# EDGAR Filing Document

**Accession Number:** 0001479026
**File Stem:** 0001193125-26-090515
**Filing Date:** 2026-3
**Character Count:** 174983
**Document Hash:** 8ad9f5a164bfb0fb6be36ad33db5386f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-090515.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001193125-26-090515

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 21

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**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:** 26719728

**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 Nasdaq-100 Premium Income ETF (Series ID: S000081510)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000244420 | Goldman Sachs Nasdaq-100 Premium Income ETF | GPIQ            |

### Goldman Sachs S&P 500 Premium Income ETF (Series ID: S000081511)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000244421 | Goldman Sachs S&P 500 Premium Income ETF | GPIX            |

?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: December 31

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

The Annual Report to Shareholders is filed herewith.

![Image](g58264i950341349bf522ded390.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs Nasdaq-100 Premium Income ETF

# The NASDAQ Stock Market LLC: GPIQ

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs Nasdaq-100 Premium Income ETF (the "Fund") (formerly, Goldman Sachs Nasdaq-100 Core Premium Income ETF) for the period of January 1, 2025 to December 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** |
| GPIQ | $32 | 0.29% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

This actively managed Fund invests in a portfolio of stocks comprised significantly of those included in the Fund's benchmark index—the NASDAQ-100 Index (Index)—and uses a dynamic option overwrite strategy as it seeks to deliver current income while maintaining prospects for capital appreciation.

Top Contributors from Performance

* Exposures to Google parent company Alphabet, computer graphics processors and related software manufacturer NVIDIA and semiconductor and infrastructure software provider Broadcom contributed most positively to the Fund's returns during the Period (approximately 7.0%, 9.0% and 3.3% of Fund net assets as of December 31, 2025, respectively).

* At a sector level, information technology, communication services and consumer discretionary contributed most positively to the Fund's absolute performance during the Period.

Top Detractors from Performance

* The Fund's short call option overlay strategy detracted from total returns, partially driving the Fund to underperform the Index.

* Exposures to Bitcoin treasury and enterprise analytics software company Strategy, software company Adobe and self-service cloud-based ad-buying platform The Trade Desk detracted most from the Fund's returns during the Period (approximately 0.2%, 0.8 and 0.0% of Fund net assets as of December 31, 2025, respectively).

* The industrials, financials and consumer staples sectors detracted most from the Fund's absolute performance during the Period. 

Goldman Sachs Nasdaq-100 Premium Income ETF

GPIQ

## 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](g58264ib42eb87c384a21087e74.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Shares based on NAV** | **Nasdaq 100 (Total Return, USD, Unhedged)** | **S&P 500<sup>®</sup> Index** |
| **10/24/23** | $10000 | $10000 | $10000 |
| **12/23** | $11039 | $11433 | $11267 |
| **12/24** | $13595 | $14392 | $14086 |
| **12/25** | $16290 | $17417 | $16605 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced October 24, 2023) | 19.83% | 24.97% |
| Nasdaq 100 (Total Return, USD, Unhedged) | 21.02% | 28.85% |
| S&P 500<sup>®</sup> Index | 17.88% | 26.07% |

---

**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 Nasdaq-100 Premium Income ETF

GPIQ

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2602534433 |
| # of Portfolio Holdings as of Period End | 101 |
| Portfolio Turnover Rate for the Period | 19% |
| Total Net Advisory Fees Paid for the Period | $3334038 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs Nasdaq-100 Core Premium Income ETF to the Goldman Sachs Nasdaq-100 Premium Income ETF. The Fund also changed its non-fundamental policy to invest at least 80% of its net assets in equity investments of companies that are included in the Fund's benchmark and are reflective of the Fund's new name. These changes did not materially impact the way in which the Fund is managed nor its portfolio holdings, and the Fund's investment objective did not change.

## 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 | 52.6% |
| Communication Services | 15.9% |
| Consumer Discretionary | 13.3% |
| Health Care | 5.4% |
| Consumer Staples | 4.6% |
| Industrials | 4.1% |
| Utilities | 1.4% |
| Materials | 1.1% |
| Energy | 0.5% |
| Other | 0.4% |

---

Goldman Sachs Nasdaq-100 Premium Income ETF

GPIQ

## 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
Nasdaq<sup>®</sup> is a registered trademark of Nasdaq, Inc., (which with its affiliates is referred to as the "Corporations") and is licensed by Goldman Sachs Asset Management. The Goldman Sachs Nasdaq-100 Premium Income ETF has not been passed on by the Corporations as to their legality or suitability. The Goldman Sachs Nasdaq-100 Premium Income ETF is not issued, endorsed, sold, or promoted by the Corporations. **THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH RESPECT TO THE GOLDMAN SACHS NASDAQ-100 PREMIUM INCOME ETF**.

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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs Nasdaq-100 Premium Income ETF

38149W630-AR-1225 GPIQ

![Image](g58264i950341349bf522ded390.jpg)

Annual Shareholder Report

December 31, 2025

# Goldman Sachs S&P 500 Premium Income ETF

# The NASDAQ Stock Market LLC: GPIX

## Fund Overview
This annual shareholder report contains important information about Goldman Sachs S&P 500 Premium Income ETF (the "Fund") (formerly, Goldman Sachs S&P 500 Core Premium Income ETF) for the period of January 1, 2025 to December 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** |
| GPIX | $31 | 0.29% |

---

## How did the Fund perform and what affected its performance?
The broad U.S. equity market was volatile amid tariff and trade uncertainty, mixed economic and labor market data, concern over elevated valuations and a record government shutdown but generated strong positive returns for the Period overall. The market's advance was supported by easing trade tensions, robust corporate earnings results, better than consensus anticipated inflation data and the Federal Reserve's commencement of a monetary easing cycle. Optimism about AI growth momentum was scrutinized but rather persistent, and consumer spending remained resilient, underscoring the potential longevity of both themes.

This actively managed Fund invests in a portfolio of stocks comprised significantly of those included in the Fund's benchmark index—the S&P 500<sup>®</sup> Index (Index)—and uses a dynamic option overwrite strategy as it seeks to provide current income while maintaining prospects for capital appreciation.

Top Contributors to Performance:

* Exposures to computer graphics processors and related software manufacturer NVIDIA, Google parent company Alphabet and semiconductor and infrastructure software provider Broadcom contributed most positively to the Fund's returns during the Period (approximately 7.8%, 4.6% and 2.8% of Fund net assets as of December 31, 2025, respectively).

* At a sector level, information technology, communication services and financials contributed most positively to the Fund's absolute performance during the Period. 

Top Detractors from Performance:

* The Fund's short call option overlay strategy detracted from total returns, partially driving the Fund to underperform the Index.

* Exposures to health care insurance and health care services company UnitedHealth Group, financial technology and payments solutions provider Fiserv and cloud-based customer relationship management software company Salesforce detracted most from the Fund's returns during the Period (approximately 0.5%, 0.1% and 0.04% of Fund net assets as of December 31, 2025, respectively).

* The real estate, materials and consumer staples sectors contributed least to the Fund's absolute performance during the Period.

Goldman Sachs S&P 500 Premium Income ETF

GPIX

## 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](g58264i2f78cf8d11637329ed49.jpg)

---

| | | |
|:---|:---|:---|
| | **Shares based on NAV** | **S&P 500<sup>®</sup> Index** |
| **10/24/23** | $10000 | $10000 |
| **12/23** | $11039 | $11267 |
| **12/24** | $13436 | $14086 |
| **12/25** | $15638 | $16605 |

---

### Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception** |
| Shares based on NAV (Commenced October 24, 2023) | 16.39% | 22.66% |
| S&P 500<sup>®</sup> Index | 17.88% | 26.07% |

---

**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 S&P 500 Premium Income ETF

GPIX

## Key Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets as of Period End | $2674588249 |
| # of Portfolio Holdings as of Period End | 495 |
| Portfolio Turnover Rate for the Period | 27% |
| Total Net Advisory Fees Paid for the Period | $3442243 |

---

## 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 April 30, 2026 at dfinview.com/GoldmanSachs or upon request at 1-800-621-2550.

Effective April 30, 2025, the Fund changed its name from the Goldman Sachs S&P 500 Core Premium Income ETF to the Goldman Sachs S&P 500 Premium Income ETF. The Fund also changed its non-fundamental policy to invest at least 80% of its net assets in equity investments of companies that are included in the Fund's benchmark and are reflective of the Fund's new name. These changes did not materially impact the way in which the Fund is managed nor its portfolio holdings, and the Fund's investment objective did not change.

## 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 | 33.9% |
| Financials | 13.2% |
| Communication Services | 11.3% |
| Consumer Discretionary | 10.4% |
| Health Care | 9.5% |
| Industrials | 8.0% |
| Consumer Staples | 4.5% |
| Energy | 2.8% |
| Utilities | 2.3% |
| Other | 3.7% |

---

Goldman Sachs S&P 500 Premium Income ETF

GPIX

## 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
S&P 500 is a product of S&P Dow Jones Indices LLC or its affiliates ("SPDJI"), and has been licensed for use by Goldman Sachs Asset Management. S&P<sup>®</sup>, S&P 500<sup>®</sup>, US 500, and The 500 are trademarks of S&P Global, Inc. or its affiliates ("S&P"); Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC ("Dow Jones"); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by Goldman Sachs Asset Management. Goldman Sachs S&P 500 Premium Income ETF is not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, and their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such product(s) nor do they have any liability for any errors, omissions, or interruptions of the S&P 500.

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 MSCI Inc. ("MSCI") and S&P Dow Jones Indices, a division of S&P Global ("S&P DJI") and is licensed for use by Goldman Sachs. Neither MSCI, S&P DJI, 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 and 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 DJI, 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.© 2026 Goldman Sachs. All rights reserved.

No Bank Guarantee

May Lose Value

Not FDIC Insured

Goldman Sachs S&P 500 Premium Income ETF

38149W622-AR-1225 GPIX

------

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") | $1146021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1075295  | Financial Statement audits. |
|  Audit-Related Fees: |  |  |  |
| • PwC | $233200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$393867 | 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 December 31, 2025 and December 31, 2024 were approximately $233,200 and 393,867, 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, 2025 and December 31, 2024 were approximately $19.0 million and $20.7 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, 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](g58264dsp001.jpg)

Goldman Sachs Funds Annual Financial Statements December 31, 2025 Goldman Sachs Premium Income ETFs Goldman Sachs Nasdaq-100 Premium Income ETF (GPIQ)\* Goldman Sachs S&P 500 Premium Income ETF (GPIX)\* \* Effective after the close of business on April 30, 2025, the Goldman Sachs Nasdaq-100 Core Premium Income ETF and Goldman Sachs S&P 500 Core Premium Income ETF were renamed the Goldman Sachs Nasdaq-100 Premium Income ETF and Goldman Sachs S&P 500 Premium Income ETF, respectively.

------

## Goldman Sachs Premium Income ETFs

#### Page

#### **Table of Contents**

---

| | |
|:---|:---|
|  [**Schedules of Investments**](#pietf58264_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Nasdaq-100 Premium Income ETF](#pietf58264_2) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs S&P 500 Premium Income ETF](#pietf58264_3) | 5 |
|  [**Financial Statements**](#pietf58264_4) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Assets and Liabilities](#pietf58264_5) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Operations](#pietf58264_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#pietf58264_7) | 14 |
|  [**Financial Highlights**](#pietf58264_8) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs Nasdaq-100 Premium Income ETF](#pietf58264_9) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Goldman Sachs S&P 500 Premium Income ETF](#pietf58264_10) | 17 |
|  [**Notes to Financial Statements**](#pietf58264_11) | 18 |
|  [**Report of Independent Registered Public Accounting Firm**](#pietf58264_12) | 30 |

---

------

GOLDMAN SACHS NASDAQ-100 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *December 31, 2025*

&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;**<br> **Description** | **Value** |
| Common Stocks – 99.4% | Common Stocks – 99.4% | Common Stocks – 99.4% |
| Communication Services – 15.9% | Communication Services – 15.9% | Communication Services – 15.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299587 | Alphabet, Inc., Class A | $93770731 |
| 280030 | Alphabet, Inc., Class C | 87873414 |
| 16041 | Charter Communications, Inc., Class A\* | 3348559 |
| 501534 | Comcast Corp., Class A | 14990851 |
| 36257 | Electronic Arts, Inc. | 7408393 |
| 152828 | Meta Platforms, Inc., Class A | 100880234 |
| 608555 | Netflix, Inc.\* | 57058117 |
| 27000 | Take-Two Interactive Software, Inc.\* | 6912810 |
| 157148 | T-Mobile US, Inc. | 31907330 |
| 356228 | Warner Bros Discovery, Inc.\* | 10266491 |
|  |  | 414416930 |
| Consumer Discretionary – 13.3% | Consumer Discretionary – 13.3% | Consumer Discretionary – 13.3% |
| 60945 | Airbnb, Inc., Class A\* | 8271455 |
| 556678 | Amazon.com, Inc.\* | 128492416 |
| 4564 | Booking Holdings, Inc. | 24441726 |
| 56624 | DoorDash, Inc., Class A\* | 12824204 |
| 37960 | Marriott International, Inc., Class A | 11776710 |
| 6980 | MercadoLibre, Inc. (Brazil)\* | 14059535 |
| 121994 | O'Reilly Automotive, Inc.\* | 11127073 |
| 90785 | PDD Holdings, Inc. ADR (China)\* | 10294111 |
| 47413 | Ross Stores, Inc. | 8540978 |
| 162488 | Starbucks Corp. | 13683114 |
| 230389 | Tesla, Inc.\* | 103610541 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347121863 |
| Consumer Staples – 4.6% | Consumer Staples – 4.6% | Consumer Staples – 4.6% |
| 67450 | Coca-Cola Europacific Partners PLC (United Kingdom) | 6117715 |
| 62678 | Costco Wholesale Corp. | 54049747 |
| 176723 | Keurig Dr Pepper, Inc. | 4950011 |
| 242642 | Kraft Heinz Co. (The) | 5884068 |
| 170812 | Mondelez International, Inc., Class A | 9194810 |
| 135933 | Monster Beverage Corp.\* | 10421983 |
| 194303 | PepsiCo, Inc. | 27886367 |
|  |  | 118504701 |
| Energy – 0.5% | Energy – 0.5% | Energy – 0.5% |
| 134471 | Baker Hughes Co. | 6123809 |
| 39151 | Diamondback Energy, Inc. | 5885570 |
|  |  | 12009379 |
| Financials – 0.3% | Financials – 0.3% | Financials – 0.3% |
| 124763 | PayPal Holdings, Inc. | 7283664 |
| Health Care – 5.5% | Health Care – 5.5% | Health Care – 5.5% |
| 18837 | Alnylam Pharmaceuticals, Inc.\* | 7490533 |
| 76986 | Amgen, Inc. | 25198288 |
| 86736 | AstraZeneca PLC ADR (United Kingdom) | 7973640 |
| 49219 | Dexcom, Inc.\* | 3266665 |
| 72833 | GE HealthCare Technologies, Inc. | 5973763 |
| 175111 | Gilead Sciences, Inc. | 21493124 |
| 12692 | IDEXX Laboratories, Inc.\* | 8586519 |
| 30205 | Insmed, Inc.\* | 5256878 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 50450 | Intuitive Surgical, Inc.\* | $| 28572862 |
| 14753 | Regeneron Pharmaceuticals, Inc. |  | 11387398 |
| 36187 | Vertex Pharmaceuticals, Inc.\* |  | 16405738 |
|  |  |  | 141605408 |
| Industrials – 4.1% | Industrials – 4.1% | Industrials – 4.1% | Industrials – 4.1% |
| 55739 | Automatic Data Processing, Inc. |  | 14337743 |
| 10661 | Axon Enterprise, Inc.\* |  | 6054702 |
| 54638 | Cintas Corp. |  | 10275769 |
| 124999 | Copart, Inc.\* |  | 4893711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273302 | CSX Corp. |  | 9907197 |
| 151148 | Fastenal Co. |  | 6065569 |
| 102795 | Ferrovial SE |  | 6641585 |
| 92716 | Honeywell International, Inc. |  | 18087964 |
| 32656 | Old Dominion Freight Line, Inc. |  | 5120461 |
| 82701 | PACCAR, Inc. |  | 9056587 |
| 46783 | Paychex, Inc. |  | 5248117 |
| 59586 | Thomson Reuters Corp. (Canada) |  | 7858798 |
| 17573 | Verisk Analytics, Inc. |  | 3930904 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107479107 |
| Information Technology – 52.6% | Information Technology – 52.6% | Information Technology – 52.6% | Information Technology – 52.6% |
| 58290 | Adobe, Inc.\* |  | 20400917 |
| 230042 | Advanced Micro Devices, Inc.\* |  | 49265795 |
| 70861 | Analog Devices, Inc. |  | 19217503 |
| 769514 | Apple, Inc. |  | 209200076 |
| 114276 | Applied Materials, Inc. |  | 29367789 |
| 43871 | AppLovin Corp., Class A\* |  | 29561157 |
| 15043 | ARM Holdings PLC ADR\* |  | 1644350 |
| 12501 | ASML Holding NV (Netherlands) |  | 13374320 |
| 23063 | Atlassian Corp., Class A\* |  | 3739435 |
| 32210 | Autodesk, Inc.\* |  | 9534482 |
| 245970 | Broadcom, Inc. |  | 85130217 |
| 38958 | Cadence Design Systems, Inc.\* |  | 12177492 |
| 560395 | Cisco Systems, Inc. |  | 43167227 |
| 77311 | Cognizant Technology Solutions Corp., Class A |  | 6416813 |
| 35967 | Crowdstrike Holdings, Inc., Class A\* |  | 16859891 |
| 46674 | Datadog, Inc., Class A\* |  | 6347197 |
| 99681 | Fortinet, Inc.\* |  | 7915668 |
| 685115 | Intel Corp.\* |  | 25280744 |
| 39732 | Intuit, Inc. |  | 26319271 |
| 18752 | KLA Corp. |  | 22785180 |
| 177372 | Lam Research Corp. |  | 30362539 |
| 123786 | Marvell Technology, Inc. |  | 10519334 |
| 75392 | Microchip Technology, Inc. |  | 4803978 |
| 160847 | Micron Technology, Inc. |  | 45907342 |
| 387085 | Microsoft Corp. |  | 187202048 |
| 7278 | Monolithic Power Systems, Inc. |  | 6596488 |
| 1254331 | NVIDIA Corp. |  | 233932732 |
| 34411 | NXP Semiconductors NV (Netherlands) |  | 7469252 |
| 324025 | Palantir Technologies, Inc., Class A\* |  | 57595444 |
| 99685 | Palo Alto Networks, Inc.\* |  | 18361977 |
| 154261 | QUALCOMM, Inc. |  | 26386344 |
| 14209 | Roper Technologies, Inc. |  | 6324852 |

---

&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 NASDAQ-100 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&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;**<br> **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) |
| 30490 | Seagate Technology Holdings PLC | $| 8396641 |
| 175381 | Shopify, Inc., Class A (Canada)\* |  | 28231080 |
| 35475 | Strategy, Inc.\* |  | 5390426 |
| 25977 | Synopsys, Inc.\* |  | 12201916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126765 | Texas Instruments, Inc. |  | 21992460 |
| 48850 | Western Digital Corp. |  | 8415390 |
| 32606 | Workday, Inc., Class A\* |  | 7003117 |
| 20474 | Zscaler, Inc.\* |  | 4605012 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369403896 |
| Materials – 1.1% | Materials – 1.1% | Materials – 1.1% | Materials – 1.1% |
| 66907 | Linde PLC |  | 28528476 |
| Real Estate – 0.1% | Real Estate – 0.1% | Real Estate – 0.1% | Real Estate – 0.1% |
| 54046 | CoStar Group, Inc.\* |  | 3634053 |
| Utilities – 1.4% | Utilities – 1.4% | Utilities – 1.4% | Utilities – 1.4% |
| 76061 | American Electric Power Co., Inc. |  | 8770594 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Utilities – (continued) | Utilities – (continued) | Utilities – (continued) |
| 44683 | Constellation Energy Corp. | $15785163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150324 | Exelon Corp. | 6552623 |
| 86368 | Xcel Energy, Inc. | 6379141 |
|  |  | 37487521 |
| **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $2,253,318,464)** | **TOTAL INVESTMENTS – 99.4%**<br> **(Cost $2,253,318,464)** | $2587474998 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.6%** | 15059435 |
|  **NET ASSETS – 100.0%** | **NET ASSETS – 100.0%** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602534433 |

---

---

| | |
|:---|:---|
| 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. |

---

---

| | |
|:---|:---|
| **Investment Abbreviations:** | **Investment Abbreviations:** |
| ADR | —American Depositary Receipt |
| PLC | —Public Limited Company |

---

ADDITIONAL INVESTMENT INFORMATION

 **WRITTEN OPTIONS CONTRACTS** — At December 31, 2025, the Fund had the following written option contracts:

#### OVER-THE-COUNTER OPTIONS ON EQUITIES

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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) |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |
|  **Calls** | **Calls** |  |  |  |  |  |  |  |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | $626.00 | 01/30/2026 | (4269) | $(267239) | $(3021058) | $(5416294) | $2395236 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 619.50 | 01/30/2026 | (754) | (46710) | (776382) | (848815) | 72433 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 626.00 | 01/23/2026 | (1227) | (76810) | (623996) | (1250006) | 626011 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 619.50 | 01/23/2026 | (3257) | (201771) | (2616416) | (3881530) | 1265114 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 619.50 | 01/16/2026 | (990) | (61331) | (621771) | (1021432) | 399661 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 617.50 | 01/16/2026 | (2709) | (167281) | (1978836) | (3542695) | 1563859 |
|  Invesco QQQ Trust Series 1 | Morgan Stanley and Co. | 627.00 | 01/12/2026 | (3290) | (206283) | (410733) | (4578858) | 4168124 |
|  Total written option contracts | Total written option contracts |  |  | (16496) | $(1027425) | $(10049192) | $(20539630) | $10490438 |

---

&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 S&P 500 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments *December 31, 2025*

&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;**<br> **Description** | **Value** |
| Common Stocks – 95.5% | Common Stocks – 95.5% | Common Stocks – 95.5% |
| Communication Services – 7.3% | Communication Services – 7.3% | Communication Services – 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256561 | Alphabet, Inc., Class A | $80303593 |
| 135580 | Alphabet, Inc., Class C | 42545004 |
| 127362 | AT&T, Inc. | 3163672 |
| 40615 | Comcast Corp., Class A | 1213982 |
| 5180 | Electronic Arts, Inc. | 1058429 |
| 1682 | Fox Corp., Class A | 122904 |
| 962 | Fox Corp., Class B | 62463 |
| 696 | Live Nation Entertainment, Inc.\* | 99180 |
| 1260 | Match Group, Inc. | 40685 |
| 62194 | Meta Platforms, Inc., Class A | 41053638 |
| 144581 | Netflix, Inc.\* | 13555915 |
| 3512 | Paramount Skydance Corp., Class B | 47061 |
| 2369 | Take-Two Interactive Software, Inc.\* | 606535 |
| 10482 | T-Mobile US, Inc. | 2128265 |
| 81144 | Verizon Communications, Inc. | 3304995 |
| 32447 | Walt Disney Co. (The) | 3691495 |
| 23043 | Warner Bros Discovery, Inc.\* | 664099 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193661915 |
| Consumer Discretionary – 10.4% | Consumer Discretionary – 10.4% | Consumer Discretionary – 10.4% |
| 16521 | Airbnb, Inc., Class A\* | 2242230 |
| 445524 | Amazon.com, Inc.\* | 102835850 |
| 11262 | Aptiv PLC\* | 856926 |
| 611 | AutoZone, Inc.\* | 2072206 |
| 5030 | Best Buy Co., Inc. | 336658 |
| 1452 | Booking Holdings, Inc. | 7775939 |
| 43421 | Carnival Corp.\* | 1326077 |
| 6297 | Carvana Co.\* | 2657460 |
| 49481 | Chipotle Mexican Grill, Inc.\* | 1830797 |
| 8665 | D.R. Horton, Inc. | 1248020 |
| 3286 | Darden Restaurants, Inc. | 604690 |
| 3519 | Deckers Outdoor Corp.\* | 364815 |
| 813 | Domino's Pizza, Inc. | 338875 |
| 16215 | DoorDash, Inc., Class A\* | 3672373 |
| 16502 | eBay, Inc. | 1437324 |
| 6143 | Expedia Group, Inc. | 1740373 |
| 203039 | Ford Motor Co. | 2663872 |
| 6421 | Garmin Ltd. | 1302500 |
| 38887 | General Motors Co. | 3162291 |
| 3288 | Genuine Parts Co. | 404292 |
| 10271 | Hasbro, Inc. | 842222 |
| 12122 | Hilton Worldwide Holdings, Inc. | 3482044 |
| 43827 | Home Depot, Inc. (The) | 15080871 |
| 16246 | Las Vegas Sands Corp. | 1057452 |
| 4708 | Lennar Corp., Class A | 483982 |
| 25338 | Lowe's Cos., Inc. | 6110512 |
| 7132 | Lululemon Athletica, Inc.\* | 1482101 |
| 12032 | Marriott International, Inc., Class A | 3732808 |
| 33160 | McDonald's Corp. | 10134691 |
| 4245 | MGM Resorts International\* | 154900 |
| 45446 | NIKE, Inc., Class B | 2895365 |
| 14595 | Norwegian Cruise Line Holdings Ltd.\* | 325760 |
| 388 | NVR, Inc.\* | 2829595 |
| 32613 | O'Reilly Automotive, Inc.\* | 2974632 |
| 7783 | Pool Corp. | 1780361 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 5926 | PulteGroup, Inc. | $| 694883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3079 | Ralph Lauren Corp. |  | 1088765 |
| 16799 | Ross Stores, Inc. |  | 3026172 |
| 11107 | Royal Caribbean Cruises Ltd. |  | 3097964 |
| 50600 | Starbucks Corp. |  | 4261026 |
| 7545 | Tapestry, Inc. |  | 964025 |
| 128488 | Tesla, Inc.\* |  | 57783623 |
| 54482 | TJX Cos., Inc. (The) |  | 8368980 |
| 16062 | Tractor Supply Co. |  | 803261 |
| 2250 | Ulta Beauty, Inc.\* |  | 1361272 |
| 3821 | Williams-Sonoma, Inc. |  | 682392 |
| 3197 | Wynn Resorts Ltd. |  | 384695 |
| 14977 | Yum! Brands, Inc. |  | 2265721 |
|  |  |  | 277023643 |
| Consumer Staples – 4.5% | Consumer Staples – 4.5% | Consumer Staples – 4.5% | Consumer Staples – 4.5% |
| 67236 | Altria Group, Inc. |  | 3876828 |
| 17289 | Archer-Daniels-Midland Co. |  | 993945 |
| 28794 | Brown-Forman Corp., Class B |  | 750372 |
| 8146 | Bunge Global SA |  | 725646 |
| 5635 | Campbell's Company (The) |  | 157047 |
| 4369 | Church & Dwight Co., Inc. |  | 366341 |
| 2783 | Clorox Co. (The) |  | 280610 |
| 196336 | Coca-Cola Co. (The) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13725850 |
| 35964 | Colgate-Palmolive Co. |  | 2841875 |
| 1661 | Conagra Brands, Inc. |  | 28752 |
| 3147 | Constellation Brands, Inc., Class A |  | 434160 |
| 19583 | Costco Wholesale Corp. |  | 16887204 |
| 8118 | Dollar General Corp. |  | 1077827 |
| 7174 | Dollar Tree, Inc.\* |  | 882474 |
| 11842 | Estee Lauder Cos., Inc. (The), Class A |  | 1240094 |
| 51390 | General Mills, Inc. |  | 2389635 |
| 5465 | Hershey Co. (The) |  | 994521 |
| 468 | Hormel Foods Corp. |  | 11092 |
| 1740 | J M Smucker Co. (The) |  | 170189 |
| 93318 | Kenvue, Inc. |  | 1609735 |
| 44892 | Keurig Dr Pepper, Inc. |  | 1257425 |
| 9844 | Kimberly-Clark Corp. |  | 993161 |
| 18951 | Kraft Heinz Co. (The) |  | 459562 |
| 21229 | Kroger Co. (The) |  | 1326388 |
| 4304 | McCormick & Co., Inc. |  | 293145 |
| 17319 | Molson Coors Beverage Co., Class B |  | 808451 |
| 48942 | Mondelez International, Inc., Class A |  | 2634548 |
| 29918 | Monster Beverage Corp.\* |  | 2293813 |
| 63014 | PepsiCo, Inc. |  | 9043769 |
| 67649 | Philip Morris International, Inc. |  | 10850900 |
| 102800 | Procter & Gamble Co. (The) |  | 14732268 |
| 17350 | Sysco Corp. |  | 1278521 |
| 18026 | Target Corp. |  | 1762041 |
| 7048 | Tyson Foods, Inc., Class A |  | 413154 |
| 205320 | Walmart, Inc. |  | 22874701 |
|  |  |  | 120466044 |
| Energy – 2.8% | Energy – 2.8% | Energy – 2.8% | Energy – 2.8% |
| 28596 | APA Corp. |  | 699458 |

---

&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 S&P 500 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&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;**<br> **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Energy – (continued) | Energy – (continued) | Energy – (continued) | Energy – (continued) |
| 41596 | Baker Hughes Co. | $| 1894282 |
| 89488 | Chevron Corp. |  | 13638866 |
| 54766 | ConocoPhillips |  | 5126645 |
| 53048 | Coterra Energy, Inc. |  | 1396223 |
| 23139 | Devon Energy Corp. |  | 847582 |
| 6615 | Diamondback Energy, Inc. |  | 994433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19656 | EOG Resources, Inc. |  | 2064077 |
| 22498 | EQT Corp. |  | 1205893 |
| 13122 | Expand Energy Corp. |  | 1448144 |
| 201300 | Exxon Mobil Corp. |  | 24224442 |
| 56289 | Halliburton Co. |  | 1590727 |
| 82329 | Kinder Morgan, Inc. |  | 2263224 |
| 10427 | Marathon Petroleum Corp. |  | 1695743 |
| 35024 | Occidental Petroleum Corp. |  | 1440187 |
| 25108 | ONEOK, Inc. |  | 1845438 |
| 18634 | Phillips 66 |  | 2404531 |
| 70074 | SLB Ltd. |  | 2689440 |
| 11397 | Targa Resources Corp. |  | 2102747 |
| 1772 | Texas Pacific Land Corp. |  | 508954 |
| 11925 | Valero Energy Corp. |  | 1941271 |
| 52575 | Williams Cos., Inc. (The) |  | 3160283 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75182590 |
| Financials – 13.1% | Financials – 13.1% | Financials – 13.1% | Financials – 13.1% |
| 29689 | Aflac, Inc. |  | 3273806 |
| 16346 | Allstate Corp. (The) |  | 3402420 |
| 24300 | American Express Co. |  | 8989785 |
| 22963 | American International Group, Inc. |  | 1964485 |
| 3714 | Ameriprise Financial, Inc. |  | 1821123 |
| 9257 | Aon PLC, Class A |  | 3266610 |
| 19391 | Apollo Global Management, Inc. |  | 2807041 |
| 13257 | Arch Capital Group Ltd.\* |  | 1271611 |
| 13026 | Ares Management Corp., Class A |  | 2105392 |
| 9657 | Arthur J Gallagher & Co. |  | 2499135 |
| 1684 | Assurant, Inc. |  | 405591 |
| 313225 | Bank of America Corp. |  | 17227375 |
| 40217 | Bank of New York Mellon Corp. (The) |  | 4668792 |
| 86113 | Berkshire Hathaway, Inc., Class B\* |  | 43284699 |
| 6808 | Blackrock, Inc. |  | 7286875 |
| 34685 | Blackstone, Inc. |  | 5346346 |
| 17741 | Block, Inc.\* |  | 1154762 |
| 6190 | Brown & Brown, Inc. |  | 493343 |
| 26625 | Capital One Financial Corp. |  | 6452835 |
| 4278 | Cboe Global Markets, Inc. |  | 1073778 |
| 80131 | Charles Schwab Corp. (The) |  | 8005888 |
| 21620 | Chubb Ltd. |  | 6748034 |
| 5533 | Cincinnati Financial Corp. |  | 903650 |
| 81104 | Citigroup, Inc. |  | 9464026 |
| 18883 | Citizens Financial Group, Inc. |  | 1102956 |
| 19291 | CME Group, Inc. |  | 5267986 |
| 8084 | Coinbase Global, Inc., Class A\* |  | 1828116 |
| 1501 | Corpay, Inc.\* |  | 451696 |
| 401 | Everest Group Ltd. |  | 136079 |
| 4352 | FactSet Research Systems, Inc. |  | 1262907 |
| 15617 | Fidelity National Information |  |  |
|  | Services, Inc. |  | 1037906 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Financials – (continued) | Financials – (continued) | Financials – (continued) | Financials – (continued) |
| 16843 | Fifth Third Bancorp | $| 788421 |
| 16573 | Fiserv, Inc.\* |  | 1113208 |
| 12282 | Franklin Resources, Inc. |  | 293417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6698 | Global Payments, Inc. |  | 518425 |
| 1966 | Globe Life, Inc. |  | 274965 |
| 11139 | Hartford Insurance Group, Inc. (The) |  | 1534954 |
| 36871 | Huntington Bancshares, Inc. |  | 639712 |
| 22281 | Interactive Brokers Group, Inc., Class A |  | 1432891 |
| 26674 | Intercontinental Exchange, Inc. |  | 4320121 |
| 49253 | Invesco Ltd. |  | 1293876 |
| 4646 | Jack Henry & Associates, Inc. |  | 847802 |
| 125976 | JPMorgan Chase & Co. |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40591987 |
| 24391 | KeyCorp |  | 503430 |
| 30946 | KKR & Co., Inc. |  | 3944996 |
| 4283 | Loews Corp. |  | 451043 |
| 4062 | M&T Bank Corp. |  | 818412 |
| 19469 | Marsh & McLennan Cos., Inc. |  | 3611889 |
| 38461 | Mastercard, Inc., Class A |  | 21956616 |
| 24422 | MetLife, Inc. |  | 1927873 |
| 9183 | Moody's Corp. |  | 4691136 |
| 63564 | Morgan Stanley |  | 11284517 |
| 3607 | MSCI, Inc. |  | 2069444 |
| 19806 | Nasdaq, Inc. |  | 1923757 |
| 14528 | Northern Trust Corp. |  | 1984379 |
| 33572 | PayPal Holdings, Inc. |  | 1959933 |
| 13760 | PNC Financial Services Group, Inc. (The) |  | 2872125 |
| 15243 | Principal Financial Group, Inc. |  | 1344585 |
| 27197 | Progressive Corp. (The) |  | 6193301 |
| 14891 | Prudential Financial, Inc. |  | 1680896 |
| 13732 | Raymond James Financial, Inc. |  | 2205222 |
| 22872 | Regions Financial Corp. |  | 619831 |
| 31199 | Robinhood Markets, Inc., Class A\* |  | 3528607 |
| 14774 | S&P Global, Inc. |  | 7720745 |
| 24756 | State Street Corp. |  | 3193772 |
| 26813 | Synchrony Financial |  | 2237009 |
| 8871 | T. Rowe Price Group, Inc. |  | 908213 |
| 10020 | Travelers Cos., Inc. (The) |  | 2906401 |
| 81996 | Truist Financial Corp. |  | 4035023 |
| 95243 | US Bancorp |  | 5082166 |
| 78613 | Visa, Inc., Class A |  | 27570365 |
| 5639 | W R Berkley Corp. |  | 395407 |
| 143606 | Wells Fargo & Co. |  | 13384079 |
| 3209 | Willis Towers Watson PLC |  | 1054477 |
|  |  |  | 352714476 |
| Health Care – 9.6% | Health Care – 9.6% | Health Care – 9.6% | Health Care – 9.6% |
| 80698 | Abbott Laboratories |  | 10110652 |
| 82498 | AbbVie, Inc. |  | 18849968 |
| 14737 | Agilent Technologies, Inc. |  | 2005264 |
| 2036 | Align Technology, Inc.\* |  | 317921 |
| 24963 | Amgen, Inc. |  | 8170640 |
| 9676 | Baxter International, Inc. |  | 184908 |
| 17479 | Becton Dickinson & Co. |  | 3392150 |
| 7674 | Biogen, Inc.\* |  | 1350547 |
| 16587 | Bio-Techne Corp. |  | 975481 |

---

&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 S&P 500 PREMIUM 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;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 67847 | Boston Scientific Corp.\* | $| 6469211 |
| 89939 | Bristol-Myers Squibb Co. |  | 4851310 |
| 10307 | Cardinal Health, Inc. |  | 2118089 |
| 9116 | Cencora, Inc. |  | 3078929 |
| 17388 | Centene Corp.\* |  | 715516 |
| 3926 | Charles River Laboratories International, Inc.\* |  | 783158 |
| 10728 | Cigna Group (The) |  | 2952667 |
| 18199 | Cooper Cos., Inc. (The)\* |  | 1491590 |
| 56815 | CVS Health Corp. |  | 4508838 |
| 26083 | Danaher Corp. |  | 5970920 |
| 15804 | Dexcom, Inc.\* |  | 1048912 |
| 27449 | Edwards Lifesciences Corp.\* |  | 2340027 |
| 9649 | Elevance Health, Inc. |  | 3382457 |
| 36421 | Eli Lilly & Co. |  | 39140920 |
| 17999 | GE HealthCare Technologies, Inc. |  | 1476278 |
| 56570 | Gilead Sciences, Inc. |  | 6943402 |
| 7281 | HCA Healthcare, Inc. |  | 3399208 |
| 4528 | Henry Schein, Inc.\* |  | 342226 |
| 8155 | Hologic, Inc.\* |  | 607466 |
| 5084 | Humana, Inc. |  | 1302165 |
| 3327 | IDEXX Laboratories, Inc.\* |  | 2250815 |
| 5443 | Incyte Corp.\* |  | 537605 |
| 2081 | Insulet Corp.\* |  | 591503 |
| 16294 | Intuitive Surgical, Inc.\* |  | 9228270 |
| 8820 | IQVIA Holdings, Inc.\* |  | 1988116 |
| 110910 | Johnson & Johnson |  | 22952825 |
| 2502 | Labcorp Holdings, Inc. |  | 627702 |
| 5640 | McKesson Corp. |  | 4626436 |
| 63368 | Medtronic PLC |  | 6087130 |
| 114115 | Merck & Co., Inc. |  | 12011745 |
| 1105 | Mettler-Toledo International, Inc.\* |  | 1540580 |
| 9405 | Moderna, Inc.\* |  | 277353 |
| 3791 | Molina Healthcare, Inc.\* |  | 657890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255355 | Pfizer, Inc. |  | 6358340 |
| 5615 | Quest Diagnostics, Inc. |  | 974371 |
| 4640 | Regeneron Pharmaceuticals, Inc. |  | 3581477 |
| 5121 | ResMed, Inc. |  | 1233495 |
| 3172 | Revvity, Inc. |  | 306891 |
| 9296 | Solventum Corp.\* |  | 736615 |
| 3415 | STERIS PLC |  | 865771 |
| 15011 | Stryker Corp. |  | 5275916 |
| 18187 | Thermo Fisher Scientific, Inc. |  | 10538457 |
| 40952 | UnitedHealth Group, Inc. |  | 13518665 |
| 2411 | Universal Health Services, Inc., Class B |  | 525646 |
| 11152 | Vertex Pharmaceuticals, Inc.\* |  | 5055871 |
| 38606 | Viatris, Inc. |  | 480645 |
| 3183 | Waters Corp.\* |  | 1208999 |
| 2247 | West Pharmaceutical Services, Inc. |  | 618240 |
| 4639 | Zimmer Biomet Holdings, Inc. |  | 417139 |
| 15844 | Zoetis, Inc. |  | 1993492 |
|  |  |  | 255348820 |
| Industrials – 8.0% | Industrials – 8.0% | Industrials – 8.0% | Industrials – 8.0% |
| 26209 | 3M Co. |  | 4196061 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 775 | A O Smith Corp. | $51832 |
| 2455 | Allegion PLC | 390885 |
| 13824 | AMETEK, Inc. | 2838205 |
| 16370 | Automatic Data Processing, Inc. | 4210855 |
| 3282 | Axon Enterprise, Inc.\* | 1863946 |
| 35462 | Boeing Co. (The)\* | 7699509 |
| 3268 | Broadridge Financial Solutions, Inc. | 729320 |
| 3392 | Builders FirstSource, Inc.\* | 349003 |
| 4775 | C.H. Robinson Worldwide, Inc. | 767629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29753 | Carrier Global Corp. | 1572149 |
| 21299 | Caterpillar, Inc. | 12201558 |
| 15563 | Cintas Corp. | 2926933 |
| 1369 | Comfort Systems USA, Inc. | 1277674 |
| 27004 | Copart, Inc.\* | 1057207 |
| 71749 | CSX Corp. | 2600901 |
| 7230 | Cummins, Inc. | 3690554 |
| 13707 | Dayforce, Inc.\* | 947976 |
| 11071 | Deere & Co. | 5154325 |
| 20468 | Delta Air Lines, Inc. | 1420479 |
| 3990 | Dover Corp. | 779008 |
| 16033 | Eaton Corp. PLC | 5106671 |
| 1987 | EMCOR Group, Inc. | 1215627 |
| 22194 | Emerson Electric Co. | 2945588 |
| 3807 | Equifax, Inc. | 826043 |
| 6115 | Expeditors International of Washington, Inc. | 911196 |
| 39204 | Fastenal Co. | 1573257 |
| 14200 | FedEx Corp. | 4101812 |
| 9578 | Fortive Corp. | 528801 |
| 12189 | GE Vernova, Inc. | 7966365 |
| 1013 | Generac Holdings, Inc.\* | 138143 |
| 13591 | General Dynamics Corp. | 4575546 |
| 48474 | General Electric Co. | 14931446 |
| 27179 | Honeywell International, Inc. | 5302351 |
| 16871 | Howmet Aerospace, Inc. | 3458892 |
| 4019 | Hubbell, Inc. | 1784878 |
| 1800 | Huntington Ingalls Industries, Inc. | 612126 |
| 1228 | IDEX Corp. | 218510 |
| 21749 | Illinois Tool Works, Inc. | 5356779 |
| 9098 | Ingersoll Rand, Inc. | 720744 |
| 8271 | J.B. Hunt Transport Services, Inc. | 1607386 |
| 7370 | Jacobs Solutions, Inc. | 976230 |
| 32443 | Johnson Controls International PLC | 3885049 |
| 6916 | L3Harris Technologies, Inc. | 2030330 |
| 7753 | Leidos Holdings, Inc. | 1398641 |
| 1153 | Lennox International, Inc. | 559874 |
| 9345 | Lockheed Martin Corp. | 4519896 |
| 7977 | Masco Corp. | 506220 |
| 3879 | Nordson Corp. | 932628 |
| 8589 | Norfolk Southern Corp. | 2479816 |
| 5799 | Northrop Grumman Corp. | 3306648 |
| 4281 | Old Dominion Freight Line, Inc. | 671261 |
| 11382 | Otis Worldwide Corp. | 994218 |
| 20490 | PACCAR, Inc. | 2243860 |
| 6782 | Parker-Hannifin Corp. | 5961107 |
| 10033 | Paychex, Inc. | 1125502 |

---

&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 S&P 500 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&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;**<br> **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Industrials – (continued) | Industrials – (continued) | Industrials – (continued) | Industrials – (continued) |
| 5504 | Paycom Software, Inc. | $| 877117 |
| 3936 | Pentair PLC |  | 409895 |
| 8783 | Quanta Services, Inc. |  | 3706953 |
| 9012 | Republic Services, Inc. |  | 1909913 |
| 5766 | Rockwell Automation, Inc. |  | 2243378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25458 | Rollins, Inc. |  | 1527989 |
| 62182 | RTX Corp. |  | 11404179 |
| 4642 | Snap-on, Inc. |  | 1599633 |
| 17587 | Southwest Airlines Co. |  | 726871 |
| 2500 | Stanley Black & Decker, Inc. |  | 185700 |
| 5328 | Textron, Inc. |  | 464442 |
| 10253 | Trane Technologies PLC |  | 3990468 |
| 2558 | TransDigm Group, Inc. |  | 3401756 |
| 88187 | Uber Technologies, Inc.\* |  | 7205760 |
| 25988 | Union Pacific Corp. |  | 6011544 |
| 20942 | United Airlines Holdings, Inc.\* |  | 2341734 |
| 27534 | United Parcel Service, Inc., Class B |  | 2731097 |
| 2382 | United Rentals, Inc. |  | 1927800 |
| 6726 | Veralto Corp. |  | 671120 |
| 5852 | Verisk Analytics, Inc. |  | 1309034 |
| 1446 | W.W. Grainger, Inc. |  | 1459086 |
| 17888 | Waste Management, Inc. |  | 3930173 |
| 5746 | Westinghouse Air Brake Technologies Corp. |  | 1226484 |
| 8552 | Xylem, Inc. |  | 1164611 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214626187 |
| Information Technology – 33.9% | Information Technology – 33.9% | Information Technology – 33.9% | Information Technology – 33.9% |
| 26283 | Accenture PLC, Class A |  | 7051729 |
| 17560 | Adobe, Inc.\* |  | 6145824 |
| 71726 | Advanced Micro Devices, Inc.\* |  | 15360840 |
| 4969 | Akamai Technologies, Inc.\* |  | 433545 |
| 54816 | Amphenol Corp., Class A |  | 7407834 |
| 22139 | Analog Devices, Inc. |  | 6004097 |
| 679527 | Apple, Inc. |  | 184736210 |
| 36160 | Applied Materials, Inc. |  | 9292758 |
| 12273 | AppLovin Corp., Class A\* |  | 8269793 |
| 46770 | Arista Networks, Inc.\* |  | 6128273 |
| 7357 | Autodesk, Inc.\* |  | 2177746 |
| 213746 | Broadcom, Inc. |  | 73977491 |
| 10708 | Cadence Design Systems, Inc.\* |  | 3347107 |
| 8507 | CDW Corp. |  | 1158653 |
| 184132 | Cisco Systems, Inc. |  | 14183688 |
| 15958 | Cognizant Technology Solutions Corp., Class A |  | 1324514 |
| 31970 | Corning, Inc. |  | 2799293 |
| 10513 | Crowdstrike Holdings, Inc., Class A\* |  | 4928074 |
| 10932 | Datadog, Inc., Class A\* |  | 1486643 |
| 12759 | Dell Technologies, Inc., Class C |  | 1606103 |
| 4991 | EPAM Systems, Inc.\* |  | 1022556 |
| 1536 | F5, Inc.\* |  | 392079 |
| 1171 | Fair Isaac Corp.\* |  | 1979716 |
| 4990 | First Solar, Inc.\* |  | 1303538 |
| 23474 | Fortinet, Inc.\* |  | 1864070 |
| 5910 | Gartner, Inc.\* |  | 1490975 |
| 10690 | Gen Digital, Inc. |  | 290661 |
| 2374 | GoDaddy, Inc., Class A\* |  | 294566 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 54184 | Hewlett Packard Enterprise Co. | $| 1301500 |
| 24785 | HP, Inc. |  | 552210 |
| 197627 | Intel Corp.\* |  | 7292436 |
| 42399 | International Business Machines Corp. |  | 12559008 |
| 12235 | Intuit, Inc. |  | 8104709 |
| 3020 | Jabil, Inc. |  | 688620 |
| 13832 | Keysight Technologies, Inc.\* |  | 2810524 |
| 5925 | KLA Corp. |  | 7199349 |
| 56883 | Lam Research Corp. |  | 9737232 |
| 36018 | Microchip Technology, Inc. |  | 2295067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51313 | Micron Technology, Inc. |  | 14645243 |
| 338682 | Microsoft Corp. |  | 163793389 |
| 1891 | Monolithic Power Systems, Inc. |  | 1713927 |
| 6928 | Motorola Solutions, Inc. |  | 2655641 |
| 5657 | NetApp, Inc. |  | 605808 |
| 1113420 | NVIDIA Corp. |  | 207652830 |
| 10546 | NXP Semiconductors NV (Netherlands) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2289115 |
| 13663 | ON Semiconductor Corp.\* |  | 739851 |
| 73955 | Oracle Corp. |  | 14414569 |
| 103750 | Palantir Technologies, Inc., Class A\* |  | 18441563 |
| 28309 | Palo Alto Networks, Inc.\* |  | 5214518 |
| 2394 | PTC, Inc.\* |  | 417059 |
| 7657 | Qnity Electronics, Inc. |  | 625194 |
| 49109 | QUALCOMM, Inc. |  | 8400094 |
| 5659 | Roper Technologies, Inc. |  | 2518991 |
| 42763 | Salesforce, Inc. |  | 11328346 |
| 6155 | Sandisk Corp.\* |  | 1461074 |
| 9510 | Seagate Technology Holdings PLC |  | 2618959 |
| 43813 | ServiceNow, Inc.\* |  | 6711714 |
| 989 | Skyworks Solutions, Inc. |  | 62713 |
| 14370 | Super Micro Computer, Inc.\* |  | 420610 |
| 7984 | Synopsys, Inc.\* |  | 3750245 |
| 11334 | TE Connectivity PLC (Switzerland) |  | 2578598 |
| 1115 | Teledyne Technologies, Inc.\* |  | 569464 |
| 10874 | Teradyne, Inc. |  | 2104771 |
| 38513 | Texas Instruments, Inc. |  | 6681620 |
| 6315 | Trimble, Inc.\* |  | 494780 |
| 2006 | Tyler Technologies, Inc.\* |  | 910624 |
| 2504 | VeriSign, Inc. |  | 608347 |
| 15601 | Western Digital Corp. |  | 2687584 |
| 7418 | Workday, Inc., Class A\* |  | 1593238 |
| 467 | Zebra Technologies Corp., Class A\* |  | 113397 |
|  |  |  | 907822907 |
| Materials – 1.8% | Materials – 1.8% | Materials – 1.8% | Materials – 1.8% |
| 7909 | Air Products and Chemicals, Inc. |  | 1953681 |
| 7105 | Albemarle Corp. |  | 1004931 |
| 111658 | Amcor PLC |  | 931228 |
| 2059 | Avery Dennison Corp. |  | 374491 |
| 6962 | Ball Corp. |  | 368777 |
| 4092 | CF Industries Holdings, Inc. |  | 316475 |
| 23251 | Corteva, Inc. |  | 1558514 |
| 28471 | CRH PLC |  | 3553181 |

---

&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 S&P 500 PREMIUM 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;

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **Description** | **Value** | **Value** |
| Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) | Common Stocks – (continued) |
| Materials – (continued) | Materials – (continued) | Materials – (continued) | Materials – (continued) |
| 30182 | Dow, Inc. | $| 705655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48857 | DuPont de Nemours, Inc. |  | 1964051 |
| 14542 | Ecolab, Inc. |  | 3817566 |
| 65447 | Freeport-McMoRan, Inc. |  | 3324053 |
| 26122 | International Flavors & Fragrances, Inc. |  | 1760362 |
| 21773 | International Paper Co. |  | 857638 |
| 20306 | Linde PLC |  | 8658275 |
| 10129 | LyondellBasell Industries NV, Class A |  | 438586 |
| 2600 | Martin Marietta Materials, Inc. |  | 1618916 |
| 21074 | Mosaic Co. (The) |  | 507673 |
| 49942 | Newmont Corp. |  | 4986709 |
| 10909 | Nucor Corp. |  | 1779367 |
| 3198 | Packaging Corp. of America |  | 659524 |
| 4785 | PPG Industries, Inc. |  | 490271 |
| 9697 | Sherwin-Williams Co. (The) |  | 3142119 |
| 26184 | Smurfit WestRock PLC |  | 1012535 |
| 7046 | Steel Dynamics, Inc. |  | 1193945 |
| 6507 | Vulcan Materials Co. |  | 1855927 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48834450 |
| Real Estate – 1.8% | Real Estate – 1.8% | Real Estate – 1.8% | Real Estate – 1.8% |
| 6444 | Alexandria Real Estate Equities, Inc. REIT |  | 315369 |
| 21453 | American Tower Corp. REIT |  | 3766503 |
| 3227 | AvalonBay Communities, Inc. REIT |  | 585087 |
| 4859 | BXP, Inc. REIT |  | 327885 |
| 1152 | Camden Property Trust REIT |  | 126812 |
| 12654 | CBRE Group, Inc., Class A\* |  | 2034637 |
| 14510 | CoStar Group, Inc.\* |  | 975652 |
| 15709 | Crown Castle, Inc. REIT |  | 1396059 |
| 12911 | Digital Realty Trust, Inc. REIT |  | 1997461 |
| 4339 | Equinix, Inc. REIT |  | 3324368 |
| 7025 | Equity Residential REIT |  | 442856 |
| 1214 | Essex Property Trust, Inc. REIT |  | 317680 |
| 5257 | Extra Space Storage, Inc. REIT |  | 684567 |
| 1655 | Federal Realty Investment Trust REIT |  | 166824 |
| 5529 | Healthpeak Properties, Inc. REIT |  | 88906 |
| 59464 | Host Hotels & Resorts, Inc. REIT |  | 1054297 |
| 7845 | Invitation Homes, Inc. REIT |  | 218013 |
| 11027 | Iron Mountain, Inc. REIT |  | 914690 |
| 9055 | Kimco Realty Corp. REIT |  | 183545 |
| 1521 | Mid-America Apartment Communities, Inc. REIT |  | 211282 |
| 49516 | Prologis, Inc. REIT |  | 6321213 |
| 10247 | Public Storage REIT |  | 2659096 |
| 37057 | Realty Income Corp. REIT |  | 2088903 |
| 1593 | Regency Centers Corp. REIT |  | 109965 |
| 3157 | SBA Communications Corp. REIT |  | 610659 |
| 26885 | Simon Property Group, Inc. REIT |  | 4976682 |
| 61796 | UDR, Inc. REIT |  | 2266677 |
| 25597 | Ventas, Inc. REIT |  | 1980696 |
| 42303 | VICI Properties, Inc. REIT |  | 1189560 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **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) |
| 30892 | Welltower, Inc. REIT | $| 5733864 |
| 7428 | Weyerhaeuser Co. REIT |  | 175969 |
|  |  |  | 47245777 |
| Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% | Utilities – 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30598 | AES Corp. (The) |  | 438775 |
| 18170 | Alliant Energy Corp. |  | 1181232 |
| 23011 | Ameren Corp. |  | 2297878 |
| 21135 | American Electric Power Co., Inc. |  | 2437077 |
| 6190 | American Water Works Co., Inc. |  | 807795 |
| 9608 | Atmos Energy Corp. |  | 1610589 |
| 19976 | CenterPoint Energy, Inc. |  | 765880 |
| 31283 | CMS Energy Corp. |  | 2187620 |
| 10754 | Consolidated Edison, Inc. |  | 1068087 |
| 13779 | Constellation Energy Corp. |  | 4867707 |
| 41943 | Dominion Energy, Inc. |  | 2457440 |
| 5220 | DTE Energy Co. |  | 673276 |
| 34069 | Duke Energy Corp. |  | 3993228 |
| 30159 | Edison International |  | 1810143 |
| 19121 | Entergy Corp. |  | 1767354 |
| 7621 | Evergy, Inc. |  | 552446 |
| 16854 | Eversource Energy |  | 1134780 |
| 33946 | Exelon Corp. |  | 1479706 |
| 46972 | FirstEnergy Corp. |  | 2102936 |
| 95749 | NextEra Energy, Inc. |  | 7686730 |
| 16889 | NiSource, Inc. |  | 705285 |
| 9274 | NRG Energy, Inc. |  | 1476792 |
| 117881 | PG&E Corp. |  | 1894348 |
| 2902 | Pinnacle West Capital Corp. |  | 257407 |
| 16638 | PPL Corp. |  | 582663 |
| 16758 | Public Service Enterprise Group, Inc. |  | 1345667 |
| 35084 | Sempra |  | 3097566 |
| 48848 | Southern Co. (The) |  | 4259546 |
| 12756 | Vistra Corp. |  | 2057926 |
| 8875 | WEC Energy Group, Inc. |  | 935958 |
| 40507 | Xcel Energy, Inc. |  | 2991847 |
|  |  |  | 60925684 |
| **TOTAL COMMON STOCKS**<br> **(Cost $2,247,409,836)** | **TOTAL COMMON STOCKS**<br> **(Cost $2,247,409,836)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2553852493 |

---

&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 S&P 500 PREMIUM INCOME ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Schedule of Investments (continued) *December 31, 2025*

&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;**<br> **Description** | **Value** |
| Exchange Traded Funds – 4.0% | Exchange Traded Funds – 4.0% | Exchange Traded Funds – 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 554708 | Vanguard Communication Services ETF |  |
|  **(Cost $106,134,711)** | **(Cost $106,134,711)** | $107408110 |
| **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 –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund –<br>Institutional Shares |
| 2695970 | 3.670% | 2695970 |
|  **(Cost $2,695,970)** | **(Cost $2,695,970)** |  |
| TOTAL INVESTMENTS – 99.6%<br>(Cost $2,356,240,517) | TOTAL INVESTMENTS – 99.6%<br>(Cost $2,356,240,517) | $2663956573 |
|  **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | **OTHER ASSETS IN EXCESS OF LIABILITIES – 0.4%** | 10631676 |
| NET ASSETS – 100.0% | NET ASSETS – 100.0% | $2674588249 |

---

---

| | |
|:---|:---|
| 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: |
| 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;

---

| | |
|:---|:---|
| 10 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS S&P 500 PREMIUM 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

WRITTEN OPTIONS CONTRACTS — At December 31, 2025, the Fund had the following 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> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Depreciation)**  |
|  **Written Option Contracts:** | **Written Option Contracts:** | **Written Option Contracts:** |  |  |  |  |  |  |
|  **Calls** |  |  |  |  |  |  |  |  |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | $692.00 | 01/30/2026 | (3805) | $(263306) | $(2123890) | $(3952444) | $1828553 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 687.50 | 01/30/2026 | (324) | (22275) | (256940) | (297675) | 40736 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 692.00 | 01/23/2026 | (345) | (23874) | (129518) | (286953) | 157435 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 683.00 | 01/23/2026 | (3373) | (230376) | (2797787) | (3655489) | 857702 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 685.00 | 01/16/2026 | (3005) | (205843) | (1698076) | (2935134) | 1237058 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 683.00 | 01/16/2026 | (807) | (55118) | (548051) | (716414) | 168363 |
|  SPDR S&P 500 ETF Trust | Morgan<br> Stanley and Co. | 687.50 | 01/12/2026 | (2842) | (195388) | (660061) | (3026247) | 2366186 |
|  Total written option contracts | Total written option contracts | Total written option contracts |  | (14501) | $(996180) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8214323) | $(14870356) | $6656033 |

---

&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 PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Assets and Liabilities *December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100 Premium<br>Income ETF** | **S&P 500 Premium**<br> **Income ETF** |
| Assets: |  |  |
|  Investments in unaffiliated issuers, at value (cost $2,253,318,464 and $2,353,544,547, respectively) | $2587474998 | $2661260603 |
|  Investments in affiliated issuers, at value (cost $– and $2,695,970, respectively) |  | 2695970 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares sold | 36974315 | 17939364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments sold | 22521163 | 22511815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral on certain derivative contracts | 2078365 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends | 701225 | 1255904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign tax reclaims | 2814 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income |  | 448 |
|  **Total assets** | 2649752880 | 2705664104 |
| Liabilities: |  |  |
|  Written options, at value (premiums received $20,539,630 and $14,870,356, respectively) | 10049192 | 8214323 |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased | 36863543 | 21758447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Management fees | 305712 | 319963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Due to broker |  | 783122 |
|  **Total liabilities** | 47218447 | 31075855 |
| Net Assets: |  |  |
|  Paid-in capital | 2336162176 | 2437867358 |
|  Total distributable earnings | 266372257 | 236720891 |
|  **NET ASSETS** | $2602534433 | $2674588249 |
|  **SHARES ISSUED AND OUTSTANDING** |  |  |
|  Shares outstanding no par value (unlimited shares authorized): | 49270000 | 50690000 |
|  Net asset value per share: | $52.82 | $52.76 |

---

&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 PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Operations *For the Fiscal Year Ended December 31, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100<br>Premium Income<br>ETF** | **S&P 500 Premium<br>Income ETF** |
| Investment income: |  |  |
|  Dividends — unaffiliated issuers (net of foreign withholding taxes of $20,962 and $2,683, respectively) | $8217850 | $15045473 |
|  Dividends — affiliated issuers | 125018 | 124368 |
|  Securities lending income, net of rebates received or paid to borrowers – unaffiliated issuer | 1154 | 640 |
|  **Total Investment Income** | 8344022 | 15170481 |
|  Expenses: |  |  |
|  Management fees | 4038176 | 4168598 |
|  Trustee fees | 35510 | 35743 |
|  **Total expenses** | 4073686 | 4204341 |
|  Less — expense reductions | (704138) | (726355) |
|  **Net expenses** | 3369548 | 3477986 |
|  **NET INVESTMENT INCOME** | 4974474 | 11692495 |
| Realized and Unrealized gain (loss): |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | (55786453) | (60661812) |
| &nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions | (4606) | 80237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (674) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options | (11338717) | (10540696) |
|  Net change in unrealized gain (loss) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments — unaffiliated issuers | 300191549 | 278532499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written options | 8461479 | 5181788 |
|  **Net realized and unrealized gain** | 241522578 | 212592016 |
|  **NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $246497052 | $224284511 |

---

&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 PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Statements of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** |
|  | **For the Fiscal<br>Year Ended**<br> **December 31, 2025** | **For the Period<br>September 1, 2024 to**<br> **December 31, 2024<sup>†</sup>** | **For the Period<br>October 24, 2023\*<br>to**<br> **August 31, 2024** |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4974474 | $493844 | $326474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (67130450) | (5849057) | (3702169) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain | 308653028 | 23728857 | 12265087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 246497052 | 18373644 | 8889392 |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (4974900) | (1930464) | (326458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital | (109258161) | (6752871) | (4661971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (114233061) | (8683335) | (4988429) |
| From share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2262477908 | 204602665 | 247797903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (132078126) | (84676228) | (41444952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from share transactions** | 2130399782 | 119926437 | 206352951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INCREASE** | 2262663773 | 129616746 | 210253914 |
| Net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 339870660 | 210253914 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $2602534433 | $339870660 | $210253914 |

---

† The Fund changed its fiscal year end from August 31 to December 31 on December 31, 2024.

\* Commencement of operations.

&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 PREMIUM 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Period<br>September 1, 2024<br>to**<br> **December 31, 2024<sup>†</sup>** | **For the Period<br>October 24, 2023\*<br>to**<br> **August 31, 2024** |
| From operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $11692495 | $971826 | $807783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss | (71122271) | (1628005) | (4178891) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized gain | 283714287 | 12111837 | 18545965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from operations** | 224284511 | 11455658 | 15174857 |
| Distributions to shareholders: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From distributable earnings | (11651970) | (1230787) | (807783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From return of capital | (82911796) | (5954977) | (4437473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (94563766) | (7185764) | (5245256) |
| From share transactions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from sales of shares | 2319268224 | 172351939 | 228256090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed | (136709972) | (12412297) | (40085975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase in net assets resulting from share transactions** | 2182558252 | 159939642 | 188170115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL INCREASE** | 2312278997 | 164209536 | 198099716 |
| Net assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 362309252 | 198099716 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $2674588249 | $362309252 | $198099716 |

---

† The Fund changed its fiscal year end from August 31 to December 31 on December 31, 2024.

\* 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. | **15** |

---

------

GOLDMAN SACHS NASDAQ-100 PREMIUM INCOME ETF

&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;

---

| | | | |
|:---|:---|:---|:---|
|  | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Period<br>September 1, 2024<br>to**<br> **December 31, 2024<sup>†</sup>** | **For the Period<br>October 24, 2023\*<br>to**<br> **August 31, 2024** |
| Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $48.97 | $47.04 | $40.39 |
| Net investment income<sup>(a)</sup> | 0.22 | 0.09 | 0.23 |
| Net realized and unrealized gain | 8.82 | 3.51 | 10.01 |
| Total from investment operations | 9.04 | 3.60 | 10.24 |
| Distributions to shareholders from net investment income | (0.23) | (0.37) | (0.23) |
| Distributions to shareholders from return of capital | (4.96) | (1.30) | (3.36) |
| Total distributions | (5.19) | (1.67) | (3.59) |
| Net asset value, end of period | $52.82 | $48.97 | $47.04 |
| Market price, end of period | $49.03 | $49.03 | $47.20 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 19.83% | 7.89% | 26.00% |
| Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2602534 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210254 |
| Ratio of net expenses to average net assets | 0.29% | 0.29 %<sup>(c)</sup> | 0.29 %<sup>(c)</sup> |
| Ratio of total expenses to average net assets | 0.35% | 0.35 %<sup>(c)</sup> | 0.35 %<sup>(c)</sup> |
| Ratio of net investment income to average net assets | 0.43% | 0.55 %<sup>(c)</sup> | 0.58 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 19% | 4% | 14% |

---

<sup>†</sup> The Fund changed its fiscal year end from August 31 to December 31 on December 31, 2024.

\* 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;

---

| | |
|:---|:---|
| 16 | **The accompanying notes are an integral part of these financial statements.** |

---

------

GOLDMAN SACHS S&P 500 PREMIUM INCOME 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;

---

| | | | |
|:---|:---|:---|:---|
|  | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** |
|  | **For the Fiscal<br>Year Ended<br>December 31, 2025** | **For the Period<br>September 1, 2024<br>to**<br> **December 31, 2024<sup>†</sup>** | **For the Period<br>October 24, 2023\*<br>to**<br> **August 31, 2024\*** |
| Per Share Operating Performance: |  |  |  |
| Net asset value, beginning of period | $49.36 | $48.32 | $40.30 |
| Net investment income<sup>(a)</sup> | 0.49 | 0.18 | 0.46 |
| Net realized and unrealized gain | 7.14 | 2.25 | 10.47 |
| Total from investment operations | 7.63 | 2.43 | 10.93 |
| Distributions to shareholders from net investment income | (0.52) | (0.24) | (0.45) |
| Distributions to shareholders from return of capital | (3.71) | (1.15) | (2.46) |
| Total distributions | (4.23) | (1.39) | (2.91) |
| Net asset value, end of period | $52.76 | $49.36 | $48.32 |
| Market price, end of period | $49.45 | $49.45 | $48.52 |
| **Total Return at Net Asset Value<sup>(b)</sup>** | 16.39% | 5.14% | 27.79% |
| Net assets, end of period (in 000's) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2674588 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198100 |
| Ratio of net expenses to average net assets | 0.29% | 0.29 %<sup>(c)</sup> | 0.29 %<sup>(c)</sup> |
| Ratio of total expenses to average net assets | 0.35% | 0.35 %<sup>(c)</sup> | 0.35 %<sup>(c)</sup> |
| Ratio of net investment income to average net assets | 0.97% | 1.08 %<sup>(c)</sup> | 1.15 %<sup>(c)</sup> |
| Portfolio turnover rate<sup>(d)</sup> | 27% | 1% | 10% |

---

<sup>†</sup> The Fund changed its fiscal year end from August 31 to December 31 on December 31, 2024.

\* 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;

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| | |
|:---|:---|
| The accompanying notes are an integral part of these financial statements. | **17** |

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GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements *December 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** |
| Goldman Sachs Nasdaq-100 Premium Income ETF | Non-Diversified |
| Goldman Sachs S&P 500 Premium Income ETF | Diversified |

---

The investment objective of each Fund is to seek current income while maintaining prospects for capital appreciation.

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 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;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. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS PREMIUM 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;

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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;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 the Funds, income distributions, if any, are normally declared and paid monthly. Capital gains distributions, if any, are normally declared and paid annually. Because the Fund seeks to provide monthly distributions at a relatively stable rate, shareholders may receive distributions which constitute a return of capital for tax purposes. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

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 portfolio management team within the Funds' 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

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**19**

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GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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GOLDMAN SACHS PREMIUM 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;

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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;3. INVESTMENTS AND FAIR VALUE MEASUREMENTS (continued)

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.

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 December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Nasdaq-100 Premium Income 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 | $10294111 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Europe | 34934927 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2528186425 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South America | 14059535 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587474998 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |  |  |  |
| **Liabilities** |  |  |  |
|  Written Options Contracts | $— | $(10049192) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**21**

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GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

---

| | | | |
|:---|:---|:---|:---|
| **S&P 500 Premium Income 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 | $4867713 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; North America | 2656392890 |  |  |
|  Investment Company | 2695970 |  |  |
|  **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2663956573 | $— | $— |
| **Derivative Type** |  |  |  |
| Liabilities |  |  |  |
|  Written Options Contracts | $— | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8214323) | $— |

---

<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. 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 December 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | Written options at value | $(10049192) |
| **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** |  |  |  |
| **Risk** | **Statement of Assets and Liabilities** | **Assets<sup>1</sup>** | **Statement of Assets and Liabilities** | **Liabilities<sup>1</sup>** |
| Equity | Written options at value | $— | Written options at value | $(8214323) |

---

<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 December 31, 2025 is reported within the Statements of Assets and Liabilities.

The following table sets forth, by certain risk types, the Funds' gains (losses) related to these derivatives and their indicative volumes for the fiscal year ended December 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;

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GOLDMAN SACHS PREMIUM INCOME ETFS

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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)

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| | | | |
|:---|:---|:---|:---|
| **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in <br>Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from written options/Net<br>change in unrealized gain (loss) on written options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11338717) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8461479 |
| **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** |  |  |
| **Risk** | **Statement of Operations** | **Net Realized<br>Gain (Loss)** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Change in <br>Unrealized**<br> **Gain (Loss)** |
| Equity | Net realized gain (loss) from written options/Net<br>change in unrealized gain (loss) on written options | (10540696) | 5181788 |

---

For the fiscal year ended December 31, 2025, the relevant values for each derivative type was as follows:

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| | |
|:---|:---|
|  | **Average number of<br>Contracts<sup>(a)</sup>** |
| **Fund** | **Written Options** |
|  Nasdaq-100 Premium Income ETF | 8078 |
|  S&P 500 Premium Income ETF | 6855 |

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&nbsp;&nbsp;&nbsp;&nbsp;(a) 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 December 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.

For the fiscal year ended December 31, 2025 contractual and effective net unitary management fees with GSAM for each Fund were at the following rates:

---

| | | |
|:---|:---|:---|
| **Fund** | **Contractual<br>Unitary Management**<br> **Fee** | **Effective Net<br>Unitary<br>Management<br>Fee\*** |
|  Goldman Sachs Nasdaq-100 Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |
|  Goldman Sachs S&P 500 Premium Income ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29% |

---

\* Effective Net Unitary Management Fee includes the impact of management fee waivers, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**23**

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GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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;5. AGREEMENTS AND AFFILIATED TRANSACTIONS (continued)

GSAM has agreed to waive a portion of its management fee in order to achieve an effective net management fee rate of 0.29% as an annual percentage rate of average daily net assets of each Fund. These arrangements will remain in effect through at least April 30, 2026, and prior to such date GSAM may not terminate the arrangements without the approval of the Board of Trustees. For the fiscal year ended December 31, 2025, GSAM waived $698,346 and $720,645 of the Funds' management fees for Nasdaq-100 Premium Income ETF and S&P 500 Premium Income 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, 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 December 31, 2025, GSAM waived $5,792 and $5,710 of the Funds' management fees for Nasdaq-100 Premium Income ETF and S&P 500 Premium Income ETF, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;B. Other Transactions with Affiliates — For the fiscal year ended December 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 fiscal year ended December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** | **Nasdaq-100 Premium Income ETF** |  |  |  |
| **Underlying Fund** | **Beginning value<br>as of December 31,<br>2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 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 | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  | $– | $146240815 | $(146240815) | $– |  | $125018 |
| **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** | **S&P 500 Premium Income ETF** |
| **Underlying Fund** | **Beginning value<br>as of December 31,**<br> **2024** | **Purchases at Cost** | **Proceeds from Sales** | **Ending value as of<br>December 31, 2025** | **Shares as of<br>December 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 | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares | Goldman Sachs Financial Square Treasury Obligations Fund – Institutional Shares |
|  |  | 128446406 | (125750436) | 2695970 | 2695970 | 124368 |

---

&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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24.0 ------

GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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&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;6. CREATION AND REDEMPTION OF CREATION UNITS (continued)

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:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Nasdaq-100 Premium Income ETF  | Nasdaq-100 Premium Income ETF  | Nasdaq-100 Premium Income ETF  | Nasdaq-100 Premium Income ETF  | Nasdaq-100 Premium Income ETF  | Nasdaq-100 Premium Income ETF  |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Period September 1, 2024 to<br>December 31, 2024<sup>†</sup>** | **For the Period September 1, 2024 to<br>December 31, 2024<sup>†</sup>** | **For the Period**<br> **October 24, 2023<br>to**<br> **August 31, 2024** | **For the Period**<br> **October 24, 2023<br>to**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **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 | 45000000 | $2262477908 | 4190000 | $204602665 | 5360000 | $247797903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2670000) | $(132078126) | (1720000) | $(84676228) | (890000) | $(41444952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 42330000 | $2130399782 | 2470000 | $119926437 | 4470000 | $206352951 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to December 31 on December 31, 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | S&P 500 Premium Income ETF  | S&P 500 Premium Income ETF  | S&P 500 Premium Income ETF  | S&P 500 Premium Income ETF  | S&P 500 Premium Income ETF  | S&P 500 Premium Income ETF  |
|  | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Fiscal**<br> **Year Ended**<br> **December 31, 2025** | **For the Period September 1, 2024 to<br>December 31, 2024<sup>†</sup>** | **For the Period September 1, 2024 to<br>December 31, 2024<sup>†</sup>** | **For the Period**<br> **October 24, 2023<br>to**<br> **August 31, 2024** | **For the Period**<br> **October 24, 2023<br>to**<br> **August 31, 2024** |
|  | **Shares** | **Dollars** | **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 | 46080000 | $2319268224 | 3490000 | $172351939 | 4950000 | $228256090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed | (2730000) | $(136709972) | (250000) | $(12412297) | (850000) | $(40085975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NET INCREASE IN SHARES** | 43350000 | $2182558252 | 3240000 | $159939642 | 4100000 | $188170115 |

---

&nbsp;&nbsp;&nbsp;&nbsp;† The Fund changed its fiscal year end from August 31 to December 31 on December 31, 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 December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Nasdaq-100 Premium 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;222913657 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453941033 |
|  S&P 500 Premium Income ETF | 331111925 | 533747300 |

---

The purchases and sales from in-kind creation and redemption transactions for the year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nasdaq-100 Premium 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;2257872353 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23893417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; S&P 500 Premium Income ETF | 2311552307 | 27558047 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**25**

------

GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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

The Funds may lend their securities through a securities lending agent, the Bank of New York ("BNY"), 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, BNY 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 BNY is unable to purchase replacement securities, BNY 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 December 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 December 31, 2025.

Both the Funds and BNY received compensation relating to the lending of the Funds' securities. The amounts earned, if any, by the Funds for the fiscal year ended December 31, 2025 are reported under Investment Income on the Statements of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Beginning value as**<br> **of December 31, 2024** | **Purchases**<br> **at Cost** | **Proceeds**<br> **from Sales** | **Ending value as**<br> **of December 31, 2025**  |
|  Nasdaq-100 Premium Income ETF | $– $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10675186 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10675186) | $— |
|  S&P 500 Premium Income ETF | – | 7430415 | (7430415) |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. TAX INFORMATION

The tax character of distributions paid during the fiscal period ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100**<br> **Premium Income ETF** | **S&P 500<br>Premium Income ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $4974900 | $11651970 |
|  Return of Capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109258161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82911796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26.0 ------

GOLDMAN SACHS PREMIUM INCOME ETFS

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&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 period ended December 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100**<br> **Premium Income ETF** | **S&P 500 Premium<br>Income ETF** |
|  Distributions paid from: |  |  |
|  Ordinary Income | $1930464 | $1230787 |
|  Return of Capital | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6752871 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5954977 |

---

As of December 31, 2025, the components of accumulated earnings (losses) on a tax-basis were as follows:

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100<br>Premium Income<br>ETF** | **S&P 500 Premium<br>Income ETF** |
|  Capital loss carryforwards: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Perpetual Short-Term | $(2618055) | $(11777174) |
|  Timing differences — (Straddle Loss Deferrals, Late Year Loss Deferral, Real Estate Investment Trusts and Post October Capital Loss Deferral) | (71970950) | (63447065) |
|  Unrealized gains (losses) — net | 340961262 | 311945130 |
|  Total accumulated earnings (losses) — net | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266372257 | $236720891 |

---

As of December 31, 2025, the Funds' aggregate security unrealized gains and losses based on cost for U.S. federal income tax purposes were as follows:

---

| | | |
|:---|:---|:---|
|  | **Nasdaq-100 Premium<br>Income ETF** | **S&P 500 Premium <br> Income ETF** |
|  Tax Cost | $2257004174 | $2358667476 |
|  Gross unrealized gain | 395045810 | 343337877 |
|  Gross unrealized loss | (54084548) | (31392747) |
|  Net unrealized gain (loss) | $340961262 | $311945130 |

---

The difference between GAAP-basis and tax basis unrealized gains (losses) is attributable primarily to wash sales, and differences in the tax treatment of underlying fund 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 redemption in-kind transactions.

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid in<br>Capital** | **Total<br>Distributable<br>Earnings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs Nasdaq-100 Premium Income ETF | $978 | $(978) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goldman Sachs S&P 500 Premium 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;71404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71404) |

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**27**

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GOLDMAN SACHS PREMIUM INCOME ETFS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Notes to Financial Statements (continued) *December 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)

GSAM has reviewed the Funds' tax positions for all open tax years (the current 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:

Industry Concentration Risk — Concentrating Fund investments in a limited number of issuers conducting business in the same industry or group of industries will subject the Fund to a greater risk of loss as a result of adverse economic, business, political, environmental or other developments than if its investments were diversified across different industries.

Large Shareholder 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 NASDAQ and may, therefore, have a material upward or downward effect on the market price of the Shares.

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 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 the Fund and its investments.

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 Nasdaq-100 Premium Income ETF is 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, the 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.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28.0 ------

GOLDMAN SACHS PREMIUM 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;10. OTHER RISKS (continued)

Tracking Error/Index Risk — Tracking error is the divergence of the Fund's performance (without regard to the options overwrite strategy) from that of the benchmark. The performance of the Fund's equity investments may diverge from that of the benchmark for a number of reasons. Tracking error may occur because of transaction costs, the Fund's holding of cash, differences in accrual of dividends, changes to the benchmark or the need to meet new or existing regulatory requirements. Unlike the Fund, 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 Fund will be negatively affected by general declines in the securities and asset classes represented in the benchmark. In addition, unless a specific security is removed from the benchmark, the Fund generally would not sell a security because the security's issuer was in financial trouble.

&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 Nasdaq-100 Core Premium Income ETF and Goldman Sachs S&P 500 Core Premium Income ETF were renamed the Goldman Sachs Nasdaq-100 Premium Income ETF and Goldman Sachs S&P 500 Premium Income ETF, respectively.

&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**29**

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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;

## Report of Independent Registered Public

## Accounting Firm
To the Board of Trustees of Goldman Sachs ETF Trust and Shareholders of Goldman Sachs Nasdaq-100 Premium Income ETF and Goldman Sachs S&P 500 Premium 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 Nasdaq-100 Premium Income ETF and Goldman Sachs S&P 500 Premium Income ETF (two of the funds constituting Goldman Sachs ETF Trust, hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for the year ended December 31, 2025 and for the periods September 1, 2024 through December 31, 2024 and October 24, 2023 (commencement of operations) through August 31, 2024, including the related notes, and the financial highlights for the year ended December 31, 2025 and for the periods September 1, 2024 through December 31, 2024 and October 24, 2023 (commencement of operations) through August 31, 2024 (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 December 31, 2025, the results of each of their operations for the year ended December 31, 2025, the changes in each of their net assets for the year ended December 31, 2025 and for the periods September 1, 2024 through December 31, 2024 and October 24, 2023 (commencement of operations) through August 31, 2024, and each of the financial highlights for the year ended December 31, 2025 and for each of the periods September 1, 2024 through December 31, 2024 and October 24, 2023 (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 December 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

February 24, 2026

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;

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![LOGO](g58264dsp032.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. USEQPREETFAR-26

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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.

Not applicable.

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.  |

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There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of trustees.

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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.](d58264dex99cert.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.](d58264dex99906cert.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.

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| | |
|:---|:---|
|  | Goldman Sachs ETF Trust |
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust |
| Date: | March 4, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ James A. McNamara |
|  | James A. McNamara |
|  | Principal Executive Officer |
|  | Goldman Sachs ETF Trust |
| Date: | March 4, 2026 |
| By: | /s/ Joseph F. DiMaria |
|  | Joseph F. DiMaria |
|  | Principal Financial Officer |
|  | Goldman Sachs ETF Trust |
| Date: | March 4, 2026 |

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## 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: March 4, 2026

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| |
|:---|
|  /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: March 4, 2026

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| |
|:---|
|  /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 December 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.

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| | |
|:---|:---|
| 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: March 4, 2026 | Date: March 4, 2026 |

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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.