fee rates and expense ratios were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. In particular, the Trustees referred to an analysis comparing each Fund's management fee rate and net expense ratio to those of relevant peer funds. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds' securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; (f) 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 Funds; (g) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (h) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**26**

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GOLDMAN SACHS FUTURE ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**27**

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GOLDMAN SACHS FUTURE ETFS

**Goldman Sachs ETF Trust – Future ETFs - Tax Information (Unaudited)**

For the fiscal year ended August 31, 2025, 100% of the dividends paid from net investment company taxable income by the Future Health Care Equity ETF qualify for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2025, 100% of the dividends paid from net investment company taxable income by the Future Health Care Equity ETF qualify for the dividends received deduction available to corporations.

#### 28

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![LOGO](g113525dsp029.jpg)

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![LOGO](g123080dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs MarketBeta(R) ETFsGoldman Sachs MarketBeta(R) Emerging MarketsEquity ETF (GSEE)Goldman Sachs MarketBeta(R) InternationalEquity ETF (GSID)Goldman Sachs MarketBeta(R) Russell 1000 GrowthEquity ETF (GGUS)Goldman Sachs MarketBeta(R) Russell 1000 ValueEquity ETF (GVUS)Goldman Sachs MarketBeta(R) U.S. Equity ETF (GSUS)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs MarketBeta<sup>®</sup> ETFs

---

| | |
|:---|:---|
| **Table of Contents** | **Page** |
|  **[Schedule of Investments](#mb123080_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF](#mb123080_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF](#mb123080_3) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF](#mb123080_4) | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF](#mb123080_5) | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF](#mb123080_6) | 73 |
|  **[Financial Statements](#mb123080_7)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mb123080_8) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mb123080_9) | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mb123080_10) | 82 |
|  **[Financial Highlights](#mb123080_11)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Emerging Markets Equity ETF](#mb123080_12) | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> International Equity ETF](#mb123080_13) | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF](#mb123080_14) | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF](#mb123080_15) | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [MarketBeta<sup>®</sup> U.S. Equity ETF](#mb123080_16) | 89 |
|  **[Notes to Financial Statements](#mb123080_17)** | 90 |
|  **[Report of Independent Registered Public Accounting Firm](#mb123080_18)** | 107 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#mb123080_19)** | 108 |

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GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – 97.6% | Common Stocks – 97.6% | Common Stocks – 97.6% |
| Argentina – 0.0% | Argentina – 0.0% | Argentina – 0.0% |
| 954 | Vista Energy SAB de CV ADR (Energy)\* | $37187 |
| Australia – 0.0% | Australia – 0.0% | Australia – 0.0% |
| 3537 | Yancoal Australia Ltd. (Energy)<sup>(a)</sup> | 12593 |
| Brazil – 3.2% | Brazil – 3.2% | Brazil – 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55869 | Ambev SA (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127113 |
| 66098 | B3 SA – Brasil Bolsa Balcao (Financials) | 158058 |
| 18716 | Banco Bradesco SA (Financials) | 49789 |
| 14822 | Banco BTG Pactual SA (Financials) | 122495 |
| 21846 | Banco do Brasil SA (Financials) | 86086 |
| 5044 | Banco Santander Brasil SA (Financials) | 26223 |
| 8635 | BB Seguridade Participacoes SA (Financials) | 52210 |
| 9553 | BRF SA (Consumer Staples) | 36307 |
| 7566 | Caixa Seguridade Participacoes SA (Financials) | 19653 |
| 14742 | Centrais Eletricas Brasileiras SA (Utilities) | 122268 |
| 5814 | Cia de Saneamento Basico do Estado de Sao Paulo (Utilities) | 131198 |
| 9944 | Cia Paranaense de Energia (Utilities) | 20518 |
| 2655 | CPFL Energia SA (Utilities) | 19257 |
| 5964 | CSN Mineracao SA (Materials) | 5713 |
| 8833 | Embraer SA (Industrials) | 123998 |
| 3651 | Energisa SA (Utilities) | 32830 |
| 8112 | Eneva SA (Utilities)\* | 22581 |
| 2203 | Engie Brasil Energia SA (Utilities) | 16210 |
| 14834 | Equatorial Energia SA (Utilities) | 99939 |
| 4019 | Hapvida Participacoes e Investimentos SA (Health Care)\*<sup>(b)</sup> | 30882 |
| 6367 | Itau Unibanco Holding SA (Financials) | 40362 |
| 11808 | Klabin SA (Materials) | 40266 |
| 11015 | Localiza Rent a Car SA (Industrials) | 72729 |
| 13377 | Lojas Renner SA (Consumer Discretionary) | 40071 |
| 13484 | Motiva Infraestrutura de Mobilidade SA (Industrials) | 35771 |
| 10747 | Natura Cosmeticos SA (Consumer Staples)\* | 17839 |
| 2757 | Neoenergia SA (Utilities) | 13886 |
| 43873 | NU Holdings Ltd., Class A (Financials)\* | 649320 |
| 2399 | Pagseguro Digital Ltd., Class A (Financials) | 21495 |
| 46903 | Petroleo Brasileiro SA - Petrobras (Energy) | 291626 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Brazil – (continued) | Brazil – (continued) | Brazil – (continued) | Brazil – (continued) |
| 2302 | Porto Seguro SA (Financials) | $| 21947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10333 | PRIO SA (Energy)\* |  | 72090 |
| 16176 | Raia Drogasil SA (Consumer Staples) |  | 52300 |
| 8479 | Rede D'Or Sao Luiz SA (Health Care)<sup>(b)</sup> |  | 61483 |
| 15666 | Rumo SA (Industrials) |  | 41993 |
| 2832 | StoneCo Ltd., Class A (Financials)\* |  | 46643 |
| 8623 | Suzano SA (Materials) |  | 83321 |
| 9806 | Telefonica Brasil SA (Communication Services) |  | 61187 |
| 10600 | TIM SA (Communication Services) |  | 44426 |
| 6604 | TOTVS SA (Information Technology) |  | 52437 |
| 9302 | Ultrapar Participacoes SA (Energy) |  | 33691 |
| 45060 | Vale SA (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461217 |
| 14335 | Vibra Energia SA (Consumer Discretionary) |  | 63487 |
| 18803 | WEG SA (Industrials) |  | 130455 |
| 4819 | XP, Inc., Class A (Financials) |  | 87417 |
|  |  |  | 3840787 |
| Chile – 0.4% | Chile – 0.4% | Chile – 0.4% | Chile – 0.4% |
| 541808 | Banco de Chile (Financials) |  | 77945 |
| 1189 | Banco de Credito e Inversiones SA (Financials) |  | 48277 |
| 765435 | Banco Santander Chile (Financials) |  | 46180 |
| 16343 | Cencosud SA (Consumer Staples) |  | 51997 |
| 204090 | Cia Sud Americana de Vapores SA (Industrials) |  | 10255 |
| 14400 | Empresas CMPC SA (Materials) |  | 22669 |
| 5303 | Empresas Copec SA (Consumer Discretionary) |  | 39648 |
| 260339 | Enel Americas SA (Utilities) |  | 27169 |
| 311772 | Enel Chile SA (Utilities) |  | 21950 |
| 9973 | Falabella SA (Consumer Discretionary) |  | 56989 |
| 2805392 | Latam Airlines Group SA (Industrials) |  | 70906 |
| 5899 | Plaza SA (Real Estate) |  | 13906 |
|  |  |  | 487891 |
| China – 30.4% | China – 30.4% | China – 30.4% | China – 30.4% |
| 5735 | 360 Security Technology, Inc., Class A (Information Technology) |  | 9340 |
| 1143 | 37 Interactive Entertainment Network Technology Group Co. Ltd., Class A (Communication Services) |  | 3160 |
| 23000 | 3SBio, Inc. (Health Care)\*<sup>(b)</sup> |  | 86030 |
| 9527 | AAC Technologies Holdings, Inc. (Information Technology) |  | 52891 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 630 | Accelink Technologies Co. Ltd., Class A (Information Technology) | $6077 |
| 180 | ACM Research Shanghai, Inc., Class A (Information Technology) | 3917 |
| 523 | Advanced Micro-Fabrication Equipment Inc China, Class A (Information Technology) | 15726 |
| 654 | AECC Aero-Engine Control Co. Ltd., Class A (Industrials) | 1936 |
| 1857 | AECC Aviation Power Co. Ltd., Class A (Industrials) | 10525 |
| 61953 | Agricultural Bank of China Ltd., Class A (Financials) | 61059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390124 | Agricultural Bank of China Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262723 |
| 7662 | Aier Eye Hospital Group Co. Ltd., Class A (Health Care) | 14414 |
| 405 | AIMA Technology Group Co. Ltd., Class A (Consumer Discretionary) | 2087 |
| 8007 | Air China Ltd., Class A (Industrials)\* | 8487 |
| 23984 | Air China Ltd., Class H (Industrials)\* | 15875 |
| 2186 | Airtac International Group (Industrials) | 56421 |
| 1170 | Aisino Corp., Class A (Information Technology) | 1516 |
| 7122 | Akeso, Inc. (Health Care)\*<sup>(b)</sup> | 142242 |
| 201771 | Alibaba Group Holding Ltd. (Consumer Discretionary) | 2994530 |
| 624 | All Winner Technology Co. Ltd., Class A (Information Technology) | 4103 |
| 11504 | Aluminum Corp. of China Ltd., Class A (Materials) | 12646 |
| 46316 | Aluminum Corp. of China Ltd., Class H (Materials) | 41172 |
| 320 | Amlogic Shanghai Co. Ltd., Class A (Information Technology)\* | 4494 |
| 1713 | An Hui Wenergy Co. Ltd., Class A (Utilities) | 1729 |
| 360 | Andon Health Co. Ltd., Class A (Health Care) | 1997 |
| 5094 | Angang Steel Co. Ltd., Class A (Materials)\* | 1895 |
| 19665 | Angang Steel Co. Ltd., Class H (Materials)\* | 5398 |
| 661 | Angel Yeast Co. Ltd., Class A (Consumer Staples) | 3676 |
| 3311 | Anhui Conch Cement Co. Ltd., Class A (Materials) | 11319 |
| 14767 | Anhui Conch Cement Co. Ltd., Class H (Materials) | 46408 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 5151 | Anhui Expressway Co. Ltd., Class H (Industrials) | $7757 |
| 1271 | Anhui Gujing Distillery Co. Ltd., Class A (Consumer Staples) | 30567 |
| 1620 | Anhui Jianghuai Automobile Group Corp. Ltd., Class A (Consumer Discretionary)\* | 12384 |
| 275 | Anhui Kouzi Distillery Co. Ltd., Class A (Consumer Staples) | 1339 |
| 507 | Anhui Yingjia Distillery Co. Ltd., Class A (Consumer Staples) | 3244 |
| 200 | Anji Microelectronics Technology Shanghai Co. Ltd., Class A (Information Technology) | 4931 |
| 161 | Anjoy Foods Group Co. Ltd., Class A (Consumer Staples) | 1679 |
| 350 | Anker Innovations Technology Co. Ltd., Class A (Information Technology) | 6891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16099 | ANTA Sports Products Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198247 |
| 758 | Apeloa Pharmaceutical Co. Ltd., Class A (Health Care) | 1692 |
| 200 | APT Medical, Inc., Class A (Health Care) | 7985 |
| 3000 | Ascentage Pharma Group International (Health Care)\*<sup>(b)</sup> | 31998 |
| 630 | Asia - Potash International Investment Guangzhou Co. Ltd., Class A (Materials)\* | 2997 |
| 310 | ASR Microelectronics Co. Ltd., Class A (Information Technology)\* | 4566 |
| 159 | Asymchem Laboratories Tianjin Co. Ltd., Class A (Health Care) | 2387 |
| 318 | Asymchem Laboratories Tianjin Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 3722 |
| 799 | Atour Lifestyle Holdings Ltd. ADR (Consumer Discretionary) | 31097 |
| 270 | Autobio Diagnostics Co. Ltd., Class A (Health Care) | 1538 |
| 846 | Autohome, Inc. ADR (Communication Services) | 24432 |
| 1299 | Avary Holding Shenzhen Co. Ltd., Class A (Information Technology) | 10906 |
| 367 | AVIC Chengdu UAS Co. Ltd., Class A (Industrials)\* | 3053 |
| 31813 | AviChina Industry & Technology Co. Ltd., Class H (Industrials) | 18037 |
| 654 | AVICOPTER PLC, Class A (Industrials) | 3712 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3965 | BAIC BluePark New Energy Technology Co. Ltd., Class A (Consumer Discretionary)\* | $4921 |
| 27304 | Baidu, Inc., Class A (Communication Services)\* | 313112 |
| 253 | Baimtec Material Co. Ltd., Class A (Industrials) | 2067 |
| 4598 | Baiyin Nonferrous Group Co. Ltd., Class A (Materials) | 2272 |
| 16151 | Bank of Beijing Co. Ltd., Class A (Financials) | 13605 |
| 3065 | Bank of Changsha Co. Ltd., Class A (Financials) | 4135 |
| 3060 | Bank of Chengdu Co. Ltd., Class A (Financials) | 7935 |
| 31462 | Bank of China Ltd., Class A (Financials) | 24382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837538 | Bank of China Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457668 |
| 1436 | Bank of Chongqing Co. Ltd., Class A (Financials) | 1984 |
| 5408 | Bank of Chongqing Co. Ltd., Class H (Financials) | 5175 |
| 40181 | Bank of Communications Co. Ltd., Class A (Financials) | 41011 |
| 90199 | Bank of Communications Co. Ltd., Class H (Financials) | 77867 |
| 2615 | Bank of Guiyang Co. Ltd., Class A (Financials) | 2273 |
| 4965 | Bank of Hangzhou Co. Ltd., Class A (Financials) | 11062 |
| 14115 | Bank of Jiangsu Co. Ltd., Class A (Financials) | 21461 |
| 8277 | Bank of Nanjing Co. Ltd., Class A (Financials) | 12922 |
| 5362 | Bank of Ningbo Co. Ltd., Class A (Financials) | 21244 |
| 8500 | Bank of Qingdao Co. Ltd., Class H (Financials)<sup>(b)</sup> | 4612 |
| 12124 | Bank of Shanghai Co. Ltd., Class A (Financials) | 16238 |
| 2615 | Bank of Suzhou Co. Ltd., Class A (Financials) | 2981 |
| 6071 | Bank of Zhengzhou Co. Ltd., Class A (Financials) | 1773 |
| 14370 | Bank of Zhengzhou Co. Ltd., Class H (Financials)<sup>(b)</sup> | 2507 |
| 16805 | Baoshan Iron & Steel Co. Ltd., Class A (Materials) | 16350 |
| 7052 | BBMG Corp., Class A (Materials) | 1614 |
| 28738 | BBMG Corp., Class H (Materials) | 3060 |
| 5498 | Beijing Capital Eco-Environment Protection Group Co. Ltd., Class A (Utilities) | 2416 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 390 | Beijing Compass Technology Development Co. Ltd., Class A (Financials)\* | $8216 |
| 3564 | Beijing Dabeinong Technology Group Co. Ltd., Class A (Consumer Staples) | 2117 |
| 161 | Beijing Easpring Material Technology Co. Ltd., Class A (Industrials) | 1089 |
| 630 | Beijing E-Hualu Information Technology Co. Ltd., Class A (Information Technology)\* | 2088 |
| 2119 | Beijing Enlight Media Co. Ltd., Class A (Communication Services) | 5879 |
| 5692 | Beijing Enterprises Holdings Ltd. (Utilities) | 23627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54233 | Beijing Enterprises Water Group Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18087 |
| 180 | Beijing Huafeng Test & Control Technology Co. Ltd., Class A (Information Technology) | 4372 |
| 4415 | Beijing Jingneng Power Co. Ltd., Class A (Utilities) | 2622 |
| 343 | Beijing Kingsoft Office Software, Inc., Class A (Information Technology) | 16108 |
| 911 | Beijing New Building Materials PLC, Class A (Industrials) | 3415 |
| 1983 | Beijing Oriental Yuhong Waterproof Technology Co. Ltd., Class A (Materials) | 3274 |
| 2460 | Beijing Originwater Technology Co. Ltd., Class A (Industrials) | 1568 |
| 98 | Beijing Roborock Technology Co. Ltd., Class A (Consumer Discretionary) | 2957 |
| 1359 | Beijing Shiji Information Technology Co. Ltd., Class A (Information Technology) | 2108 |
| 1863 | Beijing Shougang Co. Ltd., Class A (Materials) | 1088 |
| 1342 | Beijing Sinnet Technology Co. Ltd., Class A (Information Technology) | 3043 |
| 1405 | Beijing Tiantan Biological Products Corp. Ltd., Class A (Health Care) | 3955 |
| 1014 | Beijing Tongrentang Co. Ltd., Class A (Health Care) | 5079 |
| 1436 | Beijing Ultrapower Software Co. Ltd., Class A (Information Technology) | 2782 |
| 516 | Beijing United Information Technology Co. Ltd., Class A (Industrials) | 2112 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 530 | Beijing Wantai Biological Pharmacy Enterprise Co. Ltd., Class A (Health Care)\* | $4363 |
| 1983 | Beijing Yanjing Brewery Co. Ltd., Class A (Consumer Staples) | 3508 |
| 32623 | Beijing-Shanghai High Speed Railway Co. Ltd., Class A (Industrials) | 24458 |
| 6220 | Beiqi Foton Motor Co. Ltd., Class A (Consumer Discretionary)\* | 2419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11582 | BeOne Medicines Ltd., Class H (Health Care)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273659 |
| 52 | Bestechnic Shanghai Co. Ltd., Class A (Information Technology) | 2066 |
| 228 | Bethel Automotive Safety Systems Co. Ltd., Class A (Consumer Discretionary) | 1527 |
| 161 | Betta Pharmaceuticals Co. Ltd., Class A (Health Care) | 1597 |
| 389 | BGI Genomics Co. Ltd., Class A (Health Care)\* | 2938 |
| 3632 | Bilibili, Inc., Class Z (Communication Services)\*<sup>(a)</sup> | 84279 |
| 333 | Biwin Storage Technology Co. Ltd., Class A (Information Technology)\* | 3295 |
| 900 | Bloks Group Ltd. (Consumer Discretionary)\* | 12237 |
| 523 | Bloomage Biotechnology Corp. Ltd., Class A (Consumer Staples) | 4200 |
| 2776 | Bluefocus Intelligent Communications Group Co. Ltd., Class A (Communication Services)\* | 2740 |
| 2663 | BOC Aviation Ltd. (Industrials)<sup>(b)</sup> | 23843 |
| 45724 | BOC Hong Kong Holdings Ltd. (Financials) | 206571 |
| 1863 | BOC International China Co. Ltd., Class A (Financials) | 4224 |
| 28330 | BOE Technology Group Co. Ltd., Class A (Information Technology) | 16824 |
| 37626 | Brilliance China Automotive Holdings Ltd. (Consumer Discretionary) | 19209 |
| 900 | BTG Hotels Group Co. Ltd., Class A (Consumer Discretionary) | 1927 |
| 4043 | BYD Co. Ltd., Class A (Consumer Discretionary) | 64742 |
| 44408 | BYD Co. Ltd., Class H (Consumer Discretionary) | 651664 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 764 | By-health Co. Ltd., Class A (Consumer Staples) | $1315 |
| 7674 | C&D International Investment Group Ltd. (Real Estate) | 18231 |
| 1983 | Caida Securities Co. Ltd., Class A (Financials) | 2149 |
| 3567 | Caitong Securities Co. Ltd., Class A (Financials) | 4342 |
| 2800 | CALB Group Co. Ltd., Class H (Consumer Discretionary)\*<sup>(b)</sup> | 8153 |
| 322 | Cambricon Technologies Corp. Ltd., Class A (Information Technology)\* | 67471 |
| 640 | Canmax Technologies Co. Ltd., Class A (Materials) | 1816 |
| 990 | Capital Securities Co. Ltd., Class A (Financials) | 2972 |
| 642 | Cathay Biotech, Inc., Class A (Materials) | 4780 |
| 14780 | CCOOP Group Co. Ltd., Class A (Consumer Discretionary)\* | 4939 |
| 3065 | CECEP Solar Energy Co. Ltd., Class A (Utilities) | 2018 |
| 4592 | CECEP Wind-Power Corp., Class A (Utilities) | 1953 |
| 507 | CETC Cyberspace Security Technology Co. Ltd., Class A (Information Technology) | 1361 |
| 12244 | CGN Power Co. Ltd., Class A (Utilities) | 6601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130785 | CGN Power Co. Ltd., Class H (Utilities)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49322 |
| 257 | Chagee Holdings Ltd. ADR (Consumer Discretionary)\*<sup>(a)</sup> | 4911 |
| 344 | Changchun High-Tech Industry Group Co. Ltd., Class A (Health Care) | 4977 |
| 4586 | Changjiang Securities Co. Ltd., Class A (Financials) | 5505 |
| 161 | Changzhou Xingyu Automotive Lighting Systems Co. Ltd., Class A (Consumer Discretionary) | 2737 |
| 1281 | Chaozhou Three-Circle Group Co. Ltd., Class A (Information Technology) | 7953 |
| 288 | Chengdu Hi-tech Development Co. Ltd., Class A (Real Estate) | 2330 |
| 700 | Chengdu Kanghong Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3957 |
| 2345 | Chengdu Xingrong Environment Co. Ltd., Class A (Utilities) | 2245 |
| 1170 | Chifeng Jilong Gold Mining Co. Ltd., Class A (Materials) | 4266 |
| 2200 | Chifeng Jilong Gold Mining Co. Ltd., Class H (Materials) | 7371 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 630 | China Automotive Engineering Research Institute Co. Ltd., Class A (Consumer Discretionary) | $1619 |
| 2119 | China Baoan Group Co. Ltd., Class A (Industrials) | 2915 |
| 119421 | China Cinda Asset Management Co. Ltd., Class H (Financials) | 24969 |
| 4866 | China CITIC Bank Corp. Ltd., Class A (Financials) | 5397 |
| 101395 | China CITIC Bank Corp. Ltd., Class H (Financials) | 90524 |
| 160411 | China CITIC Financial Asset Management Co., Ltd., Class H (Financials)\*<sup>(b)</sup> | 23663 |
| 2710 | China Coal Energy Co. Ltd., Class A (Energy) | 4315 |
| 26771 | China Coal Energy Co. Ltd., Class H (Energy) | 32486 |
| 1983 | China Coal Xinji Energy Co. Ltd., Class A (Energy) | 1776 |
| 31774 | China Communications Services Corp. Ltd., Class H (Industrials) | 18871 |
| 15918 | China Construction Bank Corp., Class A (Financials) | 20113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183446 | China Construction Bank Corp., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140053 |
| 3306 | China CSSC Holdings Ltd., Class A (Industrials) | 17350 |
| 13239 | China Eastern Airlines Corp. Ltd., Class A (Industrials)\* | 7565 |
| 27736 | China Eastern Airlines Corp. Ltd., Class H (Industrials)\* | 10816 |
| 26095 | China Energy Engineering Corp. Ltd., Class A (Industrials) | 8976 |
| 82609 | China Energy Engineering Corp. Ltd., Class H (Industrials)<sup>(a)</sup> | 12928 |
| 35282 | China Everbright Bank Co. Ltd., Class A (Financials) | 18724 |
| 93726 | China Everbright Bank Co. Ltd., Class H (Financials) | 42079 |
| 44909 | China Everbright Environment Group Ltd. (Industrials) | 25289 |
| 42227 | China Feihe Ltd. (Consumer<br>Staples)<sup>(b)</sup> | 23779 |
| 1170 | China Film Group Co. Ltd., Class A (Communication Services) | 2290 |
| 5225 | China First Heavy Industries Co. Ltd., Class A (Industrials)\* | 2223 |
| 4960 | China Galaxy Securities Co. Ltd., Class A (Financials) | 12890 |
| 44015 | China Galaxy Securities Co. Ltd., Class H (Financials) | 63065 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3000 | China Gold International Resources Corp. Ltd. (Materials) | $42099 |
| 1863 | China Great Wall Securities Co. Ltd., Class A (Financials) | 3199 |
| 2467 | China Greatwall Technology Group Co. Ltd., Class A (Information Technology)\* | 6196 |
| 3335 | China Hainan Rubber Industry Group Co. Ltd., Class A (Materials) | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30375 | China Hongqiao Group Ltd. (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99122 |
| 1805 | China International Capital Corp. Ltd., Class A (Financials) | 9769 |
| 18993 | China International Capital Corp. Ltd., Class H (Financials)<sup>(b)</sup> | 51601 |
| 2139 | China International Marine Containers Group Co. Ltd., Class A (Industrials) | 2444 |
| 5400 | China International Marine Containers Group Co. Ltd., Class H (Industrials) | 5645 |
| 3302 | China Jushi Co. Ltd., Class A (Materials) | 7237 |
| 1509 | China Life Insurance Co. Ltd., Class A (Financials) | 8915 |
| 93902 | China Life Insurance Co. Ltd., Class H (Financials) | 289324 |
| 4862 | China Literature Ltd. (Communication Services)\*<sup>(b)</sup> | 25296 |
| 40584 | China Longyuan Power Group Corp. Ltd., Class H (Utilities) | 34983 |
| 16729 | China Medical System Holdings Ltd. (Health Care) | 28068 |
| 15691 | China Merchants Bank Co. Ltd., Class A (Financials) | 94483 |
| 47771 | China Merchants Bank Co. Ltd., Class H (Financials) | 294132 |
| 6711 | China Merchants Energy Shipping Co. Ltd., Class A (Energy) | 6115 |
| 4028 | China Merchants Expressway Network & Technology Holdings Co. Ltd., Class A (Industrials) | 5887 |
| 15166 | China Merchants Port Holdings Co. Ltd. (Industrials) | 29161 |
| 6199 | China Merchants Securities Co. Ltd., Class A (Financials) | 16518 |
| 6193 | China Merchants Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 13338 |
| 6696 | China Merchants Shekou Industrial Zone Holdings Co. Ltd., Class A (Real Estate) | 8602 |
| 29860 | China Minsheng Banking Corp. Ltd., Class A (Financials) | 19284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 87973 | China Minsheng Banking Corp. Ltd., Class H (Financials) | $50104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44511 | China National Building Material Co. Ltd., Class H (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32202 |
| 5099 | China National Chemical Engineering Co. Ltd., Class A (Industrials) | 5627 |
| 630 | China National Medicines Corp. Ltd., Class A (Health Care) | 2618 |
| 14008 | China National Nuclear Power Co. Ltd., Class A (Utilities) | 17523 |
| 415 | China National Software & Service Co. Ltd., Class A (Information Technology)\* | 3121 |
| 14647 | China Nonferrous Mining Corp. Ltd. (Materials) | 19465 |
| 2857 | China Northern Rare Earth Group High-Tech Co. Ltd., Class A (Materials) | 22787 |
| 758 | China Oilfield Services Ltd., Class A (Energy) | 1491 |
| 21661 | China Oilfield Services Ltd., Class H (Energy) | 19672 |
| 47293 | China Overseas Land & Investment Ltd. (Real Estate) | 84384 |
| 17239 | China Overseas Property Holdings Ltd. (Real Estate) | 11808 |
| 5472 | China Pacific Insurance Group Co. Ltd., Class A (Financials) | 30968 |
| 32133 | China Pacific Insurance Group Co. Ltd., Class H (Financials) | 146159 |
| 22656 | China Petroleum & Chemical Corp., Class A (Energy) | 18162 |
| 283968 | China Petroleum & Chemical Corp., Class H (Energy) | 156994 |
| 3965 | China Petroleum Engineering Corp., Class A (Energy) | 1982 |
| 65379 | China Power International Development Ltd. (Utilities) | 26249 |
| 3708 | China Railway Construction Heavy Industry Corp. Ltd., Class A (Industrials) | 3019 |
| 17199 | China Railway Group Ltd., Class A (Industrials) | 13715 |
| 51785 | China Railway Group Ltd., Class H (Industrials) | 26238 |
| 5251 | China Railway Signal & Communication Corp. Ltd., Class A (Information Technology) | 4114 |
| 22827 | China Railway Signal & Communication Corp. Ltd., Class H (Information Technology)<sup>(b)</sup> | 10131 |
| 758 | China Rare Earth Resources And Technology Co. Ltd., Class A (Materials)\* | 6206 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 85614 | China Reinsurance Group Corp., Class H (Financials) | $18779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19102 | China Resources Beer Holdings Co. Ltd. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68559 |
| 4982 | China Resources Beverage Holdings Co. Ltd. (Consumer Staples) | 7292 |
| 810 | China Resources Double Crane Pharmaceutical Co. Ltd., Class A (Health Care) | 2212 |
| 11005 | China Resources Gas Group Ltd. (Utilities) | 28261 |
| 36650 | China Resources Land Ltd. (Real Estate) | 143669 |
| 766 | China Resources Microelectronics Ltd., Class A (Information Technology) | 5635 |
| 7571 | China Resources Mixc Lifestyle Services Ltd. (Real Estate)<sup>(b)</sup> | 37623 |
| 21966 | China Resources Pharmaceutical Group Ltd. (Health Care)<sup>(b)</sup> | 13750 |
| 25813 | China Resources Power Holdings Co. Ltd. (Utilities) | 59435 |
| 1280 | China Resources Sanjiu Medical & Pharmaceutical Co. Ltd., Class A (Health Care) | 5468 |
| 166788 | China Ruyi Holdings Ltd. (Communication Services)\* | 61616 |
| 4748 | China Shenhua Energy Co. Ltd., Class A (Energy) | 24977 |
| 43019 | China Shenhua Energy Co. Ltd., Class H (Energy) | 192475 |
| 1170 | China South Publishing & Media Group Co. Ltd., Class A (Communication Services) | 2162 |
| 9182 | China Southern Airlines Co. Ltd., Class A (Industrials)\* | 7786 |
| 23294 | China Southern Airlines Co. Ltd., Class H (Industrials)\* | 11504 |
| 1983 | China Southern Power Grid Energy Efficiency & Clean Energy Co. Ltd., Class A (Industrials) | 1317 |
| 900 | China Southern Power Grid Energy Storage Co. Ltd., Class A (Utilities) | 1301 |
| 32059 | China State Construction Engineering Corp. Ltd., Class A (Industrials) | 25160 |
| 19129 | China State Construction International Holdings Ltd. (Industrials) | 26206 |
| 1175 | China Suntien Green Energy Corp. Ltd., Class A (Energy) | 1272 |
| 24347 | China Suntien Green Energy Corp. Ltd., Class H (Energy) | 13554 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 17916 | China Taiping Insurance Holdings Co. Ltd. (Financials) | $37184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24074 | China Three Gorges Renewables Group Co. Ltd., Class A (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14364 |
| 1534 | China Tourism Group Duty Free Corp. Ltd., Class A (Consumer Discretionary) | 14923 |
| 1196 | China Tourism Group Duty Free Corp. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 9634 |
| 59182 | China Tower Corp. Ltd., Class H (Communication Services)<sup>(b)</sup> | 89124 |
| 1500 | China Tungsten And Hightech Materials Co. Ltd., Class A (Materials) | 4355 |
| 26624 | China United Network Communications Ltd., Class A (Communication Services) | 21306 |
| 8166 | China Vanke Co. Ltd., Class A (Real Estate)\* | 7784 |
| 29803 | China Vanke Co. Ltd., Class H (Real Estate)\* | 20300 |
| 3965 | China XD Electric Co. Ltd., Class A (Industrials) | 3652 |
| 18500 | China Yangtze Power Co. Ltd., Class A (Utilities) | 72958 |
| 507 | China Zhenhua Group Science & Technology Co. Ltd., Class A (Information Technology) | 3624 |
| 15389 | China Zheshang Bank Co. Ltd., Class A (Financials) | 7000 |
| 44843 | China Zheshang Bank Co. Ltd., Class H (Financials) | 15358 |
| 1080 | Chinese Universe Publishing and Media Group Co. Ltd., Class A (Communication Services) | 1557 |
| 402 | Chongqing Brewery Co. Ltd., Class A (Consumer Staples) | 3128 |
| 10722 | Chongqing Changan Automobile Co. Ltd., Class A (Consumer Discretionary) | 18922 |
| 3245 | Chongqing Qianli Technology Co. Ltd., Class A (Consumer Discretionary)\* | 5385 |
| 7905 | Chongqing Rural Commercial Bank Co. Ltd., Class A (Financials) | 6981 |
| 28991 | Chongqing Rural Commercial Bank Co. Ltd., Class H (Financials) | 21420 |
| 1732 | Chongqing Zhifei Biological Products Co. Ltd., Class A (Health Care) | 5474 |
| 862 | Chongqing Zongshen Power Machinery Co. Ltd., Class A (Consumer Discretionary) | 3115 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1054 | Cinda Securities Co. Ltd., Class A (Financials) | $2908 |
| 62930 | CITIC Ltd. (Industrials) | 89763 |
| 1175 | Citic Pacific Special Steel Group Co. Ltd., Class A (Materials) | 2154 |
| 9452 | CITIC Securities Co. Ltd., Class A (Financials) | 41774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22675 | CITIC Securities Co. Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83244 |
| 14418 | CMOC Group Ltd., Class A (Materials) | 25019 |
| 46682 | CMOC Group Ltd., Class H (Materials) | 71198 |
| 709 | CNGR Advanced Material Co. Ltd., Class A (Industrials) | 3724 |
| 4865 | CNOOC Energy Technology & Services Ltd., Class A (Energy) | 2725 |
| 5069 | CNPC Capital Co. Ltd., Class A (Financials) | 9024 |
| 1436 | COFCO Capital Holdings Co. Ltd., Class A (Energy) | 2881 |
| 1620 | COFCO Sugar Holding Co. Ltd., Class A (Consumer Staples) | 3678 |
| 3348 | Contemporary Amperex Technology Co. Ltd., Class A (Industrials) | 143917 |
| 1400 | Contemporary Amperex Technology Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 76179 |
| 8156 | COSCO SHIPPING Development Co. Ltd., Class A (Industrials) | 2897 |
| 45961 | COSCO SHIPPING Development Co. Ltd., Class H (Industrials) | 6839 |
| 3057 | COSCO SHIPPING Energy Transportation Co. Ltd., Class A (Energy) | 4442 |
| 16440 | COSCO SHIPPING Energy Transportation Co. Ltd., Class H (Energy) | 14698 |
| 9763 | COSCO SHIPPING Holdings Co. Ltd., Class A (Industrials) | 20944 |
| 31544 | COSCO SHIPPING Holdings Co. Ltd., Class H (Industrials) | 54827 |
| 27500 | Country Garden Services Holdings Co. Ltd. (Real Estate) | 22894 |
| 20098 | CRRC Corp. Ltd., Class A (Industrials) | 21642 |
| 56374 | CRRC Corp. Ltd., Class H (Industrials) | 45340 |
| 2337 | CSC Financial Co. Ltd., Class A (Financials) | 9305 |
| 12792 | CSC Financial Co. Ltd., Class H (Financials)<sup>(b)</sup> | 23973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2135 | CSI Solar Co. Ltd., Class A (Information Technology) | $3033 |
| 755 | CSPC Innovation Pharmaceutical Co. Ltd., Class A (Health Care) | 5658 |
| 900 | CSSC Science & Technology Co. Ltd., Class A (Industrials) | 1602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15298 | Daqin Railway Co. Ltd., Class A (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13552 |
| 648 | DaShenLin Pharmaceutical Group Co. Ltd., Class A (Consumer Staples) | 1534 |
| 5094 | Datang International Power Generation Co. Ltd., Class A (Utilities) | 2496 |
| 39475 | Datang International Power Generation Co. Ltd., Class H (Utilities)<sup>(a)</sup> | 11191 |
| 574 | DBG Technology Co. Ltd., Class A (Consumer Discretionary) | 2492 |
| 2460 | DHC Software Co. Ltd., Class A (Information Technology) | 3899 |
| 500 | Digital China Group Co. Ltd., Class A (Information Technology) | 3148 |
| 656 | Do-Fluoride New Materials Co. Ltd., Class A (Materials) | 1242 |
| 413 | Dong-E-E-Jiao Co. Ltd., Class A (Health Care) | 3008 |
| 1986 | Dongfang Electric Corp. Ltd., Class A (Industrials) | 5515 |
| 4771 | Dongfang Electric Corp. Ltd., Class H (Industrials) | 10692 |
| 26577 | Dongfeng Motor Group Co. Ltd., Class H (Consumer Discretionary) | 30443 |
| 2490 | Dongxing Securities Co. Ltd., Class A (Financials) | 4268 |
| 700 | Duality Biotherapeutics, Inc. (Health Care)\* | 28338 |
| 11743 | East Money Information Co. Ltd., Class A (Financials) | 47662 |
| 1080 | Eastern Air Logistics Co. Ltd., Class A (Industrials) | 2350 |
| 330 | Eastroc Beverage Group Co. Ltd., Class A (Consumer Staples) | 14313 |
| 4595 | Easyhome New Retail Group Co. Ltd., Class A (Consumer Discretionary)\* | 1948 |
| 507 | Ecovacs Robotics Co. Ltd., Class A (Consumer Discretionary) | 6897 |
| 288 | Electric Connector Technology Co. Ltd., Class A (Information Technology) | 2054 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 270 | Empyrean Technology Co. Ltd., Class A (Information Technology) | $4662 |
| 9413 | ENN Energy Holdings Ltd. (Utilities) | 75465 |
| 1740 | ENN Natural Gas Co. Ltd., Class A (Utilities) | 4593 |
| 805 | Eoptolink Technology, Inc. Ltd., Class A (Information Technology) | 40257 |
| 200 | Espressif Systems Shanghai Co. Ltd., Class A (Information Technology) | 6110 |
| 1620 | Eve Energy Co. Ltd., Class A (Industrials) | 13007 |
| 3197 | Everbright Securities Co. Ltd., Class A (Financials) | 8999 |
| 3785 | Everbright Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 5273 |
| 7995 | Everdisplay Optronics Shanghai Co. Ltd., Class A (Information Technology)\* | 3109 |
| 3713 | Fangda Carbon New Material Co. Ltd., Class A (Industrials) | 2575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27488 | Far East Horizon Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26269 |
| 850 | Farasis Energy Gan Zhou Co. Ltd., Class A (Industrials)\* | 2198 |
| 1878 | FAW Jiefang Group Co. Ltd., Class A (Industrials) | 1885 |
| 900 | Fiberhome Telecommunication Technologies Co. Ltd., Class A (Information Technology) | 3466 |
| 3564 | First Capital Securities Co. Ltd., Class A (Financials) | 4123 |
| 884 | Flat Glass Group Co. Ltd., Class A (Information Technology) | 2204 |
| 6001 | Flat Glass Group Co. Ltd., Class H (Information Technology) | 8098 |
| 12023 | Focus Media Information Technology Co. Ltd., Class A (Communication Services) | 14027 |
| 3327 | Foshan Haitian Flavouring & Food Co. Ltd., Class A (Consumer Staples) | 19356 |
| 6580 | Founder Securities Co. Ltd., Class A (Financials) | 7982 |
| 8284 | Foxconn Industrial Internet Co. Ltd., Class A (Information Technology) | 62606 |
| 1620 | Fujian Funeng Co. Ltd., Class A (Utilities) | 2199 |
| 380 | Fujian Kuncai Material Technology Co. Ltd., Class A (Materials)\* | 1069 |
| 779 | Fujian Sunner Development Co. Ltd., Class A (Consumer Staples) | 1940 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 9305 | Full Truck Alliance Co. Ltd. ADR (Industrials) | $121430 |
| 1509 | Fuyao Glass Industry Group Co. Ltd., Class A (Consumer Discretionary) | 13910 |
| 7723 | Fuyao Glass Industry Group Co. Ltd., Class H (Consumer Discretionary)<sup>(b)</sup> | 68157 |
| 1293 | GalaxyCore, Inc., Class A (Information Technology) | 3131 |
| 270 | Gan & Lee Pharmaceuticals Co. Ltd., Class A (Health Care) | 2765 |
| 1012 | Ganfeng Lithium Group Co. Ltd., Class A (Materials) | 5672 |
| 5456 | Ganfeng Lithium Group Co. Ltd., Class H (Materials)<sup>(a)(b)</sup> | 21948 |
| 90 | G-bits Network Technology Xiamen Co. Ltd., Class A (Communication Services) | 5803 |
| 15391 | GD Power Development Co. Ltd., Class A (Utilities) | 10350 |
| 13620 | GDS Holdings Ltd., Class A (Information Technology)\* | 58982 |
| 3815 | GEM Co. Ltd., Class A (Industrials) | 3990 |
| 3447 | Gemdale Corp., Class A (Real Estate)\* | 1974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15533 | Genscript Biotech Corp. (Health Care)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34270 |
| 600 | Geovis Technology Co. Ltd., Class A (Information Technology) | 3957 |
| 5092 | GF Securities Co. Ltd., Class A (Financials) | 15642 |
| 13703 | GF Securities Co. Ltd., Class H (Financials) | 32536 |
| 5663 | Giant Biogene Holding Co. Ltd. (Consumer Staples)<sup>(b)</sup> | 39190 |
| 1620 | Giant Network Group Co. Ltd., Class A (Communication Services) | 7187 |
| 403 | GigaDevice Semiconductor, Inc., Class A (Information Technology) | 8995 |
| 292 | Ginlong Technologies Co. Ltd., Class A (Industrials) | 2773 |
| 900 | Glarun Technology Co. Ltd., Class A (Information Technology) | 3715 |
| 900 | Glodon Co. Ltd., Class A (Information Technology) | 1922 |
| 2605 | GoerTek, Inc., Class A (Information Technology) | 13429 |
| 2489 | Goldwind Science & Technology Co. Ltd., Class A (Industrials) | 3991 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 10905 | Goldwind Science & Technology Co. Ltd., Class H (Industrials) | $12352 |
| 635 | Goneo Group Co. Ltd., Class A (Industrials) | 4203 |
| 1014 | Gotion High-tech Co. Ltd., Class A (Industrials) | 5192 |
| 1760 | Great Wall Motor Co. Ltd., Class A (Consumer Discretionary) | 6387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29513 | Great Wall Motor Co. Ltd., Class H (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70377 |
| 4210 | Gree Electric Appliances, Inc. of Zhuhai, Class A (Consumer Discretionary) | 25179 |
| 8020 | Greenland Holdings Corp. Ltd., Class A (Real Estate)\* | 2117 |
| 14035 | Greentown China Holdings Ltd. (Real Estate) | 17571 |
| 1983 | GRG Banking Equipment Co. Ltd., Class A (Information Technology) | 3990 |
| 1620 | Guangdong Electric Power Development Co. Ltd., Class A (Utilities) | 1055 |
| 1143 | Guangdong Haid Group Co. Ltd., Class A (Consumer Staples) | 9869 |
| 2345 | Guangdong HEC Technology Holding Co. Ltd., Class A (Materials)\* | 7398 |
| 35865 | Guangdong Investment Ltd. (Utilities) | 33630 |
| 5607 | Guanghui Energy Co. Ltd., Class A (Energy) | 4172 |
| 4325 | Guangshen Railway Co. Ltd., Class A (Industrials) | 1949 |
| 18406 | Guangshen Railway Co. Ltd., Class H (Industrials) | 5407 |
| 1532 | Guangxi Liugong Machinery Co. Ltd., Class A (Industrials) | 2357 |
| 3872 | Guangzhou Automobile Group Co. Ltd., Class A (Consumer Discretionary) | 4267 |
| 32540 | Guangzhou Automobile Group Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | 14734 |
| 1620 | Guangzhou Baiyun International Airport Co. Ltd., Class A (Industrials) | 2277 |
| 1006 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class A (Health Care) | 3750 |
| 3077 | Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd., Class H (Health Care) | 7144 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1620 | Guangzhou Haige Communications Group, Inc. Co., Class A (Information Technology) | $3325 |
| 402 | Guangzhou Kingmed Diagnostics Group Co. Ltd., Class A (Health Care) | 1803 |
| 413 | Guangzhou Shiyuan Electronic Technology Co. Ltd., Class A (Information Technology) | 2449 |
| 1611 | Guangzhou Tinci Materials Technology Co. Ltd., Class A (Materials) | 4865 |
| 2150 | Guangzhou Yuexiu Capital Holdings Group Co. Ltd., Class A (Financials) | 2430 |
| 316 | Guobo Electronics Co. Ltd., Class A (Information Technology) | 2873 |
| 3728 | Guolian Minsheng Securities Co. Ltd., Class A (Financials) | 6401 |
| 5550 | Guolian Minsheng Securities Co. Ltd., Class H (Financials)<sup>(a)</sup> | 4763 |
| 3842 | Guosen Securities Co. Ltd., Class A (Financials) | 7999 |
| 1246 | Guosheng Financial Holding, Inc., Class A (Financials)\* | 3416 |
| 9866 | Guotai Haitong Securities Co. Ltd., Class A (Financials) | 29046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25138 | Guotai Haitong Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52528 |
| 3816 | Guoyuan Securities Co. Ltd., Class A (Financials) | 4950 |
| 2364 | H World Group Ltd. ADR (Consumer Discretionary) | 87113 |
| 21929 | Haidilao International Holding Ltd. (Consumer Discretionary)<sup>(b)</sup> | 38790 |
| 5095 | Haier Smart Home Co. Ltd., Class A (Consumer Discretionary) | 18784 |
| 29504 | Haier Smart Home Co. Ltd., Class H (Consumer Discretionary) | 99307 |
| 34426 | Hainan Airlines Holding Co. Ltd., Class A (Industrials)\* | 7685 |
| 9193 | Hainan Airport Infrastructure Co. Ltd., Class A (Real Estate) | 5046 |
| 630 | Haisco Pharmaceutical Group Co. Ltd., Class A (Health Care) | 4905 |
| 7630 | Haitian International Holdings Ltd. (Industrials) | 21552 |
| 635 | Han's Laser Technology Industry Group Co. Ltd., Class A (Industrials) | 3340 |
| 885 | Hangcha Group Co. Ltd., Class A (Industrials) | 2885 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2460 | Hangzhou Binjiang Real Estate Group Co. Ltd., Class A (Real Estate) | $3651 |
| 507 | Hangzhou Chang Chuan Technology Co. Ltd., Class A (Information Technology) | 4253 |
| 2102 | Hangzhou First Applied Material Co. Ltd., Class A (Information Technology) | 4430 |
| 900 | Hangzhou GreatStar Industrial Co., Ltd., Class A (Consumer Discretionary) | 3893 |
| 2600 | Hangzhou Iron & Steel Co., Class A (Materials)\* | 3731 |
| 507 | Hangzhou Lion Microelectronics Co. Ltd., Class A (Information Technology)\* | 1898 |
| 758 | Hangzhou Oxygen Plant Group Co. Ltd., Class A (Materials) | 2610 |
| 641 | Hangzhou Robam Appliances Co. Ltd., Class A (Consumer Discretionary) | 1831 |
| 758 | Hangzhou Silan Microelectronics Co. Ltd., Class A (Information Technology) | 3455 |
| 519 | Hangzhou Tigermed Consulting Co. Ltd., Class A (Health Care) | 4628 |
| 1740 | Hangzhou Tigermed Consulting Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 10383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13816 | Hansoh Pharmaceutical Group Co. Ltd. (Health Care)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63836 |
| 507 | Haohua Chemical Science & Technology Co. Ltd., Class A (Materials) | 2162 |
| 700 | Hebei Changshan Biochemical Pharmaceutical Co. Ltd., Class A (Health Care)\* | 4955 |
| 630 | Hebei Hengshui Laobaigan Liquor Co. Ltd., Class A (Consumer Staples) | 1609 |
| 380 | Hebei Sinopack Electronic Technology Co. Ltd., Class A (Information Technology) | 3291 |
| 900 | Hebei Yangyuan Zhihui Beverage Co. Ltd., Class A (Consumer Staples) | 2699 |
| 630 | Hefei Meiya Optoelectronic Technology, Inc., Class A (Industrials) | 1769 |
| 1170 | Heilongjiang Agriculture Co. Ltd., Class A (Consumer Staples) | 2446 |
| 1080 | Henan Pinggao Electric Co. Ltd., Class A (Industrials) | 2397 |
| 1863 | Henan Shenhuo Coal Industry & Electricity Power Co. Ltd., Class A (Materials) | 5051 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 12 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2460 | Henan Shuanghui Investment & Development Co. Ltd., Class A (Consumer Staples) | $8710 |
| 7752 | Hengan International Group Co. Ltd. (Consumer Staples) | 24621 |
| 1175 | Hengdian Group DMEGC Magnetics Co. Ltd., Class A (Information Technology) | 3123 |
| 5099 | Hengli Petrochemical Co. Ltd., Class A (Materials) | 12606 |
| 1863 | Hengtong Optic-electric Co. Ltd., Class A (Information Technology) | 5357 |
| 3562 | Hengyi Petrochemical Co. Ltd., Class A (Materials) | 3246 |
| 8289 | Hesteel Co. Ltd., Class A (Materials) | 2874 |
| 720 | Hisense Home Appliances Group Co. Ltd., Class A (Consumer Discretionary) | 2571 |
| 4449 | Hisense Home Appliances Group Co. Ltd., Class H (Consumer Discretionary)<sup>(a)</sup> | 13754 |
| 900 | Hisense Visual Technology Co. Ltd., Class A (Consumer Discretionary) | 2792 |
| 384 | Hithink RoyalFlush Information Network Co. Ltd., Class A (Financials) | 22273 |
| 2615 | HLA Group Corp. Ltd., Class A (Consumer Discretionary) | 2559 |
| 1100 | Hongfa Technology Co. Ltd., Class A (Industrials) | 4043 |
| 1620 | Hongta Securities Co. Ltd., Class A (Financials) | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107422 | Horizon Robotics (Information Technology)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132282 |
| 507 | Hoshine Silicon Industry Co. Ltd., Class A (Materials) | 3753 |
| 180 | Hoymiles Power Electronics, Inc., Class A (Industrials) | 2772 |
| 302 | Hua Hong Semiconductor Ltd., Class A (Information Technology)\* | 3328 |
| 9780 | Hua Hong Semiconductor Ltd., Class H (Information Technology)\*<sup>(a)(b)</sup> | 67493 |
| 3695 | Huaan Securities Co. Ltd., Class A (Financials) | 3372 |
| 5493 | Huadian Power International Corp. Ltd., Class A (Utilities) | 4087 |
| 24752 | Huadian Power International Corp. Ltd., Class H (Utilities)<sup>(a)</sup> | 13589 |
| 1281 | Huadong Medicine Co. Ltd., Class A (Health Care) | 7967 |
| 3941 | Huafon Chemical Co. Ltd., Class A (Materials) | 4448 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 630 | Huagong Tech Co. Ltd., Class A (Information Technology) | $6052 |
| 1863 | Huaibei Mining Holdings Co. Ltd., Class A (Materials) | 3259 |
| 1172 | Hualan Biological Engineering, Inc., Class A (Health Care) | 2814 |
| 270 | Huali Industrial Group Co. Ltd., Class A (Consumer Discretionary) | 2009 |
| 4066 | Huaneng Lancang River Hydropower, Inc., Class A (Utilities) | 5206 |
| 6095 | Huaneng Power International, Inc., Class A (Utilities) | 6315 |
| 53960 | Huaneng Power International, Inc., Class H (Utilities) | 38692 |
| 384 | Huaqin Technology Co. Ltd., Class A (Information Technology) | 5302 |
| 5555 | Huatai Securities Co. Ltd., Class A (Financials) | 16908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16583 | Huatai Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41969 |
| 2353 | Huaxi Securities Co. Ltd., Class A (Financials) | 3574 |
| 10678 | Huaxia Bank Co. Ltd., Class A (Financials) | 11348 |
| 270 | Huaxia Eye Hospital Group Co. Ltd., Class A (Health Care) | 788 |
| 1014 | Huaxin Cement Co. Ltd., Class A (Materials) | 2241 |
| 2800 | Huaxin Cement Co. Ltd., Class H (Materials) | 4719 |
| 2461 | Huayu Automotive Systems Co. Ltd., Class A (Consumer Discretionary) | 6617 |
| 720 | Hubei Dinglong Co. Ltd., Class A (Materials) | 3176 |
| 3311 | Hubei Energy Group Co. Ltd., Class A (Utilities) | 2152 |
| 270 | Hubei Feilihua Quartz Glass Co. Ltd., Class A (Materials) | 3617 |
| 630 | Hubei Jumpcan Pharmaceutical Co. Ltd., Class A (Health Care) | 2284 |
| 758 | Hubei Xingfa Chemicals Group Co. Ltd., Class A (Materials) | 2951 |
| 507 | Huizhou Desay Sv Automotive Co. Ltd., Class A (Consumer Discretionary) | 9049 |
| 1014 | Humanwell Healthcare Group Co. Ltd., Class A (Health Care) | 2904 |
| 1170 | Hunan Gold Corp. Ltd., Class A (Materials) | 3395 |
| 6204 | Hunan Valin Steel Co. Ltd., Class A (Materials) | 5174 |
| 540 | Hunan Yuneng New Energy Battery Material Co. Ltd., Class A (Industrials) | 2744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>13</sub>

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1489 | Hundsun Technologies, Inc., Class A (Information Technology) | $7837 |
| 199 | Hwatsing Technology Co. Ltd., Class A (Information Technology) | 3520 |
| 1742 | Hygon Information Technology Co. Ltd., Class A (Information Technology) | 47573 |
| 1342 | Hytera Communications Corp. Ltd., Class A (Information Technology)\* | 2476 |
| 1014 | IEIT Systems Co. Ltd., Class A (Information Technology) | 9559 |
| 1861 | Iflytek Co. Ltd., Class A (Information Technology) | 13939 |
| 630 | IKD Co. Ltd., Class A (Consumer Discretionary) | 1740 |
| 228 | Imeik Technology Development Co. Ltd., Class A (Health Care) | 6209 |
| 48084 | Industrial & Commercial Bank of China Ltd., Class A (Financials) | 50158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852277 | Industrial & Commercial Bank of China Ltd., Class H (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630802 |
| 15871 | Industrial Bank Co. Ltd., Class A (Financials) | 49934 |
| 5591 | Industrial Securities Co. Ltd., Class A (Financials) | 5345 |
| 1700 | INESA Intelligent Tech, Inc., Class A (Information Technology) | 5537 |
| 161 | Ingenic Semiconductor Co. Ltd., Class A (Information Technology) | 1699 |
| 38409 | Inner Mongolia BaoTou Steel Union Co. Ltd., Class A (Materials) | 15045 |
| 3057 | Inner Mongolia Berun Chemical Co. Ltd., Class A (Materials) | 2871 |
| 1620 | Inner Mongolia Dian Tou Energy Corp. Ltd., Class A (Energy) | 4717 |
| 1130 | Inner Mongolia ERDOS Resources Co. Ltd., Class A (Materials) | 1677 |
| 6940 | Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd., Class A (Materials) | 5447 |
| 5225 | Inner Mongolia MengDian HuaNeng Thermal Power Corp. Ltd., Class A (Utilities) | 2971 |
| 1440 | Inner Mongolia Xingye Silver&Tin Mining Co. Ltd., Class A (Materials) | 4312 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 5217 | Inner Mongolia Yili Industrial Group Co. Ltd., Class A (Consumer Staples) | $20926 |
| 2558 | Inner Mongolia Yitai Coal Co. Ltd., Class H (Energy)\*<sup>(c)</sup> |  |
| 2900 | InnoScience Suzhou Technology Holding Co. Ltd., Class H (Information Technology)\* | 32196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18168 | Innovent Biologics, Inc. (Health Care)\*<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225706 |
| 6238 | iQIYI, Inc. ADR (Communication Services)\* | 16531 |
| 252 | iRay Group, Class A (Health Care) | 4270 |
| 2795 | IRICO Display Devices Co. Ltd., Class A (Information Technology)\* | 2531 |
| 693 | Isoftstone Information Technology Group Co. Ltd., Class A (Information Technology) | 5830 |
| 2615 | JA Solar Technology Co. Ltd., Class A (Information Technology)\* | 4648 |
| 519 | Jafron Biomedical Co. Ltd., Class A (Health Care) | 1677 |
| 641 | Jason Furniture Hangzhou Co. Ltd., Class A (Consumer Discretionary) | 2628 |
| 1175 | JCET Group Co. Ltd., Class A (Information Technology) | 6582 |
| 450 | JCHX Mining Management Co. Ltd., Class A (Materials) | 4028 |
| 12662 | JD Health International, Inc. (Consumer Staples)\*<sup>(b)</sup> | 102000 |
| 22989 | JD Logistics, Inc. (Industrials)\*<sup>(b)</sup> | 37834 |
| 35947 | JD.com, Inc., Class A (Consumer Discretionary) | 543181 |
| 2424 | Jiangsu Changshu Rural Commercial Bank Co. Ltd., Class A (Financials) | 2559 |
| 5113 | Jiangsu Eastern Shenghong Co. Ltd., Class A (Materials)\* | 7056 |
| 758 | Jiangsu Expressway Co. Ltd., Class A (Industrials) | 1427 |
| 15393 | Jiangsu Expressway Co. Ltd., Class H (Industrials) | 18166 |
| 3481 | Jiangsu Financial Leasing Co. Ltd., Class A (Financials) | 2795 |
| 1008 | Jiangsu Hengli Hydraulic Co. Ltd., Class A (Industrials) | 12654 |
| 4994 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class A (Health Care) | 46436 |
| 2400 | Jiangsu Hengrui Pharmaceuticals Co. Ltd., Class H (Health Care)\* | 23459 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 14 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 630 | Jiangsu Hoperun Software Co. Ltd., Class A (Information Technology)\* | $5793 |
| 574 | Jiangsu Jiejie Microelectronics Co. Ltd., Class A (Information Technology) | 2796 |
| 779 | Jiangsu King's Luck Brewery JSC Ltd., Class A (Consumer Staples) | 4735 |
| 630 | Jiangsu Nhwa Pharmaceutical Co. Ltd., Class A (Health Care) | 2188 |
| 405 | Jiangsu Pacific Quartz Co. Ltd., Class A (Information Technology) | 2309 |
| 1620 | Jiangsu Phoenix Publishing & Media Corp. Ltd., Class A (Communication Services) | 2566 |
| 270 | Jiangsu Xinquan Automotive Trim Co. Ltd., Class A (Consumer Discretionary) | 1893 |
| 1148 | Jiangsu Yanghe Distillery Co. Ltd., Class A (Consumer Staples) | 11912 |
| 275 | Jiangsu Yangnong Chemical Co. Ltd., Class A (Materials) | 2836 |
| 270 | Jiangsu Yoke Technology Co. Ltd., Class A (Materials) | 2276 |
| 641 | Jiangsu Yuyue Medical Equipment & Supply Co. Ltd., Class A (Health Care) | 3369 |
| 2460 | Jiangsu Zhongtian Technology Co. Ltd., Class A (Industrials) | 5609 |
| 1490 | Jiangxi Copper Co. Ltd., Class A (Materials) | 5836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13119 | Jiangxi Copper Co. Ltd., Class H (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38402 |
| 300 | Jiangxi Lianchuang Optoelectronic Science & Technology Co. Ltd., Class A (Information Technology) | 2811 |
| 6898 | Jiangxi Zhengbang Technology Co. Ltd., Class A (Consumer Staples)\* | 2963 |
| 1983 | Jinduicheng Molybdenum Co. Ltd., Class A (Materials) | 4176 |
| 5116 | Jinko Solar Co. Ltd., Class A (Information Technology)\* | 4073 |
| 1260 | Jinneng Holding Shanxi Coal Industry Co. Ltd., Class A (Energy) | 2342 |
| 161 | JiuGui Liquor Co. Ltd., Class A (Consumer Staples) | 1543 |
| 2345 | Jizhong Energy Resources Co. Ltd., Class A (Energy) | 1975 |
| 900 | JL Mag Rare-Earth Co. Ltd., Class A (Industrials) | 5181 |
| 1724 | JL Mag Rare-Earth Co. Ltd., Class H (Industrials) | 5100 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1170 | Joincare Pharmaceutical Group Industry Co. Ltd., Class A (Health Care) | $2040 |
| 4433 | Jointown Pharmaceutical Group Co. Ltd., Class A (Health Care) | 3187 |
| 507 | Jonjee Hi-Tech Industrial And Commercial Holding Co. Ltd., Class A (Consumer Staples) | 1361 |
| 1611 | Juneyao Airlines Co. Ltd., Class A (Industrials) | 2850 |
| 7570 | J-Yuan Trust Co. Ltd., Class A (Financials)\* | 3220 |
| 10346 | Kangmei Pharmaceutical Co. Ltd., Class A (Health Care)\* | 2963 |
| 3840 | Kanzhun Ltd. ADR (Industrials)\* | 90701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25600 | KE Holdings, Inc., Class A (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149413 |
| 270 | Keboda Technology Co. Ltd., Class A (Consumer Discretionary) | 2236 |
| 1611 | Keda Industrial Group Co. Ltd., Class A (Industrials) | 2673 |
| 36855 | Kingdee International Software Group Co. Ltd. (Information Technology)\* | 77059 |
| 1983 | Kingfa Sci & Tech Co. Ltd., Class A (Materials) | 4449 |
| 1620 | Kingnet Network Co. Ltd., Class A (Communication Services) | 5293 |
| 28000 | Kingsoft Cloud Holdings Ltd. (Information Technology)\*<sup>(a)</sup> | 28194 |
| 12524 | Kingsoft Corp. Ltd. (Communication Services) | 54749 |
| 35165 | Kuaishou Technology (Communication Services)\*<sup>(b)</sup> | 339884 |
| 1752 | Kuang-Chi Technologies Co. Ltd., Class A (Industrials) | 13366 |
| 44989 | Kunlun Energy Co. Ltd. (Utilities) | 41781 |
| 900 | Kunlun Tech Co. Ltd., Class A (Communication Services)\* | 5307 |
| 936 | Kweichow Moutai Co. Ltd., Class A (Consumer Staples) | 194485 |
| 1440 | Lao Feng Xiang Co. Ltd., Class A (Consumer Discretionary) | 9563 |
| 454 | Laopu Gold Co. Ltd., Class H (Consumer Discretionary) | 41348 |
| 1878 | LB Group Co. Ltd., Class A (Materials) | 4901 |
| 97758 | Lenovo Group Ltd. (Information Technology) | 138940 |
| 3963 | Lens Technology Co. Ltd., Class A (Information Technology) | 17309 |
| 5078 | Leo Group Co. Ltd., Class A (Communication Services) | 3750 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **15** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1611 | Lepu Medical Technology Beijing Co. Ltd., Class A (Health Care) | $4300 |
| 507 | Levima Advanced Materials Corp., Class A (Materials) | 1433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14904 | Li Auto, Inc., Class A (Consumer Discretionary)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175311 |
| 29438 | Li Ning Co. Ltd. (Consumer Discretionary) | 71331 |
| 11769 | Liaoning Port Co. Ltd., Class A (Industrials) | 2743 |
| 5607 | Lingyi iTech Guangdong Co., Class A (Information Technology) | 12233 |
| 275 | Livzon Pharmaceutical Group, Inc., Class A (Health Care) | 1560 |
| 1929 | Livzon Pharmaceutical Group, Inc., Class H (Health Care) | 8769 |
| 26862 | Longfor Group Holdings Ltd. (Real Estate)<sup>(b)</sup> | 36455 |
| 6094 | LONGi Green Energy Technology Co. Ltd., Class A (Information Technology)\* | 14690 |
| 272 | Loongson Technology Corp. Ltd., Class A (Information Technology)\* | 5445 |
| 2329 | Lufax Holding Ltd. ADR (Financials)\* | 6847 |
| 1611 | Luxi Chemical Group Co. Ltd., Class A (Materials) | 3291 |
| 5757 | Luxshare Precision Industry Co. Ltd., Class A (Information Technology) | 37163 |
| 1009 | Luzhou Laojiao Co. Ltd., Class A (Consumer Staples) | 19434 |
| 4502 | Maanshan Iron & Steel Co. Ltd., Class A (Materials)\* | 2301 |
| 17242 | Maanshan Iron & Steel Co. Ltd., Class H (Materials)\*<sup>(a)</sup> | 5330 |
| 1266 | Mango Excellent Media Co. Ltd., Class A (Communication Services) | 4635 |
| 1400 | Mao Geping Cosmetics Co. Ltd., Class H (Consumer Staples) | 17707 |
| 390 | Maxscend Microelectronics Co. Ltd., Class A (Information Technology) | 4533 |
| 2345 | Meihua Holdings Group Co. Ltd., Class A (Materials) | 3641 |
| 3311 | Meinian Onehealth Healthcare Holdings Co. Ltd., Class A (Health Care) | 2668 |
| 28500 | Meitu, Inc. (Communication Services)\*<sup>(b)</sup> | 43211 |
| 67959 | Meituan, Class B (Consumer Discretionary)\*<sup>(b)</sup> | 895270 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 15747 | Metallurgical Corp. of China Ltd., Class A (Industrials) | $7539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40428 | Metallurgical Corp. of China Ltd., Class H (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11772 |
| 321 | MGI Tech Co. Ltd., Class A (Health Care)\* | 3228 |
| 5408 | Midea Group Co. Ltd., Class A (Consumer Discretionary) | 55964 |
| 7660 | Midea Group Co. Ltd., Class H (Consumer Discretionary) | 80325 |
| 1611 | Ming Yang Smart Energy Group Ltd., Class A (Industrials) | 2746 |
| 6010 | MINISO Group Holding Ltd. (Consumer Discretionary) | 37097 |
| 3335 | Minmetals Capital Co. Ltd., Class A (Financials) | 3011 |
| 9447 | Minth Group Ltd. (Consumer Discretionary) | 39844 |
| 500 | Mixue Group, Class H (Consumer Discretionary)\* | 27694 |
| 50547 | MMG Ltd. (Materials)\* | 33457 |
| 766 | Montage Technology Co. Ltd., Class A (Information Technology) | 13217 |
| 4081 | Muyuan Foods Co. Ltd., Class A (Consumer Staples) | 31489 |
| 4865 | Nanjing Iron & Steel Co. Ltd., Class A (Materials) | 3265 |
| 1006 | Nanjing King-Friend Biochemical Pharmaceutical Co. Ltd., Class A (Health Care) | 1599 |
| 2615 | Nanjing Securities Co. Ltd., Class A (Financials) | 3234 |
| 6580 | NARI Technology Co. Ltd., Class A (Industrials) | 20093 |
| 1943 | National Silicon Industry Group Co. Ltd., Class A (Information Technology)\* | 5658 |
| 592 | NAURA Technology Group Co. Ltd., Class A (Information Technology) | 30960 |
| 1863 | NavInfo Co. Ltd., Class A (Information Technology)\* | 2474 |
| 810 | NetEase Cloud Music, Inc. (Communication Services)\*<sup>(b)</sup> | 29030 |
| 21868 | NetEase, Inc. (Communication Services) | 595799 |
| 1460 | New China Life Insurance Co. Ltd., Class A (Financials) | 13988 |
| 11698 | New China Life Insurance Co. Ltd., Class H (Financials) | 72236 |
| 3815 | New Hope Liuhe Co. Ltd., Class A (Consumer Staples) | 5292 |
| 17649 | New Oriental Education & Technology Group, Inc. (Consumer Discretionary) | 82768 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 800 | Newland Digital Technology Co. Ltd., Class A (Information Technology) | $3235 |
| 1369 | Nexchip Semiconductor Corp., Class A (Information Technology) | 4667 |
| 1030 | Ninestar Corp., Class A (Information Technology)\* | 3608 |
| 788 | Ningbo Deye Technology Co. Ltd., Class A (Industrials) | 7152 |
| 900 | Ningbo Joyson Electronic Corp., Class A (Consumer Discretionary) | 2681 |
| 507 | Ningbo Orient Wires & Cables Co. Ltd., Class A (Industrials) | 3757 |
| 900 | Ningbo Sanxing Medical Electric Co. Ltd., Class A (Industrials) | 2910 |
| 1611 | Ningbo Shanshan Co. Ltd., Class A (Materials)\* | 2626 |
| 1279 | Ningbo Tuopu Group Co. Ltd., Class A (Consumer Discretionary) | 11243 |
| 4586 | Ningbo Zhoushan Port Co. Ltd., Class A (Industrials) | 2337 |
| 5116 | Ningxia Baofeng Energy Group Co. Ltd., Class A (Materials) | 12462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20630 | NIO, Inc., Class A (Consumer Discretionary)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133902 |
| 22816 | Nongfu Spring Co. Ltd., Class H (Consumer Staples)<sup>(b)</sup> | 146276 |
| 900 | North Industries Group Red Arrow Co. Ltd., Class A (Industrials)\* | 2752 |
| 3335 | Offshore Oil Engineering Co. Ltd., Class A (Energy) | 2589 |
| 2460 | OFILM Group Co. Ltd., Class A (Information Technology)\* | 4576 |
| 937 | OmniVision Integrated Circuits Group, Inc., Class A (Information Technology) | 18842 |
| 1456 | Onewo, Inc., Class H (Real Estate) | 4688 |
| 159 | Oppein Home Group, Inc., Class A (Consumer Discretionary) | 1235 |
| 5113 | Orient Securities Co. Ltd., Class A (Financials) | 8255 |
| 12285 | Orient Securities Co. Ltd., Class H (Financials)<sup>(b)</sup> | 11992 |
| 2615 | Oriental Pearl Group Co. Ltd., Class A (Communication Services) | 3253 |
| 507 | Ovctek China, Inc., Class A (Health Care) | 1285 |
| 5225 | Pacific Securities Co. Ltd. (The), Class A (Financials)\* | 3235 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 702 | Pacific Shuanglin Bio-pharmacy Co. Ltd., Class A (Health Care) | $1744 |
| 7649 | Pangang Group Vanadium Titanium & Resources Co. Ltd., Class A (Materials)\* | 2996 |
| 9541 | PDD Holdings, Inc. ADR (Consumer Discretionary)\* | 1147019 |
| 630 | People.cn Co. Ltd., Class A (Communication Services) | 1932 |
| 6458 | People's Insurance Co. Group of China Ltd. (The), Class A (Financials) | 8142 |
| 112008 | People's Insurance Co. Group of China Ltd. (The), Class H (Financials) | 100286 |
| 1611 | Perfect World Co. Ltd., Class A (Communication Services) | 3768 |
| 17951 | PetroChina Co. Ltd., Class A (Energy) | 21976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267714 | PetroChina Co. Ltd., Class H (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257898 |
| 900 | Pharmaron Beijing Co. Ltd., Class A (Health Care) | 3824 |
| 3808 | Pharmaron Beijing Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 10209 |
| 86880 | PICC Property & Casualty Co. Ltd., Class H (Financials) | 209069 |
| 14990 | Ping An Bank Co. Ltd., Class A (Financials) | 25359 |
| 8285 | Ping An Insurance Group Co. of China Ltd., Class A (Financials) | 69650 |
| 81319 | Ping An Insurance Group Co. of China Ltd., Class H (Financials) | 587269 |
| 1863 | Pingdingshan Tianan Coal Mining Co. Ltd., Class A (Energy) | 2040 |
| 266 | Piotech, Inc., Class A (Information Technology) | 7096 |
| 9948 | Poly Developments and Holdings Group Co. Ltd., Class A (Real Estate) | 11117 |
| 2060 | Poly Property Services Co. Ltd., Class H (Real Estate) | 9291 |
| 1592 | Pony AI, Inc. ADR (Information Technology)\*<sup>(a)</sup> | 22877 |
| 8052 | Pop Mart International Group Ltd. (Consumer Discretionary)<sup>(b)</sup> | 332993 |
| 20702 | Postal Savings Bank of China Co. Ltd., Class A (Financials) | 17555 |
| 113482 | Postal Savings Bank of China Co. Ltd., Class H (Financials)<sup>(b)</sup> | 78752 |
| 12855 | Power Construction Corp. of China Ltd., Class A (Industrials) | 10684 |
| 288 | Proya Cosmetics Co. Ltd., Class A (Consumer Staples) | 3390 |
| 1182 | Qfin Holdings, Inc. ADR (Financials) | 34420 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 642 | Qi An Xin Technology Group, Inc., Class A (Information Technology)\* | $3604 |
| 3695 | Qilu Bank Co. Ltd., Class A (Financials) | 2889 |
| 885 | Qingdao Sentury Tire Co. Ltd., Class A (Consumer Discretionary) | 2465 |
| 810 | Qingdao TGOOD Electric Co. Ltd., Class A (Industrials) | 2783 |
| 4592 | Qinghai Salt Lake Industry Co. Ltd., Class A (Materials)\* | 13074 |
| 1200 | Qunabox Group Ltd. (Communication Services)\* | 13022 |
| 6580 | Quzhou Xin'an Development Co. Ltd., Class A (Real Estate)\* | 4490 |
| 900 | Range Intelligent Computing Technology Group Co. Ltd., Class A (Information Technology) | 7451 |
| 523 | Raytron Technology Co. Ltd., Class A (Information Technology) | 5632 |
| 2500 | Remegen Co. Ltd., Class H (Health Care)\*<sup>(a)(b)</sup> | 31475 |
| 96 | RoboTechnik Intelligent Technology Co. Ltd., Class A (Industrials) | 3543 |
| 257 | Rockchip Electronics Co. Ltd., Class A (Information Technology) | 8887 |
| 7054 | Rongsheng Petrochemical Co. Ltd., Class A (Materials) | 9923 |
| 6206 | SAIC Motor Corp. Ltd., Class A (Consumer Discretionary) | 16371 |
| 2345 | Sailun Group Co. Ltd., Class A (Consumer Discretionary) | 4665 |
| 3695 | Sanan Optoelectronics Co. Ltd., Class A (Information Technology) | 7849 |
| 338 | Sangfor Technologies, Inc., Class A (Information Technology) | 6145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14485 | Sany Heavy Equipment International Holdings Co. Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12746 |
| 6948 | Sany Heavy Industry Co. Ltd., Class A (Industrials) | 20514 |
| 2014 | Satellite Chemical Co. Ltd., Class A (Materials) | 5681 |
| 4865 | SDIC Capital Co. Ltd., Class A (Financials) | 5696 |
| 5498 | SDIC Power Holdings Co. Ltd., Class A (Utilities) | 11061 |
| 3965 | Sealand Securities Co. Ltd., Class A (Financials) | 2555 |
| 1634 | Seazen Holdings Co. Ltd., Class A (Real Estate)\* | 3402 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 317015 | SenseTime Group, Inc., Class B (Information Technology)\*<sup>(a)</sup> | $87022 |
| 7088 | Sensteed Hi-tech Group, Class A (Consumer Discretionary)\* | 2179 |
| 1170 | Seres Group Co. Ltd., Class A (Consumer Discretionary) | 22489 |
| 3579 | SF Holding Co. Ltd., Class A (Industrials) | 22395 |
| 3108 | SF Holding Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 15947 |
| 530 | SG Micro Corp., Class A (Information Technology) | 5787 |
| 7064 | Shaanxi Coal Industry Co. Ltd., Class A (Energy) | 20212 |
| 1620 | Shaanxi Energy Investment Co. Ltd., Class A (Utilities) | 2086 |
| 252 | Shaanxi Huaqin Technology Industry Co. Ltd., Class A (Materials) | 2438 |
| 2842 | Shan Xi Hua Yang Group New Energy Co. Ltd., Class A (Energy) | 2801 |
| 3057 | Shandong Gold Mining Co. Ltd., Class A (Materials) | 14318 |
| 10634 | Shandong Gold Mining Co. Ltd., Class H (Materials)<sup>(b)</sup> | 40049 |
| 630 | Shandong Himile Mechanical Science & Technology Co. Ltd., Class A (Industrials) | 5302 |
| 1620 | Shandong Hi-speed Co. Ltd., Class A (Industrials) | 2074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31000 | Shandong Hi-Speed Holdings Group Ltd. (Utilities)\*<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70185 |
| 1623 | Shandong Hualu Hengsheng Chemical Co. Ltd., Class A (Materials) | 6250 |
| 1014 | Shandong Linglong Tyre Co. Ltd., Class A (Consumer Discretionary) | 2224 |
| 10455 | Shandong Nanshan Aluminum Co. Ltd., Class A (Materials) | 5959 |
| 540 | Shandong Pharmaceutical Glass Co. Ltd., Class A (Health Care) | 1688 |
| 630 | Shandong Sinocera Functional Material Co. Ltd., Class A (Materials) | 2025 |
| 1983 | Shandong Sun Paper Industry JSC Ltd., Class A (Materials) | 4276 |
| 30821 | Shandong Weigao Group Medical Polymer Co. Ltd., Class H (Health Care) | 23207 |
| 1280 | Shanghai Aiko Solar Energy Co. Ltd., Class A (Information Technology)\* | 2732 |
| 345 | Shanghai Allist Pharmaceuticals Co. Ltd., Class A (Health Care) | 5522 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 18 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 774 | Shanghai Bairun Investment Holding Group Co. Ltd., Class A (Consumer Staples) | $3058 |
| 4737 | Shanghai Baosight Software Co. Ltd., Class A (Information Technology) | 16839 |
| 574 | Shanghai Belling Co. Ltd., Class A (Information Technology) | 3086 |
| 298 | Shanghai BOCHU Electronic Technology Corp. Ltd., Class A (Information Technology) | 6405 |
| 900 | Shanghai Chicmax Cosmetic Co. Ltd., Class H (Consumer Staples) | 10436 |
| 6940 | Shanghai Construction Group Co. Ltd., Class A (Industrials) | 2358 |
| 9580 | Shanghai Electric Group Co. Ltd., Class A (Industrials)\* | 11930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34246 | Shanghai Electric Group Co. Ltd., Class H (Industrials)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16254 |
| 1983 | Shanghai Electric Power Co. Ltd., Class A (Utilities) | 4262 |
| 1509 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class A (Health Care) | 6110 |
| 6652 | Shanghai Fosun Pharmaceutical Group Co. Ltd., Class H (Health Care) | 18550 |
| 523 | Shanghai Fudan Microelectronics Group Co. Ltd., Class A (Information Technology) | 4675 |
| 3806 | Shanghai Fudan Microelectronics Group Co. Ltd., Class H (Information Technology)<sup>(a)</sup> | 17683 |
| 700 | Shanghai Henlius Biotech, Inc., Class H (Health Care)\*<sup>(b)</sup> | 6995 |
| 600 | Shanghai Huace Navigation Technology Ltd., Class A (Information Technology) | 3228 |
| 1863 | Shanghai International Airport Co. Ltd., Class A (Industrials) | 8453 |
| 6318 | Shanghai International Port Group Co. Ltd., Class A (Industrials) | 5003 |
| 758 | Shanghai Jinjiang International Hotels Co. Ltd., Class A (Consumer Discretionary) | 2472 |
| 523 | Shanghai Junshi Biosciences Co. Ltd., Class A (Health Care)\* | 3303 |
| 2204 | Shanghai Junshi Biosciences Co. Ltd., Class H (Health Care)\*<sup>(b)</sup> | 8759 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1872 | Shanghai Lingang Holdings Corp. Ltd., Class A (Real Estate) | $2457 |
| 1465 | Shanghai Lujiazui Finance & Trade Zone Development Co. Ltd., Class A (Real Estate) | 1777 |
| 641 | Shanghai M&G Stationery, Inc., Class A (Industrials) | 2741 |
| 270 | Shanghai Moons' Electric Co. Ltd., Class A (Industrials) | 2442 |
| 1760 | Shanghai Pharmaceuticals Holding Co. Ltd., Class A (Health Care) | 4613 |
| 9350 | Shanghai Pharmaceuticals Holding Co. Ltd., Class H (Health Care) | 14812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22674 | Shanghai Pudong Development Bank Co. Ltd., Class A (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43388 |
| 1620 | Shanghai Putailai New Energy Technology Co. Ltd., Class A (Materials) | 5099 |
| 3949 | Shanghai RAAS Blood Products Co. Ltd., Class A (Health Care) | 3814 |
| 7905 | Shanghai Rural Commercial Bank Co. Ltd., Class A (Financials) | 9655 |
| 4300 | Shanghai Stonehill Technology Co. Ltd., Class A (Information Technology)\* | 5162 |
| 2435 | Shanghai Tunnel Engineering Co. Ltd., Class A (Industrials) | 2205 |
| 635 | Shanghai United Imaging Healthcare Co. Ltd., Class A (Health Care) | 12642 |
| 3704 | Shanghai Yuyuan Tourist Mart Group Co. Ltd., Class A (Consumer Discretionary) | 3177 |
| 900 | Shanghai Zhangjiang High-Tech Park Development Co. Ltd., Class A (Real Estate) | 4800 |
| 1620 | Shanghai Zhonggu Logistics Co. Ltd., Class A (Industrials) | 2381 |
| 2119 | Shanjin International Gold Co. Ltd., Class A (Materials) | 5840 |
| 1620 | Shanxi Coal International Energy Group Co. Ltd., Class A (Industrials) | 2245 |
| 3311 | Shanxi Coking Coal Energy Group Co. Ltd., Class A (Energy) | 3282 |
| 2460 | Shanxi Lu'an Environmental Energy Development Co. Ltd., Class A (Energy) | 4479 |
| 3567 | Shanxi Meijin Energy Co. Ltd., Class A (Materials)\* | 2409 |
| 2615 | Shanxi Securities Co. Ltd., Class A (Financials) | 2445 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **19** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 4723 | Shanxi Taigang Stainless Steel Co. Ltd., Class A (Materials)\* | $2745 |
| 902 | Shanxi Xinghuacun Fen Wine Factory Co. Ltd., Class A (Consumer Staples) | 25583 |
| 268 | Sharetronic Data Technology Co. Ltd., Class A (Information Technology) | 3769 |
| 270 | Shede Spirits Co. Ltd., Class A (Consumer Staples) | 2592 |
| 3695 | Shenergy Co. Ltd., Class A (Utilities) | 4192 |
| 435 | Shengyi Electronics Co. Ltd., Class A (Information Technology) | 4751 |
| 1863 | Shengyi Technology Co. Ltd., Class A (Information Technology) | 13928 |
| 459 | Shennan Circuits Co. Ltd., Class A (Information Technology) | 12759 |
| 17573 | Shenwan Hongyuan Group Co. Ltd., Class A (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15140 | Shenwan Hongyuan Group Co. Ltd., Class H (Financials)<sup>(b)</sup> | 6428 |
| 175 | Shenyang Xingqi Pharmaceutical Co. Ltd., Class A (Health Care) | 1662 |
| 401 | Shenzhen Capchem Technology Co. Ltd., Class A (Materials) | 2657 |
| 2600 | Shenzhen Dobot Corp. Ltd., Class H (Industrials)\* | 17576 |
| 3057 | Shenzhen Energy Group Co. Ltd., Class A (Utilities) | 2841 |
| 746 | Shenzhen Envicool Technology Co. Ltd., Class A (Industrials) | 8379 |
| 1000 | Shenzhen Everwin Precision Technology Co. Ltd., Class A (Information Technology) | 3688 |
| 7664 | Shenzhen Expressway Corp. Ltd., Class H (Industrials) | 7029 |
| 1170 | Shenzhen Fastprint Circuit Tech Co. Ltd., Class A (Information Technology) | 3449 |
| 268 | Shenzhen Fortune Trend Technology Co. Ltd., Class A (Information Technology) | 6330 |
| 270 | Shenzhen Goodix Technology Co. Ltd., Class A (Information Technology) | 3120 |
| 507 | Shenzhen Hepalink Pharmaceutical Group Co. Ltd., Class A (Health Care) | 918 |
| 766 | Shenzhen Huaqiang Industry Co. Ltd., Class A (Information Technology) | 3246 |
| 480 | Shenzhen Infogem Technologies Co. Ltd., Class A (Information Technology)\* | 3875 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1892 | Shenzhen Inovance Technology Co. Ltd., Class A (Industrials) | $19930 |
| 1170 | Shenzhen Kaifa Technology Co. Ltd., Class A (Information Technology) | 3587 |
| 408 | Shenzhen Kangtai Biological Products Co. Ltd., Class A (Health Care) | 1072 |
| 161 | Shenzhen Kedali Industry Co. Ltd., Class A (Consumer Discretionary) | 3140 |
| 670 | Shenzhen Kinwong Electronic Co. Ltd., Class A (Information Technology) | 6010 |
| 270 | Shenzhen Longsys Electronics Co. Ltd., Class A (Information Technology) | 3619 |
| 384 | Shenzhen Megmeet Electrical Co. Ltd., Class A (Industrials) | 4799 |
| 892 | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | Shenzhen MTC Co. Ltd., Class A (Consumer Discretionary) | 2617 |
| 630 | Shenzhen New Industries Biomedical Engineering Co. Ltd., Class A (Health Care) | 5521 |
| 7652 | Shenzhen Overseas Chinese Town Co. Ltd., Class A (Real Estate)\* | 2417 |
| 900 | Shenzhen Salubris Pharmaceuticals Co. Ltd., Class A (Health Care) | 6362 |
| 161 | Shenzhen SC New Energy Technology Corp., Class A (Information Technology) | 2232 |
| 900 | Shenzhen SED Industry Co. Ltd., Class A (Industrials) | 3370 |
| 630 | Shenzhen Sunlord Electronics Co. Ltd., Class A (Information Technology) | 2882 |
| 799 | Shenzhen Transsion Holdings Co. Ltd., Class A (Information Technology) | 10097 |
| 958 | Shenzhen Woer Heat-Shrinkable Material Co. Ltd., Class A (Industrials) | 3559 |
| 630 | Shenzhen YUTO Packaging Technology Co. Ltd., Class A (Materials) | 2310 |
| 200 | Shenzhen Zhaowei Machinery & Electronic Co. Ltd., Class A (Industrials) | 3435 |
| 9757 | Shenzhou International Group Holdings Ltd. (Consumer Discretionary) | 76909 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 20 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1260 | Shijiazhuang Changshan BeiMing Technology Co. Ltd., Class A (Consumer Discretionary)\* | $4575 |
| 1175 | Shijiazhuang Yiling Pharmaceutical Co. Ltd., Class A (Health Care)\* | 2702 |
| 1150 | Siasun Robot & Automation Co. Ltd., Class A (Industrials)\* | 3245 |
| 333 | SICC Co. Ltd., Class A (Information Technology)\* | 3015 |
| 180 | Sichuan Biokin Pharmaceutical Co. Ltd., Class A (Health Care)\* | 8453 |
| 3335 | Sichuan Changhong Electric Co. Ltd., Class A (Consumer Discretionary) | 5347 |
| 3718 | Sichuan Chuantou Energy Co. Ltd., Class A (Utilities) | 7772 |
| 1436 | Sichuan Development Lomon Co. Ltd., Class A (Materials) | 2357 |
| 6940 | Sichuan Hebang Biotechnology Co. Ltd., Class A (Materials) | 1861 |
| 1276 | Sichuan Kelun Pharmaceutical Co. Ltd., Class A (Health Care) | 6532 |
| 523 | Sichuan Kelun-Biotech Biopharmaceutical Co. Ltd., Class H (Health Care)\* | 30471 |
| 5115 | Sichuan Road and Bridge Group Co. Ltd., Class A (Industrials) | 6219 |
| 161 | Sichuan Swellfun Co. Ltd., Class A (Consumer Staples) | 1063 |
| 4505 | Silergy Corp. (Information Technology) | 45463 |
| 2615 | Sinolink Securities Co. Ltd., Class A (Financials) | 3785 |
| 1983 | Sinoma International Engineering Co., Class A (Industrials) | 2567 |
| 1014 | Sinoma Science & Technology Co. Ltd., Class A (Materials) | 5159 |
| 5498 | Sinomach Heavy Equipment Group Co. Ltd., Class A (Industrials)\* | 2555 |
| 283 | Sinomine Resource Group Co. Ltd., Class A (Materials) | 1646 |
| 16764 | Sinopec Engineering Group Co. Ltd., Class H (Industrials) | 14967 |
| 5369 | Sinopec Oilfield Service Corp., Class A (Energy)\* | 1545 |
| 4848 | Sinopec Shanghai Petrochemical Co. Ltd., Class A (Materials) | 1947 |
| 45750 | Sinopec Shanghai Petrochemical Co. Ltd., Class H (Materials) | 7922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17113 | Sinopharm Group Co. Ltd., Class H (Health Care) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40983 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3082 | Sinotrans Ltd., Class A (Industrials) | $2453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26820 | Sinotrans Ltd., Class H (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15791 |
| 8410 | Sinotruk Hong Kong Ltd. (Industrials) | 24467 |
| 900 | Sinotruk Jinan Truck Co. Ltd., Class A (Industrials) | 2292 |
| 396 | Skshu Paint Co. Ltd., Class A (Materials) | 2705 |
| 238 | Skyverse Technology Co. Ltd., Class A (Information Technology)\* | 3329 |
| 306 | Smartsens Technology Shanghai Co. Ltd., Class A (Information Technology) | 4736 |
| 22062 | Smoore International Holdings Ltd. (Consumer Staples)<sup>(b)</sup> | 53515 |
| 2119 | Songcheng Performance Development Co. Ltd., Class A (Consumer Discretionary) | 2603 |
| 270 | Sonoscape Medical Corp., Class A (Health Care) | 1252 |
| 3704 | SooChow Securities Co. Ltd., Class A (Financials) | 5252 |
| 5225 | Southwest Securities Co. Ltd., Class A (Financials) | 3580 |
| 2300 | SPIC Industry-Finance Holdings Co. Ltd., Class A (Financials) | 2209 |
| 630 | Spring Airlines Co. Ltd., Class A (Industrials) | 4719 |
| 228 | StarPower Semiconductor Ltd., Class A (Information Technology) | 3494 |
| 900 | State Grid Information & Communication Co. Ltd., Class A (Information Technology) | 2264 |
| 3065 | State Grid Yingda Co. Ltd., Class A (Industrials) | 2530 |
| 1440 | Sungrow Power Supply Co. Ltd., Class A (Industrials) | 20190 |
| 8331 | Sunny Optical Technology Group Co. Ltd. (Information Technology) | 88965 |
| 405 | Sunresin New Materials Co. Ltd., Class A (Materials) | 3134 |
| 22078 | Sunshine Insurance Group Co. Ltd., Class H (Financials) | 11866 |
| 1019 | Sunwoda Electronic Co. Ltd., Class A (Industrials) | 3512 |
| 730 | SUPCON Technology Co. Ltd., Class A (Information Technology) | 5329 |
| 192 | Suzhou Centec Communications Co. Ltd., Class A (Information Technology)\* | 3316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **21** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 1014 | Suzhou Dongshan Precision Manufacturing Co. Ltd., Class A (Information Technology) | $9399 |
| 207 | Suzhou Maxwell Technologies Co. Ltd., Class A (Information Technology) | 2626 |
| 532 | Suzhou TFC Optical Communication Co. Ltd., Class A (Information Technology) | 14828 |
| 201 | Suzhou Zelgen Biopharmaceutical Co. Ltd., Class A (Health Care)\* | 2879 |
| 5288 | TAL Education Group ADR (Consumer Discretionary)\* | 56159 |
| 900 | Talkweb Information System Co. Ltd., Class A (Communication Services)\* | 5236 |
| 4595 | TangShan Port Group Co. Ltd., Class A (Industrials) | 2568 |
| 900 | Tasly Pharmaceutical Group Co. Ltd., Class A (Health Care) | 2087 |
| 3843 | TBEA Co. Ltd., Class A (Industrials) | 7640 |
| 12733 | TCL Technology Group Corp., Class A (Information Technology) | 8295 |
| 3206 | TCL Zhonghuan Renewable Energy Technology Co. Ltd., Class A (Information Technology)\* | 3772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75172 | Tencent Holdings Ltd. (Communication Services) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751791 |
| 7107 | Tencent Music Entertainment Group ADR (Communication Services) | 174264 |
| 161 | Thunder Software Technology Co. Ltd., Class A (Information Technology) | 1786 |
| 3065 | Tian Di Science & Technology Co. Ltd., Class A (Industrials) | 2655 |
| 6580 | Tianfeng Securities Co. Ltd., Class A (Financials)\* | 5395 |
| 450 | Tianjin Pharmaceutical Da Re Tang Group Corp. Ltd., Class A (Health Care) | 2913 |
| 1760 | Tianma Microelectronics Co. Ltd., Class A (Information Technology)\* | 2518 |
| 1014 | Tianqi Lithium Corp., Class A (Materials)\* | 6258 |
| 1885 | Tianqi Lithium Corp., Class H (Materials)\* | 9831 |
| 3815 | Tianshan Aluminum Group Co. Ltd., Class A (Materials) | 5404 |
| 3065 | TianShan Material Co. Ltd., Class A (Materials)\* | 2810 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 2345 | Tianshui Huatian Technology Co. Ltd., Class A (Information Technology) | $3898 |
| 24228 | Tingyi Cayman Islands Holding Corp. (Consumer Staples) | 34279 |
| 1170 | Titan Wind Energy Suzhou Co. Ltd., Class A (Industrials) | 1119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15350 | Tongcheng Travel Holdings Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43200 |
| 900 | TongFu Microelectronics Co. Ltd., Class A (Information Technology) | 4181 |
| 1170 | Tonghua Dongbao Pharmaceutical Co. Ltd., Class A (Health Care) | 1381 |
| 1863 | Tongkun Group Co. Ltd., Class A (Materials) | 3837 |
| 9441 | Tongling Nonferrous Metals Group Co. Ltd., Class A (Materials) | 5978 |
| 3571 | Tongwei Co. Ltd., Class A (Information Technology)\* | 11045 |
| 194 | Topchoice Medical Corp., Class A (Health Care) | 1284 |
| 28595 | Topsports International Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 11811 |
| 12980 | TravelSky Technology Ltd., Class H (Consumer Discretionary) | 18098 |
| 1619 | Trina Solar Co. Ltd., Class A (Information Technology)\* | 3766 |
| 7864 | Trip.com Group Ltd. (Consumer Discretionary) | 583053 |
| 2615 | Tsinghua Tongfang Co. Ltd., Class A (Information Technology)\* | 3007 |
| 413 | Tsingtao Brewery Co. Ltd., Class A (Consumer Staples) | 4030 |
| 7930 | Tsingtao Brewery Co. Ltd., Class H (Consumer Staples) | 51420 |
| 2125 | UBTech Robotics Corp. Ltd., Class H (Industrials)\* | 26086 |
| 526 | Unigroup Guoxin Microelectronics Co. Ltd., Class A (Information Technology) | 6024 |
| 16783 | Uni-President China Holdings Ltd. (Consumer Staples) | 20021 |
| 2119 | Unisplendour Corp. Ltd., Class A (Information Technology) | 8300 |
| 5247 | United Nova Technology Co. Ltd., Class A (Information Technology)\* | 4346 |
| 758 | Universal Scientific Industrial Shanghai Co. Ltd., Class A (Information Technology) | 2033 |
| 630 | Venustech Group, Inc., Class A (Information Technology)\* | 1507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 22 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 381 | Verisilicon Microelectronics Shanghai Co. Ltd., Class A (Information Technology)\* | $8184 |
| 630 | Victory Giant Technology Huizhou Co. Ltd., Class A (Information Technology) | 23641 |
| 3990 | Vipshop Holdings Ltd. ADR (Consumer Discretionary) | 66793 |
| 1143 | Walvax Biotechnology Co. Ltd., Class A (Health Care) | 2028 |
| 1620 | Wanda Film Holding Co. Ltd., Class A (Communication Services)\* | 2666 |
| 900 | Wangfujing Group Co. Ltd., Class A (Consumer Discretionary) | 1854 |
| 1893 | Wangsu Science & Technology Co. Ltd., Class A (Information Technology) | 3232 |
| 2000 | Wanguo Gold Group Ltd. (Materials)<sup>(a)</sup> | 7717 |
| 2400 | Wanhua Chemical Group Co. Ltd., Class A (Materials) | 23115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53104 | Want Want China Holdings Ltd. (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36784 |
| 963 | Weibo Corp. ADR (Communication Services) | 11036 |
| 5867 | Weichai Power Co. Ltd., Class A (Industrials) | 12471 |
| 23897 | Weichai Power Co. Ltd., Class H (Industrials) | 49965 |
| 774 | Weihai Guangwei Composites Co. Ltd., Class A (Materials) | 3473 |
| 5600 | Weilong Delicious Global Holdings Ltd. (Consumer Staples) | 9776 |
| 5247 | Wens Foodstuff Group Co. Ltd., Class A (Consumer Staples) | 13400 |
| 1863 | Western Mining Co. Ltd., Class A (Materials) | 4878 |
| 3591 | Western Securities Co. Ltd., Class A (Financials) | 4512 |
| 722 | Western Superconducting Technologies Co. Ltd., Class A (Materials) | 6321 |
| 779 | Wingtech Technology Co. Ltd., Class A (Information Technology)\* | 4750 |
| 395 | Winner Medical Co. Ltd., Class A (Health Care) | 2349 |
| 1620 | Winning Health Technology Group Co. Ltd., Class A (Health Care) | 2290 |
| 17843 | Wintime Energy Group Co. Ltd., Class A (Utilities) | 3632 |
| 1149 | Wolong Electric Group Co. Ltd., Class A (Industrials) | 5372 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 3965 | Wuchan Zhongda Group Co. Ltd., Class A (Consumer Discretionary) | $3279 |
| 3312 | Wuhan Guide Infrared Co. Ltd., Class A (Information Technology)\* | 5840 |
| 270 | Wuhan Jingce Electronic Group Co. Ltd., Class A (Information Technology)\* | 2672 |
| 2997 | Wuliangye Yibin Co. Ltd., Class A (Consumer Staples) | 54501 |
| 1611 | WUS Printed Circuit Kunshan Co. Ltd., Class A (Information Technology) | 15559 |
| 1748 | WuXi AppTec Co. Ltd., Class A (Health Care) | 25351 |
| 4360 | WuXi AppTec Co. Ltd., Class H (Health Care)<sup>(b)</sup> | 60345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42590 | Wuxi Biologics Cayman, Inc. (Health Care)\*<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181377 |
| 1175 | Wuxi Lead Intelligent Equipment Co. Ltd., Class A (Industrials) | 5858 |
| 3539 | WuXi XDC Cayman, Inc. (Health Care)\* | 25694 |
| 8158 | XCMG Construction Machinery Co. Ltd., Class A (Industrials) | 10949 |
| 313 | Xiamen Amoytop Biotech Co. Ltd., Class A (Health Care) | 3651 |
| 2119 | Xiamen C & D, Inc., Class A (Industrials) | 3463 |
| 161 | Xiamen Faratronic Co. Ltd., Class A (Information Technology) | 2775 |
| 1014 | Xiamen Tungsten Co. Ltd., Class A (Materials) | 4382 |
| 1620 | Xiangcai Co. Ltd., Class A (Financials)\* | 2920 |
| 900 | Xiangtan Electric Manufacturing Co. Ltd., Class A (Industrials)\* | 2172 |
| 216320 | Xiaomi Corp., Class B (Information Technology)\*<sup>(b)</sup> | 1466487 |
| 1170 | Xinfengming Group Co. Ltd., Class A (Materials) | 2518 |
| 1209 | Xinjiang Daqo New Energy Co. Ltd., Class A (Information Technology)\* | 5464 |
| 61384 | Xinyi Solar Holdings Ltd. (Information Technology)<sup>(a)</sup> | 26535 |
| 17450 | XPeng, Inc., Class A (Consumer Discretionary)\* | 187799 |
| 29838 | XtalPi Holdings Ltd. (Health Care)\* | 39461 |
| 810 | Xuji Electric Co. Ltd., Class A (Industrials) | 2652 |
| 13923 | Yadea Group Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 24164 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **23** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 507 | Yangzhou Yangjie Electronic Technology Co. Ltd., Class A (Information Technology) | $4854 |
| 3385 | Yankuang Energy Group Co. Ltd., Class A (Energy) | 6154 |
| 39835 | Yankuang Energy Group Co. Ltd., Class H (Energy) | 46243 |
| 507 | Yantai Jereh Oilfield Services Group Co. Ltd., Class A (Energy) | 3377 |
| 662 | Yealink Network Technology Corp. Ltd., Class A (Information Technology) | 3512 |
| 916 | Yifeng Pharmacy Chain Co. Ltd., Class A (Consumer Staples) | 3053 |
| 1284 | Yihai Kerry Arawana Holdings Co. Ltd., Class A (Consumer Staples) | 6068 |
| 7300 | Yonghui Superstores Co. Ltd., Class A (Consumer Staples)\* | 5309 |
| 275 | YongXing Special Materials Technology Co. Ltd., Class A (Materials) | 1357 |
| 2482 | Yonyou Network Technology Co. Ltd., Class A (Information Technology)\* | 5739 |
| 3695 | Youngor Fashion Co. Ltd., Class A (Real Estate) | 3885 |
| 2119 | YTO Express Group Co. Ltd., Class A (Industrials) | 5043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22010 | Yuexiu Property Co. Ltd. (Real Estate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13947 |
| 2460 | YUNDA Holding Group Co., Ltd., Class A (Industrials) | 2760 |
| 2460 | Yunnan Aluminium Co. Ltd., Class A (Materials) | 6697 |
| 1408 | Yunnan Baiyao Group Co. Ltd., Class A (Health Care) | 11382 |
| 161 | Yunnan Botanee Bio-Technology Group Co. Ltd., Class A (Consumer Staples) | 1069 |
| 3965 | Yunnan Chihong Zinc&Germanium Co. Ltd., Class A (Materials) | 3368 |
| 1530 | Yunnan Copper Co. Ltd., Class A (Materials) | 3192 |
| 754 | Yunnan Energy New Material Co. Ltd., Class A (Materials)\* | 3419 |
| 1175 | Yunnan Tin Co. Ltd., Class A (Materials) | 3604 |
| 1175 | Yunnan Yuntianhua Co. Ltd., Class A (Materials) | 4489 |
| 1620 | Yutong Bus Co. Ltd., Class A (Industrials) | 6282 |
| 12240 | Zai Lab Ltd. (Health Care)\* | 40225 |
| 1014 | Zangge Mining Co. Ltd., Class A (Materials) | 7675 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 455 | Zhangzhou Pientzehuang Pharmaceutical Co. Ltd., Class A (Health Care) | $13365 |
| 20635 | Zhaojin Mining Industry Co. Ltd., Class H (Materials) | 63791 |
| 3564 | Zhefu Holding Group Co. Ltd., Class A (Industrials) | 1786 |
| 96 | Zhejiang Cfmoto Power Co. Ltd., Class A (Consumer Discretionary) | 3594 |
| 3965 | Zhejiang China Commodities City Group Co. Ltd., Class A (Consumer Discretionary) | 12525 |
| 1736 | Zhejiang Chint Electrics Co. Ltd., Class A (Industrials) | 6680 |
| 1080 | Zhejiang Crystal-Optech Co. Ltd., Class A (Information Technology) | 4218 |
| 2124 | Zhejiang Dahua Technology Co. Ltd., Class A (Information Technology) | 5791 |
| 434 | Zhejiang Dingli Machinery Co. Ltd., Class A (Industrials) | 3312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17738 | Zhejiang Expressway Co. Ltd., Class H (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15631 |
| 1170 | Zhejiang Hailiang Co. Ltd., Class A (Materials) | 1976 |
| 1014 | Zhejiang Huahai Pharmaceutical Co. Ltd., Class A (Health Care) | 3441 |
| 1027 | Zhejiang Huayou Cobalt Co. Ltd., Class A (Industrials) | 6928 |
| 1014 | Zhejiang Jingsheng Mechanical & Electrical Co. Ltd., Class A (Information Technology) | 4295 |
| 2615 | Zhejiang Jinke Tom Culture Industry Co. Ltd., Class A (Communication Services)\* | 2100 |
| 720 | Zhejiang JIULI Hi-tech Metals Co. Ltd., Class A (Materials) | 2276 |
| 2119 | Zhejiang Juhua Co. Ltd., Class A (Materials) | 11510 |
| 7506 | Zhejiang Leapmotor Technology Co. Ltd., Class H (Consumer Discretionary)\*<sup>(b)</sup> | 62294 |
| 2345 | Zhejiang Longsheng Group Co. Ltd., Class A (Materials) | 3477 |
| 2135 | Zhejiang NHU Co. Ltd., Class A (Materials) | 7464 |
| 2714 | Zhejiang Sanhua Intelligent Controls Co. Ltd., Class A (Industrials) | 12147 |
| 450 | Zhejiang Sanmei Chemical Industry Co. Ltd., Class A (Materials) | 3886 |
| 630 | Zhejiang Shuanghuan Driveline Co. Ltd., Class A (Consumer Discretionary) | 3296 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 24 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) |
| 161 | Zhejiang Supor Co. Ltd., Class A (Consumer Discretionary) | $1162 |
| 1620 | Zhejiang Wanfeng Auto Wheel Co. Ltd., Class A (Consumer Discretionary) | 4292 |
| 1006 | Zhejiang Weiming Environment Protection Co. Ltd., Class A (Industrials) | 2722 |
| 1175 | Zhejiang Weixing New Building Materials Co. Ltd., Class A (Industrials) | 1778 |
| 7210 | Zhejiang Zheneng Electric Power Co. Ltd., Class A (Utilities) | 5142 |
| 3326 | Zheshang Securities Co. Ltd., Class A (Financials) | 5641 |
| 13249 | ZhongAn Online P&C Insurance Co. Ltd., Class H (Financials)\*<sup>(a)(b)</sup> | 33514 |
| 642 | Zhongfu Shenying Carbon Fiber Co. Ltd., Class A (Materials)\* | 2343 |
| 891 | Zhongji Innolight Co. Ltd., Class A (Information Technology) | 44397 |
| 3695 | Zhongjin Gold Corp. Ltd., Class A (Materials) | 8285 |
| 8467 | Zhongsheng Group Holdings Ltd. (Consumer Discretionary) | 17453 |
| 4848 | Zhongtai Securities Co. Ltd., Class A (Financials) | 4907 |
| 774 | Zhuhai CosMX Battery Co. Ltd., Class A (Industrials) | 2472 |
| 1620 | Zhuhai Huafa Properties Co. Ltd., Class A (Real Estate) | 1196 |
| 523 | Zhuzhou CRRC Times Electric Co. Ltd., Class A (Industrials) | 3555 |
| 5304 | Zhuzhou CRRC Times Electric Co. Ltd., Class H (Industrials) | 27038 |
| 2119 | Zhuzhou Kibing Group Co. Ltd., Class A (Industrials) | 1889 |
| 16102 | Zijin Mining Group Co. Ltd., Class A (Materials) | 52175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69986 | Zijin Mining Group Co. Ltd., Class H (Materials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229640 |
| 6698 | ZJLD Group, Inc. (Consumer Staples)<sup>(b)</sup> | 8721 |
| 900 | ZMJ Group Co. Ltd., Class A (Industrials) | 2584 |
| 3215 | ZMJ Group Co. Ltd., Class H (Industrials)<sup>(a)</sup> | 7464 |
| 6344 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class A (Industrials) | 6546 |
| 18468 | Zoomlion Heavy Industry Science and Technology Co. Ltd., Class H (Industrials) | 15280 |
| 3308 | ZTE Corp., Class A (Information Technology) | 21103 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 9733 | ZTE Corp., Class H (Information Technology)<sup>(a)</sup> | $| 43722 |
| 5173 | ZTO Express Cayman, Inc. (Industrials) |  | 93296 |
|  |  |  | 36420787 |
| Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% | Colombia – 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58607 | Ecopetrol SA (Energy) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27561 |
| 3883 | Grupo Argos SA (Materials) |  | 16695 |
| 2951 | Grupo Cibest SA (Financials) |  | 43321 |
| 1487 | Grupo de Inversiones Suramericana SA (Financials) |  | 17153 |
| 32689 | Grupo Energia Bogota SA ESP (Utilities) |  | 23994 |
| 5455 | Interconexion Electrica SA ESP (Utilities) |  | 29589 |
|  |  |  | 158313 |
| Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% | Cyprus – 0.0% |
| 4029 | Bank of Cyprus Holdings PLC (Financials) |  | 36313 |
| Czech Republic – 0.1% | Czech Republic – 0.1% | Czech Republic – 0.1% | Czech Republic – 0.1% |
| 2046 | CEZ AS (Utilities) |  | 128024 |
| 945 | Komercni Banka AS (Financials) |  | 46192 |
|  |  |  | 174216 |
| Egypt – 0.1% | Egypt – 0.1% | Egypt – 0.1% | Egypt – 0.1% |
| 30348 | Commercial International Bank - Egypt (CIB) (Financials) |  | 60690 |
| 16523 | Eastern Co. SAE (Consumer Staples) |  | 13165 |
| 13172 | EFG Holding S.A.E. (Financials)\* |  | 7076 |
| 15062 | Fawry for Banking & Payment Technology Services SAE (Financials)\* |  | 4279 |
| 11930 | Talaat Moustafa Group (Real Estate) |  | 13622 |
|  |  |  | 98832 |
| Greece – 0.6% | Greece – 0.6% | Greece – 0.6% | Greece – 0.6% |
| 25019 | Alpha Bank SA (Financials) |  | 99188 |
| 944 | Athens International Airport SA (Industrials) |  | 11735 |
| 29637 | Eurobank Ergasias Services and Holdings SA (Financials) |  | 108927 |
| 2384 | Hellenic Telecommunications Organization SA (Communication Services) |  | 44369 |
| 1442 | JUMBO SA (Consumer Discretionary) |  | 51446 |
| 785 | Motor Oil Hellas Corinth Refineries SA (Energy) |  | 23136 |
| 10584 | National Bank of Greece SA (Financials) |  | 146557 |
| 2491 | OPAP SA (Consumer Discretionary) |  | 55894 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **25** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Greece – (continued) | Greece – (continued) | Greece – (continued) | Greece – (continued) |
| 12552 | Piraeus Financial Holdings SA (Financials)\* | $| 97115 |
| 2288 | Public Power Corp. SA (Utilities) |  | 38243 |
|  |  |  | 676610 |
| Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% | Hong Kong – 0.2% |
| 6000 | Guming Holdings Ltd. (Consumer Discretionary)\*<sup>(a)</sup> |  | 17425 |
| 30000 | Guotai Junan International Holdings Ltd. (Financials)<sup>(a)</sup> |  | 22704 |
| 77124 | J&T Global Express Ltd. (Industrials)\* |  | 102887 |
| 1784 | Orient Overseas International Ltd. (Industrials) |  | 31191 |
|  |  |  | 174207 |
| Hungary – 0.3% | Hungary – 0.3% | Hungary – 0.3% | Hungary – 0.3% |
| 4686 | MOL Hungarian Oil & Gas PLC (Energy) |  | 40275 |
| 2773 | OTP Bank Nyrt (Financials) |  | 241523 |
| 1786 | Richter Gedeon Nyrt (Health Care) |  | 54100 |
|  |  |  | 335898 |
| India – 16.6% | India – 16.6% | India – 16.6% | India – 16.6% |
| 2988 | 360 ONE WAM Ltd. (Financials) |  | 34482 |
| 656 | ABB India Ltd. (Industrials) |  | 37171 |
| 922 | ACC Ltd. (Materials) |  | 18830 |
| 4110 | Adani Energy Solutions Ltd. (Utilities)\* |  | 35599 |
| 2708 | Adani Enterprises Ltd. (Industrials) |  | 68901 |
| 3604 | Adani Green Energy Ltd. (Utilities)\* |  | 37317 |
| 7184 | Adani Ports & Special Economic Zone Ltd. (Industrials) |  | 106901 |
| 9954 | Adani Power Ltd. (Utilities)\* |  | 67770 |
| 2669 | Adani Total Gas Ltd. (Utilities) |  | 17882 |
| 8799 | Aditya Birla Capital Ltd. (Financials)\* |  | 27712 |
| 418 | Alkem Laboratories Ltd. (Health Care) |  | 25128 |
| 7792 | Ambuja Cements Ltd. (Materials) |  | 49743 |
| 2060 | APL Apollo Tubes Ltd. (Materials) |  | 37470 |
| 1208 | Apollo Hospitals Enterprise Ltd. (Health Care) |  | 104200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34412 | Ashok Leyland Ltd. (Industrials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49529 |
| 4114 | Asian Paints Ltd. (Materials) |  | 117447 |
| 1526 | Astral Ltd. (Industrials) |  | 23521 |
| 5934 | AU Small Finance Bank Ltd. (Financials)<sup>(b)</sup> |  | 48297 |
| 3395 | Aurobindo Pharma Ltd. (Health |  |  |
|  | Care) |  | 39556 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 1796 | Avenue Supermarts Ltd. (Consumer Staples)\*<sup>(b)</sup> | $96812 |
| 4473 | AWL Agri Business Ltd. (Consumer Staples)\* | 12751 |
| 29048 | Axis Bank Ltd. (Financials) | 344138 |
| 830 | Bajaj Auto Ltd. (Consumer Discretionary) | 81205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33069 | Bajaj Finance Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329048 |
| 4859 | Bajaj Finserv Ltd. (Financials) | 105388 |
| 344 | Bajaj Holdings & Investment Ltd. (Financials) | 49793 |
| 910 | Balkrishna Industries Ltd. (Consumer Discretionary) | 23615 |
| 10269 | Bandhan Bank Ltd. (Financials)<sup>(b)</sup> | 18833 |
| 13752 | Bank of Baroda (Financials) | 36293 |
| 11709 | Bank of India (Financials) | 14638 |
| 12966 | Bank of Maharashtra (Financials) | 7635 |
| 2464 | Berger Paints India Ltd. (Materials) | 14886 |
| 1181 | Bharat Dynamics Ltd. (Industrials) | 19219 |
| 45288 | Bharat Electronics Ltd. (Industrials) | 189626 |
| 3276 | Bharat Forge Ltd. (Consumer Discretionary) | 41095 |
| 13285 | Bharat Heavy Electricals Ltd. (Industrials) | 31323 |
| 24559 | Bharat Petroleum Corp. Ltd. (Energy) | 85795 |
| 30265 | Bharti Airtel Ltd. (Communication Services) | 647954 |
| 957 | Bharti Hexacom Ltd. (Communication Services) | 19243 |
| 6716 | Biocon Ltd. (Health Care) | 26518 |
| 108 | Bosch Ltd. (Consumer Discretionary) | 48918 |
| 1336 | Britannia Industries Ltd. (Consumer Staples) | 88195 |
| 2535 | BSE Ltd. (Financials) | 60232 |
| 23328 | Canara Bank (Financials) | 27455 |
| 8629 | CG Power & Industrial Solutions Ltd. (Industrials) | 67909 |
| 5279 | Cholamandalam Investment and Finance Co. Ltd. (Financials) | 85010 |
| 6759 | Cipla Ltd. (Health Care) | 121768 |
| 20960 | Coal India Ltd. (Energy) | 89045 |
| 1045 | Cochin Shipyard Ltd. (Industrials)<sup>(b)</sup> | 19049 |
| 3995 | Coforge Ltd. (Information Technology) | 78081 |
| 1711 | Colgate-Palmolive India Ltd. (Consumer Staples) | 45223 |
| 3482 | Container Corp. Of India Ltd. (Industrials) | 20814 |
| 1541 | Coromandel International Ltd. (Materials) | 40333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 26 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 1748 | Cummins India Ltd. (Industrials) | $75810 |
| 6457 | Dabur India Ltd. (Consumer Staples) | 38139 |
| 898 | Dalmia Bharat Ltd. (Materials) | 24444 |
| 714 | Deepak Nitrite Ltd. (Materials) | 14470 |
| 4967 | Delhivery Ltd. (Industrials)\* | 26351 |
| 1400 | Divi's Laboratories Ltd. (Health Care) | 97300 |
| 431 | Dixon Technologies India Ltd. (Consumer Discretionary) | 81536 |
| 7669 | DLF Ltd. (Real Estate) | 64244 |
| 7058 | Dr Reddy's Laboratories Ltd. (Health Care) | 100810 |
| 1668 | Eicher Motors Ltd. (Consumer Discretionary) | 115387 |
| 11248 | Embassy Office Parks REIT (Real Estate) | 49451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60012 | Eternal Ltd. (Consumer Discretionary)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213558 |
| 5364 | Exide Industries Ltd. (Consumer Discretionary) | 24092 |
| 22476 | Federal Bank Ltd. (Financials) | 48841 |
| 801 | Fertilisers & Chemicals Travancore Ltd. (Materials) | 8397 |
| 5945 | Fortis Healthcare Ltd. (Health Care) | 61422 |
| 12706 | FSN E-Commerce Ventures Ltd. (Consumer Discretionary)\* | 33146 |
| 29881 | GAIL India Ltd. (Utilities) | 58618 |
| 1554 | GE Vernova T&D India Ltd. (Industrials) | 48954 |
| 1728 | General Insurance Corp. of India (Financials)<sup>(b)</sup> | 7123 |
| 828 | Gland Pharma Ltd. (Health Care)<sup>(b)</sup> | 17565 |
| 507 | GlaxoSmithKline Pharmaceuticals Ltd. (Health Care) | 16005 |
| 1756 | Glenmark Pharmaceuticals Ltd. (Health Care) | 38293 |
| 31889 | GMR Airports Ltd. (Industrials)\* | 31111 |
| 4659 | Godrej Consumer Products Ltd. (Consumer Staples) | 65621 |
| 1863 | Godrej Properties Ltd. (Real Estate)\* | 41129 |
| 4182 | Grasim Industries Ltd. (Materials) | 131570 |
| 440 | Gujarat Fluorochemicals Ltd. (Materials) | 17027 |
| 2430 | Gujarat Gas Ltd. (Utilities) | 11553 |
| 2588 | Havells India Ltd. (Industrials) | 44753 |
| 11644 | HCL Technologies Ltd. (Information Technology) | 192010 |
| 1230 | HDFC Asset Management Co. Ltd. (Financials)<sup>(b)</sup> | 76165 |
| 142438 | HDFC Bank Ltd. (Financials) | 1536377 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 12425 | HDFC Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | $108732 |
| 1511 | Hero MotoCorp Ltd. (Consumer Discretionary) | 87137 |
| 1202 | Hexaware Technologies Ltd. (Information Technology) | 10324 |
| 17141 | Hindalco Industries Ltd. (Materials) | 136771 |
| 2191 | Hindustan Aeronautics Ltd. (Industrials) | 107599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12026 | Hindustan Petroleum Corp. Ltd. (Energy) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51240 |
| 9471 | Hindustan Unilever Ltd. (Consumer Staples) | 285537 |
| 3509 | Hindustan Zinc Ltd. (Materials) | 16675 |
| 162 | Hitachi Energy India Ltd. (Industrials) | 35091 |
| 27 | Honeywell Automation India Ltd. (Information Technology) | 11856 |
| 4350 | Housing & Urban Development Corp. Ltd. (Financials) | 10083 |
| 1760 | Hyundai Motor India Ltd. (Consumer Discretionary) | 49084 |
| 66290 | ICICI Bank Ltd. (Financials) | 1050293 |
| 3033 | ICICI Lombard General Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 63243 |
| 4925 | ICICI Prudential Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 33486 |
| 67080 | IDFC First Bank Ltd. (Financials) | 51696 |
| 3214 | Indian Bank (Financials) | 23793 |
| 10768 | Indian Hotels Co. Ltd. (Consumer Discretionary) | 92572 |
| 35972 | Indian Oil Corp. Ltd. (Energy) | 55705 |
| 2794 | Indian Railway Catering & Tourism Corp. Ltd. (Industrials) | 21914 |
| 22075 | Indian Railway Finance Corp. Ltd. (Financials)<sup>(b)</sup> | 29553 |
| 9176 | Indian Renewable Energy Development Agency Ltd. (Financials)\* | 14613 |
| 7207 | Indraprastha Gas Ltd. (Utilities) | 16889 |
| 15813 | Indus Towers Ltd. (Communication Services)\* | 60690 |
| 7139 | IndusInd Bank Ltd. (Financials)\* | 59840 |
| 4003 | Info Edge India Ltd. (Communication Services) | 61622 |
| 40489 | Infosys Ltd. (Information Technology) | 674456 |
| 2327 | InterGlobe Aviation Ltd.<br>(Industrials)<sup>(b)</sup> | 148921 |
| 38083 | ITC Ltd. (Consumer Staples) | 176875 |
| 4452 | Jindal Stainless Ltd. (Materials) | 38501 |
| 4895 | Jindal Steel Ltd. (Materials) | 52477 |
| 37085 | Jio Financial Services Ltd. (Financials) | 131024 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **27** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 445 | JK Cement Ltd. (Materials) | $35038 |
| 4914 | JSW Energy Ltd. (Utilities) | 27207 |
| 3241 | JSW Infrastructure Ltd. (Industrials) | 10874 |
| 10206 | JSW Steel Ltd. (Materials) | 118761 |
| 4906 | Jubilant Foodworks Ltd. (Consumer Discretionary) | 34909 |
| 4736 | Kalyan Jewellers India Ltd. (Consumer Discretionary)\* | 27064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13866 | Kotak Mahindra Bank Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308100 |
| 1918 | KPIT Technologies Ltd. (Information Technology) | 25882 |
| 9370 | L&T Finance Ltd. (Financials) | 23064 |
| 255 | L&T Technology Services Ltd. (Industrials)<sup>(b)</sup> | 12208 |
| 8465 | Larsen & Toubro Ltd. (Industrials) | 345515 |
| 2849 | Life Insurance Corp. of India (Financials) | 27519 |
| 252 | Linde India Ltd. (Materials) | 18220 |
| 1222 | Lloyds Metals & Energy Ltd. (Materials) | 17851 |
| 3493 | Lodha Developers Ltd. (Real<br>Estate)<sup>(b)</sup> | 47206 |
| 903 | LTIMindtree Ltd. (Information Technology)<sup>(b)</sup> | 52543 |
| 2983 | Lupin Ltd. (Health Care) | 64070 |
| 6355 | Mahindra & Mahindra Financial Services Ltd. (Financials) | 18293 |
| 11184 | Mahindra & Mahindra Ltd. (Consumer Discretionary) | 405599 |
| 875 | MakeMyTrip Ltd. (Consumer Discretionary)\* | 86406 |
| 1393 | Mankind Pharma Ltd. (Health Care) | 39022 |
| 5962 | Marico Ltd. (Consumer Staples) | 49052 |
| 1460 | Maruti Suzuki India Ltd. (Consumer Discretionary) | 244775 |
| 2822 | Max Financial Services Ltd. (Financials)\* | 51250 |
| 9386 | Max Healthcare Institute Ltd. (Health Care) | 122805 |
| 822 | Mazagon Dock Shipbuilders Ltd. (Industrials) | 24254 |
| 1807 | Motilal Oswal Financial Services Ltd. (Financials) | 17559 |
| 1278 | Mphasis Ltd. (Information Technology) | 40387 |
| 28 | MRF Ltd. (Consumer Discretionary) | 44736 |
| 1371 | Muthoot Finance Ltd. (Financials) | 40992 |
| 8098 | Nestle India Ltd. (Consumer Staples) | 106128 |
| 35427 | NHPC Ltd. (Utilities) | 31013 |
| 2154 | Nippon Life India Asset Management Ltd. (Financials)<sup>(b)</sup> | 19160 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 37509 | NMDC Ltd. (Materials) | $29251 |
| 9202 | NTPC Green Energy Ltd. (Utilities)\* | 10738 |
| 55112 | NTPC Ltd. (Utilities) | 204617 |
| 1509 | Oberoi Realty Ltd. (Real Estate) | 27552 |
| 34283 | Oil & Natural Gas Corp. Ltd. (Energy) | 90818 |
| 7592 | Oil India Ltd. (Energy) | 33587 |
| 3811 | One 97 Communications Ltd. (Financials)\* | 52139 |
| 298 | Oracle Financial Services Software Ltd. (Information Technology) | 28014 |
| 65 | Page Industries Ltd. (Consumer Discretionary) | 32665 |
| 1041 | Patanjali Foods Ltd. (Consumer Staples) | 20975 |
| 4238 | PB Fintech Ltd. (Financials)\* | 85064 |
| 1252 | Persistent Systems Ltd. (Information Technology) | 75292 |
| 9288 | Petronet LNG Ltd. (Energy) | 28373 |
| 2417 | Phoenix Mills Ltd. (The) (Real Estate)\* | 41182 |
| 907 | PI Industries Ltd. (Materials) | 37985 |
| 1696 | Pidilite Industries Ltd. (Materials) | 58639 |
| 562 | Polycab India Ltd. (Industrials) | 45171 |
| 17972 | Power Finance Corp. Ltd. (Financials) | 77349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57386 | Power Grid Corp. of India Ltd. (Utilities) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179040 |
| 573 | Premier Energies Ltd. (Information Technology)<sup>(b)</sup> | 6457 |
| 2147 | Prestige Estates Projects Ltd. (Real Estate) | 38008 |
| 120 | Procter & Gamble Hygiene & Health Care Ltd. (Consumer Staples) | 17799 |
| 28698 | Punjab National Bank (Financials) | 32815 |
| 5643 | Rail Vikas Nigam Ltd. (Industrials) | 19355 |
| 15434 | REC Ltd. (Financials) | 61230 |
| 74869 | Reliance Industries Ltd. (Energy) | 1151764 |
| 56356 | Samvardhana Motherson International Ltd. (Consumer Discretionary) | 59248 |
| 3050 | SBI Cards & Payment Services Ltd. (Financials) | 27778 |
| 5659 | SBI Life Insurance Co. Ltd. (Financials)<sup>(b)</sup> | 115812 |
| 555 | Schaeffler India Ltd. (Industrials) | 24329 |
| 105 | Shree Cement Ltd. (Materials) | 34842 |
| 17784 | Shriram Finance Ltd. (Financials) | 116967 |
| 1102 | Siemens Ltd. (Industrials) | 38269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 28 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) |
| 9173 | SJVN Ltd. (Utilities) | $9738 |
| 309 | Solar Industries India Ltd. (Materials) | 48317 |
| 5554 | Sona Blw Precision Forgings Ltd. (Consumer Discretionary)<sup>(b)</sup> | 27892 |
| 1675 | SRF Ltd. (Materials) | 53852 |
| 22633 | State Bank of India (Financials) | 205875 |
| 13267 | Steel Authority of India Ltd. (Materials) | 17844 |
| 12777 | Sun Pharmaceutical Industries Ltd. (Health Care) | 230925 |
| 825 | Sundaram Finance Ltd. (Financials) | 42022 |
| 726 | Supreme Industries Ltd. (Materials) | 36794 |
| 139438 | Suzlon Energy Ltd. (Industrials)\* | 89188 |
| 4932 | Swiggy Ltd. (Consumer Discretionary)\* | 22907 |
| 1433 | Tata Communications Ltd. (Communication Services) | 25154 |
| 10768 | Tata Consultancy Services Ltd. (Information Technology) | 376500 |
| 7384 | Tata Consumer Products Ltd. (Consumer Staples) | 89171 |
| 416 | Tata Elxsi Ltd. (Information Technology) | 24680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24978 | Tata Motors Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189409 |
| 20205 | Tata Power Co. Ltd. (The) (Utilities) | 85688 |
| 93700 | Tata Steel Ltd. (Materials) | 164070 |
| 2117 | Tata Technologies Ltd. (Information Technology) | 15771 |
| 6651 | Tech Mahindra Ltd. (Information Technology) | 111680 |
| 391 | Thermax Ltd. (Industrials) | 14216 |
| 4478 | Titan Co. Ltd. (Consumer Discretionary) | 184189 |
| 1290 | Torrent Pharmaceuticals Ltd. (Health Care) | 52051 |
| 2369 | Torrent Power Ltd. (Utilities) | 32956 |
| 2299 | Trent Ltd. (Consumer Discretionary) | 138060 |
| 1297 | Tube Investments of India Ltd. (Consumer Discretionary) | 43540 |
| 2906 | TVS Motor Co. Ltd. (Consumer Discretionary) | 107929 |
| 1446 | UltraTech Cement Ltd. (Materials) | 207173 |
| 19711 | Union Bank of India Ltd. (Financials) | 27888 |
| 891 | United Breweries Ltd. (Consumer Staples) | 18685 |
| 3682 | United Spirits Ltd. (Consumer Staples) | 54715 |
| 2305 | UNO Minda Ltd. (Consumer Discretionary) | 33416 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| India – (continued) | India – (continued) | India – (continued) | India – (continued) |
| 6855 | UPL Ltd. (Materials) | $| 55614 |
| 16962 | Varun Beverages Ltd. (Consumer Staples) |  | 93661 |
| 17145 | Vedanta Ltd. (Materials) |  | 81748 |
| 9444 | Vishal Mega Mart Ltd. (Consumer Discretionary)\* |  | 15994 |
| 321959 | Vodafone Idea Ltd. (Communication Services)\* |  | 23684 |
| 2964 | Voltas Ltd. (Industrials) |  | 46162 |
| 32119 | Wipro Ltd. (Information Technology) |  | 90802 |
| 204131 | Yes Bank Ltd. (Financials)\* |  | 44194 |
| 2742 | Zydus Lifesciences Ltd. (Health Care) |  | 30491 |
|  |  |  | 19820091 |
| Indonesia – 1.3% | Indonesia – 1.3% | Indonesia – 1.3% | Indonesia – 1.3% |
| 90407 | Alamtri Minerals Indonesia Tbk PT (Materials) |  | 5510 |
| 136824 | Alamtri Resources Indonesia Tbk PT (Energy) |  | 14562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154805 | Amman Mineral Internasional PT (Materials)\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73694 |
| 105700 | Aneka Tambang Tbk (Materials) |  | 19486 |
| 249824 | Astra International Tbk PT (Industrials) |  | 83325 |
| 657025 | Bank Central Asia Tbk PT (Financials) |  | 321739 |
| 460846 | Bank Mandiri Persero Tbk PT (Financials) |  | 132189 |
| 186322 | Bank Negara Indonesia Persero Tbk PT (Financials) |  | 49490 |
| 891084 | Bank Rakyat Indonesia Persero Tbk PT (Financials) |  | 218853 |
| 337412 | Barito Pacific Tbk PT (Materials)\* |  | 44811 |
| 66831 | Barito Renewables Energy Tbk PT (Utilities) |  | 36577 |
| 88323 | Chandra Asri Pacific Tbk PT (Materials) |  | 44188 |
| 93707 | Charoen Pokphand Indonesia Tbk PT (Consumer Staples) |  | 24265 |
| 20098 | Dian Swastatika Sentosa Tbk PT (Energy)\* |  | 120905 |
| 10807706 | GoTo Gojek Tokopedia Tbk PT (Consumer Discretionary)\* |  | 38014 |
| 29159 | Indofood CBP Sukses Makmur Tbk PT (Consumer Staples) |  | 15870 |
| 56294 | Indofood Sukses Makmur Tbk PT (Consumer Staples) |  | 25433 |
| 73539 | Indosat Tbk PT (Communication Services) |  | 9008 |
| 256524 | Kalbe Farma Tbk PT (Health Care) |  | 18901 |
| 21456 | Pantai Indah Kapuk Dua Tbk PT (Real Estate) |  | 19778 |
| 215380 | Petrindo Jaya Kreasi Tbk PT (Energy) |  | 20376 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **29** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) | Indonesia – (continued) |
| 242230 | Sumber Alfaria Trijaya Tbk PT (Consumer Staples) | $| 32317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601857 | Telkom Indonesia Persero Tbk PT (Communication Services) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114240 |
| 79997 | Unilever Indonesia Tbk PT (Consumer Staples) |  | 8247 |
| 17995 | United Tractors Tbk PT (Energy) |  | 26627 |
|  |  |  | 1518405 |
| Kazakhstan – % | Kazakhstan – % | Kazakhstan – % | Kazakhstan – % |
| 1389 | Solidcore Resources PLC (Materials)\*<sup>(c)</sup> |  |  |
| Kuwait – 0.8% | Kuwait – 0.8% | Kuwait – 0.8% | Kuwait – 0.8% |
| 16628 | Agility Public Warehousing Co. KSC (Industrials) |  | 7458 |
| 13841 | Al Ahli Bank of Kuwait KSCP (Financials) |  | 13141 |
| 17913 | Boubyan Bank KSCP (Financials) |  | 40523 |
| 17261 | Burgan Bank SAK (Financials) |  | 13732 |
| 31185 | Gulf Bank KSCP (Financials) |  | 34815 |
| 158913 | Kuwait Finance House KSCP (Financials) |  | 401119 |
| 9127 | Mabanee Co KPSC (Real Estate) |  | 28626 |
| 26962 | Mobile Telecommunications Co. KSCP (Communication Services) |  | 45194 |
| 103134 | National Bank of Kuwait SAKP (Financials) |  | 344737 |
| 32789 | Warba Bank KSCP (Financials)\* |  | 30164 |
|  |  |  | 959509 |
| Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% | Luxembourg – 0.0% |
| 1739 | Reinet Investments SCA (Financials) |  | 52626 |
| Mexico – 1.8% | Mexico – 1.8% |  |  |
| 202536 | America Movil SAB de CV, Series B (Communication Services) |  | 201835 |
| 5709 | Arca Continental SAB de CV (Consumer Staples) |  | 58295 |
| 22572 | Becle SAB de CV (Consumer Staples) |  | 26465 |
| 191696 | Cemex SAB de CV, Series CPO (Materials) |  | 173657 |
| 6457 | Coca-Cola Femsa SAB de CV (Consumer Staples) |  | 54878 |
| 2537 | El Puerto de Liverpool SAB de CV (Consumer Discretionary) |  | 12592 |
| 36896 | Fibra Uno Administracion SA de CV REIT (Real Estate) |  | 51927 |
| 23571 | Fomento Economico Mexicano SAB de CV (Consumer Staples) |  | 204389 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Mexico – (continued) | Mexico – (continued) | Mexico – (continued) | Mexico – (continued) |
| 2241 | Gruma SAB de CV, Class B (Consumer Staples) | $| 38567 |
| 3400 | Grupo Aeroportuario del Centro Norte SAB de CV (Industrials) |  | 43531 |
| 4803 | Grupo Aeroportuario del Pacifico SAB de CV, Class B (Industrials) |  | 115631 |
| 2254 | Grupo Aeroportuario del Sureste SAB de CV, Class B (Industrials) |  | 73625 |
| 15851 | Grupo Bimbo SAB de CV, Series A (Consumer Staples) |  | 49352 |
| 6287 | Grupo Carso SAB de CV, Series A1 (Industrials) |  | 41699 |
| 6004 | Grupo Comercial Chedraui SA de CV (Consumer Staples) |  | 48590 |
| 36557 | Grupo Financiero Banorte SAB de CV, Class O (Financials) |  | 334698 |
| 24129 | Grupo Financiero Inbursa SAB de CV, Class O (Financials) |  | 63660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39624 | Grupo Mexico SAB de CV, Series B (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260023 |
| 2335 | Industrias Penoles SAB de CV (Materials)\* |  | 76205 |
| 20582 | Kimberly-Clark de Mexico SAB de CV, Class A (Consumer Staples) |  | 38692 |
| 13325 | Prologis Property Mexico SA de CV REIT (Real Estate) |  | 49192 |
| 63159 | Wal-Mart de Mexico SAB de CV (Consumer Staples) |  | 188754 |
|  |  |  | 2206257 |
| Netherlands – % | Netherlands – % | Netherlands – % | Netherlands – % |
| 1289 | Nebius Group NV, Class A (Information Technology)\*<sup>(c)</sup> |  |  |
| Philippines – 0.4% | Philippines – 0.4% | Philippines – 0.4% | Philippines – 0.4% |
| 3235 | Ayala Corp. (Industrials) |  | 30853 |
| 72836 | Ayala Land, Inc. (Real Estate) |  | 35688 |
| 27068 | Bank of the Philippine Islands (Financials) |  | 53525 |
| 26300 | BDO Unibank, Inc. (Financials) |  | 62223 |
| 455 | Globe Telecom, Inc. (Communication Services) |  | 11999 |
| 10056 | International Container Terminal Services, Inc. (Industrials) |  | 84995 |
| 5737 | Jollibee Foods Corp. (Consumer Discretionary) |  | 23291 |
| 3807 | Manila Electric Co. (Utilities) |  | 35642 |
| 23105 | Metropolitan Bank & Trust Co. (Financials) |  | 28303 |
| 1169 | PLDT, Inc. (Communication Services) |  | 23709 |
| 6234 | SM Investments Corp. (Industrials) |  | 82364 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 30 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Philippines – (continued) | Philippines – (continued) | Philippines – (continued) | Philippines – (continued) |
| 110787 | SM Prime Holdings, Inc. (Real Estate) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44784 |
|  |  |  | 517376 |
| Qatar – 0.7% | Qatar – 0.7% | Qatar – 0.7% | Qatar – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88681 | Al Rayan Bank (Financials) |  | 58577 |
| 43287 | Commercial Bank PSQC (The) (Financials) |  | 55877 |
| 21614 | Dukhan Bank (Financials) |  | 21762 |
| 24589 | Industries Qatar QSC (Industrials) |  | 86781 |
| 67140 | Mesaieed Petrochemical Holding Co. (Materials) |  | 25078 |
| 8656 | Ooredoo QPSC (Communication Services) |  | 30621 |
| 6027 | Qatar Electricity & Water Co. QSC (Utilities) |  | 26154 |
| 7253 | Qatar Fuel QSC (Energy) |  | 29821 |
| 34781 | Qatar Gas Transport Co. Ltd. (Energy) |  | 45184 |
| 12326 | Qatar International Islamic Bank QSC (Financials) |  | 38254 |
| 20803 | Qatar Islamic Bank (Financials) |  | 139982 |
| 56408 | Qatar National Bank QPSC (Financials) |  | 294356 |
|  |  |  | 852447 |
| Russia – 0.0% | Russia – 0.0% | Russia – 0.0% | Russia – 0.0% |
| 12708 | Alrosa PJSC (Materials)<sup>(c)</sup> |  |  |
| 801 | Gazprom Neft PJSC (Energy)<sup>(c)</sup> |  |  |
| 49291 | Gazprom PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 26300 | GMK Norilskiy Nickel PAO (Materials)\*<sup>(c)</sup> |  |  |
| 1413 | LUKOIL PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 4560 | Mobile TeleSystems PJSC (Communication Services)\*<sup>(c)</sup> |  |  |
| 3099 | Novatek PJSC (Energy)<sup>(c)</sup> |  |  |
| 5287 | Novolipetsk Steel PJSC (Materials)\*<sup>(c)</sup> |  |  |
| 780 | PIK-Spetsializirovannyy Zastroyshchik PAO (Consumer Discretionary)\*<sup>(c)</sup> |  |  |
| 1280 | Polyus PJSC (Materials)\*<sup>(c)</sup> |  |  |
| 5078 | Rosneft Oil Co. PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 44370 | Sberbank of Russia PJSC (Financials)\*<sup>(c)</sup> |  |  |
| 969 | Severstal PAO (Materials)<sup>(c)</sup> |  |  |
| 146300 | Surgutneftegas PJSC (Energy)\*<sup>(c)</sup> |  |  |
| 6047 | Tatneft PJSC (Energy)<sup>(c)</sup> |  |  |
| 6503 | United Co RUSAL International PJSC (Materials)\*<sup>(c)</sup> |  |  |
| Saudi Arabia – 3.2% | Saudi Arabia – 3.2% | Saudi Arabia – 3.2% | Saudi Arabia – 3.2% |
| 1753 | ACWA Power Co. (Utilities)\* |  | 99278 |
| 4905 | Ades Holding Co. (Energy) |  | 19530 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| 1791 | Advanced Petrochemical Co. (Materials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16706 |
| 24623 | Al Rajhi Bank (Financials) | 618167 |
| 629 | Al Rajhi Co. for Co-operative Insurance (Financials)\* | 19563 |
| 15533 | Alinma Bank (Financials) | 104321 |
| 5858 | Almarai Co. JSC (Consumer Staples) | 74283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10991 | Arab National Bank (Financials) | 68837 |
| 326 | Arabian Internet & Co.mmunications Services Co. (Information Technology) | 20982 |
| 9102 | Bank AlBilad (Financials) | 63410 |
| 8073 | Bank Al-Jazira (Financials)\* | 26120 |
| 15171 | Banque Saudi Fransi (Financials) | 65581 |
| 952 | Bupa Arabia for Cooperative Insurance Co. (Financials) | 37119 |
| 910 | Co. for Cooperative Insurance (The) (Financials) | 28424 |
| 6752 | Dar Al Arkan Real Estate Development Co. (Real Estate)\* | 33686 |
| 1047 | Dr Sulaiman Al Habib Medical Services Group Co. (Health Care) | 67248 |
| 327 | Elm Co. (Information Technology) | 74730 |
| 4672 | Etihad Etisalat Co. (Communication Services) | 79626 |
| 7332 | Jabal Omar Development Co. (Consumer Discretionary)\* | 37420 |
| 7556 | Jarir Marketing Co. (Consumer Discretionary) | 25675 |
| 1243 | Makkah Construction & Development Co. (Real Estate) | 24895 |
| 412 | MBC Group CJSC (Communication Services)\* | 3266 |
| 1245 | Mouwasat Medical Services Co. (Health Care) | 24023 |
| 511 | Nahdi Medical Co. (Consumer Staples) | 15743 |
| 5910 | Rabigh Refining & Petrochemical Co. (Energy)\* | 11640 |
| 18640 | Riyad Bank (Financials) | 128963 |
| 713 | Riyadh Cables Group Co. (Industrials) | 24513 |
| 2888 | SABIC Agri-Nutrients Co. (Materials) | 93439 |
| 4771 | Sahara International Petrochemical Co. (Materials) | 25621 |
| 422 | SAL Saudi Logistics Services (Industrials) | 19119 |
| 17693 | Saudi Arabian Mining Co. (Materials)\* | 246142 |
| 72357 | Saudi Arabian Oil Co. (Energy)<sup>(b)</sup> | 457028 |
| 685 | Saudi Aramco Base Oil Co. (Materials) | 15755 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **31** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) | Saudi Arabia – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12697 | Saudi Awwal Bank (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102058 |
| 11412 | Saudi Basic Industries Corp. (Materials) |  | 185526 |
| 9973 | Saudi Electricity Co. (Utilities) |  | 38619 |
| 4415 | Saudi Industrial Investment Group (Materials)\* |  | 22592 |
| 7814 | Saudi Investment Bank (The) (Financials) |  | 28280 |
| 9378 | Saudi Kayan Petrochemical Co. (Materials)\* |  | 12797 |
| 36935 | Saudi National Bank (The) (Financials) |  | 342753 |
| 414 | Saudi Research & Media Group (Communication Services)\* |  | 19143 |
| 614 | Saudi Tadawul Group Holding Co. (Financials) |  | 27884 |
| 24089 | Saudi Telecom Co. (Communication Services) |  | 269639 |
| 1890 | Savola Group (The) (Consumer Staples)\* |  | 12139 |
| 8180 | Umm Al Qura for Development & Construction Co. (Real Estate)\* |  | 50141 |
| 3540 | Yanbu National Petrochemical Co. (Materials) |  | 31002 |
|  |  |  | 3813426 |
| South Africa – 3.0% | South Africa – 3.0% | South Africa – 3.0% | South Africa – 3.0% |
| 10547 | Absa Group Ltd. (Financials) |  | 112541 |
| 4613 | Aspen Pharmacare Holdings Ltd. (Health Care) |  | 27602 |
| 4254 | Bid Corp. Ltd. (Consumer Staples) |  | 110898 |
| 4359 | Bidvest Group Ltd. (Industrials) |  | 58362 |
| 1093 | Capitec Bank Holdings Ltd. (Financials) |  | 220448 |
| 2943 | Clicks Group Ltd. (Consumer Staples) |  | 62061 |
| 6820 | Discovery Ltd. (Financials) |  | 83642 |
| 2985 | Exxaro Resources Ltd. (Energy) |  | 32511 |
| 63447 | FirstRand Ltd. (Financials) |  | 266823 |
| 11173 | Gold Fields Ltd. (Materials) |  | 366067 |
| 6936 | Harmony Gold Mining Co. Ltd. (Materials) |  | 92183 |
| 11185 | Impala Platinum Holdings Ltd. (Materials)\* |  | 100802 |
| 2849 | Investec Ltd. (Financials) |  | 21027 |
| 776 | Kumba Iron Ore Ltd. (Materials)<sup>(a)</sup> |  | 14188 |
| 3248 | Mr Price Group Ltd. (Consumer Discretionary) |  | 38083 |
| 20675 | MTN Group Ltd. (Communication Services) |  | 175040 |
| 3975 | MultiChoice Group (Communication Services)\* |  | 27565 |
| 1988 | Naspers Ltd., Class N (Consumer Discretionary) |  | 652639 |
| 5390 | Nedbank Group Ltd. (Financials)<sup>(a)</sup> |  | 68974 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Africa – (continued) | South Africa – (continued) | South Africa – (continued) | South Africa – (continued) |
| 4226 | Northam Platinum Holdings Ltd. (Materials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47135 |
| 58587 | Old Mutual Ltd. (Financials) |  | 46025 |
| 10901 | OUTsurance Group Ltd. (Financials) |  | 46798 |
| 29331 | Pepkor Holdings Ltd. (Consumer Discretionary)<sup>(b)</sup> |  | 42106 |
| 6518 | Remgro Ltd. (Financials) |  | 62455 |
| 22212 | Sanlam Ltd. (Financials) |  | 114489 |
| 7538 | Sasol Ltd. (Materials)\* |  | 50791 |
| 6011 | Shoprite Holdings Ltd. (Consumer Staples) |  | 89324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35956 | Sibanye Stillwater Ltd. (Materials)\* |  | 67751 |
| 16690 | Standard Bank Group Ltd. (Financials) |  | 234742 |
| 2633 | Valterra Platinum Ltd. (Materials) |  | 120231 |
| 7611 | Vodacom Group Ltd. (Communication Services) |  | 61155 |
| 11511 | Woolworths Holdings Ltd. (Consumer Discretionary) |  | 33791 |
|  |  |  | 3548249 |
| South Korea – 10.6% | South Korea – 10.6% | South Korea – 10.6% | South Korea – 10.6% |
| 475 | Alteogen, Inc. (Health Care)\*<sup>(a)</sup> |  | 149820 |
| 375 | Amorepacific Corp. (Consumer Staples) |  | 32449 |
| 361 | Amorepacific Holdings Corp. (Consumer Staples) |  | 7063 |
| 302 | APR Corp. (Consumer Staples)\* |  | 49311 |
| 95 | BGF retail Co. Ltd. (Consumer Staples) |  | 8015 |
| 3467 | BNK Financial Group, Inc. (Financials) |  | 35911 |
| 253 | Celltrion Pharm, Inc. (Health Care)\* |  | 9408 |
| 1902 | Celltrion, Inc. (Health Care) |  | 229293 |
| 922 | Cheil Worldwide, Inc. (Communication Services) |  | 13131 |
| 96 | CJ CheilJedang Corp. (Consumer Staples) |  | 15813 |
| 183 | CJ Corp. (Industrials) |  | 21048 |
| 95 | CJ Logistics Corp. (Industrials) |  | 5706 |
| 690 | Coway Co. Ltd. (Consumer Discretionary) |  | 51716 |
| 499 | DB HiTek Co. Ltd. (Information Technology) |  | 16493 |
| 562 | DB Insurance Co. Ltd. (Financials) |  | 53320 |
| 418 | Dongsuh Cos., Inc. (Consumer Staples) |  | 8193 |
| 648 | Doosan Bobcat, Inc. (Industrials)\* |  | 24890 |
| 90 | Doosan Co. Ltd. (Industrials) |  | 36252 |
| 5443 | Doosan Enerbility Co. Ltd. (Industrials)\* |  | 241563 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 32 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 271 | Doosan Robotics, Inc. (Industrials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12183 |
| 583 | Ecopro BM Co. Ltd. (Industrials)\* | 50825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | Ecopro Co. Ltd. (Industrials) | 46296 |
| 376 | Ecopro Materials Co. Ltd. (Industrials)\* | 13658 |
| 232 | E-MART, Inc. (Consumer Staples) | 11932 |
| 225 | F&F Co. Ltd. (Consumer Discretionary) | 10762 |
| 598 | GS Holdings Corp. (Industrials) | 19571 |
| 3474 | Hana Financial Group, Inc. (Financials) | 205404 |
| 320 | Hanjin Kal Corp. (Consumer Discretionary) | 25734 |
| 917 | Hankook Tire & Technology Co. Ltd. (Consumer Discretionary) | 26483 |
| 81 | Hanmi Pharm Co. Ltd. (Health Care) | 17654 |
| 158 | Hanmi Science Co. Ltd. (Health Care)\* | 4665 |
| 554 | Hanmi Semiconductor Co. Ltd. (Information Technology) | 34669 |
| 2158 | Hanon Systems (Consumer Discretionary)\* | 5549 |
| 381 | Hanwha Aerospace Co. Ltd. (Industrials) | 242261 |
| 458 | Hanwha Corp. (Industrials) | 27607 |
| 3716 | Hanwha Life Insurance Co. Ltd. (Financials)\* | 8380 |
| 1409 | Hanwha Ocean Co. Ltd. (Industrials)\* | 113511 |
| 1378 | Hanwha Solutions Corp. (Materials) | 28100 |
| 736 | Hanwha Systems Co. Ltd. (Industrials) | 26947 |
| 552 | HD Hyundai Co. Ltd. (Energy) | 54436 |
| 263 | HD Hyundai Electric Co. Ltd. (Industrials) | 93168 |
| 271 | HD Hyundai Heavy Industries Co. Ltd. (Industrials) | 101363 |
| 172 | HD Hyundai Marine Solution Co. Ltd. (Industrials) | 26352 |
| 294 | HD HYUNDAI MIPO (Industrials) | 43246 |
| 565 | HD Korea Shipbuilding & Offshore Engineering Co. Ltd. (Industrials) | 165202 |
| 1493 | HLB, Inc. (Health Care)\* | 40540 |
| 3592 | HMM Co. Ltd. (Industrials) | 57100 |
| 373 | Hotel Shilla Co. Ltd. (Consumer Discretionary)\* | 12583 |
| 70 | Hugel, Inc. (Health Care)\* | 15886 |
| 262 | HYBE Co. Ltd. (Communication Services)\* | 54087 |
| 65 | Hyosung Heavy Industries Corp. (Industrials) | 57975 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 91 | Hyundai Autoever Corp. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11494 |
| 276 | Hyundai Elevator Co. Ltd. (Industrials) | 15564 |
| 968 | Hyundai Engineering & Construction Co. Ltd. (Industrials) | 43239 |
| 472 | Hyundai Glovis Co. Ltd. (Industrials) | 62605 |
| 784 | Hyundai Marine & Fire Insurance Co. Ltd. (Financials)\* | 15734 |
| 763 | Hyundai Mobis Co. Ltd. (Consumer Discretionary) | 174800 |
| 1784 | Hyundai Motor Co. (Consumer Discretionary) | 282309 |
| 922 | Hyundai Rotem Co. Ltd. (Industrials) | 127399 |
| 1107 | Hyundai Steel Co. (Materials) | 25560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3190 | Industrial Bank of Korea (Financials) | 43642 |
| 367 | JYP Entertainment Corp. (Communication Services) | 19191 |
| 3824 | Kakao Corp. (Communication Services) | 171912 |
| 2749 | KakaoBank Corp. (Financials) | 48741 |
| 282 | Kakaopay Corp. (Financials)\* | 12130 |
| 1460 | Kangwon Land, Inc. (Consumer Discretionary) | 18956 |
| 4625 | KB Financial Group, Inc. (Financials) | 359953 |
| 48 | KCC Corp. (Materials) | 13741 |
| 181 | KEPCO Engineering & Construction Co., Inc. (Industrials) | 12030 |
| 231 | KEPCO Plant Service & Engineering Co. Ltd. (Industrials) | 8358 |
| 3125 | Kia Corp. (Consumer Discretionary) | 237817 |
| 181 | KIWOOM Securities Co. Ltd. (Financials) | 26755 |
| 901 | Korea Aerospace Industries Ltd. (Industrials) | 61698 |
| 3304 | Korea Electric Power Corp. (Utilities) | 86388 |
| 373 | Korea Gas Corp. (Utilities) | 10611 |
| 548 | Korea Investment Holdings Co. Ltd. (Financials) | 52977 |
| 109 | Korea Zinc Co. Ltd. (Materials) | 64369 |
| 2365 | Korean Air Lines Co. Ltd. (Industrials) | 40402 |
| 360 | Krafton, Inc. (Communication Services)\* | 84805 |
| 796 | KT Corp. (Communication Services) | 30975 |
| 1170 | KT&G Corp. (Consumer Staples) | 113360 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **33** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 193 | Kumho Petrochemical Co. Ltd. (Materials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15215 |
| 326 | L&F Co. Ltd. (Industrials)\* | 15476 |
| 582 | LG Chem Ltd. (Materials) | 116170 |
| 403 | LG CNS Co. Ltd. (Information Technology) | 19712 |
| 1144 | LG Corp. (Industrials) | 61304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704 | LG Display Co. Ltd. (Information Technology)\* | 31971 |
| 1333 | LG Electronics, Inc. (Consumer Discretionary) | 70857 |
| 514 | LG Energy Solution Ltd. (Industrials)\* | 130141 |
| 118 | LG H&H Co. Ltd. (Consumer Staples) | 25081 |
| 185 | LG Innotek Co. Ltd. (Information Technology) | 22502 |
| 2751 | LG Uplus Corp. (Communication Services) | 29385 |
| 160 | LIG Nex1 Co. Ltd. (Industrials) | 56335 |
| 298 | LigaChem Biosciences, Inc. (Health Care)\* | 31595 |
| 234 | Lotte Chemical Corp. (Materials) | 10688 |
| 415 | Lotte Corp. (Industrials) | 8716 |
| 138 | Lotte Shopping Co. Ltd. (Consumer Discretionary) | 6561 |
| 233 | LS Corp. (Industrials) | 29765 |
| 191 | LS Electric Co. Ltd. (Industrials) | 39086 |
| 1032 | Meritz Financial Group, Inc. (Financials) | 93903 |
| 2446 | Mirae Asset Securities Co. Ltd. (Financials) | 33692 |
| 429 | Misto Holdings Corp. (Consumer Discretionary) | 12883 |
| 1704 | NAVER Corp. (Communication Services) | 262908 |
| 162 | NCSoft Corp. (Communication Services) | 23655 |
| 280 | Netmarble Corp. (Communication <br>Services)<sup>(b)</sup> | 12064 |
| 1793 | NH Investment & Securities Co. Ltd. (Financials) | 25059 |
| 45 | NongShim Co. Ltd. (Consumer Staples) | 13271 |
| 287 | Orion Corp. (Consumer Staples) | 22254 |
| 2888 | Pan Ocean Co. Ltd. (Industrials) | 8091 |
| 410 | Pearl Abyss Corp. (Communication Services)\* | 9644 |
| 79 | PharmaResearch Co. Ltd. (Health Care) | 38641 |
| 685 | Posco DX Co. Ltd. (Information Technology) | 11061 |
| 370 | POSCO Future M Co. Ltd. (Industrials)\* | 37605 |
| 921 | POSCO Holdings, Inc. (Materials) | 189135 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| South Korea – (continued) | South Korea – (continued) | South Korea – (continued) |
| 581 | Posco International Corp. (Industrials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20060 |
| 100 | Rainbow Robotics (Industrials)\* | 19673 |
| 232 | S-1 Corp. (Industrials) | 13367 |
| 185 | Sam Chun Dang Pharm Co. Ltd. (Health Care) | 25603 |
| 224 | Samsung Biologics Co. Ltd. (Health <br>Care)\*<sup>(b)</sup> | 161283 |
| 1051 | Samsung C&T Corp. (Industrials) | 126853 |
| 323 | Samsung Card Co. Ltd. (Financials) | 11733 |
| 1993 | Samsung E&A Co. Ltd. (Industrials) | 41716 |
| 680 | Samsung Electro-Mechanics Co. Ltd. (Information Technology) | 78504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58972 | Samsung Electronics Co. Ltd. (Information Technology) | 2956553 |
| 384 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 122637 |
| 8023 | Samsung Heavy Industries Co. Ltd. (Industrials)\* | 122920 |
| 938 | Samsung Life Insurance Co. Ltd. (Financials) | 96549 |
| 786 | Samsung SDI Co. Ltd. (Information Technology) | 117031 |
| 468 | Samsung SDS Co. Ltd. (Information Technology) | 49586 |
| 829 | Samsung Securities Co. Ltd. (Financials) | 41025 |
| 51 | Samyang Foods Co. Ltd. (Consumer Staples) | 57447 |
| 5880 | Shinhan Financial Group Co. Ltd. (Financials) | 276183 |
| 370 | SK Biopharmaceuticals Co. Ltd. (Health Care)\* | 26241 |
| 321 | SK Bioscience Co. Ltd. (Health Care)\* | 10910 |
| 6755 | SK Hynix, Inc. (Information Technology) | 1307028 |
| 367 | SK IE Technology Co. Ltd.<br>(Industrials)\*<sup>(b)</sup> | 7325 |
| 783 | SK Innovation Co. Ltd. (Energy) | 56828 |
| 1099 | SK Square Co. Ltd. (Industrials)\* | 117785 |
| 1322 | SK Telecom Co. Ltd. (Communication Services) | 51539 |
| 437 | SK, Inc. (Industrials) | 65067 |
| 231 | SKC Co. Ltd. (Materials)\* | 15586 |
| 552 | S-Oil Corp. (Energy)\* | 23942 |
| 8038 | Woori Financial Group, Inc. (Financials) | 143386 |
| 675 | Yuhan Corp. (Health Care) | 55107 |
|  |  | 12674932 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 34 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – 18.7% | Taiwan – 18.7% | Taiwan – 18.7% |
| 6494 | Accton Technology Corp. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215620 |
| 37650 | Acer, Inc. (Information Technology) | 36394 |
| 5539 | Advantech Co. Ltd. (Information Technology) | 62331 |
| 959 | Alchip Technologies Ltd. (Information Technology) | 127210 |
| 46426 | ASE Technology Holding Co. Ltd. (Information Technology) | 229324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28904 | Asia Cement Corp. (Materials) | 35031 |
| 4120 | Asia Vital Components Co. Ltd. (Information Technology) | 136123 |
| 365 | ASMedia Technology, Inc. (Information Technology) | 19701 |
| 411 | ASPEED Technology, Inc. (Information Technology) | 67157 |
| 9021 | Asustek Computer, Inc. (Information Technology) | 186502 |
| 81530 | AUO Corp. (Information Technology)\* | 34271 |
| 2000 | Bizlink Holding, Inc. (Industrials) | 70332 |
| 15000 | Caliway Biopharmaceuticals Co. Ltd. (Health Care)\* | 99118 |
| 6393 | Catcher Technology Co. Ltd. (Information Technology) | 39421 |
| 115568 | Cathay Financial Holding Co. Ltd. (Financials) | 232501 |
| 17157 | Chailease Holding Co. Ltd. (Financials) | 65385 |
| 82225 | Chang Hwa Commercial Bank Ltd. (Financials) | 51644 |
| 27442 | Cheng Shin Rubber Industry Co. Ltd. (Consumer Discretionary) | 34112 |
| 8014 | Chicony Electronics Co. Ltd. (Information Technology) | 36178 |
| 38642 | China Airlines Ltd. (Industrials) | 26798 |
| 154787 | China Steel Corp. (Materials) | 101775 |
| 5544 | Chroma ATE, Inc. (Information Technology) | 105369 |
| 47959 | Chunghwa Telecom Co. Ltd. (Communication Services) | 207873 |
| 51228 | Compal Electronics, Inc. (Information Technology) | 46336 |
| 199271 | CTBC Financial Holding Co. Ltd. (Financials) | 268241 |
| 23745 | Delta Electronics, Inc. (Information Technology) | 552273 |
| 10591 | E Ink Holdings, Inc. (Information Technology) | 91118 |
| 179097 | E.Sun Financial Holding Co. Ltd. (Financials) | 195973 |
| 2031 | Eclat Textile Co. Ltd. (Consumer Discretionary) | 26642 |
| 3896 | Elite Material Co. Ltd. (Information Technology) | 155486 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 823 | eMemory Technology, Inc. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55594 |
| 34143 | Eva Airways Corp. (Industrials) | 43391 |
| 13380 | Evergreen Marine Corp. Taiwan Ltd. (Industrials) | 81192 |
| 37946 | Far Eastern New Century Corp. (Industrials) | 34260 |
| 22583 | Far EasTone Telecommunications Co. Ltd. (Communication Services) | 62202 |
| 5520 | Feng TAY Enterprise Co. Ltd. (Consumer Discretionary) | 21217 |
| 145123 | First Financial Holding Co. Ltd. (Financials) | 134586 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43043 | Formosa Chemicals & Fibre Corp. (Materials) | 42382 |
| 18746 | Formosa Petrochemical Corp. (Energy) | 24621 |
| 54757 | Formosa Plastics Corp. (Materials) | 69768 |
| 1732 | Fortune Electric Co. Ltd. (Industrials) | 36658 |
| 12786 | Foxconn Technology Co. Ltd. (Information Technology) | 29738 |
| 94929 | Fubon Financial Holding Co. Ltd. (Financials) | 260539 |
| 6154 | Gigabyte Technology Co. Ltd. (Information Technology) | 55763 |
| 1121 | Global Unichip Corp. (Information Technology) | 48772 |
| 2797 | Globalwafers Co. Ltd. (Information Technology) | 34037 |
| 4307 | Gold Circuit Electronics Ltd. (Information Technology) | 71150 |
| 24419 | Highwealth Construction Corp. (Real Estate) | 33390 |
| 3764 | Hiwin Technologies Corp. (Industrials) | 26288 |
| 149819 | Hon Hai Precision Industry Co. Ltd. (Information Technology) | 997339 |
| 1164 | Hon Precision, Inc. (Information Technology) | 65874 |
| 3116 | Hotai Motor Co. Ltd. (Consumer Discretionary) | 56164 |
| 110696 | Hua Nan Financial Holdings Co. Ltd. (Financials) | 101029 |
| 96039 | Innolux Corp. (Information Technology) | 44140 |
| 3261 | International Games System Co. Ltd. (Communication Services) | 81606 |
| 30414 | Inventec Corp. (Information Technology) | 40941 |
| 1315 | Jentech Precision Industrial Co. Ltd. (Information Technology) | 90120 |
| 207002 | KGI Financial Holding Co. Ltd. (Financials) | 103265 |
| 996 | King Slide Works Co. Ltd. (Information Technology) | 98559 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **35** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 14412 | King Yuan Electronics Co. Ltd. (Information Technology) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73546 |
| 1224 | Largan Precision Co. Ltd. (Information Technology) | 96296 |
| 24705 | Lite-On Technology Corp. (Information Technology) | 105061 |
| 1192 | Lotes Co. Ltd. (Information Technology) | 56735 |
| 18383 | MediaTek, Inc. (Information Technology) | 823851 |
| 149571 | Mega Financial Holding Co. Ltd. (Financials) | 195957 |
| 9151 | Micro-Star International Co. Ltd. (Information Technology) | 40412 |
| 1158 | momo.com, Inc. (Consumer Discretionary) | 9584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69215 | Nan Ya Plastics Corp. (Materials) | 97813 |
| 2888 | Nan Ya Printed Circuit Board Corp. (Information Technology) | 20784 |
| 15724 | Nanya Technology Corp. (Information Technology)\* | 24175 |
| 2563 | Nien Made Enterprise Co. Ltd. (Consumer Discretionary) | 36262 |
| 7279 | Novatek Microelectronics Corp. (Information Technology) | 103579 |
| 24944 | Pegatron Corp. (Information Technology) | 57282 |
| 3394 | PharmaEssentia Corp. (Health Care) | 55124 |
| 2242 | Phison Electronics Corp. (Information Technology) | 35864 |
| 29924 | Pou Chen Corp. (Consumer Discretionary) | 28241 |
| 39979 | Powerchip Semiconductor Manufacturing Corp. (Information Technology)\* | 20794 |
| 8086 | Powertech Technology, Inc. (Information Technology) | 31477 |
| 7069 | President Chain Store Corp. (Consumer Staples) | 58851 |
| 32413 | Quanta Computer, Inc. (Information Technology) | 278330 |
| 5837 | Realtek Semiconductor Corp. (Information Technology) | 101963 |
| 26068 | Ruentex Development Co. Ltd. (Real Estate) | 25710 |
| 9217 | Ruentex Industries Ltd. (Consumer Discretionary) | 16312 |
| 45513 | Shanghai Commercial & Savings Bank Ltd. (The) (Financials) | 61042 |
| 3446 | Shihlin Electric & Engineering Corp. (Industrials) | 22602 |
| 7105 | Sino-American Silicon Products, Inc. (Information Technology) | 24056 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 139167 | SinoPac Financial Holdings Co. Ltd. (Financials) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106528 |
| 16155 | Synnex Technology International Corp. (Information Technology) | 34773 |
| 29206 | TA Chen Stainless Pipe (Materials) | 37165 |
| 56869 | Taichung Commercial Bank Co. Ltd. (Financials) | 39625 |
| 285273 | Taishin Financial Holding Co. Ltd. (Financials) | 151644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94343 | Taiwan Business Bank (Financials) | 46601 |
| 131628 | Taiwan Cooperative Financial Holding Co. Ltd. (Financials) | 102049 |
| 8935 | Taiwan Fertilizer Co. Ltd. (Materials)\* | 15608 |
| 25590 | Taiwan High Speed Rail Corp. (Industrials) | 23104 |
| 21336 | Taiwan Mobile Co. Ltd. (Communication Services) | 74332 |
| 300568 | Taiwan Semiconductor Manufacturing Co. Ltd. (Information Technology) | 11405449 |
| 19891 | Tatung Co. Ltd. (Industrials) | 25897 |
| 88779 | TCC Group Holdings Co. Ltd. (Materials) | 65199 |
| 21600 | Teco Electric and Machinery Co. Ltd. (Industrials) | 48048 |
| 6417 | Tripod Technology Corp. (Information Technology) | 67488 |
| 16820 | Unimicron Technology Corp. (Information Technology) | 79507 |
| 59999 | Uni-President Enterprises Corp. (Consumer Staples) | 151914 |
| 146623 | United Microelectronics Corp. (Information Technology) | 194253 |
| 13438 | Vanguard International Semiconductor Corp. (Information Technology) | 40222 |
| 1328 | VisEra Technologies Co. Ltd. (Information Technology) | 11469 |
| 961 | Voltronic Power Technology Corp. (Industrials) | 31122 |
| 37175 | Walsin Lihwa Corp. (Industrials) | 27727 |
| 17648 | Wan Hai Lines Ltd. (Industrials) | 47801 |
| 40677 | Winbond Electronics Corp. (Information Technology)\* | 26214 |
| 36711 | Wistron Corp. (Information Technology) | 135702 |
| 1203 | Wiwynn Corp. (Information Technology) | 116682 |
| 20136 | WPG Holdings Ltd. (Information Technology) | 44133 |
| 4018 | WT Microelectronics Co. Ltd. (Information Technology) | 16167 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 36 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) | Taiwan – (continued) |
| 19916 | Yageo Corp. (Information Technology) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90884 |
| 22446 | Yang Ming Marine Transport Corp. (Industrials) |  | 42367 |
| 130009 | Yuanta Financial Holding Co. Ltd. (Financials) |  | 138219 |
| 4817 | Yulon Finance Corp. (Financials)\* |  | 16703 |
| 7656 | Zhen Ding Technology Holding Ltd. (Information Technology) |  | 49213 |
|  |  |  | 22406336 |
| Thailand – 1.4% | Thailand – 1.4% | Thailand – 1.4% | Thailand – 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13688 | Advanced Info Service PCL, NVDR (Communication Services) |  | 124225 |
| 52993 | Airports of Thailand PCL, NVDR (Industrials) |  | 58890 |
| 114337 | Asset World Corp. PCL, NVDR (Consumer Discretionary) |  | 7835 |
| 140944 | Bangkok Dusit Medical Services PCL, NVDR (Health Care) |  | 90061 |
| 104960 | Bangkok Expressway & Metro PCL, NVDR (Industrials) |  | 17172 |
| 111840 | Banpu PCL, NVDR (Energy) |  | 16433 |
| 13769 | Berli Jucker PCL, NVDR (Consumer Staples) |  | 7311 |
| 109815 | BTS Group Holdings PCL, NVDR (Industrials)\* |  | 10712 |
| 7300 | Bumrungrad Hospital PCL, NVDR (Health Care) |  | 40111 |
| 38751 | Cal-Comp Electronics Thailand PCL (Information Technology) |  | 7593 |
| 4716 | Carabao Group PCL, NVDR (Consumer Staples) |  | 7461 |
| 39711 | Central Pattana PCL, NVDR (Real Estate) |  | 63131 |
| 48060 | Central Retail Corp. PCL, NVDR (Consumer Discretionary) |  | 31600 |
| 48177 | Charoen Pokphand Foods PCL, NVDR (Consumer Staples) |  | 32569 |
| 9851 | Com7 PCL, NVDR (Consumer Discretionary) |  | 7754 |
| 71227 | CP ALL PCL, NVDR (Consumer Staples) |  | 96743 |
| 18333 | CP AXTRA PCL, NVDR (Consumer Staples) |  | 10130 |
| 58400 | Delta Electronics Thailand PCL, NVDR (Information Technology) |  | 270412 |
| 2958 | Electricity Generating PCL, NVDR (Utilities) |  | 10775 |
| 9151 | Global Power Synergy PCL, NVDR (Utilities) |  | 11864 |
| 52887 | Gulf Development PCL, NVDR (Utilities)\* |  | 76731 |

---

---

| | | | |
|:---|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Thailand – (continued) | Thailand – (continued) | Thailand – (continued) | Thailand – (continued) |
| 64150 | Home Product Center PCL, NVDR (Consumer Discretionary) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23063 | Indorama Ventures PCL, NVDR (Materials) |  | 15449 |
| 7494 | Kasikornbank PCL, NVDR (Financials) |  | 38979 |
| 44875 | Krung Thai Bank PCL, NVDR (Financials) |  | 34077 |
| 11618 | Krungthai Card PCL, NVDR (Financials) |  | 9773 |
| 106505 | Land & Houses PCL, NVDR (Real Estate) |  | 12822 |
| 41803 | Minor International PCL, NVDR (Consumer Discretionary) |  | 30196 |
| 9320 | Muangthai Capital PCL, NVDR (Financials) |  | 10717 |
| 22817 | Osotspa PCL, NVDR (Consumer Staples) |  | 11551 |
| 17661 | PTT Exploration & Production PCL, NVDR (Energy) |  | 61060 |
| 29125 | PTT Global Chemical PCL, NVDR (Materials) |  | 23600 |
| 37319 | PTT Oil & Retail Business PCL, NVDR (Consumer Discretionary) |  | 15322 |
| 173162 | PTT PCL, NVDR (Energy) |  | 165705 |
| 13370 | Ratch Group PCL, NVDR (Utilities) |  | 11143 |
| 10981 | SCB X PCL, NVDR (Financials) |  | 43558 |
| 14342 | SCG Packaging PCL, NVDR (Materials) |  | 7571 |
| 10023 | Siam Cement PCL (The), NVDR (Materials) |  | 66521 |
| 107222 | Thai Beverage PCL (Consumer Staples) |  | 38443 |
| 32556 | Thai Life Insurance PCL, NVDR (Financials) |  | 9597 |
| 14177 | Thai Oil PCL, NVDR (Energy) |  | 14004 |
| 36671 | Thai Union Group PCL, NVDR (Consumer Staples) |  | 13924 |
| 18967 | TIDLOR Holdings PCL, NVDR (Financials) |  | 11007 |
| 2589 | Tisco Financial Group PCL, NVDR (Financials) |  | 8072 |
| 312750 | TMBThanachart Bank PCL, NVDR (Financials) |  | 18343 |
| 129863 | True Corp. PCL, NVDR (Communication Services)\* |  | 45700 |
|  |  |  | 1730707 |
| Turkey – 0.9% | Turkey – 0.9% | Turkey – 0.9% | Turkey – 0.9% |
| 11990 | AG Anadolu Grubu Holding AS (Industrials) |  | 8362 |
| 442 | Agesa Hayat ve Emeklilik AS (Financials) |  | 1825 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **37** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 8897 | Ahlatci Dogal Gaz Dagitim Enerji VE Yatirim AS (Utilities)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34075 | Akbank TAS (Financials) | 56516 |
| 510 | Akcansa Cimento AS (Materials) | 1683 |
| 4131 | Akfen Yenilenebilir Enerji AS (Utilities)\* | 1837 |
| 21444 | Aksa Akrilik Kimya Sanayii AS (Consumer Discretionary) | 5513 |
| 2664 | Aksa Enerji Uretim AS (Utilities)\* | 2499 |
| 1835 | Alarko Holding AS (Industrials) | 3913 |
| 962 | Alfa Solar Enerji Sanayi VE Ticaret AS (Information Technology)\* | 1147 |
| 9188 | Anadolu Anonim Turk Sigorta Sirketi (Financials) | 4988 |
| 25000 | Anadolu Efes Biracilik Ve Malt Sanayii AS (Consumer Staples) | 10280 |
| 834 | Anadolu Hayat Emeklilik AS (Financials) | 1803 |
| 129 | Anadolu Isuzu Otomotiv Sanayi Ve Ticaret AS, Class C (Industrials) | 201 |
| 1325 | Arcelik AS (Consumer Discretionary)\* | 4411 |
| 15115 | Aselsan Elektronik Sanayi Ve Ticaret AS (Industrials) | 67329 |
| 3427 | Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS (Industrials) | 9835 |
| 1094 | Avrupakent Gayrimenkul Yatirim Ortakligi AS (Real Estate) | 1708 |
| 1972 | Aydem Yenilenebilir Enerji AS (Utilities)\* | 938 |
| 1011 | Aygaz AS (Utilities) | 4128 |
| 28864 | Baticim Bati Anadolu Cimento Sanayii AS (Materials)\* | 2820 |
| 5136 | BatiSoke Soke Cimento Sanayii TAS (Materials)\* | 1822 |
| 5122 | BIM Birlesik Magazalar AS (Consumer Staples) | 65970 |
| 366 | Borusan Birlesik Boru Fabrikalari Sanayi ve Ticaret AS (Materials)\* | 4536 |
| 48 | Borusan Yatirim ve Pazarlama AS (Financials) | 3275 |
| 20899 | Can2 Termik AS (Utilities)\* | 1254 |
| 43 | Celebi Hava Servisi AS (Industrials) | 1742 |
| 5227 | Cimsa Cimento Sanayi VE Ticaret AS (Materials) | 6148 |
| 10627 | Coca-Cola Icecek AS (Consumer Staples) | 12732 |
| 3290 | CW Enerji Muhendislik Ticaret VE Sanayi AS (Industrials)\* | 1538 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 1057 | Destek Finans Faktoring AS (Financials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19522 |
| 13205 | Dogan Sirketler Grubu Holding AS (Consumer Discretionary)\* | 6174 |
| 637 | Dogu Aras Enerji Yatirimlari AS (Utilities) | 866 |
| 1009 | Dogus Otomotiv Servis ve Ticaret AS (Consumer Discretionary) | 4637 |
| 236 | Eczacibasi Yatirim Holding Ortakligi AS (Industrials) | 1374 |
| 1030 | Efor Cay Sanayi Ticaret AS (Consumer Staples) | 3229 |
| 16 | EGE Endustri VE Ticaret AS (Consumer Discretionary) | 3378 |
| 2061 | EIS Eczacibasi Ilac ve Sinai ve Finansal Yatirimlar Sanayi ve Ticaret AS (Consumer Staples) | 3195 |
| 27093 | Emlak Konut Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 13629 |
| 3307 | Enerjisa Enerji AS (Utilities)<sup>(b)</sup> | 6349 |
| 31513 | Enerya Enerji AS (Utilities) | 8439 |
| 7100 | Enka Insaat ve Sanayi AS (Industrials) | 12621 |
| 44282 | Eregli Demir ve Celik Fabrikalari TAS (Materials) | 32133 |
| 1282 | Escar Turizm Tasimacilik Ticaret AS (Industrials) | 809 |
| 2472 | Europower Enerji VE Otomasyon Teknolojileri Sanayi Ticaret AS (Industrials)\* | 1754 |
| 8260 | Ford Otomotiv Sanayi AS (Consumer Discretionary) | 22421 |
| 1233 | GEN Ilac VE Saglik Urunleri Sanayi VE Ticaret AS (Health Care) | 5381 |
| 1783 | Girisim Elektrik Taahhut Ticaret Ve Sanayi AS (Industrials)\* | 2065 |
| 460 | Grainturk Tarim AS (Consumer Staples) | 4952 |
| 1051 | Gubre Fabrikalari TAS (Materials)\* | 7445 |
| 279 | GUR-Sel Turizm Tasimacilik VE Servis Ticaret AS (Industrials) | 2268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13702 | Haci Omer Sabanci Holding AS (Financials) | 31366 |
| 44789 | Hektas Ticaret TAS (Materials)\* | 4767 |
| 6509 | Is Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 3243 |
| 5632 | Is Yatirim Menkul Degerler AS (Financials) | 5967 |
| 7797 | Izdemir Enerji Elektrik Uretim AS (Utilities)\* | 1684 |
| 2509 | Jantsa Jant Sanayi Ve Ticaret AS (Industrials) | 1427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 38 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 1464 | Kaleseramik Canakkale Kalebodur Seramik Sanayi AS (Industrials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1164 |
| 3123 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class A (Materials)\* | 3008 |
| 555 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class B (Materials)\* | 393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | Kardemir Karabuk Demir Celik Sanayi ve Ticaret AS, Class D (Materials)\* | 7500 |
| 1418 | Kayseri Seker Fabrikasi AS (Consumer Staples)\* | 734 |
| 3062 | Kiler Holding AS (Industrials)\* | 4777 |
| 8282 | KOC Holding AS (Industrials) | 36892 |
| 6127 | Kocaer Celik Sanayi Ve Ticaret AS (Materials) | 2286 |
| 3121 | Kontrolmatik Enerji Ve Muhendislik AS (Industrials) | 2092 |
| 3 | Konya Cimento Sanayii AS (Materials)\* | 399 |
| 2613 | Koza Anadolu Metal Madencilik Isletmeleri AS (Materials)\* | 5016 |
| 5003 | Kuyumcukent Gayrimenkul Yatirimlari AS REIT (Real Estate)\* | 6833 |
| 631 | LDR Turizm AS (Industrials) | 4493 |
| 3620 | Margun Enerji Uretim Sanayi VE Ticaret AS (Utilities)\* | 4473 |
| 7696 | Mavi Giyim Sanayi Ve Ticaret AS, Class B (Consumer Discretionary)<sup>(b)</sup> | 8356 |
| 3207 | MIA Teknoloji AS (Information Technology)\* | 3244 |
| 1239 | Migros Ticaret AS (Consumer Staples) | 14626 |
| 652 | MLP Saglik Hizmetleri AS (Health<br>Care)\*<sup>(b)</sup> | 5664 |
| 1106 | OBA Makarnacilik Sanayi VE Ticaret AS (Consumer Staples) | 1317 |
| 453 | Otokar Otomotiv Ve Savunma Sanayi A.S. (Industrials)\* | 6214 |
| 13614 | Oyak Cimento Fabrikalari AS (Materials)\* | 8085 |
| 2730 | Pasifik Eurasia Lojistik Dis Ticaret AS (Industrials)\* | 7251 |
| 2900 | Pegasus Hava Tasimaciligi AS (Industrials)\* | 17548 |
| 14355 | Petkim Petrokimya Holding AS (Materials)\* | 6977 |
| 1554 | Ral Yatirim Holding AS (Industrials)\* | 4943 |
| 7482 | Reysas Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate)\* | 4269 |
| 7026 | Reysas Tasimacilik ve Lojistik Ticaret AS (Industrials)\* | 2925 |

---

---

| | | |
|:---|:---|:---|
| **<br>Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 131015 | Sasa Polyester Sanayi AS (Materials)\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14932 |
| 1653 | Selcuk Ecza Deposu Ticaret ve Sanayi A.S. (Health Care) | 3479 |
| 2116 | Smart Gunes Enerjisi Teknolojileri ArGE Uretim Sanayi ve Ticaret AS (Information Technology)\* | 1589 |
| 3666 | Sok Marketler Ticaret AS (Consumer Staples) | 3594 |
| 673 | TAB Gida Sanayi Ve Ticaret AS (Consumer Discretionary) | 3525 |
| 2437 | TAV Havalimanlari Holding AS (Industrials)\* | 15013 |
| 2571 | Tekfen Holding AS (Industrials)\* | 6529 |
| 622 | Tera Yatirim Menkul Degerler AS (Financials)\* | 10430 |
| 1738 | Tofas Turk Otomobil Fabrikasi AS (Consumer Discretionary) | 10570 |
| 2528 | Torunlar Gayrimenkul Yatirim Ortakligi AS REIT (Real Estate) | 4362 |
| 2852 | Tureks Turizm Tasimacilik AS, Class D (Industrials)\* | 631 |
| 13525 | Turk Altin Isletmeleri AS (Materials)\* | 7908 |
| 8603 | Turk Hava Yollari AO (Industrials) | 70037 |
| 7060 | Turk Telekomunikasyon AS (Communication Services)\* | 9531 |
| 363 | Turk Traktor ve Ziraat Makineleri AS (Industrials) | 5456 |
| 15262 | Turkcell Iletisim Hizmetleri AS (Communication Services) | 35160 |
| 8712 | Turkiye Halk Bankasi AS (Financials)\*<sup>(a)</sup> | 5665 |
| 100055 | Turkiye Is Bankasi AS, Class C (Financials) | 36593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11437 | Turkiye Petrol Rafinerileri AS (Energy) | 47860 |
| 24889 | Turkiye Sigorta AS (Financials) | 6048 |
| 14400 | Turkiye Sinai Kalkinma Bankasi AS (Financials)\* | 5078 |
| 19902 | Turkiye Sise ve Cam Fabrikalari AS (Industrials) | 19684 |
| 1974 | Ulker Biskuvi Sanayi AS (Consumer Staples) | 5440 |
| 3581 | Vestel Beyaz Esya Sanayi ve Ticaret AS (Consumer Discretionary) | 1168 |
| 1280 | Vestel Elektronik Sanayi ve Ticaret AS (Consumer Discretionary)\* | 1316 |
| 40584 | Yapi ve Kredi Bankasi AS (Financials)\* | 32428 |
| 2296 | Yayla Agro Gida Sanayi VE Nakliyat AS (Consumer Staples)\* | 613 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **39** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Turkey – (continued) | Turkey – (continued) | Turkey – (continued) | Turkey – (continued) |
| 1675 | YEO Teknoloji Enerji VE Endustri AS (Industrials)\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 |
| 11007 | Ziraat Gayrimenkul Yatirim Ortakligi AS (Real Estate) |  | 6184 |
| 19297 | Zorlu Enerji Elektrik Uretim AS (Utilities)\* |  | 1782 |
|  |  |  | 1054876 |
| United Arab Emirates – 2.6% | United Arab Emirates – 2.6% | United Arab Emirates – 2.6% | United Arab Emirates – 2.6% |
| 36942 | Abu Dhabi Commercial Bank PJSC (Financials) |  | 152274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17993 | Abu Dhabi Islamic Bank PJSC (Financials) |  | 104539 |
| 37320 | Abu Dhabi National Energy Co. PJSC (Utilities) |  | 34038 |
| 36952 | Abu Dhabi National Oil Co. for Distribution PJSC (Consumer Discretionary) |  | 37827 |
| 33682 | ADNOC Drilling Co. PJSC (Energy) |  | 50528 |
| 86779 | Adnoc Gas PLC (Energy) |  | 78675 |
| 46320 | Aldar Properties PJSC (Real Estate) |  | 121317 |
| 19666 | Alpha Dhabi Holding PJSC (Industrials) |  | 60503 |
| 39970 | Borouge PLC (Materials) |  | 28946 |
| 111388 | Dubai Electricity & Water Authority PJSC (Utilities) |  | 83397 |
| 35871 | Dubai Islamic Bank PJSC (Financials) |  | 94438 |
| 10322 | Emaar Development PJSC (Real Estate) |  | 41451 |
| 78030 | Emaar Properties PJSC (Real Estate) |  | 305917 |
| 31168 | Emirates NBD Bank PJSC (Financials) |  | 214264 |
| 44110 | Emirates Telecommunications Group Co. PJSC (Communication Services) |  | 217127 |
| 56034 | First Abu Dhabi Bank PJSC (Financials) |  | 253244 |
| 10692 | International Holding Co. PJSC (Industrials)\* |  | 1164389 |
| 40679 | Modon Holding PSC (Industrials)\* |  | 41310 |
|  |  |  | 3084184 |
| United Kingdom – 0.1% | United Kingdom – 0.1% | United Kingdom – 0.1% | United Kingdom – 0.1% |
| 1336 | Metlen Energy & Metals PLC (Industrials)\* |  | 85696 |
| United States – 0.1% | United States – 0.1% | United States – 0.1% | United States – 0.1% |
| 4298 | JBS NV, Class A (Consumer Staples)\* |  | 69671 |
| **TOTAL COMMON STOCKS**<br> **(Cost $87,194,668)** | **TOTAL COMMON STOCKS**<br> **(Cost $87,194,668)** |  | 116848422 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 1.7% | Preferred Stocks – 1.7% | Preferred Stocks – 1.7% | Preferred Stocks – 1.7% |
| Brazil – 1.1% | Brazil – 1.1% |  |  |
| 65873 | Banco Bradesco SA (Financials) | 7.44% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204241 |
| 3164 | Centrais Eletricas Brasileiras SA, Class B (Utilities) | 8.08 | 27816 |
| 23893 | Cia Energetica de Minas Gerais (Utilities) | 12.86 | 48903 |
| 13749 | Cia Paranaense de Energia - Copel (Utilities) | 6.83 | 30446 |
| 16784 | Gerdau SA (Materials) | 3.79 | 51514 |
| 66889 | Itau Unibanco Holding SA (Financials) | 7.44 | 474302 |
| 73011 | Itausa SA (Financials) | 9.63 | 150915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54645 | Petroleo Brasileiro SA - Petrobras (Energy) | 9.67 | 313085 |
| 16459 | Raizen SA (Consumer Discretionary)\* | 0.81 | 3548 |
|  |  |  | 1304770 |
| Chile – 0.1% | Chile – 0.1% |  |  |
| 1811 | Sociedad Quimica y Minera de Chile SA, Class B (Materials)\* | 0.00 | 82923 |
| Colombia – 0.1% | Colombia – 0.1% |  |  |
| 3464 | Grupo Argos SA (Materials) | 6.22 | 9378 |
| 5809 | Grupo Cibest SA (Financials) | 8.97 | 72702 |
| 2146 | Grupo de Inversiones Suramericana SA (Financials) | 4.10 | 19030 |
|  |  |  | 101110 |
| India – 0.0% | India – 0.0% |  |  |
| 11624 | TVS Motor Co. Ltd. (Consumer Discretionary)\* | 0.00 | 1318 |
| Russia – 0.0% | Russia – 0.0% |  |  |
| 4252 | Sberbank of Russia PJSC, (Financials)\*<sup>(c)</sup> | 0.00 |  |
| 31665 | Surgutneftegas PJSC <br>(Energy)\*<sup>(c)</sup> | 0.00 |  |
| 640 | Tatneft PJSC, (Energy)<sup>(c)</sup> | 0.00 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 40 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> EMERGING MARKETS EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** | **Value** |
| Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) | Preferred Stocks – (continued) |
| South Korea – 0.4% | South Korea – 0.4% | South Korea – 0.4% |  |  |
| 33 | Doosan Co. Ltd. (Industrials) | 0.60% | $| 8011 |
| 200 | Hanwha Corp. (Industrials) | 2.37 |  | 5071 |
| 441 | Hyundai Motor Co. (Consumer Discretionary) | 7.64 |  | 53926 |
| 259 | Hyundai Motor Co. (Consumer Discretionary) | 7.82 |  | 30739 |
| 29 | Hyundai Motor Co. (Consumer Discretionary) | 7.84 |  | 3452 |
| 71 | Korea Investment Holdings Co. Ltd. (Financials) | 4.39 |  | 4734 |
| 97 | LG Chem Ltd. (Materials) | 0.79 |  | 9524 |
| 1637 | Mirae Asset Securities Co. Ltd., N.A. (Financials) | 2.98 |  | 9891 |
| 10238 | Samsung Electronics Co. Ltd. (Information Technology) | 2.63 |  | 416811 |
| 33 | Samsung Fire & Marine Insurance Co. Ltd. (Financials) | 5.76 |  | 7821 |
|  |  |  |  | 549980 |
|  **TOTAL PREFERRED STOCKS**<br> **(Cost $1,879,762)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $1,879,762)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2040101 |
| **Shares** | **Description** | **Description** | **Value** | **Value** |
| Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% | Exchange-Traded Fund – 0.5% |
| United States – 0.5% | United States – 0.5% | United States – 0.5% | United States – 0.5% | United States – 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23978 | iShares MSCI Malaysia ETF | iShares MSCI Malaysia ETF |  |  |
| **(Cost $568,898)** | **(Cost $568,898)** | **(Cost $568,898)** |  | 596333 |
| **Shares** | **Dividend Rate** |  | **Value** | **Value** |
| Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> | Investment Company – 0.6%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
| 776373 | 4.114% | 4.114% |  | 776373 |
| **(Cost $776,373)** | **(Cost $776,373)** | **(Cost $776,373)** |  |  |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $90,419,701)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $90,419,701)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $90,419,701)** |  | 120261229 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 1.0%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.0%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1137326 | 4.154% | $1137326 |
| (Cost $1,137,326) | (Cost $1,137,326) |  |
| **TOTAL INVESTMENTS – 101.4%**<br> **(Cost $91,557,027)** | **TOTAL INVESTMENTS – 101.4%**<br> **(Cost $91,557,027)** | $121398555 |
|  **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.4)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS – (1.4)%** | (1722240) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119676315 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | All or a portion of security is on loan. |
| (b) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| NVDR | —Non-Voting Depository Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | **% of<br> Market <br>Value** |
|  Information Technology | 23.7% |
|  Financials | 22.1 |
|  Consumer Discretionary | 12.3 |
|  Communication Services | 9.4 |
|  Industrials | 8.6 |
|  Materials | 6.1 |
|  Consumer Staples | 4.1 |
|  Energy | 3.9 |
|  Health Care | 3.6 |
|  Utilities | 2.6 |
|  Real Estate | 1.6 |
|  Investment Company | 0.6 |
|  Exchange-Traded Fund | 0.5 |
|  Securities Lending Reinvestment Vehicle | 0.9 |
| TOTAL INVESTMENTS | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **41** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 98.9% | Common Stocks – 98.9% | Common Stocks – 98.9% |
| Australia – 7.5% | Australia – 7.5% | Australia – 7.5% |
| 25227 | AGL Energy Ltd. (Utilities) | $135886 |
| 10018 | Ampol Ltd. (Energy) | 192769 |
| 127290 | ANZ Group Holdings Ltd. (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2805092 |
| 53950 | APA Group (Utilities) | 311084 |
| 24264 | Aristocrat Leisure Ltd. (Consumer Discretionary) | 1154692 |
| 8055 | ASX Ltd. (Financials) | 329711 |
| 45115 | Atlas Arteria Ltd. (Industrials) | 157383 |
| 77223 | Aurizon Holdings Ltd. (Industrials) | 163758 |
| &nbsp;&nbsp;&nbsp;&nbsp;213027 | BHP Group Ltd. (Materials) | 6021818 |
| 19100 | BlueScope Steel Ltd. (Materials) | 286897 |
| 59309 | Brambles Ltd. (Industrials) | 1007321 |
| 14162 | CAR Group Ltd. (Communication Services) | 374840 |
| 19554 | Charter Hall Group REIT (Real Estate) | 299859 |
| 2753 | Cochlear Ltd. (Health Care) | 543345 |
| 55360 | Coles Group Ltd. (Consumer Staples) | 865247 |
| 71359 | Commonwealth Bank of Australia (Financials) | 7953772 |
| 22138 | Computershare Ltd. (Industrials) | 553057 |
| 44624 | Dexus REIT (Real Estate) | 219340 |
| 8259 | EBOS Group Ltd. (Health Care) | 158916 |
| 61850 | Endeavour Group Ltd. (Consumer Staples) | 154637 |
| 83213 | Evolution Mining Ltd. (Materials) | 471649 |
| 67133 | Fortescue Ltd. (Materials) | 848014 |
| 413768 | Glencore PLC (Materials)\* | 1633460 |
| 84942 | Goodman Group REIT (Real Estate) | 1909673 |
| 80481 | GPT Group (The) REIT (Real Estate) | 293926 |
| 102526 | Insurance Australia Group Ltd. (Financials) | 584470 |
| 4605 | JB Hi-Fi Ltd. (Consumer Discretionary) | 353268 |
| 93600 | Lottery Corp. Ltd. (The) (Consumer Discretionary) | 360216 |
| 38913 | Lynas Rare Earths Ltd. (Materials)\* | 353249 |
| 15225 | Macquarie Group Ltd. (Financials) | 2243666 |
| 115775 | Medibank Pvt Ltd. (Financials) | 386451 |
| 165475 | Mirvac Group REIT (Real Estate) | 255596 |
| 130362 | National Australia Bank Ltd. (Financials) | 3650926 |
| 25668 | NEXTDC Ltd. (Information Technology)\* | 277195 |
| 58423 | Northern Star Resources Ltd. (Materials) | 722313 |
| 20498 | Orica Ltd. (Materials) | 294882 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Australia – (continued) | Australia – (continued) | Australia – (continued) | Australia – (continued) |
| 71850 | Origin Energy Ltd. (Utilities) | $| 607574 |
| &nbsp;&nbsp;&nbsp;&nbsp;115397 | Pilbara Minerals Ltd. (Materials)\* |  | 185042 |
| 2053 | Pro Medicus Ltd. (Health Care) |  | 401508 |
| 63876 | Qantas Airways Ltd. (Industrials) |  | 491230 |
| 63695 | QBE Insurance Group Ltd. (Financials) |  | 902554 |
| 7616 | Ramsay Health Care Ltd. (Health Care) |  | 168980 |
| 2113 | REA Group Ltd. (Communication Services) |  | 347164 |
| 12381 | Reece Ltd. (Industrials) |  | 90434 |
| 15766 | Rio Tinto Ltd. (Materials) |  | 1191518 |
| 45949 | Rio Tinto PLC (Materials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881726 |
| 138655 | Santos Ltd. (Energy) |  | 727813 |
| 218115 | Scentre Group REIT (Real Estate) |  | 582446 |
| 14405 | SEEK Ltd. (Communication Services) |  | 261723 |
| 8472 | SGH Ltd. (Industrials) |  | 280074 |
| 190418 | Sigma Healthcare Ltd. (Health Care) |  | 388841 |
| 19820 | Sonic Healthcare Ltd. (Health Care) |  | 311981 |
| 190061 | South32 Ltd. (Materials) |  | 338354 |
| 100329 | Stockland REIT (Real Estate) |  | 407125 |
| 45937 | Suncorp Group Ltd. (Financials) |  | 639800 |
| 12352 | Technology One Ltd. (Information Technology) |  | 323133 |
| 490936 | Telstra Group Ltd. (Communication Services) |  | 1571243 |
| 16461 | TPG Telecom Ltd. (Communication Services) |  | 56993 |
| 133179 | Transurban Group (Industrials) |  | 1272619 |
| 34249 | Treasury Wine Estates Ltd. (Consumer Staples) |  | 175517 |
| 161434 | Vicinity Ltd. REIT (Real Estate) |  | 273656 |
| 9728 | Washington H Soul Pattinson & Co. Ltd. (Financials) |  | 278619 |
| 48234 | Wesfarmers Ltd. (Consumer Discretionary) |  | 2898365 |
| 145921 | Westpac Banking Corp. (Financials) |  | 3687460 |
| 35003 | Whitehaven Coal Ltd. (Energy) |  | 151661 |
| 7677 | WiseTech Global Ltd. (Information Technology) |  | 511454 |
| 80694 | Woodside Energy Group Ltd. (Energy) |  | 1394824 |
| 51623 | Woolworths Group Ltd. (Consumer Staples) |  | 973073 |
| 15642 | Worley Ltd. (Industrials) |  | 150392 |
|  |  |  | 63253274 |
| Austria – 0.4% | Austria – 0.4% | Austria – 0.4% | Austria – 0.4% |
| 2992 | ANDRITZ AG (Industrials) |  | 210654 |
| 3285 | BAWAG Group AG (Financials)\*<sup>(a)</sup> |  | 424883 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 42 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Austria – (continued) | Austria – (continued) | Austria – (continued) | Austria – (continued) |
| 1432 | CA Immobilien Anlagen AG (Real Estate)<sup>(b)</sup> | $| 39289 |
| 12887 | Erste Group Bank AG (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1226349 |
| 1494 | EVN AG (Utilities) |  | 40920 |
| 18556 | Mondi PLC (Materials) |  | 261105 |
| 5950 | OMV AG (Energy) |  | 327748 |
| 6256 | Raiffeisen Bank International AG (Financials) |  | 207817 |
| 639 | Strabag SE (Industrials) |  | 58714 |
| 2832 | Verbund AG (Utilities) |  | 202041 |
| 1485 | Vienna Insurance Group AG Wiener Versicherung Gruppe (Financials) |  | 77002 |
| 4703 | voestalpine AG (Materials) |  | 155788 |
| 4491 | Wienerberger AG (Materials) |  | 156440 |
|  |  |  | 3388750 |
| Belgium – 0.9% | Belgium – 0.9% | Belgium – 0.9% | Belgium – 0.9% |
| 928 | Ackermans & van Haaren NV (Industrials) |  | 240707 |
| 7658 | Ageas SA/NV (Financials) |  | 539615 |
| 40953 | Anheuser-Busch InBev SA/NV (Consumer Staples) |  | 2566468 |
| 4807 | Azelis Group NV (Industrials) |  | 71683 |
| 1583 | Colruyt Group NV (Consumer Staples) |  | 69632 |
| 878 | D'ieteren Group (Consumer Discretionary) |  | 190227 |
| 1849 | Elia Group SA/NV (Utilities) |  | 211664 |
| 810 | Financiere de Tubize SA (Health Care) |  | 151507 |
| 3194 | Groupe Bruxelles Lambert NV (Financials) |  | 280767 |
| 10677 | KBC Group NV (Financials) |  | 1259117 |
| 17 | Lotus Bakeries NV (Consumer Staples) |  | 166551 |
| 629 | Sofina SA (Financials) |  | 190393 |
| 2938 | Solvay SA (Materials) |  | 96634 |
| 3058 | Syensqo SA (Materials) |  | 270173 |
| 5134 | UCB SA (Health Care) |  | 1200969 |
| 7414 | Warehouses De Pauw CVA REIT (Real Estate) |  | 190224 |
|  |  |  | 7696331 |
| Brazil – 0.0% | Brazil – 0.0% | Brazil – 0.0% | Brazil – 0.0% |
| 6466 | Yara International ASA (Materials) |  | 235345 |
| Chile – 0.1% | Chile – 0.1% | Chile – 0.1% | Chile – 0.1% |
| 14784 | Antofagasta PLC (Materials) |  | 428441 |
| China – 0.7% | China – 0.7% | China – 0.7% | China – 0.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;211753 | Alibaba Health Information Technology Ltd. (Consumer Staples)\* |  | 148306 |
| 71178 | Budweiser Brewing Co. APAC Ltd. (Consumer Staples)<sup>(a)</sup> |  | 76694 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| China – (continued) | China – (continued) | China – (continued) | China – (continued) |
| 31590 | BYD Electronic International Co. Ltd. (Information Technology) | $| 166868 |
| 113405 | China Gas Holdings Ltd. (Utilities) |  | 113174 |
| 125051 | China Mengniu Dairy Co. Ltd. (Consumer Staples) |  | 243819 |
| 73442 | Chow Tai Fook Jewellery Group Ltd. (Consumer Discretionary) |  | 137165 |
| 350994 | CSPC Pharmaceutical Group Ltd. (Health Care) |  | 453383 |
| 87715 | Fosun International Ltd. (Industrials) |  | 59520 |
| &nbsp;&nbsp;&nbsp;&nbsp;242115 | Geely Automobile Holdings Ltd. (Consumer Discretionary) |  | 607473 |
| 54820 | Prosus NV (Consumer Discretionary)\* |  | 3388652 |
| 35793 | Qingdao Port International Co. Ltd., Class H (Industrials)<sup>(a)</sup> |  | 31083 |
| 40197 | Wharf Holdings Ltd. (The) |  |  |
|  | (Real Estate) |  | 115087 |
| 74772 | Wilmar International Ltd. (Consumer Staples) |  | 171923 |
| 66400 | Xinyi Glass Holdings Ltd.<br>(Industrials)<sup>(b)</sup> |  | 72483 |
| 111543 | Yangzijiang Shipbuilding Holdings Ltd. (Industrials) |  | 252993 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038623 |
| Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% | Denmark – 1.9% |
| 114 | AP Moller – Maersk A/S, Class A (Industrials) |  | 234176 |
| 184 | AP Moller – Maersk A/S, Class B (Industrials) |  | 378978 |
| 3913 | Carlsberg AS, Class B (Consumer Staples) |  | 478844 |
| 5491 | Coloplast A/S, Class B (Health Care) |  | 527639 |
| 27536 | Danske Bank A/S (Financials) |  | 1132572 |
| 8070 | DSV A/S (Industrials) |  | 1788061 |
| 2639 | Genmab A/S (Health Care)\* |  | 657138 |
| 134626 | Novo Nordisk A/S, Class B (Health Care) |  | 7574395 |
| 15486 | Novonesis Novozymes B, Class B (Materials) |  | 984926 |
| 6311 | Orsted AS (Utilities)\*<sup>(a)(b)</sup> |  | 191143 |
| 3300 | Pandora A/S (Consumer Discretionary) |  | 455886 |
| 14374 | Tryg A/S (Financials) |  | 378213 |
| 42822 | Vestas Wind Systems A/S (Industrials) |  | 852780 |
|  |  |  | 15634751 |
| Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% | Faroe Islands – 0.0% |
| 2082 | Bakkafrost P/F (Consumer Staples) |  | 90388 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **43** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Finland – 1.0% | Finland – 1.0% | Finland – 1.0% |
| 5894 | Elisa OYJ (Communication Services) | $314039 |
| 18106 | Fortum OYJ (Utilities) | 313446 |
| 4383 | Huhtamaki OYJ (Materials) | 155756 |
| 11329 | Kesko OYJ, Class B (Consumer Staples) | 251289 |
| 14163 | Kone OYJ, Class B (Industrials) | 890560 |
| 29273 | Metso Corp. (Industrials) | 378447 |
| 18048 | Neste OYJ (Energy) | 331454 |
| &nbsp;&nbsp;&nbsp;&nbsp;214864 | Nokia OYJ (Information Technology) | 925263 |
| 135677 | Nordea Bank Abp (Financials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070883 |
| 4467 | Orion OYJ, Class B (Health Care) | 356592 |
| 105481 | Sampo OYJ, Class A (Financials) | 1210704 |
| 23977 | Stora Enso OYJ, Class R (Materials) | 280034 |
| 22552 | UPM-Kymmene OYJ (Materials) | 642242 |
| 20394 | Wartsila OYJ Abp (Industrials) | 597735 |
|  |  | 8718444 |
| France – 8.0% | France – 8.0% | France – 8.0% |
| 24056 | Air Liquide SA (Materials) | 4961928 |
| 25095 | Airbus SE (Industrials) | 5259659 |
| 73265 | AXA SA (Financials) | 3412261 |
| 42682 | BNP Paribas SA (Financials) | 3838375 |
| 29457 | Bollore SE (Communication Services) | 171984 |
| 8185 | Bouygues SA (Industrials) | 351031 |
| 6730 | Capgemini SE (Information Technology) | 956719 |
| 19377 | Cie de Saint-Gobain SA (Industrials) | 2091170 |
| 28685 | Cie Generale des Etablissements Michelin SCA (Consumer Discretionary) | 1038500 |
| 41915 | Credit Agricole SA (Financials) | 766832 |
| 27117 | Danone SA (Consumer Staples) | 2259287 |
| 28887 | Dassault Systemes (Information Technology) | 899406 |
| 74486 | Engie SA (Utilities) | 1542319 |
| 12516 | EssilorLuxottica SA (Health Care) | 3811928 |
| 1384 | Hermes International SCA (Consumer Discretionary) | 3387364 |
| 3006 | Kering (Consumer Discretionary) | 806270 |
| 10722 | Legrand SA (Industrials) | 1632770 |
| 9551 | L'Oreal SA (Consumer Staples) | 4448305 |
| 11068 | LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | 6530669 |
| 79999 | Orange SA (Communication Services) | 1301581 |
| 8252 | Pernod Ricard SA (Consumer Staples) | 938852 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| France – (continued) | France – (continued) | France – (continued) | France – (continued) |
| 9730 | Publicis Groupe SA (Communication Services) | $| 897907 |
| 15023 | Safran SA (Industrials) |  | 5009806 |
| 1181 | Sartorius Stedim Biotech (Health Care) |  | 241775 |
| 30410 | Societe Generale SA (Financials) |  | 1876565 |
| 3699 | Thales SA (Industrials) |  | 975045 |
| 87256 | TotalEnergies SE (Energy) |  | 5464128 |
| 20517 | Vinci SA (Industrials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2783358 |
|  |  |  | 67655794 |
| Germany – 8.9% | Germany – 8.9% | Germany – 8.9% | Germany – 8.9% |
| 7108 | adidas AG (Consumer Discretionary) |  | 1384019 |
| 16513 | Allianz SE (Financials) |  | 6981448 |
| 38040 | BASF SE (Materials) |  | 2019693 |
| 41815 | Bayer AG (Health Care) |  | 1373383 |
| 11790 | Bayerische Motoren Werke AG (Consumer Discretionary) |  | 1234567 |
| 4111 | Beiersdorf AG (Consumer Staples) |  | 472724 |
| 3915 | BioNTech SE ADR (Health Care)\* |  | 394554 |
| 39840 | Commerzbank AG (Financials) |  | 1521161 |
| 4546 | Continental AG (Consumer Discretionary) |  | 399082 |
| 21207 | Daimler Truck Holding AG (Industrials) |  | 997132 |
| 77716 | Deutsche Bank AG (Financials) |  | 2731729 |
| 7806 | Deutsche Boerse AG (Financials) |  | 2298852 |
| 41300 | Deutsche Post AG (Industrials) |  | 1879525 |
| &nbsp;&nbsp;&nbsp;&nbsp;138047 | Deutsche Telekom AG (Communication Services) |  | 5044657 |
| 94180 | E.ON SE (Utilities) |  | 1680575 |
| 8994 | Fresenius Medical Care AG (Health Care) |  | 460999 |
| 17576 | Fresenius SE & Co. KGaA (Health Care) |  | 954780 |
| 2569 | Hannover Rueck SE (Financials) |  | 748146 |
| 266 | Hapag-Lloyd AG (Industrials)<sup>(a)</sup> |  | 36926 |
| 5526 | Heidelberg Materials AG (Materials) |  | 1306574 |
| 4050 | Henkel AG & Co. KGaA (Consumer Staples) |  | 311216 |
| 55429 | Infineon Technologies AG (Information Technology) |  | 2268194 |
| 2781 | Knorr-Bremse AG (Industrials) |  | 290361 |
| 29485 | Mercedes-Benz Group AG (Consumer Discretionary) |  | 1841227 |
| 5513 | Merck KGaA (Health Care) |  | 698857 |
| 2260 | MTU Aero Engines AG (Industrials) |  | 1007872 |
| 5584 | Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (Financials) |  | 3559548 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 44 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Germany – (continued) | Germany – (continued) | Germany – (continued) | Germany – (continued) |
| 1957 | Rheinmetall AG (Industrials) | $| 3870088 |
| 28722 | RWE AG (Utilities) |  | 1151119 |
| 43766 | SAP SE (Information Technology) |  | 11869562 |
| 31647 | Siemens AG (Industrials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8764337 |
| 27787 | Siemens Energy AG (Industrials)\* |  | 2950642 |
| 12692 | Siemens Healthineers AG (Health<br>Care)<sup>(a)</sup> |  | 702837 |
| 5667 | Symrise AG (Materials) |  | 549099 |
| 2549 | Talanx AG (Financials) |  | 351469 |
| 1192 | Volkswagen AG (Consumer Discretionary) |  | 142593 |
| 30409 | Vonovia SE (Real Estate) |  | 983456 |
|  |  |  | 75233003 |
| Hong Kong – 2.0% | Hong Kong – 2.0% | Hong Kong – 2.0% | Hong Kong – 2.0% |
| 453448 | AIA Group Ltd. (Financials) |  | 4269334 |
| 25340 | Cathay Pacific Airways Ltd. (Industrials) |  | 34812 |
| 79788 | CK Asset Holdings Ltd. (Real Estate) |  | 375817 |
| 25530 | CK Infrastructure Holdings Ltd. (Utilities) |  | 171109 |
| 77738 | CLP Holdings Ltd. (Utilities) |  | 656638 |
| 2465 | Futu Holdings Ltd. ADR (Financials) |  | 457504 |
| 73164 | Hang Lung Properties Ltd. (Real Estate) |  | 74329 |
| 30305 | Hang Seng Bank Ltd. (Financials) |  | 433048 |
| 55355 | Henderson Land Development Co. Ltd. (Real Estate) |  | 191005 |
| 95142 | HK Electric Investments & HK Electric Investments Ltd. (Utilities) |  | 73225 |
| 151837 | HKT Trust & HKT Ltd. (Communication Services) |  | 229824 |
| &nbsp;&nbsp;&nbsp;&nbsp;465786 | Hong Kong & China Gas Co. Ltd. (Utilities) |  | 418833 |
| 51176 | Hong Kong Exchanges & Clearing Ltd. (Financials) |  | 2960598 |
| 43445 | Hongkong Land Holdings Ltd. (Real Estate) |  | 269359 |
| 8595 | Jardine Matheson Holdings Ltd. (Industrials) |  | 520771 |
| 111345 | Link REIT (Real Estate) |  | 591871 |
| 65838 | MTR Corp. Ltd. (Industrials) |  | 222617 |
| 57350 | Power Assets Holdings Ltd. (Utilities) |  | 373341 |
| 110453 | Prudential PLC (Financials) |  | 1475264 |
| 412323 | Sino Biopharmaceutical Ltd. (Health Care) |  | 428938 |
| 155546 | Sino Land Co. Ltd. (Real Estate) |  | 184759 |
| 56989 | Sun Hung Kai Properties Ltd. (Real Estate) |  | 669612 |
| 17213 | Swire Pacific Ltd., Class A (Industrials) |  | 147382 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) | Hong Kong – (continued) |
| 32142 | Swire Pacific Ltd., Class B (Industrials) | $| 48033 |
| 44243 | Swire Properties Ltd. (Real Estate) |  | 119860 |
| 58222 | Techtronic Industries Co. Ltd. (Industrials) |  | 749821 |
| &nbsp;&nbsp;&nbsp;&nbsp;319295 | WH Group Ltd. (Consumer<br>Staples)<sup>(a)</sup> |  | 341582 |
| 65093 | Wharf Real Estate Investment Co. Ltd. (Real Estate) |  | 188703 |
|  |  |  | 16677989 |
| Ireland – 0.5% | Ireland – 0.5% | Ireland – 0.5% | Ireland – 0.5% |
| 7464 | AerCap Holdings NV (Industrials) |  | 921804 |
| 87921 | AIB Group PLC (Financials) |  | 714207 |
| 42392 | Bank of Ireland Group PLC (Financials) |  | 627195 |
| 6271 | Kerry Group PLC, Class A (Consumer Staples) |  | 573638 |
| 6443 | Kingspan Group PLC (Industrials) |  | 496987 |
|  |  |  | 3333831 |
| Israel – 1.2% | Israel – 1.2% | Israel – 1.2% | Israel – 1.2% |
| 2427 | Airport City Ltd. (Real Estate)\* |  | 43997 |
| 9072 | Amot Investments Ltd. (Real Estate) |  | 64774 |
| 1537 | Azrieli Group Ltd. (Real Estate) |  | 147057 |
| 57164 | Bank Hapoalim BM (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116087 |
| 64116 | Bank Leumi Le-Israel BM (Financials) |  | 1230733 |
| 84173 | Bezeq The Israeli Telecommunication Corp. Ltd. (Communication Services) |  | 154653 |
| 663 | Big Shopping Centers Ltd. (Real Estate) |  | 130219 |
| 1182 | Camtek Ltd. (Information Technology)\* |  | 104256 |
| 5000 | Cellebrite DI Ltd. (Information Technology)\* |  | 82000 |
| 3621 | Check Point Software Technologies Ltd. (Information Technology)\* |  | 699360 |
| 2736 | Clal Insurance Enterprises Holdings Ltd. (Financials) |  | 140213 |
| 391 | Delek Group Ltd. (Energy) |  | 85926 |
| 1143 | Elbit Systems Ltd. (Industrials) |  | 552576 |
| 10911 | Energix-Renewable Energies Ltd. (Utilities) |  | 42149 |
| 4873 | Enlight Renewable Energy Ltd. (Utilities)\* |  | 138036 |
| 976 | Etoro Group Ltd., Class A (Financials)\* |  | 43334 |
| 279 | Fattal Holdings 1998 Ltd. (Consumer Discretionary)\* |  | 45380 |
| 2179 | First International Bank Of Israel Ltd. (The) (Financials) |  | 154342 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **45** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Israel – (continued) | Israel – (continued) | Israel – (continued) | Israel – (continued) |
| 4142 | Global-e Online Ltd. (Consumer Discretionary)\* | $| 138591 |
| 4623 | Harel Insurance Investments & Financial Services Ltd. (Financials) |  | 153844 |
| 29318 | ICL Group Ltd. (Materials) |  | 190220 |
| 157 | Israel Corp. Ltd. (Materials) |  | 50707 |
| 52029 | Israel Discount Bank Ltd., Class A (Financials) |  | 514760 |
| 1051 | Melisron Ltd. (Real Estate) |  | 123277 |
| 759 | Menora Mivtachim Holdings Ltd. (Financials) |  | 73550 |
| 20196 | Migdal Insurance & Financial Holdings Ltd. (Financials) |  | 72764 |
| 24629 | Mivne Real Estate KD Ltd. (Real Estate) |  | 90355 |
| 6328 | Mizrahi Tefahot Bank Ltd. (Financials) |  | 413409 |
| 2130 | Next Vision Stabilized Systems Ltd. (Information Technology) |  | 88459 |
| 2662 | Nice Ltd. (Information Technology)\* |  | 377585 |
| 1252 | Nova Ltd. (Information Technology)\* |  | 337655 |
| 1391 | Oddity Tech Ltd., Class A (Consumer Staples)\* |  | 83752 |
| 5544 | OPC Energy Ltd. (Utilities)\* |  | 87556 |
| 9777 | Phoenix Financial Ltd. (Financials) |  | 346699 |
| 3303 | Plus500 Ltd. (Financials) |  | 135304 |
| 5969 | Shapir Engineering and Industry Ltd. (Industrials) |  | 47169 |
| 11322 | Shufersal Ltd. (Consumer Staples) |  | 140317 |
| 2109 | Strauss Group Ltd. (Consumer Staples) |  | 55340 |
| 48965 | Teva Pharmaceutical Industries Ltd. (Health Care)\* |  | 878707 |
| 4619 | Tower Semiconductor Ltd. (Information Technology)\* |  | 279663 |
| 2307 | Wix.com Ltd. (Information Technology)\* |  | 325472 |
| 5109 | ZIM Integrated Shipping Services Ltd. (Industrials)<sup>(b)</sup> |  | 69534 |
|  |  |  | 10049781 |
| Italy – 3.1% | Italy – 3.1% | Italy – 3.1% | Italy – 3.1% |
| 65400 | A2A SpA (Utilities) |  | 164431 |
| 8534 | Banca Mediolanum SpA (Financials) |  | 172611 |
| 47081 | Banco BPM SpA (Financials) |  | 646146 |
| 24341 | Davide Campari-Milano NV |  |  |
|  | (Consumer Staples) |  | 183141 |
| &nbsp;&nbsp;&nbsp;&nbsp;329463 | Enel SpA (Utilities) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040360 |
| 88108 | Eni SpA (Energy) |  | 1571915 |
| 5211 | Ferrari NV (Consumer Discretionary) |  | 2480659 |
| 25649 | FinecoBank Banca Fineco SpA (Financials) |  | 562916 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Italy – (continued) | Italy – (continued) | Italy – (continued) | Italy – (continued) |
| 38920 | Generali (Financials) | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1519745 |
| 14754 | Infrastrutture Wireless Italiane SpA (Communication Services)<sup>(a)(b)</sup> |  | 178913 |
| 627330 | Intesa Sanpaolo SpA (Financials) |  | 3946811 |
| 17182 | Leonardo SpA (Industrials) |  | 980036 |
| 21952 | Mediobanca Banca di Credito Finanziario SpA (Financials) |  | 531883 |
| 9144 | Moncler SpA (Consumer Discretionary) |  | 531621 |
| 20430 | Nexi SpA (Financials)<sup>(a)(b)</sup> |  | 129658 |
| 19164 | Poste Italiane SpA (Financials)<sup>(a)</sup> |  | 448854 |
| 21538 | PRADA SpA (Consumer Discretionary) |  | 126589 |
| 11992 | Prysmian SpA (Industrials) |  | 1048818 |
| 4634 | Recordati Industria Chimica e Farmaceutica SpA (Health Care) |  | 286121 |
| 20835 | Ryanair Holdings PLC ADR (Industrials) |  | 1322397 |
| 86122 | Snam SpA (Utilities) |  | 524594 |
| 453015 | Telecom Italia SpA (Communication Services)\* |  | 217192 |
| 253525 | Telecom Italia SpA-RSP (Communication Services)\* |  | 136981 |
| 59020 | Terna - Rete Elettrica Nazionale (Utilities) |  | 593837 |
| 59972 | UniCredit SpA (Financials) |  | 4635829 |
| 15815 | Unipol Assicurazioni SpA (Financials) |  | 330430 |
|  |  |  | 26312488 |
| Japan – 24.7% | Japan – 24.7% | Japan – 24.7% | Japan – 24.7% |
| 3846 | ABC-Mart, Inc. (Consumer Discretionary) |  | 76671 |
| 15961 | Acom Co. Ltd. (Financials) |  | 50310 |
| 31333 | Advantest Corp. (Information Technology) |  | 2491488 |
| &nbsp;&nbsp;&nbsp;&nbsp;101523 | Aeon Co. Ltd. (Consumer Staples) |  | 1235632 |
| 8566 | AGC, Inc. (Industrials) |  | 270296 |
| 8500 | Air Water, Inc. (Materials) |  | 149217 |
| 21402 | Aisin Corp. (Consumer Discretionary) |  | 357417 |
| 36830 | Ajinomoto Co., Inc. (Consumer Staples) |  | 1005629 |
| 7887 | Alfresa Holdings Corp. (Health Care) |  | 119305 |
| 14888 | ALSOK Co. Ltd. (Industrials) |  | 114227 |
| 12914 | Amada Co. Ltd. (Industrials) |  | 166367 |
| 18781 | ANA Holdings, Inc. (Industrials)<sup>(b)</sup> |  | 379969 |
| 63334 | Asahi Group Holdings Ltd. (Consumer Staples) |  | 800814 |
| 8971 | Asahi Intecc Co. Ltd. (Health Care) |  | 154949 |
| 52953 | Asahi Kasei Corp. (Materials) |  | 436211 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 46 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 26918 | Asics Corp. (Consumer Discretionary) | $733152 |
| 76297 | Astellas Pharma, Inc. (Health Care) | 841826 |
| 21961 | Azbil Corp. (Information Technology) | 222041 |
| 24373 | Bandai Namco Holdings, Inc. (Consumer Discretionary) | 845772 |
| 5434 | BayCurrent Consulting, Inc. (Industrials) | 309885 |
| 23397 | Bridgestone Corp. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067824 |
| 10570 | Brother Industries Ltd. (Information Technology) | 180552 |
| 3267 | Calbee, Inc. (Consumer Staples) | 59532 |
| 38332 | Canon, Inc. (Information Technology) | 1135666 |
| 14067 | Capcom Co. Ltd. (Communication Services) | 383711 |
| 39762 | Central Japan Railway Co. (Industrials) | 1062396 |
| 26885 | Chiba Bank Ltd. (The) (Financials) | 279150 |
| 27798 | Chubu Electric Power Co., Inc. (Utilities) | 385281 |
| 27319 | Chugai Pharmaceutical Co. Ltd. (Health Care) | 1211097 |
| 5894 | Coca-Cola Bottlers Japan Holdings, Inc. (Consumer Staples) | 103288 |
| 47150 | Concordia Financial Group Ltd. (Financials) | 361432 |
| 1576 | Cosmos Pharmaceutical Corp. (Consumer Staples) | 95467 |
| 17375 | CyberAgent, Inc. (Communication Services) | 212417 |
| 18281 | Dai Nippon Printing Co. Ltd. (Industrials) | 308595 |
| 14381 | Daifuku Co. Ltd. (Industrials) | 460055 |
| &nbsp;&nbsp;&nbsp;&nbsp;149643 | Dai-ichi Life Holdings, Inc. (Financials) | 1250040 |
| 74341 | Daiichi Sankyo Co. Ltd. (Health Care) | 1786817 |
| 11611 | Daikin Industries Ltd. |  |
|  | (Industrials) | 1470898 |
| 2523 | Daito Trust Construction Co. Ltd. (Real Estate) | 269699 |
| 24602 | Daiwa House Industry Co. Ltd. (Real Estate) | 876171 |
| 190 | Daiwa House REIT Investment Corp. REIT (Real Estate) | 164216 |
| 56126 | Daiwa Securities Group, Inc. (Financials) | 440751 |
| 70407 | Denso Corp. (Consumer Discretionary) | 1024036 |
| 8363 | Dentsu Group, Inc. (Communication Services) | 166548 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 3825 | Disco Corp. (Information Technology) | $1077226 |
| 42325 | East Japan Railway Co. (Industrials) | 1041802 |
| 19433 | Ebara Corp. (Industrials) | 408712 |
| 11038 | Eisai Co. Ltd. (Health Care) | 341157 |
| 7065 | Electric Power Development Co. Ltd. (Utilities) | 135213 |
| 116983 | ENEOS Holdings, Inc. (Energy) | 700982 |
| 40002 | FANUC Corp. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138283 |
| 7541 | Fast Retailing Co. Ltd. (Consumer Discretionary) | 2389289 |
| 4564 | Food & Life Cos. Ltd. (Consumer Discretionary) | 265059 |
| 5723 | Fuji Electric Co. Ltd. (Industrials) | 368151 |
| 6113 | Fuji Media Holdings, Inc. (Communication Services) | 137894 |
| 49895 | FUJIFILM Holdings Corp. (Information Technology) | 1193130 |
| 10312 | Fujikura Ltd. (Industrials) | 896879 |
| 76956 | Fujitsu Ltd. (Information Technology) | 1874304 |
| 7694 | Fukuoka Financial Group, Inc. (Financials) | 233925 |
| 204 | GLP J REIT (Real Estate) | 190905 |
| 1845 | GMO Payment Gateway, Inc. (Financials) | 106761 |
| 9196 | Hakuhodo DY Holdings, Inc. (Communication Services) | 74188 |
| 11736 | Hamamatsu Photonics KK (Information Technology) | 124694 |
| 9928 | Hankyu Hanshin Holdings, Inc. (Industrials) | 295017 |
| 10706 | Haseko Corp. (Consumer Discretionary) | 177552 |
| 613 | Hikari Tsushin, Inc. (Industrials) | 164288 |
| 1234 | Hirose Electric Co. Ltd. (Information Technology) | 161452 |
| 4342 | Hitachi Construction Machinery Co. Ltd. (Industrials) | 135443 |
| 186214 | Hitachi Ltd. (Industrials) | 5135232 |
| &nbsp;&nbsp;&nbsp;&nbsp;196834 | Honda Motor Co. Ltd. (Consumer Discretionary) | 2201270 |
| 4552 | Hoshizaki Corp. (Industrials) | 176530 |
| 14476 | Hoya Corp. (Health Care) | 1897926 |
| 23953 | Hulic Co. Ltd. (Real Estate) | 257924 |
| 5232 | Ibiden Co. Ltd. (Information Technology) | 258063 |
| 34001 | Idemitsu Kosan Co. Ltd. (Energy) | 227870 |
| 6151 | IHI Corp. (Industrials) | 648091 |
| 6725 | Iida Group Holdings Co. Ltd. (Consumer Discretionary) | 106331 |
| 36068 | Inpex Corp. (Energy) | 618554 |
| 14250 | Isetan Mitsukoshi Holdings Ltd. (Consumer Discretionary) | 240646 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **47** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 24535 | Isuzu Motors Ltd. (Consumer Discretionary) | $325267 |
| 53258 | ITOCHU Corp. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3045853 |
| 10472 | J Front Retailing Co. Ltd. (Consumer Discretionary) | 163900 |
| 18068 | Japan Airlines Co. Ltd. (Industrials)<sup>(b)</sup> | 386033 |
| 44442 | Japan Exchange Group, Inc. (Financials) | 468711 |
| 292 | Japan Metropolitan Fund Invest REIT (Real Estate) | 222542 |
| 58710 | Japan Post Bank Co. Ltd. (Financials) | 744946 |
| 74029 | Japan Post Holdings Co. Ltd. (Financials) | 763105 |
| 7673 | Japan Post Insurance Co. Ltd. (Financials) | 216668 |
| 302 | Japan Real Estate Investment Corp. REIT (Real Estate) | 263074 |
| 47161 | Japan Tobacco, Inc. (Consumer Staples) | 1505811 |
| 25183 | JFE Holdings, Inc. (Materials) | 315420 |
| 18596 | Kajima Corp. (Industrials) | 557912 |
| 40272 | Kansai Electric Power Co., Inc. (The) (Utilities) | 564206 |
| 6548 | Kansai Paint Co. Ltd. (Materials) | 111092 |
| 19337 | Kao Corp. (Consumer Staples) | 882924 |
| 6576 | Kawasaki Heavy Industries Ltd. (Industrials) | 404212 |
| 15487 | Kawasaki Kisen Kaisha Ltd. (Industrials)<sup>(b)</sup> | 239280 |
| &nbsp;&nbsp;&nbsp;&nbsp;124492 | KDDI Corp. (Communication Services) | 2162553 |
| 4616 | Keio Corp. (Industrials) | 116669 |
| 19915 | Keisei Electric Railway Co. Ltd. (Industrials) | 184603 |
| 4330 | Kewpie Corp. (Consumer Staples) | 122004 |
| 7820 | Keyence Corp. (Information Technology) | 3024142 |
| 32332 | Kikkoman Corp. (Consumer Staples) | 279884 |
| 4663 | Kinden Corp. (Industrials) | 167433 |
| 7948 | Kintetsu Group Holdings Co. Ltd. (Industrials) | 160232 |
| 3384 | Kioxia Holdings Corp. (Information Technology)\* | 59832 |
| 34304 | Kirin Holdings Co. Ltd. (Consumer Staples) | 498935 |
| 2132 | Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | 77308 |
| 5946 | Kobe Bussan Co. Ltd. |  |
|  | (Consumer Staples) | 166808 |
| 4748 | Koei Tecmo Holdings Co. Ltd. (Communication Services) | 62719 |
| 8704 | Koito Manufacturing Co. Ltd. (Consumer Discretionary) | 125173 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 5939 | Kokusai Electric Corp. (Information Technology) | $116232 |
| 38149 | Komatsu Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1309005 |
| 4026 | Konami Group Corp. (Communication Services) | 614354 |
| 1408 | Kose Corp. (Consumer Staples) | 54680 |
| 40121 | Kubota Corp. (Industrials) | 471505 |
| 13645 | Kuraray Co. Ltd. (Materials) | 164957 |
| 4725 | Kurita Water Industries Ltd. (Industrials) | 162386 |
| 56839 | Kyocera Corp. (Information Technology) | 765338 |
| 12502 | Kyoto Financial Group, Inc. (Financials) | 250040 |
| 10466 | Kyowa Kirin Co. Ltd. (Health Care) | 181413 |
| 19420 | Kyushu Electric Power Co., Inc. (Utilities) | 205872 |
| 5898 | Kyushu Railway Co. (Industrials) | 163453 |
| 3376 | Lasertec Corp. (Information Technology)<sup>(b)</sup> | 359961 |
| 11702 | Lixil Corp. (Industrials) | 152985 |
| &nbsp;&nbsp;&nbsp;&nbsp;109929 | LY Corp. (Communication Services) | 350994 |
| 17194 | M3, Inc. (Health Care) | 255934 |
| 10248 | Makita Corp. (Industrials) | 350871 |
| 62312 | Marubeni Corp. (Industrials) | 1435309 |
| 7477 | Marui Group Co. Ltd. (Financials) | 161787 |
| 14934 | MatsukiyoCocokara & Co. (Consumer Staples) | 310021 |
| 24191 | Mazda Motor Corp. (Consumer Discretionary) | 163937 |
| 3584 | McDonald's Holdings Co. Japan Ltd. (Consumer Discretionary) | 159886 |
| 39628 | Mebuki Financial Group, Inc. (Financials) | 246958 |
| 7720 | Medipal Holdings Corp. (Health Care) | 137443 |
| 10459 | MEIJI Holdings Co. Ltd. (Consumer Staples) | 217835 |
| 23217 | Metaplanet, Inc. (Consumer Discretionary)\*<sup>(b)</sup> | 138994 |
| 14313 | MINEBEA MITSUMI, Inc. (Industrials) | 248339 |
| 11967 | MISUMI Group, Inc. (Industrials) | 184039 |
| 59906 | Mitsubishi Chemical Group Corp. (Materials) | 344605 |
| 143994 | Mitsubishi Corp. (Industrials) | 3289330 |
| 82186 | Mitsubishi Electric Corp. (Industrials) | 1988249 |
| 48773 | Mitsubishi Estate Co. Ltd. (Real Estate) | 1049039 |
| 7617 | Mitsubishi Gas Chemical Co., Inc. (Materials) | 139137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 48 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 35004 | Mitsubishi HC Capital, Inc. (Financials) | $288591 |
| &nbsp;&nbsp;&nbsp;&nbsp;133436 | Mitsubishi Heavy Industries Ltd. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410763 |
| 27259 | Mitsubishi Motors Corp. (Consumer Discretionary) | 75432 |
| 492077 | Mitsubishi UFJ Financial Group, Inc. (Financials) | 7570931 |
| 103139 | Mitsui & Co. Ltd. (Industrials) | 2406635 |
| 7476 | Mitsui Chemicals, Inc. (Materials) | 185239 |
| 116026 | Mitsui Fudosan Co. Ltd. (Real Estate) | 1240666 |
| 15179 | Mitsui OSK Lines Ltd. (Industrials)<sup>(b)</sup> | 490959 |
| 106344 | Mizuho Financial Group, Inc. (Financials) | 3545404 |
| 10374 | MonotaRO Co. Ltd. (Industrials) | 179995 |
| 55794 | MS&AD Insurance Group |  |
|  | Holdings, Inc. (Financials) | 1315572 |
| 71964 | Murata Manufacturing Co. Ltd. (Information Technology) | 1192007 |
| 52696 | NEC Corp. (Information Technology) | 1628345 |
| 13558 | Nexon Co. Ltd. (Communication Services) | 309805 |
| 9992 | NGK Insulators Ltd. (Industrials) | 159586 |
| 4079 | NH Foods Ltd. (Consumer Staples) | 154603 |
| 10667 | Nichirei Corp. (Consumer Staples) | 123289 |
| 38369 | NIDEC Corp. (Industrials) | 839114 |
| 11251 | Nikon Corp. (Consumer Discretionary) | 127855 |
| 49237 | Nintendo Co. Ltd. (Communication Services) | 4463439 |
| 339 | Nippon Building Fund, Inc. REIT (Real Estate) | 328321 |
| 10403 | NIPPON EXPRESS HOLDINGS, Inc. (Industrials) | 229210 |
| 37385 | Nippon Paint Holdings Co. Ltd. (Materials) | 273338 |
| 281 | Nippon Prologis REIT, Inc. REIT (Real Estate) | 163634 |
| 7850 | Nippon Sanso Holdings Corp. (Materials) | 287963 |
| 42679 | Nippon Steel Corp. (Materials) | 905466 |
| 6800 | Nippon Television Holdings, Inc. (Communication Services) | 179465 |
| 18152 | Nippon Yusen KK (Industrials) | 659320 |
| 5485 | Nissan Chemical Corp. (Materials) | 195566 |
| 93887 | Nissan Motor Co. Ltd. (Consumer Discretionary)\*<sup>(b)</sup> | 212553 |
| 10746 | Nisshin Seifun Group, Inc. (Consumer Staples) | 131009 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 7666 | Nissin Foods Holdings Co. Ltd. (Consumer Staples) | $144731 |
| 6686 | Niterra Co. Ltd. (Consumer Discretionary) | 241620 |
| 3236 | Nitori Holdings Co. Ltd. (Consumer Discretionary) | 298750 |
| 30268 | Nitto Denko Corp. (Materials) | 693901 |
| &nbsp;&nbsp;&nbsp;&nbsp;128805 | Nomura Holdings, Inc. (Financials) | 929905 |
| 21686 | Nomura Real Estate Holdings, Inc. (Real Estate) | 135012 |
| 171 | Nomura Real Estate Master Fund, Inc. REIT (Real Estate) | 187509 |
| 17009 | Nomura Research Institute Ltd. (Information Technology) | 671440 |
| 26091 | NTT Data Group Corp. (Information Technology) | 702987 |
| 2299612 | NTT, Inc. (Communication Services) | 2440181 |
| 29063 | Obayashi Corp. (Industrials) | 474371 |
| 1197 | OBIC Business Consultants Co. Ltd. (Information Technology) | 69802 |
| 13713 | Obic Co. Ltd. (Information Technology) | 488653 |
| 13348 | Odakyu Electric Railway Co. Ltd. (Industrials) | 153230 |
| 33974 | Oji Holdings Corp. (Materials) | 187843 |
| 46726 | Olympus Corp. (Health Care) | 548173 |
| 7875 | Omron Corp. (Information Technology) | 203385 |
| 17129 | Ono Pharmaceutical Co. Ltd. (Health Care) | 193310 |
| 3149 | Open House Group Co. Ltd. (Consumer Discretionary) | 162163 |
| 1400 | Oracle Corp. Japan (Information Technology) | 145650 |
| 46846 | Oriental Land Co. Ltd. (Consumer Discretionary) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122773 |
| 48327 | ORIX Corp. (Financials) | 1260633 |
| 234 | Orix JREIT, Inc. REIT (Real Estate) | 156186 |
| 15670 | Osaka Gas Co. Ltd. (Utilities) | 447928 |
| 9229 | Otsuka Corp. (Information Technology) | 190583 |
| 19161 | Otsuka Holdings Co. Ltd. (Health Care) | 1013481 |
| 16058 | Pan Pacific International Holdings Corp. (Consumer Discretionary) | 583589 |
| 94939 | Panasonic Holdings Corp. (Consumer Discretionary) | 979619 |
| 77405 | Persol Holdings Co. Ltd. (Industrials) | 145347 |
| 3760 | Rakuten Bank Ltd. (Financials)\* | 215062 |
| 59691 | Rakuten Group, Inc. (Consumer Discretionary)\* | 372761 |
| 62428 | Recruit Holdings Co. Ltd. (Industrials) | 3647675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **49** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 69651 | Renesas Electronics Corp. (Information Technology) | $838231 |
| 93758 | Resona Holdings, Inc. (Financials) | 954662 |
| 7895 | Resonac Holdings Corp. (Materials) | 209064 |
| 23796 | Ricoh Co. Ltd. (Information Technology) | 213123 |
| 4581 | Rinnai Corp. (Consumer Discretionary) | 114381 |
| 14774 | Rohm Co. Ltd. (Information Technology) | 219560 |
| 8273 | Rohto Pharmaceutical Co. Ltd. (Consumer Staples) | 141907 |
| 21644 | Ryohin Keikaku Co. Ltd. (Consumer Discretionary) | 469955 |
| 6871 | Sanrio Co. Ltd. (Consumer Discretionary) | 360853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14384 | Santen Pharmaceutical Co. Ltd. (Health Care) | 153073 |
| 8176 | Sanwa Holdings Corp. (Industrials) | 265842 |
| 11604 | SBI Holdings, Inc. (Financials) | 553151 |
| 3921 | SCREEN Holdings Co. Ltd. (Information Technology) | 303906 |
| 6022 | SCSK Corp. (Information Technology) | 193139 |
| 17822 | Secom Co. Ltd. (Industrials) | 661292 |
| 6501 | Sega Sammy Holdings, Inc. (Consumer Discretionary) | 136020 |
| 9378 | Seibu Holdings, Inc. (Industrials) | 341523 |
| 11564 | Seiko Epson Corp. (Information Technology) | 149054 |
| 15856 | Sekisui Chemical Co. Ltd. (Industrials) | 303729 |
| 25537 | Sekisui House Ltd. (Consumer Discretionary) | 579703 |
| 97358 | Seven & i Holdings Co. Ltd. (Consumer Staples)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1268820 |
| 13107 | SG Holdings Co. Ltd. (Industrials) | 141849 |
| 11652 | Sharp Corp. (Consumer |  |
|  | Discretionary)\* | 70614 |
| 10013 | Shimadzu Corp. (Information Technology) | 247009 |
| 1986 | Shimamura Co. Ltd. (Consumer Discretionary) | 147234 |
| 3379 | Shimano, Inc. (Consumer Discretionary) | 378117 |
| 22794 | Shimizu Corp. (Industrials) | 308707 |
| 71616 | Shin-Etsu Chemical Co. Ltd. (Materials) | 2222742 |
| 32404 | Shionogi & Co. Ltd. (Health Care) | 562780 |
| 16452 | Shiseido Co. Ltd. (Consumer Staples) | 269597 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 19315 | Shizuoka Financial Group, Inc. (Financials) | $259287 |
| 2372 | SMC Corp. (Industrials) | 736681 |
| 1204050 | SoftBank Corp. (Communication Services) | 1871372 |
| 41977 | SoftBank Group Corp. (Communication Services) | 4640127 |
| 9396 | Sojitz Corp. (Industrials) | 250091 |
| 38641 | Sompo Holdings, Inc. (Financials) | 1251934 |
| &nbsp;&nbsp;&nbsp;&nbsp;257222 | Sony Group Corp. (Consumer Discretionary) | 7152988 |
| 3701 | Square Enix Holdings Co. Ltd. (Communication Services) | 255472 |
| 4760 | Stanley Electric Co. Ltd. (Consumer Discretionary) | 97323 |
| 24187 | Subaru Corp. (Consumer Discretionary) | 483246 |
| 4298 | Sugi Holdings Co. Ltd. (Consumer Staples) | 108720 |
| 60194 | Sumitomo Chemical Co. Ltd. (Materials) | 182806 |
| 45620 | Sumitomo Corp. (Industrials) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1288514 |
| 30668 | Sumitomo Electric Industries Ltd. (Consumer Discretionary) | 877900 |
| 20946 | Sumitomo Forestry Co. Ltd. (Consumer Discretionary) | 240595 |
| 4821 | Sumitomo Heavy Industries Ltd. (Industrials) | 108257 |
| 10778 | Sumitomo Metal Mining Co. Ltd. (Materials) | 296198 |
| 164065 | Sumitomo Mitsui Financial Group, Inc. (Financials) | 4523311 |
| 28402 | Sumitomo Mitsui Trust Group, Inc. (Financials) | 816128 |
| 17881 | Sumitomo Realty & Development Co. Ltd. (Real Estate) | 742398 |
| 7360 | Sumitomo Rubber Industries Ltd. (Consumer Discretionary) | 87222 |
| 2845 | Sundrug Co. Ltd. (Consumer Staples) | 89695 |
| 5259 | Suntory Beverage & Food Ltd. (Consumer Staples) | 163331 |
| 67799 | Suzuki Motor Corp. (Consumer Discretionary) | 910144 |
| 20009 | Sysmex Corp. (Health Care) | 254567 |
| 22707 | T&D Holdings, Inc. (Financials) | 596808 |
| 7013 | Taisei Corp. (Industrials) | 478121 |
| 65855 | Takeda Pharmaceutical Co. Ltd. (Health Care) | 1982939 |
| 5653 | TBS Holdings, Inc. (Communication Services) | 208602 |
| 81041 | TDK Corp. (Information Technology) | 1068588 |
| 57582 | Terumo Corp. (Health Care) | 1044575 |
| 9908 | TIS, Inc. (Information Technology) | 332347 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 50 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 8776 | Tobu Railway Co. Ltd. (Industrials) | $160129 |
| 1951 | Toei Animation Co. Ltd. (Communication Services) | 41658 |
| 4532 | Toho Co. Ltd. (Communication Services) | 288850 |
| 19404 | Tohoku Electric Power Co., Inc. (Utilities) | 150395 |
| 74896 | Tokio Marine Holdings, Inc. (Financials) | 3265175 |
| 6929 | Tokyo Century Corp. (Financials) | 87447 |
| 62681 | Tokyo Electric Power Co. Holdings, Inc. (Utilities)\* | 322359 |
| 19377 | Tokyo Electron Ltd. (Information Technology) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727231 |
| 13727 | Tokyo Gas Co. Ltd. (Utilities) | 526548 |
| 12336 | Tokyo Metro Co. Ltd. (Industrials) | 143755 |
| 23162 | Tokyu Corp. (Industrials) | 293498 |
| 24976 | Tokyu Fudosan Holdings Corp. (Real Estate) | 202343 |
| 11355 | TOPPAN Holdings, Inc. (Industrials) | 296201 |
| 63597 | Toray Industries, Inc. (Materials) | 430246 |
| 12601 | Tosoh Corp. (Materials) | 200354 |
| 6416 | TOTO Ltd. (Industrials) | 167495 |
| 3836 | Toyo Suisan Kaisha Ltd. (Consumer Staples) | 266097 |
| 7172 | Toyota Industries Corp. (Industrials) | 798164 |
| &nbsp;&nbsp;&nbsp;&nbsp;450724 | Toyota Motor Corp. (Consumer Discretionary) | 8819547 |
| 28203 | Toyota Tsusho Corp. (Industrials) | 762965 |
| 5566 | Trend Micro, Inc. (Information Technology) | 297624 |
| 7850 | Tsuruha Holdings, Inc. (Consumer Staples)<sup>(b)</sup> | 121472 |
| 48161 | Unicharm Corp. (Consumer Staples) | 322637 |
| 130 | United Urban Investment Corp. REIT (Real Estate) | 156894 |
| 16651 | USS Co. Ltd. (Consumer Discretionary) | 202432 |
| 18475 | West Japan Railway Co. (Industrials) | 414610 |
| 11164 | Yakult Honsha Co. Ltd. (Consumer Staples) | 182677 |
| 27288 | Yamada Holdings Co. Ltd. (Consumer Discretionary) | 86348 |
| 16349 | Yamaha Corp. (Consumer Discretionary) | 108856 |
| 38575 | Yamaha Motor Co. Ltd. (Consumer Discretionary) | 283220 |
| 11598 | Yamato Holdings Co. Ltd. (Industrials) | 197006 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Japan – (continued) | Japan – (continued) | Japan – (continued) | Japan – (continued) |
| 5572 | Yamazaki Baking Co. Ltd. (Consumer Staples) | $| 129637 |
| 10282 | Yaskawa Electric Corp. (Industrials) |  | 207146 |
| 10066 | Yokogawa Electric Corp. (Information Technology) |  | 298021 |
| 5512 | Yokohama Rubber Co. Ltd. (The) (Consumer Discretionary) |  | 206327 |
| 3953 | Zensho Holdings Co. Ltd. (Consumer Discretionary) |  | 251059 |
| 17075 | ZOZO, Inc. (Consumer Discretionary) |  | 159731 |
|  |  |  | 207690105 |
| Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% | Luxembourg – 0.1% |
| 18090 | ArcelorMittal (Materials) |  | 602622 |
| 27533 | CVC Capital Partners PLC (Financials)<sup>(a)</sup> |  | 555923 |
|  |  |  | 1158545 |
| Macau – 0.1% | Macau – 0.1% | Macau – 0.1% | Macau – 0.1% |
| 91358 | Galaxy Entertainment Group Ltd. (Consumer Discretionary) |  | 480471 |
| &nbsp;&nbsp;&nbsp;&nbsp;101991 | Sands China Ltd. (Consumer Discretionary) |  | 266103 |
|  |  |  | 746574 |
| Mexico – 0.0% | Mexico – 0.0% | Mexico – 0.0% | Mexico – 0.0% |
| 7749 | Fresnillo PLC (Materials) |  | 187191 |
| Netherlands – 3.7% | Netherlands – 3.7% | Netherlands – 3.7% | Netherlands – 3.7% |
| 21387 | ABN AMRO Bank NV<br>(Financials)<sup>(a)(b)</sup> |  | 617076 |
| 1187 | Adyen NV (Financials)\*<sup>(a)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1992933 |
| 2589 | Argenx SE ADR (Health Care)\* |  | 1843886 |
| 1953 | ASM International NV (Information Technology) |  | 938855 |
| 16484 | ASML Holding NV (Information Technology) |  | 12282904 |
| 3188 | EXOR NV (Financials) |  | 319608 |
| 5269 | Heineken Holding NV (Consumer Staples) |  | 373434 |
| 12232 | Heineken NV (Consumer Staples) |  | 987912 |
| 127815 | ING Groep NV (Financials) |  | 3046011 |
| 38773 | Koninklijke Ahold Delhaize NV (Consumer Staples) |  | 1554396 |
| 141436 | Koninklijke KPN NV (Communication Services) |  | 674786 |
| 34982 | Koninklijke Philips NV (Health Care) |  | 964289 |
| 10841 | NXP Semiconductors NV (Information Technology) |  | 2546009 |
| 40344 | Universal Music Group NV (Communication Services) |  | 1139956 |
| 10044 | Wolters Kluwer NV (Industrials) |  | 1265001 |
|  |  |  | 30547056 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **51** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| New Zealand – 0.3% | New Zealand – 0.3% | New Zealand – 0.3% |
| 28406 | a2 Milk Co. Ltd. (The) (Consumer Staples) | $179342 |
| 72420 | Auckland International Airport Ltd. (Industrials) | 322622 |
| 32601 | Contact Energy Ltd. (Utilities) | 173895 |
| 23805 | Fisher & Paykel Healthcare Corp. Ltd. (Health Care) | 514089 |
| 38558 | Infratil Ltd. (Financials) | 258453 |
| 3477 | Mainfreight Ltd. (Industrials) | 121763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27419 | Mercury NZ Ltd. (Utilities) | 106132 |
| 53195 | Meridian Energy Ltd. (Utilities) | 179224 |
| 76824 | Spark New Zealand Ltd. (Communication Services) | 116951 |
| 6844 | Xero Ltd. (Information Technology)\* | 732785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705256 |
| Norway – 0.7% | Norway – 0.7% | Norway – 0.7% |
| 928 | Aker ASA, Class A (Industrials) | 67701 |
| 12890 | Aker BP ASA (Energy) | 325732 |
| 31001 | AutoStore Holdings Ltd.<br>(Industrials)\*<sup>(a)</sup> | 26026 |
| 34987 | DNB Bank ASA (Financials) | 921732 |
| 25141 | Equinor ASA (Energy) | 620052 |
| 6008 | Frontline PLC (Energy) | 123479 |
| 7615 | Gjensidige Forsikring ASA (Financials) | 211607 |
| 17597 | Kongsberg Gruppen ASA (Industrials) | 525504 |
| 11286 | Leroy Seafood Group ASA (Consumer Staples) | 55265 |
| 18612 | Mowi ASA (Consumer Staples) | 382708 |
| 7038 | Nordic Semiconductor ASA (Information Technology)\* | 116209 |
| 54957 | Norsk Hydro ASA (Materials) | 356518 |
| 3761 | Opera Ltd. ADR (Information Technology) | 61116 |
| 33437 | Orkla ASA (Consumer Staples) | 373724 |
| 2287 | Protector Forsikring ASA (Financials) | 110510 |
| 2716 | Salmar ASA (Consumer Staples) | 139078 |
| 5273 | SpareBank 1 SMN (Financials) | 100722 |
| 8792 | SpareBank 1 Sor-Norge ASA (Financials) | 154358 |
| 6142 | Sparebanken Norge (Financials) | 103774 |
| 17327 | Storebrand ASA (Financials) | 266610 |
| 27022 | Telenor ASA (Communication Services) | 450750 |
| 9808 | TOMRA Systems ASA (Industrials) | 149159 |
| 37533 | Var Energi ASA (Energy) | 128392 |
| 2885 | Vend Marketplaces ASA, Class A (Communication Services) | 111811 |
| 4011 | Vend Marketplaces ASA, Class B (Communication Services) | 146509 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Norway – (continued) | Norway – (continued) | Norway – (continued) | Norway – (continued) |
| 4264 | Wallenius Wilhelmsen ASA (Industrials) | $| 39871 |
|  |  |  | 6068917 |
| Poland – 0.5% | Poland – 0.5% | Poland – 0.5% | Poland – 0.5% |
| 26683 | Allegro.eu SA (Consumer Discretionary)\*<sup>(a)</sup> |  | 267386 |
| 2389 | Asseco Poland SA (Information Technology) |  | 123846 |
| 25973 | Bank Millennium SA (Financials)\* |  | 100431 |
| 7418 | Bank Pekao SA (Financials) |  | 373048 |
| 534 | Budimex SA (Industrials) |  | 78051 |
| 1954 | CCC SA (Consumer<br>Discretionary)\*<sup>(b)</sup> |  | 89498 |
| 2910 | CD Projekt SA (Communication Services) |  | 201246 |
| 20155 | Dino Polska SA (Consumer<br>Staples)\*<sup>(a)</sup> |  | 251281 |
| 10166 | InPost SA (Industrials)\* |  | 147670 |
| 5735 | KGHM Polska Miedz SA (Materials)\* |  | 201454 |
| 52 | LPP SA (Consumer Discretionary) |  | 246165 |
| 548 | mBank SA (Financials)\* |  | 132071 |
| 24463 | ORLEN SA (Energy) |  | 522169 |
| 36952 | PGE Polska Grupa Energetyczna SA (Utilities)\* |  | 115047 |
| 36075 | Powszechna Kasa Oszczednosci Bank Polski SA (Financials) |  | 702908 |
| 23903 | Powszechny Zaklad Ubezpieczen SA (Financials) |  | 397257 |
| 1658 | Santander Bank Polska SA (Financials) |  | 230234 |
| 17962 | Zabka Group SA (Consumer Staples)\*<sup>(b)</sup> |  | 107460 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4287222 |
| Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% | Portugal – 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;308055 | Banco Comercial Portugues SA, Class R (Financials) |  | 261059 |
| 127129 | EDP SA (Utilities) |  | 563523 |
| 17822 | Galp Energia SGPS SA (Energy) |  | 346287 |
| 11560 | Jeronimo Martins SGPS SA (Consumer Staples) |  | 286045 |
| 8971 | Navigator Co. SA (The) (Materials) |  | 34820 |
|  |  |  | 1491734 |
| Russia – –% | Russia – –% | Russia – –% | Russia – –% |
| 12172 | Evraz PLC (Materials)\*<sup>(c)</sup> |  |  |
| Singapore – 1.8% | Singapore – 1.8% | Singapore – 1.8% | Singapore – 1.8% |
| 160910 | CapitaLand Ascendas REIT (Real Estate) |  | 341134 |
| 240782 | CapitaLand Integrated Commercial Trust REIT (Real Estate) |  | 427890 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 52 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Singapore – (continued) | Singapore – (continued) | Singapore – (continued) | Singapore – (continued) |
| 100956 | CapitaLand Investment Ltd. (Real Estate) | $| 217177 |
| 18555 | City Developments Ltd. (Real Estate) |  | 98343 |
| 86116 | DBS Group Holdings Ltd. (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390943 |
| &nbsp;&nbsp;&nbsp;&nbsp;238480 | Genting Singapore Ltd. (Consumer Discretionary) |  | 133831 |
| 114126 | Grab Holdings Ltd., Class A (Industrials)\* |  | 569489 |
| 10961 | Hafnia Ltd. (Energy) |  | 67048 |
| 3041 | Jardine Cycle & Carriage Ltd. (Industrials) |  | 67030 |
| 58327 | Keppel Ltd. (Industrials) |  | 397788 |
| 86403 | Mapletree Industrial Trust REIT (Real Estate) |  | 138730 |
| 138479 | Mapletree Logistics Trust REIT (Real Estate) |  | 131679 |
| 96532 | Mapletree Pan Asia Commercial Trust REIT (Real Estate) |  | 103830 |
| 136681 | Oversea-Chinese Banking Corp. Ltd. (Financials) |  | 1783352 |
| 36538 | SATS Ltd. (Industrials) |  | 94264 |
| 12600 | Sea Ltd. ADR (Consumer Discretionary)\* |  | 2350404 |
| 135736 | Seatrium Ltd. (Industrials) |  | 247562 |
| 37698 | Sembcorp Industries Ltd. (Utilities) |  | 178353 |
| 55684 | Singapore Airlines Ltd. (Industrials) |  | 285581 |
| 34384 | Singapore Exchange Ltd. (Financials) |  | 444071 |
| 63853 | Singapore Technologies Engineering Ltd. (Industrials) |  | 382222 |
| 305284 | Singapore Telecommunications Ltd. (Communication Services) |  | 1025545 |
| 27798 | STMicroelectronics NV (Information Technology) |  | 756499 |
| 54901 | United Overseas Bank Ltd. (Financials) |  | 1505819 |
| 22086 | UOL Group Ltd. (Real Estate) |  | 128247 |
|  |  |  | 15266831 |
| South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% | South Africa – 0.2% |
| 42713 | Anglo American PLC (Materials) |  | 1314575 |
| Spain – 3.0% | Spain – 3.0% | Spain – 3.0% | Spain – 3.0% |
| 7343 | ACS Actividades de Construccion y Servicios SA (Industrials) |  | 554807 |
| 31375 | Aena SME SA (Industrials)<sup>(a)</sup> |  | 908563 |
| 19117 | Amadeus IT Group SA (Consumer Discretionary) |  | 1602155 |
| 242975 | Banco Bilbao Vizcaya Argentaria SA (Financials) |  | 4405395 |
| 627324 | Banco Santander SA (Financials) |  | 5991752 |
| 147563 | CaixaBank SA (Financials) |  | 1473324 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Spain – (continued) | Spain – (continued) | Spain – (continued) | Spain – (continued) |
| 24824 | Cellnex Telecom SA (Communication Services)\*<sup>(a)</sup> | $| 883028 |
| 13292 | Endesa SA (Utilities) |  | 405138 |
| &nbsp;&nbsp;&nbsp;&nbsp;235495 | Iberdrola SA (Utilities) |  | 4431028 |
| 47402 | Industria de Diseno Textil SA (Consumer Discretionary) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2341429 |
| 4479 | Naturgy Energy Group SA (Utilities) |  | 142076 |
| 16970 | Redeia Corp. SA (Utilities) |  | 329931 |
| 51053 | Repsol SA (Energy) |  | 837204 |
| 169545 | Telefonica SA (Communication Services)<sup>(b)</sup> |  | 908516 |
|  |  |  | 25214346 |
| Sweden – 3.3% | Sweden – 3.3% | Sweden – 3.3% | Sweden – 3.3% |
| 7380 | AAK AB (Consumer Staples) |  | 211903 |
| 10043 | AddTech AB, Class B (Industrials) |  | 351811 |
| 11865 | Alfa Laval AB (Industrials) |  | 539600 |
| 41324 | Assa Abloy AB, Class B (Industrials) |  | 1458512 |
| 107747 | Atlas Copco AB, Class A (Industrials) |  | 1718752 |
| 64268 | Atlas Copco AB, Class B (Industrials) |  | 912823 |
| 4980 | Avanza Bank Holding AB<br>(Financials)<sup>(b)</sup> |  | 187972 |
| 4558 | Axfood AB (Consumer Staples) |  | 143731 |
| 17450 | Beijer Ref AB (Industrials) |  | 296608 |
| 11969 | Boliden AB (Materials)\* |  | 411946 |
| 14943 | Castellum AB (Real Estate) |  | 169225 |
| 5697 | Embracer Group AB (Communication Services)\* |  | 50879 |
| 26117 | Epiroc AB, Class A (Industrials) |  | 545182 |
| 15847 | Epiroc AB, Class B (Industrials) |  | 294639 |
| 22058 | EQT AB (Financials) |  | 792276 |
| 25739 | Essity AB, Class B (Consumer Staples) |  | 694998 |
| 5989 | Evolution AB (Consumer Discretionary)<sup>(a)</sup> |  | 518799 |
| 27638 | Fastighets AB Balder, Class B (Real Estate)\* |  | 196496 |
| 9146 | Getinge AB, Class B (Health Care) |  | 200195 |
| 23532 | H & M Hennes & Mauritz AB, Class B (Consumer Discretionary) |  | 345172 |
| 88420 | Hexagon AB, Class B (Information Technology) |  | 984048 |
| 3207 | Holmen AB, Class B (Materials) |  | 124810 |
| 16134 | Husqvarna AB, Class B (Industrials) |  | 91493 |
| 5003 | Industrivarden AB, Class A (Financials) |  | 198935 |
| 6496 | Industrivarden AB, Class C (Financials) |  | 258301 |
| 11233 | Indutrade AB (Industrials) |  | 279340 |
| 5650 | Investment AB Latour, Class B (Industrials) |  | 143308 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **53** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Sweden – (continued) | Sweden – (continued) | Sweden – (continued) | Sweden – (continued) |
| 21572 | Investor AB, Class A (Financials) | $| 664294 |
| 75336 | Investor AB, Class B (Financials) |  | 2318723 |
| 1893 | L E Lundbergforetagen AB, Class B (Financials) |  | 95749 |
| 9459 | Lifco AB, Class B (Industrials) |  | 335750 |
| 62035 | Nibe Industrier AB, Class B (Industrials) |  | 254404 |
| 6048 | Nordnet AB publ (Financials) |  | 175957 |
| 12912 | Saab AB, Class B (Industrials) |  | 730030 |
| 9073 | Sagax AB, Class B (Real Estate) |  | 196488 |
| 4554 | Sagax AB, Class D (Real Estate) |  | 16477 |
| 44723 | Sandvik AB (Industrials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129644 |
| 5625 | Sectra AB, Class B (Health Care)\* |  | 197046 |
| 21123 | Securitas AB, Class B (Industrials) |  | 323002 |
| 67760 | Skandinaviska Enskilda Banken AB, Class A (Financials) |  | 1252329 |
| 13928 | Skanska AB, Class B (Industrials) |  | 345476 |
| 14472 | SKF AB, Class B (Industrials) |  | 371048 |
| 9261 | SSAB AB, Class A (Materials) |  | 53848 |
| 24594 | SSAB AB, Class B (Materials) |  | 139416 |
| 25104 | Svenska Cellulosa AB SCA, Class B (Materials) |  | 341313 |
| 59726 | Svenska Handelsbanken AB, Class A (Financials) |  | 767550 |
| 1485 | Svenska Handelsbanken AB, Class B (Financials)<sup>(b)</sup> |  | 31752 |
| 7607 | Sweco AB, Class B (Industrials) |  | 128256 |
| 36808 | Swedbank AB, Class A (Financials) |  | 1035098 |
| 7929 | Swedish Orphan Biovitrum AB (Health Care)\* |  | 240566 |
| 23233 | Tele2 AB, Class B (Communication Services) |  | 408895 |
| &nbsp;&nbsp;&nbsp;&nbsp;124371 | Telefonaktiebolaget LM Ericsson, Class B (Information Technology) |  | 989339 |
| 94795 | Telia Co. AB (Communication Services) |  | 353502 |
| 4443 | Thule Group AB (Consumer Discretionary)<sup>(a)</sup> |  | 124287 |
| 8800 | Trelleborg AB, Class B (Industrials) |  | 340248 |
| 7989 | Volvo AB, Class A (Industrials) |  | 245087 |
| 63524 | Volvo AB, Class B (Industrials) |  | 1952148 |
| 19850 | Volvo Car AB, Class B (Consumer Discretionary)\*<sup>(b)</sup> |  | 41331 |
|  |  |  | 27720807 |
| Switzerland – 4.0% | Switzerland – 4.0% | Switzerland – 4.0% | Switzerland – 4.0% |
| 67808 | ABB Ltd. (Industrials) |  | 4555326 |
| 42 | Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) |  | 640736 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) | Switzerland – (continued) |
| 22550 | Cie Financiere Richemont SA (Consumer Discretionary) | $| 3943887 |
| 10710 | DSM-Firmenich AG (Materials) |  | 1046762 |
| 4643 | Galderma Group AG (Health Care) |  | 811167 |
| 1413 | Geberit AG (Industrials) |  | 1036607 |
| 396 | Givaudan SA (Materials) |  | 1670133 |
| 2188 | Kuehne + Nagel International AG (Industrials) |  | 445787 |
| 2980 | Lonza Group AG (Health Care) |  | 2114586 |
| 920 | Partners Group Holding AG (Financials) |  | 1263626 |
| 834 | Schindler Holding AG (Industrials) |  | 298510 |
| 1731 | Schindler Holding AG Participation Certificates (Industrials) |  | 643831 |
| 7116 | SGS SA (Industrials) |  | 726339 |
| 6500 | Sika AG (Materials) |  | 1508979 |
| 4549 | Straumann Holding AG (Health Care) |  | 534118 |
| 1213 | Swiss Life Holding AG (Financials) |  | 1311598 |
| 1076 | Swisscom AG (Communication Services) |  | 778334 |
| 136042 | UBS Group AG (Financials) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5512846 |
| 6199 | Zurich Insurance Group AG (Financials) |  | 4533753 |
|  |  |  | 33376925 |
| United Kingdom – 11.3% | United Kingdom – 11.3% | United Kingdom – 11.3% | United Kingdom – 11.3% |
| 40866 | 3i Group PLC (Financials) |  | 2218971 |
| 9963 | Admiral Group PLC (Financials) |  | 488078 |
| 18614 | Ashtead Group PLC (Industrials) |  | 1369584 |
| 12873 | Associated British Foods PLC (Consumer Staples) |  | 375669 |
| 64073 | AstraZeneca PLC (Health Care) |  | 10206112 |
| 38330 | Auto Trader Group PLC (Communication Services)<sup>(a)</sup> |  | 415943 |
| &nbsp;&nbsp;&nbsp;&nbsp;130725 | Aviva PLC (Financials) |  | 1150830 |
| 128654 | BAE Systems PLC (Industrials) |  | 3054851 |
| 605618 | Barclays PLC (Financials) |  | 2948866 |
| 57554 | Barratt Redrow PLC (Consumer Discretionary) |  | 279697 |
| 88975 | British American Tobacco PLC (Consumer Staples) |  | 5030775 |
| 256614 | BT Group PLC (Communication Services) |  | 750602 |
| 14351 | Bunzl PLC (Industrials) |  | 485111 |
| 216337 | Centrica PLC (Utilities) |  | 470428 |
| 113378 | CK Hutchison Holdings Ltd. (Industrials) |  | 746802 |
| 8671 | Coca-Cola Europacific Partners PLC (Consumer Staples) |  | 770505 |
| 72821 | Compass Group PLC (Consumer Discretionary) |  | 2471427 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 54 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 69362 | Convatec Group PLC (Health Care)<sup>(a)</sup> | $221721 |
| 5526 | Croda International PLC (Materials) | 187245 |
| 4157 | DCC PLC (Industrials) | 264191 |
| 95331 | Diageo PLC (Consumer Staples) | 2639050 |
| 15861 | Halma PLC (Information Technology) | 704586 |
| 6627 | Hikma Pharmaceuticals PLC (Health Care) | 159818 |
| 746338 | HSBC Holdings PLC (Financials) | 9545955 |
| 12151 | ICG PLC (Financials) | 358210 |
| 32822 | Imperial Brands PLC (Consumer Staples) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384425 |
| 57111 | Informa PLC (Communication Services) | 671599 |
| 6300 | InterContinental Hotels Group PLC (Consumer Discretionary) | 761960 |
| 73823 | International Consolidated Airlines Group SA ADR (Industrials) | 759639 |
| 6764 | Intertek Group PLC (Industrials) | 428596 |
| 73860 | J Sainsbury PLC (Consumer Staples) | 298767 |
| 105039 | JD Sports Fashion PLC (Consumer Discretionary) | 136265 |
| 79750 | Kingfisher PLC (Consumer Discretionary) | 277339 |
| 31815 | Land Securities Group PLC REIT (Real Estate) | 238129 |
| &nbsp;&nbsp;&nbsp;&nbsp;244443 | Legal & General Group PLC (Financials) | 817380 |
| 2568504 | Lloyds Banking Group PLC (Financials) | 2759485 |
| 20410 | London Stock Exchange Group PLC (Financials) | 2528070 |
| 101690 | M&G PLC (Financials) | 364216 |
| 85949 | Marks & Spencer Group PLC (Consumer Staples) | 401083 |
| 56255 | Melrose Industries PLC (Industrials) | 446900 |
| 209819 | National Grid PLC (Utilities) | 2950985 |
| 332917 | NatWest Group PLC (Financials) | 2296615 |
| 5015 | Next PLC (Consumer Discretionary) | 810013 |
| 27506 | Pearson PLC (Consumer Discretionary) | 400235 |
| 31451 | Phoenix Group Holdings PLC (Financials) | 289582 |
| 29111 | Reckitt Benckiser Group PLC (Consumer Staples) | 2174972 |
| 78198 | RELX PLC (Industrials) | 3640679 |
| 107829 | Rentokil Initial PLC (Industrials) | 531741 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) | United Kingdom – (continued) |
| 34210 | Rightmove PLC (Communication Services) | $| 343503 |
| 361641 | Rolls-Royce Holdings PLC (Industrials) |  | 5227968 |
| 41254 | Sage Group PLC (The) (Information Technology) |  | 605574 |
| 34046 | Schroders PLC (Financials) |  | 174792 |
| 52340 | Segro PLC REIT (Real Estate) |  | 443376 |
| 11102 | Severn Trent PLC (Utilities) |  | 387883 |
| 37359 | Smith & Nephew PLC (Health Care) |  | 698054 |
| 14715 | Smiths Group PLC (Industrials) |  | 468389 |
| 3083 | Spirax Group PLC (Industrials) |  | 303858 |
| 47420 | SSE PLC (Utilities) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108356 |
| 80839 | Standard Chartered PLC (Financials) |  | 1513755 |
| 148404 | Taylor Wimpey PLC (Consumer Discretionary) |  | 191960 |
| 281011 | Tesco PLC (Consumer Staples) |  | 1604823 |
| 103354 | Unilever PLC (Consumer Staples) |  | 6495887 |
| 28661 | United Utilities Group PLC (Utilities) |  | 445308 |
| &nbsp;&nbsp;&nbsp;&nbsp;839185 | Vodafone Group PLC (Communication Services) |  | 1001809 |
| 10911 | Weir Group PLC (The) (Industrials) |  | 363226 |
| 7846 | Whitbread PLC (Consumer Discretionary) |  | 333381 |
| 28943 | Wise PLC, Class A (Financials)\* |  | 412150 |
| 45129 | WPP PLC (Communication Services) |  | 238338 |
|  |  |  | 95046092 |
| United States – 8.8% | United States – 8.8% | United States – 8.8% | United States – 8.8% |
| 21090 | Alcon AG (Health Care) |  | 1680232 |
| 619910 | BP PLC (Energy) |  | 3618965 |
| 20657 | CSL Ltd. (Health Care) |  | 2878275 |
| 2033 | CyberArk Software Ltd. (Information Technology)\* |  | 921478 |
| 39116 | Experian PLC (Industrials) |  | 2025123 |
| 20201 | Ferrovial SE (Industrials) |  | 1103999 |
| 174616 | GSK PLC (Health Care) |  | 3426665 |
| 387673 | Haleon PLC (Health Care) |  | 1900745 |
| 20646 | Holcim AG (Materials)\* |  | 1731158 |
| 3479 | ICON PLC (Health Care)\* |  | 619053 |
| 24627 | James Hardie Industries PLC CDI (Materials)\* |  | 502410 |
| 1690 | Monday.com Ltd. (Information Technology)\* |  | 326170 |
| 110013 | Nestle SA (Consumer Staples) |  | 10379676 |
| 81208 | Novartis AG (Health Care) |  | 10280960 |
| 30034 | Roche Holding AG (Health Care) |  | 9783931 |
| 1219 | Roche Holding AG (Health Care) |  | 418309 |
| 46803 | Sanofi SA (Health Care) |  | 4628612 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **55** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| United States – (continued) | United States – (continued) | United States – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23093 | Schneider Electric SE (Industrials) | $5677731 |
| 252260 | Shell PLC (Energy) | 9283825 |
| 83712 | Stellantis NV (Consumer Discretionary) | 801909 |
| 12387 | Swiss Re AG (Financials) | 2246263 |
| 15337 | Tenaris SA (Energy) | 278525 |
|  |  | 74514014 |
| **TOTAL COMMON STOCKS**<br> **(Cost $679,297,065)** | **TOTAL COMMON STOCKS**<br> **(Cost $679,297,065)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832083423 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Value** |
| Preferred Stocks – 0.3% | Preferred Stocks – 0.3% | Preferred Stocks – 0.3% |  |
| Germany – 0.3% | Germany – 0.3% | Germany – 0.3% |  |
| 2460 | Bayerische Motoren Werke AG (Consumer Discretionary) | 5.24% | 235538 |
| 4793 | Dr. Ing hc F Porsche AG (Consumer Discretionary)<sup>(a)</sup> | 5.07 | 254423 |
| 7039 | Henkel AG & Co. KGaA (Consumer Staples) | 2.83 | 593714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6444 | Porsche Automobil Holding SE (Consumer Discretionary) | 5.25 | 274479 |
| 1034 | Sartorius AG (Health Care) | 0.36 | 239881 |
| 8846 | Volkswagen AG (Consumer Discretionary) | 6.37 | 1031076 |
| **TOTAL PREFERRED STOCKS**<br> **(Cost $3,424,354)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $3,424,354)** | **TOTAL PREFERRED STOCKS**<br> **(Cost $3,424,354)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629111 |
| **Units** | **Description** | **Expiration Month** | **Value** |
| Rights – 0.0% | Rights – 0.0% | Rights – 0.0% |  |
| Italy\* – 0.0% | Italy\* – 0.0% | Italy\* – 0.0% |  |
| 255519 | Telecom Italia SpA\* | 09/25 |  |
| 456575 | Telecom Italia SpA-RSP\* | 09/25 |  |
| **TOTAL RIGHTS**<br> **(Cost $0)** | **TOTAL RIGHTS**<br> **(Cost $0)** | **TOTAL RIGHTS**<br> **(Cost $0)** |  |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.4%<sup>(d)</sup> | Investment Company – 0.4%<sup>(d)</sup> | Investment Company – 0.4%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| 3177483 | 4.114% | $3177483 |
|  **(Cost $3,177,483)** | **(Cost $3,177,483)** | **(Cost $3,177,483)** |
| **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $685,898,902)** | **TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE**<br> **(Cost $685,898,902)** | 837890017 |
| Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> | Securities Lending Reinvestment Vehicle – 1.3%<sup>(d)</sup> |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 10762363 | 4.154% | 10762363 |
|  **(Cost $10,762,363)** | **(Cost $10,762,363)** |  |
| **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $696,661,265)** | **TOTAL INVESTMENTS – 100.9%**<br> **(Cost $696,661,265)** | $848652380 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.9)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.9)%** | (7937850) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840714530 |

---

---

| | |
|:---|:---|
| The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| \* | Non-income producing security. |
| (a) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (b) | All or a portion of security is on loan. |
| (c) | Significant unobservable inputs were used in the valuation of this portfolio security; i.e. Level 3. |
| (d) | Represents an affiliated issuer. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| CVA | —Dutch Certification |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

---

| | |
|:---|:---|
| Sector Name | % of<br>Market<br>Value |
|  Financials | 23.8% |
|  Industrials | 18.9 |
|  Health Care | 10.6 |
|  Consumer Discretionary | 10.2 |
|  Information Technology | 8.0 |
|  Consumer Staples | 7.8 |
|  Materials | 5.4 |
|  Communication Services | 4.8 |
|  Energy | 3.3 |
|  Utilities | 3.3 |
|  Real Estate | 2.2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 56 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> INTERNATIONAL EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  Investment Company | 0.4% |
|  Securities Lending Reinvestment Vehicle | 1.3 |
|  **TOTAL INVESTMENTS** | 100.0% |

---

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Long position contracts:** |  |  |  |  |
|  MSCI EAFE E-Mini Index | 36 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4897980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **57** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.9% | Common Stocks – 99.9% | Common Stocks – 99.9% |
| Communication Services – 11.3% | Communication Services – 11.3% | Communication Services – 11.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37639 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8013720 |
| 30644 | Alphabet, Inc., Class C | 6543413 |
| 2294 | AST SpaceMobile, Inc.\* | 112268 |
| 1233 | DoubleVerify Holdings, Inc.\* | 20061 |
| 9 | GCI Liberty, Inc., Class A\* | 336 |
| 86 | GCI Liberty, Inc., Class C\* | 3151 |
| 170 | Iridium Communications, Inc. | 4231 |
| 66 | Liberty Broadband Corp., Class A\* | 4004 |
| 415 | Liberty Broadband Corp., Class C\* | 25257 |
| 121 | Liberty Media Corp.-Liberty Formula One, Class A\* | 10905 |
| 935 | Liberty Media Corp.-Liberty Formula One, Class C\* | 93406 |
| 2319 | Live Nation Entertainment, Inc.\* | 386090 |
| 17911 | Meta Platforms, Inc., Class A | 13230856 |
| 6275 | Netflix, Inc.\* | 7581769 |
| 20 | Nexstar Media Group, Inc. | 4090 |
| 4209 | Pinterest, Inc., Class A\* | 154176 |
| 1713 | Reddit, Inc., Class A\* | 385562 |
| 8327 | ROBLOX Corp., Class A\* | 1037461 |
| 275 | Roku, Inc.\* | 26554 |
| 2265 | Spotify Technology SA\* | 1544458 |
| 862 | Take-Two Interactive Software, Inc.\* | 201079 |
| 428 | TKO Group Holdings, Inc. | 81132 |
| 6530 | Trade Desk, Inc. (The), Class A\* | 356930 |
| 777 | Trump Media & Technology Group Corp.\* | 13621 |
|  |  | 39834530 |
| Consumer Discretionary – 14.7% | Consumer Discretionary – 14.7% | Consumer Discretionary – 14.7% |
| 6293 | Airbnb, Inc., Class A\* | 821425 |
| 62681 | Amazon.com, Inc.\* | 14353949 |
| 31 | AutoZone, Inc.\* | 130154 |
| 229 | Birkenstock Holding PLC (Germany)\* | 11938 |
| 455 | Booking Holdings, Inc. | 2547568 |
| 124 | Bright Horizons Family Solutions, Inc.\* | 14637 |
| 922 | Burlington Stores, Inc.\* | 268007 |
| 4785 | Carnival Corp.\* | 152594 |
| 1894 | Carvana Co.\* | 704416 |
| 1427 | Cava Group, Inc.\* | 96394 |
| 3007 | Chewy, Inc., Class A\* | 123167 |
| 19842 | Chipotle Mexican Grill, Inc.\* | 836142 |
| 118 | Choice Hotels International, Inc.<sup>(a)</sup> | 14110 |
| 791 | Churchill Downs, Inc. | 82050 |
| 18154 | Coupang, Inc. (South Korea)\* | 518841 |
| 1625 | Darden Restaurants, Inc. | 336278 |
| 2212 | Deckers Outdoor Corp.\* | 264622 |
| 135 | Domino's Pizza, Inc. | 61870 |
| 5298 | DoorDash, Inc., Class A\* | 1299334 |
| 7111 | DraftKings, Inc., Class A\* | 341186 |
| 561 | Duolingo, Inc.\* | 167099 |
| 1655 | Dutch Bros, Inc., Class A\* | 118879 |
| 1032 | Etsy, Inc.\* | 54706 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 1767 | Expedia Group, Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | Floor & Decor Holdings, Inc., Class A\* |  | 46858 |
| 2137 | Flutter Entertainment PLC (United Kingdom) |  | 656422 |
| 118 | Grand Canyon Education, Inc.\* |  | 23785 |
| 433 | H&R Block, Inc. |  | 21802 |
| 3459 | Hilton Worldwide Holdings, Inc. |  | 954892 |
| 11221 | Home Depot, Inc. (The) |  | 4564366 |
| 4746 | Las Vegas Sands Corp. |  | 273512 |
| 1255 | Light & Wonder, Inc.\* |  | 116050 |
| 35 | Lithia Motors, Inc. |  | 11784 |
| 862 | Lululemon Athletica, Inc.\* |  | 174296 |
| 2581 | Marriott International, Inc., Class A |  | 691347 |
| 581 | McDonald's Corp. |  | 182167 |
| 255 | Murphy USA, Inc. |  | 96007 |
| 6176 | Norwegian Cruise Line Holdings Ltd.\* |  | 153412 |
| 3159 | On Holding AG, Class A (Switzerland)\* |  | 142408 |
| 11581 | O'Reilly Automotive, Inc.\* |  | 1200718 |
| 1198 | Planet Fitness, Inc., Class A\* |  | 125550 |
| 100 | Pool Corp. |  | 31071 |
| 35 | Ralph Lauren Corp. |  | 10393 |
| 2953 | Restaurant Brands International, Inc. (Canada) |  | 187013 |
| 44 | RH\* |  | 9929 |
| 925 | Ross Stores, Inc. |  | 136123 |
| 3746 | Royal Caribbean Cruises Ltd. |  | 1360622 |
| 199 | SharkNinja, Inc.\* |  | 23275 |
| 2998 | Somnigroup International, Inc. |  | 251682 |
| 2224 | Starbucks Corp. |  | 196135 |
| 2805 | Tapestry, Inc. |  | 285605 |
| 40369 | Tesla, Inc.\* |  | 13477998 |
| 971 | Texas Roadhouse, Inc. |  | 167546 |
| 8275 | TJX Cos., Inc. (The) |  | 1130448 |
| 35 | TopBuild Corp.\* |  | 14727 |
| 7785 | Tractor Supply Co. |  | 480802 |
| 305 | Travel + Leisure Co. |  | 19279 |
| 155 | Ulta Beauty, Inc.\* |  | 76373 |
| 474 | Vail Resorts, Inc. |  | 77641 |
| 1618 | Valvoline, Inc.\* |  | 62746 |
| 2917 | Viking Holdings Ltd.\* |  | 185580 |
| 240 | Wayfair, Inc., Class A\* |  | 17904 |
| 1287 | Wendy's Co. (The) |  | 13655 |
| 251 | Williams-Sonoma, Inc. |  | 47236 |
| 425 | Wingstop, Inc. |  | 139451 |
| 969 | Wyndham Hotels & Resorts, Inc. |  | 83925 |
| 1354 | Yum! Brands, Inc. |  | 198997 |
|  |  |  | 51820450 |
| Consumer Staples – 3.2% | Consumer Staples – 3.2% | Consumer Staples – 3.2% | Consumer Staples – 3.2% |
| 270 | BJ's Wholesale Club Holdings, Inc.\* |  | 26374 |
| 86 | Casey's General Stores, Inc. |  | 42529 |
| 2355 | Celsius Holdings, Inc.\* |  | 148082 |
| 28093 | Coca-Cola Co. (The) |  | 1938136 |
| 104 | Coca-Cola Consolidated, Inc. |  | 12193 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 58 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5579 | Colgate-Palmolive Co. | $| 469027 |
| 6561 | Costco Wholesale Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6189122 |
| 252 | Darling Ingredients, Inc.\* |  | 8558 |
| 223 | Freshpet, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12448 |
| 316 | Hershey Co. (The) |  | 58065 |
| 1767 | Kimberly-Clark Corp. |  | 228190 |
| 10311 | Monster Beverage Corp.\* |  | 643509 |
| 2755 | PepsiCo, Inc. |  | 409531 |
| 274 | Performance Food Group Co.\* |  | 27784 |
| 1440 | Sprouts Farmers Market, Inc.\* |  | 202378 |
| 3845 | Sysco Corp. |  | 309407 |
| 6429 | Walmart, Inc. |  | 623484 |
|  |  |  | 11348817 |
| Energy – 0.4% | Energy – 0.4% | Energy – 0.4% | Energy – 0.4% |
| 1444 | Cheniere Energy, Inc. |  | 349188 |
| 232 | HF Sinclair Corp. |  | 11804 |
| 426 | Phillips 66 |  | 56905 |
| 1737 | Schlumberger NV |  | 63991 |
| 3144 | Targa Resources Corp. |  | 527438 |
| 273 | Texas Pacific Land Corp. |  | 254840 |
| 928 | Williams Cos., Inc. (The) |  | 53713 |
|  |  |  | 1317879 |
| Financials – 8.4% | Financials – 8.4% | Financials – 8.4% | Financials – 8.4% |
| 2298 | Affirm Holdings, Inc.\* |  | 203281 |
| 545 | Ally Financial, Inc. |  | 22372 |
| 2668 | American Express Co. |  | 883855 |
| 1283 | Ameriprise Financial, Inc. |  | 660501 |
| 2877 | Aon PLC, Class A |  | 1055859 |
| 4239 | Apollo Global Management, Inc. |  | 577479 |
| 2761 | Ares Management Corp., Class A |  | 494771 |
| 249 | Arthur J Gallagher & Co. |  | 75385 |
| 7968 | Bank of America Corp. |  | 404296 |
| 739 | Bank of New York Mellon Corp. (The) |  | 78038 |
| 10832 | Blackstone, Inc. |  | 1856605 |
| 2990 | Block, Inc.\* |  | 238124 |
| 8680 | Blue Owl Capital, Inc. |  | 160754 |
| 1889 | Brookfield Asset Management Ltd., Class A (Canada) |  | 113642 |
| 426 | Brown & Brown, Inc. |  | 41301 |
| 2201 | Charles Schwab Corp. (The) |  | 210944 |
| 4829 | Citigroup, Inc. |  | 466336 |
| 301 | Coinbase Global, Inc., Class A\* |  | 91666 |
| 1004 | Corpay, Inc.\* |  | 326973 |
| 9 | Credit Acceptance Corp.\* |  | 4633 |
| 4529 | Equitable Holdings, Inc. |  | 241215 |
| 104 | Everest Group Ltd. |  | 35555 |
| 30 | FactSet Research Systems, Inc. |  | 11200 |
| 2248 | Fiserv, Inc.\* |  | 310629 |
| 218 | Freedom Holding Corp. (Kazakhstan)\*<sup>(a)</sup> |  | 37261 |
| 236 | Goldman Sachs Group, Inc. (The) |  | 175879 |
| 370 | Hamilton Lane, Inc., Class A |  | 57106 |
| 305 | Houlihan Lokey, Inc. |  | 60771 |
| 329 | Interactive Brokers Group, Inc., Class A |  | 20477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 544 | Jefferies Financial Group, Inc. | $| 35278 |
| 328 | Kinsale Capital Group, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150044 |
| 2470 | KKR & Co., Inc. |  | 344540 |
| 313 | Lazard, Inc. |  | 17891 |
| 1166 | LPL Financial Holdings, Inc. |  | 424984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | Markel Group, Inc.\* |  | 62690 |
| 836 | Marsh & McLennan Cos., Inc. |  | 172057 |
| 12032 | Mastercard, Inc., Class A |  | 7162529 |
| 2305 | Moody's Corp. |  | 1174997 |
| 230 | Morningstar, Inc. |  | 60357 |
| 549 | MSCI, Inc. |  | 311678 |
| 47216 | NU Holdings Ltd., Class A (Brazil)\* |  | 698797 |
| 84 | Pinnacle Financial Partners, Inc. |  | 8166 |
| 110 | Popular, Inc. (Puerto Rico) |  | 13820 |
| 429 | Progressive Corp. (The) |  | 105989 |
| 77 | RLI Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 |
| 1418 | Robinhood Markets, Inc., Class A\* |  | 147514 |
| 1547 | Ryan Specialty Holdings, Inc. |  | 87452 |
| 965 | Shift4 Payments, Inc., Class A\* |  | 87265 |
| 422 | SLM Corp. |  | 13200 |
| 2094 | SoFi Technologies, Inc.\* |  | 53481 |
| 6677 | Toast, Inc., Class A\* |  | 301133 |
| 1745 | TPG, Inc. |  | 105311 |
| 137 | Tradeweb Markets, Inc., Class A |  | 16900 |
| 991 | UWM Holdings Corp. |  | 5649 |
| 25179 | Visa, Inc., Class A |  | 8857469 |
| 328 | Western Alliance Bancorp |  | 29372 |
| 71 | WEX, Inc.\* |  | 12166 |
| 619 | XP, Inc., Class A (Brazil) |  | 11229 |
|  |  |  | 29394081 |
| Health Care – 8.6% | Health Care – 8.6% | Health Care – 8.6% | Health Care – 8.6% |
| 26195 | AbbVie, Inc. |  | 5511428 |
| 1850 | Alnylam Pharmaceuticals, Inc.\* |  | 826043 |
| 5863 | Amgen, Inc. |  | 1686844 |
| 1625 | Apellis Pharmaceuticals, Inc.\* |  | 44801 |
| 3725 | Boston Scientific Corp.\* |  | 392988 |
| 5806 | Bristol-Myers Squibb Co. |  | 273927 |
| 1788 | Cardinal Health, Inc. |  | 266019 |
| 2704 | Cencora, Inc. |  | 788513 |
| 20 | Chemed Corp. |  | 9159 |
| 312 | Cigna Group (The) |  | 93871 |
| 1358 | Corcept Therapeutics, Inc.\* |  | 94680 |
| 554 | DaVita, Inc.\* |  | 76319 |
| 5720 | Dexcom, Inc.\* |  | 430945 |
| 1873 | Doximity, Inc., Class A\* |  | 127252 |
| 11840 | Eli Lilly & Co. |  | 8673747 |
| 142 | Exact Sciences Corp.\* |  | 6734 |
| 3234 | Exelixis, Inc.\* |  | 121016 |
| 4950 | Gilead Sciences, Inc. |  | 559202 |
| 1757 | Halozyme Therapeutics, Inc.\* |  | 128525 |
| 541 | HCA Healthcare, Inc. |  | 218542 |
| 1189 | IDEXX Laboratories, Inc.\* |  | 769390 |
| 586 | Incyte Corp.\* |  | 49581 |
| 2471 | Insmed, Inc.\* |  | 336303 |
| 440 | Inspire Medical Systems, Inc.\* |  | 41224 |
| 1039 | Insulet Corp.\* |  | 353135 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **59** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 5275 | Intuitive Surgical, Inc.\* | $| 2496631 |
| 2202 | Ionis Pharmaceuticals, Inc.\* |  | 93882 |
| 656 | Masimo Corp.\* |  | 91650 |
| 1720 | McKesson Corp. |  | 1181021 |
| 331 | Medpace Holdings, Inc.\* |  | 157394 |
| 429 | Molina Healthcare, Inc.\* |  | 77576 |
| 1911 | Natera, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321526 |
| 1185 | Neurocrine Biosciences, Inc.\* |  | 165426 |
| 558 | Penumbra, Inc.\* |  | 152133 |
| 119 | Repligen Corp.\* |  | 14556 |
| 491 | ResMed, Inc. |  | 134784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | Sarepta Therapeutics, Inc.\* |  | 24807 |
| 1293 | Stryker Corp. |  | 506093 |
| 1670 | Summit Therapeutics, Inc.\*<sup>(a)</sup> |  | 39579 |
| 1179 | Tempus AI, Inc.\* |  | 89439 |
| 1352 | Ultragenyx Pharmaceutical, Inc.\* |  | 40506 |
| 1725 | Veeva Systems, Inc., Class A\* |  | 464370 |
| 3812 | Vertex Pharmaceuticals, Inc.\* |  | 1490568 |
| 122 | Viking Therapeutics, Inc.\* |  | 3300 |
| 450 | Waters Corp.\* |  | 135810 |
| 5263 | Zoetis, Inc. |  | 823133 |
|  |  |  | 30384372 |
| Industrials – 7.4% | Industrials – 7.4% | Industrials – 7.4% | Industrials – 7.4% |
| 1252 | 3M Co. |  | 194724 |
| 944 | AAON, Inc. |  | 78305 |
| 311 | Alaska Air Group, Inc.\* |  | 19525 |
| 209 | Allison Transmission Holdings, Inc. |  | 18248 |
| 702 | American Airlines Group, Inc.\* |  | 9386 |
| 196 | Armstrong World Industries, Inc. |  | 38371 |
| 5591 | Automatic Data Processing, Inc. |  | 1699944 |
| 136 | Avis Budget Group, Inc.\* |  | 21519 |
| 1094 | Axon Enterprise, Inc.\* |  | 817535 |
| 1503 | Boeing Co. (The)\* |  | 352724 |
| 1834 | Booz Allen Hamilton Holding Corp. |  | 199392 |
| 1544 | Broadridge Financial Solutions, Inc. |  | 394677 |
| 232 | BWX Technologies, Inc. |  | 37593 |
| 98 | Carlisle Cos., Inc. |  | 37817 |
| 831 | Caterpillar, Inc. |  | 348222 |
| 5094 | Cintas Corp. |  | 1069893 |
| 502 | Comfort Systems USA, Inc. |  | 353097 |
| 12176 | Copart, Inc.\* |  | 594311 |
| 1621 | Core & Main, Inc., Class A\* |  | 104911 |
| 239 | Dayforce, Inc.\* |  | 16675 |
| 222 | EMCOR Group, Inc. |  | 137640 |
| 315 | Equifax, Inc. |  | 77584 |
| 2274 | ExlService Holdings, Inc.\* |  | 99556 |
| 13936 | Fastenal Co. |  | 692062 |
| 205 | Ferguson Enterprises, Inc. |  | 47386 |
| 1509 | FTAI Aviation Ltd. |  | 232160 |
| 4051 | GE Vernova, Inc. |  | 2483141 |
| 15550 | General Electric Co. |  | 4279360 |
| 617 | HEICO Corp. |  | 192517 |
| 1119 | HEICO Corp., Class A |  | 274166 |
| 5935 | Howmet Aerospace, Inc. |  | 1033283 |
| 1403 | Illinois Tool Works, Inc. |  | 371304 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696 | Karman Holdings, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37173 |
| 184 | KBR, Inc. |  | 9285 |
| 469 | Lennox International, Inc. |  | 261636 |
| 433 | Leonardo DRS, Inc. |  | 18039 |
| 573 | Loar Holdings, Inc.\* |  | 40488 |
| 845 | Lockheed Martin Corp. |  | 385007 |
| 918 | Lyft, Inc., Class A\* |  | 14890 |
| 195 | MasTec, Inc.\* |  | 35430 |
| 145 | Old Dominion Freight Line, Inc. |  | 21891 |
| 1498 | Paychex, Inc. |  | 208904 |
| 394 | Paycom Software, Inc. |  | 89497 |
| 606 | Paylocity Holding Corp.\* |  | 108613 |
| 1678 | Quanta Services, Inc. |  | 634217 |
| 154 | RB Global, Inc. (Canada) |  | 17639 |
| 95 | RBC Bearings, Inc.\* |  | 37046 |
| 5798 | Rocket Lab Corp.\* |  | 281783 |
| 131 | Rockwell Automation, Inc. |  | 44989 |
| 4103 | Rollins, Inc. |  | 231984 |
| 45 | Simpson Manufacturing Co., Inc. |  | 8600 |
| 247 | SiteOne Landscape Supply, Inc.\* |  | 35380 |
| 779 | Southwest Airlines Co. |  | 25629 |
| 136 | Spirit AeroSystems Holdings, Inc., Class A\* |  | 5656 |
| 188 | StandardAero, Inc.\* |  | 4980 |
| 860 | Tetra Tech, Inc. |  | 31321 |
| 3293 | Trane Technologies PLC |  | 1368571 |
| 135 | TransDigm Group, Inc. |  | 188849 |
| 29778 | Uber Technologies, Inc.\* |  | 2791687 |
| 39 | U-Haul Holding Co.\* |  | 2244 |
| 670 | U-Haul Holding Co. |  | 35001 |
| 681 | Union Pacific Corp. |  | 152251 |
| 1366 | Veralto Corp. |  | 145056 |
| 1250 | Verisk Analytics, Inc. |  | 335150 |
| 5623 | Vertiv Holdings Co., Class A |  | 717214 |
| 559 | W.W. Grainger, Inc. |  | 566546 |
| 5475 | Waste Management, Inc. |  | 1239485 |
| 791 | WillScot Holdings Corp. |  | 19174 |
| 341 | XPO, Inc.\* |  | 44228 |
|  |  |  | 26522561 |
| Information Technology – 44.5% | Information Technology – 44.5% | Information Technology – 44.5% | Information Technology – 44.5% |
| 6297 | Adobe, Inc.\* |  | 2246140 |
| 13927 | Advanced Micro Devices, Inc.\* |  | 2264948 |
| 17840 | Amphenol Corp., Class A |  | 1942062 |
| 330 | Appfolio, Inc., Class A\* |  | 91535 |
| 69209 | Apple, Inc. |  | 16066177 |
| 3403 | Applied Materials, Inc. |  | 547066 |
| 3522 | AppLovin Corp., Class A\* |  | 1685594 |
| 15265 | Arista Networks, Inc.\* |  | 2084436 |
| 2115 | Astera Labs, Inc.\* |  | 385353 |
| 2362 | Atlassian Corp., Class A\* |  | 419916 |
| 3151 | Autodesk, Inc.\* |  | 991620 |
| 2308 | Bentley Systems, Inc., Class B |  | 128440 |
| 45284 | Broadcom, Inc. |  | 13467009 |
| 4045 | Cadence Design Systems, Inc.\* |  | 1417489 |
| 133 | CDW Corp. |  | 21913 |
| 4563 | Cloudflare, Inc., Class A\* |  | 952344 |
| 3742 | Confluent, Inc., Class A\* |  | 74316 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 60 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614 | Crowdstrike Holdings, Inc., Class A\* | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1531252 |
| 4561 | Datadog, Inc., Class A\* | 623398 |
| 671 | Dell Technologies, Inc., Class C | 81963 |
| 2185 | Docusign, Inc.\* | 167502 |
| 1141 | Dropbox, Inc., Class A\* | 33158 |
| 4339 | Dynatrace, Inc.\* | 219553 |
| 1287 | Elastic NV\* | 109472 |
| 1973 | Enphase Energy, Inc.\* | 74382 |
| 350 | Entegris, Inc. | 29309 |
| 277 | Fair Isaac Corp.\* | 421494 |
| 9419 | Fortinet, Inc.\* | 741935 |
| 1088 | Gartner, Inc.\* | 273295 |
| 850 | Gen Digital, Inc. | 25670 |
| 1902 | Gitlab, Inc., Class A\* | 91334 |
| 69 | Globant SA\* | 4641 |
| 2006 | GoDaddy, Inc., Class A\* | 297510 |
| 1246 | Guidewire Software, Inc.\* | 270407 |
| 736 | HubSpot, Inc.\* | 355613 |
| 4047 | Intuit, Inc. | 2699349 |
| 1024 | Jabil, Inc. | 209746 |
| 1971 | KLA Corp. | 1718712 |
| 222 | Kyndryl Holdings, Inc.\* | 7057 |
| 18913 | Lam Research Corp. | 1894137 |
| 1753 | Lattice Semiconductor Corp.\* | 116364 |
| 83 | Lumentum Holdings, Inc.\* | 11023 |
| 227 | MACOM Technology Solutions Holdings, Inc.\* | 29090 |
| 895 | Manhattan Associates, Inc.\* | 192819 |
| 858 | Marvell Technology, Inc. | 53938 |
| 72581 | Microsoft Corp. | 36776067 |
| 109 | MongoDB, Inc.\* | 34402 |
| 681 | Monolithic Power Systems, Inc. | 569153 |
| 1031 | Motorola Solutions, Inc. | 487106 |
| 218 | nCino, Inc.\* | 7000 |
| 1153 | NetApp, Inc. | 130047 |
| 906 | Nutanix, Inc., Class A\* | 60892 |
| 227027 | NVIDIA Corp. | 39543563 |
| 1027 | Okta, Inc.\* | 95275 |
| 191 | Onto Innovation, Inc.\* | 20246 |
| 24478 | Oracle Corp. | 5535210 |
| 32296 | Palantir Technologies, Inc., Class A\* | 5061106 |
| 9712 | Palo Alto Networks, Inc.\* | 1850330 |
| 472 | Pegasystems, Inc. | 25587 |
| 1669 | Procore Technologies, Inc.\* | 116012 |
| 203 | PTC, Inc.\* | 43341 |
| 3888 | Pure Storage, Inc., Class A\* | 301748 |
| 3721 | QUALCOMM, Inc. | 598076 |
| 1127 | RingCentral, Inc., Class A\* | 34385 |
| 829 | Rubrik, Inc., Class A\* | 74113 |
| 1528 | Salesforce, Inc. | 391550 |
| 3851 | Samsara, Inc., Class A\* | 139175 |
| 3021 | SentinelOne, Inc., Class A\* | 56976 |
| 3053 | ServiceNow, Inc.\* | 2801005 |
| 4631 | Snowflake, Inc.\* | 1105234 |
| 215 | Strategy, Inc., Class A\* | 71898 |
| 3379 | Super Micro Computer, Inc.\* | 140364 |
| 2001 | Synopsys, Inc.\* | 1207644 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | Teradata Corp.\* | $| 6651 |
| 5498 | Texas Instruments, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1113235 |
| 381 | Twilio, Inc., Class A\* |  | 40237 |
| 513 | Tyler Technologies, Inc.\* |  | 288757 |
| 70 | Ubiquiti, Inc. |  | 36969 |
| 260 | Unity Software, Inc.\* |  | 10247 |
| 3177 | Workday, Inc., Class A\* |  | 733315 |
| 1424 | Zscaler, Inc.\* |  | 394519 |
|  |  |  | 156971916 |
| Materials – 0.4% | Materials – 0.4% | Materials – 0.4% | Materials – 0.4% |
| 887 | Anglogold Ashanti PLC (United Kingdom) |  | 50257 |
| 121 | Carpenter Technology Corp. |  | 29147 |
| 24 | Eagle Materials, Inc. |  | 5542 |
| 910 | Ecolab, Inc. |  | 252106 |
| 1372 | James Hardie Industries PLC\* |  | 27618 |
| 3132 | Sherwin-Williams Co. (The) |  | 1145780 |
| 200 | Steel Dynamics, Inc. |  | 26184 |
|  |  |  | 1536634 |
| Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% | Real Estate – 0.6% |
| 6914 | American Tower Corp. REIT |  | 1409419 |
| 468 | CBRE Group, Inc., Class A\* |  | 75872 |
| 736 | CoStar Group, Inc.\* |  | 65865 |
| 220 | Jones Lang LaSalle, Inc.\* |  | 67225 |
| 1261 | Lamar Advertising Co., Class A REIT |  | 160462 |
| 307 | Public Storage REIT |  | 90439 |
| 1035 | Simon Property Group, Inc. |  |  |
|  | REIT |  | 186983 |
| 348 | Sun Communities, Inc. REIT |  | 44151 |
| 259 | UDR, Inc. REIT |  | 10249 |
|  |  |  | 2110665 |
| Utilities – 0.4% | Utilities – 0.4% | Utilities – 0.4% | Utilities – 0.4% |
| 2903 | NRG Energy, Inc. |  | 422560 |
| 5007 | Vistra Corp. |  | 946874 |
|  |  |  | 1369434 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |
| (Cost $305,270,867) | (Cost $305,270,867) |  | 352611339 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> | Investment Company – 0.1%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261184 | 4.114% | 261184 |
| **(Cost $261,184)** | **(Cost $261,184)** |  |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE |  |
| (Cost $305,532,051) | (Cost $305,532,051) | 352872523 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **61** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 GROWTH EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund – Institutional Shares | Goldman Sachs Financial Square Government Fund – Institutional Shares |  |
| 91605 | 4.154% | $91605 |
| **(Cost $91,605)** | **(Cost $91,605)** |  |
| TOTAL INVESTMENTS – 100.0% | TOTAL INVESTMENTS – 100.0% |  |
| (Cost $305,623,656) | (Cost $305,623,656) | $352964128 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0.0%** | **OTHER ASSETS IN EXCESS OF LIABILITIES**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– 0.0%** | 26691 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352990819 |

---

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents an affiliated issuer.

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 62 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.5% | Common Stocks – 99.5% | Common Stocks – 99.5% |
| Communication Services – 7.7% | Communication Services – 7.7% | Communication Services – 7.7% |
| 25941 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5523099 |
| 21127 | Alphabet, Inc., Class C | 4511248 |
| 162 | AST SpaceMobile, Inc.\* | 7928 |
| 88206 | AT&T, Inc. | 2583554 |
| 1141 | Charter Communications, Inc., Class A\* | 303027 |
| 46573 | Comcast Corp., Class A | 1582085 |
| 919 | DoubleVerify Holdings, Inc.\* | 14952 |
| 3278 | Electronic Arts, Inc. | 563652 |
| 2711 | Fox Corp., Class A | 161847 |
| 1690 | Fox Corp., Class B | 92189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2965 | Frontier Communications Parent, Inc.\* | 109942 |
| 30 | GCI Liberty, Inc., Class A\* | 1120 |
| 220 | GCI Liberty, Inc., Class C\* | 8061 |
| 1038 | IAC, Inc.\* | 38012 |
| 4634 | Interpublic Group of Cos., Inc. (The) | 124377 |
| 1098 | Iridium Communications, Inc. | 27329 |
| 145 | Liberty Broadband Corp., Class A\* | 8797 |
| 1110 | Liberty Broadband Corp., Class C\* | 67555 |
| 2391 | Liberty Global Ltd., Class A (Belgium)\* | 28070 |
| 2502 | Liberty Global Ltd., Class C (Belgium)\* | 29899 |
| 181 | Liberty Media Corp.-Liberty Formula One, Class A\* | 16312 |
| 1828 | Liberty Media Corp.-Liberty Formula One, Class C\* | 182617 |
| 330 | Liberty Media Corp.-Liberty Live, Class A\* | 31224 |
| 660 | Liberty Media Corp.-Liberty Live, Class C\* | 64271 |
| 225 | Madison Square Garden Sports Corp.\* | 44514 |
| 3073 | Match Group, Inc. | 114746 |
| 4894 | Meta Platforms, Inc., Class A | 3615198 |
| 1289 | Millicom International Cellular SA (Guatemala) | 62272 |
| 2019 | New York Times Co. (The), Class A | 120817 |
| 4760 | News Corp., Class A | 139992 |
| 1635 | News Corp., Class B | 55377 |
| 335 | Nexstar Media Group, Inc. | 68517 |
| 2428 | Omnicom Group, Inc. | 190185 |
| 3741 | Pinterest, Inc., Class A\* | 137033 |
| 1410 | Roku, Inc.\* | 136150 |
| 2383 | Sirius XM Holdings, Inc. | 56334 |
| 1505 | Take-Two Interactive Software, Inc.\* | 351071 |
| 505 | TKO Group Holdings, Inc. | 95728 |
| 5713 | T-Mobile US, Inc. | 1439619 |
| 317 | Trump Media & Technology Group Corp.\* | 5557 |
| 53106 | Verizon Communications, Inc. | 2348878 |
| 22774 | Walt Disney Co. (The) | 2695986 |
| 28049 | Warner Bros Discovery, Inc.\* | 326490 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) | Communication Services – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 | ZoomInfo Technologies, Inc.\* | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40526 |
|  |  |  | 28126157 |
| Consumer Discretionary – 7.9% | Consumer Discretionary – 7.9% | Consumer Discretionary – 7.9% | Consumer Discretionary – 7.9% |
| 3515 | ADT, Inc. |  | 30616 |
| 33164 | Amazon.com, Inc.\* |  | 7594556 |
| 1874 | Amer Sports, Inc. (Finland)\* |  | 73686 |
| 2880 | Aptiv PLC (Jersey)\* |  | 229046 |
| 3317 | Aramark |  | 129728 |
| 347 | AutoNation, Inc.\* |  | 76021 |
| 175 | AutoZone, Inc.\* |  | 734743 |
| 2674 | Bath & Body Works, Inc. |  | 78108 |
| 2428 | Best Buy Co., Inc. |  | 178798 |
| 554 | Birkenstock Holding PLC (Germany)\* |  | 28880 |
| 25 | Booking Holdings, Inc. |  | 139976 |
| 2738 | BorgWarner, Inc. |  | 117077 |
| 728 | Boyd Gaming Corp. |  | 62506 |
| 624 | Bright Horizons Family Solutions, Inc.\* |  | 73657 |
| 823 | Brunswick Corp. |  | 52335 |
| 2597 | Caesars Entertainment, Inc.\* |  | 69522 |
| 1916 | CarMax, Inc.\* |  | 117547 |
| 9395 | Carnival Corp.\* |  | 299607 |
| 235 | Choice Hotels International, Inc.<sup>(a)</sup> |  | 28101 |
| 126 | Churchill Downs, Inc. |  | 13070 |
| 446 | Columbia Sportswear Co. |  | 24851 |
| 716 | Crocs, Inc.\* |  | 62435 |
| 3452 | D.R. Horton, Inc. |  | 585045 |
| 95 | Darden Restaurants, Inc. |  | 19659 |
| 684 | Dick's Sporting Goods, Inc. |  | 145555 |
| 38 | Dillard's, Inc., Class A |  | 20249 |
| 278 | Domino's Pizza, Inc. |  | 127407 |
| 5866 | eBay, Inc. |  | 531518 |
| 579 | Etsy, Inc.\* |  | 30693 |
| 680 | Five Below, Inc.\* |  | 98668 |
| 984 | Floor & Decor Holdings, Inc., Class A\* |  | 80609 |
| 383 | Flutter Entertainment PLC (United Kingdom)\* |  | 117646 |
| 49089 | Ford Motor Co. |  | 577778 |
| 5399 | GameStop Corp., Class A\* |  | 120992 |
| 2861 | Gap, Inc. (The) |  | 62971 |
| 2051 | Garmin Ltd. |  | 495973 |
| 12153 | General Motors Co. |  | 712044 |
| 2845 | Gentex Corp. |  | 79688 |
| 1746 | Genuine Parts Co. |  | 243270 |
| 279 | Grand Canyon Education, Inc.\* |  | 56238 |
| 1386 | H&R Block, Inc. |  | 69785 |
| 1729 | Harley-Davidson, Inc. |  | 50349 |
| 1661 | Hasbro, Inc. |  | 134823 |
| 2976 | Home Depot, Inc. (The) |  | 1210548 |
| 517 | Hyatt Hotels Corp., Class A |  | 74593 |
| 674 | Lear Corp. |  | 74140 |
| 2873 | Lennar Corp., Class A |  | 382511 |
| 126 | Lennar Corp., Class B |  | 16025 |
| 286 | Lithia Motors, Inc. |  | 96290 |
| 3260 | LKQ Corp. |  | 106341 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **63** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7049 | Lowe's Cos., Inc. | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1819065 |
| 12622 | Lucid Group, Inc.\*<sup>(a)</sup> |  | 24992 |
| 561 | Lululemon Athletica, Inc.\* |  | 113434 |
| 3978 | Macy's, Inc. |  | 52629 |
| 669 | Marriott International, Inc., Class A |  | 179198 |
| 4040 | Mattel, Inc.\* |  | 73932 |
| 8482 | McDonald's Corp. |  | 2659446 |
| 2577 | MGM Resorts International\* |  | 102281 |
| 647 | Mohawk Industries, Inc.\* |  | 85850 |
| 6365 | Newell Brands, Inc. |  | 37681 |
| 14548 | NIKE, Inc., Class B |  | 1125579 |
| 541 | Norwegian Cruise Line Holdings Ltd.\* |  | 13438 |
| 36 | NVR, Inc.\* |  | 292235 |
| 768 | Ollie's Bargain Outlet Holdings, Inc.\* |  | 97413 |
| 883 | O'Reilly Automotive, Inc.\* |  | 91549 |
| 2205 | Penn Entertainment, Inc.\* |  | 44607 |
| 253 | Penske Automotive Group, Inc. |  | 46656 |
| 370 | Pool Corp. |  | 114963 |
| 2511 | PulteGroup, Inc. |  | 331502 |
| 659 | PVH Corp. |  | 55567 |
| 4820 | QuantumScape Corp.\* |  | 38223 |
| 470 | Ralph Lauren Corp. |  | 139557 |
| 1477 | Restaurant Brands International, Inc. (Canada) |  | 93538 |
| 125 | RH\* |  | 28209 |
| 9744 | Rivian Automotive, Inc., Class A\* |  | 132226 |
| 3238 | Ross Stores, Inc. |  | 476504 |
| 1753 | Service Corp. International |  | 138925 |
| 738 | SharkNinja, Inc.\* |  | 86317 |
| 1641 | Skechers USA, Inc., Class A\* |  | 103514 |
| 12412 | Starbucks Corp. |  | 1094614 |
| 214 | Tapestry, Inc. |  | 21790 |
| 642 | Thor Industries, Inc. |  | 70363 |
| 7033 | TJX Cos., Inc. (The) |  | 960778 |
| 1247 | Toll Brothers, Inc. |  | 173333 |
| 342 | TopBuild Corp.\* |  | 143900 |
| 530 | Travel + Leisure Co. |  | 33501 |
| 422 | Ulta Beauty, Inc.\* |  | 207932 |
| 3168 | Under Armour, Inc., Class A\* |  | 15840 |
| 2799 | Under Armour, Inc., Class C\* |  | 13771 |
| 125 | Vail Resorts, Inc. |  | 20475 |
| 5036 | VF Corp. |  | 76195 |
| 970 | Wayfair, Inc., Class A\* |  | 72362 |
| 1288 | Wendy's Co. (The) |  | 13666 |
| 717 | Whirlpool Corp.<sup>(a)</sup> |  | 66789 |
| 1263 | Williams-Sonoma, Inc. |  | 237684 |
| 102 | Wyndham Hotels & Resorts, Inc. |  | 8834 |
| 1048 | Wynn Resorts Ltd. |  | 132834 |
| 850 | YETI Holdings, Inc.\* |  | 29886 |
| 2329 | Yum! Brands, Inc. |  | 342293 |
|  |  |  | 28872144 |
| Consumer Staples – 7.8% | Consumer Staples – 7.8% | Consumer Staples – 7.8% | Consumer Staples – 7.8% |
| 5205 | Albertsons Cos., Inc., Class A |  | 101289 |
| 21209 | Altria Group, Inc. |  | 1425457 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6013 | Archer-Daniels-Midland Co. | $376654 |
| 1594 | BellRing Brands, Inc.\* | 65434 |
| 1417 | BJ's Wholesale Club Holdings, Inc.\* | 138413 |
| 105 | Boston Beer Co., Inc. (The), Class A\* | 23214 |
| 715 | Brown-Forman Corp., Class A | 21700 |
| 1854 | Brown-Forman Corp., Class B | 55509 |
| 1670 | Bunge Global SA | 140647 |
| 402 | Casey's General Stores, Inc. | 198797 |
| 3097 | Church & Dwight Co., Inc. | 288517 |
| 1546 | Clorox Co. (The) | 182737 |
| 25008 | Coca-Cola Co. (The) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725302 |
| 562 | Coca-Cola Consolidated, Inc. | 65889 |
| 5238 | Colgate-Palmolive Co. | 440359 |
| 5987 | Conagra Brands, Inc. | 114531 |
| 1642 | Constellation Brands, Inc., Class A | 265905 |
| 5467 | Coty, Inc., Class A\* | 23399 |
| 1748 | Darling Ingredients, Inc.\* | 59362 |
| 2761 | Dollar General Corp. | 300286 |
| 2555 | Dollar Tree, Inc.\* | 278929 |
| 692 | elf Beauty, Inc.\* | 86500 |
| 2935 | Estee Lauder Cos., Inc. (The), Class A | 269228 |
| 2707 | Flowers Foods, Inc. | 40713 |
| 438 | Freshpet, Inc.\* | 24449 |
| 6882 | General Mills, Inc. | 339489 |
| 1609 | Hershey Co. (The) | 295654 |
| 3637 | Hormel Foods Corp. | 92525 |
| 802 | Ingredion, Inc. | 103891 |
| 1301 | J M Smucker Co. (The) | 143774 |
| 3491 | Kellanova | 277535 |
| 23896 | Kenvue, Inc. | 494886 |
| 16285 | Keurig Dr Pepper, Inc. | 473731 |
| 2670 | Kimberly-Clark Corp. | 344804 |
| 10738 | Kraft Heinz Co. (The) | 300342 |
| 7686 | Kroger Co. (The) | 521418 |
| 1714 | Lamb Weston Holdings, Inc. | 98606 |
| 2165 | Maplebear, Inc.\* | 93896 |
| 3186 | McCormick & Co., Inc. | 224199 |
| 2106 | Molson Coors Beverage Co., Class B | 106332 |
| 16292 | Mondelez International, Inc., Class A | 1000980 |
| 14872 | PepsiCo, Inc. | 2210723 |
| 1681 | Performance Food Group Co.\* | 170453 |
| 19590 | Philip Morris International, Inc. | 3274077 |
| 513 | Pilgrim's Pride Corp. | 22803 |
| 636 | Post Holdings, Inc.\* | 71963 |
| 3225 | Primo Brands Corp., Class A | 80980 |
| 29538 | Procter & Gamble Co. (The) | 4638648 |
| 738 | Reynolds Consumer Products, Inc. | 17129 |
| 5 | Seaboard Corp. | 19846 |
| 2736 | Sysco Corp. | 220166 |
| 5718 | Target Corp. | 548814 |
| 2436 | The Campbell's Company | 77781 |
| 3515 | Tyson Foods, Inc., Class A | 199582 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 64 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) | Consumer Staples – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | US Foods Holding Corp.\* | $| 224186 |
| 49240 | Walmart, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4775295 |
|  |  |  | 28177728 |
| Energy – 6.0% | Energy – 6.0% | Energy – 6.0% | Energy – 6.0% |
| 4205 | Antero Midstream Corp. |  | 74807 |
| 3678 | Antero Resources Corp.\* |  | 117402 |
| 4458 | APA Corp. |  | 103515 |
| 12468 | Baker Hughes Co. |  | 566047 |
| 1528 | Cheniere Energy, Inc. |  | 369501 |
| 24152 | Chevron Corp. |  | 3878811 |
| 740 | Chord Energy Corp. |  | 81319 |
| 1041 | Civitas Resources, Inc. |  | 38288 |
| 15916 | ConocoPhillips |  | 1575207 |
| 9484 | Coterra Energy, Inc. |  | 231789 |
| 7818 | Devon Energy Corp. |  | 282230 |
| 2395 | Diamondback Energy, Inc. |  | 356280 |
| 1273 | DT Midstream, Inc. |  | 132621 |
| 6943 | EOG Resources, Inc. |  | 866625 |
| 7552 | EQT Corp. |  | 391496 |
| 2762 | Expand Energy Corp. |  | 267306 |
| 54486 | Exxon Mobil Corp. |  | 6227205 |
| 10777 | Halliburton Co. |  | 244961 |
| 1811 | HF Sinclair Corp. |  | 92144 |
| 24454 | Kinder Morgan, Inc. |  | 659769 |
| 3918 | Marathon Petroleum Corp. |  | 704104 |
| 1593 | Matador Resources Co. |  | 80223 |
| 4696 | NOV, Inc. |  | 62410 |
| 8470 | Occidental Petroleum Corp. |  | 403257 |
| 7858 | ONEOK, Inc. |  | 600194 |
| 3262 | Ovintiv, Inc. |  | 137395 |
| 8010 | Permian Resources Corp. |  | 114463 |
| 4759 | Phillips 66 |  | 635707 |
| 2966 | Range Resources Corp. |  | 101645 |
| 17105 | Schlumberger NV |  | 630148 |
| 5365 | TechnipFMC PLC (United Kingdom) |  | 197217 |
| 3925 | Valero Energy Corp. |  | 596639 |
| 1649 | Viper Energy, Inc., Class A |  | 65704 |
| 896 | Weatherford International PLC |  | 57080 |
| 14500 | Williams Cos., Inc. (The) |  | 839260 |
|  |  |  | 21782769 |
| Financials – 22.6% | Financials – 22.6% | Financials – 22.6% | Financials – 22.6% |
| 353 | Affiliated Managers Group, Inc. |  | 79361 |
| 1367 | Affirm Holdings, Inc.\* |  | 120925 |
| 6124 | Aflac, Inc. |  | 654411 |
| 12499 | AGNC Investment Corp. REIT |  | 121990 |
| 3317 | Allstate Corp. (The) |  | 674844 |
| 3060 | Ally Financial, Inc. |  | 125613 |
| 4639 | American Express Co. |  | 1536808 |
| 831 | American Financial Group, Inc. |  | 112900 |
| 7340 | American International Group, Inc. |  | 596889 |
| 112 | Ameriprise Financial, Inc. |  | 57659 |
| 7517 | Annaly Capital Management, Inc. REIT |  | 159285 |
| 199 | Aon PLC, Class A |  | 73033 |
| 1571 | Apollo Global Management, Inc. |  | 214017 |
| 4590 | Arch Capital Group Ltd. |  | 420123 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 | Arthur J Gallagher & Co. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905828 |
| 639 | Assurant, Inc. | 137775 |
| 586 | Assured Guaranty Ltd. | 48169 |
| 974 | Axis Capital Holdings Ltd. | 96017 |
| 79391 | Bank of America Corp. | 4028299 |
| 8346 | Bank of New York Mellon Corp. (The) | 881338 |
| 1340 | Bank OZK | 70310 |
| 23191 | Berkshire Hathaway, Inc., Class B\* | 11664609 |
| 1917 | Blackrock, Inc. | 2160727 |
| 4316 | Block, Inc.\* | 343726 |
| 330 | BOK Financial Corp. | 36765 |
| 715 | Brighthouse Financial, Inc.\* | 33791 |
| 3151 | Brookfield Asset Management Ltd., Class A (Canada) | 189564 |
| 3099 | Brown & Brown, Inc. | 300448 |
| 7905 | Capital One Financial Corp. | 1796174 |
| 3287 | Carlyle Group, Inc. (The) | 212209 |
| 1315 | Cboe Global Markets, Inc. | 310274 |
| 19584 | Charles Schwab Corp. (The) | 1876931 |
| 4678 | Chubb Ltd. | 1286777 |
| 1936 | Cincinnati Financial Corp. | 297370 |
| 19137 | Citigroup, Inc. | 1848060 |
| 5466 | Citizens Financial Group, Inc. | 285762 |
| 4523 | CME Group, Inc. | 1205425 |
| 330 | CNA Financial Corp. | 16352 |
| 2343 | Coinbase Global, Inc., Class A\* | 713537 |
| 2630 | Columbia Banking System, Inc. | 70405 |
| 1640 | Comerica, Inc. | 115751 |
| 1546 | Commerce Bancshares, Inc. | 95759 |
| 3018 | Corebridge Financial, Inc. | 104936 |
| 79 | Credit Acceptance Corp.\* | 40664 |
| 745 | Cullen/Frost Bankers, Inc. | 96127 |
| 1720 | East West Bancorp, Inc. | 180841 |
| 509 | Euronet Worldwide, Inc.\* | 47434 |
| 485 | Evercore, Inc., Class A | 155952 |
| 451 | Everest Group Ltd. | 154188 |
| 443 | FactSet Research Systems, Inc. | 165381 |
| 3266 | Fidelity National Financial, Inc. | 195535 |
| 6619 | Fidelity National Information Services, Inc. | 462072 |
| 8372 | Fifth Third Bancorp | 383186 |
| 1239 | First American Financial Corp. | 81774 |
| 127 | First Citizens BancShares, Inc., Class A | 251957 |
| 1852 | First Hawaiian, Inc. | 48059 |
| 6318 | First Horizon Corp. | 142787 |
| 5021 | Fiserv, Inc.\* | 693802 |
| 4463 | FNB Corp. | 74487 |
| 4162 | Franklin Resources, Inc. | 106797 |
| 3070 | Global Payments, Inc. | 272677 |
| 1041 | Globe Life, Inc. | 145688 |
| 3622 | Goldman Sachs Group, Inc. (The)<sup>(b)</sup> | 2699295 |
| 172 | Hamilton Lane, Inc., Class A | 26546 |
| 481 | Hanover Insurance Group, Inc. (The) | 83444 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **65** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3567 | Hartford Insurance Group, Inc. (The) | $471950 |
| 417 | Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83087 |
| 18184 | Huntington Bancshares, Inc. | 323857 |
| 5041 | Interactive Brokers Group, Inc., Class A | 313752 |
| 7171 | Intercontinental Exchange, Inc. | 1266399 |
| 4578 | Invesco Ltd. | 100212 |
| 915 | Jack Henry & Associates, Inc. | 149383 |
| 1576 | Janus Henderson Group PLC | 69848 |
| 1456 | Jefferies Financial Group, Inc. | 94422 |
| 34921 | JPMorgan Chase & Co. | 10525888 |
| 866 | Kemper Corp. | 46461 |
| 11887 | KeyCorp | 230132 |
| 6401 | KKR & Co., Inc. | 892876 |
| 1114 | Lazard, Inc. | 63676 |
| 2139 | Lincoln National Corp. | 91827 |
| 2146 | Loews Corp. | 207733 |
| 2046 | M&T Bank Corp. | 412596 |
| 129 | Markel Group, Inc.\* | 252719 |
| 456 | MarketAxess Holdings, Inc. | 83831 |
| 5467 | Marsh & McLennan Cos., Inc. | 1125163 |
| 7076 | MetLife, Inc. | 575703 |
| 2930 | MGIC Investment Corp. | 81542 |
| 14480 | Morgan Stanley | 2178950 |
| 97 | Morningstar, Inc. | 25455 |
| 788 | Mr Cooper Group, Inc.\* | 148562 |
| 478 | MSCI, Inc. | 271370 |
| 5182 | Nasdaq, Inc. | 490943 |
| 2453 | Northern Trust Corp. | 322030 |
| 2875 | Old Republic International Corp. | 114914 |
| 1603 | OneMain Holdings, Inc. | 99162 |
| 12243 | PayPal Holdings, Inc.\* | 859336 |
| 895 | Pinnacle Financial Partners, Inc. | 87012 |
| 4967 | PNC Financial Services Group, Inc. (The) | 1030354 |
| 772 | Popular, Inc. (Puerto Rico) | 96994 |
| 411 | Primerica, Inc. | 110699 |
| 2792 | Principal Financial Group, Inc. | 224784 |
| 6999 | Progressive Corp. (The) | 1729173 |
| 1151 | Prosperity Bancshares, Inc. | 79569 |
| 4459 | Prudential Financial, Inc. | 488974 |
| 2300 | Raymond James Financial, Inc. | 389712 |
| 11298 | Regions Financial Corp. | 309452 |
| 829 | Reinsurance Group of America, Inc. | 161481 |
| 602 | RenaissanceRe Holdings Ltd. (Bermuda) | 146280 |
| 6951 | Rithm Capital Corp. REIT | 86053 |
| 970 | RLI Corp. | 65698 |
| 8059 | Robinhood Markets, Inc., Class A\* | 838378 |
| 1953 | Rocket Cos., Inc., Class A<sup>(a)</sup> | 34705 |
| 3860 | S&P Global, Inc. | 2116978 |
| 1306 | SEI Investments Co. | 115294 |
| 2295 | SLM Corp. | 71788 |
| 11538 | SoFi Technologies, Inc.\* | 294681 |
| 1258 | SouthState Corp. | 128391 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4345 | Starwood Property Trust, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88073 |
| 3621 | State Street Corp. |  | 416306 |
| 1253 | Stifel Financial Corp. |  | 144458 |
| 4784 | Synchrony Financial |  | 365211 |
| 1745 | Synovus Financial Corp. |  | 90059 |
| 2749 | T. Rowe Price Group, Inc. |  | 295847 |
| 983 | TFS Financial Corp. |  | 13821 |
| 102 | TPG, Inc. |  | 6156 |
| 1341 | Tradeweb Markets, Inc., Class A |  | 165426 |
| 2844 | Travelers Cos., Inc. (The) |  | 772174 |
| 16472 | Truist Financial Corp. |  | 771219 |
| 2174 | Unum Group |  | 151876 |
| 19640 | US Bancorp |  | 959021 |
| 431 | UWM Holdings Corp. |  | 2457 |
| 1159 | Virtu Financial, Inc., Class A |  | 48585 |
| 1211 | Voya Financial, Inc. |  | 90934 |
| 3852 | W R Berkley Corp. |  | 276150 |
| 2100 | Webster Financial Corp. |  | 130662 |
| 40979 | Wells Fargo & Co. |  | 3367654 |
| 1071 | Western Alliance Bancorp |  | 95908 |
| 3980 | Western Union Co. (The) |  | 34507 |
| 395 | WEX, Inc.\* |  | 67683 |
| 32 | White Mountains Insurance Group Ltd. |  | 58566 |
| 1249 | Willis Towers Watson PLC |  | 408161 |
| 881 | Wintrust Financial Corp. |  | 120953 |
| 4643 | XP, Inc., Class A (Brazil) |  | 84224 |
| 1820 | Zions Bancorp NA |  | 105578 |
|  |  |  | 82301537 |
| Health Care – 11.6% | Health Care – 11.6% | Health Care – 11.6% | Health Care – 11.6% |
| 21772 | Abbott Laboratories |  | 2888274 |
| 1334 | Acadia Healthcare Co., Inc.\* |  | 30629 |
| 3581 | Agilent Technologies, Inc. |  | 449988 |
| 862 | Align Technology, Inc.\* |  | 122370 |
| 1777 | Amgen, Inc. |  | 511261 |
| 8304 | Avantor, Inc.\* |  | 111855 |
| 6441 | Baxter International, Inc. |  | 159028 |
| 3596 | Becton Dickinson & Co. |  | 693956 |
| 1834 | Biogen, Inc.\* |  | 242491 |
| 2387 | BioMarin Pharmaceutical, Inc.\* |  | 139090 |
| 270 | Bio-Rad Laboratories, Inc., Class A\* |  | 80428 |
| 1972 | Bio-Techne Corp. |  | 107730 |
| 15360 | Boston Scientific Corp.\* |  | 1620480 |
| 20695 | Bristol-Myers Squibb Co. |  | 976390 |
| 1296 | Bruker Corp. |  | 44038 |
| 1513 | Cardinal Health, Inc. |  | 225104 |
| 6245 | Centene Corp.\* |  | 181355 |
| 1332 | Certara, Inc.\* |  | 14439 |
| 615 | Charles River Laboratories International, Inc.\* |  | 100436 |
| 162 | Chemed Corp. |  | 74188 |
| 3098 | Cigna Group (The) |  | 932095 |
| 2504 | Cooper Cos., Inc. (The)\* |  | 168757 |
| 15750 | CVS Health Corp. |  | 1152112 |
| 8020 | Danaher Corp. |  | 1650676 |
| 2503 | DENTSPLY SIRONA, Inc. |  | 35793 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 66 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7236 | Edwards Lifesciences Corp.\* | $588576 |
| 6188 | Elanco Animal Health, Inc.\* | 113550 |
| 2845 | Elevance Health, Inc. | 906559 |
| 1258 | Encompass Health Corp. | 153174 |
| 2500 | Envista Holdings Corp.\* | 52950 |
| 2212 | Exact Sciences Corp.\* | 104893 |
| 717 | Exelixis, Inc.\* | 26830 |
| 5752 | GE HealthCare Technologies, Inc. | 424095 |
| 11443 | Gilead Sciences, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1292716 |
| 1410 | Globus Medical, Inc., Class A\* | 86391 |
| 1735 | HCA Healthcare, Inc. | 700871 |
| 1377 | Henry Schein, Inc.\* | 95812 |
| 2805 | Hologic, Inc.\* | 188272 |
| 1521 | Humana, Inc. | 461867 |
| 1990 | Illumina, Inc.\* | 198920 |
| 1477 | Incyte Corp.\* | 124969 |
| 137 | Insmed, Inc.\* | 18646 |
| 147 | Ionis Pharmaceuticals, Inc.\* | 6267 |
| 2202 | IQVIA Holdings, Inc.\* | 420164 |
| 743 | Jazz Pharmaceuticals PLC\* | 94918 |
| 30260 | Johnson & Johnson | 5361164 |
| 1049 | Labcorp Holdings, Inc. | 291611 |
| 125 | McKesson Corp. | 85830 |
| 16122 | Medtronic PLC | 1496283 |
| 31683 | Merck & Co., Inc. | 2665174 |
| 261 | Mettler-Toledo International, Inc.\* | 339571 |
| 4615 | Moderna, Inc.\* | 111175 |
| 314 | Molina Healthcare, Inc.\* | 56781 |
| 173 | Neurocrine Biosciences, Inc.\* | 24151 |
| 3687 | Organon & Co. | 34732 |
| 1909 | Perrigo Co. PLC | 45320 |
| 71435 | Pfizer, Inc. | 1768731 |
| 2677 | QIAGEN NV | 124480 |
| 1402 | Quest Diagnostics, Inc. | 254659 |
| 1309 | Regeneron Pharmaceuticals, Inc. | 760136 |
| 581 | Repligen Corp.\* | 71068 |
| 1402 | ResMed, Inc. | 384863 |
| 2178 | REVOLUTION Medicines, Inc.\* | 82699 |
| 1513 | Revvity, Inc. | 136336 |
| 4764 | Roivant Sciences Ltd.\* | 56834 |
| 4930 | Royalty Pharma PLC, Class A | 177381 |
| 1747 | Solventum Corp.\* | 127688 |
| 1816 | Sotera Health Co.\* | 29728 |
| 1237 | STERIS PLC | 303139 |
| 3212 | Stryker Corp. | 1257209 |
| 561 | Teleflex, Inc. | 70916 |
| 1152 | Tenet Healthcare Corp.\* | 212348 |
| 4748 | Thermo Fisher Scientific, Inc. | 2339435 |
| 559 | United Therapeutics Corp.\* | 170361 |
| 11441 | UnitedHealth Group, Inc. | 3545223 |
| 689 | Universal Health Services, Inc., Class B | 125109 |
| 381 | Veeva Systems, Inc., Class A\* | 102565 |
| 14914 | Viatris, Inc. | 157343 |
| 1258 | Viking Therapeutics, Inc.\* | 34029 |
| 346 | Waters Corp.\* | 104423 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 902 | West Pharmaceutical Services, Inc. | $| 222749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2489 | Zimmer Biomet Holdings, Inc. |  | 264083 |
| 1140 | Zoetis, Inc. |  | 178296 |
|  |  |  | 42347026 |
| Industrials – 13.0% | Industrials – 13.0% | Industrials – 13.0% | Industrials – 13.0% |
| 5687 | 3M Co. |  | 884499 |
| 1455 | A O Smith Corp. |  | 103727 |
| 391 | Acuity, Inc. |  | 127650 |
| 889 | Advanced Drainage Systems, Inc. |  | 127989 |
| 1663 | AECOM |  | 207692 |
| 778 | AGCO Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84172 |
| 1307 | Air Lease Corp. |  | 78694 |
| 1270 | Alaska Air Group, Inc.\* |  | 79731 |
| 1081 | Allegion PLC |  | 183554 |
| 890 | Allison Transmission Holdings, Inc. |  | 77706 |
| 2016 | Amentum Holdings, Inc.\* |  | 50299 |
| 7680 | American Airlines Group, Inc.\* |  | 102682 |
| 2899 | AMETEK, Inc. |  | 535735 |
| 4630 | API Group Corp.\* |  | 165198 |
| 477 | Applied Industrial Technologies, Inc. |  | 125728 |
| 418 | Armstrong World Industries, Inc. |  | 81832 |
| 1778 | ATI, Inc.\* |  | 137866 |
| 376 | Automatic Data Processing, Inc. |  | 114323 |
| 145 | Avis Budget Group, Inc.\* |  | 22943 |
| 7822 | Boeing Co. (The)\* |  | 1835667 |
| 148 | Broadridge Financial Solutions, Inc. |  | 37832 |
| 1404 | Builders FirstSource, Inc.\* |  | 194707 |
| 948 | BWX Technologies, Inc. |  | 153614 |
| 1479 | C.H. Robinson Worldwide, Inc. |  | 190347 |
| 273 | CACI International, Inc., Class A\* |  | 130964 |
| 474 | Carlisle Cos., Inc. |  | 182912 |
| 10129 | Carrier Global Corp. |  | 660411 |
| 5107 | Caterpillar, Inc. |  | 2140037 |
| 5768 | Clarivate PLC\* |  | 25091 |
| 639 | Clean Harbors, Inc.\* |  | 154772 |
| 11039 | CNH Industrial NV |  | 126397 |
| 660 | Concentrix Corp. |  | 34822 |
| 840 | Copart, Inc.\* |  | 41000 |
| 998 | Core & Main, Inc., Class A\* |  | 64591 |
| 620 | Crane Co. |  | 114886 |
| 23606 | CSX Corp. |  | 767431 |
| 1732 | Cummins, Inc. |  | 690098 |
| 477 | Curtiss-Wright Corp. |  | 228078 |
| 1744 | Dayforce, Inc.\* |  | 121679 |
| 3072 | Deere & Co. |  | 1470382 |
| 8202 | Delta Air Lines, Inc. |  | 506720 |
| 1500 | Donaldson Co., Inc. |  | 119505 |
| 1706 | Dover Corp. |  | 305135 |
| 4925 | Eaton Corp. PLC |  | 1719514 |
| 373 | EMCOR Group, Inc. |  | 231260 |
| 7089 | Emerson Electric Co. |  | 935748 |
| 1284 | Equifax, Inc. |  | 316249 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **67** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 713 | Esab Corp. | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82259 |
| 743 | Everus Construction Group, Inc.\* | 58281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671 | Expeditors International of Washington, Inc. | 201422 |
| 2647 | Fastenal Co. | 131450 |
| 2736 | FedEx Corp. | 632208 |
| 2293 | Ferguson Enterprises, Inc. | 530027 |
| 1637 | Flowserve Corp. | 87841 |
| 4270 | Fortive Corp. | 204362 |
| 1524 | Fortune Brands Innovations, Inc. | 89184 |
| 417 | FTI Consulting, Inc.\* | 70323 |
| 2941 | Gates Industrial Corp. PLC\* | 75172 |
| 732 | Generac Holdings, Inc.\* | 135603 |
| 3180 | General Dynamics Corp. | 1032133 |
| 2025 | Genpact Ltd. | 91814 |
| 2091 | Graco, Inc. | 178550 |
| 1445 | GXO Logistics, Inc.\* | 76079 |
| 2206 | Hayward Holdings, Inc.\* | 35472 |
| 1003 | Hexcel Corp. | 63339 |
| 8094 | Honeywell International, Inc. | 1776633 |
| 675 | Hubbell, Inc. | 290918 |
| 489 | Huntington Ingalls Industries, Inc. | 132416 |
| 953 | IDEX Corp. | 156769 |
| 2477 | Illinois Tool Works, Inc. | 655538 |
| 5075 | Ingersoll Rand, Inc. | 403107 |
| 1011 | ITT, Inc. | 172123 |
| 1001 | J.B. Hunt Transport Services, Inc. | 145135 |
| 1530 | Jacobs Solutions, Inc. | 223732 |
| 8299 | Johnson Controls International PLC | 887080 |
| 1631 | KBR, Inc. | 82300 |
| 709 | Kirby Corp.\* | 68915 |
| 1980 | Knight-Swift Transportation Holdings, Inc. | 86922 |
| 2351 | L3Harris Technologies, Inc. | 652685 |
| 478 | Landstar System, Inc. | 63254 |
| 1601 | Leidos Holdings, Inc. | 289653 |
| 577 | Leonardo DRS, Inc. | 24038 |
| 685 | Lincoln Electric Holdings, Inc. | 166202 |
| 1893 | Lockheed Martin Corp. | 862508 |
| 4202 | Lyft, Inc., Class A\* | 68156 |
| 741 | ManpowerGroup, Inc. | 31418 |
| 2650 | Masco Corp. | 194483 |
| 628 | MasTec, Inc.\* | 114101 |
| 636 | Middleby Corp. (The)\* | 87037 |
| 508 | MSA Safety, Inc. | 86665 |
| 552 | MSC Industrial Direct Co., Inc., Class A | 49807 |
| 1363 | Mueller Industries, Inc. | 130766 |
| 681 | Nordson Corp. | 153286 |
| 2841 | Norfolk Southern Corp. | 795423 |
| 1706 | Northrop Grumman Corp. | 1006608 |
| 2050 | nVent Electric PLC | 185299 |
| 2211 | Old Dominion Freight Line, Inc. | 333795 |
| 803 | Oshkosh Corp. | 111914 |
| 4967 | Otis Worldwide Corp. | 429049 |
| 1066 | Owens Corning | 160081 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6481 | PACCAR, Inc. | $647970 |
| 1617 | Parker-Hannifin Corp. | 1227869 |
| 687 | Parsons Corp.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55029 |
| 2787 | Paychex, Inc. | 388661 |
| 261 | Paycom Software, Inc. | 59286 |
| 48 | Paylocity Holding Corp.\* | 8603 |
| 2059 | Pentair PLC | 221404 |
| 414 | Quanta Services, Inc. | 156475 |
| 7481 | QXO, Inc.\* | 150593 |
| 2188 | RB Global, Inc. (Canada) | 250614 |
| 319 | RBC Bearings, Inc.\* | 124397 |
| 830 | Regal Rexnord Corp. | 123944 |
| 2548 | Republic Services, Inc. | 596156 |
| 1246 | Robert Half, Inc. | 46501 |
| 1327 | Rockwell Automation, Inc. | 455732 |
| 16824 | RTX Corp. | 2668286 |
| 504 | Ryder System, Inc. | 94510 |
| 336 | Saia, Inc.\* | 99611 |
| 705 | Schneider National, Inc., Class B | 17428 |
| 592 | Science Applications International Corp. | 69678 |
| 1820 | Sensata Technologies Holding PLC | 59223 |
| 481 | Simpson Manufacturing Co., Inc. | 91929 |
| 419 | SiteOne Landscape Supply, Inc.\* | 60018 |
| 646 | Snap-on, Inc. | 210105 |
| 5748 | Southwest Airlines Co. | 189109 |
| 1448 | Spirit AeroSystems Holdings, Inc., Class A\* | 60222 |
| 2656 | SS&C Technologies Holdings, Inc. | 235481 |
| 1622 | StandardAero, Inc.\* | 42967 |
| 1943 | Stanley Black & Decker, Inc. | 144345 |
| 2732 | Tetra Tech, Inc. | 99499 |
| 2263 | Textron, Inc. | 181402 |
| 785 | Timken Co. (The) | 60626 |
| 1250 | Toro Co. (The) | 101325 |
| 574 | TransDigm Group, Inc. | 802957 |
| 2449 | TransUnion | 216492 |
| 1340 | Trex Co., Inc.\* | 82584 |
| 790 | U-Haul Holding Co. | 41270 |
| 6925 | Union Pacific Corp. | 1548222 |
| 4090 | United Airlines Holdings, Inc.\* | 429450 |
| 9229 | United Parcel Service, Inc., Class B | 806984 |
| 815 | United Rentals, Inc. | 779417 |
| 249 | Valmont Industries, Inc. | 91413 |
| 1811 | Veralto Corp. | 192310 |
| 700 | Verisk Analytics, Inc. | 187684 |
| 83 | W.W. Grainger, Inc. | 84121 |
| 435 | Watsco, Inc. | 175035 |
| 604 | WESCO International, Inc. | 132783 |
| 2129 | Westinghouse Air Brake Technologies Corp. | 411962 |
| 1899 | WillScot Holdings Corp. | 46032 |
| 754 | Woodward, Inc. | 186102 |
| 1145 | XPO, Inc.\* | 148506 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 68 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3059 | Xylem, Inc. | $| 433032 |
|  |  |  | 47440558 |
| Information Technology – 10.0% | Information Technology – 10.0% | Information Technology – 10.0% | Information Technology – 10.0% |
| 7872 | Accenture PLC, Class A (Ireland) |  | 2046484 |
| 8405 | Advanced Micro Devices, Inc.\* |  | 1366905 |
| 1807 | Akamai Technologies, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142988 |
| 1760 | Allegro MicroSystems, Inc. (Japan)\* |  | 54296 |
| 1388 | Amdocs Ltd. |  | 118771 |
| 1634 | Amkor Technology, Inc. |  | 39526 |
| 6240 | Analog Devices, Inc. |  | 1568174 |
| 7315 | Applied Materials, Inc. |  | 1175959 |
| 651 | Arrow Electronics, Inc.\* |  | 82241 |
| 12387 | Aurora Innovation, Inc.\* |  | 69739 |
| 1079 | Avnet, Inc. |  | 58881 |
| 1075 | BILL Holdings, Inc.\* |  | 49901 |
| 5748 | CCC Intelligent Solutions Holdings, Inc.\* |  | 56905 |
| 1531 | CDW Corp. |  | 252248 |
| 1776 | Ciena Corp.\* |  | 166891 |
| 668 | Cirrus Logic, Inc.\* |  | 76279 |
| 50047 | Cisco Systems, Inc. |  | 3457747 |
| 2331 | Cognex Corp. |  | 102424 |
| 6209 | Cognizant Technology Solutions Corp., Class A |  | 448600 |
| 1928 | Coherent Corp.\* |  | 174426 |
| 9818 | Corning, Inc. |  | 658101 |
| 716 | Crane NXT Co. |  | 42767 |
| 3453 | Dell Technologies, Inc., Class C |  | 421784 |
| 619 | Docusign, Inc.\* |  | 47453 |
| 822 | Dolby Laboratories, Inc., Class A |  | 58921 |
| 1869 | Dropbox, Inc., Class A\* |  | 54313 |
| 2591 | DXC Technology Co.\* |  | 37440 |
| 1575 | Entegris, Inc. |  | 131891 |
| 714 | EPAM Systems, Inc.\* |  | 125921 |
| 731 | F5, Inc.\* |  | 228905 |
| 58 | Fair Isaac Corp.\* |  | 88255 |
| 1273 | First Solar, Inc.\* |  | 248477 |
| 4794 | Flex Ltd.\* |  | 257054 |
| 6157 | Gen Digital, Inc. |  | 185941 |
| 1332 | GLOBALFOUNDRIES, Inc.\* |  | 44475 |
| 488 | Globant SA\* |  | 32823 |
| 16487 | Hewlett Packard Enterprise Co. |  | 372112 |
| 11862 | HP, Inc. |  | 338541 |
| 1316 | Informatica, Inc., Class A\* |  | 32808 |
| 54952 | Intel Corp.\* |  | 1338081 |
| 11698 | International Business Machines Corp. |  | 2848346 |
| 315 | IPG Photonics Corp.\* |  | 25773 |
| 458 | Jabil, Inc. |  | 93812 |
| 2162 | Keysight Technologies, Inc.\* |  | 353336 |
| 2857 | Kyndryl Holdings, Inc.\* |  | 90824 |
| 249 | Lattice Semiconductor Corp.\* |  | 16529 |
| 330 | Littelfuse, Inc. |  | 85744 |
| 798 | Lumentum Holdings, Inc.\* |  | 105982 |
| 599 | MACOM Technology Solutions Holdings, Inc.\* |  | 76762 |
| 10112 | Marvell Technology, Inc. |  | 635691 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | Microchip Technology, Inc. | $| 431210 |
| 14051 | Micron Technology, Inc. |  | 1672210 |
| 914 | MKS, Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94453 |
| 899 | MongoDB, Inc.\* |  | 283733 |
| 1215 | Motorola Solutions, Inc. |  | 574039 |
| 1153 | nCino, Inc.\* |  | 37023 |
| 1603 | NetApp, Inc. |  | 180802 |
| 2505 | Nutanix, Inc., Class A\* |  | 168361 |
| 1251 | Okta, Inc.\* |  | 116055 |
| 5300 | ON Semiconductor Corp.\* |  | 262827 |
| 495 | Onto Innovation, Inc.\* |  | 52470 |
| 728 | Pegasystems, Inc. |  | 39465 |
| 1324 | PTC, Inc.\* |  | 282674 |
| 589 | Pure Storage, Inc., Class A\* |  | 45712 |
| 1173 | Qorvo, Inc.\* |  | 106391 |
| 10664 | QUALCOMM, Inc. |  | 1714025 |
| 1423 | Ralliant Corp.\* |  | 59496 |
| 1349 | Roper Technologies, Inc. |  | 709992 |
| 490 | Rubrik, Inc., Class A\* |  | 43806 |
| 754 | SailPoint, Inc.\* |  | 15563 |
| 10427 | Salesforce, Inc. |  | 2671919 |
| 1642 | Sandisk Corp.\* |  | 86156 |
| 1017 | SentinelOne, Inc., Class A\* |  | 19181 |
| 1926 | Skyworks Solutions, Inc. |  | 144334 |
| 2964 | Strategy, Inc., Class A\* |  | 991191 |
| 3493 | Super Micro Computer, Inc.\* |  | 145099 |
| 613 | Synopsys, Inc.\* |  | 369958 |
| 1044 | TD SYNNEX Corp. |  | 154585 |
| 585 | Teledyne Technologies, Inc.\* |  | 314829 |
| 926 | Teradata Corp.\* |  | 19427 |
| 2024 | Teradyne, Inc. |  | 239318 |
| 6753 | Texas Instruments, Inc. |  | 1367347 |
| 2993 | Trimble, Inc.\* |  | 241894 |
| 1501 | Twilio, Inc., Class A\* |  | 158521 |
| 102 | Tyler Technologies, Inc.\* |  | 57414 |
| 5474 | UiPath, Inc., Class A\* |  | 60871 |
| 3753 | Unity Software, Inc.\* |  | 147906 |
| 552 | Universal Display Corp. |  | 76502 |
| 1025 | VeriSign, Inc. |  | 280204 |
| 1857 | Vontier Corp. |  | 79684 |
| 4349 | Western Digital Corp. |  | 349399 |
| 641 | Zebra Technologies Corp., Class A\* |  | 203255 |
| 3302 | Zoom Communications, Inc., Class A\* |  | 268849 |
|  |  |  | 35926397 |
| Materials – 4.3% | Materials – 4.3% | Materials – 4.3% | Materials – 4.3% |
| 2793 | Air Products and Chemicals, Inc. |  | 821449 |
| 1479 | Albemarle Corp. |  | 125597 |
| 3246 | Alcoa Corp. |  | 104489 |
| 28614 | Amcor PLC |  | 246939 |
| 5564 | Anglogold Ashanti PLC (United Kingdom) |  | 315256 |
| 822 | AptarGroup, Inc. |  | 114480 |
| 666 | Ashland, Inc. |  | 37396 |
| 975 | Avery Dennison Corp. |  | 167359 |
| 2742 | Axalta Coating Systems Ltd.\* |  | 85715 |
| 3549 | Ball Corp. |  | 186819 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **69** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 497 | Carpenter Technology Corp. | $| 119717 |
| 1403 | Celanese Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66825 |
| 2086 | CF Industries Holdings, Inc. |  | 180710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6117 | Cleveland-Cliffs, Inc.\* |  | 65758 |
| 8600 | Corteva, Inc. |  | 638034 |
| 8531 | CRH PLC |  | 963576 |
| 1457 | Crown Holdings, Inc. |  | 144797 |
| 8895 | Dow, Inc. |  | 219084 |
| 5262 | DuPont de Nemours, Inc. |  | 404753 |
| 392 | Eagle Materials, Inc. |  | 90513 |
| 1444 | Eastman Chemical Co. |  | 101571 |
| 2372 | Ecolab, Inc. |  | 657139 |
| 2832 | Element Solutions, Inc. |  | 72839 |
| 1557 | FMC Corp. |  | 60879 |
| 17986 | Freeport-McMoRan, Inc. |  | 798578 |
| 3747 | Graphic Packaging Holding Co. |  | 83446 |
| 2347 | Huntsman Corp. |  | 26193 |
| 3218 | International Flavors & Fragrances, Inc. |  | 217247 |
| 6587 | International Paper Co. |  | 327242 |
| 647 | James Hardie Industries PLC\* |  | 13024 |
| 5905 | Linde PLC |  | 2824302 |
| 791 | Louisiana-Pacific Corp. |  | 75232 |
| 3217 | LyondellBasell Industries NV, Class A |  | 181278 |
| 752 | Martin Marietta Materials, Inc. |  | 463533 |
| 3968 | Mosaic Co. (The) |  | 132531 |
| 1610 | MP Materials Corp.\* |  | 114535 |
| 76 | NewMarket Corp. |  | 62849 |
| 14089 | Newmont Corp. |  | 1048222 |
| 2890 | Nucor Corp. |  | 429830 |
| 1696 | Olin Corp. |  | 40127 |
| 1110 | Packaging Corp. of America |  | 241936 |
| 2859 | PPG Industries, Inc. |  | 318007 |
| 666 | Reliance, Inc. |  | 196910 |
| 826 | Royal Gold, Inc. |  | 148333 |
| 1596 | RPM International, Inc. |  | 199995 |
| 620 | Scotts Miracle-Gro Co. (The) |  | 37956 |
| 1944 | Sealed Air Corp. |  | 63122 |
| 274 | Sherwin-Williams Co. (The) |  | 100237 |
| 1194 | Silgan Holdings, Inc. |  | 56022 |
| 6553 | Smurfit WestRock PLC |  | 310350 |
| 1381 | Sonoco Products Co. |  | 65252 |
| 1035 | Southern Copper Corp. (Mexico) |  | 99453 |
| 1595 | Steel Dynamics, Inc. |  | 208817 |
| 1662 | Vulcan Materials Co. |  | 483908 |
| 417 | Westlake Corp. |  | 36621 |
|  |  |  | 15396782 |
| Real Estate – 4.2% | Real Estate – 4.2% | Real Estate – 4.2% | Real Estate – 4.2% |
| 1412 | Agree Realty Corp. REIT |  | 102709 |
| 2155 | Alexandria Real Estate Equities, Inc. REIT |  | 177658 |
| 4298 | American Homes 4 Rent, Class A REIT |  | 153954 |
| 3583 | Americold Realty Trust, Inc. REIT |  | 51739 |
| 1791 | AvalonBay Communities, Inc. REIT |  | 350767 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3826 | Brixmor Property Group, Inc. REIT | $107090 |
| 1992 | BXP, Inc. REIT | 144440 |
| 1350 | Camden Property Trust REIT | 151173 |
| 3327 | CBRE Group, Inc., Class A\* | 539373 |
| 4603 | CoStar Group, Inc.\* | 411923 |
| 2207 | Cousins Properties, Inc. REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65084 |
| 5453 | Crown Castle, Inc. REIT | 540610 |
| 2847 | CubeSmart REIT | 116499 |
| 4242 | Digital Realty Trust, Inc. REIT | 711129 |
| 658 | EastGroup Properties, Inc. REIT | 111571 |
| 1041 | EPR Properties REIT | 56474 |
| 1232 | Equinix, Inc. REIT | 968586 |
| 2380 | Equity LifeStyle Properties, Inc. REIT | 143490 |
| 4762 | Equity Residential REIT | 314863 |
| 800 | Essex Property Trust, Inc. REIT | 216168 |
| 2652 | Extra Space Storage, Inc. REIT | 380774 |
| 1068 | Federal Realty Investment Trust REIT | 107387 |
| 1607 | First Industrial Realty Trust, Inc. REIT | 84528 |
| 3317 | Gaming and Leisure Properties, Inc. REIT | 159249 |
| 4124 | Healthcare Realty Trust, Inc. REIT | 71675 |
| 8716 | Healthpeak Properties, Inc. REIT | 156365 |
| 1331 | Highwoods Properties, Inc. REIT | 41966 |
| 8621 | Host Hotels & Resorts, Inc. REIT | 148367 |
| 409 | Howard Hughes Holdings, Inc.\* | 31194 |
| 7691 | Invitation Homes, Inc. REIT | 240651 |
| 3690 | Iron Mountain, Inc. REIT | 340698 |
| 415 | Jones Lang LaSalle, Inc.\* | 126812 |
| 1686 | Kilroy Realty Corp. REIT | 70121 |
| 8402 | Kimco Realty Corp. REIT | 188961 |
| 884 | Lineage, Inc. REIT | 37048 |
| 6268 | Medical Properties Trust, Inc. REIT | 28206 |
| 1465 | Mid-America Apartment Communities, Inc. REIT | 213626 |
| 1525 | Millrose Properties, Inc. REIT | 53848 |
| 1008 | National Storage Affiliates Trust REIT | 32488 |
| 2354 | NNN REIT, Inc. REIT | 101010 |
| 3547 | Omega Healthcare Investors, Inc. REIT | 150996 |
| 3070 | Park Hotels & Resorts, Inc. REIT | 36103 |
| 11661 | Prologis, Inc. REIT | 1326789 |
| 1726 | Public Storage REIT | 508462 |
| 2251 | Rayonier, Inc. REIT | 59156 |
| 11231 | Realty Income Corp. REIT | 659934 |
| 2272 | Regency Centers Corp. REIT | 164720 |
| 3094 | Rexford Industrial Realty, Inc. REIT | 128123 |
| 1349 | SBA Communications Corp. REIT | 276343 |
| 3172 | Simon Property Group, Inc. REIT | 573054 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 70 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) | Real Estate – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | STAG Industrial, Inc. REIT | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86598 |
| 1282 | Sun Communities, Inc. REIT |  | 162647 |
| 3927 | UDR, Inc. REIT |  | 155391 |
| 5483 | Ventas, Inc. REIT |  | 373283 |
| 13282 | VICI Properties, Inc. REIT |  | 448666 |
| 2217 | Vornado Realty Trust REIT |  | 84313 |
| 2723 | W.P. Carey, Inc. REIT |  | 182713 |
| 8241 | Welltower, Inc. REIT |  | 1386796 |
| 9110 | Weyerhaeuser Co. REIT |  | 235676 |
| 707 | Zillow Group, Inc., Class A\* |  | 57606 |
| 2047 | Zillow Group, Inc., Class C\* |  | 172583 |
|  |  |  | 15280226 |
| Utilities – 4.4% | Utilities – 4.4% | Utilities – 4.4% | Utilities – 4.4% |
| 8926 | AES Corp. (The) |  | 120858 |
| 3226 | Alliant Energy Corp. |  | 209916 |
| 3394 | Ameren Corp. |  | 338653 |
| 6727 | American Electric Power Co., Inc. |  | 746832 |
| 2447 | American Water Works Co., Inc. |  | 351169 |
| 1991 | Atmos Energy Corp. |  | 330765 |
| 1932 | Brookfield Renewable Corp. (Canada) |  | 65108 |
| 8283 | CenterPoint Energy, Inc. |  | 312352 |
| 660 | Clearway Energy, Inc., Class A |  | 18606 |
| 1020 | Clearway Energy, Inc., Class C |  | 30406 |
| 3743 | CMS Energy Corp. |  | 267886 |
| 4534 | Consolidated Edison, Inc. |  | 445375 |
| 3939 | Constellation Energy Corp. |  | 1213133 |
| 10734 | Dominion Energy, Inc. |  | 642967 |
| 2607 | DTE Energy Co. |  | 356247 |
| 9782 | Duke Energy Corp. |  | 1198197 |
| 4793 | Edison International |  | 269031 |
| 5421 | Entergy Corp. |  | 477536 |
| 3652 | Essential Utilities, Inc. |  | 144290 |
| 2896 | Evergy, Inc. |  | 206369 |
| 4616 | Eversource Energy |  | 295747 |
| 12713 | Exelon Corp. |  | 555304 |
| 6897 | FirstEnergy Corp. |  | 300847 |
| 743 | IDACORP, Inc. |  | 92949 |
| 2910 | MDU Resources Group, Inc. |  | 47404 |
| 1157 | National Fuel Gas Co. |  | 100358 |
| 25929 | NextEra Energy, Inc. |  | 1868184 |
| 5917 | NiSource, Inc. |  | 250112 |
| 2526 | OGE Energy Corp. |  | 112811 |
| 27570 | PG&E Corp. |  | 421270 |
| 1500 | Pinnacle West Capital Corp. |  | 134040 |
| 9308 | PPL Corp. |  | 339463 |
| 6282 | Public Service Enterprise Group, Inc. |  | 517197 |
| 8210 | Sempra |  | 677818 |
| 13853 | Southern Co. (The) |  | 1278632 |
| 571 | Talen Energy Corp.\* |  | 216363 |
| 2701 | UGI Corp. |  | 93563 |
| 4018 | WEC Energy Group, Inc. |  | 427957 |
| 7257 | Xcel Energy, Inc. |  | 525334 |
|  |  |  | 16001049 |
| TOTAL COMMON STOCKS<br>(Cost $322,306,039) | TOTAL COMMON STOCKS<br>(Cost $322,306,039) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361652373 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.4%<sup>(b)</sup> | Investment Company – 0.4%<sup>(b)</sup> | Investment Company – 0.4%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1350515 | 4.114% | $1350515 |
| (Cost $1,350,515) | (Cost $1,350,515) | (Cost $1,350,515) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $323,656,554) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $323,656,554) | 363002888 |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(b)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 155536 | 4.154% | 155536 |
| (Cost $155,536) | (Cost $155,536) | (Cost $155,536) |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $323,812,090) | TOTAL INVESTMENTS – 99.9%<br>(Cost $323,812,090) | $363158424 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES –**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES –**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1%** | 527936 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363686360 |

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **71** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> RUSSELL 1000 VALUE EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

FUTURES CONTRACTS — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Expiration<br>Date** | **Notional<br>Amount** | **Unrealized**<br> **Appreciation/**<br> (Depreciation) |
|  **Long position contracts:** |  |  |  |  |
|  E-Mini Russell 1000 Index | 16 | 09/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1585200 | $38889 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 72 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – 99.8% | Common Stocks – 99.8% | Common Stocks – 99.8% |
| Communication Services – 10.5% | Communication Services – 10.5% | Communication Services – 10.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289997 | Alphabet, Inc., Class A | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61743261 |
| 253562 | Alphabet, Inc., Class C | 54143094 |
| 359047 | AT&T, Inc. | 10516487 |
| 4509 | Charter Communications, Inc., Class A\* | 1197500 |
| 186407 | Comcast Corp., Class A | 6332246 |
| 11280 | Electronic Arts, Inc. | 1939596 |
| 10581 | Fox Corp., Class A | 631686 |
| 6456 | Fox Corp., Class B | 352175 |
| 7909 | Live Nation Entertainment, Inc.\* | 1316769 |
| 107882 | Meta Platforms, Inc., Class A | 79692433 |
| 20733 | Netflix, Inc.\* | 25050647 |
| 29529 | Pinterest, Inc., Class A\* | 1081647 |
| 28288 | ROBLOX Corp., Class A\* | 3524402 |
| 7691 | Spotify Technology SA\* | 5244339 |
| 8246 | Take-Two Interactive Software, Inc.\* | 1923544 |
| 23737 | T-Mobile US, Inc. | 5981487 |
| 22166 | Trade Desk, Inc. (The), Class A\* | 1211594 |
| 210631 | Verizon Communications, Inc. | 9316209 |
| 89737 | Walt Disney Co. (The) | 10623066 |
| 113190 | Warner Bros Discovery, Inc.\* | 1317532 |
| 6775 | Warner Music Group Corp., Class A | 225946 |
|  |  | 283365660 |
| Consumer Discretionary – 10.8% | Consumer Discretionary – 10.8% | Consumer Discretionary – 10.8% |
| 20767 | Airbnb, Inc., Class A\* | 2710716 |
| 472965 | Amazon.com, Inc.\* | 108308985 |
| 840 | AutoZone, Inc.\* | 3526765 |
| 1613 | Booking Holdings, Inc. | 9031268 |
| 52059 | Carnival Corp.\* | 1660161 |
| 6160 | Carvana Co.\* | 2291027 |
| 66806 | Chipotle Mexican Grill, Inc.\* | 2815205 |
| 56313 | Coupang, Inc. (South Korea)\* | 1609426 |
| 13543 | D.R. Horton, Inc. | 2295268 |
| 5822 | Darden Restaurants, Inc. | 1204805 |
| 1701 | Domino's Pizza, Inc. | 779568 |
| 16731 | DoorDash, Inc., Class A\* | 4103278 |
| 23881 | DraftKings, Inc., Class A\* | 1145810 |
| 22952 | eBay, Inc. | 2079681 |
| 6034 | Expedia Group, Inc. | 1296103 |
| 8820 | Flutter Entertainment PLC (United Kingdom) | 2709239 |
| 194635 | Ford Motor Co. | 2290854 |
| 7656 | Garmin Ltd. | 1851374 |
| 47900 | General Motors Co. | 2806461 |
| 6782 | Genuine Parts Co. | 944936 |
| 11638 | Hilton Worldwide Holdings, Inc. | 3212786 |
| 49622 | Home Depot, Inc. (The) | 20184741 |
| 16706 | Las Vegas Sands Corp. | 962767 |
| 11159 | Lennar Corp., Class A | 1485709 |
| 415 | Lennar Corp., Class B | 52780 |
| 27961 | Lowe's Cos., Inc. | 7215616 |
| 5221 | Lululemon Athletica, Inc.\* | 1055686 |
| 11907 | Marriott International, Inc., Class A | 3189409 |
| 35637 | McDonald's Corp. | 11173625 |
| 2348 | MercadoLibre, Inc. (Brazil)\* | 5806393 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) | Consumer Discretionary – (continued) |
| 57994 | NIKE, Inc., Class B | $| 4486996 |
| 136 | NVR, Inc.\* |  | 1104000 |
| 42579 | O'Reilly Automotive, Inc.\* |  | 4414591 |
| 9904 | PulteGroup, Inc. |  | 1307526 |
| 16021 | Ross Stores, Inc. |  | 2357650 |
| 12527 | Royal Caribbean Cruises Ltd. |  | 4550057 |
| 55598 | Starbucks Corp. |  | 4903188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139786 | Tesla, Inc.\* |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46670352 |
| 55646 | TJX Cos., Inc. (The) |  | 7601800 |
| 26410 | Tractor Supply Co. |  | 1631082 |
| 2236 | Ulta Beauty, Inc.\* |  | 1101744 |
| 13866 | Yum! Brands, Inc. |  | 2037886 |
|  |  |  | 291967314 |
| Consumer Staples – 5.1% | Consumer Staples – 5.1% | Consumer Staples – 5.1% | Consumer Staples – 5.1% |
| 84022 | Altria Group, Inc. |  | 5647119 |
| 23810 | Archer-Daniels-Midland Co. |  | 1491458 |
| 12273 | Church & Dwight Co., Inc. |  | 1143353 |
| 6145 | Clorox Co. (The) |  | 726339 |
| 193116 | Coca-Cola Co. (The) |  | 13323073 |
| 40427 | Colgate-Palmolive Co. |  | 3398698 |
| 7757 | Constellation Brands, Inc., Class A |  | 1256169 |
| 22089 | Costco Wholesale Corp. |  | 20836996 |
| 10912 | Dollar General Corp. |  | 1186789 |
| 9812 | Dollar Tree, Inc.\* |  | 1071176 |
| 10912 | Estee Lauder Cos., Inc. (The), Class A |  | 1000958 |
| 27010 | General Mills, Inc. |  | 1332403 |
| 7368 | Hershey Co. (The) |  | 1353870 |
| 14512 | Hormel Foods Corp. |  | 369185 |
| 13749 | Kellanova |  | 1093046 |
| 95722 | Kenvue, Inc. |  | 1982403 |
| 64164 | Keurig Dr Pepper, Inc. |  | 1866531 |
| 16508 | Kimberly-Clark Corp. |  | 2131843 |
| 42826 | Kraft Heinz Co. (The) |  | 1197843 |
| 30256 | Kroger Co. (The) |  | 2052567 |
| 12631 | McCormick & Co., Inc. |  | 888843 |
| 64595 | Mondelez International, Inc., Class A |  | 3968717 |
| 34569 | Monster Beverage Corp.\* |  | 2157451 |
| 68426 | PepsiCo, Inc. |  | 10171525 |
| 77604 | Philip Morris International, Inc. |  | 12969957 |
| 116935 | Procter & Gamble Co. (The) |  | 18363472 |
| 24173 | Sysco Corp. |  | 1945201 |
| 22638 | Target Corp. |  | 2172795 |
| 14057 | Tyson Foods, Inc., Class A |  | 798156 |
| 216431 | Walmart, Inc. |  | 20989478 |
|  |  |  | 138887414 |
| Energy – 3.0% | Energy – 3.0% | Energy – 3.0% | Energy – 3.0% |
| 49404 | Baker Hughes Co. |  | 2242942 |
| 10920 | Cheniere Energy, Inc. |  | 2640674 |
| 95428 | Chevron Corp. |  | 15325737 |
| 62949 | ConocoPhillips |  | 6230063 |
| 37564 | Coterra Energy, Inc. |  | 918064 |
| 29985 | Devon Energy Corp. |  | 1082459 |
| 9407 | Diamondback Energy, Inc. |  | 1399385 |
| 27212 | EOG Resources, Inc. |  | 3396602 |
| 214958 | Exxon Mobil Corp. |  | 24567550 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **73** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 42772 | Halliburton Co. | $| 972208 |
| 96964 | Kinder Morgan, Inc. |  | 2616089 |
| 15313 | Marathon Petroleum Corp. |  | 2751899 |
| 38438 | Occidental Petroleum Corp. |  | 1830033 |
| 31108 | ONEOK, Inc. |  | 2376029 |
| 20306 | Phillips 66 |  | 2712475 |
| 67749 | Schlumberger NV |  | 2495873 |
| 10673 | Targa Resources Corp. |  | 1790502 |
| 15566 | Valero Energy Corp. |  | 2366188 |
| 60830 | Williams Cos., Inc. (The) |  | 3520840 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81235612 |
| Financials – 13.6% | Financials – 13.6% | Financials – 13.6% | Financials – 13.6% |
| 24352 | Aflac, Inc. |  | 2602255 |
| 13154 | Allstate Corp. (The) |  | 2676181 |
| 27497 | American Express Co. |  | 9109206 |
| 28698 | American International Group, Inc. |  | 2333721 |
| 4746 | Ameriprise Financial, Inc. |  | 2443288 |
| 9714 | Aon PLC, Class A |  | 3565038 |
| 20342 | Apollo Global Management, Inc. |  | 2771191 |
| 17923 | Arch Capital Group Ltd. |  | 1640492 |
| 10342 | Ares Management Corp., Class A |  | 1853286 |
| 12655 | Arthur J Gallagher & Co. |  | 3831301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325854 | Bank of America Corp. |  | 16533832 |
| 35704 | Bank of New York Mellon Corp. (The) |  | 3770342 |
| 66782 | Berkshire Hathaway, Inc., Class B\* |  | 33590010 |
| 7673 | Blackrock, Inc. |  | 8648545 |
| 36204 | Blackstone, Inc. |  | 6205366 |
| 27554 | Block, Inc.\* |  | 2194401 |
| 31710 | Capital One Financial Corp. |  | 7205146 |
| 5199 | Cboe Global Markets, Inc. |  | 1226704 |
| 85500 | Charles Schwab Corp. (The) |  | 8194320 |
| 18586 | Chubb Ltd. |  | 5112451 |
| 7670 | Cincinnati Financial Corp. |  | 1178112 |
| 90465 | Citigroup, Inc. |  | 8736205 |
| 21712 | Citizens Financial Group, Inc. |  | 1135103 |
| 17920 | CME Group, Inc. |  | 4775859 |
| 10216 | Coinbase Global, Inc., Class A\* |  | 3111181 |
| 3415 | Corpay, Inc.\* |  | 1112163 |
| 2098 | Everest Group Ltd. |  | 717264 |
| 26229 | Fidelity National Information Services, Inc. |  | 1831047 |
| 33244 | Fifth Third Bancorp |  | 1521578 |
| 27670 | Fiserv, Inc.\* |  | 3823441 |
| 12074 | Global Payments, Inc. |  | 1072413 |
| 15233 | Goldman Sachs Group, Inc. (The)<sup>(a)</sup> |  | 11352393 |
| 14185 | Hartford Insurance Group, Inc. (The) |  | 1876817 |
| 72380 | Huntington Bancshares, Inc. |  | 1289088 |
| 20654 | Interactive Brokers Group, Inc., Class A |  | 1285505 |
| 28349 | Intercontinental Exchange, Inc. |  | 5006433 |
| 138256 | JPMorgan Chase & Co. |  | 41673124 |
| 46459 | KeyCorp |  | 899446 |
| 33930 | KKR & Co., Inc. |  | 4732896 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 8625 | Loews Corp. | $| 834900 |
| 7984 | M&T Bank Corp. |  | 1610053 |
| 625 | Markel Group, Inc.\* |  | 1224413 |
| 24551 | Marsh & McLennan Cos., Inc. |  | 5052841 |
| 40219 | Mastercard, Inc., Class A |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23941969 |
| 28029 | MetLife, Inc. |  | 2280439 |
| 7761 | Moody's Corp. |  | 3956247 |
| 61236 | Morgan Stanley |  | 9214793 |
| 3737 | MSCI, Inc. |  | 2121570 |
| 20517 | Nasdaq, Inc. |  | 1943781 |
| 9677 | Northern Trust Corp. |  | 1270397 |
| 48482 | PayPal Holdings, Inc.\* |  | 3402952 |
| 19685 | PNC Financial Services Group, Inc. (The) |  | 4083456 |
| 11171 | Principal Financial Group, Inc. |  | 899377 |
| 29177 | Progressive Corp. (The) |  | 7208470 |
| 17643 | Prudential Financial, Inc. |  | 1934731 |
| 9091 | Raymond James Financial, Inc. |  | 1540379 |
| 44791 | Regions Financial Corp. |  | 1226826 |
| 36707 | Robinhood Markets, Inc., Class A\* |  | 3818629 |
| 11441 | Rocket Cos., Inc., Class A<sup>(b)</sup> |  | 203307 |
| 15296 | S&P Global, Inc. |  | 8388938 |
| 14182 | State Street Corp. |  | 1630505 |
| 18957 | Synchrony Financial |  | 1447177 |
| 10801 | T. Rowe Price Group, Inc. |  | 1162404 |
| 11273 | Travelers Cos., Inc. (The) |  | 3060732 |
| 65205 | Truist Financial Corp. |  | 3052898 |
| 75028 | US Bancorp |  | 3663617 |
| 85378 | Visa, Inc., Class A |  | 30034273 |
| 14941 | W R Berkley Corp. |  | 1071120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162331 | Wells Fargo & Co. |  | 13340362 |
| 4947 | Willis Towers Watson PLC |  | 1616630 |
|  |  |  | 368875330 |
| Health Care – 9.1% | Health Care – 9.1% | Health Care – 9.1% | Health Care – 9.1% |
| 86415 | Abbott Laboratories |  | 11463814 |
| 88112 | AbbVie, Inc. |  | 18538765 |
| 14150 | Agilent Technologies, Inc. |  | 1778089 |
| 6479 | Alnylam Pharmaceuticals, Inc.\* |  | 2892938 |
| 26728 | Amgen, Inc. |  | 7689913 |
| 14293 | Becton Dickinson & Co. |  | 2758263 |
| 7267 | Biogen, Inc.\* |  | 960843 |
| 73661 | Boston Scientific Corp.\* |  | 7771236 |
| 101514 | Bristol-Myers Squibb Co. |  | 4789431 |
| 11911 | Cardinal Health, Inc. |  | 1772119 |
| 8657 | Cencora, Inc. |  | 2524468 |
| 25012 | Centene Corp.\* |  | 726348 |
| 13089 | Cigna Group (The) |  | 3938087 |
| 63103 | CVS Health Corp. |  | 4615984 |
| 31790 | Danaher Corp. |  | 6543018 |
| 19516 | Dexcom, Inc.\* |  | 1470335 |
| 28805 | Edwards Lifesciences Corp.\* |  | 2342999 |
| 11250 | Elevance Health, Inc. |  | 3584813 |
| 42308 | Eli Lilly & Co. |  | 30993995 |
| 22847 | GE HealthCare Technologies, Inc. |  | 1684509 |
| 62007 | Gilead Sciences, Inc. |  | 7004931 |
| 8467 | HCA Healthcare, Inc. |  | 3420329 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 74 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Health Care – (continued) | Health Care – (continued) | Health Care – (continued) | Health Care – (continued) |
| 6015 | Humana, Inc. | $| 1826515 |
| 3979 | IDEXX Laboratories, Inc.\* |  | 2574771 |
| 17797 | Intuitive Surgical, Inc.\* |  | 8423231 |
| 8563 | IQVIA Holdings, Inc.\* |  | 1633906 |
| 120074 | Johnson & Johnson |  | 21273511 |
| 4166 | Labcorp Holdings, Inc. |  | 1158106 |
| 6227 | McKesson Corp. |  | 4275707 |
| 64000 | Medtronic PLC |  | 5939840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125285 | Merck & Co., Inc. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10538974 |
| 1023 | Mettler-Toledo International, Inc.\* |  | 1330964 |
| 283774 | Pfizer, Inc. |  | 7026244 |
| 5540 | Quest Diagnostics, Inc. |  | 1006286 |
| 5104 | Regeneron Pharmaceuticals, Inc. |  | 2963893 |
| 7233 | ResMed, Inc. |  | 1985531 |
| 19135 | Royalty Pharma PLC, Class A |  | 688477 |
| 4897 | STERIS PLC |  | 1200059 |
| 17166 | Stryker Corp. |  | 6718944 |
| 18807 | Thermo Fisher Scientific, Inc. |  | 9266585 |
| 45206 | UnitedHealth Group, Inc. |  | 14007983 |
| 7451 | Veeva Systems, Inc., Class A\* |  | 2005809 |
| 12804 | Vertex Pharmaceuticals, Inc.\* |  | 5006620 |
| 2956 | Waters Corp.\* |  | 892121 |
| 3591 | West Pharmaceutical Services, Inc. |  | 886797 |
| 9864 | Zimmer Biomet Holdings, Inc. |  | 1046570 |
| 22215 | Zoetis, Inc. |  | 3474426 |
|  |  |  | 246417097 |
| Industrials – 8.2% | Industrials – 8.2% | Industrials – 8.2% | Industrials – 8.2% |
| 26790 | 3M Co. |  | 4166649 |
| 11481 | AMETEK, Inc. |  | 2121689 |
| 20232 | Automatic Data Processing, Inc. |  | 6151540 |
| 3656 | Axon Enterprise, Inc.\* |  | 2732092 |
| 36006 | Boeing Co. (The)\* |  | 8449888 |
| 5819 | Broadridge Financial Solutions, Inc. |  | 1487453 |
| 39823 | Carrier Global Corp. |  | 2596460 |
| 23442 | Caterpillar, Inc. |  | 9823136 |
| 17124 | Cintas Corp. |  | 3596554 |
| 42806 | Copart, Inc.\* |  | 2089361 |
| 93561 | CSX Corp. |  | 3041668 |
| 6856 | Cummins, Inc. |  | 2731705 |
| 12341 | Deere & Co. |  | 5906896 |
| 32488 | Delta Air Lines, Inc. |  | 2007109 |
| 6822 | Dover Corp. |  | 1220183 |
| 19425 | Eaton Corp. PLC |  | 6782044 |
| 27989 | Emerson Electric Co. |  | 3694548 |
| 6147 | Equifax, Inc. |  | 1514006 |
| 6788 | Expeditors International of Washington, Inc. |  | 818225 |
| 57175 | Fastenal Co. |  | 2839310 |
| 10981 | FedEx Corp. |  | 2537380 |
| 9296 | Ferguson Enterprises, Inc. |  | 2148770 |
| 16894 | Fortive Corp. |  | 808547 |
| 13579 | GE Vernova, Inc. |  | 8323520 |
| 11017 | General Dynamics Corp. |  | 3575788 |
| 53055 | General Electric Co. |  | 14600736 |
| 32090 | Honeywell International, Inc. |  | 7043755 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 19937 | Howmet Aerospace, Inc. | $| 3471032 |
| 14525 | Illinois Tool Works, Inc. |  | 3844041 |
| 20107 | Ingersoll Rand, Inc. |  | 1597099 |
| 32614 | Johnson Controls International PLC |  | 3486110 |
| 9335 | L3Harris Technologies, Inc. |  | 2591583 |
| 6398 | Leidos Holdings, Inc. |  | 1157526 |
| 11688 | Lockheed Martin Corp. |  | 5325403 |
| 11237 | Norfolk Southern Corp. |  | 3146135 |
| 7169 | Northrop Grumman Corp. |  | 4229997 |
| 9248 | Old Dominion Freight Line, Inc. |  | 1396171 |
| 19729 | Otis Worldwide Corp. |  | 1704191 |
| 25853 | PACCAR, Inc. |  | 2584783 |
| 6343 | Parker-Hannifin Corp. |  | 4816557 |
| 16045 | Paychex, Inc. |  | 2237555 |
| 7313 | Quanta Services, Inc. |  | 2764021 |
| 10166 | Republic Services, Inc. |  | 2378539 |
| 5618 | Rockwell Automation, Inc. |  | 1929390 |
| 14844 | Rollins, Inc. |  | 839280 |
| 66627 | RTX Corp. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10567042 |
| 2566 | Snap-on, Inc. |  | 834566 |
| 25527 | Southwest Airlines Co. |  | 839838 |
| 10739 | SS&C Technologies Holdings, Inc. |  | 952120 |
| 11114 | Trane Technologies PLC |  | 4618978 |
| 2744 | TransDigm Group, Inc. |  | 3838527 |
| 9719 | TransUnion |  | 859160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100666 | Uber Technologies, Inc.\* |  | 9437437 |
| 29779 | Union Pacific Corp. |  | 6657691 |
| 16233 | United Airlines Holdings, Inc.\* |  | 1704465 |
| 36611 | United Parcel Service, Inc., Class B |  | 3201266 |
| 3230 | United Rentals, Inc. |  | 3088978 |
| 6942 | Verisk Analytics, Inc. |  | 1861289 |
| 17252 | Vertiv Holdings Co., Class A |  | 2200493 |
| 2171 | W.W. Grainger, Inc. |  | 2200308 |
| 20039 | Waste Management, Inc. |  | 4536629 |
| 8466 | Westinghouse Air Brake Technologies Corp. |  | 1638171 |
| 12068 | Xylem, Inc. |  | 1708346 |
|  |  |  | 223053729 |
| Information Technology – 33.6% | Information Technology – 33.6% | Information Technology – 33.6% | Information Technology – 33.6% |
| 33942 | Accenture PLC, Class A (Ireland) |  | 8823902 |
| 21145 | Adobe, Inc.\* |  | 7542421 |
| 80355 | Advanced Micro Devices, Inc.\* |  | 13068134 |
| 5446 | Amdocs Ltd. |  | 466014 |
| 59461 | Amphenol Corp., Class A |  | 6472924 |
| 24675 | Analog Devices, Inc. |  | 6201074 |
| 725550 | Apple, Inc. |  | 168429177 |
| 39951 | Applied Materials, Inc. |  | 6422523 |
| 12662 | AppLovin Corp., Class A\* |  | 6059907 |
| 51454 | Arista Networks, Inc.\* |  | 7026044 |
| 4901 | ARM Holdings PLC ADR\* |  | 677857 |
| 8229 | Atlassian Corp., Class A\* |  | 1462952 |
| 10667 | Autodesk, Inc.\* |  | 3356905 |
| 229999 | Broadcom, Inc. |  | 68399403 |
| 13578 | Cadence Design Systems, Inc.\* |  | 4758139 |
| 6563 | CDW Corp. |  | 1081320 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **75** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 5373 | Circle Internet Group, Inc.\*<sup>(b)</sup> | $709129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197637 | Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13654740 |
| 15244 | Cloudflare, Inc., Class A\* | 3181575 |
| 24577 | Cognizant Technology Solutions Corp., Class A | 1775688 |
| 9230 | CoreWeave, Inc., Class A\* | 951059 |
| 38641 | Corning, Inc. | 2590106 |
| 12190 | Crowdstrike Holdings, Inc., Class A\* | 5164903 |
| 15444 | Datadog, Inc., Class A\* | 2110886 |
| 14910 | Dell Technologies, Inc., Class C | 1821256 |
| 1188 | Fair Isaac Corp.\* | 1807708 |
| 30667 | Fortinet, Inc.\* | 2415640 |
| 3722 | Gartner, Inc.\* | 934929 |
| 27244 | Gen Digital, Inc. | 822769 |
| 3825 | GLOBALFOUNDRIES, Inc.\* | 127717 |
| 65322 | Hewlett Packard Enterprise Co. | 1474318 |
| 46795 | HP, Inc. | 1335529 |
| 2519 | HubSpot, Inc.\* | 1217105 |
| 217609 | Intel Corp.\* | 5298779 |
| 46256 | International Business Machines Corp. | 11262873 |
| 13539 | Intuit, Inc. | 9030513 |
| 8560 | Keysight Technologies, Inc.\* | 1398961 |
| 6595 | KLA Corp. | 5750840 |
| 63701 | Lam Research Corp. | 6379655 |
| 42864 | Marvell Technology, Inc. | 2694645 |
| 26384 | Microchip Technology, Inc. | 1714960 |
| 55719 | Micron Technology, Inc. | 6631118 |
| 365966 | Microsoft Corp. | 185431313 |
| 3963 | MongoDB, Inc.\* | 1250762 |
| 2303 | Monolithic Power Systems, Inc. | 1924755 |
| 8306 | Motorola Solutions, Inc. | 3924253 |
| 9965 | NetApp, Inc. | 1123952 |
| 1169517 | NVIDIA Corp. | 203706471 |
| 20781 | ON Semiconductor Corp.\* | 1030530 |
| 81916 | Oracle Corp. | 18523665 |
| 104760 | Palantir Technologies, Inc., Class A\* | 16416940 |
| 32943 | Palo Alto Networks, Inc.\* | 6276300 |
| 54738 | QUALCOMM, Inc. | 8798039 |
| 5351 | Roper Technologies, Inc. | 2816285 |
| 46309 | Salesforce, Inc. | 11866681 |
| 9862 | Seagate Technology Holdings PLC | 1650899 |
| 10311 | ServiceNow, Inc.\* | 9459930 |
| 15810 | Snowflake, Inc.\* | 3773215 |
| 13021 | Strategy, Inc., Class A\* | 4354353 |
| 25415 | Super Micro Computer, Inc.\* | 1055739 |
| 9202 | Synopsys, Inc.\* | 5553591 |
| 14777 | TE Connectivity PLC (Switzerland) | 3051450 |
| 45148 | Texas Instruments, Inc. | 9141567 |
| 11878 | Trimble, Inc.\* | 959980 |
| 4035 | VeriSign, Inc. | 1103048 |
| 10727 | Workday, Inc., Class A\* | 2476006 |
| 13097 | Zoom Communications, Inc., Class A\* | 1066358 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) | Information Technology – (continued) |
| 4742 | Zscaler, Inc.\* | $| 1313771 |
|  |  |  | 910555950 |
| Materials – 1.8% | Materials – 1.8% | Materials – 1.8% | Materials – 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10938 | Air Products and Chemicals, Inc. |  | 3216975 |
| 34023 | Corteva, Inc. |  | 2524166 |
| 33738 | CRH PLC |  | 3810707 |
| 35253 | Dow, Inc. |  | 868281 |
| 20854 | DuPont de Nemours, Inc. |  | 1604090 |
| 12545 | Ecolab, Inc. |  | 3475467 |
| 71392 | Freeport-McMoRan, Inc. |  | 3169805 |
| 12744 | International Flavors & Fragrances, Inc. |  | 860347 |
| 25976 | International Paper Co. |  | 1290488 |
| 23455 | Linde PLC |  | 11218292 |
| 12622 | LyondellBasell Industries NV, Class A |  | 711250 |
| 2995 | Martin Marietta Materials, Inc. |  | 1846118 |
| 55547 | Newmont Corp. |  | 4132697 |
| 11479 | Nucor Corp. |  | 1707271 |
| 4429 | Packaging Corp. of America |  | 965345 |
| 11312 | PPG Industries, Inc. |  | 1258234 |
| 11549 | Sherwin-Williams Co. (The) |  | 4224971 |
| 4469 | Southern Copper Corp. (Mexico) |  | 429426 |
| 6568 | Vulcan Materials Co. |  | 1912339 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49226269 |
| Real Estate – 1.9% | Real Estate – 1.9% | Real Estate – 1.9% | Real Estate – 1.9% |
| 23340 | American Tower Corp. REIT |  | 4757859 |
| 7087 | AvalonBay Communities, Inc. REIT |  | 1387989 |
| 14911 | CBRE Group, Inc., Class A\* |  | 2417371 |
| 20722 | CoStar Group, Inc.\* |  | 1854412 |
| 21637 | Crown Castle, Inc. REIT |  | 2145092 |
| 16803 | Digital Realty Trust, Inc. REIT |  | 2816855 |
| 4868 | Equinix, Inc. REIT |  | 3827173 |
| 17087 | Equity Residential REIT |  | 1129792 |
| 3190 | Essex Property Trust, Inc. REIT |  | 861970 |
| 10473 | Extra Space Storage, Inc. REIT |  | 1503713 |
| 28572 | Invitation Homes, Inc. REIT |  | 894018 |
| 14599 | Iron Mountain, Inc. REIT |  | 1347926 |
| 5809 | Mid-America Apartment Communities, Inc. REIT |  | 847068 |
| 46196 | Prologis, Inc. REIT |  | 5256181 |
| 7869 | Public Storage REIT |  | 2318129 |
| 45050 | Realty Income Corp. REIT |  | 2647138 |
| 5297 | SBA Communications Corp. REIT |  | 1085091 |
| 16125 | Simon Property Group, Inc. REIT |  | 2913143 |
| 22443 | Ventas, Inc. REIT |  | 1527919 |
| 52624 | VICI Properties, Inc. REIT |  | 1777639 |
| 32637 | Welltower, Inc. REIT |  | 5492154 |
| 36152 | Weyerhaeuser Co. REIT |  | 935252 |
|  |  |  | 49743884 |
| Utilities – 2.2% | Utilities – 2.2% | Utilities – 2.2% | Utilities – 2.2% |
| 12801 | Alliant Energy Corp. |  | 832961 |
| 13436 | Ameren Corp. |  | 1340644 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 76 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> U.S. EQUITY ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26664 | American Electric Power Co., Inc. | $2960237 |
| 9714 | American Water Works Co., Inc. | 1394056 |
| 7900 | Atmos Energy Corp. | 1312427 |
| 32509 | CenterPoint Energy, Inc. | 1225914 |
| 14850 | CMS Energy Corp. | 1062815 |
| 17986 | Consolidated Edison, Inc. | 1766765 |
| 15619 | Constellation Energy Corp. | 4810340 |
| 42503 | Dominion Energy, Inc. | 2545930 |
| 10297 | DTE Energy Co. | 1407085 |
| 38753 | Duke Energy Corp. | 4746855 |
| 19209 | Edison International | 1078201 |
| 21440 | Entergy Corp. | 1888650 |
| 18320 | Eversource Energy | 1173762 |
| 50304 | Exelon Corp. | 2197279 |
| 27319 | FirstEnergy Corp. | 1191655 |
| 102687 | NextEra Energy, Inc. | 7398598 |
| 109529 | PG&E Corp. | 1673603 |
| 36892 | PPL Corp. | 1345451 |
| 24870 | Public Service Enterprise Group, Inc. | 2047547 |
| 32545 | Sempra | 2686915 |
| 54730 | Southern Co. (The) | 5051579 |
| 16690 | Vistra Corp. | 3156246 |
| 15906 | WEC Energy Group, Inc. | 1694148 |
| 28768 | Xcel Energy, Inc. | 2082516 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60072179 |
| TOTAL COMMON STOCKS<br>(Cost $2,121,570,206) | TOTAL COMMON STOCKS<br>(Cost $2,121,570,206) | 2703400438 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Dividend Rate** | **Value** |
| Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> | Investment Company – 0.1%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2604149 | 4.114% | $2604149 |
| (Cost $2,604,149) | (Cost $2,604,149) | (Cost $2,604,149) |
| TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,124,174,355) | TOTAL INVESTMENTS BEFORE SECURITIES LENDING REINVESTMENT VEHICLE<br>(Cost $2,124,174,355) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706004587 |
| Securities Lending Reinvestment Vehicle – 0.0%<sup>(a)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(a)</sup> | Securities Lending Reinvestment Vehicle – 0.0%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Government Fund - Institutional Shares | Goldman Sachs Financial Square Government Fund - Institutional Shares |  |
| 898115 | 4.154% | 898115 |
| (Cost $898,115) | (Cost $898,115) | (Cost $898,115) |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $2,125,072,470) | TOTAL INVESTMENTS – 99.9%<br>(Cost $2,125,072,470) | $2706902702 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES –**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES –**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.1%** | 1659663 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2708562365 |

---

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.

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

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |
| REIT | —Real Estate Investment Trust |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **77** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging** <br>**Markets Equity ETF** | **MarketBeta<sup>®</sup><br> International Equity <br>ETF** | **MarketBeta<sup>®</sup> Russell <br>1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell**<br> **1000 Value Equity ETF**  |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $89,643,328,<br>$682,721,419, $305,125,699 and $320,587,054,<br>respectively)<sup>(a)</sup> | $119484856 | $834712534 | $352435460 | $358953078 |
|  Investments in affiliated issuers, at value (cost $776,373,<br>$3,177,483, $406,352 and $3,069,500, respectively) | 776373 | 3177483 | 437063 | 4049810 |
|  Investments in affiliated securities lending reinvestment vehicle,<br>at value which equals cost | 1137326 | 10762363 | 91605 | 155536 |
|  Foreign Currency, at value (cost $14,317, $131,049, $– and $–, respectively) | 14287 | 131382 |  |  |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 186687 | 1622971 | 133704 | 575098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reimbursement from investment adviser | 4152 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3106 | 2826 | 218 | 10465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2853 | 912116 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  | 87000 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts |  | 163074 |  | 115804 |
|  **Total assets** | 121609640 | 851571749 | 353098050 | 363859791 |
| Liabilities: |  |  |  |  |
|  Variation margin on futures contracts |  | 30452 |  | 1376 |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 1137326 | 10762363 | 91605 | 155536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign capital gains taxes | 775294 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 20705 | 64404 | 15626 | 16519 |
|  **Total liabilities** | 1933325 | 10857219 | 107231 | 173431 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 92897355 | 707606725 | 315262593 | 331839317 |
|  Total distributable earnings | 26778960 | 133107805 | 37728226 | 31847043 |
|  **NET ASSETS** | $119676315 | $840714530 | $352990819 | $363686360 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2300000 | 12800000 | 5850000 | 7025000 |
|  Net asset value per share: | $52.03 | $65.68 | $60.34 | $51.77 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $995,285, $9,699,014, $87,605 and $149,781 for MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF, MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF and MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF, respectively. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 78 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S. <br>Equity ETF** |
| Assets: |  |
|  Investments in unaffiliated issuers, at value (cost $2,115,103,908)<sup>(a)</sup> | $2692048045 |
|  Investments in affiliated issuers, at value (cost $9,070,447) | 13956542 |
|  Investments in affiliated securities lending reinvestment vehicle, at value which equals cost | 898115 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 4457773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 2623543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 10516 |
|  **Total assets** | 2713994534 |
| Liabilities: |  |
|  Payables: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed | 4462211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned | 898115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 71843 |
|  **Total liabilities** | 5432169 |
| Net Assets: |  |
|  Paid-in capital | 2153328081 |
|  Total distributable earnings | 555234284 |
|  **NET ASSETS** | $2708562365 |
|  **SHARES ISSUED AND OUTSTANDING** |  |
|  Shares outstanding no par value (unlimited shares authorized): | 30350000 |
|  Net asset value per share: | $89.24 |

---

<sup>(a)</sup> Includes loaned securities having a market value of $884,223 for MarketBeta<sup>®</sup> U.S. Equity ETF. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **79** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><br>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><br>International<br>Equity ETF** | **MarketBeta<sup>®</sup><br>Russell 1000<br>Growth Equity ETF** | **MarketBeta<sup>®</sup><br>Russell 1000 Value<br>Equity ETF** |
| Investment income: |  |  |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of<br> $363,969, $2,944,447, $250 and $2,527, respectively) | $2714047 | $&nbsp;&nbsp;&nbsp;&nbsp;23636541 | $1962564 | $8535377 |
|  Dividends — affiliated issuers | 46093 | 112735 | 29639 | 105665 |
| Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 27094 | 117535 | 1045 | 14469 |
|  **Total Investment Income** | 2787234 | 23866811 | 1993248 | 8655511 |
| Expenses: |  |  |  |  |
|  Management fees | 477694 | 2055032 | 329974 | 479259 |
|  Trustee fees | 28050 | 32462 | 29144 | 30022 |
|  **Total expenses** | 505744 | 2087494 | 359118 | 509281 |
|  Less — expense reductions | (103019) | (422221) | (769) | (2334) |
|  **Net expenses** | 402725 | 1665273 | 358349 | 506947 |
|  **NET INVESTMENT INCOME** | 2384509 | 22201538 | 1634899 | 8148564 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (632557) | (5608453) | (8778820) | (4062243) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  |  | 771 | (5584) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers |  |  | 235069 | 413708 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 1275139 | 65895450 | 44616273 | 43528964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 39070 | 376337 | (27232) | 18999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (28826) | 56756 |  | (31) |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers (including the effects of the net change in foreign capital gains tax liability of $794,599, $–, $– and $–, respectively) | 14110393 | 25681306 | 21382707 | (15656028) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers |  |  | (34293) | 451895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts |  | (1989) | 26961 | 7834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translations | 2907 | (14783) |  |  |
|  **Net realized and unrealized gain** | 14766126 | 86384624 | 57421436 | 24697514 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $17150635 | $108586162 | $59056335 | $32846078 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 80 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations (continued) *For the Fiscal Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S.<br>Equity ETF** |
| Investment income: |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $312) | $31640794 |
|  Dividends — affiliated issuers | 372076 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 18480 |
|  **Total Investment Income** | 32031350 |
| Expenses: |  |
|  Management fees | 2226189 |
|  Trustee fees | 42322 |
|  **Total expenses** | 2268511 |
|  Less — expense reductions | (510926) |
|  **Net expenses** | 1757585 |
|  **NET INVESTMENT INCOME** | 30273765 |
| Realized and Unrealized gain (loss): |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (13393727) |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 44094 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — affiliated issuers | 1272564 |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions — unaffiliated issuers | 278386395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 23026 |
|  Net change in unrealized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 91841674 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — affiliated issuers | 2346640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | (22941) |
|  **Net realized and unrealized gain** | 360497725 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $390771490 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **81** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Fiscal**<br> **Year Ended<br> August 31, 2024**  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Fiscal**<br> **Year Ended<br> August 31, 2024**  |
| From operations: |  |  |  |  |
| Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2384509 | $2181777 | $22201538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19302353 |
| Net realized gain (loss) | 652826 | (1054111) | 60720090 | 22867687 |
| Net change in unrealized gain | 14113300 | 11509666 | 25664534 | 103129115 |
| **Net increase in net assets resulting from operations** | 17150635 | 12637332 | 108586162 | 145299155 |
| Distributions to shareholders: |  |  |  |  |
|  <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | <br> (2897064)  | <br> (563858)  | <br> (24314998)  | <br> (17490447) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares |  | 78012311 | 90255771 | 437010046 |
| Cost of shares redeemed | (11186728) |  | (222745720) | (113364206) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from share transactions** | (11186728) | 78012311 | (132489949) | 323645840 |
|  **TOTAL INCREASE (DECREASE)** | 3066843 | 90085785 | (48218785) | 451454548 |
| Net Assets: |  |  |  |  |
| Beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$116609472 | $26523687 | $888933315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$437478767 |
| End of year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$119676315 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116609472 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840714530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$888933315 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 82 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Period<br>November 28, 2023<sup>\*</sup>**<br> **to**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024**  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Period<br>November 28, 2023<sup>\*</sup>**<br> **to**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 31, 2024**  |
| From operations: |  |  |  |  |
| Net investment income | $1634899 | $1873603 | $8148564 | $6229652 |
| Net realized gain | 36046061 | 43478682 | 39893813 | 5544844 |
| Net change in unrealized gain (loss) | 21375375 | 25965097 | (15196299) | 54581522 |
|  **Net increase in net assets resulting from operations** | 59056335 | 71317382 | 32846078 | 66356018 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (1730375) | (1581591) | (8968036) | (4456262) |
| From share transactions: |  |  |  |  |
| Proceeds from sales of shares | 189315387 | 540449167 | 73792908 | 571051348 |
| Cost of shares redeemed | (184056912) | (319778574) | (248162761) | (118772933) |
| **Net increase (decrease) in net assets resulting from share transactions** | 5258475 | 220670593 | (174369853) | 452278415 |
|  **TOTAL INCREASE (DECREASE)** | 62584435 | 290406384 | (150491811) | 514178171 |
| Net Assets: |  |  |  |  |
| Beginning of period | $290406384 | $– | $514178171 | $– |
| End of period | $352990819 | $290406384 | $363686360 | $514178171 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **83** |

---

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended<br>August 31, 2025** | **For the Fiscal**<br> **Year Ended<br>August 31, 2024** |
| From operations: |  |  |
| Net investment income | $30273765 | $24805509 |
| Net realized gain | 266332352 | 90056085 |
| Net change in unrealized gain | 94165373 | 366393952 |
|  **Net increase in net assets resulting from operations** | 390771490 | 481255546 |
| Distributions to shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From distributable earnings | (30518560) | (22458896) |
| From share transactions: |  |  |
| Proceeds from sales of shares | 676352243 | 1149363956 |
| Cost of shares redeemed | (709679472) | (243460822) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from share transactions** | (33327229) | 905903134 |
|  **TOTAL INCREASE** | 326925701 | 1364699784 |
| Net Assets: |  |  |
| Beginning of year | $2381636664 | $1016936880 |
| End of year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708562365 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381636664 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 84 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** | **MarketBeta<sup>®</sup> Emerging Markets Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $45.73 | $40.81 | $41.23 | $55.68 | $48.15 |
|  Net investment income<sup>(a)</sup> | 1.02 | 1.06 | 0.96 | 1.35 <sup>(b)</sup> | 0.89 |
|  Net realized and unrealized gain (loss) | 6.49 | 4.35 | (0.34) | (11.93) | 8.14 |
|  Total from investment operations | 7.51 | 5.41 | 0.62 | (10.58) | 9.03 |
|  Distributions to shareholders from net investment income | (1.21) | (0.49) | (1.04) | (3.87) | (1.50) |
|  Net asset value, end of year | $52.03 | $45.73 | $40.81 | $41.23 | $55.68 |
|  Market price, end of year | $52.33 | $45.73 | $40.81 | $41.16 | $55.72 |
|  **Total Return at Net Asset Value<sup>(c)</sup>** | 16.84% | 13.50% | 1.61% | (20.01)% | 19.35% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119676 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116609 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32981 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36191 |
|  Ratio of net expenses to average net assets | 0.36% | 0.36% | 0.36% | 0.36% | 0.36% |
|  Ratio of total expenses to average net assets | 0.45% | 0.45% | 0.45% | 0.45% | 0.45% |
|  Ratio of net investment income to average net assets | 2.17% | 2.47% | 2.40% | 2.87 %<sup>(b)</sup> | 1.63% |
|  Portfolio turnover rate<sup>(d)</sup> | 8% | 7% | 13% | 18% | 21% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Reflects income recognized from non-recurring special dividends which amounted to $0.32 per share and 0.67% of average net assets. 

<sup>(c)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **85** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** | **MarketBeta<sup>®</sup> International Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $59.26 | $50.87 | $44.63 | $57.61 | $46.79 |
|  Net investment income<sup>(a)</sup> | 1.58 | 1.44 | 1.45 | 1.63 | 1.28 |
|  Net realized and unrealized gain (loss) | 6.58 | 8.22 | 6.17 | (12.83) | 10.84 |
|  Total from investment operations | 8.16 | 9.66 | 7.62 | (11.20) | 12.12 |
|  Distributions to shareholders from net investment income | (1.74) | (1.27) | (1.38) | (1.78) | (1.30) |
|  Net asset value, end of year | $65.68 | $59.26 | $50.87 | $44.63 | $57.61 |
|  Market price, end of year | $65.58 | $59.31 | $50.84 | $44.33 | $57.80 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 14.08% | 19.21% | 17.22% | (19.80)% | 26.20% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840715 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888933 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437479 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357050 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357192 |
|  Ratio of net expenses to average net assets | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
|  Ratio of total expenses to average net assets | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% |
|  Ratio of net investment income to average net assets | 2.68% | 2.66% | 2.96% | 3.15% | 2.41% |
|  Portfolio turnover rate<sup>(c)</sup> | 3% | 4% | 4% | 7% | 5% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all distributions and a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the sale of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 86 | **The accompanying notes are an integral part of these financial statements.** |

---

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GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell 1000 Growth Equity<br>ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,<br>2025** | **For the Period<br>November 28, 2023\***<br> **to**<br> **August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.07 | $40.15 |
|  Net investment income<sup>(a)</sup> | 0.30 | 0.24 |
|  Net realized and unrealized gain | 10.28 | 9.89 |
|  Total from investment operations | 10.58 | 10.13 |
|  Distributions to shareholders from net investment income | (0.31) | (0.21) |
|  Net asset value, end of period | $60.34 | $50.07 |
|  Market price, end of period | $60.32 | $50.05 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 21.20% | 25.26% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352991 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290406 |
|  Ratio of net expenses to average net assets | 0.12% | 0.12%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.56% | 0.69%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 45% | 29% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **87** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,<br>2025** | **For the Period<br>November 28, 2023\***<br> **to**<br> **August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $48.39 | $39.86 |
|  Net investment income<sup>(a)</sup> | 0.95 | 0.69 |
|  Net realized and unrealized gain | 3.41 | 8.31 |
|  Total from investment operations | 4.36 | 9.00 |
|  Distributions to shareholders from net investment income | (0.98) | (0.47) |
|  Net asset value, end of period | $51.77 | $48.39 |
|  Market price, end of period | $51.76 | $48.40 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 9.17% | 22.67% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514178 |
|  Ratio of net expenses to average net assets | 0.12% | 0.12% <sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 1.93% | 2.04% <sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup> | 11% | 18% |

---

\* Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 88 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MARKETBETA ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout Each Year*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** | **MarketBeta<sup>®</sup> U.S. Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** | **For the Fiscal**<br> **Year Ended August 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Per Share Operating Performance: |  |  |  |  |  |
|  Net asset value, beginning of year | $77.45 | $61.63 | $53.96 | $63.07 | $48.62 |
|  Net investment income<sup>(a)</sup> | 0.98 | 0.95 | 0.89 | 0.82 | 0.74 |
|  Net realized and unrealized gain (loss) | 11.81 | 15.76 | 7.67 | (9.20) | 14.46 |
|  Total from investment operations | 12.79 | 16.71 | 8.56 | (8.38) | 15.20 |
|  Distributions to shareholders from net investment income | (1.00) | (0.89) | (0.89) | (0.73) | (0.75) |
|  Net asset value, end of year | $89.24 | $77.45 | $61.63 | $53.96 | $63.07 |
|  Market price, end of year | $89.24 | $77.45 | $61.68 | $53.97 | $63.09 |
|  **Total Return at Net Asset Value<sup>(b)</sup>** | 16.65% | 27.33% | 16.12% | (13.41)% | 31.60% |
|  Net assets, end of year (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708562 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016937 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685236 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428861 |
|  Ratio of net expenses to average net assets | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
|  Ratio of total expenses to average net assets | 0.09% | 0.09% | 0.09% | 0.09% | 0.09% |
|  Ratio of net investment income to average net assets | 1.20% | 1.39% | 1.59% | 1.40% | 1.36% |
|  Portfolio turnover rate<sup>(c)</sup> | 2% | 3% | 3% | 3% | 4% |

---

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the year, reinvestment of all dividends and distributions, a complete sale of the investment at the net asset value at the end of the year. Returns do not reflect the impact of taxes to shareholders relating to Fund distributions or the redemption of Fund shares. 

<sup>(c)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **89** |

---

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| **Fund** | **Diversified/ Non-Diversified** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | Diversified |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF | Diversified |

---

The investment objective of each Fund is to provide investment results that closely correspond, before fees and expenses, to the performance of its respective Index.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF, Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF are listed and traded on the Cboe BZX Exchange, Inc., and shares of the Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF are listed and traded on NYSE Arca, Inc. Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units." Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. Investment income is recorded net of any foreign withholding taxes, less any amounts reclaimable. The Funds may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. Any foreign capital gains tax is accrued daily based upon net unrealized gains, and is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

payable upon sale of such investments. Distributions received from the Funds' investments in U.S. real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain and/or a return of capital. A return of capital is recorded by the Funds as a reduction to the cost basis of the REIT.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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. For each Fund, income distributions, if any, are declared and paid quarterly. Capital gains distributions, if any, are declared and paid annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Foreign Currency Translation — The accounting records and reporting currency of a Fund are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies are translated into U.S. dollars using the current exchange rates at the close of each business day. The effect of changes in foreign currency exchange rates on investments is included within net realized and unrealized gain (loss) on investments. Changes in the value of other assets and liabilities as a result of fluctuations in foreign exchange rates are included in the Statements of Operations within net change in unrealized gain (loss) on foreign currency translation. Transactions denominated in foreign currencies are translated into U.S. dollars on the date the transaction occurred, the effects of which are included within net realized gain (loss) on foreign currency transactions.

&nbsp;&nbsp;&nbsp;&nbsp;F. Segment Reporting — The Funds follow Fund Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within each Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**91**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include other investment companies and ETFs. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments classified in the fair value hierarchy as of August 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $3647081 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 103359113 | 2219469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 1361359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2275926 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 12593 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 4679804 | 1333178 |  |
|  Exchange-Traded Fund | 596333 |  |  |
|  Investment Company | 776373 |  |  |
|  Securities Lending Reinvestment Vehicle | 1137326 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117845908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3552647 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**93**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> International Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Africa | $1314575 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | 256469903 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 432612771 | 2991764 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 74198795 | 502410 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oceania | 65958530 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 663786 |  |  |
|  Investment Company | 3177483 |  |  |
|  Securities Lending Reinvestment Vehicle | 10762363 |  |  |
|  **Total** | $845158206 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3494174 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $81129 | $— | $— |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $556102 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 861025 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 350484186 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 710026 |  |  |
|  Investment Company | 261184 |  |  |
|  Securities Lending Reinvestment Vehicle | 91605 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352964128 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $54296 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 3066184 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 358447669 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 84224 |  |  |
|  Investment Company | 1350515 |  |  |
|  Securities Lending Reinvestment Vehicle | 155536 |  |  |
|  **Total** | $363158424 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(b)</sup>  | $38889 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> U.S. Equity ETF |  |  |  |
| Investment Type | **Level 1** | **Level 2** | **Level 3** |
|  **Assets** |  |  |  |
|  Common Stock and/or Other Equity Investments<sup>(a)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asia | $1609426 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 14584591 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2681400028 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 5806393 |  |  |
|  Investment Company | 2604149 |  |  |
|  Securities Lending Reinvestment Vehicle | 898115 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2706902702 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>(a)</sup> 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. 

<sup>(b)</sup> Amount shown represents unrealized gain (loss) at fiscal year end. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81129 | Variation margin on futures contracts | $— |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Variation margin on futures contracts | $38889 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**95**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39070 | $— |
| MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 376337 | (1989) |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | (27232) | 26961 |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 18999 | 7834 |
| MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **Net Change in<br>Unrealized<br>Gain (Loss)** |
| Equity | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 23026 | (22941) |

---

For the fiscal year ended August 31, 2025, the relevant values for each derivative type were as follows:

---

| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | **Futures Contracts** |
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | 7 |
| MarketBeta<sup>®</sup> International Equity ETF | 31 |
| MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 2 |
| MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 11 |
| MarketBeta<sup>®</sup> U.S. Equity ETF | 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, subject to the general supervision of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

As compensation for the services rendered pursuant to the Agreement, the assumption of the expenses related thereto and administration of the Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each such Fund, excluding payments under a Fund's 12b-1 plan (if any), interest expenses, taxes, acquired fund fees and expenses, brokerage fees, costs of holding shareholder meetings and litigation, indemnification and extraordinary expenses. As the Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net unitary management fees with GSAM were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual Unitary Management Fee** | **Effective Net Unitary Management Fee\*** |
| Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF | 0.45% | 0.36% |
| Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF | 0.25% | 0.20% |
| Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 0.12% | 0.12% |
| Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 0.12% | 0.12% |
| Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF | 0.09% | 0.07% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.36%, 0.20% and 0.07% as an annual percentage rate of average daily net assets of the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively. These arrangements will remain in effect through at least December 29, 2025 and prior to such date, the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2025, GSAM waived $101,149, $417,499 and $504,114 of the Funds' management fees for the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively.

The Funds invest in Institutional Shares of the Goldman Sachs Financial Square Treasury Obligations Fund, which is an affiliated Underlying Fund. GSAM has agreed to waive a portion of its management fee payable by the Funds in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Fund in which the Funds invest. For the fiscal year ended August 31, 2025, the management fee waived by GSAM was $1,870, $4,722, $769, $2,334 and $6,812 for the MarketBeta<sup>®</sup> Emerging Markets Equity ETF, MarketBeta<sup>®</sup> International Equity ETF, MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF, MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF and MarketBeta<sup>®</sup> U.S. Equity ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — The following table provides information about the Fund's investment in shares of Goldman Sachs Financial Square Treasury Obligations Fund and The Goldman Sachs Group, Inc. as of and for the fiscal year ended August 31, 2025:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**97**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF | MarketBeta<sup>®</sup> Emerging Markets Equity ETF |  |  |  |  |  |
| **Underlying<br>Fund** | **Beginning value<br>as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from**<br> **Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |  |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099952 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8257852 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8581431) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776373 | 776373 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46093 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– |
|  MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF | MarketBeta<sup>®</sup> International Equity ETF |  |  |  |  |
| **Underlying<br>Fund** | **Beginning value**<br> **as of August 31,<br>2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |  |  |
|  | 637074 | 31855090 | (29314681) |  |  | 3177483 | 3177483 | 112735 |  |
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF |  |  |  |  |
| **Underlying<br>Fund** | **Beginning value<br>as of August 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |  |  |
|  | 884446 | 4877825 | (5501087) |  |  | 261184 | 261184 | 18707 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |  |  |  |  |  |
|  | 594441 | 300814 | (920924) | 235841 | (34293) | 175879 | 236 | 10932 |  |
|  Total | $1478887 | $5178639 | $(6422011) | $235841 | $(34293) | $437063 |  | $29639 | $– |
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF |  |  |  |  |
| **Underlying<br>Fund** | **Beginning value<br>as of August 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |  |  |
|  | 584089 | 11203522 | (10437096) |  |  | 1350515 | 1350515 | 57043 |  |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |  |  |  |  |  |
|  | 2417055 | 715301 | (1293080) | 408124 | 451895 | 2699295 | 3622 | 48622 |  |
|  Total | $3001144 | $11918823 | $(11730176) | $408124 | $451895 | $4049810 |  | $105665 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF | MarketBeta<sup>®</sup> U.S. Equity ETF |  |  |  |  |  |
| **Underlying<br>Fund** | **Beginning value<br>as of August 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from<br>Sales** | **Realized Gain<br>(Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Ending value as of<br>August 31, 2025** | **Shares as of<br>August 31,<br>2025** | **Dividend<br>Income** | **Capital Gain<br>Distribution** |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |  |
|  | $2207091 | $35617653 | $(35220595) | $– | $– | $2604149 | 2604149 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165841 | $– |
|  Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) | Goldman Sachs Group, Inc. (The) |  |  |
|  | 8275745 | 2553495 | (3140145) | 1316658 | 2346640 | 11352393 | 15233 | 206235 |  |
|  Total | $10482836 | $38171148 | $(38360740) | $1316658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2346640 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13956542 |  | $372076 | $– |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 Statements of Changes in Net Assets. Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold |  | $— | 1900000 | $78012311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (250000) | (11186728) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (250000) | $(11186728) | 1900000 | $78012311 |
|  | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF**  | **Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF**  |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1600000 | $90255771 | 8500000 | $437010046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3800000) | (222745720) | (2100000) | (113364206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (2200000) | $(132489949) | 6400000 | $323645840 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**99**

------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Period**<br> **November 28, 2023<sup>(a)(a)</sup>** <br> **to**<br> **August 31, 2024** | **For the Period**<br> **November 28, 2023<sup>(a)(a)</sup>** <br> **to**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 3450000 | $189315387 | 12600000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540449167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (3400000) | (184056912) | (6800000) | (319778574) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 50000 | $5258475 | 5800000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220670593 |
|  | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF** |
|  | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Fiscal Year Ended<br>August 31, 2025** | **For the Period**<br> **November 28, 2023<sup>(a)(a)</sup>** <br> **to**<br> **August 31, 2024** | **For the Period**<br> **November 28, 2023<sup>(a)(a)</sup>** <br> **to**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 1475000 | $73792908 | 13325000 | $571051348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (5075000) | (248162761) | (2700000) | (118772933) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (3600000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174369853) | 10625000 | $452278415 |
|  | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** | **Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF** |
|  | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2025** | **For the Fiscal**<br> **Year Ended August 31, 2024** | **For the Fiscal**<br> **Year Ended August 31, 2024** |
|  | **Shares** | **Dollars** | **Shares** | **Dollars** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund Share Activity** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold | 8300000 | $676352243 | 17750000 | $1149363956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (8700000) | (709679472) | (3500000) | (243460822) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE (DECREASE) IN SHARES** | (400000) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33327229) | 14250000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905903134 |

---

<sup>(a)</sup> Commenced operations on November 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8474103 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16187661 |
|  MarketBeta<sup>®</sup> International Equity ETF | 26519222 | 31819078 |
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 136080665 | 136475492 |
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 47240100 | 48388581 |
|  MarketBeta<sup>®</sup> U.S. Equity ETF | 64967496 | 61066529 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS (continued)

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp; MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $— | $3772747 |
| &nbsp;&nbsp; MarketBeta<sup>®</sup> International Equity ETF | 88505381 | 219858791 |
| &nbsp;&nbsp; MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 189066594 | 182787314 |
| &nbsp;&nbsp; MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 73779219 | 248057687 |
| &nbsp;&nbsp; MarketBeta<sup>®</sup> U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671259852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708284471 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. 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. The amounts of the Funds' overnight and continuous agreements, which represent the gross amounts of recognized liabilities for securities lending transactions outstanding as of August 31, 2025, are disclosed as "Payable upon return of securities loaned" on the Statements of Assets and Liabilities, where applicable.

Each of the Funds and BNYM received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended August 31, 2025, are reported under Investment Income on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**101**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. SECURITIES LENDING (continued)

The following table provides information about the Funds' investment in the Government Money Market Fund for the fiscal year ended August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as<br>of August 31, 2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Ending value as<br>of August 31, 2025** |
|  MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $434404 | $7392917 | $(6689995) | $1137326 |
|  MarketBeta<sup>®</sup> International Equity ETF | 10552767 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102585204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(102375608) | 10762363 |
|  MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 15539 | 1213364 | (1137298) | 91605 |
|  MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 149448 | 2742926 | (2736838) | 155536 |
|  MarketBeta<sup>®</sup> U.S. Equity ETF | 103075 | 15136760 | (14341720) | 898115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell**<br> **1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Value Equity<br>ETF** | **MarketBeta<sup>®</sup> U.S.<br>Equity ETF** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $2897064 | $24314998 | $1730375 | $8968036 | $30518560 |

---

The tax character of distributions paid during the fiscal year ended August 31, 2024 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><sup></sup>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><sup></sup>International Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Growth Equity<br>ETF<sup>(a)</sup>** | **MarketBeta<sup>®</sup> Russell<br>1000 Value Equity<br>ETF<sup>(a)</sup>** | **MarketBeta<sup>®</sup> U.S.<br>Equity ETF** |
|  Distributions paid from: |  |  |  |  |  |
|  Ordinary Income | $563858 | $17490447 | $1581591 | $4456262 | $22458896 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102.0 ------

GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

As of August 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup><br>Emerging Markets<br>Equity ETF** | **MarketBeta<sup>®</sup><br>International<br>Equity ETF** | **MarketBeta<sup>®</sup><br>Russell 1000<br>Growth Equity<br>ETF** | **MarketBeta<sup>®</sup><br>Russell 1000 Value<br>Equity ETF** | **MarketBeta<sup>®</sup> U.S. <br>Equity ETF** |
|  Undistributed ordinary income — net | $2331313 | $4357454 | $198968 | $1052557 | $4854331 |
|  Capital loss carryforwards: |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Short-Term | (1039059) | (3739218) | (889762) | (4271617) | (4050078) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Perpetual Long-Term | (1523204) | (10479141) |  |  | (12096514) |
|  Total capital loss carryforwards | (2562263) | (14218359) | (889762) | (4271617) | (16146592) |
|  Timing differences — (Late Year Ordinary Loss Deferral, Post-October Capital Loss Deferral and Miscellaneous adjustment) | (680150) | (4440503) | (7998871) | (4169593) | (13905023) |
|  Unrealized gains (losses) — net | 27690060 | 147409213 | 46417891 | 39235696 | 580431568 |
|  Total accumulated earnings (losses) — net | $26778960 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133107805 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37728226 | $31847043 | $&nbsp;&nbsp;&nbsp;&nbsp;555234284 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of August 31, 2025, the Fund's aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **MarketBeta<sup>®</sup> Emerging<br>Markets Equity ETF** | **MarketBeta<sup>®</sup>**<br> **International Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Growth Equity<br>ETF** | **MarketBeta<sup>®</sup> Russell<br>1000 Value Equity<br>ETF** |
|  Tax Cost | $92933398 | $701379764 | $306546237 | $&nbsp;&nbsp;&nbsp;&nbsp;323961617 |
|  Gross unrealized gain | 34228188 | 195545868 | 53068816 | 58277013 |
|  Gross unrealized loss | (6538128) | (48136655) | (6650925) | (19041317) |
|  Net unrealized gain (loss) | $27690060 | $147409213 | $46417891 | $39235696 |

---

---

| | |
|:---|:---|
|  | **MarketBeta<sup>®</sup> U.S.** <br> **Equity ETF**  |
|  Tax Cost | $2126471134 |
|  Gross unrealized gain | 672027640 |
|  Gross unrealized loss | (91596072) |
|  Net unrealized gain (loss) | $580431568 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, differences in the tax treatment of partnership investments, passive foreign investment company investments, and underlying fund investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**103**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION (continued)

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds' and result primarily from redemption in-kind transactions and underlying fund investments.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in**<br> **Capital** | **Total**<br> **Distributable**<br> **Earnings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF | $1104318 | $(1104318) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64192839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64192839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth Equity ETF | 44349756 | (44349756) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value Equity ETF | 43980795 | (43980795) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF | 278585434 | (278585434) |

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GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior year, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Calculation Methodology Risk — The Index relies on various sources of information to assess the criteria of issuers included in the Index (or a Reference Index, if applicable), including fundamental information that may be based on assumptions and estimates. Neither the Fund, the Investment Adviser nor the Index Provider can offer assurances that the Index's calculation methodology or sources of information will provide a correct valuation of securities, nor can they guarantee the availability or timeliness of the production of the Index.

Diversification Risk — Each Fund is classified as a "diversified" fund; however, each Fund may become "non-diversified," meaning that it is permitted to invest a larger percentage of its assets in one or more issuers or in fewer issuers than diversified funds, to the extent its respective Index is non-diversified. Each fund thus may invest a larger percentage of its assets in fewer issuers than diversified funds.

Index Risk — Solactive AG and FTSE Russell (the "Index Providers") constructs each applicable Fund's Index in accordance with a rules-based methodology. A Fund will be negatively affected by general declines in the securities and asset classes represented in its Index. In addition, because the Funds are not "actively" managed, unless a specific security is removed from an Index, a Fund generally would not sell a security because the security's issuer was in financial trouble. Market disruptions and regulatory restrictions could have an adverse effect on a Fund's ability to adjust its exposure to the required levels in order to track the Index. A Fund also does not attempt to take defensive positions under any market conditions, including declining markets. Therefore, a Fund's performance could be lower than funds that may actively shift their portfolio assets to take advantage of market opportunities or to lessen the impact of a market decline or a decline in the value of one or more issuers. When the Index is rebalanced and the Fund in turn rebalances its portfolio to attempt to increase the correlation between the Fund's portfolio and the Index, any transaction costs and market exposure arising from such portfolio rebalancing may be borne directly by the Fund and its shareholders. The Index Providers may utilize third party data in constructing each respective Index, but it does not guarantee the accuracy or availability of any such third party data. Errors in index data, index computation or the construction of an Index in accordance with its methodology may occur from time to time and may not be identified and corrected by the Index Providers for a period of time or at all, which may have an adverse impact on the applicable Fund and its shareholders. In addition, neither a Fund, the Investment

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

Adviser, the Calculation Agent nor the Index Providers can guarantee the availability or timeliness of the production of the Index. Furthermore, Solactive AG, the index provider for Goldman Sachs MarketBeta<sup>®</sup> Emerging Markets Equity ETF, Goldman Sachs MarketBeta<sup>®</sup> International Equity ETF and Goldman Sachs MarketBeta<sup>®</sup> U.S. Equity ETF, and FTSE Russell, the index provider for Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Growth ETF and Goldman Sachs MarketBeta<sup>®</sup> Russell 1000 Value ETF may delay or change a scheduled rebalancing or reconstitution of an Index or the implementation of certain rules at its sole discretion. In such circumstances, a Fund, in replicating the composition of its Index, may have more or less exposure to a particular sector or individual company than had the Index been constructed in accordance with its stated methodology.

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject a Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder 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 Cboe BZX Exchange, Inc. or NYSE Arca, Inc., as applicable, 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, governments or countries 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 Risk — Investments in mid-capitalization companies involve greater risks than those associated with larger, more established companies. These securities may be subject to more abrupt or erratic price movements and may lack sufficient market liquidity, and these issuers often face greater business risks.

Stock Risk — Stock prices have historically risen and fallen in periodic cycles. U.S. and foreign stock markets have experienced periods of substantial price volatility in the past and may do so again in the future.

Tracking Error Risk — Tracking error is the divergence of a Fund's performance from that of its Index. The performance of a Fund may diverge from that of its Index for a number of reasons. Tracking error may occur because of transaction costs, a Fund's holding of cash, differences in accrual of dividends, changes to its Index or the need to meet new or existing regulatory requirements. Unlike

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Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. OTHER RISKS (continued)

a Fund, the returns of an Index are not reduced by investment and other operating expenses, including the trading costs associated with implementing changes to its portfolio of investments. Tracking error risk may be heightened during times of market volatility or other unusual market conditions.

Valuation Risk — The sale price a Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Funds rely on various sources to calculate their respective NAVs. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculations may also be impacted by operational risks arising from factors such as failures in systems and technology.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Value Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (five of the Funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF | For the year ended August 31, 2025 | For the two years ended August 31, 2025 | For each of the five years in the period ended August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF and Goldman Sachs MarketBeta Russell 1000 Value Equity ETF | For the year ended August 31, 2025 | For the year ended August 31, 2025 and for the period November 28, 2023 (commencement of operations) through August 31, 2024 | For the year ended August 31, 2025 and for the period November 28, 2023 (commencement of operations) through August 31, 2024 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs MarketBeta Emerging Markets Equity ETF, Goldman Sachs MarketBeta International Equity ETF, Goldman Sachs MarketBeta Russell 1000 Growth Equity ETF, Goldman Sachs MarketBeta Russell 1000 Value Equity ETF and Goldman Sachs MarketBeta U.S. Equity ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on the investment performance of the Fund, including comparisons to (i) the performance of similar exchange-traded funds ("ETFs"), as provided by a third-party fund data provider engaged as part of the contract review process (the "Outside Data Provider"), (ii) its underlying index; and (iii) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the extensive (in the case of MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF) investment performance and expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertaking of the Investment Adviser to implement a fee waiver for MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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 each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are passively-managed ETFs that seek to track indices 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 provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees also considered the investment performance of the Funds. In this regard, they compared the investment performance of each Fund to its peers using rankings and ratings compiled by the Outside Data Provider as of December 31, 2024, and updated performance information prepared by the Investment Adviser using the peer group identified by the Outside Data Provider as of March 31, 2025. The information on each Fund's investment performance was provided for the one- and three-year periods ending on the applicable dates, to the extent that each Fund had been in existence for those periods. As part of this review, they considered the investment performance trends of the Funds over time, and reviewed the investment performance of each Fund in light of its investment objective and policies and market conditions. The Trustees also received information comparing each Fund's performance to that of its respective index. The Trustees observed that each Fund's investment performance was consistent with the investment objective of tracking its respective index.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single fee to the Investment Adviser and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to the Funds, which included both advisory and non-advisory services that were directed to the needs and operations of the Funds as ETFs.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of the Funds' fee rates and expense ratios to those of relevant peer funds were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by the Funds.

They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. In addition, the Trustees considered the Investment Adviser's undertakings to implement a management fee waiver for MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF and MarketBeta U.S. Equity ETF. The Trustees noted that license fees would be payable by the Investment Adviser to Solactive AG or FTSE Russell, as applicable, for the use of their respective indices.

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by Fund and by function (i.e., investment management, transfer agency, and distribution and service), and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology. Profitability data for each Fund was provided for 2024 and 2023, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with the Funds as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) fees earned by the Investment Adviser for managing the funds in which the Funds' securities lending cash collateral is invested; (c) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (d) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (e) 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 Funds; (f) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (g) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**111**

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GOLDMAN SACHS MARKETBETA<sup>®</sup> ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Goldman Sachs MarketBeta ETFs - Tax Information (Unaudited)
From distributions paid during the fiscal year ended August 31, 2025, the total amount of income received by the MarketBeta Emerging Markets Equity ETF and the MarketBeta International Equity ETF from sources within foreign countries and possessions of the United States was $1.0305 and $1.3177 per share, respectively, all of which is attributable to qualified passive income. The percentage of net investment income dividends paid from foreign sources by the MarketBeta Emerging Markets Equity ETF and the MarketBeta International Equity ETF was 80.53% and 82.46%, respectively. The total amount of taxes paid by the MarketBeta Emerging Markets Equity ETF and the MarketBeta International Equity ETF to foreign countries was $0.1529 and $0.1400 per share, respectively.

For the year ended August 31, 2025, 1.41% and 6.58% of the dividends paid from net investment company taxable income by the MarketBeta U.S. Equity ETF and MarketBeta Russell 1000 Value Equity ETF, respectively, qualified as section 199A dividends.

For the fiscal year ended August 31, 2025, 61.77%, 82.75%, 93.42%, 98.59%, and 100% of the dividends paid from net investment company taxable income by the MarketBeta Emerging Markets Equity ETF, MarketBeta International Equity ETF, MarketBeta Russell 1000 Value Equity ETF, MarketBeta U.S. Equity ETF and the MarketBeta Russell 1000 Growth Equity ETF, respectively, qualified for the reduced tax rate under the Jobs and Growth Tax Relief and Reconciliation Act of 2003.

For the fiscal year ended August 31, 2025, 95.67%, 91.16% and 100% of the dividends paid from net investment company taxable income by the MarketBeta U.S. Equity ETF, MarketBeta Russell 1000 Value Equity ETF and Marketbeta Russell 1000 Growth Equity ETF, respectively, qualified for the dividends received deduction available to corporations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**115**

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![LOGO](g123080dsp116.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary© 2025 Goldman Sachs. All rights reserved. MCEQWGETFAR-25

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![LOGO](g163171dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements August 31, 2025 Goldman Sachs Municipal Income ETFs Goldman Sachs Dynamic California Municipal Income ETF (GCAL) Goldman Sachs Dynamic New York Municipal Income ETF (GMNY) Goldman Sachs Municipal Income ETF (GMUB) Goldman Sachs Ultra Short Municipal Income ETF (GUMI)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Goldman Sachs Municipal Income ETFs

---

| | |
|:---|:---|
|  **Table of Contents** | Page |
|  **[Schedules of Investments](#mi163171_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic California Municipal Income ETF](#mi163171_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic New York Municipal Income ETF](#mi163171_3) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income ETF](#mi163171_4) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Municipal Income ETF](#mi163171_5) | 26 |
|  **[Financial Statements](#mi163171_6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#mi163171_7) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#mi163171_8) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#mi163171_9) | 34 |
|  **[Financial Highlights](#mi163171_10)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic California Municipal Income ETF](#mi163171_11) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Dynamic New York Municipal Income ETF](#mi163171_12) | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Municipal Income ETF](#mi163171_13) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Ultra Short Municipal Income ETF](#mi163171_14) | 39 |
|  **[Notes to Financial Statements](#mi163171_15)** | 40 |
|  **[Report of Independent Registered Public Accounting Firm](#mi163171_16)** | 53 |
|  **[Statement Regarding Basis for Approval of Management Agreement](#mi163171_17)** | 54 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 99.8% | Municipal Bonds - 99.8% | Municipal Bonds - 99.8% | Municipal Bonds - 99.8% |
| California - 87.6% | California - 87.6% | California - 87.6% | California - 87.6% |
| Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City & County of San Francisco San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515000 | 5.250% | 05/01/2044 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526055 |
| Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (A1/AA-) | Airport Commission of The City and County of San Francisco International Airport Second Series Refunding RB Series 2020A (AMT) (A1/AA-) |
| 130000 | 5.000 | 05/01/2037 | 133350 |
| Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) | Airport Commission of The City and County of San Francisco International Airport Second Series Revenue Refunding Bonds Series 2024A (A1/NR) |
| 125000 | 5.250 | 05/01/2040 | 131490 |
| Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (NR/AA-) | Airport Commission of The City and County of San Francisco San Francisco International Airport Second Series RB Series 2018D (AMT) (NR/AA-) |
| 1000000 | 5.000 | 05/01/2048 | 983273 |
| Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) | Alvord Unified School District GO Bonds Capital Appreciation for 2007 Election Series 2007 B (AG) (A1/AA) |
| 640000 | 0.000 <sup>(a)</sup> | 08/01/2036 | 399555 |
| Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) | Amador Water Agency Revenue Certificates of Participation Series 2024A (A2/NR) |
| 100000 | 5.000 | 06/01/2026 | 101169 |
| Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) | Antioch Unified School District Contra Costa County California GO Bonds Election of 2024 Series A (AGC) (NR/AA) |
| 100000 | 5.000 | 08/01/2041 | 105778 |
| Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) | Atwater Wastewater RB Refunding Series 2017 A (AG) (NR/AA) |
| 1000000 | 5.000 | 05/01/2040 | 1011101 |
| Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) | Bay Area Toll Authority San Francisco Bay Area Subordinate Toll Bridge RB 2019 Series S-8 (A1/AA-) |
| 100000 | 3.000 | 04/01/2054 | 68768 |
| Bay Area Toll Authority San Francisco Bay Area Toll Bridge RB Variable Rate Bonds 2023 Series A (Aa1/AA+/A-1) | Bay Area Toll Authority San Francisco Bay Area Toll Bridge RB Variable Rate Bonds 2023 Series A (Aa1/AA+/A-1) | Bay Area Toll Authority San Francisco Bay Area Toll Bridge RB Variable Rate Bonds 2023 Series A (Aa1/AA+/A-1) | Bay Area Toll Authority San Francisco Bay Area Toll Bridge RB Variable Rate Bonds 2023 Series A (Aa1/AA+/A-1) |
| 155000 | 3.400 <sup>(b)(c)</sup> | 04/01/2055 | 155000 |
| Beaumont Community Facilities District No. 2016-2 Special Tax<br>Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax<br>Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax<br>Series 2019 (NR/NR) | Beaumont Community Facilities District No. 2016-2 Special Tax<br>Series 2019 (NR/NR) |
| 220000 | 4.000 | 09/01/2025 | 220000 |
| 275000 | 4.000 | 09/01/2031 | 277094 |
| 290000 | 4.000 | 09/01/2032 | 291466 |
| 300000 | 5.000 | 09/01/2033 | 306299 |
| 215000 | 5.000 | 09/01/2034 | 219492 |
| 330000 | 5.000 | 09/01/2035 | 336854 |
| Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) | Beaumont Public Improvement Authority Local Agency Revenue Refunding Bonds Series 2025 (AG) (NR/AA) |
| 150000 | 5.000 | 09/01/2036 | 167179 |
| Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) | Brawley Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A (NR/A+/SP-1+) |
| 200000 | 0.000 <sup>(a)</sup> | 08/01/2029 | 178077 |
| Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) | Burbank-Glendale-Pasadena Airport Authority Airport Senior RB 2024 Series B (AMT) (A2/A) |
| 625000 | 5.250 | 07/01/2054 | 631135 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| 120000 | 5.000 <sup>(b)(c)</sup> | 07/01/2053 | 126628 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024A (A1/NR) |
| 1090000 | 5.000 <sup>(b)(c)</sup> | 05/01/2054 | 1164742 |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024D (Aa1/NR) |
| 300000 | 5.000 <sup>(b)(c)</sup> | 02/01/2055 | 323174 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2024E (Green Bonds) (A1/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000 %<sup>(b)(c)</sup> | 02/01/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107223 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 1000000 | 5.000 <sup>(b)(c)</sup> | 02/01/2055 | 1076191 |
| California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) | California Community Choice Financing Authority Series 2021B-2 (A1/NR) |
| 170000 | 3.180 <sup>(b)(d)</sup> | 02/01/2052 | 160020 |
| California County Tobacco Securitization Agency RB Refunding<br>Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding<br>Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding<br>Series 2020 B-1 (NR/BBB+) | California County Tobacco Securitization Agency RB Refunding<br>Series 2020 B-1 (NR/BBB+) |
| 305000 | 5.000 | 06/01/2049 | 294657 |
| California Enterprise Development Authority Lease RB Riverside County Mead Valley Wellness Village Project Series 2024A (Aa3/AA-) | California Enterprise Development Authority Lease RB Riverside County Mead Valley Wellness Village Project Series 2024A (Aa3/AA-) | California Enterprise Development Authority Lease RB Riverside County Mead Valley Wellness Village Project Series 2024A (Aa3/AA-) | California Enterprise Development Authority Lease RB Riverside County Mead Valley Wellness Village Project Series 2024A (Aa3/AA-) |
| 100000 | 5.250 | 11/01/2049 | 103673 |
| California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) | California Enterprise Development Authority RB for Provident Group-SDSU Properties LLC - M@College Project Series 2020 A (Baa3/NR) |
| 575000 | 5.000 | 08/01/2040 | 582259 |
| California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) | California Enterprise Development Authority Student Housing RR Bonds for Provident Group - Pomona Properties L.L.C. Project Series 2024A (Baa3/NR) |
| 650000 | 5.000 | 01/15/2039 | 672321 |
| California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) | California Health Facilities Financing Authority Cedars-Sinai Medical Center Refunding RB Series 2016B (Aa3/NR) |
| 960000 | 4.000 | 08/15/2039 | 937789 |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 500000 | 5.000 | 12/01/2028 | 530439 |
| 590000 | 5.250 | 12/01/2041 | 600137 |
| California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System/West Series 2024A (NR/BBB+) |
| 100000 | 5.000 | 12/01/2036 | 104973 |
| California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) | California Health Facilities Financing Authority RB Children'S Hospital of Orange County Series 2024B (NR/AA) |
| 110000 | 5.000 <sup>(b)(c)</sup> | 11/01/2054 | 124018 |
| California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) | California Health Facilities Financing Authority RB Commonspirit Health Series 2024A (A3/A-) |
| 100000 | 5.000 | 12/01/2030 | 111355 |
| 855000 | 5.000 | 12/01/2034 | 956720 |
| 215000 | 5.000 | 12/01/2042 | 220772 |
| 110000 | 5.000 | 12/01/2044 | 111636 |
| California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) | California Health Facilities Financing Authority RB for Lucile Salter Packard Children's Hospital Series 2017 A (A1/A+) |
| 1000000 | 5.000 | 11/15/2042 | 1006076 |
| California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) | California Health Facilities Financing Authority RB for Providence Health & Services Series 2014B (A3/A) |
| 1000000 | 5.000 | 10/01/2044 | 996829 |
| California Health Facilities Financing Authority RB Scripps Health<br>Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health<br>Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health<br>Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health<br>Series 2024B (NR/AA-) |
| 100000 | 5.000 <sup>(b)(c)</sup> | 11/15/2061 | 112431 |
| California Health Facilities Financing Authority RB Sutter Health<br>Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health<br>Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health<br>Series 2018A (A1/A+) | California Health Facilities Financing Authority RB Sutter Health<br>Series 2018A (A1/A+) |
| 125000 | 5.000 | 11/15/2027 | 132557 |
| California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) |
| 185000 | 4.000 | 03/01/2039 | 164452 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>3</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System/West Series 2016A (NR/BBB+) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230000 | 3.000% | 03/01/2039 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186381 |
| California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) | California Health Facilities Financing Authority Refunding RB Sutter Health Series 2016B (A1/A+) |
| 345000 | 4.000 | 11/15/2041 | 317482 |
| California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) | California Health Facilitiess Financing Authority Variable Rate RB Providence St Joseph Health Obligated Group 2009D (A3/A) |
| 210000 | 5.000 | 07/01/2031 | 236838 |
| California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) | California Infrastructure & Economic Development Bank RB Series A (A3/A-) |
| 720000 | 4.000 | 05/01/2039 | 701945 |
| California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) | California Infrastructure and Economic Development Bank RB Bay Area Toll Authority Series 2003 A (FGIC) (#Aa1/AA+) |
| 130000 | 5.000 <sup>(e)</sup> | 01/01/2028 | 138268 |
| California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) | California Infrastructure and Economic Development Bank Refunding RB (A3/A-) |
| 290000 | 5.000 | 05/01/2031 | 297509 |
| California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) | California Infrastructure and Economic Development Bank Refunding RB Preforming Arts Center of Los Angeles County Series 2020 (A3/A) |
| 250000 | 5.000 | 12/01/2041 | 256989 |
| California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) | California Infrastructure and Economic Development Bank Refunding RB Segerstrom Center for The Arts Series 2024 (NR/A-) |
| 100000 | 5.000 | 01/01/2032 | 110785 |
| California Infrastructure and Economic Development Bank Refunding RB The J. Paul Getty Trust Series 2023 Consisting of Series 2023B (Aaa/AAA) | California Infrastructure and Economic Development Bank Refunding RB The J. Paul Getty Trust Series 2023 Consisting of Series 2023B (Aaa/AAA) | California Infrastructure and Economic Development Bank Refunding RB The J. Paul Getty Trust Series 2023 Consisting of Series 2023B (Aaa/AAA) | California Infrastructure and Economic Development Bank Refunding RB The J. Paul Getty Trust Series 2023 Consisting of Series 2023B (Aaa/AAA) |
| 1500000 | 5.000 <sup>(b)(c)</sup> | 10/01/2047 | 1534957 |
| California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) | California Infrastructure and Economic Development Bank Revenue Refunding Bonds Segerstrom Center For The Arts Series 2017 (NR/A-) |
| 100000 | 5.000 | 01/01/2028 | 105660 |
| California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) | California Municipal Finance Authority Community Facilities District No. 2021-13 City of Lincoln - Esplanade At Turkey Creek Special Tax Bonds Series 2025 (NR/NR) |
| 150000 | 5.000 | 09/01/2055 | 141774 |
| California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB Series 2018A (NR/NR) |
| 100000 | 5.000 | 12/31/2034 | 101255 |
| California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) | California Municipal Finance Authority Linxs Apm Project Senior Lien RB, Series 2018A (NR/NR) |
| 100000 | 5.000 | 06/30/2031 | 102774 |
| California Municipal Finance Authority Multifamily Housing RB Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Montecito Village 2025 Series A (FNMA COLL) (Aa1/NR) |
| 100000 | 4.700 | 07/01/2041 | 100513 |
| California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) | California Municipal Finance Authority Multifamily Housing RB Oaks on Balboa, Series 2025 A-1 (Aa1/NR) |
| 100000 | 3.150<sup></sup> <sup>(b)(c)</sup> | 08/01/2059 | 100657 |
| California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast Inc. Series 2025A (NR/NR) |
| 250000 | 5.000 | 12/01/2032 | 264254 |
| 250000 | 5.000 | 12/01/2033 | 263317 |
| 250000 | 5.000 | 12/01/2034 | 260953 |
| California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) | California Municipal Finance Authority RB Community Health Centers of The Central Coast, Inc. Series 2025A (NR/NR) |
| 250000 | 5.000 | 12/01/2035 | 257243 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) | California Municipal Finance Authority RB for Community Medical Centers Series 2017 A (A3/BBB+) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150000 | 5.000% | 02/01/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161813 |
| California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) | California Municipal Finance Authority RB for The Learning Choice Academy Series 2021 A (NR/BBB-) |
| 675000 | 4.000 | 07/01/2031 | 676245 |
| 250000 | 4.000 | 07/01/2055 | 187064 |
| California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) | California Municipal Finance Authority RB Refunding for California Lutheran University Series 2018 (Baa2/NR) |
| 225000 | 5.000 | 10/01/2031 | 234613 |
| 250000 | 5.000 | 10/01/2034 | 256943 |
| 300000 | 5.000 | 10/01/2037 | 304816 |
| 300000 | 5.000 | 10/01/2038 | 303328 |
| California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) | California Municipal Finance Authority Refunding RB PRS-California Obligated Group Projects Series 2024A Tax-Exempt (NR/NR) |
| 100000 | 5.000 | 04/01/2044 | 98015 |
| California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) | California Municipal Finance Authority Revenue Refunding Bonds Series 2025A (NR/NR) |
| 1000000 | 5.000 | 10/01/2036 | 1061969 |
| California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal RB Waste Management Inc. Project Series 2020 (NR/A-/A-2) (PUTABLE) |
| 125000 | 3.950 <sup>(b)(c)(f)</sup> | 10/01/2045 | 125000 |
| California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB+) | California Municipal Finance Authority Special Facility RB For United Airlines International Airport Project Series 2019 (NR/BB+) |
| 1000000 | 4.000 | 07/15/2029 | 995126 |
| California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) | California Municipal Finance Authority Student Housing RB for Bowles Hall Foundation Series 2015 A (Baa3/NR) |
| 400000 | 5.000 | 06/01/2035 | 400211 |
| California Pollution Control Financing Authorit Solid Waste Disposal Refunding RB Republic Services Inc. Project Series 2023 (AMT) (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authorit Solid Waste Disposal Refunding RB Republic Services Inc. Project Series 2023 (AMT) (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authorit Solid Waste Disposal Refunding RB Republic Services Inc. Project Series 2023 (AMT) (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authorit Solid Waste Disposal Refunding RB Republic Services Inc. Project Series 2023 (AMT) (NR/A-/A-2) (PUTABLE) |
| 1000000 | 3.800 <sup>(b)(c)(g)</sup> | 07/01/2043 | 999993 |
| California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) | California Pollution Control Financing Authority RB San Jose Water Company Project Series 2016 (NR/A) |
| 100000 | 4.750 | 11/01/2046 | 91321 |
| California Pollution Control Financing Authority Solid Waste Disposal Refunding RB Waste Management Inc. Project Series 2015B-2 (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB Waste Management Inc. Project Series 2015B-2 (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB Waste Management Inc. Project Series 2015B-2 (NR/A-/A-2) (PUTABLE) | California Pollution Control Financing Authority Solid Waste Disposal Refunding RB Waste Management Inc. Project Series 2015B-2 (NR/A-/A-2) (PUTABLE) |
| 125000 | 3.125 <sup>(b)(c)</sup> | 11/01/2040 | 124827 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources Desalination Project Series 2023 (Baa3/NR) |
| 250000 | 5.000 <sup>(g)</sup> | 07/01/2037 | 260261 |
| California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB for Poseidon Resources LP Desalination Project Series 2012 (AMT) (Baa3/NR) |
| 1000000 | 5.000 <sup>(g)</sup> | 11/21/2045 | 949597 |
| California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) | California Pollution Control Financing Authority Water Furnishing RB Refunding for San Diego County Water Desalination Project Series 2019 (Baa3/NR) |
| 1090000 | 5.000 <sup>(g)</sup> | 07/01/2029 | 1130123 |
| California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) | California Public Finance Authority California Tax Increment RB Fontana Jurupa Hills Project 2025A (AG) (NR/AA) |
| 200000 | 5.000 | 09/01/2033 | 223971 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **4** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) | California Public Finance Authority Health Care Facilities RB Series 2025A (Baa1/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 11/01/2054 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94836 |
| California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB-) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB-) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB-) | California Public Finance Authority RB Henry Mayo Newhall Hospital Series 2021B (NR/BBB-) |
| 680000 | 4.000 <sup>(b)(c)</sup> | 10/15/2051 | 653285 |
| California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/BB+) | California School Finance Authority Charter School RB for Envision Education – Obligated Group Series 2024A (NR/BB+) |
| 720000 | 5.000 <sup>(g)</sup> | 06/01/2034 | 732229 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2020 A (NR/BBB-) |
| 500000 | 5.000 <sup>(g)</sup> | 10/01/2040 | 496930 |
| California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) | California School Finance Authority RB for Classical Academy Obligated Group Series 2021 A (NR/BBB-) |
| 240000 | 3.000 <sup>(g)</sup> | 10/01/2031 | 228361 |
| California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) | California School Finance Authority RB for Fenton Charter Public Schools Series 2020 A (NR/BB+) |
| 500000 | 5.000 <sup>(g)</sup> | 07/01/2040 | 472007 |
| California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) | California School Finance Authority School Facility RB Value Schools Series 2020A (NR/BBB-) |
| 220000 | 3.250 <sup>(g)</sup> | 07/01/2030 | 215085 |
| California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) | California School Finance Authority School Facility Refunding RB Value Schools Series 2023A (ST INTERCEPT) (NR/BBB-) |
| 545000 | 5.000 <sup>(g)</sup> | 07/01/2040 | 542238 |
| California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) | California State GO Refunding Bonds 2007 (AG) (Aa2/AA) |
| 1000000 | 5.250 | 08/01/2032 | 1144692 |
| California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/NR) | California Statewide Communities Development Authority Community Facilities District No. 2023-08 San Juan Oaks Improvement Area No. 1 Special Tax Bonds Series 2025 (NR/NR) |
| 550000 | 5.000 | 09/01/2040 | 550502 |
| California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) | California Statewide Communities Development Authority Infrastructure Program RB for Pacific Highlands Ranch Series 2019 (NR/NR) |
| 875000 | 5.000 | 09/02/2034 | 916635 |
| 595000 | 5.000 | 09/02/2039 | 607828 |
| California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2004J (NR/AA-) (PUTABLE) |
| 150000 | 5.000 <sup>(b)(c)</sup> | 04/01/2036 | 164642 |
| California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) | California Statewide Communities Development Authority Kaiser Permanente RB Series 2009C Sub-Series C-3 (NR/AA-) (PUTABLE) |
| 125000 | 5.000 <sup>(b)(c)</sup> | 04/01/2045 | 137202 |
| California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) |
| 370000 | 3.500 | 03/01/2038 | 334929 |
| California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) | California Statewide Communities Development Authority RB Green Bonds for Marin General Hospital Series 2018A (NR/BBB) |
| 365000 | 5.000 | 08/01/2028 | 381786 |
| California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) | California Statewide Communities Development Authority RB John Muir Health Series 2024A (NR/A+) |
| 1000000 | 5.000 | 12/01/2041 | 1049093 |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) |
| 460000 | 5.000 | 04/01/2030 | 472022 |
| 135000 | 5.000 | 04/01/2031 | 138154 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) | California Statewide Communities Development Authority RB Refunding for Front Porch Communities & Services Series 2017 A (NR/A-) – (continued) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385000 | 4.000% | 04/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387306 |
| California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) | California Statewide Communities Development Authority RB Refunding for Loma Linda University Medical Center Series 2014 A (NR/BB) |
| 150000 | 5.500 | 12/01/2054 | 145130 |
| California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) | California Statewide Communities Development Authority Special Assessment Bond Series 2020 (NR/NR) |
| 1190000 | 4.000 | 09/02/2028 | 1199763 |
| California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) | California Statewide Communities Development Authority Student Housing RB for University of California Irvine East Campus Apartments, Phase IV-A CHF-Irvine, LLC Series 2017 (Baa1/NR) |
| 975000 | 5.000 | 05/15/2042 | 975717 |
| California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) | California Statewide Communities Development Authority Student Housing Refunding RB for University of California Irvine East Campus Apartments Series 2016 (Baa1/NR) |
| 50000 | 5.000 | 05/15/2040 | 50035 |
| City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) | City & County of San Francisco Community Facilities District No. 2016-1 Special Tax Bonds Series 2021 (NR/NR) |
| 1000000 | 4.000 | 09/01/2041 | 872332 |
| City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) |
| 250000 | 3.350 <sup>(b)(c)</sup> | 08/01/2029 | 253757 |
| City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) | City of Chino CA Community Facilities District No. 2003-3 Special Tax for Improvement Area No. 7 Series 2020 (NR/NR) |
| 1275000 | 4.000 | 09/01/2032 | 1297257 |
| City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) | City of Glendale California Electric RB 2025 Series (Aa3/NR) |
| 1000000 | 5.000 | 02/01/2055 | 1006681 |
| City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) | City of Glendale California Electric RB, 2024 Series (NR/A+) |
| 140000 | 5.000 | 02/01/2039 | 151397 |
| City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) | City of Long Beach Marina Revenue Refunding Bonds Series 2025 (NR/A) |
| 100000 | 5.000 | 05/15/2026 | 101768 |
| City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) | City of Los Angeles Department of Airports International Airport Series RB 2022 Series G (AMT) (Aa2/AA) |
| 750000 | 5.000 | 05/15/2028 | 794492 |
| City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) | City of Newport Beach Assessment District No. 124 Limited Obligation Improvement Bonds 2023 Series A (NR/NR) |
| 725000 | 5.000 | 09/02/2043 | 730803 |
| City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) | City of Palm Desert Section 29 Assessment District No. 2004-02 Special Assessment Refunding Bonds Series 2021 (NR/NR) |
| 700000 | 4.000 | 09/02/2031 | 719859 |
| City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/NR) | City of Sacramento Railyards Community Facilities District No. 2018-01 Improvements Special Tax Bonds Series 2022 (NR/NR) |
| 600000 | 5.375 <sup>(g)</sup> | 09/01/2052 | 589697 |
| City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) | City of San Jose California GO Bonds Disaster Preparedness Public Safety and Infrastructure Series 2025A (Aa1/AA+) |
| 1000000 | 5.000 | 09/01/2055 | 1025857 |
| City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) | City of Tulare California Sewer Revenue Refunding Bonds, Series 2015 (AG) (A1/AA) |
| 870000 | 5.000 | 11/15/2033 | 873279 |
| City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) | City of Vernon Electric System RB 2021 Series A (Baa1/A-) |
| 100000 | 5.000 | 04/01/2028 | 105468 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>5</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds<br>Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds<br>Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds<br>Series 2025 (AG) (NR/AA) | Community Facilities District No. 1997-1 Schools Infrastructure Financing Agency County of Stanislaus State of California Special Tax Bonds<br>Series 2025 (AG) (NR/AA) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150000 | 5.000% | 09/01/2045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153679 |
| Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) | Community Facilities District No. 2020-2 Countryview of The Romoland School District Improvement Area No. 1 Series 2025 Special Tax Bonds (NR/NR) |
| 100000 | 5.000 | 09/01/2040 | 101168 |
| Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/NR) | Community Facilities District No. 2021-1 of The Temecula Valley Unified School District Special Tax Bonds Series 2024 (NR/NR) |
| 100000 | 5.000 | 09/01/2049 | 95560 |
| Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) | Community Facilities District No. 2023-2 Cimarron Ridge of The City of Menifee Improvement Area No. 1 Special Tax Bonds Series 2025A (NR/NR) |
| 260000 | 5.000 | 09/01/2035 | 270158 |
| Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) | Contra Costa Transportation Authority Sales Tax RB Limited Tax Bonds Refunding Bonds Series 2018B (NR/AAA) |
| 135000 | 5.000 | 03/01/2030 | 140481 |
| County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/AA) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/AA) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/AA) | County of Sacramento Airport System Senior RB Series 2025A (AMT) (A2/AA) |
| 1000000 | 5.000 | 07/01/2037 | 1056734 |
| County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) | County of Sacramento RB Refunding for Airport System Series 2018 C (A2/A+) |
| 1000000 | 5.000 | 07/01/2039 | 1008695 |
| CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) | CSCDA Community Improvement Authority Essential Housing Senior Lien RB Series 2021A-1 (NR/NR) |
| 200000 | 3.600 <sup>(g)</sup> | 05/01/2047 | 156188 |
| Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) | Cypress California Elem School District GO School District Bonds 2009A (AG) (A1/AA) |
| 110000 | 0.000 <sup>(a)</sup> | 08/01/2032 | 89011 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Senior Refunding RB 2018 Series B (Amt) (Aa2/AA) |
| 100000 | 5.000 | 05/15/2027 | 103977 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate RB 2021 Series D (NR/NR) |
| 10000 | 5.000 | 05/15/2031 | 10838 |
| Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021<br>Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021<br>Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021<br>Series A (Aa3/AA-) | Department of Airports of The City of Los Angeles California Los Angeles International Airport Subordinate Revenue and Refunding RB 2021<br>Series A (Aa3/AA-) |
| 100000 | 5.000 | 05/15/2037 | 103718 |
| Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) | Department of Airports of The City of Los Angeles, California Los Angeles International Airport Subordinate RB 2018 Series D (AMT) (Aa3/AA-) |
| 260000 | 5.000 | 05/15/2031 | 275382 |
| Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
| 1260000 | 5.000 | 07/01/2048 | 1243849 |
| Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series A (Aa2/NR) |
| 310000 | 5.000 | 07/01/2028 | 326574 |
| Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System RB 2025 Series A (Aa2/NR) |
| 1000000 | 5.000 <sup>(f)</sup> | 01/01/2030 | 1078355 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) | Department of Water and Power of The City of Los Angeles Water System Variable Rate Demand RB 2021 Subseries A-2 (Aa2/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 | 3.300 %<sup>(b)(c)</sup> | 07/01/2051 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3050000 |
| Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) | Dublin Community Facilities District No. 2015-1 Improvement Area No. 1 Special Tax Series 2017 (NR/NR) |
| 575000 | 5.000 | 09/01/2027 | 587519 |
| East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) | East Bay Municipal Utility District Alameda and Contra Costa Counties California Wastewater System Revenue Refunding Bonds Series 2015A-2 (Aa1/AAA) |
| 100000 | 5.000 | 06/01/2038 | 113065 |
| East Bay Regional Park District 2024 Promissory Notes (Aaa/AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/AAA) | East Bay Regional Park District 2024 Promissory Notes (Aaa/AAA) |
| 100000 | 4.000 | 05/01/2043 | 94464 |
| East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) | East Side Union High School District Santa Clara County California 2015 GO Refunding Bonds (Aa3/A+) |
| 285000 | 3.750 | 08/01/2038 | 273299 |
| Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) | Eastern Foothill Transportation Corridor Agency Senior Lien Toll Road Refunding RB Series 1995A (NR/AA+) |
| 105000 | 0.000 <sup>(a)</sup> | 01/01/2028 | 99633 |
| El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) |
| 150000 | 5.000 | 06/15/2030 | 166639 |
| El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series B-2 (NR/A+) |
| 200000 | 5.000 | 06/15/2030 | 222186 |
| El Dorado Irrigation District Refunding RB Series 2016C (Aa3/AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/AA-) | El Dorado Irrigation District Refunding RB Series 2016C (Aa3/AA-) |
| 695000 | 4.000 | 03/01/2034 | 696558 |
| El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) | El Monte City School District Los Angeles California Election of 2008 GO Bonds Series B (A1/A+) |
| 100000 | 0.000 <sup>(a)</sup> | 08/01/2039 | 53724 |
| El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) | El Monte Union High School District Los Angeles County California Election of 2018 GO Bonds Series D (Aa3/NR) |
| 800000 | 5.000 | 06/01/2041 | 849136 |
| 500000 | 5.250 | 06/01/2045 | 527696 |
| El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) | El Rancho California University School Dist GO School Bonds 2008E (AG) (NR/AA) |
| 130000 | 0.000 <sup>(a)</sup> | 08/01/2033 | 99844 |
| Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) | Elk Grove Finance Authority California Special Tax RB Series 2024 (NR/NR) |
| 200000 | 5.000 | 09/01/2039 | 202959 |
| Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) |
| 100000 | 5.000 | 11/01/2029 | 107299 |
| 1655000 | 5.000 | 11/01/2049 | 1600795 |
| Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) | Folsom Ranch Financing Authority, Community Facilities District No. 18 Folsom Plan Area-Wide Improvements and Services Special Tax RB Series 2024 (NR/NR) |
| 100000 | 5.000 | 09/01/2028 | 105075 |
| Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) | Foothill-De Anza California Community College Dist G.O. Bonds Electricity 99 2000 A (NATL) (Aaa/AAA) |
| 110000 | 0.000 <sup>(a)</sup> | 08/01/2027 | 105339 |
| Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) | Glendora California University School District GO School Bonds 2009B (AG) (Aa3/AA) |
| 225000 | 0.000 <sup>(a)</sup> | 08/01/2033 | 174157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **6** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) | Harbor Department of The City of Los Angeles Refunding RB 2024 Series A-2 (AMT) (Aa2/AA+) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685000 | 5.000% | 08/01/2036 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746556 |
| Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) | Imperial Irrigation District Electric System Refunding RB Series 2016B-1 (NR/AA-) |
| 905000 | 5.000 | 11/01/2046 | 912978 |
| Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) | Improvement Area No. 1 of City of Mountain House Community Facilities District No. 2024-1 Public Facilities and Services California Special Tax Bonds Series 2025 (NR/NR) |
| 500000 | 5.000 | 09/01/2040 | 501499 |
| Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) | Independent Cities Finance Authority RB for City of Compton Sales Tax Series 2021 (AG) (NR/AA) |
| 665000 | 4.000 <sup>(g)</sup> | 06/01/2036 | 658582 |
| Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) | Irvine Facilities Financing Authority Gateway Preserve Land Acquisition Project Lease RB, Series 2023A (NR/AA+) |
| 850000 | 5.250 | 05/01/2048 | 853198 |
| Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) | Irvine Unified School District Community Facilities District No. 09-1 Special Tax Bonds Series 2017 A (NR/NR) |
| 690000 | 5.000 | 09/01/2042 | 692859 |
| Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) | Irvine Unified School District Community Facilities District Number 09-1 Special Tax Bonds Series 2019A (NR/NR) |
| 215000 | 4.000 | 09/01/2039 | 202525 |
| Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) | Lake Tahoe Unified School District GO Bonds Election of 2008 Series 2010 (AGM) (A1/AA) |
| 100000 | 0.000 <sup>(a)</sup> | 08/01/2031 | 84298 |
| Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) | Lone Pine Unified School District Inyo County California General Obligation Bonds, Election of 2024 Series 2025 (NR/A+) |
| 250000 | 5.500 | 08/01/2054 | 257276 |
| Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) | Long Beach Unified School District County of Los Angeles California Election of 2008 GO Bonds Series D-1 (Aa2/AA-) |
| 500000 | 0.000 <sup>(a)</sup> | 08/01/2031 | 394525 |
| 275000 | 0.000 <sup>(a)</sup> | 08/01/2032 | 207743 |
| Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (NR/NR) |
| 75000 | 5.000 | 10/01/2027 | 79291 |
| Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) | Los Angeles California University School District CTFS Partner Co Op 2023 A Green Bond (A1/NR) |
| 50000 | 5.000 | 10/01/2027 | 52987 |
| Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) | Los Angeles County Development Authority Multifamily Housing Mortgage RB 2111 Firestone 2023 Series E (HUD SECT 8) (Aa1/NR) |
| 155000 | 5.000 <sup>(b)(c)</sup> | 07/01/2043 | 156965 |
| Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2024 Series H (NR/AA+) |
| 230000 | 5.000 | 12/01/2028 | 251610 |
| Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) | Los Angeles County Public Works Financing Authority Lease RB 2025 Series J (NR/AA+) |
| 1000000 | 5.250 <sup>(f)</sup> | 12/01/2050 | 1042275 |
| Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds 2015 Series B (Tax-Exempt) (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds 2015 Series B (Tax-Exempt) (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds 2015 Series B (Tax-Exempt) (Aa2/AA+) | Los Angeles County Public Works Financing Authority Lease Revenue Refunding Bonds 2015 Series B (Tax-Exempt) (Aa2/AA+) |
| 100000 | 5.000 | 12/01/2025 | 100704 |
| Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) | Los Angeles Department of Airports RB Senior Refunding Series 2018 B (Aa2/AA) |
| 1000000 | 5.000 | 05/15/2034 | 1028970 |
| Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California Election of 2024 GO Bonds US Series A-1 2025 (Aa2/NR) |
| 250000 | 5.000 | 07/01/2037 | 283938 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) | Los Angeles Unified School District County of Los Angeles California GO Bonds Series Qrr (Aa2/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640000 | 5.000% | 07/01/2043 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676217 |
| 600000 | 5.000 | 07/01/2045 | 624963 |
| Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) | Menlo Park City School District County of San Mateo 2015 GO Refunding Bonds Capital Appreciation Bonds (Aaa/AAA) |
| 1000000 | 0.000 <sup>(a)</sup> | 07/01/2033 | 731228 |
| Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) | Merced Union High School District Merced County California GO Refunding Bonds Series 2025 (Aa2/NR) |
| 195000 | 5.000 | 08/01/2036 | 223692 |
| Msr Energy Authority California Gas RB Series 2009A Modesto (NR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NR/BBB+) | Msr Energy Authority California Gas RB Series 2009A Modesto (NR/BBB+) |
| 100000 | 6.125 | 11/01/2029 | 105960 |
| Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2020-A (NR/A+) |
| 140000 | 5.000 | 11/01/2026 | 144573 |
| Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) | Municipal Improvement Corporation of Los Angeles Lease RB Series 2023-A (Aa3/NR) |
| 120000 | 5.000 | 05/01/2028 | 128976 |
| Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) | Municipal Improvement Corporation of Los Angeles Series 2016-B (NR/A+) |
| 100000 | 5.000 | 11/01/2027 | 103220 |
| Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) | Needles Unified School District San Bernardino County Ca Go Bonds Election of 2008 Series 2011B (AGM) (A1/AA) |
| 815000 | 0.000 <sup>(h)</sup> | 08/01/2041 | 644136 |
| Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) | Palomar Health Certificates of Participation Evidencing Proportionate Undivided Ownership Interests of the Holders thereof in Installment Payments to be Paid Series 2022A (AGM) (A1/AA) |
| 100000 | 5.250 | 11/01/2035 | 106764 |
| Public Utilities Commission of The City and County of San Francisco Wastewater RB 2024 Series C (Aa2/AA) | Public Utilities Commission of The City and County of San Francisco Wastewater RB 2024 Series C (Aa2/AA) | Public Utilities Commission of The City and County of San Francisco Wastewater RB 2024 Series C (Aa2/AA) | Public Utilities Commission of The City and County of San Francisco Wastewater RB 2024 Series C (Aa2/AA) |
| 100000 | 5.000 | 10/01/2054 | 101827 |
| River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) | River Islands Public Financing Authority Community Facilities District No. 2003-1 Special Tax series 2022 (NR/NR) |
| 100000 | 5.750 | 09/01/2052 | 101681 |
| Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) | Riverside County Redevelopment Agency Tax Allocation for Capital Appreciation Jurupa Valley Redevelopment Project Area Series 2011 B (NR/A+) |
| 100000 | 0.000 <sup>(a)</sup> | 10/01/2038 | 55847 |
| 260000 | 0.000 <sup>(a)</sup> | 10/01/2042 | 113696 |
| Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) | Riverside County Transportation Commission Toll Revenue Senior Lien Refunding Bonds 2021 Series B-1 (NR/A) |
| 310000 | 4.000 | 06/01/2037 | 305871 |
| 410000 | 4.000 | 06/01/2038 | 397446 |
| 530000 | 4.000 | 06/01/2039 | 505835 |
| Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) | Riverside Public Financing Authority Lease RB Series 2025A (NR/ AA-) |
| 200000 | 5.000 | 11/01/2034 | 227131 |
| Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) | Riverside Unified School District Financing Authority California 2024 Special Tax Refunding RB (BAM) (NR/AA) |
| 100000 | 5.000 | 09/01/2035 | 115134 |
| Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) | Sacramento City Unified School District 2024 GO Bonds for Election of 2020 Measure H 2024 Series B (AGM) (A1/AA) |
| 100000 | 4.000 | 08/01/2048 | 89108 |
| San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) | San Bernardino City Unified School District Certificates of Participation 2025 Financing (AG) (NR/AA) |
| 200000 | 4.375 | 10/01/2043 | 194903 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>7</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) | San Diego County Regional Airport Authority Subordinate Airport RB Series 2021B (A1/NR) |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250000 | 5.000% | 07/01/2028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265007 |
| 150000 | 4.000 | 07/01/2046 | 128872 |
| San Diego Regional Building Authority Lease Revenue Refunding Bonds County Operations Center Series 2016A (Aa1/AA+) | San Diego Regional Building Authority Lease Revenue Refunding Bonds County Operations Center Series 2016A (Aa1/AA+) | San Diego Regional Building Authority Lease Revenue Refunding Bonds County Operations Center Series 2016A (Aa1/AA+) | San Diego Regional Building Authority Lease Revenue Refunding Bonds County Operations Center Series 2016A (Aa1/AA+) |
| 165000 | 5.000 | 10/15/2028 | 165492 |
| San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) | San Diego Unified School District 2010 GO Bonds (Aa2/AA-) |
| 900000 | 0.000 <sup>(a)</sup> | 07/01/2043 | 395297 |
| San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) | San Francisco Community College District City and County of San Francisco California Election of 2020 GO Bonds Series B (BAM) (A1/AA) |
| 100000 | 5.250 | 06/15/2049 | 104464 |
| San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) | San Joaquin Hills Transportation Corridor Agency RB Refunding for Junior Lien Toll Road Series 2014B (NR/A-) |
| 100000 | 5.250 | 01/15/2049 | 100003 |
| San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) | San Leandro Public Financing Authority 2018 Lease RB (NR/AA-) |
| 150000 | 5.000 | 11/01/2043 | 152073 |
| Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) |
| 1500000 | 0.000 <sup>(a)</sup> | 08/01/2030 | 1290980 |
| School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) | School Facilities Improvement District No.3 of Tracy Unified School District San Joaquin County California GO Bonds 2014 Election, Series 2018 (Aa1/NR) |
| 115000 | 3.250 | 08/01/2032 | 115201 |
| Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) | Sierra View Local Health Care District RB Refunding for Tulare County Series 2020 (NR/NR) |
| 320000 | 4.000 | 07/01/2026 | 322682 |
| South San Francisco Unified School District 2016 GO Bonds Measure J, Series C (Aaa/NR) | South San Francisco Unified School District 2016 GO Bonds Measure J, Series C (Aaa/NR) | South San Francisco Unified School District 2016 GO Bonds Measure J, Series C (Aaa/NR) | South San Francisco Unified School District 2016 GO Bonds Measure J, Series C (Aaa/NR) |
| 105000 | 0.000 <sup>(a)</sup> | 09/01/2025 | 105000 |
| Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) |
| 500000 | 5.000 <sup>(b)(c)</sup> | 07/01/2053 | 532078 |
| State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) | State of California GO Bonds Various Purpose General Obligation Refunding Bonds (Aa2/AA-) |
| 100000 | 5.000 | 03/01/2035 | 107634 |
| State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) | State of California Various Purpose GO Bonds (Aa2/AA-) |
| 500000 | 5.250 | 10/01/2039 | 503939 |
| State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) | State Public Works Board of The State of California Lease RB for Various Capital Projects Series 2023 D (Aa3/A+) |
| 100000 | 5.500 | 11/01/2028 | 110478 |
| Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties 2019 GO Refunding Bonds (Aa3/NR) |
| 100000 | 3.000 | 08/01/2042 | 78760 |
| Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) | Tahoe Forest Hospital District Placer and Nevada Counties California 2015 GO Refunding Bonds (Aa3/NR) |
| 100000 | 3.500 | 08/01/2038 | 92010 |
| Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) | Tejon Ranch Public Facilities Financing Authority Special Tax for Community Facilities District No. 2008-1 Industrial Complex Public Improvements series 2024-A (NR/NR) |
| 100000 | 5.000 | 09/01/2042 | 100649 |
| The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) | The Regents of The University of California Medical Center Pooled RB Series 2016-L (Tax-Exempt) (Aa3/AA-) |
| 125000 | 5.000 | 05/15/2032 | 126696 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| The Regents of The University of California General RB 2013 Series Al-2 (Aa2/AA/A-1+) | The Regents of The University of California General RB 2013 Series Al-2 (Aa2/AA/A-1+) | The Regents of The University of California General RB 2013 Series Al-2 (Aa2/AA/A-1+) | The Regents of The University of California General RB 2013 Series Al-2 (Aa2/AA/A-1+) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 | 3.450 %<sup>(b)(c)</sup> | 05/15/2048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;840000 |
| The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) | The Regents of The University of California General RB 2024 Series BS (Aa2/AA) |
| 1000000 | 5.000 | 05/15/2037 | 1108680 |
| The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) | The Regents of The University of California General RB 2025 Series CA (Aa2/AA) |
| 925000 | 5.000 | 05/15/2038 | 1019332 |
| Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) | Tobacco Securitization Authority of Southern California RB Refunding for San Diego County Tobacco Asset Securitization Corp. Series 2019 A-1 (NR/A) |
| 885000 | 5.000 | 06/01/2026 | 897678 |
| Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) | Tobacco Securitization Authority of Southern California Tobacco Settlement Asset-Backed Refunding Bonds Series 2019 (NR/A-) |
| 500000 | 5.000 | 06/01/2035 | 517938 |
| Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) | Transbay Joint Powers Authority Tax Allocation for Transbay Redevelopment Project Series 2020 A (NR/NR) |
| 1210000 | 5.000 | 10/01/2037 | 1223992 |
| Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) | Transmission Agency of Northern California California-Oregon Transmission Project Revenue Refunding Bonds 2016 Series A (Aa3/A+) |
| 1000000 | 5.000 | 05/01/2032 | 1014197 |
| Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) | Trustees of The California State University Systemwide RB Series 2016A (Aa2/AA-) |
| 125000 | 3.125 | 11/01/2036 | 114832 |
| 1000000 | 5.000 | 11/01/2041 | 1006710 |
| Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) | Tulare County Transportation Authority Sales Tax RB Limited Tax Bonds Series 2020 (NR/AA) |
| 100000 | 4.000 | 02/01/2034 | 104147 |
| Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) | Tulare Joint Union High School District 2025 Certificates of Participation Evidencing the Direct, Undivided Fractional Interests of the Owners Thereof in Lease Payments to be made by the Tulare Joint Union High School District to the Local Facilities Fina (AG) (NR/AA) |
| 200000 | 5.000 | 06/01/2035 | 210158 |
| Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) | Turlock Irrigation District First Priority Subordinated Revenue Refunding Bonds, Series 2016 (NR/AA-) |
| 350000 | 5.000 | 01/01/2046 | 352458 |
| Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) | Union Elementary School District Santa Clara County Election of 2014 GO Bonds Series A (Aa1/AA+) |
| 100000 | 3.125 | 09/01/2039 | 87440 |
| Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) | Washington Township Healthcare District Revenue Refunding Bonds 2020 Series A (Baa3/NR) |
| 250000 | 5.000 | 07/01/2026 | 253717 |
| Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) | Western Riverside Water and Wastewater Financing Authority Local Agency Revenue Refunding Bonds 2025 Series A (AG) (NR/AA) |
| 200000 | 5.000 | 09/01/2036 | 230888 |
|  |  |  | 95972274 |
| Guam - 4.7% | Guam - 4.7% | Guam - 4.7% | Guam - 4.7% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 100000 | 5.000 | 10/01/2030 | 107752 |
| 100000 | 5.000 | 10/01/2033 | 108310 |
| 150000 | 5.000 | 10/01/2035 | 160766 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **8** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Guam – (continued) | Guam – (continued) | Guam – (continued) | Guam – (continued) |
| A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority, Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100000 | 5.000% | 10/01/2037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105781 |
| 125000 | 5.000 | 10/01/2039 | 130314 |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 1000000 | 5.000 | 01/01/2028 | 1044563 |
| Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB) | Government of Guam Limited Obligation Section 30 Bonds Series 2016A (NR/BB) |
| 100000 | 5.000 | 12/01/2035 | 100852 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000 | 01/01/2042 | 88820 |
| Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2034 | 108785 |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| 200000 | 5.000 | 10/01/2031 | 219001 |
| Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) |
| 1000000 | 5.000 | 10/01/2032 | 1098039 |
| Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) | Guam Waterworks Authority RB Refunding for Water & Wastewater System Series 2024B (Baa2/A-) |
| 110000 | 5.000 | 07/01/2029 | 118133 |
| Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) |
| 1570000 | 5.000 | 07/01/2034 | 1720736 |
|  |  |  | 5111852 |
| Puerto Rico - 5.8% | Puerto Rico - 5.8% | Puerto Rico - 5.8% | Puerto Rico - 5.8% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 1250000 | 5.000 <sup>(g)</sup> | 07/01/2047 | 1169355 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 101000 | 0.000 <sup>(a)</sup> | 07/01/2033 | 70729 |
| 50000 | 4.000 | 07/01/2033 | 48920 |
| 1430000 | 4.000 | 07/01/2037 | 1328261 |
| 25000 | 4.000 | 07/01/2046 | 20662 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 150000 | 4.329 | 07/01/2040 | 139116 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 300000 | 0.000 <sup>(a)</sup> | 07/01/2027 | 282550 |
| 1623000 | 0.000 <sup>(a)</sup> | 07/01/2029 | 1425099 |
| 136000 | 0.000 <sup>(a)</sup> | 07/01/2031 | 109408 |
| 672000 | 0.000 <sup>(a)</sup> | 07/01/2033 | 492155 |
| 182000 | 0.000 <sup>(a)</sup> | 07/01/2046 | 57522 |
| 75000 | 0.000 <sup>(a)</sup> | 07/01/2051 | 17506 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 116000 | 4.329 | 07/01/2040 | 107583 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 200000 | 5.000 | 07/01/2058 | 183452 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) |
|  Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Revenue Restructured Bonds Series A-1 (NR/NR) |
| $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 | 4.550% | 07/01/2040 | $954374 |
|  |  |  |  | 6406692 |
| Virgin Islands - 1.7% | Virgin Islands - 1.7% | Virgin Islands - 1.7% | Virgin Islands - 1.7% | Virgin Islands - 1.7% |
|  Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
|  | 1500000 | 5.000 | 10/01/2039 | 1494552 |
|  Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
|  | 100000 | 5.000 | 10/01/2028 | 102661 |
|  Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) |
|  | 250000 | 5.000 | 09/01/2030 | 273157 |
|  |  |  |  | 1870370 |
| TOTAL MUNICIPAL BONDS<br>(Cost $108,697,335) | TOTAL MUNICIPAL BONDS<br>(Cost $108,697,335) | TOTAL MUNICIPAL BONDS<br>(Cost $108,697,335) | TOTAL MUNICIPAL BONDS<br>(Cost $108,697,335) | 109361188 |
| Shares | Shares | Dividend<br>Rate |  | Value |
| Investment Company - 0.5%<sup>(i)</sup> | Investment Company - 0.5%<sup>(i)</sup> | Investment Company - 0.5%<sup>(i)</sup> | Investment Company - 0.5%<sup>(i)</sup> | Investment Company - 0.5%<sup>(i)</sup> |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
|  | 520451 | 4.108% |  | 520451 |
| (Cost $520,451) | (Cost $520,451) | (Cost $520,451) | (Cost $520,451) | (Cost $520,451) |
| TOTAL INVESTMENTS - 100.3%<br>(Cost $109,217,786) | TOTAL INVESTMENTS - 100.3%<br>(Cost $109,217,786) | TOTAL INVESTMENTS - 100.3%<br>(Cost $109,217,786) | TOTAL INVESTMENTS - 100.3%<br>(Cost $109,217,786) | $109881639 |
|  **LIABILITIES IN EXCESS OF<br> OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS - (0.3)%** | **LIABILITIES IN EXCESS OF<br> OTHER ASSETS - (0.3)%** | (324995) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109556644 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Issued with a zero coupon. Income is recognized through the accretion of discount.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025.

(c) Variable Rate Demand Instruments – rate shown is that which is in effect on August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(d) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025.

(e) Pre-refunded security. Maturity date disclosed is pre-refunding date.

(f) When-issued security.

(g) Exempt from registration under Rule 144A of the Securities Act of 1933.

(h) Zero coupon bond until next reset date.

(i) Represents an affiliated issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>9</sub>

------

GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FGIC | - Insured by Financial Guaranty Insurance Co. |
| FNMA | - Insured by Federal National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| LP | - Limited Partnership |
| NATL | - National Public Finance Guarantee Corp. |
| RB | - Revenue Bond |
| RR | - Revenue Refunding |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br> (Depreciation) |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | (1) | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116469) | $258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **10** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds - 98.0% | Municipal Bonds - 98.0% | Municipal Bonds - 98.0% | Municipal Bonds - 98.0% |
| Alabama - 0.7% | Alabama - 0.7% | Alabama - 0.7% | Alabama - 0.7% |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| $125000 | 5.000 %<sup>(a)(b)</sup> | 06/01/2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133113 |
| Guam - 5.6% | Guam - 5.6% | Guam - 5.6% | Guam - 5.6% |
| A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) | A.B. Won Pat International Airport Authority Guam General RB 2024 Series B (NON-AMT) (Baa2/NR) |
| 100000 | 5.000 | 10/01/2032 | 108041 |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 125000 | 5.000 | 01/01/2028 | 130570 |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000 | 01/01/2042 | 88820 |
| Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) | Guam Power Authority / Revenue Refunding Bonds, 2022 Series A (Tax-Exempt Forward Delivery) (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2034 | 108785 |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| 50000 | 5.000 | 10/01/2031 | 54750 |
| Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds, 2022 Series A (Baa2/BBB) |
| 100000 | 5.000 | 10/01/2032 | 109804 |
| Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) | Guam Waterworks Authority Water and Wastewater System RB Series 2025A (Baa2/A-) |
| 350000 | 5.000 | 07/01/2032 | 384547 |
| Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) | Port Authority of Guam Port RB 2018 Series B Private Activity (AMT) (Baa2/A) |
| 100000 | 5.000 | 07/01/2032 | 102971 |
|  |  |  | 1088288 |
| New York - 82.4% | New York - 82.4% | New York - 82.4% | New York - 82.4% |
| Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) | Allegany County Capital Resource Corp. RB for Alfred University Project Series 2024 (NR/BBB+) |
| 200000 | 5.250 | 04/01/2039 | 206164 |
| Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) | Brooklyn Arena Local Development Corp. Pilot Revenue Refunding Bonds for Barclays Center Series 2016A (Ba1/NR) |
| 55000 | 5.000 | 07/15/2042 | 53810 |
| Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) |
| 150000 | 6.250 | 05/01/2045 | 153594 |
| Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) | Build NYC Resource Corp. RB for Academic Leadership Charter School Series 2021 (NR/BBB-) |
| 100000 | 4.000 | 06/15/2027 | 101147 |
| 100000 | 4.000 | 06/15/2028 | 101689 |
| Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) | Build NYC Resource Corp. RB for Bay Ridge Preparatory School Project Series 2024 (NR/BB) |
| 100000 | 5.000 <sup>(c)</sup> | 09/01/2039 | 96243 |
| Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) | Build NYC Resource Corp. RB Urban Resource Institute Project, Series 2025A (NR/A+) |
| 200000 | 4.125 | 12/01/2035 | 203105 |
| Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) | Build NYC Resource Corp. Tax-Exempt RB Success Academy Charter Schools Project, Series 2024 (NR/A-) |
| 195000 | 5.000 | 09/01/2035 | 207414 |
| Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) | Build NYC Resource Corporation RB, Manhattan College Project Series 2017 (NR/BBB) |
| 110000 | 4.000 | 08/01/2042 | 87822 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) | Build NYC Resource Corporation Tax-Exempt RB Success Academy Charter Schools Project Series 2024 (NR/A-) |
| $100000 | 5.000% | 09/01/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108926 |
| City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) |
| 400000 | 5.000 | 09/01/2037 | 413003 |
| City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) | City School District of The City of Port Jervis Orange County New York Bond Anticipation Notes 2025 (ST AID WITHHLDG) (NR/NR) |
| 200000 | 4.000 | 06/26/2026 | 202394 |
| Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) | Clifton Fine Central School District New York Bond Anticipation Notes, 2025 (ST AID WITHHLDG) (NR/NR) |
| 300000 | 4.000 | 06/26/2026 | 303562 |
| Clinton County Capital Resource Corp. (A3/A+) | Clinton County Capital Resource Corp. (A3/A+) | Clinton County Capital Resource Corp. (A3/A+) | Clinton County Capital Resource Corp. (A3/A+) |
| 100000 | 5.000 <sup>(c)</sup> | 07/01/2037 | 106891 |
| County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) | County of Monroe Industrial Development Agency Multifamily Housing RB andrews Terrace Community Partners L.P. Project Series 2023B-1 (HUD SECT 8) (Aa1/NR) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 07/01/2028 | 103971 |
| County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) | County of Monroe Industrial Development Agency School Facility RB for Rochester Schools Modernization Project Series 2018 (ST AID WITHHLDG) (Aa2/AA) |
| 100000 | 5.000 | 05/01/2028 | 107426 |
| Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (Aa1/AA+) |
| 350000 | 5.000 | 03/15/2030 | 358716 |
| Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) | Dormitory Authority of The State of New York State Sales Tax RB, Series 2016A (A2/A) |
| 250000 | 5.000 | 07/01/2035 | 253024 |
| Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) | Dormitory Authority of the State of New York Montefiore Obligated Group RB, Series 2024 (Baa3/BBB-) |
| 100000 | 5.000 | 11/01/2025 | 100304 |
| Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) | Dormitory Authority of The State of New York Mount Sinai Obligated Group RB Series 2025 (Baa3/BBB) |
| 200000 | 5.000 | 07/01/2031 | 217102 |
| Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) | Dormitory Authority of The State of New York New York Institute of Technology RB Series 2024 (Baa2/BBB) |
| 200000 | 5.250 | 07/01/2049 | 201390 |
| Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) | Dormitory Authority of The State of New York Northwell Health Obligated Group RB Series 2024A (A3/A-) |
| 120000 | 5.250 | 05/01/2054 | 120606 |
| Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) | Dormitory Authority of The State of New York NYU Hospitals Center RB Series 2016A (A1/A+) |
| 50000 | 4.000 | 07/01/2040 | 47670 |
| Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RB Series 2024A (Baa3/BBB-) |
| 150000 | 5.250 | 05/01/2044 | 148906 |
| Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) | Dormitory Authority of The State of New York Pace University RBy Series 2024A (Baa3/BBB-) |
| 100000 | 5.250 | 05/01/2041 | 101495 |
| Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) | Dormitory Authority of The State of New York Personal Income Tax RB General Purpose Series 2017B (Aa1/AA+) |
| 140000 | 5.000 | 02/15/2042 | 141574 |
| Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) | Dormitory Authority of The State of New York St. John's University RB Series 2021A (A3/A-) |
| 325000 | 4.000 | 07/01/2035 | 325311 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>11</sub>

------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2018A (Tax-Exempt) (Aa1/NR) |
| 125000 | 5.000% | 03/15/2035 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127045 |
| Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) | Dormitory Authority of The State of New York State Personal Income Tax RB General Purpose Series 2025A (Aa1/NR) |
| 150000 | 5.000 | 03/15/2048 | 151983 |
| Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) | Dormitory Authority of the State of New York White Plains Hospital Obligated Group RB Series 2024 (AGC) (A1/AA) |
| 250000 | 5.250 | 10/01/2044 | 255212 |
| Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) | Dutchess County Local Development Corp. RB Nuvance Health Issue Series 2019B (Baa3/BBB+) |
| 100000 | 4.000 | 07/01/2044 | 86547 |
| Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) | Geneseo Town New York Bond Anticipation Notes 2025 (NR/NR) |
| 190000 | 4.000 | 08/18/2026 | 191347 |
| Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) | Hempstead town Local Development Corp. RB Refunding for Molloy College Project Series 2017 (NR/BBB) |
| 250000 | 5.000 | 07/01/2035 | 252652 |
| Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) |
| 100000 | 5.000 | 09/01/2046 | 100001 |
| Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) | Long Island Power Authority Electric System General RB Series 2019A (A2/A) |
| 105000 | 3.000 | 09/01/2036 | 95545 |
| Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) | Long Island Power Authority Electric System General RB, Series 2022B (A2/A) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 206795 |
| Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Series 2017A (NR/AA) |
| 165000 | 5.000 | 11/15/2036 | 168323 |
| Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Fund Green Bonds Subseries 2017B-1 (NR/AA) |
| 100000 | 5.000 | 11/15/2042 | 100885 |
| Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) | Metropolitan Transportation Authority Dedicated Tax Green Fund Bonds Series 2016B-1 (NR/AA) |
| 100000 | 5.000 | 11/15/2036 | 101682 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (A2/A) |
| 225000 | 5.000 | 11/15/2037 | 239215 |
| Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) | Metropolitan Transportation Authority Transportation Revenue Refunding Green Bonds Series 2025A (A2/A) |
| 50000 | 5.000 | 11/15/2038 | 52738 |
| Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2020A (Tax-Exempt) (Aa3/AA-) |
| 125000 | 4.000 | 07/01/2050 | 107235 |
| New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) | New York City Industrial Development Agency Pilot Refunding Bonds Queens Baseball Stadium Project Series 2021A (AG) |
| (A1/AA) |  |  |  |
| 310000 | 5.000 | 01/01/2027 | 319728 |
| New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax- Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax- Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax- Exempt) (AGM) (A1/AA) | New York City Industrial Development Agency Pilot Revenue Refunding Bonds Yankee Stadium Project Series 2020A (Tax- Exempt) (AGM) (A1/AA) |
| 115000 | 5.000 | 03/01/2028 | 121788 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AGM) (A1/AA) |
| 100000 | 3.000 | 01/01/2046 | 71428 |
| New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Yankee Stadium LLC Series 2020 A (AG) (A1/AA) |
| 200000 | 4.000 | 03/01/2045 | 179037 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal 2021 Series CC (Aa1/AA+) |
| $200000 | 5.000% | 06/15/2032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223311 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Fiscal Series 2018-DD (Aa1/AA+) |
| 125000 | 5.000 | 06/15/2040 | 127354 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2016 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| 120000 | 5.000 | 07/15/2043 | 121102 |
| New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) | New York City Transitional Finance Authority Building Aid RB Fiscal 2019 Series S-1 (ST AID WITHHLDG) (Aa2/AA) |
| 110000 | 5.000 | 07/15/2045 | 110955 |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2023 Series D Subseries D-1 Tax- Exempt Bonds (Aa1/AAA) |
| 100000 | 5.000 | 11/01/2026 | 103184 |
| New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/AAA) | New York City Transitional Finance Authority Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2016 Series F (Aa1/AAA) |
| 345000 | 3.000 | 02/01/2039 | 291155 |
| New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) | New York Liberty Development Corp. RB Refunding for 3 World Trade Center LLC Series 2014 (NR/NR) |
| 100000 | 5.000 <sup>(c)</sup> | 11/15/2044 | 97181 |
| New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) | New York Liberty Development Corp. Second Priority RB Refunding for Bank of America Tower at One Bryant Park LLC Series 2019 C-3 (Baa1/NR) |
| 100000 | 2.800 | 09/15/2069 | 91498 |
| New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) | New York St Dorm Auth Revs Non St Supported Debt Bds Memorial Sloan-Kettering Cancer Ctr 2022 1-B (NR/AA-) |
| 100000 | 4.000 | 07/01/2051 | 85524 |
| New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) | New York State Dormitory Authority RB Refunding for Brooklyn Law School Series 2019 A (Baa1/NR) |
| 300000 | 5.000 | 07/01/2033 | 311307 |
| New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) | New York State Dormitory Authority RB Refunding for Brooklyn St. Joseph's College Series 2020 A (NR/NR) |
| 185000 | 5.000 | 07/01/2029 | 189299 |
| New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) | New York State Dormitory Authority RB Refunding for Catholic Health System Obligated Group Series 2019 A (B3/B-) |
| 100000 | 5.000 | 07/01/2035 | 96898 |
| New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) | New York State Environmental Facilities Corp Solid Waste Disposal RB Series 2014 (B1/B+) (PUTABLE) |
| 250000 | 2.875 <sup>(a)(b)(c)</sup> | 12/01/2044 | 233629 |
| New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) | New York State Environmental Facilities Corp. Solid Waste Disposal Refunding RB for Waste Management, Inc. Project Series 2012 (NR/A-/A-2) (PUTABLE) |
| 350000 | 3.850 <sup>(a)(b)</sup> | 05/01/2030 | 350044 |
| New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) | New York State Housing Finance Agency State Personal Income Tax RB 2024 Series A-2 (Aa1/NR) |
| 100000 | 3.450 <sup>(a)(b)</sup> | 06/15/2054 | 101308 |
| New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) | New York State Thruway Authority General RB Series P (Aa3/A+) |
| 400000 | 5.000 | 01/01/2049 | 405865 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2018 (Baa2/NR) |
| 100000 | 5.000 | 01/01/2029 | 102777 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 300000 | 5.000 | 10/01/2035 | 304361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **12** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) | New York Transportation Development Corp. RB for Empire State Thruway Partners LLC Series 2021 (NR/NR) |
| $200000 | 4.000% | 10/31/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196171 |
| New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) | New York Transportation Development Corp. Special Facilities Bonds for Laguardia Airport Terminal B Redevelopment Project Series 2016A (Baa2/NR) |
| 250000 | 5.000 | 07/01/2041 | 249987 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 250000 | 5.000 | 08/01/2031 | 250002 |
| New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) | New York Transportation Development Corporation Special Facilities Bonds, Series 2016A (Laguardia Airport Terminal B Redevelopment Project) (AMT) (AGM) (A1/AA) |
| 125000 | 4.000 | 07/01/2035 | 121749 |
| New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB, Series 2024 (JFK International Airport New Terminal One Project) (Green Bonds) (Baa3/AA) |
| 100000 | 5.250 | 06/30/2049 | 96053 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) |
| 100000 | 4.000 | 12/01/2042 | 88741 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB, Series 2020C Tax-Exempt/NON-AMT (Baa1/BBB) |
| 225000 | 5.000 | 12/01/2035 | 238484 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AG) (NR/AA) |
| 200000 | 4.000 | 12/01/2034 | 201414 |
| Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) | Oneida County Local Development Corp. RB Refunding for Mohawk Valley Health System Obligated Group Project Series 2019 A (AGM) (NR/AA) |
| 100000 | 4.000 | 12/01/2049 | 85406 |
| Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) | Oneida Indian Nation Tax RB Series 2024B (Federally Tax- Exempt) (NR/NR) |
| 250000 | 6.000 <sup>(c)</sup> | 09/01/2043 | 261479 |
| Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) |
| 100000 | 4.500 | 12/01/2050 | 94284 |
| Riverhead IDA Economic Job Development Corporation Tax- Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax- Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax- Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) | Riverhead IDA Economic Job Development Corporation Tax- Exempt Educational Revenue Refunding Bonds Riverhead Charter School Project, Series 2025 (NR/BBB-) |
| 100000 | 5.250 | 08/01/2044 | 98798 |
| South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) | South Orangetown Central School District Rockland County New York Bond Anticipation Notes 2025 Series B (ST AID WITHHLDG) (NR/NR) |
| 300000 | 4.000 | 08/05/2026 | 303936 |
| The City of New York GO Bonds Fiscal 2022 Series B and C Tax- Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax- Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax- Exempt Bonds, Series C (Aa2/AA) | The City of New York GO Bonds Fiscal 2022 Series B and C Tax- Exempt Bonds, Series C (Aa2/AA) |
| 100000 | 5.000 | 08/01/2027 | 105093 |
| The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) | The City of New York GO Bonds Fiscal 2025 Series A (Aa2/AA) |
| 250000 | 5.000 | 08/01/2037 | 271744 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Twenty-Sixth Series (Aa3/AA-) |
| 110000 | 5.000 | 10/15/2027 | 114961 |
| 265000 | 5.000 | 10/15/2041 | 268747 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) | The Trust for Cultural Resources of the City of New York Revenue and Refunding Bonds Series 2024A (Aa3/AA-) |
| 100000 | 5.000% | 07/15/2054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102228 |
| Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) | Town of Hempstead Nassau County New York Public Improvement Serial Bonds 2025 Series A (Aaa/NR) |
| 200000 | 4.000 | 06/01/2039 | 198396 |
| Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) | Town of Riverhead New York GO Bond Anticipation Notes 2025 Series B (NR/NR) |
| 200000 | 4.000 | 08/14/2026 | 202335 |
| Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) | Transportation Infrastructure Properties LLC Trips Obligated Group Build NYC Resource Corporation Senior Airport Facilities RB Trips Obligated Group Series 2025 (NR/BBB+) |
| 300000 | 5.500 | 07/01/2055 | 300880 |
| Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Real Estate Transfer Tax RB, Series 2025A (A1/A+) |
| 205000 | 5.000 | 12/01/2044 | 210336 |
| Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) | Triborough Bridge and Tunnel Authority (MTA Bridges and Tunnels) Sales Tax RB, Series 2024A General RB Subseries 2024A-1 (Aa3/AA-) |
| 210000 | 5.000 | 11/15/2043 | 217539 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Bonds Series 2022C (NR/ AA+) |
| 100000 | 5.250 | 05/15/2052 | 102503 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels Payroll Mobility Tax Senior Lien Refunding Bonds Series 2022B (NR/AA+) |
| 100000 | 4.000 | 05/15/2026 | 101237 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Real Estate Transfer Tax RB Series 2025A (NR/AA+) |
| 100000 | 5.250 | 05/15/2059 | 102877 |
| Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) | Westchester County Local Development Corp. Revenue Refunding Bonds for Kendal on Hudson Project Series 2022B (NR/NR) |
| 145000 | 5.000 | 01/01/2027 | 147702 |
| Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) | Westchester County Local Development Corporation RB for New York Blood Center Project Series 2024 (Baa1/NR) |
| 300000 | 5.000 | 07/01/2035 | 323390 |
| Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) | Yonkers Economic Development Corp. RB Refunding for Charter School of Educational Excellence Series 2020 A (NR/BB) |
| 200000 | 4.000 | 10/15/2030 | 200356 |
|  |  |  | 16106025 |
| Puerto Rico - 6.7% | Puerto Rico - 6.7% | Puerto Rico - 6.7% | Puerto Rico - 6.7% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 250000 | 5.000 <sup>(c)</sup> | 07/01/2047 | 233871 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 100000 | 5.750 | 07/01/2031 | 109742 |
| 49000 | 0.000 <sup>(d)</sup> | 07/01/2033 | 34314 |
| 50000 | 4.000 | 07/01/2033 | 48920 |
| 200000 | 4.000 | 07/01/2037 | 185771 |
| 25000 | 4.000 | 07/01/2046 | 20662 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 100000 | 4.329 | 07/01/2040 | 92744 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 100000 | 0.000 <sup>(d)</sup> | 07/01/2027 | 94184 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**The accompanying notes are an integral part of these financial statements.**<sub>13</sub>

------

GOLDMAN SACHS DYNAMIC NEW YORK MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) | Puerto Rico – (continued) |
|  Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) – (continued) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) – (continued) |
| $| 298000 | 0.000 %<sup>(d)</sup> | 07/01/2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261663 |
|  | 139000 | 0.000 <sup>(d)</sup> | 07/01/2033 | 101800 |
|  | 75000 | 0.000 <sup>(d)</sup> | 07/01/2046 | 23704 |
|  | 75000 | 0.000 <sup>(d)</sup> | 07/01/2051 | 17506 |
|  Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
|  | 100000 | 5.000 | 07/01/2058 | 91726 |
|  |  |  |  | 1316607 |
| Virgin Islands - 2.6% | Virgin Islands - 2.6% | Virgin Islands - 2.6% | Virgin Islands - 2.6% | Virgin Islands - 2.6% |
|  Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
|  | 250000 | 5.000 | 10/01/2039 | 249092 |
|  Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
|  | 100000 | 5.000 | 10/01/2028 | 102661 |
|  Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) | Virgin Islands Transportation & Infrastructure Corporation Grant Anticipation RB Federal Highway Grant Anticipation Revenue Loan Note Series 2025 (NR/A) |
|  | 150000 | 5.000 | 09/01/2030 | 163894 |
|  |  |  |  | 515647 |
| **TOTAL MUNICIPAL BONDS**<br> **(Cost $19,192,095)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $19,192,095)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $19,192,095)** | **TOTAL MUNICIPAL BONDS**<br> **(Cost $19,192,095)** | 19159680 |
| **Shares** | **Shares** | **Dividend**<br> **Rate** |  | **Value** |
| Investment Company - 0.4%<sup>(e)</sup> | Investment Company - 0.4%<sup>(e)</sup> | Investment Company - 0.4%<sup>(e)</sup> | Investment Company - 0.4%<sup>(e)</sup> | Investment Company - 0.4%<sup>(e)</sup> |
|  Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
|  | 70975 | 4.108% |  | 70975 |
| (Cost $70,975) | (Cost $70,975) | (Cost $70,975) | (Cost $70,975) | (Cost $70,975) |
| **TOTAL INVESTMENTS - 98.4%**<br> **(Cost $19,263,070)** | **TOTAL INVESTMENTS - 98.4%**<br> **(Cost $19,263,070)** | **TOTAL INVESTMENTS - 98.4%**<br> **(Cost $19,263,070)** | **TOTAL INVESTMENTS - 98.4%**<br> **(Cost $19,263,070)** | $19230655 |
|  **OTHER ASSETS IN EXCESS OF<br> LIABILITIES - 1.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES - 1.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES - 1.6%** | **OTHER ASSETS IN EXCESS OF<br> LIABILITIES - 1.6%** | 321616 |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $19552271 |

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The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| (a) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025. |
| (b) | Variable Rate Demand Instruments – rate shown is that which is in effect on August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (e) | Represents an affiliated issuer. |
| Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| IDA | - Industrial Development Agency |
| MTA | - Metropolitan Transportation Authority |
| RB | - Revenue Bond |
| ST AID |  |
| WITHHLDG | State Aid Withholding |

---

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | Unrealized<br>Appreciation/<br> (Depreciation) |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | (1) | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116560) | $258 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **14** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds - 101.4% | Municipal Bonds - 101.4% | Municipal Bonds - 101.4% | Municipal Bonds - 101.4% |
| Alabama - 2.6% | Alabama - 2.6% | Alabama - 2.6% | Alabama - 2.6% |
| Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) | Board of Trustees of Alabama State University General Tuition and Fee RB Series 2025 (AG) (A1/AA) |
| $500000 | 5.250% | 09/01/2038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542989 |
| Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) | Board of Trustees of The Alabama Community College System Wallace State Community College Hanceville RB Series 2025 (BAM) (A1/AA) |
| 500000 | 5.250 | 11/01/2036 | 550916 |
| Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) | Jefferson County Alabama Sewer Revenue Warrants Series 2024 (Baa1/BBB+) |
| 100000 | 5.250 | 10/01/2042 | 102922 |
| Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) | Southeast Alabama Gas Supply District Gas Supply RB Refunding Series 2024B (A1/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 06/01/2049 | 133113 |
| Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) | Southeast Energy Authority A Cooperative District Energy Supply RB Series 2025B (A1/NR) |
| 200000 | 5.250 <sup>(a)(b)</sup> | 03/01/2055 | 209648 |
| The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/NR) | The Black Belt Energy District Gas Supply RB Series 2021A (Aa1/NR) |
| 150000 | 4.000 <sup>(a)(b)</sup> | 06/01/2051 | 152010 |
| The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) | The Industrial Development Board of The City of Mobile Alabama Pollution Control RB Alabama Power Company Barry Plant Project, Series 2007-A (A1/A) (PUTABLE) |
| 500000 | 3.375 <sup>(a)(b)</sup> | 06/01/2034 | 508099 |
| The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) | The Public Educational Building Authority of Jacksonville Higher Educational Facilities RB for JSU Foundation Project Series 2024 Consisting of: Series 2024-A (BAM) (Baa2/AA) |
| 195000 | 5.250 | 08/01/2049 | 196675 |
|  |  |  | 2396372 |
| Arizona - 2.2% | Arizona - 2.2% | Arizona - 2.2% | Arizona - 2.2% |
| City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) | City of Chandler IDA RB for Intel Corp. Project Series 2022-2 (Baa2/BBB) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 09/01/2052 | 509746 |
| City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) | City of Glendale Arizona Senior Lien Water and Sewer Revenue and Revenue Refunding Obligations Series 2025 (NR/AA) |
| 100000 | 5.000 | 07/01/2038 | 108998 |
| City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) | City of Phoenix Civic Improvement Corporation Junior Lien Airport RB Series 2019B (AMT) (Aa3/A+) |
| 125000 | 5.000 | 07/01/2035 | 129226 |
| Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) | Kayenta Unified School District No. 27 of Navajo County Arizona Impact Aid RB Series 2025 (NR/A+) |
| 440000 | 5.000 | 07/01/2030 | 469221 |
| The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) | The Industrial Development Authority of The County of Maricopa RB Banner Health (NR/AA-) |
| 890000 | 4.000 | 01/01/2041 | 803340 |
|  |  |  | 2020531 |
| California - 6.0% | California - 6.0% | California - 6.0% | California - 6.0% |
| California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) | California Community Choice Financing Authority Clean Energy Project RB Series 2023B (A1/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 131904 |
| California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) | California Community Choice Financing Authority Clean Energy Project RB Term Rate Green Bonds Series 2024F (Aa3/NR) |
| 520000 | 5.000 <sup>(a)(b)</sup> | 02/01/2055 | 559619 |
| California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) | California Health Facilities Financing Authority Providence St. Joseph Health RB Series 2025C (NR/A) |
| 250000 | 5.250 <sup>(a)(b)</sup> | 10/01/2050 | 276581 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| California – (continued) | California – (continued) | California – (continued) | California – (continued) |
| California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) | California Health Facilities Financing Authority RB Adventist Health System West Series 2024A (NR/BBB+) |
| 500000 | 5.000% | 12/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530439 |
| California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) | California Health Facilities Financing Authority RB Scripps Health Series 2024B (NR/AA-) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 11/15/2061 | 112431 |
| California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) | California Health Facilities Financing Authority Refunding RB Adventist Health System West Series 2016A (NR/BBB+) |
| 130000 | 4.000 | 03/01/2039 | 115561 |
| California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) | California Infrastructure and Economic Development Bank Clean Water State Revolving Fund RB, Series 2017 (Aaa/AAA) |
| 250000 | 5.000 | 10/01/2036 | 257085 |
| California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) | California Statewide Communities Development Authority RB Adventist Health System West Series 2018A (NR/BBB+) |
| 315000 | 3.500 | 03/01/2038 | 285142 |
| City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) | City and County of San Francisco Multifamily Housing RB Sunnydale Hope SF Block 9 Series 2025B-2 (Aa1/NR) |
| 125000 | 3.350 <sup>(a)(b)</sup> | 08/01/2029 | 126879 |
| Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) | Department of Airports of The City of Los Angeles California, Los Angeles International Airport Subordinate Revenue and Refunding RB 2025 Series A (Aa3/NR) |
| 100000 | 5.000 | 05/15/2030 | 109012 |
| Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB 2018 Series D (Aa2/A) |
| 100000 | 5.000 | 07/01/2048 | 98718 |
| Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) | Department of Water and Power of The City of Los Angeles Power System RB 2025 Series B (Aa2/NR) |
| 250000 | 5.000 | 07/01/2034 | 279559 |
| Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) | Department of Water and Power of The City of Los Angeles Power System RB, 2024 Series A (Aa2/A) |
| 555000 | 5.000 | 07/01/2028 | 591751 |
| El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) | El Centro Elementary School District Imperial County California 2025 GO Bond Anticipation Notes Series A-2 (NR/A+) |
| 500000 | 5.000 | 06/15/2030 | 555464 |
| Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) | Equitable School Revolving Fund California Infrastructure and Economic Development Bank Series 2024 B (Social Bonds) (NR/A) |
| 100000 | 5.000 | 11/01/2029 | 107299 |
| San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) | San Diego County Regional Airport Authority Senior Airport RB Series 2025A (Governmental/NON-AMT) Series 2025B (Private Activity/AMT) (Aa3/NR) |
| 500000 | 5.000 | 07/01/2030 | 545595 |
| Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) | Santa Rita Union Elementary School District School Facilities Improvement District No. 2022-1 Monterey County, California 2025 GO Bond Anticipation Notes (Aa3/NR) |
| 500000 | 0.000 <sup>(c)</sup> | 08/01/2030 | 430327 |
| Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) | Southern California Public Power Authority A Public Entity Organized Under The Laws of The State of California Southern Transmission System Renewal Project RB 2025-2 (Aa2/NR) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 07/01/2053 | 532078 |
|  |  |  | 5645444 |
| Colorado - 2.9% | Colorado - 2.9% | Colorado - 2.9% | Colorado - 2.9% |
| City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver, Colorado, Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
| 130000 | 5.000 | 12/01/2043 | 128641 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **15** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Colorado – (continued) | Colorado – (continued) | Colorado – (continued) | Colorado – (continued) |
| Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) | Colorado Educational and Cultural Facilities Authority Charter School RB Roosevelt Charter Academy Project Series 2025A (BAM MORAL OBLG) (NR/AA) |
| 250000 | 5.000% | 07/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242817 |
| Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) | Colorado Health Facilities Authority Hospital RB, Series 2025A (Aa2/AA) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 11/15/2060 | 218986 |
| Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) | Colorado Health Facilities Authority RB for Commonspirit Health Series 2019B-2 (A3/A-) |
| 95000 | 5.000 <sup>(a)(b)</sup> | 08/01/2049 | 95684 |
| Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) | Colorado Health Facilities Authority RB for Intermountain Healthcare Series 2022C (Aa1/AA+) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 05/15/2062 | 265846 |
| Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) | Colorado Health Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-2 (A3/A-) |
| 100000 | 3.250 | 08/01/2049 | 71870 |
| Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) | Colorado Health Facilities Authority RB Series 2019A (NR/A+) |
| 150000 | 5.000 | 11/01/2028 | 160291 |
| Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) | Colorado Housing and Finance Authority Multifamily Housing RB Albion Apartments Project, Series 2025 (Aa1/NR) |
| 500000 | 3.375 <sup>(a)(b)</sup> | 07/01/2044 | 506279 |
| Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/BBB-) | Denver Convention Center Hotel Authority Convention Center Hotel Senior Revenue Refunding Bonds, Series 2016 (Baa2/BBB-) |
| 500000 | 5.000 | 12/01/2040 | 493244 |
| Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) | Denver Health & Hospital Authority RB Series 2019 A (NR/BBB) |
| 110000 | 4.000 | 12/01/2040 | 97617 |
| Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) | Regional Transportation District Sales Tax RB for Fastracks Project Series 2016A (Aa2/AAA) |
| 380000 | 5.000 | 11/01/2046 | 380892 |
| Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) | Trails at Crowfoot Metropolitan District No. 3 in the Town of Parker Colorado GO Limited Tax Refunding Bonds Series 2024A (AGC) (NR/AA) |
| 100000 | 5.000 | 12/01/2027 | 104719 |
|  |  |  | 2766886 |
| Connecticut - 1.4% | Connecticut - 1.4% | Connecticut - 1.4% | Connecticut - 1.4% |
| City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa3/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa3/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa3/AA-) | City of Hartford Connecticut Special Obligation Refunding Bonds State Contract Assistance Series 2025 (Aa3/AA-) |
| 250000 | 5.000 | 07/15/2027 | 262338 |
| Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) | Town of East Lyme Connecticut GO Bond Anticipation Notes (NR/NR) |
| 1000000 | 4.000 | 08/06/2026 | 1010774 |
|  |  |  | 1273112 |
| Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% | Delaware - 0.3% |
| The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) | The Delaware Economic Development Authority Gas Facilities Refunding RB Delmarva Power & Light Company Project 2020, Series A (A2/A) |
| 250000 | 3.600 | 01/01/2031 | 257569 |
| District of Columbia - 1.3% | District of Columbia - 1.3% | District of Columbia - 1.3% | District of Columbia - 1.3% |
| District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) | District Columbia Univ Rev Ref Bds Georgetown Univ 2025 A (A3/A-) |
| 750000 | 5.000 <sup>(a)(b)</sup> | 04/01/2060 | 815548 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| District of Columbia – (continued) | District of Columbia – (continued) | District of Columbia – (continued) | District of Columbia – (continued) |
| Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue and Refunding Bonds, Series 2025-A (AMT) (Aa3/AA-) |
| 250000 | 5.000% | 10/01/2030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273324 |
| Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) | Metropolitan Washington Airports Authority Dulles Toll Road Subordinate Lien Revenue Refunding Bonds for Dulles Metrorail and Capital Improvement Projects Series 2019B (Baa2/A-) |
| 100000 | 4.000 | 10/01/2035 | 100052 |
|  |  |  | 1188924 |
| Florida - 10.1% | Florida - 10.1% | Florida - 10.1% | Florida - 10.1% |
| Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) | Aberdeen Community Development District Special Assessment Refunding Series 2020 A-1 (AG) (NR/AA) |
| 265000 | 3.250 | 05/01/2036 | 238233 |
| Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) | Alachua County Health Facilities Authority Continuing Care Retirement Community RB Oak Hammock at The University of Florida, Inc. Project Series 2025B-1 (NR/NR) |
| 735000 | 4.000 | 10/01/2030 | 736845 |
| Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) | Aventura Isles Community Development District Miami-Dade County Florida Special Assessment Refunding Bonds Series 2024 (NR/NR) |
| 200000 | 5.000 | 05/01/2027 | 204635 |
| Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) | Broward County Florida Convention Center Hotel First Tier RB Series 2022 (Aaa/AAA) |
| 200000 | 5.000 | 01/01/2040 | 207975 |
| Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) | Capital Projects Finance Authority Educational Facilities RB Imagine School At North Port Project (NR/NR) |
| 100000 | 6.250 <sup>(d)</sup> | 06/15/2045 | 98896 |
| Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) | Capital Trust Authority Health Care Facilities Revenue and Revenue Refunding Bonds UF Health Projects Series 2025A (A3/A) |
| 750000 | 5.000 | 12/01/2030 | 817125 |
| Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) | Corkscrew Farms Community Development District Lee County Florida Special Assessment Bonds Series 2017 (NR/NR) |
| 255000 | 5.000 <sup>(d)</sup> | 11/01/2038 | 253774 |
| County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) | County of Osceola Transportation RB Refunding Series 2019 A-1 (NR/BBB+) |
| 155000 | 5.000 | 10/01/2039 | 156045 |
| Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) | Crossings Community Development District Osceola County Special Assessment Bonds Series 2024 (NR/NR) |
| 100000 | 5.350 | 05/01/2044 | 95846 |
| Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/NR) | Cypress Creek Reserve Community Development District Polk County Florida Special Assessment Bonds, Series 2025 (NR/NR) |
| 150000 | 4.750 | 05/01/2035 | 151235 |
| Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) | Esplanade Lake Club Community Development District Special Assessment for Capital Improvement Program Series 2019 A-1 (NR/NR) |
| 420000 | 4.000 | 11/01/2040 | 371392 |
| Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) | Florida Development Finance Corp. Educational Facilities RB for Saint Andrew's School of Boca Raton, Inc. Project Series 2024A (NR/BBB+) |
| 125000 | 5.250 | 06/01/2044 | 123500 |
| Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) | Hammock Oaks Community Development District Town of Lady Lake Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 170000 | 4.500 <sup>(d)</sup> | 05/01/2032 | 172727 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **16** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/NR) | Housing Finance Authority of Hillsborough County Multifamily Housing Zion Village RB Series 2024 (HUD SECT 8) (Aa1/NR) |
| $100000 | 3.250 %<sup>(a)(b)</sup> | 09/01/2042 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100351 |
| Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) | Housing Finance Authority of Miami-Dade County Florida Multifamily Housing RB Series 2025A (Aa1/NR) |
| 500000 | 3.250 <sup>(a)(b)</sup> | 02/01/2044 | 503785 |
| Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) | Housing Finance Authority of Pinellas County, Florida Multifamily Housing RB Series 2025 (NR/AA+) (PUTABLE) |
| 125000 | 3.400 <sup>(a)(b)</sup> | 07/01/2028 | 126084 |
| Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Ibis Landing Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 150000 | 4.125 | 06/15/2030 | 151529 |
| Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) | Jacksonville Housing Finance Authority Multifamily Housing RB Series 2025 (Aa1/NR) |
| 125000 | 3.400 <sup>(a)(b)</sup> | 07/01/2058 | 125740 |
| Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) | Kingston One Community Development District Lee County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 590000 | 5.000 | 05/01/2035 | 602850 |
| Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) | Lakewood Ranch Stewardship District Special Assessment RB for Lakewood Centre North Project Series 2015 (NR/NR) |
| 105000 | 4.875 | 05/01/2035 | 105040 |
| 705000 | 4.875 | 05/01/2045 | 652364 |
| Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) | Liberty Cove Community Development District Special Assessment RB Series 2024 (NR/NR) |
| 85000 | 4.800 | 05/01/2031 | 85872 |
| Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) | Lowery Hills Community Development District City of Lake Alfred Florida Special Assessment Bonds Series 2025 Assessment Area One (NR/NR) |
| 100000 | 4.550 <sup>(d)</sup> | 05/01/2032 | 100894 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2015A (NR/A+) |
| 150000 | 5.000 | 10/01/2038 | 149990 |
| Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) | Miami Dade County Aviation Revenue Refunding Bonds Series 2017B (AMT) (NR/A+) |
| 500000 | 5.000 | 10/01/2040 | 501268 |
| Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) | Miami-Dade County Expressway Authority Toll System RB, Series 2010 A (A3/A) |
| 355000 | 5.000 | 07/01/2040 | 354357 |
| Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) | Miami-Dade County Florida Subordinate Special Obligation Bonds Series 2009 (Aa3/A+) |
| 250000 | 0.000 <sup>(c)</sup> | 10/01/2031 | 205579 |
| Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) | Orange County Health Facilities Authority Hospital RB Orlando Health Obligated Group Series 2023A (A2/A+) |
| 100000 | 5.000 | 10/01/2038 | 105883 |
| Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) | Peace Creek Village Community Development District City of Winter Haven Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 05/01/2032 | 100968 |
| Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) | Radiance Community Development District Flagler County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 6.200 <sup>(d)(e)</sup> | 05/01/2045 | 99639 |
| Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) | Sarasota County Public Hospital District Fixed Rate Hospital RB Series 2018 (A1/NR) |
| 125000 | 4.000 | 07/01/2048 | 104729 |
| Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) | Seminole County Sales Tax Revenue Refunding Bonds Series 2005B (NATL) (Aa1/AA) |
| 115000 | 5.250 | 10/01/2026 | 118667 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Florida – (continued) | Florida – (continued) | Florida – (continued) | Florida – (continued) |
| South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) | South Broward Hospital District Refunding RB for South Broward Hospital District Obligated Group Series 2016 (Aa3/AA) |
| 100000 | 5.000% | 05/01/2028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101570 |
| The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) | The School Board of Pinellas County Florida Certificates of Participation The School Board of Pinellas County Florida Master Lease Program Series 2021A (A2/NR) |
| 180000 | 5.000 | 07/01/2033 | 198873 |
| Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) | Tradition Community Development District No. 9 Port St. Lucie, Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 5.400 | 05/01/2045 | 94993 |
| Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) | Verano #1 Community Development District Special Assessment Bonds for District #1 Project Series 2015 (NR/NR) |
| 145000 | 5.250 | 11/01/2046 | 141142 |
| Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) | Volusia County Educational Facilities Authority Educational Facilities Revenue Refunding Bonds Stetson University Inc. Project Series 2025 (Baa1/BBB+) |
| 200000 | 5.000 | 06/01/2034 | 213494 |
| West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) | West Port East Community Development District Charlotte County Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 265000 | 4.850 <sup>(d)</sup> | 05/01/2035 | 268219 |
| Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) | Westview South Community Development District Counties of Osceola and Polk Florida Special Assessment Bonds Series 2025 (NR/NR) |
| 85000 | 4.050 <sup>(d)</sup> | 05/01/2030 | 85380 |
| Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) | Wildblue Community Development District Special Assessment Bonds Series 2019 (NR/NR) |
| 490000 | 4.250 <sup>(d)</sup> | 06/15/2039 | 437911 |
|  |  |  | 9465399 |
| Georgia - 2.5% | Georgia - 2.5% | Georgia - 2.5% | Georgia - 2.5% |
| Development Authority of Burke County Pollution Control RB First Series 2009 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB First Series 2009 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB First Series 2009 (A3/A/A-1) | Development Authority of Burke County Pollution Control RB First Series 2009 (A3/A/A-1) |
| 1085000 | 3.850 <sup>(a)(b)</sup> | 07/01/2049 | 1085000 |
| Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) | Development Authority of Monroe County Georgia Pollution Control RB Georgia Power Company Plant Scherer Project Second Series 2009 (A3/A) (PUTABLE) |
| 185000 | 3.875 <sup>(a)(b)</sup> | 10/01/2048 | 185751 |
| Development Authority of The Unified Government of Athens- Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens- Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens- Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) | Development Authority of The Unified Government of Athens- Clarke County Georgia University of Georgia Project - Bolton Commons LLC Refunding RB Series 2024 (Aa3/NR) |
| 100000 | 3.000 | 06/15/2039 | 84706 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2023A (A3/NR) |
| 45000 | 5.000 <sup>(a)(b)</sup> | 06/01/2053 | 47653 |
| Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) | Main Street Natural Gas Inc. Gas Supply RB Series 2025A (Aa3/NR) |
| 155000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 165643 |
| Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/NR) | Main Street Natural Gas, Inc. Gas Supply RB Series 2025B (A3/NR) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 12/01/2055 | 528990 |
| Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) | Private Colleges and Universities Authority Emory University RB, Series 2025A (Aa2/AA) |
| 200000 | 5.250 | 09/01/2040 | 217200 |
|  |  |  | 2314943 |
| Guam - 1.5% | Guam - 1.5% | Guam - 1.5% | Guam - 1.5% |
| Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) | Government of Guam Business Privilege Tax Refunding Bonds, Series 2025G (Baa3/NR) |
| 500000 | 5.000 | 01/01/2028 | 522282 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **17** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Guam – (continued) | Guam – (continued) | Guam – (continued) | Guam – (continued) |
| Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) | Guam Government RB Refunding Series 2021 F (Baa3/NR) |
| 100000 | 4.000% | 01/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88820 |
| Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) | Guam Power Authority Revenue Refunding Bonds 2022 Series A (Baa2/BBB) |
| 750000 | 5.000 | 10/01/2031 | 821254 |
|  |  |  | 1432356 |
| Illinois - 8.6% | Illinois - 8.6% | Illinois - 8.6% | Illinois - 8.6% |
| Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/AA) | Board of Education of The City of Chicago Unlimited Tax GO Bonds Dedicated Revenues Series 2012A (BAM-TCRS) (NR/AA) |
| 500000 | 5.000 | 12/01/2042 | 486449 |
| Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/BB+) | Board of Education of The City of Chicago Unlimited Tax GO Refunding Bonds Dedicated Revenues Series 2017B (NR/BB+) |
| 500000 | 6.750 <sup>(d)</sup> | 12/01/2030 | 527759 |
| Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) | Chicago Illinois Board of Education GO Bonds Capital Appreciation for School Reform Series 1998 B-1 (NATL) (Baa3/BB+) |
| 90000 | 0.000 <sup>(c)</sup> | 12/01/2030 | 73467 |
| Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) | Chicago Illinois Board of Education Unlimited Tax GO Refunding Bonds for Dedicated Revenues Series 2018 A (AG) (NR/AA) |
| 500000 | 5.000 | 12/01/2034 | 515872 |
| City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) | City of Chicago GO Bonds, Series 2025E (NR/BBB) |
| 280000 | 5.500 | 01/01/2041 | 286520 |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB Series 2017D (AMT) (NR/A+) |
| 135000 | 5.000 | 01/01/2035 | 136708 |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien RB, Series 2017D (AMT) (NR/A+) |
| 1000000 | 5.000 | 01/01/2037 | 1008090 |
| City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) | City of Chicago Multi-Family Housing RB The Ave Sw Project Series 2025 (Aa1/NR) |
| 150000 | 3.200 <sup>(a)(b)</sup> | 10/01/2028 | 151349 |
| City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) | City of Chicago Second Lein Wastewater Transmission RB, Refunding Series 2023B (AG) (NR/AA) |
| 330000 | 5.000 | 01/01/2039 | 345435 |
| City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) | City of Chicago Second Lien Wastewater Transmission RB Refunding Series 2024B (BAM) (NR/AA) |
| 150000 | 5.000 | 01/01/2031 | 165753 |
| City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) | City of Chicago Second Lien Water Revenue Refunding Bonds Series 2004 (NR/A+) |
| 115000 | 5.000 | 11/01/2026 | 118126 |
| City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) | City of Springfield Illinois Senior Lien Electric Revenue Refunding Bonds Series of 2024 (BAM) (A3/AA) |
| 100000 | 5.000 | 03/01/2030 | 108939 |
| Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) | Community Consolidated School District Number 65 Cook County Illinois Evanston/Skokie GO Limited Tax School Bonds, Series 2025A (AG) (Aa3/AA) |
| 400000 | 5.000 <sup>(e)</sup> | 12/01/2034 | 443113 |
| Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) | Forest Preserve District of Will County Illinois GO Limited Tax Bonds Series 2024 (Aa1/NR) |
| 100000 | 5.000 | 12/15/2041 | 104110 |
| Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) | Illinois Finance Authority Depaul University RB Series 2016 (A1/A) |
| 350000 | 5.000 | 10/01/2041 | 350540 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) | Illinois Finance Authority Graduate and Professional Student Loan Program RB Midwestern University Foundation Senior Series 2025A (NR/AAA) |
| 440000 | 5.000% | 07/01/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465173 |
| Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) | Illinois Finance Authority Illinois Finance Authority RB Series 2025A-1 (NR/A+) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 08/15/2054 | 272584 |
| Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) | Illinois Finance Authority State of Illinois Clean Water Initiative Revolving Fund RB, Series 2020 (NR/AAA) |
| 175000 | 4.000 | 07/01/2038 | 170376 |
| Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) | Illinois State GO Bonds June 2016 (BAM-TCRS) (NR/AA) |
| 435000 | 4.000 | 06/01/2041 | 391984 |
| Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) | Metropolitan Pier & Exposition Authority Mccormick Place Expansion Project Refunding Bonds Series 2024B (NR/A) |
| 350000 | 4.000 | 12/15/2027 | 358807 |
| Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) | Metropolitan Pier and Exposition Authority RB Refunding for McCormick Place Expansion Project Series 2024 B (NR/A) |
| 100000 | 5.000 | 06/15/2053 | 96835 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) |
| 100000 | 5.000 | 01/01/2026 | 100671 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 140000 | 5.000 | 01/01/2032 | 154676 |
| State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) | State of Illinois GO Bonds Series 2019B (A3/A-) |
| 425000 | 4.000 | 11/01/2034 | 424116 |
| State of Illinois GO Bonds Series of May 2018A (A3/A-) | State of Illinois GO Bonds Series of May 2018A (A3/A-) | State of Illinois GO Bonds Series of May 2018A (A3/A-) | State of Illinois GO Bonds Series of May 2018A (A3/A-) |
| 450000 | 5.000 | 05/01/2032 | 469939 |
| State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) | State of Illinois GO Bonds Series of May 2024B (A3/A-) |
| 135000 | 5.250 | 05/01/2043 | 137758 |
| The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) | The County of Cook Illinois Sales Tax RB Series 2024 (NR/AA-) |
| 225000 | 5.000 | 11/15/2042 | 228262 |
|  |  |  | 8093411 |
| Indiana - 1.6% | Indiana - 1.6% | Indiana - 1.6% | Indiana - 1.6% |
| City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) | City of Whiting Environmental Facilities Refunding RB for BP Products North America Inc. Project Series 2019A (A1/A-) (PUTABLE) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 12/01/2044 | 101200 |
| Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) | Indiana Finance Authority Health System RB Series 2025 Indiana University Health Series 202D-1 (Aa2/AA) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 10/01/2064 | 268783 |
| Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) |
| 100000 | 5.000 | 03/01/2031 | 101855 |
| Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) | Indiana Finance Authority RB, Series 2025C-1 (NR/NR) |
| 500000 | 4.125 | 05/15/2032 | 500353 |
| Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) | Indiana Housing and Community Development Authority Multifamily Housing RB Wabash Place Project Series 2025 (Aa1/NR) |
| 375000 | 3.125 <sup>(a)(b)</sup> | 02/01/2043 | 377011 |
| The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) | The Indianapolis Local Public Improvement Bond Bank Bonds Series 2024E (NR/AA-) |
| 100000 | 5.000 | 02/01/2030 | 110047 |
|  |  |  | 1459249 |
| Kentucky - 1.1% | Kentucky - 1.1% | Kentucky - 1.1% | Kentucky - 1.1% |
| Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) | Public Energy Authority of Kentucky Gas Supply RB Series 2020A (A1/NR) |
| 500000 | 4.000 <sup>(a)(b)</sup> | 12/01/2050 | 502973 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **18** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Kentucky – (continued) | Kentucky – (continued) | Kentucky – (continued) | Kentucky – (continued) |
| Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) | Public Energy Authority of Kentucky Gas Supply Revenue Refunding Bonds 2025 Series A (A1/NR) |
| 500000 | 5.250 %<sup>(a)(b)</sup> | 06/01/2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532555 |
|  |  |  | 1035528 |
| Louisiana - 4.8% | Louisiana - 4.8% | Louisiana - 4.8% | Louisiana - 4.8% |
| Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) | Board of Commissioners of The Port of New Orleans Louisiana Port Facility RB Series 2025A (NON-AMT) (A2/A) |
| 100000 | 5.250 | 04/01/2055 | 100670 |
| Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) | Lakeshore Villages Master Community Development District Special Assessment Series 2019 (NR/NR) |
| 1000000 | 4.125 | 06/01/2039 | 892205 |
| Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) | Louisiana Housing Corporation Multifamily Housing RB Arbours At Lafayette Phase II Project Series 2024 (FHA 221(D)(4)) (Aa1/NR) |
| 1000000 | 5.000 <sup>(a)(b)</sup> | 04/01/2028 | 1031082 |
| Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) | Louisiana Local Government Environmental Facilities and Community Development Authority Entergy Louisiana, LLC Project) Revenue Refunding Bonds Series 2021B (NON-AMT) (A2/A) |
| 115000 | 2.500 | 04/01/2036 | 93902 |
| Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) | Louisiana Public Facilities Authority Hospital RB Louisiana Children Medicine Ctr 2023A (NR/A) |
| 500000 | 5.250 <sup>(a)(b)</sup> | 12/01/2052 | 533780 |
| Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) | Louisiana Public Facilities Authority Revenue Refunding Bonds for Ochsner Clinic Foundation Project Series 2017 (A3/A) |
| 500000 | 5.000 | 05/15/2042 | 495214 |
| Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) | Louisiana Stadium and Exposition District Senior RB, Tax-Exempt Series 2023A (A2/NR) |
| 400000 | 5.000 | 07/01/2037 | 431542 |
| office Facilities Corporation Lease RB Northwest Louisiana State office Building Project Series 2025 (AG) (NR/AA) | office Facilities Corporation Lease RB Northwest Louisiana State office Building Project Series 2025 (AG) (NR/AA) | office Facilities Corporation Lease RB Northwest Louisiana State office Building Project Series 2025 (AG) (NR/AA) | office Facilities Corporation Lease RB Northwest Louisiana State office Building Project Series 2025 (AG) (NR/AA) |
| 140000 | 5.000 | 07/01/2038 | 151054 |
| Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) | Parish School Board of the Parish of Lafayette State of Louisiana Sales Tax RB, Series 2025 (NR/AA+) |
| 250000 | 5.500 | 04/01/2045 | 263903 |
| Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) | Pineville School District No. 52 of Rapides Parish Louisiana GO School Bonds Series 2025 (BAM) (NR/AA) |
| 245000 | 5.250 | 03/01/2038 | 264983 |
| 275000 | 5.250 | 03/01/2039 | 295038 |
|  |  |  | 4553373 |
| Maine - 0.3% | Maine - 0.3% | Maine - 0.3% | Maine - 0.3% |
| Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) | Maine Health and Higher Educational Facilities Authority RB Northeastern University Issue Series 2024B (A1/NR) |
| 275000 | 5.000 | 10/01/2039 | 291313 |
| Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% | Maryland - 0.1% |
| Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR) | Frederick County Maryland Tax Allocation Refunding for Oakdale- Lake Linganore Development District Series 2019 B (NR/NR) |
| 150000 | 3.750 | 07/01/2039 | 132196 |
| Massachusetts - 1.7% | Massachusetts - 1.7% | Massachusetts - 1.7% | Massachusetts - 1.7% |
| Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) | Massachusetts Development Finance Agency RB Beth Israel Lahey Health Issue Tax-Exempt Series N 2025 (A3/A) |
| 1000000 | 5.000 | 07/01/2040 | 1046041 |
| Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) | Massachusetts Development Finance Agency RB for Harvard University Series 2016 A (Aaa/AAA) |
| 250000 | 5.000 | 07/15/2036 | 285718 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Massachusetts – (continued) | Massachusetts – (continued) | Massachusetts – (continued) | Massachusetts – (continued) |
| Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) | Massachusetts Development Finance Authority Variable Rate Demand RB Williams College Issue Series N (2011) (Aa1/ AA+) |
| 250000 | 3.300 %<sup>(a)(b)</sup> | 07/01/2041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253600 |
|  |  |  | 1585359 |
| Michigan - 1.8% | Michigan - 1.8% | Michigan - 1.8% | Michigan - 1.8% |
| City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) | City of Detroit County of Wayne State of Michigan Unlimited Tax GO Bonds Series 2018 (Baa1/BBB) |
| 200000 | 5.000 | 04/01/2038 | 202985 |
| City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) | City of Detroit, County of Wayne, Unlimited Tax GO Social Bonds Series 2023A (Tax Exempt) (Baa1/BBB) |
| 100000 | 6.000 | 05/01/2039 | 110216 |
| Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Sewage Disposal System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) |
| 500000 | 5.000 | 07/01/2031 | 558738 |
| Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) | Great Lakes Water Authority Water Supply System Revenue Refunding Second Lien Bonds Series 2025B (A1/A+) |
| 500000 | 5.000 | 07/01/2031 | 558738 |
| Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (NR/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (NR/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (NR/AA-) | Michigan Finance Authority Revenue Hospital Bonds Trinity Health Credit Group 2013MI-5 (NR/AA-) |
| 265000 | 4.000 | 12/01/2040 | 248517 |
|  |  |  | 1679194 |
| Minnesota - 0.1% | Minnesota - 0.1% | Minnesota - 0.1% | Minnesota - 0.1% |
| Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) | Minneapolis St. Paul Metropolitan Airports Commisson Subordinate Airport RB Series 2024B (AMT) (NR/A+) |
| 100000 | 5.000 | 01/01/2039 | 103523 |
| Mississippi - 0.7% | Mississippi - 0.7% | Mississippi - 0.7% | Mississippi - 0.7% |
| Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron U.S.A Inc. Project Series 2011B Bonds (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron U.S.A Inc. Project Series 2011B Bonds (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron U.S.A Inc. Project Series 2011B Bonds (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron U.S.A Inc. Project Series 2011B Bonds (Aa2/AA-/A-1+) |
| 135000 | 3.930 <sup>(a)(b)</sup> | 11/01/2035 | 135000 |
| Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) | Warren County, Mississippi Gulf Opportunity Zone Revenue Refunding Bonds International Paper Company Project Series 2018 (NON-AMT) (NR/BBB) |
| 500000 | 4.000 | 09/01/2032 | 508090 |
|  |  |  | 643090 |
| Missouri - 1.7% | Missouri - 1.7% | Missouri - 1.7% | Missouri - 1.7% |
| Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) | Phelps County Missouri Hospital RB Phelps Health Series 2025 (NR/BBB+) |
| 1000000 | 5.750 | 12/01/2045 | 1046453 |
| State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) | State Environmental Improvement and Energy Resources Authority of The State of Missouri Environmental Improvement RB Kansas City Power & Light Company Project, Series 2008 (Baa1/A-) (PUTABLE) |
| 500000 | 4.050 <sup>(a)(b)</sup> | 05/01/2038 | 499627 |
| The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) | The Industrial Development Authority of The City of Kansas City Missouri Economic Activity Tax RB for Historic Northeast Redevelopment Plan Series 2024A-1 (NR/NR) |
| 100000 | 5.000 <sup>(d)</sup> | 06/01/2054 | 88145 |
|  |  |  | 1634225 |
| Nebraska - 0.6% | Nebraska - 0.6% | Nebraska - 0.6% | Nebraska - 0.6% |
| Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) | Central Plains Energy Project Gas Supply Revenue Refunding Bonds, Series 2025A Sub-Series 2025A-1 (Aa1/NR) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 08/01/2055 | 534037 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **19** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% | New Hampshire - 0.1% |
| National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) | National Finance Authority RB for Presbyterian Senior Living Project Series 2023A (NR/NR) |
| $100000 | 5.250% | 07/01/2048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96126 |
| New Jersey - 1.0% | New Jersey - 1.0% | New Jersey - 1.0% | New Jersey - 1.0% |
| New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) | New Jersey Economic Development Authority Special Facility Revenue and Refunding Bonds Series 2017 (Baa2/NR) |
| 100000 | 5.000 | 10/01/2047 | 94744 |
| New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) | New Jersey Educational Facilities Authority Princeton University RB, 2025 Series A-2 (Aaa/AAA) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 07/01/2064 | 226252 |
| New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) | New Jersey Transportation Trust Fund Authority RB for Transportation System Series 2009 A (A2/A) |
| 335000 | 0.000 <sup>(c)</sup> | 12/15/2039 | 174728 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2021 Series A (A2/A) |
| 100000 | 4.000 | 06/15/2035 | 100116 |
| New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A) | New Jersey Transportation Trust Fund Authority Transportation System Bonds 2022 Series A (A2/A) |
| 150000 | 4.000 | 06/15/2041 | 137059 |
| New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/AA-) | New Jersey Turnpike Authority Turnpike RB Series 2025 A (A1/AA-) |
| 200000 | 5.000 | 01/01/2043 | 208703 |
|  |  |  | 941602 |
| New York - 9.8% | New York - 9.8% | New York - 9.8% | New York - 9.8% |
| Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) | Brooklyn Arena Local Development Corp. Pilot RB Refunding for Barclays Center Series 2016 A (AGM) (A1/AA) |
| 100000 | 3.000 | 07/15/2043 | 74240 |
| Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) | Brooklyn Arena Local Development Corporation Pilot Revenue Refunding Bonds, Series 2016A (AG) (A1/AA) |
| 200000 | 4.000 | 07/15/2029 | 202584 |
| Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) | Buffalo and Erie County Industrial Land Development Corporation Canisius University Project Tax-Exempt RB Series 2025 (NR/BBB) |
| 550000 | 6.250 | 05/01/2045 | 563179 |
| City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) | City of Troy Capital Resource Corp. Revenue Refunding Bonds for Rensselaer Polytechnic Institute Project Series 2020A (Forward Delivery) (A3/BBB+) |
| 100000 | 5.000 | 09/01/2037 | 103251 |
| Cold Spring Harbor Laboratory, Inc. (Aa2/AA/A-1) | Cold Spring Harbor Laboratory, Inc. (Aa2/AA/A-1) | Cold Spring Harbor Laboratory, Inc. (Aa2/AA/A-1) | Cold Spring Harbor Laboratory, Inc. (Aa2/AA/A-1) |
| 1005000 | 3.950 <sup>(a)(b)</sup> | 01/01/2034 | 1005000 |
| Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) | Dormitory Authority of The State of New York State Sales Tax RB Series 2017A (Aa1/AA+) |
| 1000000 | 5.000 | 03/15/2039 | 1014713 |
| Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) | Long Island Power Authority Electric System General RB Series 2016B (A2/A) |
| 580000 | 5.000 | 09/01/2046 | 580004 |
| Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) | Metropolitan Transportation Authority RB Refunding Green Bond Series 2024A (BAM) (A2/AA) |
| 100000 | 4.000 | 11/15/2048 | 84548 |
| New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) | New York City Industrial Development Agency RB Refunding for Queens Ballpark Co. LLC Series 2021 A (AG) (A1/AA) |
| 170000 | 3.000 | 01/01/2046 | 121428 |
| New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2021 Series EE Subseries EE-1 and EE-2 (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2021 Series EE Subseries EE-1 and EE-2 (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2021 Series EE Subseries EE-1 and EE-2 (Aa1/AA+/A-1) | New York City Municipal Water Finance Authority Water and Sewer System Second General Resolution RB Adjustable Rate Fiscal 2021 Series EE Subseries EE-1 and EE-2 (Aa1/AA+/A-1) |
| 1000000 | 3.850 <sup>(a)(b)</sup> | 06/15/2045 | 1000000 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New York – (continued) | New York – (continued) | New York – (continued) | New York – (continued) |
| New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 (Aa1/AAA/A-1+) | New York City Transitional Finance Authority Future Tax Secured Subordinate Bonds Fiscal 2013 Series C Subseries C-4 (Aa1/AAA/A-1+) |
| 550000 | 3.950 %<sup>(a)(b)</sup> | 11/01/2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;550000 |
| New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) | New York City Transitional Finance Authority New York Future Tax Secured Tax-Exempt Subordinate Bonds Fiscal 2018, Subseries C-3 (Aa1/AAA) |
| 1000000 | 5.000 | 05/01/2040 | 1020215 |
| New York N Y Var GO Bds 2008 L-4 (Aa1/AA+/A-1) | New York N Y Var GO Bds 2008 L-4 (Aa1/AA+/A-1) | New York N Y Var GO Bds 2008 L-4 (Aa1/AA+/A-1) | New York N Y Var GO Bds 2008 L-4 (Aa1/AA+/A-1) |
| 1000000 | 3.850 <sup>(a)(b)</sup> | 04/01/2038 | 1000000 |
| New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) | New York State Energy Research and Development Authority Pollution Control RB Rochester Gas and Electric Corporation Project 1997 Series A (Baa1/A-) |
| 500000 | 3.800 | 08/01/2032 | 509345 |
| New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) | New York Transportation Development Corp. RB for Delta Air Lines, Inc. Series 2020 (Baa2/NR) |
| 175000 | 5.000 | 10/01/2040 | 173932 |
| New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) | New York Transportation Development Corp. Special Facility RB Refunding for American Airlines, Inc. John F. Kennedy International Airport Project Series 2016 (NR/B+) |
| 100000 | 5.000 | 08/01/2031 | 100001 |
| New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) | New York Transportation Development Corporation Special Facilities RB Series 2025 (AMT) (Baa3/AA) |
| 500000 | 6.000 | 06/30/2044 | 526128 |
| New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) | New York Transportation Development Corporation Terminal 4 John F. Kennedy International Airport Project Special Facility RB Series 2020C (Tax-Exempt/NON-AMT) (Baa1/BBB) |
| 100000 | 4.000 | 12/01/2042 | 88741 |
| Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) | Onondaga Civic Development Corporation RB Syracuse University Project Series 2025 (Aa3/AA-) |
| 150000 | 5.000 | 12/01/2032 | 171163 |
| Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) | Triborough Bridge and Tunnel Authority MTA Bridges and Tunnels General RB Series 2017A (Aa3/AA-) |
| 175000 | 5.000 | 11/15/2047 | 175033 |
| Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) | Triborough Bridge and Tunnel Authority Mta Bridges and Tunnels Payroll Mobility Tax Bond Anticipation Notes Series 2025A (NR/SP-1+) |
| 100000 | 5.000 | 03/01/2028 | 106728 |
|  |  |  | 9170233 |
| North Carolina - 1.2% | North Carolina - 1.2% | North Carolina - 1.2% | North Carolina - 1.2% |
| Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) | Inlivian Multifamily Housing RB Central at Old Concord Series 2025 (Aa1/NR) |
| 500000 | 3.300 <sup>(a)(b)</sup> | 11/10/2043 | 505370 |
| North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) | North Carolina Medical Care Commission Health Care Facilities First Mortgage RB Lutheran Services for The Aging Series 2021A (NR/NR) |
| 245000 | 5.000 | 03/01/2026 | 246397 |
| North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) | North Carolina Medical Care Commission Health Care Facilities RB Duke University Health System, Series 2025B (Aa3/AA-) |
| 350000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 379101 |
|  |  |  | 1130868 |
| Ohio - 1.7% | Ohio - 1.7% | Ohio - 1.7% | Ohio - 1.7% |
| City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) | City of Norwood, Ohio Special Obligation Revenue Refunding Bonds Series 2025 (NR/NR) |
| 145000 | 4.375 | 12/01/2030 | 146108 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **20** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Ohio – (continued) | Ohio – (continued) | Ohio – (continued) | Ohio – (continued) |
| Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB+) | Cleveland Airport Special RB for Continental Airlines, Inc. Project Series 1998 (Ba3/BB+) |
| 280000 | 5.375% | 09/15/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280172 |
| Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) | Columbus-Franklin County Finance Authority Multifamily Housing RB Westerville Crossing Apartments Series 2024B (Aa1/NR) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 12/01/2028 | 104859 |
| Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) | Ohio Air Quality Development Authority Collateralized Air Quality Revenue Refunding Bonds for Dayton Power and Light Company Project 2015 Series A (Baa1/BBB+) (PUTABLE) |
| 500000 | 4.250 <sup>(a)(b)</sup> | 11/01/2040 | 507446 |
| Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB (Community Pendleton Project), Series 2025 (Aa1/NR) |
| 125000 | 3.400 <sup>(a)(b)</sup> | 07/01/2042 | 125867 |
| Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) | Ohio Housing Finance Agency Multifamily Housing RB at Main Series 2025 (Aa1/NR) |
| 200000 | 3.700 <sup>(a)(b)</sup> | 11/01/2047 | 202366 |
| Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) | Ohio State RB Refunding for University Hospitals Health System, Inc. Obligated Group Series 2020 A (A3/A) |
| 100000 | 3.000 | 01/15/2045 | 71582 |
| State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa1/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa1/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa1/NR) | State of Ohio Ohio Higher Educational Facility Commission State of Ohio Higher Educational Facility RB (Baa1/NR) |
| 150000 | 5.000 | 05/01/2039 | 154203 |
|  |  |  | 1592603 |
| Oklahoma - 1.1% | Oklahoma - 1.1% | Oklahoma - 1.1% | Oklahoma - 1.1% |
| Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/BBB-) | Oklahoma County Finance Authority Educational Facilities Lease RB Western Heights Public Schools Project, Series 2025 (NR/BBB-) |
| 500000 | 5.000 | 09/01/2032 | 525426 |
| Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) | Oklahoma Housing Finance Agency Collateralized RB The Villages at A New Leaf II Series 2025 (Aa1/NR) (PUTABLE) |
| 300000 | 3.400 <sup>(a)(b)</sup> | 07/01/2028 | 302868 |
| Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) | Tulsa Municipal Airport Trust RB Refunding for American Airlines, Inc. Series 2001 B (AMT) (NR/NR) |
| 100000 | 5.500 | 12/01/2035 | 99996 |
| Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) | Wagoner County Development Authority Sales Tax RB Series 2025 (NR/NR) |
| 100000 | 6.500 | 05/01/2035 | 100781 |
|  |  |  | 1029071 |
| Oregon - 1.3% | Oregon - 1.3% | Oregon - 1.3% | Oregon - 1.3% |
| City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) | City of Forest Grove Oregon Campus Improvement Revenue Refunding Bonds Pacific University Series 2022A Forward Delivery (NR/BBB) |
| 175000 | 5.000 | 05/01/2033 | 180697 |
| City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) | City of Redmond Oregon Full Faith and Credit Bonds Series 2025A Airport Expansion Projects (AMT) (Aa2/NR) |
| 250000 | 5.000 | 06/01/2035 | 269286 |
| Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) | Lincoln County School District Lincoln and Lane Counties Oregon GO Bonds, Series 2025 (SCH BD GTY) (Aa1/NR) |
| 650000 | 0.000 <sup>(f)</sup> | 06/15/2027 | 650893 |
| The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB Series Twenty-Eight (AMT) (NR/AA-) |
| 150000 | 5.000 | 07/01/2030 | 163326 |
|  |  |  | 1264202 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | Interest<br>Rate | Maturity<br>Date | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania - 7.6% | Pennsylvania - 7.6% | Pennsylvania - 7.6% | Pennsylvania - 7.6% |
| Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) | Acts Retirement Life Communities, Inc. Obligated Group Montgomery County Industrial Development Authority Retirement Communities RB Series 2016 (NR/NR) |
| $100000 | 5.000% | 11/15/2033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101082 |
| Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) | Borough of Punxsutawney Jefferson County Pennsylvania GO Bonds Series B of 2025 (Tax Exempt) (AG) (Baa2/AA) |
| 1000000 | 5.125 <sup>(e)</sup> | 12/01/2050 | 986259 |
| Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) | Cheltenham Township IDA Arcadia University RB Series of 2024 (NR/BBB-) |
| 330000 | 5.750 | 04/01/2054 | 304045 |
| City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) | City of Erie Higher Education Building Authority RB for Gannon University Series 2021 (Baa2/BBB+) |
| 25000 | 4.000 | 05/01/2036 | 23317 |
| Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) | Coatesville Area School District Chester County Pennsylvania GO Bonds Series of 2025 (AG ST AID WITHHLDG) (Aa3/AA) |
| 250000 | 5.250 | 11/15/2042 | 258650 |
| Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) | Commonwealth of Pennsylvania GO Bonds First Series of 2024 Bid Group B (Aa2/A+) |
| 100000 | 4.000 | 08/15/2044 | 90126 |
| Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) | Delaware County Authority Commonwealth of Pennsylvania Haverford College RB Series 2017A (NR/AA-) |
| 500000 | 5.000 | 10/01/2042 | 500824 |
| General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C, Series 2019D and Series 2019E (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C, Series 2019D and Series 2019E (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C, Series 2019D and Series 2019E (Aa3/NR) | General Authority of Southcentral Pennsylvania General Authority of Southcentral Pennsylvania RB Series 2019C, Series 2019D and Series 2019E (Aa3/NR) |
| 650000 | 3.850 <sup>(a)(b)</sup> | 06/01/2035 | 650000 |
| Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) | Montgomery County Higher Education and Health Authority, (Commonwealth of Pennsylvania) Arcadia University RB, Series of 2015 (NR/BBB-) |
| 350000 | 5.000 | 04/01/2030 | 350053 |
| Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) | Montgomery County IDA Exempt Facilities Revenue Refunding Bonds 2023 Series B (Baa1/BBB+) |
| 640000 | 4.100 | 06/01/2029 | 664905 |
| Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/A+) | Pennsylvania Economic Development Financing Authority RB Refunding for American Water Co. Project Series 2019 (Aa3/A+) |
| 190000 | 3.000 | 04/01/2039 | 157889 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) |
| 600000 | 3.875 <sup>(a)(b)</sup> | 08/01/2038 | 600048 |
| Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) | Pennsylvania Economic Development Financing Authority UPMC RB, Series 2025A (A2/A) |
| 200000 | 5.000 <sup>(a)(b)</sup> | 03/15/2060 | 213684 |
| Pennsylvania Higher Educational Facilities Authority Bryn Mawr College RB Series 2014 (Aa2/AA+) | Pennsylvania Higher Educational Facilities Authority Bryn Mawr College RB Series 2014 (Aa2/AA+) | Pennsylvania Higher Educational Facilities Authority Bryn Mawr College RB Series 2014 (Aa2/AA+) | Pennsylvania Higher Educational Facilities Authority Bryn Mawr College RB Series 2014 (Aa2/AA+) |
| 195000 | 5.000 | 12/01/2044 | 195064 |
| Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate RB, Series A of 2019 (A2/NR) |
| 500000 | 5.000 | 12/01/2044 | 498354 |
| Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) | Philadelphia Hospitals and Higher Education Facilities Authority RB for Temple University Health System Obligation Group Series 2017 (Baa3/BBB) |
| 80000 | 5.000 | 07/01/2034 | 80752 |
| Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) | Scranton-Lackawanna Health and Welfare Authority The University of Scranton Revenue Refunding Bonds Series 2025B (NR/A-) |
| 455000 | 5.000 | 11/01/2026 | 465572 |
| 700000 | 5.000 | 11/01/2035 | 756859 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **21** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) |
| The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) | The City of Philadelphia Pennsylvania GO Bonds Series 2025A (Tax-Exempt) (A1/A+) |
| 250000 | 5.000% | 08/01/2042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259508 |
|  |  |  | 7156991 |
| Puerto Rico - 4.4% | Puerto Rico - 4.4% | Puerto Rico - 4.4% | Puerto Rico - 4.4% |
| Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) | Puerto Rico Commonwealth Aqueduct & Sewer Authority RB Refunding for Senior Lien Series 2020 A (NR/NR) |
| 1000000 | 5.000 <sup>(d)</sup> | 07/01/2047 | 935484 |
| Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) | Puerto Rico Commonwealth GO Restructured Bonds Series 2022 A-1 (NR/NR) |
| 100000 | 5.750 | 07/01/2031 | 109742 |
| 250000 | 0.000 <sup>(c)</sup> | 07/01/2033 | 175071 |
| 109000 | 4.000 | 07/01/2033 | 106646 |
| 25000 | 4.000 | 07/01/2046 | 20662 |
| Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA) | Puerto Rico Electric Power Authority RB Refunding Series 2007 UU (AG) (A1/AA) |
| (3M USD SOFR + 0.52%) | (3M USD SOFR + 0.52%) | (3M USD SOFR + 0.52%) |  |
| 200000 | 3.571 <sup>(g)</sup> | 07/01/2029 | 192345 |
| Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) | Puerto Rico Sales Tax Corp Sales Tax Revenue Restructured Bonds Cofina, 2019 A-2A (NR/NR) |
| 150000 | 4.550 | 07/01/2040 | 143156 |
| Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) | Puerto Rico Sales Tax Financing Corp Sales Tax Revenue Restructured Bonds Series 2019A-2B (NR/NR) |
| 167000 | 4.550 | 07/01/2040 | 159380 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue Restructured Bonds Series A-2 (NR/NR) |
| 200000 | 4.329 | 07/01/2040 | 185488 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2018 A-1 (NR/NR) |
| 725000 | 0.000 <sup>(c)</sup> | 07/01/2027 | 682830 |
| 723000 | 0.000 <sup>(c)</sup> | 07/01/2029 | 634841 |
| 400000 | 0.000 <sup>(c)</sup> | 07/01/2031 | 321789 |
| 901000 | 0.000 <sup>(c)</sup> | 07/01/2046 | 284768 |
| 334000 | 0.000 <sup>(c)</sup> | 07/01/2051 | 77961 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Capital Appreciation Restructured RB Series 2019 A-2 (NR/NR) |
| 45000 | 4.329 | 07/01/2040 | 41735 |
| Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) | Puerto Rico Sales Tax Financing Corporation Sales Tax Restructured RB Series 2018 A-1 (NR/NR) |
| 100000 | 5.000 | 07/01/2058 | 91726 |
|  |  |  | 4163624 |
| Rhode Island - 0.4% | Rhode Island - 0.4% | Rhode Island - 0.4% | Rhode Island - 0.4% |
| Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) | Providence Public Buildings Authority Capital Improvement Program Projects RB 2024 Series A (AG) (A1/AA) |
| 100000 | 5.250 | 09/15/2042 | 104726 |
| Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) | Rhode Island Health and Educational Building Corporation State Appropriation-Backed RB Central Falls Public School Projects Series 2025 (Aa3/AA-) |
| 210000 | 5.000 | 05/15/2036 | 231358 |
|  |  |  | 336084 |
| South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% | South Carolina - 0.2% |
| South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) | South Carolina Jobs-Economic Development Authority Healthcare RB Beaufort Memorial Hospital & South of Broad Healthcare Project Series 2024 (NR/BB) |
| 100000 | 5.000 | 11/15/2030 | 105813 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| South Carolina – (continued) | South Carolina – (continued) | South Carolina – (continued) | South Carolina – (continued) |
| South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax- Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax- Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax- Exempt) (A3/A-) | South Carolina Public Service Authority Revenue Refunding Obligations Santee Cooper Consisting of Series 2024-B (Tax- Exempt) (A3/A-) |
| 100000 | 4.125% | 12/01/2044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89699 |
|  |  |  | 195512 |
| Tennessee - 0.6% | Tennessee - 0.6% | Tennessee - 0.6% | Tennessee - 0.6% |
| The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) | The Health Educational and Housing Facility Board of The County of Shelby Tennessee RB Methodist Le Bonheur Healthcare 2025A (AG) (A1/AA) |
| 500000 | 5.000 | 06/01/2035 | 538990 |
| Texas - 12.5% | Texas - 12.5% | Texas - 12.5% | Texas - 12.5% |
| Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) | Arlington Higher Education Finance Corporation Education RB Riverwalk Education Foundation Inc. Series 2022 (PSF-GTD) (NR/AAA) |
| 100000 | 5.000 | 08/15/2027 | 105022 |
| Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) | Austin Affordable PFC Inc. Multifamily Housing RB Series 2024B (FNMA COLL) (Aa1/NR) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 09/01/2028 | 104342 |
| Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A+) | Central Texas Regional Mobility Authority RB Refunding Senior Lien Series 2020 A (A3/A+) |
| 750000 | 5.000 | 01/01/2036 | 786405 |
| City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) | City of Celina Texas a Municipal Corp. of The State of Texas Located in Collin and Denton Counties Special Assessment RB Series 2024 (BAM) (NR/AA) |
| 100000 | 5.000 | 09/01/2028 | 105956 |
| City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) | City of Dallas TexasDallas Denton Collin and Rockwall Counties Waterworks and Sewer System Revenue Refunding Bonds Taxable Series 2016A/ 2016B (NR/AAA) |
| 500000 | 5.000 | 10/01/2041 | 502240 |
| City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) | City of Garland Texas Dallas Collin and Rockwall Counties Water and Sewer System Revenue Refunding Bonds Series 2025 (NR/AA-) |
| 250000 | 5.000 | 03/01/2042 | 258404 |
| City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) | City of Gunter Texas A Municipal Corp. of The State of Texas Located In Grayson County Special Assessment RB Series 2025 (NR/NR) |
| 100000 | 4.500 <sup>(d)</sup> | 09/15/2032 | 100177 |
| City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) | City of Houston Airport System Subordinate Lien Revenue Refunding Bonds Series 2020A (AMT) (A1/A+) |
| 405000 | 4.000 | 07/01/2047 | 339753 |
| City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) | City of Houston Texas Subordinate Lien RB Consisting of: Airport System Subordinate Lien Revenue and Refunding Bonds Series 2025A (AMT) (NR/A+) |
| 1000000 | 5.250 | 07/01/2038 | 1074694 |
| City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) | City of Justin Texas A Municipal Corporation of The State of Texas Located In Denton County Special Assessment RB, Series 2025 (NR/NR) |
| 368000 | 4.250 <sup>(d)(e)</sup> | 09/01/2032 | 368275 |
| Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corp. Education Revenue and Refunding Bonds Series 2024 (PSF-GTD) (NR/AAA) |
| 60000 | 5.000 | 08/15/2039 | 62865 |
| Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) | Clifton Higher Education Finance Corporation Education Revenue and Refunding Bonds Idea Public Schools, Series 2025 (PSF-GTD) (NR/AAA) |
| 200000 | 5.000 | 08/15/2040 | 207922 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **22** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) | Clifton Higher Education Finance Corporation Texas Variable Rate Education RB International Leadership of Texas Inc, Series 2025B (PSF-GTD) (Aaa/NR) |
| $250000 | 4.000 %<sup>(a)(b)</sup> | 02/15/2055 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260002 |
| El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) | El Paso County Hospital District El Paso County Texas GO Bonds, Series 2025 (AG) (NR/AA) |
| 500000 | 5.000 | 02/15/2030 | 544626 |
| Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/AA-) | Hidalgo County Texas Certificates of Obligation Series 2025 (Aa2/AA-) |
| 755000 | 5.000 | 08/15/2037 | 808740 |
| Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) | Houston Airport System RB Refunding for United Airlines, Inc. Series 2020 B-2 (NR/NR) |
| 200000 | 5.000 | 07/15/2027 | 202815 |
| Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) | Karnes County Hospital District A Political Subdivision of The State of Texas Located In Karnes County Adjustable-Rate Hospital Revenue Refunding Bonds Series 2024 (NR/NR) |
| 125000 | 5.000 <sup>(a)(b)</sup> | 02/01/2044 | 131900 |
| LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) | LA Feria Independent School District A Political Subdivision of The State of Texas Located In Cameron County Texas Unlimited Tax School Building Bonds, Series 2025 (PSF-GTD) (Aaa/NR) |
| 400000 | 5.000 | 02/15/2045 | 407246 |
| Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) | Lower Colorado River Authority Refunding RB, Series 2025B (A2/A) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 05/15/2045 | 544260 |
| Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) | Matagorda County Navigation District Number One Pollution Control Revenue Refunding Bonds for Central Power and Light Company Project Series 1996 (Baa3/BBB+) |
| 250000 | 4.250 | 05/01/2030 | 260452 |
| Mission Economic Development Corporation Solid Waste Disposal RB Republic Services, Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Republic Services, Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Republic Services, Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Republic Services, Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) |
| 625000 | 3.850 <sup>(a)(b)</sup> | 05/01/2050 | 625079 |
| Mission Economic Development Corporation Solid Waste Disposal RB Waste Management Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Waste Management Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Waste Management Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) | Mission Economic Development Corporation Solid Waste Disposal RB Waste Management Inc. Project Series 2020A (NR/A-/A-2) (PUTABLE) |
| 250000 | 3.950 <sup>(a)(b)(e)</sup> | 05/01/2046 | 250000 |
| New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) | New Hope Cultural Education Facilities Finance Corporation Retirement Facility RB Westminster Project Series 2025 (NR/ NR) |
| 100000 | 5.000 | 11/01/2031 | 106834 |
| North Texas Tollway Authority System Revenue and Refunding Bonds Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System Revenue and Refunding Bonds Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System Revenue and Refunding Bonds Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System Revenue and Refunding Bonds Second Tier Bonds Series 2017B (A1/A+) |
| 390000 | 5.000 | 01/01/2028 | 393207 |
| Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) | Nueces River Authority Water Supply Facilities Revenue Refunding Bonds for City of Corpus Christi Lake Texana Project Series 2015 (NR/AA-) |
| 100000 | 5.000 | 07/15/2026 | 100171 |
| Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) | Princeton Independent School District Collin County Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/NR) |
| 500000 | 5.000 | 02/15/2040 | 526612 |
| Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) | Sinton Independent School District Texas Fixed Rate and Variable Rate Unlimited Tax School Building Bonds, Series 2022 (PSF-GTD) (NR/AAA) |
| 500000 | 4.000 <sup>(a)(b)</sup> | 08/15/2049 | 505628 |
| Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) | Socorro Independent School District Unlimited Tax Refunding Bonds Series 2017B (PSF-GTD) (Aaa/NR) |
| 120000 | 5.000 | 08/15/2027 | 126121 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025B (Aa2/AA) |
| 500000 | 5.000 %<sup>(a)(b)</sup> | 11/15/2064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541813 |
| Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) | Tarrant County Cultural Education Facilities Finance Corporation Texas Health Resources System RB Series 2025C (Aa2/AA) |
| 500000 | 5.000 <sup>(a)(b)</sup> | 11/15/2064 | 551751 |
| Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) | Texas Transportation Commission Central Texas Turnpike System First Tier Revenue Refunding Put Bonds Series 2024-B (A2/A) |
| 100000 | 5.000 <sup>(a)(b)</sup> | 08/15/2042 | 107827 |
| Trinity River Authority of Texas Regional Wastewater System Revenue Improvementand Refunding Bonds Series 2024 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvementand Refunding Bonds Series 2024 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvementand Refunding Bonds Series 2024 (NR/AAA) | Trinity River Authority of Texas Regional Wastewater System Revenue Improvementand Refunding Bonds Series 2024 (NR/AAA) |
| 100000 | 5.000 | 08/01/2043 | 104022 |
| Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) | Upper Trinity Regional Water District Regional Treated Water Supply System Revenue Refunding Bonds, Series 2025 (BAM) (NR/AA) |
| 100000 | 5.250 | 08/01/2041 | 105876 |
| Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) | Waller Independent School District Waller and Harris Counties Texas Unlimited Tax School Building Bonds Series 2025 (PSF-GTD) (Aaa/AAA) |
| 500000 | 5.000 | 02/15/2037 | 550120 |
|  |  |  | 11771157 |
| Utah - 0.5% | Utah - 0.5% | Utah - 0.5% | Utah - 0.5% |
| Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) | Copper Rim Infrastructure Financing District in The City of West Jordan Salt Lake County Utah Special Assessment Bonds Series 2025 (NR/NR) |
| 100000 | 6.125 <sup>(d)(e)</sup> | 12/01/2054 | 100143 |
| Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) | Downtown Revitalization Public Infrastructure District Second Lien Sales Tax RB Seg Redevelopment Project, Series 2025B (AG) (A1/AA) |
| 250000 | 5.250 | 06/01/2043 | 263305 |
| Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) | Salt Lake City Airport RB Salt Lake City International Airport Series 2017A (AMT) (A1/A+) |
| 100000 | 5.000 | 07/01/2036 | 101145 |
|  |  |  | 464593 |
| Virgin Islands - 1.0% | Virgin Islands - 1.0% | Virgin Islands - 1.0% | Virgin Islands - 1.0% |
| Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corp. Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 795000 | 5.000 | 10/01/2039 | 792112 |
| Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) | Matching Fund Special Purpose Securitization Corporation Matching Fund Securitization Bonds Series 2022A (NR/NR) |
| 100000 | 5.000 | 10/01/2028 | 102661 |
|  |  |  | 894773 |
| Virginia - 0.5% | Virginia - 0.5% | Virginia - 0.5% | Virginia - 0.5% |
| Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/BBB+) | Economic Development Authority of The City of Salem Virginia Educational Facilities RB Roanoke College Series 2025 (NR/BBB+) |
| 200000 | 5.500 | 04/01/2045 | 196243 |
| Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) | Hampton Roads Transportation Authority Accountability Commission Transportation Fund Senior Lien Bond Anticipation Notes Series 2021A (NR/NR) |
| 255000 | 5.000 | 07/01/2026 | 260482 |
|  |  |  | 456725 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **23** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest<br>Rate** | **Maturity<br>Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Washington - 2.4% | Washington - 2.4% | Washington - 2.4% | Washington - 2.4% |
| Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) | Enumclaw School District No. 216 King County Washington Unlimited Tax GO Refunding Bonds 2025 (SCH BD GTY) (Aaa/NR) |
| $200000 | 5.000% | 12/01/2034 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226951 |
| Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) | Fircrest Properties Lease RB Series 2024 Sustainability Bonds State of Washington DSHS Project (NR/AA) |
| 100000 | 5.000 | 06/01/2032 | 112722 |
| Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien Revenue and Refunding Bonds Series 2024B (AMT) (Aa3/AA-) |
| 100000 | 5.000 | 07/01/2029 | 107922 |
| Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax- Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax- Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax- Exempt) (Aa2/AA) | Public Utility District No. 1 of Snohomish County Washington Electric System Revenue Refunding Bonds Series 2025B (Tax- Exempt) (Aa2/AA) |
| 1000000 | 5.000 <sup>(e)</sup> | 12/01/2037 | 1111298 |
| The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) | The City of Seattle Washington Municipal Light and Power Improvement and Refunding RB 2025 (Aa2/AA) |
| 500000 | 5.000 | 02/01/2043 | 520287 |
| Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) | Washington Health Care Facilities Authority RB Refunding for CommonSpirit Health Obligated Group Series 2019 A-1 (A3/A-) |
| 100000 | 5.000 | 08/01/2038 | 101551 |
| Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) | Washington State Convention Center Public Facilities District Junior Lodging Tax Notes 2021 (NR/NR) |
| 100000 | 4.000 | 07/01/2031 | 102419 |
|  |  |  | 2283150 |
| West Virginia - 0.3% | West Virginia - 0.3% | West Virginia - 0.3% | West Virginia - 0.3% |
| West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) | West Virginia Hospital Finance Authority Hospital Revenue Improvement Bonds West Virginia University Health System Obligated Group 2025 Series B (A2/A) |
| 250000 | 5.000 <sup>(a)(b)</sup> | 06/01/2055 | 266714 |
| Wisconsin - 0.9% | Wisconsin - 0.9% | Wisconsin - 0.9% | Wisconsin - 0.9% |
| City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) | City of Milwaukee GO Corporate Purpose Bonds Series 2017 B5 (NR/A-) |
| 100000 | 4.000 | 04/01/2028 | 100742 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/NR) |
| 100000 | 5.250 | 11/15/2050 | 99191 |
| Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) | Public Finance Authority RB Kahala Nui Project Series 2025 (NR/BBB-) |
| 100000 | 5.500 <sup>(d)</sup> | 06/01/2040 | 101196 |
| Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) | Wisconsin Health and Educational Facilities Authority RB Series 2025A (NR/A+) |
| 500000 | 5.000 | 08/15/2037 | 534195 |
|  |  |  | 835324 |
| TOTAL MUNICIPAL BONDS<br>(Cost $94,520,243) | TOTAL MUNICIPAL BONDS<br>(Cost $94,520,243) | TOTAL MUNICIPAL BONDS<br>(Cost $94,520,243) | 95094376 |

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---

| | | |
|:---|:---|:---|
| Shares | Dividend<br>Rate | Value |
| Investment Company – 0.5%<sup>(h)</sup> | Investment Company – 0.5%<sup>(h)</sup> | Investment Company – 0.5%<sup>(h)</sup> |
| Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares | Goldman Sachs Financial Square Treasury Instruments Fund - Institutional Shares |
| 464900 | 4.108% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464900 |
| (Cost $464,900) | (Cost $464,900) |  |
| **TOTAL INVESTMENTS - 101.9%**<br> **(Cost $94,985,143)** | **TOTAL INVESTMENTS - 101.9%**<br> **(Cost $94,985,143)** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95559276 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (1.9)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (1.9)%** | (1742895) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816381 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

(a) Variable Rate Demand Instruments – rate shown is that which is in effect on August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions.

(b) Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025.

(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

(d) Exempt from registration under Rule 144A of the Securities Act of 1933.

(e) When-issued security.

(f) Zero coupon bond until next reset date.

(g) Variable or floating rate security. Except for floating rate notes (for which final maturity is disclosed), maturity date disclosed is the next interest reset date. Interest rate disclosed is that which is in effect on August 31, 2025.

(h) Represents an affiliated issuer.

Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information.

---

| | |
|:---|:---|
|  **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AGM | - Insured by Assured Guaranty Municipal Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FNMA | - Insured by Federal National Mortgage Association |
| GO | - General Obligation |
| HUD SECT 8 | - Hud Section 8 |
| IDA | - Industrial Development Agency |
| MTA | - Metropolitan Transportation Authority |
| NATL | - National Public Finance Guarantee Corp. |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| RB | - Revenue Bond |
| SCH BD |  |
| GTY | School Bond Guaranty |
| SOFR | - Secured Overnight Financing Rate |
| ST AID |  |
| WITHHLDG | State Aid Withholding |
| TCRS | - Transferable Custody Receipts |
| UPMC | - University of Pittsburgh Medical Center |
| USD | - United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **24** | **The accompanying notes are an integral part of these financial statements.** |

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------

GOLDMAN SACHS MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ADDITIONAL INVESTMENT INFORMATION

**FUTURES CONTRACTS** — At August 31, 2025, the Fund had the following futures contracts:

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| | | | | |
|:---|:---|:---|:---|:---|
| Description | Number of<br>Contracts | Expiration<br>Date | Notional<br>Amount | **Unrealized**<br> **Appreciation/**<br> (Depreciation)  |
|  **Short position contracts:** |  |  |  |  |
|  U.S. Treasury Ultra Bond | (1) | 12/19/25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116469) | $258 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **25** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| **Municipal Bonds** – **95.4%** | **Municipal Bonds** – **95.4%** | **Municipal Bonds** – **95.4%** | **Municipal Bonds** – **95.4%** |
| **Alabama** - **0.4%** | **Alabama** - **0.4%** | **Alabama** - **0.4%** | **Alabama** - **0.4%** |
| State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) | State of Alabama GO Refunding Bonds Series 2014-A (Aa1/AA) |
| $55000 | 3.000% | 08/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55011 |
| **Alaska** – **0.4%** | **Alaska** – **0.4%** | **Alaska** – **0.4%** | **Alaska** – **0.4%** |
| Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2016 (NR/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2016 (NR/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2016 (NR/AA-) | Matanuska-Susitna Borough State of Alaska Lease Revenue Refunding Bonds Series 2016 (NR/AA-) |
| 20000 | 5.000 | 09/01/2025 | 20000 |
| Municipality of Anchorage 2014 GO Refunding Bonds Series B General Purpose (NR/AA-) | Municipality of Anchorage 2014 GO Refunding Bonds Series B General Purpose (NR/AA-) | Municipality of Anchorage 2014 GO Refunding Bonds Series B General Purpose (NR/AA-) | Municipality of Anchorage 2014 GO Refunding Bonds Series B General Purpose (NR/AA-) |
| 30000 | 5.000 | 09/01/2025 | 30000 |
|  |  |  | 50000 |
| **Arizona** - **1.5%** | **Arizona** - **1.5%** | **Arizona** - **1.5%** | **Arizona** - **1.5%** |
| Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) | Arizona Board of Regents Arizona State University System RB Series 2016B (Green Bonds) (Aa2/AA) |
| 60000 | 5.000 | 07/01/2027 | 61129 |
| Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) | Arizona Transportation Board Highway Revenue Refunding Bonds Series 2016 (Aa1/AA+) |
| 10000 | 5.000 | 07/01/2026 | 10223 |
| City of Yuma Municipal Property Corporation Senior Lien Excise Tax Revenue and Revenue Refunding Bonds Series 2015 (A1/AA-) | City of Yuma Municipal Property Corporation Senior Lien Excise Tax Revenue and Revenue Refunding Bonds Series 2015 (A1/AA-) | City of Yuma Municipal Property Corporation Senior Lien Excise Tax Revenue and Revenue Refunding Bonds Series 2015 (A1/AA-) | City of Yuma Municipal Property Corporation Senior Lien Excise Tax Revenue and Revenue Refunding Bonds Series 2015 (A1/AA-) |
| 20000 | 4.000 | 07/01/2026 | 20020 |
| The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) | The Industrial Development Authority of The County of Yavapai Hospital RB Yavapai Regional Medical Center Series 2019 (A3/NR) |
| 115000 | 5.000 | 08/01/2026 | 117048 |
|  |  |  | 208420 |
| **Arkansas** - **0.5%** | **Arkansas** - **0.5%** | **Arkansas** - **0.5%** | **Arkansas** - **0.5%** |
| City of Fort Smith Arkansas Water and Sewer Refunding RB Series 2016 (BAM) (NR/AA) | City of Fort Smith Arkansas Water and Sewer Refunding RB Series 2016 (BAM) (NR/AA) | City of Fort Smith Arkansas Water and Sewer Refunding RB Series 2016 (BAM) (NR/AA) | City of Fort Smith Arkansas Water and Sewer Refunding RB Series 2016 (BAM) (NR/AA) |
| 75000 | 5.000 | 10/01/2025 | 75137 |
| **California** - **4.7%** | **California** - **4.7%** | **California** - **4.7%** | **California** - **4.7%** |
| California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) | California Municipal Finance Authority Solid Waste Disposal Refunding RB Republic Services, Inc. Project Series 2021A (NR/A-/A-2) (PUTABLE) |
| 250000 | 3.750 <sup>(a)(b)</sup> | 07/01/2041 | 249987 |
| City of Los Angeles California 2025 Tax and Revenue Anticipation Notes (NR/SP-1+) | City of Los Angeles California 2025 Tax and Revenue Anticipation Notes (NR/SP-1+) | City of Los Angeles California 2025 Tax and Revenue Anticipation Notes (NR/SP-1+) | City of Los Angeles California 2025 Tax and Revenue Anticipation Notes (NR/SP-1+) |
| 170000 | 5.000 | 06/25/2026 | 174109 |
| Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) | Public Facilities Financing Authority of The City of San Diego Senior Sewer Revenue Refunding Bonds Series 2015 (NR/AA+) |
| 20000 | 4.000 | 05/15/2026 | 20025 |
| Tender Option Bond Trust Receipts CTFs 2023-XM1153 (NA) (NR/AA+/A-1) | Tender Option Bond Trust Receipts CTFs 2023-XM1153 (NA) (NR/AA+/A-1) | Tender Option Bond Trust Receipts CTFs 2023-XM1153 (NA) (NR/AA+/A-1) | Tender Option Bond Trust Receipts CTFs 2023-XM1153 (NA) (NR/AA+/A-1) |
| 200000 | 2.880 <sup>(a)(b)(c)</sup> | 07/01/2048 | 200000 |
|  |  |  | 644121 |
| **Colorado** - **1.0%** | **Colorado** - **1.0%** | **Colorado** - **1.0%** | **Colorado** - **1.0%** |
| City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) | City and County of Denver Colorado Airport System Subordinate RB Series 2018A (AMT) (A1/A+) |
| 130000 | 5.000 | 12/01/2026 | 133449 |
| **Connecticut** - **0.7%** | **Connecticut** - **0.7%** | **Connecticut** - **0.7%** | **Connecticut** - **0.7%** |
| State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa3/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa3/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa3/AA-) | State of Connecticut General Obligation Bonds GO Bonds 2025 Series A (Aa3/AA-) |
| 40000 | 5.000 | 03/15/2027 | 41606 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Connecticut – (continued) | Connecticut – (continued) | Connecticut – (continued) | Connecticut – (continued) |
| State of Connecticut Health and Educational Facility Authority Revenue Refunding Bonds Connecticut State University System Issue Series L (Aa3/AA-) | State of Connecticut Health and Educational Facility Authority Revenue Refunding Bonds Connecticut State University System Issue Series L (Aa3/AA-) | State of Connecticut Health and Educational Facility Authority Revenue Refunding Bonds Connecticut State University System Issue Series L (Aa3/AA-) | State of Connecticut Health and Educational Facility Authority Revenue Refunding Bonds Connecticut State University System Issue Series L (Aa3/AA-) |
| 50000 | 4.000% | 11/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50049 |
|  |  |  | 91655 |
| District of Columbia - 1.2% | District of Columbia - 1.2% | District of Columbia - 1.2% | District of Columbia - 1.2% |
| District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) | District of Columbia Hospital Refunding RB Children'S Hospital Obligated Group Issue Series 2015 (A1/NR) |
| 55000 | 5.000 | 07/15/2026 | 55456 |
| Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) | Metropolitan Washington Airports Authority Airport System Revenue Refunding Bonds Series 2021A (Aa3/AA-) |
| 110000 | 5.000 | 10/01/2026 | 112550 |
|  |  |  | 168006 |
| Florida - 2.1% | Florida - 2.1% | Florida - 2.1% | Florida - 2.1% |
| City of Cape Coral Water & Sewer Refunding RB Series 2017 (A1/ A+) | City of Cape Coral Water & Sewer Refunding RB Series 2017 (A1/ A+) | City of Cape Coral Water & Sewer Refunding RB Series 2017 (A1/ A+) | City of Cape Coral Water & Sewer Refunding RB Series 2017 (A1/ A+) |
| 40000 | 5.000 | 10/01/2025 | 40077 |
| City of Jacksonville Florida Special RB Series 2021A (NR/AA) | City of Jacksonville Florida Special RB Series 2021A (NR/AA) | City of Jacksonville Florida Special RB Series 2021A (NR/AA) | City of Jacksonville Florida Special RB Series 2021A (NR/AA) |
| 30000 | 5.000 | 10/01/2025 | 30061 |
| City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA-) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA-) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA-) | City of Jacksonville Transportation Refunding RB Series 2015 (Aa2/AA-) |
| 35000 | 5.000 | 10/01/2026 | 35071 |
| Greater Orlando Aviation Authority Priority Subordinated Airport Facilities Refunding RB for The City of Orlando Series 2016 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities Refunding RB for The City of Orlando Series 2016 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities Refunding RB for The City of Orlando Series 2016 (AMT) (Aa3/AA-) | Greater Orlando Aviation Authority Priority Subordinated Airport Facilities Refunding RB for The City of Orlando Series 2016 (AMT) (Aa3/AA-) |
| 35000 | 5.000 | 10/01/2025 | 35064 |
| Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) | Miami-Dade County GO Bonds for Public Health Trust Program Series 2021A (NR/AA) |
| 30000 | 5.000 | 07/01/2026 | 30662 |
| North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) | North Sumter County Utility Dependent District RB for Central Sumter Utility Series 2019 (NR/A) |
| 70000 | 5.000 | 10/01/2026 | 71593 |
| Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) | Sarasota County Florida Utility System Revenue Refunding Bonds Series 2016B (NR/AA+) |
| 40000 | 5.000 | 10/01/2026 | 40585 |
| South Florida Water Management District Certificates of Participation Series 2015 (Aa3/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa3/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa3/AA) | South Florida Water Management District Certificates of Participation Series 2015 (Aa3/AA) |
| 10000 | 5.000 | 10/01/2026 | 10144 |
|  |  |  | 293257 |
| Georgia - 2.7% | Georgia - 2.7% | Georgia - 2.7% | Georgia - 2.7% |
| Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) | Development Authority of Appling County Pollution Control RB Oglethorpe Power Corporation Hatch Project Series 2013A (A3/BBB+/A-2) |
| 300000 | 3.000 <sup>(a)(b)</sup> | 01/01/2038 | 300000 |
| Fulton, Georgia (County of) (NR/SP-1+) | Fulton, Georgia (County of) (NR/SP-1+) | Fulton, Georgia (County of) (NR/SP-1+) | Fulton, Georgia (County of) (NR/SP-1+) |
| 70000 | 4.000 | 12/30/2025 | 70335 |
|  |  |  | 370335 |
| Idaho - 0.7% | Idaho - 0.7% | Idaho - 0.7% | Idaho - 0.7% |
| Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) |
| 100000 | 3.000 <sup>(a)(b)</sup> | 12/01/2048 | 100003 |
| Illinois - 14.3% | Illinois - 14.3% | Illinois - 14.3% | Illinois - 14.3% |
| Aurora West School District No. 129 GO School Building Bonds Series 2015C (Aa2/NR) | Aurora West School District No. 129 GO School Building Bonds Series 2015C (Aa2/NR) | Aurora West School District No. 129 GO School Building Bonds Series 2015C (Aa2/NR) | Aurora West School District No. 129 GO School Building Bonds Series 2015C (Aa2/NR) |
| 75000 | 5.000 | 02/01/2026 | 75686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **26** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Illinois – (continued) | Illinois – (continued) | Illinois – (continued) | Illinois – (continued) |
| City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) | City of Chicago Chicago O'Hare International Airport General Airport Senior Lien Revenue Refunding Bonds Series 2024C (Amt) (NR/A+) |
| $105000 | 5.000% | 01/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108155 |
| City of Mount Vernon Illinois GO Improvement and Refunding Bonds<br>Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds<br>Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds<br>Series 2020 (BAM) (NR/AA) | City of Mount Vernon Illinois GO Improvement and Refunding Bonds<br>Series 2020 (BAM) (NR/AA) |
| 115000 | 4.000 | 12/15/2026 | 116750 |
| Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) | Community College District No. 505 Counties of Champaign Coles Dewitt, Douglas Edgar Ford Iroquois Livingston Mclean Moultrie Piattand Vermilion and State of Illinois GO Refunding Bonds Series 2018B (NR/AA) |
| 70000 | 5.000 | 12/01/2026 | 71970 |
| Illinois Finance Authority Clean Water Initiative Revolving Fund RB<br>Series 2016 (NR/AAA) | Illinois Finance Authority Clean Water Initiative Revolving Fund RB<br>Series 2016 (NR/AAA) | Illinois Finance Authority Clean Water Initiative Revolving Fund RB<br>Series 2016 (NR/AAA) | Illinois Finance Authority Clean Water Initiative Revolving Fund RB<br>Series 2016 (NR/AAA) |
| 50000 | 5.000 | 01/01/2027 | 50400 |
| Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) | Illinois Finance Authority RB Rush University Medical Center Obligated Group Series 2015A (A1/A+) |
| 60000 | 5.000 | 11/15/2025 | 60059 |
| 50000 | 5.000 | 11/15/2026 | 50047 |
| Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) | Illinois Finance Authority RB Series 2019 (A1/A+) |
| 110000 | 5.000 | 04/01/2027 | 113851 |
| Peoria County Il Metropolitan Airport Authority GO Refunding Airport Bonds Alternate Revenue Source Series 2017 D (Aa2/ NR) | Peoria County Il Metropolitan Airport Authority GO Refunding Airport Bonds Alternate Revenue Source Series 2017 D (Aa2/ NR) | Peoria County Il Metropolitan Airport Authority GO Refunding Airport Bonds Alternate Revenue Source Series 2017 D (Aa2/ NR) | Peoria County Il Metropolitan Airport Authority GO Refunding Airport Bonds Alternate Revenue Source Series 2017 D (Aa2/ NR) |
| 50000 | 5.000 | 12/01/2025 | 50284 |
| Public Finance Authority (Aa2/NR) | Public Finance Authority (Aa2/NR) | Public Finance Authority (Aa2/NR) | Public Finance Authority (Aa2/NR) |
| 275000 | 0.000 <sup>(a)(b)(c)(d)</sup> | 02/15/2053 | 275000 |
| Rock Island School District No. 41 GO Refunding School Bonds<br>Series 2018 (Aa3/NR) | Rock Island School District No. 41 GO Refunding School Bonds<br>Series 2018 (Aa3/NR) | Rock Island School District No. 41 GO Refunding School Bonds<br>Series 2018 (Aa3/NR) | Rock Island School District No. 41 GO Refunding School Bonds<br>Series 2018 (Aa3/NR) |
| 120000 | 4.000 | 12/01/2025 | 120390 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2020A (NR/A+) |
| 200000 | 5.000 | 01/01/2027 | 205639 |
| Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) | Sales Tax Securitization Corp. Second Lien Sales Tax Securitization Bonds Series 2021A (NR/A+) |
| 40000 | 5.000 | 01/01/2027 | 41128 |
| School District Number 100 Cook County Illinois Berwyn South GO Refunding School Bonds Series 2019C (BAM) (NR/AA) | School District Number 100 Cook County Illinois Berwyn South GO Refunding School Bonds Series 2019C (BAM) (NR/AA) | School District Number 100 Cook County Illinois Berwyn South GO Refunding School Bonds Series 2019C (BAM) (NR/AA) | School District Number 100 Cook County Illinois Berwyn South GO Refunding School Bonds Series 2019C (BAM) (NR/AA) |
| 90000 | 5.000 | 12/01/2025 | 90519 |
| School District Number 81 Cook County Illinois Schiller Park GO School Bonds Series 2020 (NR/AA-) | School District Number 81 Cook County Illinois Schiller Park GO School Bonds Series 2020 (NR/AA-) | School District Number 81 Cook County Illinois Schiller Park GO School Bonds Series 2020 (NR/AA-) | School District Number 81 Cook County Illinois Schiller Park GO School Bonds Series 2020 (NR/AA-) |
| 30000 | 4.000 | 12/01/2025 | 30095 |
| State of Illinois GO Bonds Series of December 2017A (A3/A-) | State of Illinois GO Bonds Series of December 2017A (A3/A-) | State of Illinois GO Bonds Series of December 2017A (A3/A-) | State of Illinois GO Bonds Series of December 2017A (A3/A-) |
| 130000 | 5.000 | 12/01/2025 | 130750 |
| State of Illinois GO Bonds Series of March 2021B (A3/A-) | State of Illinois GO Bonds Series of March 2021B (A3/A-) | State of Illinois GO Bonds Series of March 2021B (A3/A-) | State of Illinois GO Bonds Series of March 2021B (A3/A-) |
| 180000 | 5.000 | 03/01/2027 | 186244 |
| The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA-) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA-) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA-) | The Board of Trustees of The University of Illinois Auxiliary Facilities System Refunding RB Series 2023A (Aa2/AA-) |
| 110000 | 5.000 | 04/01/2027 | 114197 |
| The County of Peoria Illinois GO Limited Tax Refunding Debt Certificates Series 2020A (Aa1/NR) | The County of Peoria Illinois GO Limited Tax Refunding Debt Certificates Series 2020A (Aa1/NR) | The County of Peoria Illinois GO Limited Tax Refunding Debt Certificates Series 2020A (Aa1/NR) | The County of Peoria Illinois GO Limited Tax Refunding Debt Certificates Series 2020A (Aa1/NR) |
| 45000 | 5.000 | 12/15/2025 | 45337 |
| The Rock Island County Public Building Commission Rock Island County Illinois Public Building RB Series 2016 (AG) (A1/AA) | The Rock Island County Public Building Commission Rock Island County Illinois Public Building RB Series 2016 (AG) (A1/AA) | The Rock Island County Public Building Commission Rock Island County Illinois Public Building RB Series 2016 (AG) (A1/AA) | The Rock Island County Public Building Commission Rock Island County Illinois Public Building RB Series 2016 (AG) (A1/AA) |
| 50000 | 5.000 | 12/01/2025 | 50291 |
|  |  |  | 1986792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| **Indiana** - **1.2%** | **Indiana** - **1.2%** | **Indiana** - **1.2%** | **Indiana** - **1.2%** |
| Indiana Finance Authority Hospital Refunding RB Series 2017A (Aa3/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (Aa3/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (Aa3/A+) | Indiana Finance Authority Hospital Refunding RB Series 2017A (Aa3/A+) |
| $30000 | 5.000% | 11/01/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30822 |
| Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) | Indiana Finance Authority RB Series 2016A (NR/A+) |
| 50000 | 5.000 | 03/01/2026 | 50487 |
| Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-6 (Aa3/NR) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-6 (Aa3/NR) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-6 (Aa3/NR) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-6 (Aa3/NR) |
| 35000 | 4.000 | 10/01/2025 | 35042 |
| Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-7 (Aa3/AA-) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-7 (Aa3/AA-) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-7 (Aa3/AA-) | Indiana Health Facility Financing Authority RB Ascension Health Subordinate Credit Group Series 2005A-7 (Aa3/AA-) |
| 50000 | 4.000 | 10/01/2025 | 50060 |
|  |  |  | 166411 |
| Iowa - 0.7% | Iowa - 0.7% | Iowa - 0.7% | Iowa - 0.7% |
| Iowa Finance Authority RB Series 2018B (A1/NR) | Iowa Finance Authority RB Series 2018B (A1/NR) | Iowa Finance Authority RB Series 2018B (A1/NR) | Iowa Finance Authority RB Series 2018B (A1/NR) |
| 95000 | 5.000 | 02/15/2026 | 95839 |
| Kansas - 2.0% | Kansas - 2.0% | Kansas - 2.0% | Kansas - 2.0% |
| Johnson / Miami County Unified School District No. 230 Kansas Spring Hill GO Refunding Bonds Series 2016 (A1/NR) | Johnson / Miami County Unified School District No. 230 Kansas Spring Hill GO Refunding Bonds Series 2016 (A1/NR) | Johnson / Miami County Unified School District No. 230 Kansas Spring Hill GO Refunding Bonds Series 2016 (A1/NR) | Johnson / Miami County Unified School District No. 230 Kansas Spring Hill GO Refunding Bonds Series 2016 (A1/NR) |
| 95000 | 5.000 | 09/01/2025 | 95000 |
| Kansas Development Finance Authority Refunding RB State of Kansas Projects Series 2020R (Aa3/A+) | Kansas Development Finance Authority Refunding RB State of Kansas Projects Series 2020R (Aa3/A+) | Kansas Development Finance Authority Refunding RB State of Kansas Projects Series 2020R (Aa3/A+) | Kansas Development Finance Authority Refunding RB State of Kansas Projects Series 2020R (Aa3/A+) |
| 65000 | 5.000 | 11/01/2025 | 65266 |
| Reno County Kansas General Obligation Refunding and Improvement Bonds Series 2021 (Aa3/NR) | Reno County Kansas General Obligation Refunding and Improvement Bonds Series 2021 (Aa3/NR) | Reno County Kansas General Obligation Refunding and Improvement Bonds Series 2021 (Aa3/NR) | Reno County Kansas General Obligation Refunding and Improvement Bonds Series 2021 (Aa3/NR) |
| 115000 | 4.000 | 09/01/2025 | 115000 |
|  |  |  | 275266 |
| Kentucky - 1.2% | Kentucky - 1.2% | Kentucky - 1.2% | Kentucky - 1.2% |
| Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Project No. 112 Series B (ST APPROP) (Aa3/A) | Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Project No. 112 Series B (ST APPROP) (Aa3/A) | Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Project No. 112 Series B (ST APPROP) (Aa3/A) | Commonwealth of Kentucky State Property and Buildings Commission Revenue Refunding Bonds Project No. 112 Series B (ST APPROP) (Aa3/A) |
| 15000 | 5.000 | 11/01/2025 | 15059 |
| Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) | Fayette County Kentucky School District Finance Corporation School Building Refunding RB Series 2015B (ST INTERCEPT) (Aa3/AA-) |
| 125000 | 3.000 | 05/01/2027 | 125026 |
| Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) | Oldham County School District Finance Corporation Kentucky School Building Refunding RB Second Series of 2016 (ST INTERCEPT) (Aa3/NR) |
| 20000 | 4.000 | 09/01/2026 | 20276 |
|  |  |  | 160361 |
| Louisiana - 2.2% | Louisiana - 2.2% | Louisiana - 2.2% | Louisiana - 2.2% |
| Board of Supervisors of Louisiana State Universityand Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State Universityand Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State Universityand Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) | Board of Supervisors of Louisiana State Universityand Agricultural and Mechanical College Auxiliary Revenue Refunding Bonds Series 2016A (A2/NR) |
| 75000 | 5.000 | 07/01/2026 | 76214 |
| Public Finance Authority Series 2025-Vrs209 Class A Tender Certificates (Aa2/AA+/A-1) | Public Finance Authority Series 2025-Vrs209 Class A Tender Certificates (Aa2/AA+/A-1) | Public Finance Authority Series 2025-Vrs209 Class A Tender Certificates (Aa2/AA+/A-1) | Public Finance Authority Series 2025-Vrs209 Class A Tender Certificates (Aa2/AA+/A-1) |
| 225000 | 0.000 <sup>(a)(b)(c)(d)</sup> | 12/01/2052 | 225000 |
|  |  |  | 301214 |
| Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% | Maryland - 1.0% |
| City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A+) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A+) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A+) | City of Baltimore Refunding RB for Wastewater Projects Series 2014D (Aa3/A+) |
| 30000 | 5.000 | 07/01/2026 | 30052 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **27** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Maryland – (continued) | Maryland – (continued) | Maryland – (continued) | Maryland – (continued) |
| Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) | Department of Transportation of Maryland Consolidated Transportation Bonds Series 2015 (Aa1/AAA) |
| 115000 | 3.000% | 06/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115021 |
|  |  |  | 145073 |
| Massachusetts - 0.3% | Massachusetts - 0.3% | Massachusetts - 0.3% | Massachusetts - 0.3% |
| Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) | Town of Dedham Massachusetts GO Municipal Purpose Loan of 2017 Bonds (NR/AAA) |
| 40000 | 4.000 | 06/15/2027 | 40048 |
| Michigan - 3.1% | Michigan - 3.1% | Michigan - 3.1% | Michigan - 3.1% |
| Board of Governors of Wayne State University General RB Series 2018A (Aa3/A+) | Board of Governors of Wayne State University General RB Series 2018A (Aa3/A+) | Board of Governors of Wayne State University General RB Series 2018A (Aa3/A+) | Board of Governors of Wayne State University General RB Series 2018A (Aa3/A+) |
| 5000 | 5.000 | 11/15/2026 | 5025 |
| City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) | City of Saginaw Hospital Finance Authority Hospital Revenue Refunding Bonds Covenant Medical Center Inc. Series 2020J (NR/A+) |
| 240000 | 5.000 | 07/01/2027 | 248440 |
| County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) | County of Macomb State of Michigan Capital Improvement Bonds Series 2015 (Aa1/NR) |
| 50000 | 3.200 | 05/01/2027 | 50016 |
| Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) | Michigan Finance Authority Hospital Revenue Refunding Bonds Mclaren Health Care Series 2015A (A1/NR) |
| 25000 | 5.000 | 05/15/2026 | 25041 |
| Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) | Portage Public Schools County of Kalamazoo Michigan 2016 School Building Site & Refunding Bonds (NR/AA-) |
| 10000 | 5.000 | 11/01/2026 | 10174 |
| Wayne County Airport Authority Airport RB Detroit Metropolitan Wayne County Airport Airport Revenue Refunding Bonds Series 2015G (NON-AMT) (A1/A+) | Wayne County Airport Authority Airport RB Detroit Metropolitan Wayne County Airport Airport Revenue Refunding Bonds Series 2015G (NON-AMT) (A1/A+) | Wayne County Airport Authority Airport RB Detroit Metropolitan Wayne County Airport Airport Revenue Refunding Bonds Series 2015G (NON-AMT) (A1/A+) | Wayne County Airport Authority Airport RB Detroit Metropolitan Wayne County Airport Airport Revenue Refunding Bonds Series 2015G (NON-AMT) (A1/A+) |
| 70000 | 5.000 | 12/01/2026 | 70392 |
| Wayne-Westland Community Schools County of Wayne Michigan 2019 School Building and Site Bonds (Q-SBLF) (NR/AA) | Wayne-Westland Community Schools County of Wayne Michigan 2019 School Building and Site Bonds (Q-SBLF) (NR/AA) | Wayne-Westland Community Schools County of Wayne Michigan 2019 School Building and Site Bonds (Q-SBLF) (NR/AA) | Wayne-Westland Community Schools County of Wayne Michigan 2019 School Building and Site Bonds (Q-SBLF) (NR/AA) |
| 25000 | 5.000 | 11/01/2025 | 25096 |
|  |  |  | 434184 |
| Minnesota - 1.2% | Minnesota - 1.2% | Minnesota - 1.2% | Minnesota - 1.2% |
| City of Minneapolisand The Housing and Redevelopment Authority of The City of Saint Paul Minnesota Health Care System Revenue Refunding Bonds Series 2017A (A1/A+) | City of Minneapolisand The Housing and Redevelopment Authority of The City of Saint Paul Minnesota Health Care System Revenue Refunding Bonds Series 2017A (A1/A+) | City of Minneapolisand The Housing and Redevelopment Authority of The City of Saint Paul Minnesota Health Care System Revenue Refunding Bonds Series 2017A (A1/A+) | City of Minneapolisand The Housing and Redevelopment Authority of The City of Saint Paul Minnesota Health Care System Revenue Refunding Bonds Series 2017A (A1/A+) |
| 10000 | 5.000 | 11/15/2025 | 10044 |
| City of St. Cloud Minnesota Health Care RB Series 2016A (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/NR) | City of St. Cloud Minnesota Health Care RB Series 2016A (A2/NR) |
| 85000 | 5.000 | 05/01/2026 | 86287 |
| Independent School District No. 833 South Washington County Independent School District No. 833 GO School Building Refunding Bonds<br>Series 2016B (SD CRED PROG) (Aa1/NR) | Independent School District No. 833 South Washington County Independent School District No. 833 GO School Building Refunding Bonds<br>Series 2016B (SD CRED PROG) (Aa1/NR) | Independent School District No. 833 South Washington County Independent School District No. 833 GO School Building Refunding Bonds<br>Series 2016B (SD CRED PROG) (Aa1/NR) | Independent School District No. 833 South Washington County Independent School District No. 833 GO School Building Refunding Bonds<br>Series 2016B (SD CRED PROG) (Aa1/NR) |
| 70000 | 3.000 | 02/01/2026 | 70013 |
|  |  |  | 166344 |
| Mississippi - 1.3% | Mississippi - 1.3% | Mississippi - 1.3% | Mississippi - 1.3% |
| Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron Usa Inc. Project Series 2011G (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron Usa Inc. Project Series 2011G (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron Usa Inc. Project Series 2011G (Aa2/AA-/A-1+) | Mississippi Business Finance Corporation Gulf Opportunity Zone Industrial Development RB Chevron Usa Inc. Project Series 2011G (Aa2/AA-/A-1+) |
| 130000 | 3.750 <sup>(a)(b)</sup> | 11/01/2035 | 130000 |
| Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) | Mississippi Hospital Equipment and Facilities Authority RB North Mississippi Health Services 2020 Series I (NR/A+) |
| 55000 | 5.000 | 10/01/2026 | 56180 |
|  |  |  | 186180 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | Value |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Missouri - 3.2% | Missouri - 3.2% | Missouri - 3.2% | Missouri - 3.2% |
| Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) | Fort Osage R-I School District Jackson County Missouri Certificates of Participation Series 2022A (NR/A) |
| $180000 | 4.000% | 04/01/2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180074 |
| Franklin County Missouri Refunding Certificates of Participation<br>Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation<br>Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation<br>Series 2019B (NR/A+) | Franklin County Missouri Refunding Certificates of Participation<br>Series 2019B (NR/A+) |
| 20000 | 4.000 | 04/01/2027 | 20402 |
| Healthand Educational Facilities Authority of The State of Missouri Health Facilities RB Mosaic Health System Series 2019A (A1/NR) | Healthand Educational Facilities Authority of The State of Missouri Health Facilities RB Mosaic Health System Series 2019A (A1/NR) | Healthand Educational Facilities Authority of The State of Missouri Health Facilities RB Mosaic Health System Series 2019A (A1/NR) | Healthand Educational Facilities Authority of The State of Missouri Health Facilities RB Mosaic Health System Series 2019A (A1/NR) |
| 120000 | 5.000 | 02/15/2026 | 121233 |
| St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) | St. Louis Municipal Finance Corporation Recreation Sales Tax Leasehold Revenue Refunding Bonds City of St. Louis Missouri Lessee Series 2016 (NR/A) |
| 25000 | 5.000 | 02/15/2027 | 25266 |
| Tender Option Bond Trust Receipts CTFs 2025-XFF841 (NR/AA/A-1+) | Tender Option Bond Trust Receipts CTFs 2025-XFF841 (NR/AA/A-1+) | Tender Option Bond Trust Receipts CTFs 2025-XFF841 (NR/AA/A-1+) | Tender Option Bond Trust Receipts CTFs 2025-XFF841 (NR/AA/A-1+) |
| 100000 | 2.760 <sup>(a)(b)(c)</sup> | 10/01/2040 | 100000 |
|  |  |  | 446975 |
| Nebraska - 0.3% | Nebraska - 0.3% | Nebraska - 0.3% | Nebraska - 0.3% |
| Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) | Douglas County School District No. 001 Omaha Public Nebraska General Obligation Bonds Series 2015 (Aa2/AA) |
| 45000 | 5.000 | 12/15/2026 | 45089 |
| Nevada - 1.5% | Nevada - 1.5% | Nevada - 1.5% | Nevada - 1.5% |
| Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District GO Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) |
| 35000 | 5.000 | 06/15/2026 | 35249 |
| Clark County School District Nevada General Obligation Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District Nevada General Obligation Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District Nevada General Obligation Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) | Clark County School District Nevada General Obligation Limited Tax Building and Refunding Bonds Series 2015C (A1/AA-) |
| 135000 | 5.000 | 06/15/2027 | 135956 |
| Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) | Clark County School District Nevada GO Limited Tax School Bonds Additionally Secured by Pledged Revenues Series 2015D (A1/AA-) |
| 30000 | 5.000 | 06/15/2026 | 30213 |
|  |  |  | 201418 |
| New Jersey - 9.3% | New Jersey - 9.3% | New Jersey - 9.3% | New Jersey - 9.3% |
| Board of Education of The Borough of South Plainfield New Jersey School Bonds Series 2018 (SCH BD RES FD) (NR/AA-) | Board of Education of The Borough of South Plainfield New Jersey School Bonds Series 2018 (SCH BD RES FD) (NR/AA-) | Board of Education of The Borough of South Plainfield New Jersey School Bonds Series 2018 (SCH BD RES FD) (NR/AA-) | Board of Education of The Borough of South Plainfield New Jersey School Bonds Series 2018 (SCH BD RES FD) (NR/AA-) |
| 210000 | 3.000 | 09/15/2025 | 210014 |
| County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) | County of Essex New Jersey General Improvement Bonds Series 2015A (ST AID WITHHLDG) (Aa1/NR) |
| 50000 | 3.000 | 09/01/2027 | 50019 |
| Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) | Higher Education Student Assistance Authority State of New Jersey Senior Student Loan RB Series 2025-2 (AMT) (NR/A-1+) (PUTABLE) |
| 300000 | 5.000 <sup>(a)(b)</sup> | 12/01/2056 | 303942 |
| New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 – XX (A2/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 – XX (A2/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 – XX (A2/A) | New Jersey Economic Development Authority School Facilities Construction Refunding Bonds Series 2015 – XX (A2/A) |
| 120000 | 4.250 | 06/15/2026 | 120063 |
| New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) | New Jersey Housing and Mortgage Finance Agency Multi-Family RB 2024 Sub-Series D-2 (GNMA/FNMA/FHLMC) (NR/AA-) |
| 400000 | 2.900 | 11/01/2027 | 400137 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **28** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) | New Jersey – (continued) |
| Township of Parsippany-Troy Hill New Jersey General Improvement Bonds Series 2017A Water Utility Bonds Series 2017 B Sewer Utility Bonds Series 2017C and Golf and Rec Utility Bonds 2017D (NR/AA) | Township of Parsippany-Troy Hill New Jersey General Improvement Bonds Series 2017A Water Utility Bonds Series 2017 B Sewer Utility Bonds Series 2017C and Golf and Rec Utility Bonds 2017D (NR/AA) | Township of Parsippany-Troy Hill New Jersey General Improvement Bonds Series 2017A Water Utility Bonds Series 2017 B Sewer Utility Bonds Series 2017C and Golf and Rec Utility Bonds 2017D (NR/AA) | Township of Parsippany-Troy Hill New Jersey General Improvement Bonds Series 2017A Water Utility Bonds Series 2017 B Sewer Utility Bonds Series 2017C and Golf and Rec Utility Bonds 2017D (NR/AA) |
| 200000 | 2.500% | 09/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200007 |
|  |  |  | 1284182 |
| New York - 5.0% | New York - 5.0% | New York - 5.0% | New York - 5.0% |
| City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) | City School District of The City of Corning Steuben Schuyler and Chemung Counties New York Bond Anticipation Notes – 2025A (NR/NR) |
| 34000 | 4.000 | 06/18/2026 | 34425 |
| Dormitory Authority of The State of New York Barnard College RB<br>Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB<br>Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB<br>Series 2020A (A3/NR) | Dormitory Authority of The State of New York Barnard College RB<br>Series 2020A (A3/NR) |
| 75000 | 4.000 | 07/01/2026 | 75721 |
| Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) | Monroe County Industrial Development Corp. RB for University of Rochester Project Series 2015A (Tax-Exempt) (Aa3/AA-) |
| 15000 | 5.000 | 07/01/2026 | 15021 |
| Nassau County Sewer and Storm Water Finance Authority System RB 2014 Series A (Aa1/AA) | Nassau County Sewer and Storm Water Finance Authority System RB 2014 Series A (Aa1/AA) | Nassau County Sewer and Storm Water Finance Authority System RB 2014 Series A (Aa1/AA) | Nassau County Sewer and Storm Water Finance Authority System RB 2014 Series A (Aa1/AA) |
| 15000 | 5.000 | 10/01/2025 | 15006 |
| New York City Housing Development Corporation Multi-Family Housing RB 2025 Series E (Aa2/AA+/A-1+) | New York City Housing Development Corporation Multi-Family Housing RB 2025 Series E (Aa2/AA+/A-1+) | New York City Housing Development Corporation Multi-Family Housing RB 2025 Series E (Aa2/AA+/A-1+) | New York City Housing Development Corporation Multi-Family Housing RB 2025 Series E (Aa2/AA+/A-1+) |
| 125000 | 3.300 <sup>(a)(b)</sup> | 05/01/2055 | 125027 |
| The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series (Aa3/AA-) | The Port Authority of New York and New Jersey Consolidated Bonds Two Hundred Forty-Fifth Series Consolidated Bonds Two Hundred Forty-Sixth Series (Aa3/AA-) |
| 100000 | 5.000 | 09/01/2025 | 100000 |
| Triborough Bridge and Tunnel Authority (Aa1/AAA/A-1+) | Triborough Bridge and Tunnel Authority (Aa1/AAA/A-1+) | Triborough Bridge and Tunnel Authority (Aa1/AAA/A-1+) | Triborough Bridge and Tunnel Authority (Aa1/AAA/A-1+) |
| 175000 | 2.640 <sup>(a)(b)</sup> | 01/01/2032 | 175000 |
| Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds Series 2001C (Aa1/AA+/A-1) | Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds Series 2001C (Aa1/AA+/A-1) | Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds Series 2001C (Aa1/AA+/A-1) | Triborough Bridge and Tunnel Authority General Revenue Variable Rate Bonds Series 2001C (Aa1/AA+/A-1) |
| 150000 | 3.850 <sup>(a)(b)</sup> | 01/01/2032 | 150000 |
|  |  |  | 690200 |
| North Carolina - 0.1% | North Carolina - 0.1% | North Carolina - 0.1% | North Carolina - 0.1% |
| North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) | North Carolina Municipal Power Agency Number 1 Catawba Electric RB Refunding Series 2016A (NR/A) |
| 10000 | 5.000 | 01/01/2027 | 10190 |
| Ohio - 2.3% | Ohio - 2.3% | Ohio - 2.3% | Ohio - 2.3% |
| County of Allen Ohio Hospital Facilities Bon Secours Mercy Health RB Series 2020A (A1/A+) | County of Allen Ohio Hospital Facilities Bon Secours Mercy Health RB Series 2020A (A1/A+) | County of Allen Ohio Hospital Facilities Bon Secours Mercy Health RB Series 2020A (A1/A+) | County of Allen Ohio Hospital Facilities Bon Secours Mercy Health RB Series 2020A (A1/A+) |
| 100000 | 5.000 | 12/01/2025 | 100591 |
| County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) | County of Allen Ohio Hospital Facilities RB Series 2017A (A1/A+) |
| 45000 | 5.000 | 08/01/2026 | 46023 |
| Ohio Department of Administrative Services Certificates of Participation Series 2018 (Aa1/AA+) | Ohio Department of Administrative Services Certificates of Participation Series 2018 (Aa1/AA+) | Ohio Department of Administrative Services Certificates of Participation Series 2018 (Aa1/AA+) | Ohio Department of Administrative Services Certificates of Participation Series 2018 (Aa1/AA+) |
| 70000 | 5.000 | 09/01/2025 | 70000 |
| Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) | Trinity Health Corporation (Aa3/AA-/A-1+) |
| 100000 | 3.000 <sup>(a)(b)</sup> | 12/01/2046 | 100015 |
|  |  |  | 316629 |
| Oklahoma - 4.1% | Oklahoma - 4.1% | Oklahoma - 4.1% | Oklahoma - 4.1% |
| Oklahoma County Finance Authority Educational Facilities Lease RB for Midwest City-Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB for Midwest City-Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB for Midwest City-Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB for Midwest City-Del City Public Schools Project Series 2018 (NR/A+) |
| 210000 | 5.000 | 10/01/2025 | 210343 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Oklahoma – (continued) | Oklahoma – (continued) | Oklahoma – (continued) | Oklahoma – (continued) |
| Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) | Oklahoma County Finance Authority Educational Facilities Lease RB Midwest City Del City Public Schools Project Series 2018 (NR/A+) |
| 45000 | 5.000% | 10/01/2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46058 |
| Tulsa County Industrial Authority Educational Facilities Lease RB Glenpool Public Schools Project Series 2017A Tax-Exempt (NR/A+) | Tulsa County Industrial Authority Educational Facilities Lease RB Glenpool Public Schools Project Series 2017A Tax-Exempt (NR/A+) | Tulsa County Industrial Authority Educational Facilities Lease RB Glenpool Public Schools Project Series 2017A Tax-Exempt (NR/A+) | Tulsa County Industrial Authority Educational Facilities Lease RB Glenpool Public Schools Project Series 2017A Tax-Exempt (NR/A+) |
| 100000 | 5.000 | 09/01/2025 | 100000 |
| Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) | Tulsa County Industrial Authority Educational Facilities Lease RB Jenks Public Schools Project (NR/AA-) |
| 125000 | 5.000 | 09/01/2025 | 125000 |
| 20000 | 5.000 | 09/01/2026 | 20034 |
| Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) | Tulsa Public Facilities Authority Oklahoma Capital Improvements RB, Series 2017 (NR/AA-) |
| 25000 | 3.000 | 06/01/2026 | 25000 |
| Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) | Wagoner County Independent School District No. 17 Coweta Board of Education Oklahoma Building Bonds of 2023 (NR/NR) |
| 35000 | 4.500 | 09/01/2026 | 35547 |
|  |  |  | 561982 |
| Oregon - 2.4% | Oregon - 2.4% | Oregon - 2.4% | Oregon - 2.4% |
| Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) | Eugene School District No. 4J GO Bonds for Oregon School Bond Guaranty Series 2016 (SCH BD GTY) (Aa1/NR) |
| 25000 | 2.000 | 06/15/2026 | 24831 |
| Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) | Medford Hospital Facilities Authority RB Refunding for Asante Health System Obligated Group Series 2020 A (NR/A+) |
| 80000 | 5.000 | 08/15/2026 | 81663 |
| Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) | Metro Ore / Go Bonds Series 2012A (Aaa/AAA) |
| 5000 | 4.000 | 06/01/2026 | 5003 |
| The Port of Portland Oregon Portland International Airport RB<br>Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB<br>Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB<br>Series Twenty-Eight (AMT) (NR/AA-) | The Port of Portland Oregon Portland International Airport RB<br>Series Twenty-Eight (AMT) (NR/AA-) |
| 210000 | 5.000 | 07/01/2027 | 218147 |
|  |  |  | 329644 |
| Pennsylvania - 7.0% | Pennsylvania - 7.0% | Pennsylvania - 7.0% | Pennsylvania - 7.0% |
| Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) | Allegheny County Hospital Development Authority RB Allegheny Health Network Obligated Group Issue Series 2018A (NR/A) |
| 35000 | 5.000 | 04/01/2026 | 35436 |
| Greater Latrobe School Authority Westmoreland County Pennsylvania School Building RB Series of 2018 (ST AID WITHHLDG) (A1/NR) | Greater Latrobe School Authority Westmoreland County Pennsylvania School Building RB Series of 2018 (ST AID WITHHLDG) (A1/NR) | Greater Latrobe School Authority Westmoreland County Pennsylvania School Building RB Series of 2018 (ST AID WITHHLDG) (A1/NR) | Greater Latrobe School Authority Westmoreland County Pennsylvania School Building RB Series of 2018 (ST AID WITHHLDG) (A1/NR) |
| 65000 | 4.000 | 10/01/2027 | 65078 |
| Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) | Pennsylvania Economic Development Financing Authority Solid Waste Disposal RB for Waste Management Inc. Project Series 2019A (NR/A-/A-2) |
| 400000 | 3.875 <sup>(a)(b)</sup> | 08/01/2038 | 400032 |
| Pennsylvania Economic Development Financing Authority Upmc RB<br>Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB<br>Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB<br>Series 2017A (A2/A) | Pennsylvania Economic Development Financing Authority Upmc RB<br>Series 2017A (A2/A) |
| 80000 | 5.000 | 11/15/2026 | 82257 |
| Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series of 2016 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series of 2016 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series of 2016 (A2/NR) | Pennsylvania Turnpike Commission Turnpike Subordinate Revenue Refunding Bonds Series of 2016 (A2/NR) |
| 35000 | 5.000 | 06/01/2026 | 35197 |
| 65000 | 5.000 | 06/01/2027 | 65376 |
| Philadelphia Authority for Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority for Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority for Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) | Philadelphia Authority for Industrial Development City Agreement Revenue Refunding Bonds Cultural and Commercial Corridors Program Series A (A1/A+) |
| 75000 | 5.000 | 12/01/2025 | 75382 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **29** |

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------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) | Pennsylvania – (continued) |
| Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) | Temple University – The Commonwealth System of Higher Education RB First Series of 2025 (AG) (Aa3/AA) |
| 25000 | 5.000% | 04/01/2027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25950 |
| The Pennsylvania State University Refunding Bonds Series B of 2016 (Aa1/AA) | The Pennsylvania State University Refunding Bonds Series B of 2016 (Aa1/AA) | The Pennsylvania State University Refunding Bonds Series B of 2016 (Aa1/AA) | The Pennsylvania State University Refunding Bonds Series B of 2016 (Aa1/AA) |
| 35000 | 5.000 | 09/01/2025 | 35000 |
| The School District of Pittsburgh Allegheny County Pennsylvania GO Bonds Series of 2019 (ST AID WITHHLDG) (A1/NR) | The School District of Pittsburgh Allegheny County Pennsylvania GO Bonds Series of 2019 (ST AID WITHHLDG) (A1/NR) | The School District of Pittsburgh Allegheny County Pennsylvania GO Bonds Series of 2019 (ST AID WITHHLDG) (A1/NR) | The School District of Pittsburgh Allegheny County Pennsylvania GO Bonds Series of 2019 (ST AID WITHHLDG) (A1/NR) |
| 55000 | 5.000 | 09/01/2025 | 55000 |
| Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) | Thomas Jefferson University (AGC-CR) (NR/AA/A-1+) |
| 100000 | 2.850 <sup>(a)(b)(c)</sup> | 05/01/2047 | 100000 |
|  |  |  | 974708 |
| Rhode Island - 1.0% | Rhode Island - 1.0% | Rhode Island - 1.0% | Rhode Island - 1.0% |
| Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) | Rhode Island Housing and Mortgage Finance Corporation Homeownership Opportunity Bonds Series 86-B (AMT) (GNMA/FNMA/FHLMC) (Aa1/AA+) |
| 140000 | 3.600 | 10/01/2027 | 140690 |
| South Carolina - 1.7% | South Carolina - 1.7% | South Carolina - 1.7% | South Carolina - 1.7% |
| Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) | Charleston County School District South Carolina GO Bond Anticipation Notes Sales Tax Projects Phase V Series 2025B (SCSDE) (NR/NR) |
| 235000 | 5.000 | 05/07/2026 | 239116 |
| South Dakota - 0.4% | South Dakota - 0.4% | South Dakota - 0.4% | South Dakota - 0.4% |
| City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) | City of Sioux Falls South Dakota Sales Tax RB Series 2012A (Aa1/AA-) |
| 50000 | 3.000 | 11/15/2026 | 50016 |
| Tennessee - 2.9% | Tennessee - 2.9% | Tennessee - 2.9% | Tennessee - 2.9% |
| Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) | Chattanooga Tenn Health Educational & Housing Fac Brd Rev Bonds St Lukes Health System 2004 C (A3/A-/A-2) |
| 100000 | 3.000 <sup>(a)(b)</sup> | 05/01/2039 | 100000 |
| City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) | City of Lenoir City Tennessee Electric System RB Series 2020B (Aa3/NR) |
| 210000 | 3.000 | 06/01/2026 | 210571 |
| City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) | City of Memphis General Improvement Refunding Bonds Series 2015A (Aa2/AA) |
| 75000 | 5.000 | 04/01/2026 | 75277 |
| The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) | The Metropolitan Government of Nashville and Davidson County GO Refunding Bonds Series 2021A (Aa2/AA+) |
| 10000 | 5.000 | 07/01/2026 | 10223 |
|  |  |  | 396071 |
| Texas - 6.2% | Texas - 6.2% | Texas - 6.2% | Texas - 6.2% |
| Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) | Arlington Independent School District Unlimited Tax School Building and Refunding Bonds Series 2020 (PSF-GTD) (Aaa/AAA) |
| 200000 | 5.000 | 02/15/2027 | 207884 |
| Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) | Board of Regents Texas State University System Revenue Financing System Revenue and Refunding Bonds Series 2015A (Aa2/NR) |
| 25000 | 5.000 | 03/15/2026 | 25076 |
| Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) | Cities of Dallas and Fort Worth Texas Dallas Fort Worth International Airport Joint Revenue Refunding Bonds Series 2021B (NON-AMT) (A1/NR) |
| 65000 | 5.000 | 11/01/2025 | 65258 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Texas – (continued) | Texas – (continued) | Texas – (continued) | Texas – (continued) |
| City of Austin Texas Public Improvement and Refunding Bonds Series 2021 (Aa1/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2021 (Aa1/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2021 (Aa1/AAA) | City of Austin Texas Public Improvement and Refunding Bonds Series 2021 (Aa1/AAA) |
| 75000 | 5.000% | 09/01/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75000 |
| City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) | City of Burleson Johnson and Tarrant Counties GO Refunding and Improvement Bonds Series 2015 (Aa2/AA) |
| 55000 | 5.000 | 03/01/2026 | 55092 |
| City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) | City of Houston Texas Combined Utility System First Lien Revenue Refunding Bonds Series 2015D (NR/AA) |
| 35000 | 5.000 | 11/15/2027 | 35149 |
| City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) | City of New Braunfels A Political Subdivision of The State of Texas Located in Comal and Guadalupe Counties Utility System Revenue and Refunding Bonds Series 2016 (Aa1/A+) |
| 5000 | 5.000 | 07/01/2026 | 5008 |
| Dallas County Utility and Reclamation District Unlimited Tax Refunding Bonds Series 2016 (A2/A+) | Dallas County Utility and Reclamation District Unlimited Tax Refunding Bonds Series 2016 (A2/A+) | Dallas County Utility and Reclamation District Unlimited Tax Refunding Bonds Series 2016 (A2/A+) | Dallas County Utility and Reclamation District Unlimited Tax Refunding Bonds Series 2016 (A2/A+) |
| 100000 | 5.000 | 02/15/2026 | 101118 |
| Dayton Independent School District Texas Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/AAA) | Dayton Independent School District Texas Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/AAA) | Dayton Independent School District Texas Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/AAA) | Dayton Independent School District Texas Unlimited Tax School Building Bonds Series 2015 (PSF-GTD) (Aaa/AAA) |
| 50000 | 5.000 | 02/15/2026 | 50087 |
| Harris County Cultural Education Facilities Finance Corp. Hospital RB for Texas Children's Hospital Series 2019A (Aa2/AA-) | Harris County Cultural Education Facilities Finance Corp. Hospital RB for Texas Children's Hospital Series 2019A (Aa2/AA-) | Harris County Cultural Education Facilities Finance Corp. Hospital RB for Texas Children's Hospital Series 2019A (Aa2/AA-) | Harris County Cultural Education Facilities Finance Corp. Hospital RB for Texas Children's Hospital Series 2019A (Aa2/AA-) |
| 40000 | 5.000 | 10/01/2025 | 40071 |
| Harris County Flood Control District Improvement Refunding Bonds<br>Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds<br>Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds<br>Series 2020A (Aaa/NR) | Harris County Flood Control District Improvement Refunding Bonds<br>Series 2020A (Aaa/NR) |
| 30000 | 5.000 | 10/01/2026 | 30812 |
| Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) | Houston Independent School District Harris County Texas Limited Tax Refunding Bonds Series 2025B (PSF-GTD) (Aaa/AAA) |
| 30000 | 5.000 | 02/15/2027 | 31139 |
| North Texas Tollway Authority System RB Refundingfor Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System RB Refundingfor Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System RB Refundingfor Second Tier Bonds Series 2017B (A1/A+) | North Texas Tollway Authority System RB Refundingfor Second Tier Bonds Series 2017B (A1/A+) |
| 15000 | 5.000 | 01/01/2027 | 15123 |
| San Antonio Independent School District Unlimited Tax School Building and Refunding Bonds Series 2015 (PSF-GTD) (Aaa/NR) | San Antonio Independent School District Unlimited Tax School Building and Refunding Bonds Series 2015 (PSF-GTD) (Aaa/NR) | San Antonio Independent School District Unlimited Tax School Building and Refunding Bonds Series 2015 (PSF-GTD) (Aaa/NR) | San Antonio Independent School District Unlimited Tax School Building and Refunding Bonds Series 2015 (PSF-GTD) (Aaa/NR) |
| 60000 | 5.000 | 02/15/2026 | 60087 |
| Upton County Texas Tax Notes Series 2022 (NR/AA-) | Upton County Texas Tax Notes Series 2022 (NR/AA-) | Upton County Texas Tax Notes Series 2022 (NR/AA-) | Upton County Texas Tax Notes Series 2022 (NR/AA-) |
| 50000 | 5.000 | 02/15/2026 | 50521 |
| West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) | West Harris County Regional Water Authority Water System Revenue and Revenue Refunding Bonds Series 2015A (A1/AA-) |
| 15000 | 5.000 | 12/15/2026 | 15085 |
|  |  |  | 862510 |
| Utah - 0.2% | Utah - 0.2% | Utah - 0.2% | Utah - 0.2% |
| Utah Infrastructure Agency Layton City Telecommunications and Franchise Tax RB Series 2018 (NR/A+) | Utah Infrastructure Agency Layton City Telecommunications and Franchise Tax RB Series 2018 (NR/A+) | Utah Infrastructure Agency Layton City Telecommunications and Franchise Tax RB Series 2018 (NR/A+) | Utah Infrastructure Agency Layton City Telecommunications and Franchise Tax RB Series 2018 (NR/A+) |
| 25000 | 4.000 | 10/15/2025 | 25035 |
| Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% | Virginia - 0.1% |
| Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) | Virginia Commonwealth University Health System General Revenue Refunding Bonds Series 2017A (Aa3/AA-) |
| 20000 | 5.000 | 07/01/2026 | 20397 |
| Washington - 0.9% | Washington - 0.9% | Washington - 0.9% | Washington - 0.9% |
| Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) | Bellevue School District No. 405 Washington Unlimited Tax GO and Refunding Bonds 2016 (SCH BD GTY) (Aaa/AA+) |
| 10000 | 5.000 | 12/01/2026 | 10333 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **30** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS ULTRA SHORT MUNICIPAL INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| **Principal**<br> **Amount** | **Interest**<br> **Rate** | **Maturity**<br> **Date** | **Value** |
| Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) | Municipal Bonds – (continued) |
| Washington – (continued) | Washington – (continued) | Washington – (continued) | Washington – (continued) |
| Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) | Port of Seattle Intermediate Lien RB 2017D (AMT) (Aa3/AA-) |
| 110000 | 5.000% | 05/01/2027 | $113691 |
|  |  |  | 124024 |
| West Virginia - 0.2% | West Virginia - 0.2% | West Virginia - 0.2% | West Virginia - 0.2% |
| West Virginia Water Development Authority Refunding RB Loan Program II 2016 Series A-Ii (A1/NR) | West Virginia Water Development Authority Refunding RB Loan Program II 2016 Series A-Ii (A1/NR) | West Virginia Water Development Authority Refunding RB Loan Program II 2016 Series A-Ii (A1/NR) | West Virginia Water Development Authority Refunding RB Loan Program II 2016 Series A-Ii (A1/NR) |
| 35000 | 5.000 | 11/01/2025 | 35131 |
| Wisconsin - 2.2% | Wisconsin - 2.2% | Wisconsin - 2.2% | Wisconsin - 2.2% |
| Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa2/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa2/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa2/AA) | Ascension Health RB Ascension Senior Credit Group Series 2016A (Aa2/AA) |
| 45000 | 5.000 | 11/15/2026 | 45797 |
| Central Brown County Water Authority Wisconsin Water System Revenue Refunding Bonds Series 2024A (NR/NR) | Central Brown County Water Authority Wisconsin Water System Revenue Refunding Bonds Series 2024A (NR/NR) | Central Brown County Water Authority Wisconsin Water System Revenue Refunding Bonds Series 2024A (NR/NR) | Central Brown County Water Authority Wisconsin Water System Revenue Refunding Bonds Series 2024A (NR/NR) |
| 30000 | 5.000 | 11/01/2025 | 30106 |
| School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) | School District of Waukesha Waukesha County Wisconsin GO Promissory Notes Series 2019 (NR/AA) |
| 35000 | 3.000 | 04/01/2027 | 35080 |
| State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) | State of Wisconsin General Obligation Refunding Bonds of 2025 Series 2 (Forward Delivery) (Aa1/AA+) |
| 30000 | 5.000 | 05/01/2026 | 30532 |
| Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) | Wisconsin Health and Educational Facilities Authority RB Series 2015 (NR/AA) |
| 170000 | 5.000 | 12/15/2026 | 170168 |
|  |  |  | 311683 |
| TOTAL MUNICIPAL BONDS<br>(Cost $13,180,541) | TOTAL MUNICIPAL BONDS<br>(Cost $13,180,541) | TOTAL MUNICIPAL BONDS<br>(Cost $13,180,541) | 13212796 |
| **Shares** | **Dividend**<br> **Rate** |  | **Value** |
| Commercial Papers - 5.4% | Commercial Papers - 5.4% | Commercial Papers - 5.4% | Commercial Papers - 5.4% |
| Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority | Illinois Finance Authority |
| 447000 | –% | 09/04/25 | 447017 |
| Minnesota Agricultural | Minnesota Agricultural | Minnesota Agricultural | Minnesota Agricultural |
| 300000 | 3.000 | 11/05/25 | 300024 |
|  |  |  | 747041 |
| TOTAL COMMERCIAL PAPERS<br>(Cost $746,821) | TOTAL COMMERCIAL PAPERS<br>(Cost $746,821) | TOTAL COMMERCIAL PAPERS<br>(Cost $746,821) | 747041 |
| Mortgage-Backed Securities - 2.5%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 2.5%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 2.5%<sup>(a)(b)(c)</sup> | Mortgage-Backed Securities - 2.5%<sup>(a)(b)(c)</sup> |
| Municipal - 2.5% | Municipal - 2.5% | Municipal - 2.5% | Municipal - 2.5% |
| Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 | Federal Home Loan Mortgage Corp. Multifamily Variable Rate Certificates Relating to Municipal Services Series 2011-M026 |
| 345000 | 3.410% | 09/15/38 | 345000 |
| (Cost $345,000) | (Cost $345,000) | (Cost $345,000) | (Cost $345,000) |
| TOTAL INVESTMENTS - 103.3%<br>(Cost $14,272,362) | TOTAL INVESTMENTS - 103.3%<br>(Cost $14,272,362) | TOTAL INVESTMENTS - 103.3%<br>(Cost $14,272,362) | $14304837 |
| **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (3.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (3.3)%** | **LIABILITIES IN EXCESS OF OTHER<br>ASSETS - (3.3)%** | (456081) |
| NET ASSETS - 100.0% | NET ASSETS - 100.0% | NET ASSETS - 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13848756 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (a) | Variable Rate Demand Instruments – rate shown is that which is in effect on August 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. |
| (b) | Security with "Put" features and resetting interest rates. Maturity dates disclosed are the puttable dates. Interest rate disclosed is that which is in effect on August 31, 2025. |
| (c) | Exempt from registration under Rule 144A of the Securities Act of 1933. |
| (d) | Zero coupon bond until next reset date. |
| Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. | Security ratings disclosed, if any, are issued by either Standard & Poor's, Moody's Investor Service or Fitch and are unaudited. A brief description of the ratings is available in the Fund's Statement of Additional Information. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| AGC | - Insured by Assured Guaranty Corp. |
| AMT | - Alternative Minimum Tax (subject to) |
| BAM | - Build America Mutual Assurance Co. |
| FHLMC | - Insured by Federal Home Loan Mortgage Corp. |
| FNMA | - Insured by Federal National Mortgage Association |
| GNMA | - Insured by Government National Mortgage Association |
| GO | - General Obligation |
| PSF-GTD | - Guaranteed by Permanent School Fund |
| Q-SBLF | - Qualified School Bond Loan Fund |
| RB | - Revenue Bond |
| SCH BD |  |
| GTY | School Bond Guaranty |
| SCSDE | - South Carolina State Department of Education |
| SD CRED |  |
| PROG | School District Credit Program |
| ST AID |  |
| WITHHLDG | State Aid Withholding |
| ST APPROP | - State Appropriation |
| ST |  |
| INTERCEPT | State Aid Intercept |
| UPMC | - University of Pittsburgh Medical Center |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **31** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California<br>Municipal Income ETF** | **Dynamic New York<br>Municipal Income ETF** | **Municipal Income ETF** | **Ultra Short Municipal<br>Income ETF** |
| Assets: |  |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $108,697,335, $19,192,095, $94,520,243 and $14,272,362, respectively) | $109361188 | $19159680 | $95094376 | $14304837 |
|  Investments in affiliated issuers, at value (cost $520,451, $70,975, $464,900 and $–, respectively) | 520451 | 70975 | 464900 |  |
|  Cash | 547441 | 97656 | 471142 | 19477 |
|  Receivables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and Dividends | 1242605 | 219666 | 855066 | 148428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 5665 | 5665 | 5665 |  |
|  Variation margin on futures contracts | 875 | 875 | 875 |  |
|  **Total assets** | 111678225 | 19554517 | 96892024 | 14472742 |
| Liabilities: |  |  |  |  |
|  Payables: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased on an extended-settlement basis | 2109070 |  | 3069493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 12511 | 2246 | 6150 | 849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  |  | 623137 |
|  **Total liabilities** | 2121581 | 2246 | 3075643 | 623986 |
| Net Assets: |  |  |  |  |
|  Paid-in capital | 108595457 | 19562164 | 93052751 | 13781704 |
|  Total distributable earnings (loss) | 961187 | (9893) | 763630 | 67052 |
|  **NET ASSETS** | $109556644 | $19552271 | $93816381 | $13848756 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 2200000 | 400000 | 1875000 | 275000 |
|  Net asset value per share: | $49.80 | $48.88 | $50.04 | $50.36 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **32** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Year Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California<br>Municipal Income<br>ETF** | **Dynamic New York<br>Municipal Income<br>ETF** | **Municipal Income<br>ETF** | **Ultra Short<br>Municipal Income<br>ETF** |
| Investment income: |  |  |  |  |
|  Interest | $792031 | $297626 | $873441 | $309952 |
|  Dividends — affiliated issuers | 290 | 40 | 192 |  |
|  **Total Investment Income** | 792321 | 297666 | 873633 | 309952 |
| Expenses: |  |  |  |  |
|  Management fees | 61430 | 21098 | 32938 | 10765 |
|  Trustee fees | 10214 | 5512 | 7702 | 3883 |
|  **Total expenses** | 71644 | 26610 | 40640 | 14648 |
|  Less — expense reductions | (4573) | (830) | (8) |  |
|  **Net expenses** | 67071 | 25780 | 40632 | 14648 |
|  **NET INVESTMENT INCOME** | 725250 | 271886 | 833001 | 295304 |
| Realized and Unrealized gain (loss): |  |  |  |  |
|  Net realized gain (loss) from: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (60819) | (48156) | (105098) | (4984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 4512 | 4512 | 4512 |  |
|  Net change in unrealized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 615690 | (66612) | 542950 | 24565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures contracts | 258 | 258 | 258 |  |
|  **Net realized and unrealized gain (loss)** | 559641 | (109998) | 442622 | 19581 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $1284891 | $161888 | $1275623 | $314885 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **33** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic California Municipal Income ETF**  | **Dynamic California Municipal Income ETF**  | **Dynamic New York Municipal Income ETF**  | **Dynamic New York Municipal Income ETF**  |
|  | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>** <br> **to**<br> **August 31, 2024** | **For the Fiscal<br>Year Ended<br>August 31, 2025** | **For the Period**<br> **July 23, 2024<sup>\*</sup>** <br> **to**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $725250 | $17058 | $271886 | $17454 |
|  Net realized gain (loss) | (56307) | 9 | (43644) | (7) |
|  Net change in unrealized gain (loss) | 615948 | 48163 | (66354) | 34197 |
|  **Net increase in net assets resulting from operations** | 1284891 | 65230 | 161888 | 51644 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (388934) |  | (223425) |  |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 103595457 | 5000000 | 14562164 | 5000000 |
| **Net increase in net assets resulting from share transactions** | 103595457 | 5000000 | 14562164 | 5000000 |
|  **TOTAL INCREASE** | 104491414 | 5065230 | 14500627 | 5051644 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $5065230 | $– | $5051644 | $– |
|  End of period | $109556644 | $5065230 | $19552271 | $5051644 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **34** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets (continued) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Municipal Income ETF**  | **Municipal Income ETF**  | **Ultra Short Municipal Income ETF**  | **Ultra Short Municipal Income ETF**  |
|  | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Period<br>July 23, 2024<sup>\*</sup>**<br> **to**<br> **August 31, 2024** | **For the Fiscal**<br> **Year Ended<br> August 31, 2025**  | **For the Period<br>July 23, 2024<sup>\*</sup>** <br> **to**<br> **August 31, 2024** |
| From operations: |  |  |  |  |
|  Net investment income | $833001 | $20209 | $295304 | $17504 |
|  Net realized loss | (100586) | (13) | (4984) |  |
|  Net change in unrealized gain | 543208 | 31183 | 24565 | 7910 |
|  **Net increase in net assets resulting from operations** | 1275623 | 51379 | 314885 | 25414 |
| Distributions to shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (563372) |  | (273247) |  |
| From share transactions: |  |  |  |  |
|  Proceeds from sales of shares | 86792798 | 6259953 | 10035107 | 5000000 |
|  Cost of shares redeemed |  |  | (1253403) |  |
| **Net increase in net assets resulting from share transactions** | 86792798 | 6259953 | 8781704 | 5000000 |
|  **TOTAL INCREASE** | 87505049 | 6311332 | 8823342 | 5025414 |
| Net Assets: |  |  |  |  |
|  Beginning of period | $6311332 | $– | $5025414 | $– |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13848756 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025414 |

---

<sup>\*</sup> Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **35** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |
|  | **For the Fiscal**<br> **Year Ended August**<br> **31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.65 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 1.76 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.09) | 0.48 |
|  Total from investment operations | 0.67 | 0.65 |
|  Distributions to shareholders from net investment income | (1.52) |  |
|  Net asset value, end of period | $49.80 | $50.65 |
|  Market price, end of period | $49.85 | $50.72 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 1.34% | 1.30% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109557 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5065 |
|  Ratio of net expenses to average net assets | 0.33% | 0.35 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.35% | 0.35 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.54% | 3.10 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 134% | 21% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **36** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |
|  | **For the Fiscal**<br> **Year Ended August**<br> **31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.52 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 1.77 | 0.17 |
|  Net realized and unrealized gain (loss) | (1.73) | 0.35 |
|  Total from investment operations | 0.04 | 0.52 |
|  Distributions to shareholders from net investment income | (1.68) |  |
|  Net asset value, end of period | $48.88 | $50.52 |
|  Market price, end of period | $49.02 | $50.55 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 0.08% | 1.04% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19552 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5052 |
|  Ratio of net expenses to average net assets | 0.34% | 0.35 %<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.35% | 0.35 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.58% | 3.17 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 104% | 12% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **37** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Municipal Income ETF** | **Municipal Income ETF** |
|  | **For the Fiscal**<br> **Year Ended August**<br> **31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.49 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 1.84 | 0.18 |
|  Net realized and unrealized gain (loss) | (0.69) | 0.31 |
|  Total from investment operations | 1.15 | 0.49 |
|  Distributions to shareholders from net investment income | (1.60) |  |
|  Net asset value, end of period | $50.04 | $50.49 |
|  Market price, end of period | $50.17 | $50.55 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 2.33% | 0.98% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93816 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6311 |
|  Ratio of net expenses to average net assets | 0.18% | 0.18 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.69% | 3.26 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 154% | 47% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all dividends and distributions, 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **38** | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout Each Period*

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| | | |
|:---|:---|:---|
|  | **Ultra Short Municipal Income ETF** | **Ultra Short Municipal Income ETF** |
|  | **For the Fiscal**<br> **Year Ended August**<br> **31, 2025** | **For the Period<br>July 23, 2024<sup>\*</sup>to<br>August 31, 2024** |
| Per Share Operating Performance: |  |  |
|  Net asset value, beginning of period | $50.25 | $50.00 |
|  Net investment income<sup>(a)</sup>  | 1.62 | 0.18 |
|  Net realized and unrealized gain | 0.07 | 0.07 |
|  Total from investment operations | 1.69 | 0.25 |
|  Distributions to shareholders from net investment income | (1.58) |  |
|  Net asset value, end of period | $50.36 | $50.25 |
|  Market price, end of period | $50.32 | $50.27 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 3.43% | 0.50% |
|  Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13849 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5025 |
|  Ratio of net expenses to average net assets | 0.16% | 0.16 %<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 3.23% | 3.20 %<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 145% | 61% |

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<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> 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. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | |
|:---|:---|
| **The accompanying notes are an integral part of these financial statements.** | **39** |

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GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act.

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| | |
|:---|:---|
| Fund | **Diversified/**<br> **Non-Diversified** |
|  Goldman Sachs Dynamic California Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Dynamic New York Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Municipal Income ETF | Non-Diversified |
|  Goldman Sachs Ultra Short Municipal Income ETF | Non-Diversified |

---

The investment objective of the Dynamic California Municipal Income ETF seeks to provide a high level of current income that is exempt from federal income tax and California personal income tax; the investment objective of the Dynamic New York Municipal Income ETF seeks to provide a high level of current income that is exempt from federal income tax and New York State and City personal income taxes; the investment objective of the Municipal Income ETF seeks to provide a high level of current income that is exempt from regular federal income tax; and the investment objective of Ultra Short Municipal Income ETF seeks to provide a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser (the "Investment Adviser") to the Funds pursuant to management agreements (each, an "Agreement" and together, the "Agreements") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the NYSE Arca, Inc. ("NYSE Arca"), Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;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. Non-cash dividends, if any, are recorded at the fair market value of the securities received. 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. For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by the Funds are charged to the Funds, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**40**

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GOLDMAN SACHS MUNICIPAL INCOME ETFS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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. For each Fund, income and capital gains distributions, if any, are declared and paid monthly 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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**41**

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GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;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:

Debt Securities — Debt securities for which market quotations are readily available are valued daily on the basis of quotations supplied by dealers or an independent pricing service. The pricing services may use valuation models or matrix pricing, which consider: (i) yield or price with respect to bonds that are considered comparable in characteristics such as rating, interest rate and maturity date or (ii) quotations from securities dealers to determine current value. With the exception of treasury securities of G7 countries, which are generally classified as Level 1, these investments are generally classified as Level 2 of the fair value hierarchy.

Commercial Paper — Commercial paper normally represents short-term unsecured promissory notes issued in bearer form by banks or bank holding companies, corporations, finance companies and other issuers. Commercial paper consists of direct U.S. dollar-denominated obligations of domestic or foreign issuers. Asset-backed commercial paper is issued by a special purpose entity that is organized to issue the commercial paper and to purchase trade receivables or other financial assets.

Money Market Funds — Investments in the Goldman Sachs Financial Square Treasury Instruments Fund ("Underlying Money Market Fund") are valued at the NAV per share of the Institutional Share class on the day of valuation. These investments are generally classified as level 1 of the fair value hierarchy. For information regarding the Underlying Money Market Fund's accounting policies and investment holdings, please see the Underlying Money Market Fund's shareholder report.

Mortgage-Backed and Asset-Backed Securities — Mortgage-backed securities represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by residential and/or commercial real estate property. Asset-backed securities include securities whose principal and interest payments are collateralized by pools of other assets or receivables. The value of certain mortgage-backed and asset-backed securities (including adjustable rate mortgage loans) may be particularly sensitive to changes in prevailing interest rates. The value of these securities may also fluctuate in response to the market's perception of the creditworthiness of the issuers.

Asset-backed securities may present credit risks that are not presented by mortgage-backed securities because they generally do not have the benefit of a security interest in collateral that is comparable to mortgage assets. Some asset-backed securities may only have a subordinated claim on collateral.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or "IO" and/or high coupon rate with relatively low principal amount, or "IOette"), and the other that receives substantially all principal payments (principal-only, or "PO") from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker or receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy.

Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

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**42**

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GOLDMAN SACHS MUNICIPAL INCOME ETFS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Futures Contracts — Futures contracts are contracts to buy or sell a standardized quantity of a specified commodity or security. Upon entering into a futures contract, a Fund deposits cash or securities in an account on behalf of the broker in an amount sufficient to meet the initial margin requirement. Subsequent payments are made or received by a Fund equal to the daily change in the contract value and are recorded as variation margin receivable or payable with a corresponding offset to unrealized gains or losses.

Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;B. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of August 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| Dynamic California Municipal Income ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $109361188 | $— |
|  Investment Company | 520451 |  |  |
|  **Total** | $520451 | $109361188 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $258 | $— | $— |
| Dynamic New York Municipal Income ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $19159680 | $— |
|  Investment Company | 70975 |  |  |
|  **Total** | $70975 | $19159680 | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $258 | $— | $— |
| Municipal Income ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond | $— | $95094376 | $— |
|  Investment Company | 464900 |  |  |
|  **Total** | $464900 | $95094376 | $— |

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**43**

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Notes to Financial Statements (continued) *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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| | | | |
|:---|:---|:---|:---|
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts<sup>(a)</sup>  | $258 | $— | $— |
| Ultra Short Municipal Income ETF |  |  |  |
| Investment Type | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level 3 |
|  **Assets** |  |  |  |
|  Fixed Income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper | $— | $747041 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 345000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bond |  | 13212796 |  |
|  **Total** | $— | $14304837 | $— |

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<sup>(a)</sup> Amount shown represents unrealized gain (loss) at period end. 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

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| | | | | |
|:---|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
|  Interest Rate | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | Variation margin on futures contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
|  Interest Rate | Variation margin on futures contracts | $258 | Variation margin on futures contracts | $— |
|  **Municipal Income ETF** | **Municipal Income ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets<sup>1</sup> | Statement of Assets and Liabilities | Liabilities<sup>1</sup> |
|  Interest Rate | Variation margin on futures contracts | $258 | Variation margin on futures contracts | $— |

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<sup>1</sup> Includes unrealized gain (loss) on futures contracts described in the Additional Investment Information sections of the Schedule of Investments. Only the variation margin as of August 31, 2025 is reported within the Statements of Assets and Liabilities.

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

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**44**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

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| | | | |
|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in |
| Risk |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Interest Rate | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | $4512 | $258 |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |
|  |  |  | Net Change in |
| Risk |  | Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Interest Rate | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 4512 | 258 |
|  **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** |
|  |  |  | Net Change in |
| Risk |  | Net Realized | Unrealized |
|  | Statement of Operations | Gain (Loss) | Gain (Loss) |
|  Interest Rate | Net realized gain (loss) from futures contracts/Net<br> change in unrealized gain (loss) on futures contracts | 4512 | 258 |

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For the fiscal year ended August 31, 2025, the relevant values for each derivative type was as follows:

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| | |
|:---|:---|
| Fund | Average<br>Number of<br>Contracts<sup>(a)</sup> |
|  Dynamic California Municipal Income ETF | 1 |
|  Dynamic New York Municipal Income ETF | 1 |
|  Municipal Income ETF | 1 |

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| | |
|:---|:---|
| <sup>(a</sup><sup>)</sup> | Amounts disclosed represent average number of contracts, based on absolute values, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the fiscal year ended August 31, 2025.  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate 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 Funds directly pay 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 Funds to the independent Trustees.

For the fiscal year ended August 31, 2025, contractual and effective net unitary management fees with GSAM were at the following rates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**45**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | |
|:---|:---|:---|
| Fund | Contractual<br>Unitary Management<br>Fee | **Effective Net**<br> **Unitary<br> Management <br>Fee\*** |
|  Dynamic California Municipal Income ETF | 0.35% | 0.33% |
|  Dynamic New York Municipal Income ETF | 0.35% | 0.34% |
|  Municipal Income ETF | 0.18% | 0.18% |
|  Ultra Short Municipal Income ETF | 0.16% | 0.16% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

Effective August 1, 2025, GSAM has agreed to waive a portion of its management fee for the Goldman Sachs Dynamic California Municipal Income ETF and Goldman Sachs Dynamic New York Municipal Income ETF in order to achieve an effective net management fee rate of 0.30% as an annual percentage rate of average daily net assets of the Fund through at least December 29, 2026, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. For the fiscal year ended August 31, 2025, GSAM waived $4,564 and $829 of the management fees for the Goldman Sachs Dynamic California Municipal Income ETF and Goldman Sachs Dynamic New York Municipal Income ETF, respectively.

The Goldman Sachs Dynamic California Municipal Income ETF, Goldman Sachs Dynamic New York Municipal Income ETF, and the Goldman Sachs Municipal Income ETF Funds invest in the Institutional Shares of the Goldman Sachs Financial Square Treasury Instruments Fund, which is an affiliated Underlying Money Market Fund. GSAM has agreed to waive a portion of its management fee payable by the Fund in an amount equal to the management fee it earns as an investment adviser to the affiliated Underlying Money Market Fund in which the Fund invests. For the fiscal year ended August 31, 2025, the management fee waived by GSAM was $9, $1, and $8, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the fiscal year ended August 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following table provides information about the Funds' investments in the Goldman Sachs Financial Square Treasury Instruments Fund as of and for the fiscal year ended August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** | **Dynamic California Municipal Income ETF** |  |
|  |  |  |  |  | Change in |  |  |  |  |
|  | Beginning value |  |  |  | Unrealized |  | Shares as of |  |  |
| Underlying | as of August 31, |  | Proceeds from | Realized Gain | Appreciation | Ending value as of | August 31, | Dividend | Capital Gain |
| Fund | 2024 | Purchases at Cost | Sales | (Loss) | (Depreciation) | August 31, 2025 | 2025 | Income | Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |  |  |  |
|  | $– | $549614 | $(29163) | $– | $– | $520451 | 520451 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | $– |
|  **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** | **Dynamic New York Municipal Income ETF** |  |
|  |  |  |  |  | Change in |  |  |  |  |
|  | Beginning value |  |  |  | Unrealized |  | Shares as of |  |  |
| Underlying | as of August 31, |  | Proceeds from | Realized Gain | Appreciation | Ending value as of | August 31, | Dividend | Capital Gain |
| Fund | 2024 | Purchases at Cost | Sales | (Loss) | (Depreciation) | August 31, 2025 | 2025 | Income | Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |  |  |  |
|  | $– | $76731 | $(5756) | $– | $– | $70975 | 70975 | $40 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**46**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** | **Municipal Income ETF** |  |
|  |  |  |  |  | Change in |  |  |  |  |
|  | Beginning value |  |  |  | Unrealized |  | Shares as of |  |  |
| Underlying | as of August 31, |  | Proceeds from | Realized Gain | Appreciation | Ending value as of | August 31, | Dividend | Capital Gain |
| Fund | 2024 | Purchases at Cost | Sales | (Loss) | (Depreciation) | August 31, 2025 | 2025 | Income | Distribution |
|  Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund | Goldman Sachs Financial Square Treasury Instruments Fund |  |  |  |
|  | $– | $838456 | $(373556) | $– | $– | $464900 | 464900 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | $– |

---

A 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. For the fiscal year ended August 31, 2025, the purchase and sale transactions and related net realized gain (loss) for the Funds with an affiliated fund in compliance with Rule 17a-7 under the Act were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Fund | Purchases | Sales | **Net Realized**<br> **Gain/(Loss)**  |
|  Goldman Sachs Dynamic California Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32995572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105672 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4111) |
|  Goldman Sachs Dynamic New York Municipal Income ETF | 5141892 |  |  |
|  Goldman Sachs Municipal Income ETF | 3205027 | 718793 | (32037) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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 Funds. 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 relevant 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 Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  | Dynamic California Municipal Income ETF  |
|  | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 2100000 | $103595457 | 100000 | $5000000 |
|  Shares redeemed |  |  |  |  |
|  **NET INCREASE IN SHARES** | 2100000 | $103595457 | 100000 | $5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**47**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  | Dynamic New York Municipal Income ETF  |
|  | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 300000 | $14562164 | 100000 | $5000000 |
|  Shares redeemed |  |  |  |  |
|  **NET INCREASE IN SHARES** | 300000 | $14562164 | 100000 | $5000000 |
|  | Municipal Income ETF  | Municipal Income ETF  | Municipal Income ETF  | Municipal Income ETF  |
|  | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 1750000 | $86792798 | 125000 | $6259953 |
|  Shares redeemed |  |  |  |  |
|  **NET INCREASE IN SHARES** | 1750000 | $86792798 | 125000 | $6259953 |
|  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  | Ultra Short Municipal Income ETF  |
|  | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Fiscal Year Ended**<br> **August 31, 2025** | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  | **For the Period July 23, 2024**<br> **to August 31, 2024<sup>(a)</sup>**  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dollars |
|  **Fund Share Activity** |  |  |  |  |
|  Shares sold | 200000 | $10035107 | 100000 | $5000000 |
|  Shares redeemed | (25000) | (1253403) |  |  |
|  **NET INCREASE IN SHARES** | 175000 | $8781704 | 100000 | $5000000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on July 23, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  Dynamic California Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131171686 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32648112 |
|  Dynamic New York Municipal Income ETF | 22245617 | 7968948 |
|  Municipal Income ETF | 126386862 | 40429032 |
|  Ultra Short Municipal Income ETF | 17123667 | 9342021 |

---

The purchases and sales from in-kind creation and redemption transactions for the fiscal year ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dynamic California Municipal Income ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3683792 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Income ETF | 2468914 |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**48**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

The tax character of distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic California | Dynamic New York | | Ultra Short |
|  | Municipal Income | Municipal Income | Municipal Income | Municipal Income |
|  | ETF | ETF | ETF | ETF |
|  Distributions paid from: |  |  |  |  |
|  Ordinary Income | $975 | $298 | $871 | $5443 |
|  Tax-Exempt income | 387959 | 223127 | 562501 | 267804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total taxable distributions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;563372 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273247 |

---

As of August 31, 2025, the components of accumulated earnings on a tax-basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Dynamic** | | | |
|  | **California** | **Dynamic New** | | **Ultra Short** |
|  | **Municipal Income** | **York Municipal** | **Municipal Income** | **Municipal Income** |
|  | **ETF** | **Income ETF** | **ETF** | **ETF** |
|  Undistributed Tax Exempt income — net | $340693 | $62172 | $280335 | $37838 |
|  Capital loss carryforwards: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | (1512) | (2389) | (1884) | (1683) |
|  Timing differences — (Late Year Ordinary Loss Deferral and Post- October Capital Loss Deferral) | (48129) | (40864) | (95796) | (2396) |
|  Unrealized gains (losses) — net | 670135 | (28812) | 580975 | 33293 |
|  Total accumulated earnings (losses) — net | $961187 | $(9893) | $763630 | $67052 |

---

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dynamic California | Dynamic New York | | Ultra Short Municipal |
|  | Municipal Income ETF | Municipal Income ETF | Municipal Income ETF | Income ETF |
|  Tax Cost | $109211762 | $19259725 | $94978559 | $14271544 |
|  Gross unrealized gain | 948919 | 136628 | 819440 | 34147 |
|  Gross unrealized loss | (278784) | (165440) | (238465) | (854) |
|  Net unrealized gain (loss) | $670135 | $(28812) | $580975 | $33293 |

---

The difference between GAAP-basis and tax-basis unrealized gains (losses) is attributable primarily to wash sales, net mark to market gains/(losses) on regulated futures contracts, and differences in the tax treatment of market discount accretion and premium amortization.

GSAM has reviewed the Funds' tax positions for all open tax years (the current and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax year remains subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**49**

------

GOLDMAN SACHS MUNICIPAL INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Call/Prepayment Risk — An issuer could exercise its right to pay principal on an obligation held by the Fund (such as a Mortgage-Backed Security) earlier than expected. This may happen when there is a decline in interest rates, when credit spreads change, or when an issuer's credit quality improves. Under these circumstances, the Fund may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

Geographic and Sector 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.

Interest Rate Risk — When interest rates increase, fixed income securities or instruments held by a Fund will generally decline in value. Long-term fixed income securities or instruments will normally have more price volatility because of this risk than short-term fixed income securities or instruments. A wide variety of market factors can cause interest rates to rise, including central bank monetary policy, rising inflation and changes in general economic conditions. Changing interest rates may have unpredictable effects on the markets, may result in heightened market volatility and may detract from Fund performance. In addition, changes in monetary policy may exacerbate the risks associated with changing interest rates. Funds with longer average portfolio durations will generally be more sensitive to changes in interest rates than funds with a shorter average portfolio duration Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Funds. A sudden or unpredictable increase in interest rates may cause volatility in the market and may decrease the liquidity of the Fund's investments, which would make it harder for the Fund to sell its investments at an advantageous time.

Investments in Other Investment Companies Risk — As a shareholder of another investment company, the Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein.

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 Funds' 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 Funds, including on the Funds' liquidity. In addition, transactions by large shareholders may account for a large percentage of the trading volume on ("NYSE Arca, Inc.") and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, a Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests. Liquidity risk may be the result of, among other things, the reduced number and capacity of traditional market participants to make a market in fixed income securities or the lack of an active market. The potential for liquidity risk may be magnified by a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, potentially causing increased supply in the market due to selling activity. Redemptions by large shareholders may have a negative impact on a Fund's liquidity.

Market and Credit Risk — 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 the Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries 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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

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.

Municipal Securities Risk — Municipal securities are subject to credit/default risk, interest rate risk and certain additional risks. The Fund may be more sensitive to adverse economic, business, political, environmental or other developments if it invests a substantial portion of its assets in the bonds of similar projects (such as those relating to education, health care, housing, transportation, and utilities), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds and moral obligation bonds). While interest earned on municipal securities is generally not subject to federal tax, any interest earned on taxable municipal securities is fully taxable at the federal level and may be subject to tax at the state level.

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.

Non-Investment Grade Fixed Income Securities Risk — Non-investment grade fixed income securities and unrated securities of comparable credit quality (commonly known as "junk bonds") are considered speculative and are subject to the increased risk of an issuer's inability to meet principal and interest payment obligations. These securities may be subject to greater price volatility due to such factors as specific issuer developments, interest rate sensitivity, negative perceptions of the junk bond markets generally and less liquidity. The Fund may purchase the securities of issuers that are in default.

Seed Investor Risk — GSAM and/or its affiliates may make payments to one or more investors that contribute seed capital to a 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 a Fund). Seed investors may contribute cash and/or securities in kind and such seed investment may constitute all or a majority of the assets in a 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 a Fund, including on the Fund's liquidity and the market price of a Fund's Shares. The form of a seed investor's contribution and any redemption activity by a seed investor can affect, including adversely, the tax efficiency of a Fund.

State/Territory Specific Risk — The Funds' investments in municipal obligations of issuers located in a particular state or U.S. territory may be adversely affected by political, economic and regulatory developments within that state or U.S. territory. Such developments may affect the financial condition of a state's or territory's political subdivisions, agencies, instrumentalities and public authorities and heighten the risks associated with investing in bonds issued by such parties, which could, in turn, adversely affect the Funds' income, NAV, liquidity, and/or ability to preserve or realize capital appreciation.

Tax Risk — Any proposed or actual changes in income tax rates or the tax-exempt status of interest income from municipal securities can significantly affect the demand for and supply, liquidity and marketability of municipal securities. Such changes may affect the Fund's net asset value and ability to acquire and dispose of municipal securities at desirable yield and price levels.

Valuation Risk — The sale price the Fund could receive for a security may differ from the Fund's valuation of the security, particularly for securities that trade in low volume or volatile markets or that are valued using a fair value methodology. The Fund relies on various sources to calculate its NAV. The information may be provided by third parties that are believed to be reliable, but the information may not be accurate due to errors by such pricing sources, technological issues or otherwise. NAV calculation may also be impacted by operational risks arising from factors such as failures in systems and technology.

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Notes to Financial Statements (continued) *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Dynamic California Municipal Income ETF, Goldman Sachs Dynamic New York Municipal Income ETF, Goldman Sachs Municipal Income ETF and Goldman Sachs Ultra Short Municipal Income ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Goldman Sachs Dynamic California Municipal Income ETF, Goldman Sachs Dynamic New York Municipal Income ETF, Goldman Sachs Municipal Income ETF and Goldman Sachs Ultra Short Municipal Income ETF (four of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations for the year ended August 31, 2025 and the statements of changes in net assets and the financial highlights for the year ended August 31, 2025 and for the period July 23, 2024 (commencement of operations) through August 31, 2024, including the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, the results of each of their operations for the year ended August 31, 2025, and the changes in their net assets and each of the financial highlights for the year ended August 31, 2025 and for the period July 23, 2024 (commencement of operations) through August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs Dynamic California Municipal Income ETF, Goldman Sachs Dynamic New York Municipal Income ETF, Goldman Sachs Municipal Income ETF and Goldman Sachs Ultra Short Municipal Income ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held six meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) whether the Fund's existing management fee arrangement adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Funds and their service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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 each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that each Fund is an actively-managed ETF and that (i) each of the Dynamic California Municipal Income ETF and Dynamic New York Municipal Income ETF seeks a high level of current income that is exempt from regular federal income tax and California and New York State and City, respectively, personal income taxes; (ii) the Municipal Income ETF seeks a high level of current income that is exempt from regular federal income tax; and (iii) the Ultra Short Municipal Income ETF seeks a high level of current income, consistent with relatively low volatility of principal, that is exempt from regular federal income tax. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees noted that each Fund had launched on July 23, 2024, and did not yet have a meaningful performance history.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to each Fund, which included both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of each Fund. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund's fee rates and expense ratios to those of relevant peer funds were prepared by the Investment Adviser and certain third-party providers of mutual fund and ETF data. The Trustees concluded that the comparisons provided by the Outside Data Provider and the Investment Adviser were useful in evaluating the reasonableness of the management fees and total expenses paid by each Fund. They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### Profitability
The Trustees reviewed each Fund's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability data for each Fund was provided for 2024; and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with each Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) 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 Funds; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationship with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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Goldman Sachs Trust – Municipal Income ETFs - Tax Information (Unaudited)

During the year ended August 31, 2025, 99.88%, 99.90%, 99.92%, and 98.15% of the distributions from net investment income paid by Dynamic California Municipal Income ETF, Dynamic New York Municipal Income ETF, Municipal Income ETF and Ultra Short Municipal Income ETF, respectively, were exempt-interest dividends and as such, are not subject to U.S. Federal income tax.

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![LOGO](g163171dsp060.jpg)

TRUSTEES OFFICERS Gregory G. Weaver, Chair James A. McNamara, President Cheryl K. Beebe Joseph F. DiMaria, Principal Financial Officer, Dwight L. Bush Principal Accounting Officer and Treasurer Kathryn A. Cassidy Robert Griffith, Secretary John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 2025 Goldman Sachs. All rights reserved. MUNIINCETFAR-25

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Goldman Sachs Funds Annual Financial Statements Goldman Sachs Funds August 31, 2025 Goldman Sachs Buffer ETFs Goldman Sachs U.S. Large Cap Buffer 1 ETF (GBXA) Goldman Sachs U.S. Large Cap Buffer 2 ETF (GBXB) Goldman Sachs U.S. Large Cap Buffer 3 ETF (GBXC) Goldman Sachs Asset Management

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## Goldman Sachs Buffer ETFs

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| | |
|:---|:---|
| **Table of Contents** | Page |
|  **[Schedule of Investments](#buff935190_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 1 ETF](#buff935190_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 2 ETF](#buff935190_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 3 ETF](#buff935190_4) | 5 |
|  **[Financial Statements](#buff935190_5)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#buff935190_6) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#buff935190_7) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#buff935190_8) | 8 |
|  **[Financial Highlights](#buff935190_9)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 1 ETF](#buff935190_10) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 2 ETF](#buff935190_11) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs U.S. Large Cap Buffer 3 ETF](#buff935190_12) | 11 |
|  **[Notes to Financial Statements](#buff935190_13)** | 12 |
|  **[Report of Independent Registered Public Accounting Firm](#buff935190_14)** | 25 |
|  **[Statement Regarding Basis for Approval of Investment Advisory Contract](#buff935190_15)** | 26 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 1 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 101.2% | Exchange Traded Funds – 101.2% | Exchange Traded Funds – 101.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83700 | SPDR Portfolio S&P 500 ETF |  |
|  **(Cost $5,856,267)** | **(Cost $5,856,267)** | $6352830 |
| **TOTAL INVESTMENTS – 101.2%**<br> **(Cost $5,856,267)** | **TOTAL INVESTMENTS – 101.2%**<br> **(Cost $5,856,267)** | $6352830 |
|  **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS – (1.2)%** | (76583) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276247 |

---

&nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.<br>

ADDITIONAL INVESTMENT INFORMATION

PURCHASED & WRITTEN OPTIONS CONTRACTS — At August 31, 2025, the Fund had the following purchased and written option contracts:

#### FLEX OPTIONS ON EQUITIES CONTRACTS

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | Premiums Paid<br>(Received) by<br>the Fund | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $69.06 | 10/02/2025 | 837 | $5780 | $11792 | $89243 | $(77451) |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | 53.79 | 10/02/2025 | 837 | 4502 | 984 | 13050 | (12065) |
|  Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 1674 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10282 | $12776 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102293 | $(89516) |
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | <br> **Premiums Paid<br>(Received) by<br>the Fund** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $76.54 | 10/02/2025 | (837) | $(6406) | $(74687) | $(57820) | $(16867) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $61.79 | 10/02/2025 | (837) | $(5172) | $(3458) | $(33013) | $29554 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (1674) | $(11578) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78145) | $(90833) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12687 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>3</sub>

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 2 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 100.0% | Exchange Traded Funds – 100.0% | Exchange Traded Funds – 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74100 | SPDR Portfolio S&P 500 ETF |  |
|  **(Cost $5,274,924)** | **(Cost $5,274,924)** | $5624190 |
| **Shares**<br>| **Dividend Rate**<br>| **Value** |
| Investment Company – 0.5%<sup>(a)</sup> | Investment Company – 0.5%<sup>(a)</sup> | Investment Company – 0.5%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28760 | 4.114% | 28760 |
|  **(Cost $28,760)** | **(Cost $28,760)** | **(Cost $28,760)** |
| **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $5,303,684)** | **TOTAL INVESTMENTS – 100.5%**<br> **(Cost $5,303,684)** | $5652950 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.5)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– (0.5)%** | (25940) |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627010 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. | &nbsp;&nbsp;&nbsp;&nbsp; The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;(a) | Represents an affiliated issuer. |

---

ADDITIONAL INVESTMENT INFORMATION

PURCHASED & WRITTEN OPTIONS CONTRACTS — At August 31, 2025, the Fund had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | Premiums Paid<br>(Received) by<br>the Fund | Unrealized<br>Appreciation/<br>(Depreciation) |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $70.62 | 11/04/2025 | 741 | $5233 | $36723 | $79287 | $(42564) |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | 55.01 | 11/04/2025 | 741 | 4083 | 5164 | 11856 | (6692) |
|  Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 1482 | $9316 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41887 | $91143 | $(49256) |
| Description | Counterparty | Exercise<br>Rate | Expiration<br>Date | Number of<br>Contracts | Notional Amount | Market<br>Value | <br> **Premiums Paid<br>(Received) by<br>the Fund** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $78.18 | 11/04/2025 | (741) | $(5793) | $(56649) | $(51129) | $(5520) |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $63.19 | 11/04/2025 | (741) | $(4682) | $(10852) | $(28899) | $18047 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (1482) | $(10475) | $(67501) | $(80028) | $12527 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 4 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 3 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| Exchange Traded Funds – 99.5% | Exchange Traded Funds – 99.5% | Exchange Traded Funds – 99.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 115900 | SPDR Portfolio S&P 500 ETF |  |
|  **(Cost $8,197,636)** | **(Cost $8,197,636)** | $8796810 |
| **Shares**<br>| **Dividend Rate**<br>| **Value** |
| Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> | Investment Company – 0.4%<sup>(a)</sup> |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39104 | 4.114% | 39104 |
| **(Cost $39,104)** | **(Cost $39,104)** | **(Cost $39,104)** |
| TOTAL INVESTMENTS – 99.9%<br>(Cost $8,236,740) | TOTAL INVESTMENTS – 99.9%<br>(Cost $8,236,740) | $8835914 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.1%** | 9533 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845447 |

---

The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents an affiliated issuer.

ADDITIONAL INVESTMENT INFORMATION

PURCHASED & WRITTEN OPTIONS CONTRACTS — At August 31, 2025, the Fund had the following purchased and written option contracts:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | **Premiums Paid<br>(Received) by<br>the Fund** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Purchased Option Contracts:** | **Purchased Option Contracts:** | **Purchased Option Contracts:** |  |  |  |  |  |  |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $72.10 | 12/02/2025 | 1159 | $8356390 | $115762 | $110395 | $5367 |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | 56.17 | 12/02/2025 | 1159 | 6510103 | 16323 | 9562 | 6761 |
|  Total purchased option contracts | Total purchased option contracts | Total purchased option contracts |  | 2318 | $14866493 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132085 | $119957 | $12128 |
| **Description** | **Counterparty** | **Exercise<br>Rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional Amount** | **Market<br>Value** | <br> **Premiums Paid<br>(Received) by<br>the Fund** | <br> **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $79.81 | 12/02/2025 | (1159) | $(9249979) | $(63337) | $(66932) | $3596 |
|  **Puts** |  |  |  |  |  |  |  |  |
|  SPDR Portfolio<br> S&P 500<br> ETF | Morgan<br>Stanley Co.,<br>Inc. | $64.52 | 12/02/2025 | (1159) | $(7477868) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42291) | $(28686) | $(13606) |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (2318) | $(16727847) | $(105628) | $(95618) | $(10010) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>5</sub>

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Large Cap Buffer<br>1 ETF** | **U.S. Large Cap Buffer<br>2 ETF** | **U.S. Large Cap Buffer<br>3 ETF** |
| Assets: |  |  |  |
|  Investments in unaffiliated issuers, at value (cost $5,856,267, $5,274,924 and $8,197,636, respectively) | $6352830 | $5624190 | $8796810 |
|  Investments in affiliated issuers, at value (cost $–, $28,760 and $39,104, respectively) |  | 28760 | 39104 |
|  Purchased Options, at value (premiums paid $102,293, $91,143 and $119,957, respectively) | 12776 | 41887 | 132085 |
|  Receivables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends |  | 103 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due from broker |  | 602 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold |  |  | 954419 |
|  **Total assets** | 6365606 | 5695542 | 9922514 |
| Liabilities: |  |  |  |
|  Written options, at value (premiums received $90,833, $80,028 and $95,618, respectively) | 78145 | 67501 | 105628 |
|  Payables: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to custodian | 9881 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 1151 | 1031 | 1573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker | 182 |  | 204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased |  |  | 449533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed |  |  | 520129 |
|  **Total liabilities** | 89359 | 68532 | 1077067 |
| Net Assets: |  |  |  |
|  Paid-in capital | 5837097 | 5294445 | 8192952 |
|  Total distributable earnings | 439150 | 332565 | 652495 |
|  **NET ASSETS** | $6276247 | $5627010 | $8845447 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 240000 | 220000 | 340000 |
|  Net asset value per share: | $26.15 | $25.58 | $26.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 6 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Period Ended August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Large Cap<br>Buffer 1 ETF\*** | **U.S. Large Cap<br>Buffer 2 ETF\*\*** | **U.S. Large Cap<br>Buffer 3 ETF\*\*\*** |
| Investment income: |  |  |  |
|  Dividends — unaffiliated issuers | $37123 | $35091 | $54583 |
|  Dividends — affiliated issuers | 8 | 439 | 386 |
|  **Total Investment Income** | 37131 | 35530 | 54969 |
| Expenses: |  |  |  |
|  Management fees | 13060 | 13006 | 16323 |
|  Trustee fees | 5390 | 3154 | 4603 |
|  **Total expenses** | 18450 | 16160 | 20926 |
|  Less — expense reductions | (735) | (658) | (839) |
|  **Net expenses** | 17715 | 15502 | 20087 |
|  **NET INVESTMENT INCOME** | 19416 | 20028 | 34882 |
| Realized and Unrealized gain (loss): |  |  |  |
|  Net realized gain (loss) from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers |  |  | (2502) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | 81861 | 141362 | 295490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options |  |  | 7945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options |  |  | (882) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options In-kind redemptions | (51391) | (216490) | (38734) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options In-kind redemptions | (190289) | (87825) | (425941) |
|  Net change in unrealized gain (loss) on: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 496563 | 349266 | 599174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options | (89516) | (49256) | 12128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 12687 | 12527 | (10010) |
|  **Net realized and unrealized gain** | 259915 | 149584 | 436668 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279331 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471550 |

---

\* For the period December 30, 2024 (commencement of operations) through August 31, 2025.

\*\* For the period January 30, 2025 (commencement of operations) through August 31, 2025.

\*\*\* For the period February 27, 2025 (commencement of operations) through August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>7</sub>

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **U.S. Large Cap Buffer<br>1 ETF** | **U.S. Large Cap Buffer<br>2 ETF** | **U.S. Large Cap Buffer<br>3 ETF** |
|  | **For the Period<br>December 30, 2024\*<br>to<br>August 31, 2025** | **For the Period<br>January 30, 2025\*<br>to<br>August 31, 2025** | **For the Period<br>February 27, 2025\*<br>to<br>August 31, 2025** |
| From operations: |  |  |  |
| Net investment income | $19416 | $20028 | $34882 |
| Net realized loss | (159819) | (162953) | (164624) |
| Net change in unrealized gain | 419734 | 312537 | 601292 |
| **Net increase in net assets resulting from operations** | 279331 | 169612 | 471550 |
| From share transactions: |  |  |  |
| Proceeds from sales of shares | 7975621 | 7401110 | 12334484 |
| Cost of shares redeemed | (1978705) | (1943712) | (3960587) |
| &nbsp;&nbsp; **Net increase in net assets resulting from share transactions** | 5996916 | 5457398 | 8373897 |
|  **TOTAL INCREASE** | 6276247 | 5627010 | 8845447 |
| Net Assets: |  |  |  |
| Beginning of period | $— | $— | $— |
| End of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6276247 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5627010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8845447 |

---

\* Commencement of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 8 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 1 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights *Selected Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Large Cap<br>Buffer 1 ETF** |
|  | **For the Period<br>December 30, 2024<sup>\*</sup>** |
|  | **to** |
|  | **August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $25.00 |
|  Net investment income<sup>(a)</sup>  | 0.09 |
|  Net realized and unrealized gain | 1.06 |
|  Total from investment operations | 1.15 |
|  Net asset value, end of period | $26.15 |
|  Market price, end of period | $26.18 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 4.60% |
|  Net assets, end of period (in 000's) | $6276 |
|  Ratio of net expenses to average net assets | 0.48%<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.50%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.53%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | –% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the period ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>9</sub>

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 2 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Large Cap<br>Buffer 2 ETF** |
|  | **For the Period<br>January 30, 2025<sup>\*</sup>** |
|  | **to** |
|  | **August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $25.00 |
|  Net investment income<sup>(a)</sup>  | 0.09 |
|  Net realized and unrealized gain | 0.49 |
|  Total from investment operations | 0.58 |
|  Net asset value, end of period | $25.58 |
|  Market price, end of period | $25.59 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 2.32% |
|  Net assets, end of period (in 000's) | $5627 |
|  Ratio of net expenses to average net assets | 0.48%<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.50%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.62%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)(e)</sup>  | –% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

<sup>(e)</sup> There were either no long-term purchases or no long-term sales for the period ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS U.S. LARGE CAP BUFFER 3 ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Financial Highlights (continued) *Selected Data for a Share Outstanding Throughout The Period*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **U.S. Large Cap<br>Buffer 3 ETF** |
|  | **For the Period<br>February 27, 2025<sup>\*</sup>** |
|  | **to** |
|  | **August 31, 2025** |
| Per Share Operating Performance: |  |
|  Net asset value, beginning of period | $25.00 |
|  Net investment income<sup>(a)</sup>  | 0.11 |
|  Net realized and unrealized gain | 0.91 |
|  Total from investment operations | 1.02 |
|  Net asset value, end of period | $26.02 |
|  Market price, end of period | $26.01 |
|  **Total Return at Net Asset Value<sup>(b)</sup>**  | 4.04% |
|  Net assets, end of period (in 000's) | $8845 |
|  Ratio of net expenses to average net assets | 0.48%<sup>(c)</sup> |
|  Ratio of total expenses to average net assets | 0.50%<sup>(c)</sup> |
|  Ratio of net investment income to average net assets | 0.85%<sup>(c)</sup> |
|  Portfolio turnover rate<sup>(d)</sup>  | 1% |

---

<sup>\*</sup> Commencement of operations.

<sup>(a)</sup> Calculated based on the average shares outstanding methodology.

<sup>(b)</sup> Assumes investment at the net asset value at the beginning of the period, reinvestment of all distributions and a complete redemption 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 redemption of Fund shares. Total returns for periods less than one full year are not annualized. 

<sup>(c)</sup> Annualized.

<sup>(d)</sup> 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 and short-term transactions. If such transactions were included, the Fund's portfolio turnover rate may be higher. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The accompanying notes are an integral part of these financial statements.<sub>11</sub>

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ORGANIZATION

Goldman Sachs ETF Trust (the "Trust") is an open-end 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 following table lists those series of the Trust that are included in this report (collectively, the "Funds" or individually a "Fund") along with their respective diversification status under the Act:

---

| | |
|:---|:---|
| Fund | Diversified/<br>Non-Diversified |
| Goldman Sachs U.S. Large Cap Buffer 1 ETF<sup>(a)</sup> | Non-Diversified |
| Goldman Sachs U.S. Large Cap Buffer 2 ETF<sup>(b)</sup> | Non-Diversified |
| Goldman Sachs U.S. Large Cap Buffer 3 ETF<sup>(c)</sup> | Non-Diversified |

---

<sup>(a)</sup> Commenced operations on December 30, 2024.

<sup>(b)</sup> Commenced operations on January 30, 2025.

<sup>(c)</sup> Commenced operations on February 27, 2025.

The investment objective of each Fund is to seek long-term capital appreciation. Each Fund seeks to achieve a total return, for a specified three month period (each, an "Outcome Period"), that corresponds generally, before fees and expenses, to the share price return of the SPDR<sup>®</sup> Portfolio S&P 500<sup>®</sup> ETF (SPLG) (the "Underlying ETF") or other ETFs that track the S&P 500<sup>®</sup> Index (the "Underlying ETF's Index") up to a "cap" while providing a downside "buffer" and "deep downside protection" against losses over the Outcome Period.

Goldman Sachs Asset Management, L.P. ("GSAM"), an affiliate of Goldman Sachs & Co. LLC ("Goldman Sachs"), serves as investment adviser to the Funds pursuant to a management agreement (the "Agreement") with the Trust. Each Fund is an exchange-traded fund ("ETF"). Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange"). Market prices for the Funds' shares may be different from their net asset value ("NAV"). The Funds issue and redeem shares at their respective NAV only in blocks of a specified number of shares, or multiples thereof, referred to as "Creation Units". Creation Units are issued and redeemed generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) and a specified amount of cash. 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 Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES

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. Each Fund is an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;A. Investment Valuation — The Funds' valuation policy is to value investments at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;B. Investment Income and Investments — Investment income includes interest income, dividend income and securities lending, 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. Realized gains and losses are calculated using identified cost. Investment transactions are recorded on the following business day for daily NAV calculations. Non-cash dividends, if any, are recorded at the fair market value of the securities received. Investment transactions are reflected on trade date.

For derivative contracts, unrealized gains and losses are recorded daily and become realized gains and losses upon disposition or termination of the contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SIGNIFICANT ACCOUNTING POLICIES (continued)

&nbsp;&nbsp;&nbsp;&nbsp;C. Expenses — Expenses incurred directly by a Fund are charged to the Fund, and certain expenses incurred by the Trust are allocated across the applicable Funds on a straight-line and/or pro-rata basis, depending upon the nature of the expenses, and are accrued daily.

&nbsp;&nbsp;&nbsp;&nbsp;D. Federal Taxes and Distributions to Shareholders — It is each 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, each 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 annually.

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 each Fund's distributions may be shown in the accompanying financial statements as either from distributable earnings or capital. Certain components of the Funds' net assets on the Statements of Assets and Liabilities reflect permanent GAAP/tax differences based on the appropriate tax character.

&nbsp;&nbsp;&nbsp;&nbsp;E. Segment Reporting — The Funds follow Financial Accounting Standards Board Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Each Fund operates in one segment. The segment derives its revenues from Fund investments made in accordance with the defined investment strategy of the Fund, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Adviser. The CODM monitors and actively manages the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for the Funds' single segment, is consistent with that presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS

U.S. GAAP defines the fair value of a financial instrument as the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e., the exit price); the Funds' policy is to use the market approach. GAAP establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. The levels used for classifying investments are not necessarily an indication of the risk associated with investing in these investments. The three levels of the fair value hierarchy are described below:

Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2 — Quoted prices in markets that are not active or financial instruments for which significant inputs are observable (including, but not limited to, quoted prices for similar investments, interest rates, foreign exchange rates, volatility and credit spreads), either directly or indirectly;

Level 3 — Prices or valuations that require significant unobservable inputs (including GSAM's assumptions in determining fair value measurement).

The Board of Trustees ("Trustees") has approved valuation procedures that govern the valuation of the portfolio investments held by the Funds ("Valuation Procedures"), 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**13**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

&nbsp;&nbsp;&nbsp;&nbsp;A. Level 1 and Level 2 Fair Value Investments — The valuation techniques and significant inputs used in determining the fair values for investments classified as Level 1 and Level 2 are as follows:

Equity Securities — Equity securities traded on a United States ("U.S.") securities exchange or the NASDAQ system, or those located on certain foreign exchanges, including but not limited to the Americas, are valued daily at their last sale price or official closing price on the principal exchange or system on which they are traded. If there is no sale or official closing price or such price is believed by GSAM to not represent fair value, equity securities will be valued at the valid closing bid price for long positions and at the valid closing ask price for short positions (i.e. where there is sufficient volume, during normal exchange trading hours). If no valid bid/ ask price is available, the equity security will be valued pursuant to the Valuation Procedures and consistent with applicable regulatory guidance. To the extent these investments are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. Certain equity securities containing unique attributes may be classified as Level 2.

Unlisted equity securities for which market quotations are available are valued at the last sale price on the valuation date, or if no sale occurs, at the last bid price for long positions or the last ask price for short positions, and are generally classified as Level 2.

Underlying Funds (including Money Market Funds) — Underlying funds ("Underlying Funds") include exchange-traded funds ("ETFs") and other investment companies. Investments in the Underlying Funds (except ETFs) are valued at the NAV per share on the day of valuation. ETFs are valued daily at the last sale price or official closing price on the principal exchange or system on which the investment is traded. Because the Funds invest in Underlying Funds that fluctuate in value, the Funds' shares will correspondingly fluctuate in value. Underlying Funds are generally classified as Level 1 of the fair value hierarchy. To the extent that underlying ETFs are actively traded, they are classified as Level 1 of the fair value hierarchy, otherwise they are generally classified as Level 2. For information regarding an Underlying Fund's accounting policies and investment holdings, please see the Underlying Fund's financial statements at SEC.gov.

Derivative Contracts — A derivative is an instrument whose value is derived from underlying assets, indices, reference rates or a combination of these factors. A Fund enters into derivative transactions to hedge against changes in interest rates, securities prices, and/or currency exchange rates, to increase total return, or to gain access to certain markets or attain exposure to other underliers. For financial reporting purposes, cash collateral that has been pledged to cover obligations of a Fund and cash collateral received, if any, is reported separately on the Statements of Assets and Liabilities as either due to broker/receivable for collateral on certain derivative contracts. Non-cash collateral pledged by a Fund, if any, is noted in the Schedules of Investments.

Exchange-traded derivatives, including futures and options contracts, are generally valued at the last sale or settlement price on the exchange where they are principally traded. Exchange-traded options without settlement prices are generally valued at the last bid price for long positions and the last ask price for short positions on the exchange where they are principally traded. Exchange-traded derivatives typically fall within Level 1 of the fair value hierarchy. Over-the-counter ("OTC") and centrally cleared derivatives are valued using market transactions and other market evidence, including market-based inputs to models, calibration to market-clearing transactions, broker or dealer quotations, or other alternative pricing sources. Where models are used, the selection of a particular model to value OTC and centrally cleared derivatives depends upon the contractual terms of, and specific risks inherent in, the instrument, as well as the availability of pricing information in the market. Valuation models require a variety of inputs, including contractual terms, market prices, yield curves, credit curves, measures of volatility, voluntary and involuntary prepayment rates, loss severity rates and correlations of such inputs. For OTC and centrally cleared derivatives that trade in liquid markets, model inputs can generally be verified and model selection does not involve significant management judgment. OTC and centrally cleared derivatives are classified within Level 2 of the fair value hierarchy when significant inputs are corroborated by market evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Options — When a Fund writes call or put options, an amount equal to the premium received is recorded as a liability and is subsequently marked-to-market to reflect the current value of the option written. Swaptions are options on swap contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

Upon the purchase of a call option or a put option by a Fund, the premium paid is recorded as an investment and subsequently marked-to-market to reflect the current value of the option. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms.

&nbsp;&nbsp;&nbsp;&nbsp;B. Level 3 Fair Value Investments — To the extent that significant inputs to valuation models and other alternative pricing sources are unobservable, or if quotations are not readily available, or if GSAM believes that such quotations do not accurately reflect fair value, the fair value of a Fund's investments may be determined under the Valuation Procedures. GSAM, consistent with its procedures and applicable regulatory guidance, may make an adjustment to the most recent valuation prices of either domestic or foreign securities in light of significant events to reflect what it believes to be the fair value of the securities at the time of determining a Fund's NAV. To the extent investments are valued using single source broker quotations obtained directly from the broker or passed through from third party pricing vendors, such investments are classified as Level 3 investments.

&nbsp;&nbsp;&nbsp;&nbsp;C. Fair Value Hierarchy — The following is a summary of the Funds' investments and derivatives classified in the fair value hierarchy as of August 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Exchange Traded Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6352830 | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Options Contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | $— |
| Liabilities |  |  |  |
|  Written Options Contracts | $— | $(78145) | $— |
| <br> **U.S. Large Cap Buffer 2 ETF** |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Exchange Traded Funds | $5624190 | $— | $— |
|  Investment Company | 28760 |  |  |
|  **Total** | $5652950 | $— | $— |
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Options Contracts | $— | $41887 | $— |
| Liabilities |  |  |  |
|  Written Options Contracts | $— | $(67501) | $— |
| <br> **U.S. Large Cap Buffer 3 ETF** |  |  |  |
| Investment Type | Level 1 | Level 2 | Level 3 |
|  **Assets** |  |  |  |
|  Exchange Traded Funds | $8796810 | $— | $— |
|  Investment Company | 39104 |  |  |
|  **Total** | $8835914 | $— | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**15**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

---

| | | | |
|:---|:---|:---|:---|
| Derivative Type |  |  |  |
|  **Assets** |  |  |  |
|  Purchased Options Contracts | $| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132085 | $|
| Liabilities |  |  |  |
|  Written Options Contracts | $| $(105628) | $|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES

The following tables set forth, by certain risk types, the gross value of derivative contracts (not considered to be hedging instruments for accounting disclosure purposes) as of August 31, 2025. These instruments were used as part of the Funds' investment strategies and to obtain and/or manage exposure related to the risks below. The values in the tables below exclude the effects of cash collateral received or posted pursuant to these derivative contracts, and therefore are not representative of the Funds' net exposure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Large Cap Buffer 1 ETF** | **U.S. Large Cap Buffer 1 ETF** |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Equity | Purchased options at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12776 | Written options at value | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78145) |
| U.S. Large Cap Buffer 2 ETF | U.S. Large Cap Buffer 2 ETF |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Equity | Purchased options at value | $41887 | Written options at value | $(67501) |
| U.S. Large Cap Buffer 3 ETF | U.S. Large Cap Buffer 3 ETF |  |  |  |
| Risk | Statement of Assets and Liabilities | Assets | Statement of Assets and Liabilities | Liabilities |
| Equity | Purchased options at value | $132085 | Written options at value | $(105628) |

---

The following tables set forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the period ended August 31, 2025. These gains (losses) should be considered in the context that these derivative contracts may have been executed to create investment opportunities and/or economically hedge certain investments, and accordingly, certain gains (losses) on such derivative contracts may offset certain (losses) gains attributable to investments. These gains (losses) are included in "Net realized gain (loss)" or "Net change in unrealized gain (loss)" on the Statements of Operations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. INVESTMENTS IN DERIVATIVES (continued)

---

| | | | |
|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF |  |  |
| Risk | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(241680) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(76829) |
| U.S. Large Cap Buffer 2 ETF | U.S. Large Cap Buffer 2 ETF |  |  |
| Risk | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | (304315) | (36729) |
| U.S. Large Cap Buffer 3 ETF | U.S. Large Cap Buffer 3 ETF |  |  |
| Risk | Statement of Operations | Net Realized<br>Gain (Loss) | Net Change in<br>Unrealized<br>Gain (Loss) |
| Equity | Net realized gain (loss) from purchased options and written options/Net change in unrealized gain (loss) on purchased options and written options | (457612) | 2118 |

---

For the period ended August 31, 2025, the relevant values for each derivative type was as follows:

---

| | | |
|:---|:---|:---|
|  | Average number of Contracts<sup>(a)</sup> | Average number of Contracts<sup>(a)</sup> |
| Fund | Purchased Options | Written Options |
| U.S. Large Cap Buffer 1 ETF | 1623 | 1623 |
| U.S. Large Cap Buffer 2 ETF | 1590 | 1598 |
| U.S. Large Cap Buffer 3 ETF | 2239 | 2239 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amounts disclosed represent average number of contracts, which is indicative of volume of this derivative type, for the months that the Fund held such derivatives during the period ended August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS

&nbsp;&nbsp;&nbsp;&nbsp;A. Management Agreement — Under the Agreement, GSAM manages the Funds, 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 Funds' business affairs, including providing facilities, GSAM is entitled to a management fee, accrued daily and paid monthly, equal to an annual percentage rate of each Fund's average daily net assets.

The Funds operate under a unitary management fee structure. Under the unitary fee structure, GSAM is responsible for paying substantially all the expenses of each Fund, excluding payments under a 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 Funds directly pay 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 Funds to the independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**17**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

For the period ended August 31, 2025, contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

---

| | | |
|:---|:---|:---|
| Fund | Contractual Unitary Management Fee | Effective Net Unitary Management Fee\* |
| Goldman Sachs U.S. Large Cap Buffer 1 ETF | 0.50% | 0.48% |
| Goldman Sachs U.S. Large Cap Buffer 2 ETF | 0.50% | 0.48% |
| Goldman Sachs U.S. Large Cap Buffer 3 ETF | 0.50% | 0.48% |

---

<sup>\*</sup> Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

GSAM has agreed to waive a portion of its management fee in an amount equal to acquired fund fees and expenses. These arrangements will remain in effect through at least December 17, 2025, and prior to such date GSAM may not terminate the arrangement without the approval of the Trustees. For the period ended August 31, 2025, GSAM waived $735, $658 and $839 of the Funds' management fees for U.S. Large Cap Buffer 1 ETF, U.S. Large Cap Buffer 2 ETF and U.S. Large Cap Buffer 3 ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the period ended August 31, 2025, Goldman Sachs did not earn any brokerage commissions from portfolio transactions on behalf of the Funds.

The following table provides information about the Funds' investment in the Goldman Sachs Financial Square Treasury Obligations Fund as of and for the period ended August 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF | U.S. Large Cap Buffer 1 ETF |  |  |
| Underlying Fund | Beginning value<br>as of December 30,<br>2024 | Purchases at<br>Cost | Proceeds from<br>Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend<br>Income |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8292 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8292) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
|  **U.S. Large Cap Buffer 2 ETF** | **U.S. Large Cap Buffer 2 ETF** | **U.S. Large Cap Buffer 2 ETF** | **U.S. Large Cap Buffer 2 ETF** | **U.S. Large Cap Buffer 2 ETF** | **U.S. Large Cap Buffer 2 ETF** |  |
| Underlying Fund | Beginning value as<br>of January 30,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend<br>Income |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
|  |  | 170875 | (142115) | 28760 | 28760 | 439 |
|  **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** | **U.S. Large Cap Buffer 3 ETF** |  |
| Underlying Fund | Beginning value as<br>of February 27,<br>2025 | Purchases at<br>Cost | Proceeds from<br>Sales | Ending value as of<br>August 31, 2025 | Shares as of<br>August 31, 2025 | Dividend<br>Income |
|  Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | 138737 | (99634) | 39104 | 39104 | 386 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS

The Trust issues and redeems shares of the Funds 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 Funds 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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 Funds. 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 relevant 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 Statements of Changes in Net Assets.

Share activity is as follows:

---

| | | |
|:---|:---|:---|
|  | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** | **Goldman Sachs U.S. Large Cap Buffer 1 ETF** |
|  | **For the Period**<br>**December 30, 2024<sup>(a)</sup>** <br>**to**<br>**August 31, 2025** | **For the Period**<br>**December 30, 2024<sup>(a)</sup>** <br>**to**<br>**August 31, 2025** |
|  | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 320000 | $7975621 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (80000) | (1978705) |
|  <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 240000 | $5996916 |
| <br> (a) Commenced operations on December 30, 2024.<br>|  |  |
|  | **Goldman Sachs U.S. Large Cap Buffer 2 ETF** | **Goldman Sachs U.S. Large Cap Buffer 2 ETF** |
|  | **For the Period**<br>**January 30, 2025<sup>(b)</sup>**<br>**to**<br>**August 31, 2025** | **For the Period**<br>**January 30, 2025<sup>(b)</sup>**<br>**to**<br>**August 31, 2025** |
|  | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 300000 | $7401110 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (80000) | (1943712) |
|  <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 220000 | $5457398 |
| <br> (b) Commenced operations on January 30, 2025.<br>|  |  |
|  | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** | **Goldman Sachs U.S. Large Cap Buffer 3 ETF** |
|  | **For the Period**<br>**February 27, 2025<sup>(c)</sup>** <br>**to**<br>**August 31, 2025** | **For the Period**<br>**February 27, 2025<sup>(c)</sup>** <br>**to**<br>**August 31, 2025** |
|  | **Shares** | **Dollars** |
|  **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund Share Activity** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 500000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12334484 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (160000) | (3960587) |
|  <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCREASE IN SHARES** | 340000 | $8373897 |
| <br> (c) Commenced operations on February 27, 2025. |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. PORTFOLIO SECURITIES TRANSACTIONS

The cost of purchases and proceeds from sales and maturities of long-term securities for the period ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  U.S. Large Cap Buffer 1 ETF<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  U.S. Large Cap Buffer 2 ETF<sup>(b)</sup>  | 4962348 |  |
|  U.S. Large Cap Buffer 3 ETF<sup>(c)</sup>  | 5090486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83475 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commenced operations on January 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Commenced operations on February 27, 2025.

The purchases and sales from in-kind creation and redemption transactions for the period ended August 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | Purchases | Sales |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap Buffer 1 ETF<sup>(a)</sup>  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2968134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2172332 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap Buffer 2 ETF<sup>(b)</sup>  | 2344774 | 2173561 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Large Cap Buffer 3 ETF<sup>(c)</sup>  | 7189350 | 4291713 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Commenced operations on December 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Commenced operations on January 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Commenced operations on February 27, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION

As of August 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | U.S. Large Cap<br>Buffer 1 ETF | U.S. Large Cap<br>Buffer 2 ETF | U.S. Large Cap<br>Buffer 3 ETF |
|  Undistributed ordinary income — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19416 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20028 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55959 |
|  Timing differences — (Straddle Loss Deferrals) |  |  | (4756) |
|  Unrealized gains (losses) — net | 419734 | 312537 | 601292 |
|  Total accumulated earnings (losses) — net | $439150 | $332565 | $652495 |

---

As of August 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20.0 ------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. TAX INFORMATION (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | U.S. Large Cap Buffer<br>1 ETF | U.S. Large Cap Buffer<br>2 ETF | **U.S. Large Cap Buffer** <br> **3 ETF**  |
|  Tax Cost | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5394827 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8356697 |
|  Gross unrealized gain | 538805 | 367313 | 608739 |
|  Gross unrealized loss | (119071) | (54776) | (7447) |
|  Net unrealized gain (loss) | $419734 | $312537 | $601292 |

---

In order to present certain components of the Funds' capital accounts on a tax-basis, certain reclassifications have been recorded to the Funds' accounts. These reclassifications have no impact on the net asset value of the Funds and result primarily from redemption in-kind transactions.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund | **Paid in**<br> **Capital** | **Total**<br> **Distributable**<br> **Earnings** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 1 ETF | $(159819) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159819 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 2 ETF | (162953) | 162953 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 3 ETF | (180945) | 180945 |

---

GSAM has reviewed the Funds' tax positions for all open tax years (the current year and prior three years, as applicable) and has concluded that no provision for income tax is required in the Funds' financial statements. Such open tax years remain subject to examination and adjustment by tax authorities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS

The Funds' risks include, but are not limited to, the following:

Buffered Loss Risk — There can be no guarantee that the Fund will be successful in its strategy to provide buffered protection against losses if the value of the Underlying ETF decreases over an Outcome Period in excess of the Initial Loss. In the event an investor purchases shares after the commencement of the Outcome Period or sells shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Buffer that the Fund seeks to provide. The Fund does not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment. The Buffer is not guaranteed and may not be achieved. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Capped Upside Return Risk — The Fund's strategy seeks to provide returns only up to the Cap over an Outcome Period before Fund fees and expenses. In the event that the value of the Underlying ETF increases in excess of the Cap during an Outcome Period, the Fund will not participate in those gains beyond the Cap for that Outcome Period. In the event an investor purchases shares after the commencement of an Outcome Period and the Fund has risen in value to a level near the Cap, there will likely be little or no ability for that investor to experience investment gains for the remainder of that Outcome Period. A new Cap is established on or before the first day of each Outcome Period and is dependent on prevailing market conditions. Accordingly, the Cap may increase or decrease from one Outcome Period to the next. The Cap is based on the market costs associated with a series of Options (or other derivatives) that are purchased and sold in order to seek to obtain the relevant market exposure, the Buffer and Deep Downside Protection. The market conditions and other factors that influence the Cap can include, but are not limited to, interest rate levels, the volatility of the Underlying ETF, and relationship of put and calls on the underlying Options. Depending on those factors, it is possible that the Cap will limit the Fund's return during an Outcome Period to a level substantially less than an investor might expect from another comparable equity product that does not employ a Cap, the Buffer and Deep Downside Protection. The Cap may

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

------

GOLDMAN SACHS BUFFER ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *August 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

decrease from one Outcome Period to the next. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Deep Downside Protection Risk — There can be no guarantee that the Fund will be successful in its strategy to provide Deep Downside Protection against losses if the value of the Underlying ETF decreases over an Outcome Period. In the event an investor purchases shares after the commencement of the Outcome Period or sells shares prior to the end of the Outcome Period, the investor may not experience the full effect of the Deep Downside Protection that the Fund seeks to provide. The Fund does not provide principal protection and an investor may experience significant losses on their investment, including the loss of their entire investment despite the Deep Downside Protection. The Deep Downside Protection is not guaranteed and may not be achieved. Please refer to the Fund's website, which provides the latest information on a daily basis throughout the Outcome Period.

Derivatives Risk — The Fund's use of options (including FLEX Options, as defined below), futures, credit default swaps, total return swaps and other derivative instruments may result in losses, including due to adverse market movements. These instruments, which may pose risks in addition to and greater than those associated with investing directly in securities, currencies or other assets and instruments, may increase market exposure and be illiquid or less liquid, volatile, difficult to price and leveraged so that small changes in the value of the underlying assets or instruments may produce disproportionate losses to the Fund and may expire worthless. Certain derivatives are also subject to counterparty risk, which is the risk that the other party in the transaction will not fulfill its contractual obligations. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments.

FLEX Options Risk — The Fund utilizes FLexible EXchange<sup>®</sup> Options ("FLEX Options") guaranteed for settlement by the Options Clearing Corporation (the "OCC"), and bears the risk that the OCC will be unable or unwilling to perform its obligations under the FLEX Options contracts, which is a form of counterparty risk. Additionally, FLEX Options may be less liquid than certain other securities, such as standardized options. In a less liquid market, the Fund may have difficulty closing out certain FLEX Options positions at desired times and prices (and may have to pay a premium or accept a discounted price). The Fund may experience substantial downside from certain FLEX Option positions, and FLEX Option positions may expire worthless. The value of the FLEX Options will be affected by, among other things, changes in the value of the Underlying Index, changes in interest rates, changes in the actual and implied volatility of the Underlying Index and the remaining time until the FLEX Options expire. The value of FLEX Options does not increase or decrease at the same rate as the level of the Underlying Index (although they generally move in the same direction).

Investments in Other Investment Companies Risk — As a shareholder of another investment company, a Fund will indirectly bear its proportionate share of any net management fees and other expenses paid by such other investment companies, in addition to the fees and expenses regularly borne by the Fund. ETFs are subject to risks that do not apply to conventional mutual funds, including, but not limited to, the following: (i) the market price of the ETF's shares may trade at a premium or a discount to their NAV; and (ii) an active trading market for an ETF's shares may not develop or be maintained.

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 Cboe and may, therefore, have a material upward or downward effect on the market price of the Shares.

Liquidity Risk — A Fund may make investments that are illiquid or that may become less liquid in response to market developments or adverse investor perceptions. Illiquid investments may be more difficult to value. To the extent a Fund engages in cash redemptions, then liquidity risk may also refer to the risk that the Fund will not be able to pay redemption proceeds within

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GOLDMAN SACHS BUFFER ETFS

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

the allowable time period or without significant dilution to remaining investors' interests because of unusual market conditions, declining prices of the securities sold, an unusually high volume of redemption requests, or other reasons. To meet redemption requests, the Fund may be forced to sell investments at an unfavorable time and/or under unfavorable conditions. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund's NAV and dilute remaining investors' interests.

Market and Credit Risks — In the normal course of business, a Fund trades financial instruments and enter into financial transactions where risk of potential loss exists due to changes in the market (market risk). The value of securities in which a Fund invests may go up or down in response to the prospects of individual companies, particular sectors, governments or countries 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.

Non-Diversification Risk — The U.S. Large Cap Buffer 1 ETF, U.S. Large Cap Buffer 2 ETF and U.S. Large Cap Buffer 3 ETF are non-diversified, meaning that it is permitted to invest a larger percentage of its 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.

Outcome Period Risk — The Fund's investment strategy is designed to deliver returns that match the Underlying ETF, subject to the Buffer, Deep Downside Protection and Cap, only if shares are bought by the first day of the Outcome Period and held until the end of the Outcome Period. If an investor purchases or sells shares during the Outcome Period, the returns realized by the investor will not match those that the Fund seeks to achieve. In addition, the Cap may change from one Outcome Period to the next and is unlikely to remain the same for consecutive Outcome Periods. Moreover, the Fund's returns will be reduced by Fund fees and expenses as well as any brokerage commissions, trading fees, taxes and non-routine or extraordinary expenses incurred by the Fund throughout an Outcome Period. Accordingly, the maximum performance of the Fund over an Outcome Period is expected to be lower than the Cap by these fees and expenses and the performance of the Fund over an Outcome period will be reduced by these fees and expenses in addition to losses beyond the Buffer up to the Deep Downside Protection.

Option Writing Risk — Writing (selling) options may limit the opportunity to profit from an increase or decrease in the market value of a reference security in exchange for up-front cash (the premium) at the time of selling the option. In a sharp rising or falling market, the Fund could significantly underperform the market or other portfolios without an option writing strategy. The Fund could also experience a sudden, significant permanent loss due to dramatic movements in the market value of reference security, which may far exceed the premiums received for writing the option. Such significant losses could cause significant deteriorations in the Fund's NAV. Furthermore, the premium received from the Fund's option writing strategies may not fully protect it against market movements because the Fund will continue to bear the risk of movements in the value of its portfolio investments.

Tracking Error Risk — Tracking error is the divergence of the Underlying ETF's performance from that of the Underlying ETF's Index. The performance of the Underlying ETF may diverge from that of the benchmark for a number of reasons. Tracking error may occur because of transaction costs, the Underlying ETF's holding of cash, differences in accrual of dividends, changes to the

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**23**

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GOLDMAN SACHS BUFFER ETFS

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Notes to Financial Statements (continued) *August 31, 2025*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER RISKS (continued)

Underlying ETF's Index or the need to meet new or existing regulatory requirements. Unlike the Underlying ETF, the returns of the benchmark 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. The Underlying ETF will be negatively affected by general declines in the securities and asset classes represented in the Underlying ETF's Index.

Underlying ETF Risk — The value of an investment in the Fund will be related, to a degree, to the investment performance of the Underlying ETF. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with the Underlying ETF and its investments. Exposure to the Underlying ETF will also expose the Fund to a pro rata portion of the Underlying ETF's fees and expenses. The performance of the Fund (without regard to the Buffer, Deep Downside Protection or Cap) may diverge from that of the Underlying ETF for a number of reasons, including Fund fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. INDEMNIFICATIONS

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 Funds. Additionally, in the course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, GSAM believes the risk of loss under these arrangements to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. SUBSEQUENT EVENTS

Subsequent events have been evaluated through the date of issuance, and GSAM has concluded that there is no impact requiring adjustment or disclosure in the financial statements.

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## Report of Independent Registered Public Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs U.S. Large Cap Buffer 1 ETF, Goldman Sachs U.S. Large Cap Buffer 2 ETF and Goldman Sachs U.S. Large Cap Buffer 3 ETF

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (three of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2025, and the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund** | **Statement of**<br> **operations** | **Statement of**<br> **changes in net assets** | **Financial**<br> **highlights** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 1 ETF | For the period December 30, 2024 (commencement of operations) through August 31, 2025 | For the period December 30, 2024 (commencement of operations) through August 31, 2025 | For the period December 30, 2024 (commencement of operations) through August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 2 ETF | For the period January 30, 2025 (commencement of operations) through August 31, 2025 | For the period January 30, 2025 (commencement of operations) through August 31, 2025 | For the period January 30, 2025 (commencement of operations) through August 31, 2025 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs U.S. Large Cap Buffer 3 ETF | For the period February 27, 2025 (commencement of operations) through August 31, 2025 | For the period February 27, 2025 (commencement of operations) through August 31, 2025 | For the period February 27, 2025 (commencement of operations) through August 31, 2025 |

---

#### Basis for Opinions
These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. 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 Funds 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 audits 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 audits 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 audits 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, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

October 27, 2025

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

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**25**

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited)</u> 

#### Background
The Goldman Sachs U.S. Large Cap Buffer 1 ETF, Goldman Sachs U.S. Large Cap Buffer 2 ETF and Goldman Sachs U.S. Large Cap Buffer 3 ETF (each, a "Fund" and together, the "Funds") are investment portfolios of Goldman Sachs ETF Trust (the "Trust"). The Board of Trustees oversees the management of the Trust and reviews the investment performance and expenses of the Funds at regularly scheduled meetings held throughout the year. In addition, the Board of Trustees determines annually whether to approve the continuance of the Trust's investment management agreement (the "Management Agreement") with Goldman Sachs Asset Management, L.P. (the "Investment Adviser") on behalf of the Funds.

The Management Agreement was most recently approved for continuation until June 30, 2026 by the Board of Trustees, including those Trustees who are not parties to the Management Agreement or "interested persons" (as defined in the Investment Company Act of 1940, as amended) of any party thereto (the "Independent Trustees"), at a meeting held on June 17-18, 2025 (the "Annual Meeting").

The review process undertaken by the Trustees spans the course of the year and culminates with the Annual Meeting. To assist the Trustees in their deliberations, the Trustees have established a Contract Review Committee (the "Committee"), comprised of the Independent Trustees. The Committee held five meetings over the course of the year since the Management Agreement was last approved. At those Committee meetings, regularly scheduled Board or other committee meetings, and/or the Annual Meeting, matters relevant to the renewal of the Management Agreement were considered by the Board, or the Independent Trustees, as applicable. With respect to each Fund, such matters included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the nature and quality of the advisory, administrative, and other services provided to the Fund by the Investment Adviser and its affiliates, including information about:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) (i) the structure, staff, and capabilities of the Investment Adviser and its portfolio management teams;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) (ii) the groups within the Investment Adviser and its affiliates that support the portfolio management teams or provide other types of necessary services, including fund services groups (e.g., accounting and financial reporting, tax, shareholder services, and operations); controls and risk management groups (e.g., legal, compliance, valuation oversight, credit risk management, internal audit, compliance testing, market risk analysis, finance, and central funding); sales and distribution support groups, and others (e.g., information technology and training);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) (iii) trends in employee headcount;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (iv) the Investment Adviser's financial resources and ability to hire and retain talented personnel and strengthen its operations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) (v) the parent company's support of the Investment Adviser and its registered fund business, as expressed by the firm's senior management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) information on general investment outlooks in the markets in which the Fund invests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of the Management Agreement entered into by the Trust on behalf of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) fee and expense information for the Fund, including the relative management fee and expense levels of the Fund as compared to those of comparable funds managed by other advisers, as provided by the Outside Data Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) with respect to the expense comparison data provided by the Outside Data Provider, its processes in producing that data for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the undertaking of the Investment Adviser to implement a fee waiver;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) information relating to the profitability of the Management Agreement to the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether the Fund's existing management fee schedule adequately addressed any economies of scale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) a summary of the "fall-out" benefits derived by the Investment Adviser and its affiliates from their relationships with the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) a summary of potential benefits derived by the Fund as a result of its relationship with the Investment Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) portfolio manager ownership of Fund shares; the manner in which portfolio manager compensation is determined; and the number and types of accounts managed by the portfolio managers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the nature and quality of the services provided to the Fund by its unaffiliated service providers, and the Investment Adviser's general oversight and evaluation (including reports on due diligence) of those service providers as part of the administrative services provided under the Management Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the Investment Adviser's processes and policies addressing various types of potential conflicts of interest; its approach to risk management; the annual review of the effectiveness of the Fund's compliance program; and periodic compliance reports.

The presentations made at the Board and Committee meetings and at the Annual Meeting encompassed the Funds and other registered funds for which the Board of Trustees has responsibility. In evaluating the Management Agreement at the Annual Meeting, the Trustees relied upon their knowledge, resulting from their meetings and other interactions throughout the year, of the

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

Investment Adviser and its affiliates, their services, and the Funds. In conjunction with these meetings, the Trustees received written materials and oral presentations on the topics covered, and the Investment Adviser addressed the questions and concerns of the Trustees, including concerns regarding the investment performance of certain of the funds they oversee. The Independent Trustees were advised by their independent legal counsel regarding their responsibilities and other regulatory requirements related to the approval and continuation of registered fund investment management agreements under applicable law. In addition, the Investment Adviser and its affiliates provided the Independent Trustees with a written response to a formal request for information sent on behalf of the Independent Trustees by their independent legal counsel. During the course of their deliberations, the Independent Trustees met in executive sessions with their independent legal counsel, without representatives of the Investment Adviser or its affiliates present.

#### 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 provided to the Funds by the Investment Adviser. In this regard, the Trustees considered both the investment advisory services and non-advisory services that are provided by the Investment Adviser and its affiliates. The Trustees noted the Investment Adviser's commitment to maintaining high quality systems and expending substantial resources to respond to ongoing changes to the market, regulatory and control environment in which the Fund and its service providers operate, including developments associated with geopolitical events and economic sanctions, as well as the efforts of the Investment Adviser and its affiliates to combat cyber security risks. They also noted the changes in the Investment Adviser's senior management personnel and in the personnel of various of the Investment Adviser's portfolio management teams that had occurred in recent periods, and the ongoing recruitment efforts aimed at bringing high quality investment talent to the Investment Adviser. The Trustees considered that under the Management Agreement, each Fund pays a single fee to the Investment Adviser, and the Investment Adviser pays each Fund's ordinary operating expenses, excluding payments under each 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 each Fund's structure, investment objective, strategies and other characteristics. In particular, they noted that the Funds are actively-managed ETFs that seek to achieve long-term capital appreciation. The Trustees noted the experience and capabilities of the key personnel of the Investment Adviser who provide services to the Funds. In particular, the Trustees considered the Investment Adviser's extensive experience in managing investment strategies similar to those of the Funds. The Trustees also considered information regarding the Investment Adviser's efforts relating to business continuity planning. The Trustees concluded that the Investment Adviser continued to commit substantial financial and operational resources to the Funds and expressed confidence that the Investment Adviser would continue to do so in the future. The Trustees also recognized that the Investment Adviser had made significant commitments to address regulatory compliance requirements applicable to the Funds and the Investment Adviser and its affiliates.

#### Investment Performance
The Trustees noted that each of the U.S. Large Cap Buffer 1 ETF, U.S. Large Cap Buffer 2 ETF and U.S. Large Cap Buffer 3 ETF commenced investment operations on December 30, 2024, January 30, 2025, and February 27, 2025, respectively, and did not yet have a meaningful performance history.

In addition, the Trustees considered the Investment Adviser's periodic reports with respect to the Funds' risk profiles, and how the Investment Adviser's approach to risk monitoring and management influences portfolio management.

#### Unitary Fee Structure
The Trustees considered the unitary management fee rate payable by each Fund, noting that the Management Agreement provides for a unitary fee structure, pursuant to which each Fund pays a single management fee to the Investment Adviser, and the Investment Adviser then pays all of the Fund's ordinary operating expenses. In addition, the Trustees considered information on the services rendered by the Investment Adviser to each Fund, which included both advisory and non-advisory services directed to the needs and operations of the Fund as an ETF.

In particular, the Trustees reviewed analyses prepared by the Outside Data Provider regarding the expense rankings of the Funds. The analyses provided a comparison of each Fund's management fee to those of a relevant peer group and category universe; an expense analysis which compared each Fund's overall net and gross expenses to a peer group and a category universe; and data comparing each Fund's net expenses to the peer and category medians. The Trustees also considered information regarding fees and expenses of comparable ETFs advised by other, unaffiliated investment management firms. The comparisons of each Fund's unitary management fee rate and projected expense ratio to those of relevant peer funds were prepared by the Investment Adviser and a third-party provider of mutual fund and ETF data. The Trustees concluded that the comparisons were useful in evaluating the reasonableness of the management fee and total expenses to be paid by the Funds. The Trustees concluded that the Investment Adviser's management of the Funds likely would benefit the Funds and their shareholders.

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**27**

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

They also noted that shareholders are able to sell their Fund shares on the secondary market if they believe that Fund fees and expenses are too high or if they are dissatisfied with the performance of a Fund. In addition, the Trustees considered the Investment Adviser's undertakings to implement fee waivers for the Funds.

#### Profitability
The Trustees reviewed the U.S. Large Cap Buffer 1 ETF's contribution to the Investment Adviser's revenues and pre-tax profit margins. In this regard the Trustees noted that they had received, among other things, profitability analyses and summaries, revenue and expense schedules by fund and by function, and information on the Investment Adviser's expense allocation methodology. They observed that the profitability and expense figures are substantially similar to those used by the Investment Adviser for many internal purposes, including compensation decisions among various business groups, and are thus subject to a vigorous internal debate about how certain revenue and expenses should be allocated. The Trustees also noted that the internal audit group within the Goldman Sachs & Co. LLC ("Goldman Sachs") organization periodically audits the expense allocation methodology and that the internal audit group was satisfied with the reasonableness, consistency, and accuracy of the Investment Adviser's expense allocation methodology and profitability analysis calculations. Profitability for the U.S. Large Cap Buffer 1 ETF was provided for 2024, and the Trustees considered this information in relation to the Investment Adviser's overall profitability.

In addition, the Trustees recognized that there was not yet profitability data to evaluate for the U.S. Large Cap Buffer 2 ETF and U.S. Large Cap Buffer 3 ETF, but considered the Investment Adviser's representations that (i) such data would be provided when available, and (ii) each Fund was not expected to be profitable to the Investment Adviser and its affiliates initially.

#### Economies of Scale
The Trustees noted that the Funds, similar to many other ETFs, do not have management fee breakpoints. They considered information previously provided regarding each Fund's fee structure, the amount of assets in each Fund, each Fund's recent creation and redemption activity, information provided by the Investment Adviser relating to the costs of the services provided by the Investment Adviser and its realized profits, and information comparing the contractual management fee rate charged by other advisers to other funds in the peer group. The Trustees further noted the Investment Adviser's assertion that future economies of scale (among several factors) had been taken into consideration in determining each Fund's unitary management fee rate.

#### Other Benefits to the Investment Adviser and Its Affiliates
The Trustees also considered the other benefits derived by the Investment Adviser and its affiliates from their relationships with each Fund as stated above, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those for other funds or accounts managed by the Investment Adviser; (b) the Investment Adviser's ability to leverage the infrastructure designed to service the Funds on behalf of its other clients; (c) the Investment Adviser's ability to cross-market other products and services to Fund shareholders; (d) 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 Funds; (e) the investment of cash and cash collateral in money market funds managed by the Investment Adviser that will result in increased assets under management for those money market funds; and (f) the possibility that the working relationship between the Investment Adviser and the Funds' third-party service providers may cause those service providers to be more likely to do business with other areas of Goldman Sachs. In the course of considering the foregoing, the Independent Trustees requested and received further information quantifying certain of these fall-out benefits.

#### Other Benefits to the Funds and Their Shareholders
The Trustees also noted that the Funds receive certain other potential benefits as a result of their relationships with the Investment Adviser, including: (a) trading efficiencies resulting from aggregation of orders of the Funds with those of other funds or accounts managed by the Investment Adviser; (b) enhanced servicing from vendors due to the volume of business generated by the Investment Adviser and its affiliates; (c) enhanced servicing from broker-dealers due to the volume of business generated by the Investment Adviser and its affiliates; (d) the Investment Adviser's ability to negotiate favorable terms with derivatives counterparties on behalf of the Funds as a result of the size and reputation of the Goldman Sachs organization; (e) the advantages received from the Investment Adviser's knowledge and experience gained from managing other accounts and products; (f) the Investment Adviser's ability to hire and retain qualified personnel to provide services to the Funds because of the reputation of the Goldman Sachs organization; (g) the Funds' access, through the Investment Adviser, to certain firm-wide resources (e.g., proprietary risk management systems and databases), subject to certain restrictions; and (h) the Funds' access to certain affiliated distribution channels. In addition, the Trustees noted the competitive nature of the ETF marketplace, and considered that many of the Funds' shareholders invested in the Funds in part because of the Funds' relationship with the Investment Adviser and that those shareholders have a general expectation that the relationship will continue.

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<u>Statement Regarding Basis for Approval of Management Agreement (Unaudited) (continued)</u> 

#### 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 each Fund was reasonable in light of the services provided to it by the Investment Adviser, the Investment Adviser's costs and each Fund's current and reasonably foreseeable asset levels. The Trustees unanimously concluded that the Investment Adviser's continued management likely would benefit each Fund and its shareholders and that the Management Agreement should be approved and continued with respect to each Fund until June 30, 2026.

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**29**

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![LOGO](g935190dsp032.jpg)

TRUSTEES Gregory G. Weaver, Chair Cheryl K. Beebe Dwight L. Bush Kathryn A. Cassidy John G. Chou Joaquin Delgado Eileen H. Dowling Lawrence Hughes John F. Killian Steven D. Krichmar Michael Latham James A. McNamara Lawrence W. Stranghoener THE BANK OF NEW YORK MELLON Transfer Agent ALPS DISTRIBUTORS, INC. Distributor GOLDMAN SACHS ASSET MANAGEMENT, L.P. Investment Adviser 200 West Street, New York, New York 10282 OFFICERS James A. McNamara, President Joseph F. DiMaria, Principal Financial Officer, Principal Accounting Officer and Treasurer Robert Griffith, Secretary (C) 2025 Goldman Sachs. All rights reserved. USLGCAPBUFFAR-25

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ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

The aggregate remuneration paid to the Funds' trustees, officers and others, if any, is included in Item 7 of this report.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

The Funds' statement regarding the basis for approval of their investment advisory contract is included in Item 7 of this report.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

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| | |
|:---|:---|
| ITEM 15. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.  |

---

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

------

ITEM 16. CONTROLS AND PROCEDURES.

(a) The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act")) are effective as of a date within 90 days of the filing of this report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

(a) Not applicable.

(b) Not applicable.

ITEM 19. EXHIBITS.

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| | |
|:---|:---|
| (a)(1) | [Goldman Sachs ETF Trust's Code of Ethics for Principal Executive and Senior Financial Officers is incorporated by reference to Exhibit 13(a)(1) of the registrant's Form N-CSR filed on November 3, 2022.](http://www.sec.gov/Archives/edgar/data/1479026/000119312522277006/d360778dex99codeeth.htm) |
| (a)(2) | Not Applicable. |
| (a)(3) | [Exhibit 99.CERT. Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 filed herewith.](d80414dex99cert.htm) |
| (a)(4) | Not applicable to open-end investment companies. |
| (a)(5) | There was no change in the registrant's independent public accountant for the period covered by this report. |
| (b) | [Exhibit 99.906CERT. Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 filed herewith.](d80414dex99906cert.htm) |
| (101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |

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------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
|  | Goldman Sachs ETF Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust |
| Date: | November 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust |
| Date: | November 4, 2025 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs ETF Trust |
| Date: | November 4, 2025 |

---

## Ex-99.Cert

**CERTIFICATIONS** 

(Section 302)

I, James A. McNamara, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 4, 2025

---

| |
|:---|
|  /s/ James A. McNamara |
|  James A. McNamara<br> Principal Executive Officer |

---

------

**CERTIFICATIONS** 

(Section 302)

I, Joseph F. DiMaria, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the Goldman Sachs ETF Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: November 4, 2025

---

| |
|:---|
|  /s/ Joseph F. DiMaria |
|  Joseph F. DiMaria<br> Principal Financial Officer |

---

## Exhibit 99.906

EX-99.906CERT

**Certification Under Section 906** 

**of the Sarbanes-Oxley Act of 2002** 

James A. McNamara, Principal Executive Officer, and Joseph F. DiMaria, Principal Financial Officer, of the Goldman Sachs ETF Trust (the "Registrant"), each certify to the best of his knowledge that:

1. The Registrant's periodic report on Form N-CSR for the period
ended August 31, 2025 (the "Form N-CSR") fully complies with the requirements of section 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| Principal Executive Officer | Principal Financial Officer |
| Goldman Sachs ETF Trust | Goldman Sachs ETF Trust |
| /s/ James A. McNamara | /s/ Joseph F. DiMaria |
| James A. McNamara | Joseph F. DiMaria |
| Date: November 4, 2025 | Date: November 4, 2025 |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.